Slide 1: Nebius Group Letter to shareholders Q2 2026
August 12, 2026 Nebius Group Letter to shareholders Q2 2026
Slide 2: Q2 2026: Demand inflecting
Q2 2026: Demand inflecting Demand, proven in signed contracts ACV per MW is stepping up Total contract Payback (1) (2)(3) Сapacity coming online through 2027 All numbers are approximate value grew period >$40M $12M >$20M 4x 1 year 10 months 2026 base Q2 deals Q3 short-term quarter over quarter for d
Slide 3: Dear shareholders
Dear Arkady Volozh, shareholders, Founder and CEO This was the quarter the market validated our strategy. “We closed our largest Demand for AI capacity continues to grow exponentially, AI Cloud deals on our strongest and we are converting that demand into contracted, profitable terms to date, at pri
Slide 4: Group Q2 update
Group Q2 update Customers: Landmark customer agreements Deal economics strengthened The strong deals we closed in the quarter includ- ed four landmark deals for our AI cloud. across every dimension This success in our core market validates our positioning Q2 was our strongest commercial quarter yet:
Slide 5: Capacity: Executing our global capacity expansion
and designs programmable therapeutic molecules validated • To support agentic AI orchestration, tool-calling and memory across different modalities. workloads, we are complementing our NVIDIA GPU fleet with more general-purpose CPU compute, including early adop- • Prima Mente scaled its Alzheimer’s
Slide 6: Cloud: Advancing an open ecosystem across every layer of the stack
multi-step workloads defining the next phase of enterprise Cloud: Advancing an open AI. Token Factory is built for both. ecosystem across every layer Nebius AI Cloud “Aether 3.6”: Strengthening the core of the stack platform As enterprises put AI into production, inference is becoming one In Q2 we s
Slide 7: Other businesses
Other businesses Avride TripleTen Autonomous vehicle operations achieved important goals in Q2 TripleTen, our edtech business, continues to develop new offerings to meet evolving market opportunities • The AV-capable fleet has nearly tripled since year-end 2025, exceeding 200 vehicles in May 2026 wi
Slide 8: Equity stakes
Equity stakes In addition to our non-core businesses, we own equity stakes in both Toloka and ClickHouse, both of which were originally spun out from Nebius Group. Toloka ClickHouse Toloka is a leading provider of scalable, high-quality data essen- ClickHouse is an open-source database management sy
Slide 9: Financial update
Financial update Revenue In USD $ millions Three months ended June 30 Six months ended June 30 2025 2026 Change 2025 2026 Change Revenues 105.1 582.3 454% 156.0 981.3 529% Nebius Group once again executed against its financial goals. Q2 business accounted for approximately 98% of total group rev- gr
Slide 10: Operating expense
Cost of revenue was $133.6 million in Q2’26, representing Sales, general and administrative expenses (“SG&A”) were an increase of 344% compared to the same period in 2025. $173.9 million in Q2’26, representing an increase of 155% com- pared to $68.2 million in the same period in 2025. • The increase
Slide 11: Guidance, Earnings webcast, Forward-looking statements
• Through June 30, 2026, we sold 12.7 million Class A shares Many of these risks and uncertainties depend on the actions at a weighted-average price of $223.6 per share, generating of third parties and are largely outside of our control. Our actu- gross proceeds of approximately $2.8 billion. al res
Slide 12: Adjusted EBITDA / (loss) means
• Adjusted EBITDA / (loss) means U.S. GAAP net income/ Share-based compensation expense (loss) from continuing operations before (1) depreciation Share-based compensation is a significant expense item and amortization, (2) share-based compensation expense, and an important part of our compensation a
Slide 13: Contact investor relations
Contact investor relations: askIR@nebius.com