Key Takeaways

• Nebius’s reported EBITDA margin swung from negative 24.33% in Q4 2025 to 21.05% in Q1 2026 and 44.38% in Q2 2026, tracking management’s account of shifting from preselling 2027 capacity to premium short-term and auction pricing, where standard contracts now run $20 million to $25 million per megawatt and short-term deals fetch $40 million to $50 million.

• Despite that swing and a stock up more than 150% year to date, NBIS trades at 9.34x NTM EV/Revenue, just under its own historical average of 9.58x and far below the 31.11x peak it hit in late 2025, meaning the multiple has not re-rated to the margin story.