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Nebius Group N.V.

Q2 FY26Software

Nebius Group N.V. Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹226

Market cap₹57.5K Cr

P/E80.6

Updated29 May 2026

Read5 min read

What the Q2 FY26 call signalled

4 of 5 strong

RevenueStrong growth

MarginMargins steady

CapexCapex planned

FundraiseFundraise planned

Order bookOrder book rising

The short version

- Sold out in Q1 and for several quarters, with demand significantly exceeding available capacity. - Nebius is experiencing strong revenue growth and margin expansion, with Q1 AI adjusted EBITDA margin nearly doubling to 45%, targeting around 40% margin for the full year 2026.

From Nebius Group N.V.'s Q2 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Strong growth

Sold out in Q1 and for several quarters, with demand significantly exceeding available capacity.
Majority of capacity coming online over next 12 months already under contract or earmarked for AI cloud customers.
Pipeline up 3.5x quarter-over-quarter in Q1 for AI cloud business, excluding strategic hyperscaler deals.
Strong revenue growth driven by capacity scaling and strong pricing; annualized run rate revenue at $1.9 billion, up over 50% quarter-over-quarter.
Raised 2026 CapEx guidance to $20-$25 billion to support expansion reflecting investments in 2027 capacity.
Back-end weighted capacity additions planned with meaningful ramp-up starting Q3, improving margins and revenue recognition in second half of 2026.

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Profitability & Margins

Nebius is experiencing strong revenue growth and margin expansion, with Q1 AI adjusted EBITDA margin nearly doubling to 45%, targeting around 40% margin for the full year 2026.
The company anticipates a nonlinear adjusted EBITDA margin progression in 2026 due to back-end weighted capacity deployment and investments, expecting margins to dip slightly in Q2 before returning to Q1 levels in Q3, then improving further in Q4.
Full-year 2026 guidance remains for annualized run rate revenue of $7 billion to $9 billion, group revenue between $3 billion and $3.4 billion, and group adjusted EBITDA margin around 40%.
Investments in go-to-market, engineering, and acquisitions are front-loaded, supporting longer-term profitable growth.

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Capital Expenditure Plans

Capex planned

CapEx guidance for 2026 raised to $20 billion to $25 billion, driven by capacity growth and visibility into 2027 demand.
Significant expansion planned for 2027, with more capacity coming online in H2 2026 and key sites like Pennsylvania ramping up through 2030.
Over 90% of 2026 CapEx already secured by cash and contractual commitments.
Additional financing planned via asset-backed debt financing (leveraging contracts with Microsoft and Meta), corporate-level debt, and an at-the-market equity program.
NVIDIA made a $2 billion equity investment and committed to 5 GW capacity by 2030, marking a strategic multi-year partnership.

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Fundraising & Capital Structure

The company has a strong balance sheet with $9.3 billion cash and cash equivalents at quarter end.
They have raised $4.3 billion through a private offering of convertible senior notes in March with attractive coupons.
They expect to use asset-backed financing against contracts with Microsoft and Meta to raise capital on attractive terms.
Corporate level debt issuance is planned and financing options will be tapped in the near term.
An at-the-market equity program of up to 25 million Class A shares exists but has not been utilized yet; it is being regularly evaluated.
Financing approach is diversified and will focus on the long-term interests of the business.

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Order Book & Pipeline

Order book rising

The company is sold out again in Q1, with demand significantly exceeding available capacity.
Capacity coming online over the next several quarters to 12 months is mostly under contract or earmarked for AI cloud customers.
Typically, 4 or more customers compete for every GPU brought online.
Strong contracted demand pipeline supports high orderbook confidence.
Meta has a $27 billion, 5-year contract split into $12 billion committed capacity starting 2027 and $15 billion additional capacity at company's discretion.
The $15 billion additional capacity can be allocated to Meta or sold to AI cloud customers, providing flexibility and financing advantages.
Pipeline for AI cloud business is up 3.5x quarter-over-quarter, excluding hyperscaler deals like Meta’s.

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Frequently Asked Questions

What were Nebius Group N.V. Q2 FY26 results?

- Sold out in Q1 and for several quarters, with demand significantly exceeding available capacity. - Nebius is experiencing strong revenue growth and margin expansion, with Q1 AI adjusted EBITDA margin nearly doubling to 45%, targeting around 40% margin for the full year 2026.

What is Nebius Group N.V. share price analysis?

Nebius Group N.V. currently shows a strong growth signal based on ranking data. The stock trades at a P/E of 80.6 with a market cap of $57,467. Investors should review the full earnings analysis for detailed insights.

Is Nebius Group N.V. planning capital expenditure?

- CapEx guidance for 2026 raised to $20 billion to $25 billion, driven by capacity growth and visibility into 2027 demand.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.