Nebius Group (NBIS): Key investor questions ahead of 2QCY26 earnings

研报英文原文证据摘录

Equity Research

10 August 2026 | 5:03AM BST

Nebius Group (NBIS): Key investor questions ahead of 2QCY26 earnings

Alexander Duval

+44(20)7552-2995 |

Goldman Sachs International

Anant Jakhar

Nebius will report its 2Q26 earnings on August 12, and we summarise the key themes

investors are focused on and our latest perspectives going into the print. Key focus

areas include: 1) Implications of strong pricing and demand environment for current

and future year ARR, 2) Views on newsflow around Meta developing its own cloud

business and the extent to which this could or could not increase competitive

pressure on Nebius, 3) Commentary on latest demands in Nebius’s core AI business

focused on Enterprise and AI start-ups given instances of increasing emphasis on

token maxing at some companies, and 4) Proofpoints on capacity expansion ramp

and any potential regulatory challenges, and 5) Incremental colour on its

announcement to provide AI compute infrastructure to partners. We remain Buy.

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+1(332)245-7829 |

Goldman Sachs India SPL

Ayo Odunaiya

+44(20)7051-5995 |

Goldman Sachs International

Implications of strong pricing and demand environment for current and

future year ARR: We believe that investors will remain focused on the extent to

which a strong demand and pricing environment could affect the company

expectations for 2026 revenue guidance. We note that Nebius at its 1Q26 results

highlighted that demand for AI Infrastructure remains strong and the company

sold out its capacity even at higher pricing. As such, we note that recent

commentary from key AI players further reinforces our view that the demand for

AI Infrastructure continues to outstrip supply which is a positive for Neocloud

players such as Nebius. Additionally, we highlight that beyond just the pricing

tailwinds Nebius’s contract quality has also improved materially in 2026, with

longer duration contracts across both new and existing customers as well as an

increasing trend of prepayments to secure future capacity. As such, we note that

Visible Alpha Consensus Data is modelling 2026 revenues of $3.36bn (vs

guidance of 2026 revenues between $3.0-3.4bn). More broadly, we will look for

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