Nebius Group N.V.

Welcome to NEVIUS Group's Q4 2025 Earnings Conference Call. The presentation will be followed by a Q&A session. If you would like to ask a question, you can click the Ask a Question tab in the top right of the live stream player. Then just type in your question and click Submit. You can submit questions at any time during the presentation, and the Nebius management team will try and answer as many questions as they can during the Q&A portion of the call. I will now hand over to Neil Doshi, VP Head of Investor Relations, to start the call.

Thank you, and welcome to Nebius Group's fourth quarter 2025 earnings conference call. My name is Neil Doshi, Vice President of Investor Relations. Joining me today are Akari Baloch, Founder and CEO of and our broader management team. Our remarks today will include forward-looking statements, which are based on assumptions as of today. Actual results may differ materially as a result of various factors, including those set forth in today's earnings quest release and in our annual report on Form 20F filed with the SEC. We undertake no obligation to update any forward-looking statements. During this call, we will present both GAAP and certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The earnings press release and shareholder letter are available on our website at nebius.com. And now, I'd like to turn the call over to Rekha.

Thanks, Neil. And thanks to everyone for joining this call. Well, 2025 was a very strong year for us. Our team did an outstanding job scaling capacity and delivering it to customers with speed and reliability. We also made great progress in developing of our own hyperscale AR cloud. But before going into more detail around our 2025 results, I want to take a step back. It's hard to believe We only launched this company a year and a half ago. At that time, we have built the foundation of a global AI cloud business growing at exponential scale. And we have been operating with very high intensity, building and scaling at extraordinary speed. Today, we are already one of the world's leading and most reliable AI cloud compute providers. We have attracted a diverse pool of clients who value the quality, performance, and flexibility of the platform we build from the ground up. And we have an amazing team who every day seem to do the impossible. And I know they will continue to do so. With this foundation, we are proud of what we have achieved and confident about what we will be delivering. Now back to 2025. As I said, it was an excellent year. We exceeded our financial targets, and we significantly exceeded our capacity plans, setting the stage for the next phase of scale. Demand remains robust, and our pipeline continues to grow substantially. We sold out of capacity in Q3 and Q4 last year, and we're already now in Q1 of 2026 also sold out. Even before we bring capacity online, it's often sold out. As a result, the average contact duration of new cloud customers grew by 50% and the prices of GPUs didn't fall even on previous generations of GPUs as the industry may have expected. Customers are demanding more compute and increasingly sophisticated solutions to run their AI workloads. AI startups are quickly evolving to real enterprise-scale customers with revenues from their products resonating with real customers. Their demand quickly grows from hundreds of GPUs to tens of thousands. This is already a range the market saw from the biggest customers last year. We're seeing the same trends in the enterprise who are utilizing AI for more and more vital business processes. Meanwhile, access to compute remains constrained. This imbalance creates a favorable environment for us as we secure and deploy more capacity into a robust demand environment. To capture this opportunity, we're accelerating our capacity plans. Just today, we announced nine new data centers across the globe. Last quarter, we said we would secure 2.5 gigawatts of contracted power by the end of the year. We are already at more than 2 gigawatts now in February, which is why we are raising our forecast for 2026 to more than 3 gigawatts. And we are well in track to deliver 800 to 1 gigawatt of those as available data sample capacity. Just like as we spoke about last quarter. Capacity is one of two dimensions of our growth. The other is product. Our main strategic focus is to scale our core AI cloud business, which is our multi-tenant AI cloud. We will expand our platform both organically and through targeted acquisitions. that can enhance and accelerate the development of this platform. We recently launched Talking Factory, and this is an example, a testament, actually, to our in-house capabilities. And we're also very excited about our recent acquisition of Tavili, which adds biogenetic search capabilities to our customers and also brings almost 700,000 developers to our ecosystem. Based on the strengths in demand and our strong execution, we remain confident in our plans for a year ahead. We are reiterating our annualized run rate revenue of $7 to $9 billion by the end of 2026. When we announced this target three months ago, there were questions about our ability to get to this range. Over the last few months, our conviction in this range has become stronger. Why? Because we exceeded the high end of our 2025 ARR guidance and showed more than 1.2 billion ARR. Because we already contracted more than 2 GW of capacity and are on track to exceed 3 GW this year. Because we have already delivered all of our capacity for the meta-contract. Because we are on track to deliver the capacity for Microsoft through the course of 2026 exactly as planned. And lastly, the demand for our AI cloud continues to be strong. Pricing is strong. We're seeing more and more customers coming into the platform and committing larger and larger and longer contracts. Everything we build, we sell. We're in the very early days of one of the biggest industrial and technological revolutions in history. That's what we believe. And Navius is quickly becoming the AI cloud provider of choice. I want to thank, again, all of our employees for their dedication and hard work, as well as our shareholders for your trust and support. And we will continue to deliver. Well, now I would like to hand the call over to our C4, Dada Alonso. Dada, please.