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Nebius reports fourth quarter and full-year 2025 financial results

Feb 12, 2026 (EQS Group AG via COMTEX) --

Nebius Group
Nebius reports fourth quarter and full-year 2025 financial results

12-Feb-2026 / 13:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

Nebius reports fourth quarter and full-year 2025 financial results

Amsterdam, February 12, 2026 – Nebius Group N.V. (NASDAQ: NBIS), the AI cloud company, today announced its unaudited financial results for the fourth quarter and full financial year ended December 31, 2025.

The Company today also published founder and CEO Arkady Volozh's quarterly letter to shareholders, available on its investor relations website at https://nebius.com/investor-hub.

Management will hold an earnings webcast today at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time / 2:00 p.m. Central European Time). To register, or to listen to the live audio webcast, please visit https://nebius.com/investor-hub.

Q4 2025 Financial Highlights

Consolidated results (1), (2)

In USD $ millions

Three months ended December 31

Twelve months ended December 31

2024

2025

Change

2024

2025

Change

Revenues

35.2

227.7

547%

91.5

529.8

479%

Adjusted EBITDA / (loss)

(63.9)

15.0

n/m

(226.3)

(64.9)

-71%

Net income / (loss) from continuing operations

(122.9)

(249.6)

103%

(352.0)

29.0

n/m

Adjusted net loss

(69.0)

(173.0)

151%

(238.5)

(446.7)

87%

(1) The following measures presented in this release are “non-GAAP financial measures”: Adjusted EBITDA / (loss) and Adjusted net loss. Please see the section “Use of Non-GAAP Financial Measures” below for a discussion of how we define these measures, as well as reconciliations at the end of this release of each of these measures to the most directly comparable U.S. GAAP measures.

(2) Results include consolidated financial results of: Nebius, the core AI infrastructure business; Avride, an autonomous vehicle platform; and TripleTen, an edtech service. In Q2 2025 following the completion of the investment transaction in Toloka, an AI development platform, Nebius ceased to hold majority voting power in Toloka and no longer includes Toloka's results in Nebius' consolidated financial statements and reports its stake as equity method investment. Toloka's results for prior periods were reclassified to discontinued operations.

Operating expenses

In USD $ millions

Three months ended December 31

Twelve months ended December 31

2024

2025

Change

2024

2025

Change

Cost of revenues

21.1

68.5

225%

43.7

166.2

280%

as a percentage of revenues

60%

30%

48%

31%

Product development

31.9

53.1

66%

114.8

177.3

54%

as a percentage of revenues

91%

23%

125%

33%

Sales, general and administrative

85.4

159.9

87%

255.5

378.5

48%

as a percentage of revenues

243%

70%

279%

71%

Depreciation and amortization

33.3

180.7

443%

77.1

404.0

424%

as a percentage of revenues

95%

79%

84%

76%

Total operating costs and expenses

171.7

462.2

169%

491.1

1,126.0

129%

as a percentage of revenues

488%

203%

537%

213%

Total share-based compensation expense

40.5

24.9

-39%

54.5

83.2

53%

as a percentage of operating expenses

24%

5%

11%

7%

Selected consolidated cash flow data

In USD $ millions

Three months ended December 31

Twelve months ended December 31

2024

2025

Change

2024

2025

Change

Cash provided by / (used in) operating activities – continuing operations

(73.1)

834.3

n/m

(269.9)

401.9

n/m

Purchases of property and equipment

(417.5)

(2,056.0)

392%

(807.5)

(4,066.0)

404%

Outstanding Shares

The total number of shares issued and outstanding as of December 31, 2025 was 253,016,971, including 219,465,088 Class A shares and 33,551,883 Class B shares, and excluding 69,023,973 Class A shares held in treasury.

Earnings webcast

Nebius Group will host a conference call and earnings webcast at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time / 2:00 p.m. Central European Time) on February 12, 2026 to discuss these financial results. To register to participate in the conference call, or to listen to the live audio webcast, please visit Nebius's Investor Relations website at group.nebius.com/investor-hub.

A replay will be available on the same website following the call.

Сontacts

Investor Relations

askIR@nebius.com
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