NBIS 1Q26 Earnings - Cap(Ex)acity Can’t Stop, Won’t Stop

Research evidence excerpt

NBIS 1Q26 Earnings - Cap(Ex)acity Can’t Stop, Won’t Stop

Enterprise Software

Neoclouds - Market Weight

NEBIUS GROUP N.V (NBIS) May 13, 2026

NBIS 1Q26 Earnings - Cap(Ex)acity Can’t Stop, Won’t Stop Rating:

Peer Perform

The Wolfe Byte Price: $210.80

NBIS reported strong 1Q results, with rev/ARR above cons., strong prepays, and Price Target:

sold out capacity with higher GPU pricing. FY26 CapEx was raised to $20-25B NM

while rev/ARR were reiterated. We think contracted capacity turning active is View NBIS Model

difficult to underwrite and reiterate PP. View Comp Table

Company Information

Overview. NBIS reported 1Q results with revenue of $399M, up 684% Y/Y (+6% 52-Week Range $35 - $195

Market Cap. (MM) $39,074

vs. cons.), and ARR reaching $1.9B, up >50% Q/Q, supported by added capacity, Enterprise Value (MM) $46,528

increased utilization, and higher pricing. NBIS raised FY26 CapEx guidance by $4.5B Shares Out. (MM) 218.2

at the midpoint to $20-25B, driven by FY27 demand visibility rather than component Avg. Value Traded (MM) $2,663.56 SI% of Float 21.4%

costs, while reiterating FY26 revenue, ARR, and EBITDA margin guidance. NBIS’s

active capacity remains sold out, with demand supporting GPU price increases across 220

all generations. 200180

Financing. Prepayments were a positive surprise, with operating cash flow of $2.3B 160140

driven by upfront customer payments. Financing commentary was consistent with 4Q 120100

but still light on specifics regarding planned asset-backed financing, corporate debt 8060

terms, and ATM usage. While MSFT and META contracts can support asset-backed 4020

financing, structure, cost, and timing remain open questions. Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26

NBIS

Capacity.