Slide 1: Nebius Group Letter to shareholders Q2 2025
August 7, 2025 Nebius Group Letter to shareholders Q2 2025
Slide 2: Highlights Q2 2025
Highlights Q2 2025 Financial performance Forecasted ARR1 for core business increased Core AI infrastructure business $900 million – Positive $1.1 billion adjusted EBITDA Owing to strong momentum, up from Group adj. EBITDA loss $21.0M; $750 million – $1 billion announced previously $37.1M YOY improve
Slide 3: Fellow shareholders
Fellow shareholders, These are exciting times. With AI developing at pace, we stand at the brink of the next great leap in tech- nology. To achieve this, we need to build entirely Arkady Volozh, new infrastructure for AI. This is a great challenge for Founder and CEO the next decade and beyond. Outs
Slide 4: We continued to expand and diversify our customer base
We continued to expand and diversify We continued to grow our ecosystem. our customer base. • Our strategy is to build an API-first, developer • We are gaining traction on the enterprise side, friendly Platform-as-a-Service. adding large global technology logos including • We added new integrations
Slide 5: Group business update
Group business update Driving scale We plan to have 220 MW of power to open by the end of the summer and we plan connected to our data centers by to offer instances from this facility this fall. the end of this year. We now have 200 MW of contracted power that is in active construction in New Jersey
Slide 6: Expanding & diversifying our customer base
Expanding & diversifying our customer base Our full-stack AI Cloud offering, brand In Q2, we remained a top neocloud provider for and partnership efforts, coupled with our native AI tech startups, such as HeyGen, Lightning. sales execution, are starting to deliver AI, Photoroom, and many others. str
Slide 7: Reliability at scale; Accelerating our inference platform
Reliability at scale Accelerating our inference platform We pushed our infrastructure reliability to new Over the next several years, we believe inference heights, significantly increasing Mean Time Before has the potential to become a bigger opportunity Failure (MTBF) to 168,000 GPU hours per week
Slide 8: Expanding our ecosystem
Expanding our ecosystem We continued to expand our reach and drive brand LightningAI: provides an end-to-end platform affinity and awareness through strategic partner- designed to simplify and accelerate the development, ships that strengthen our platform, increase visibility, training, and deployme
Slide 9: Avride and TripleTen
Avride TripleTen Expanded robotic delivery use cases Strong growth in student enrollment across multiple geographies. driving revenue. Avride continued to scale its autonomous delivery TripleTen continued to deliver strong growth, sup- operations. In the US, robots delivered Uber Eats ported by a qu
Slide 10: ClickHouse and Toloka
ClickHouse and Toloka In addition to our smaller business units, we own equity stakes in both Toloka and ClickHouse. Toloka ClickHouse In May, Toloka raised capital from leading inves- ClickHouse is an open-source database platform, tors Bezos Expeditions and Mikhail Parakhin, which we originally sp
Slide 11: Financial update
Financial update Revenue In USD $ millions Three months ending June 30 2024 2025 Change Revenue 14.5 105.1 625% Group revenue was $105.1 million, up 625% The expansion of our sales force and customer sup- and up 106% quarter-over-quarter excluding Toloka’s port teams continued to propel strong growt
Slide 12: Operating expense
Operating expense In USD $ millions Three months ending June 30 Expense category 2024 2025 Change Cost of revenues 7.7 30.1 291% as a percentage of revenues 53% 29% Product development 32.0 42.8 34% as a percentage of revenues 221% 41% Sales, general and administrative 75.6 68.2 -10% as a percentage
Slide 13: Adjusted EBITDA, Capital expenditures, Earnings webcast
Adjusted EBITDA In USD $ millions Three months ending June 30 2024 2025 Change Adj. EBITDA (loss) (58.1) (21.0) -64% as a percentage of revenues -401% -20% The Group’s adjusted EBITDA loss was $21.0 million tive adjusted EBITDA in Q2’25. Our investments in Q2’25, representing a $37.1 million year-to
Slide 14: Use of Non-GAAP financial measures
ue to successfully secure necessary hardware and no obligation to update any forward-looking state- supplies; and to obtain additional financing, that may ments, except as required by law. be necessary to achieve our objectives, on accept- Statements that “we believe” and similar expressions able te
Slide 15: Non-GAAP measure adjustments
In particular, it should be noted that several of these current reporting currency. Foreign exchange gain/ measures exclude some recurring costs, particular- (loss) dynamics reflect changes in the U.S. dol- ly certain share-based compensation. In addition, lar value of monetary assets and liabilitie
Slide 16: Contact investor relations
Contact investor relations: askIR@nebius.com