Nebius Group NV (NBIS) 2025 Q4 法說會逐字稿

Welcome to Nebius Group's Q4 2025 earnings conference call. The presentation will be followed by a Q&A session. (Operator Instructions) I will now hand over to Neil Doshi, VP Head of Investor Relations, to start the call.

歡迎參加Nebius集團2025年第四季財報電話會議。演講結束後將進行問答環節。（操作員指示）現在我將把電話會議交給投資者關係副總裁兼主管尼爾·多希，由他開始會議。

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 Arkady Volozh, Founder and CEO; and our broader management team.

謝謝，歡迎參加Nebius集團2025年第四季財報電話會議。我是投資人關係副總裁尼爾·多希。今天與我一同出席的有創辦人兼執行長 Arkady Volozh，以及我們更廣泛的管理團隊。

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 press release and in our annual report on Form 20-F filed with the SEC. We undertake no obligation to update any forward-looking statements.

我們今天的發言將包含一些前瞻性陳述，這些陳述是基於截至今日的假設而作出的。實際結果可能因各種因素而與預期有重大差異，這些因素包括今天發布的獲利新聞稿和我們向美國證券交易委員會提交的 20-F 表格年度報告中所述的因素。我們不承擔更新任何前瞻性陳述的義務。

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.

在本次電話會議中，我們將介紹 GAAP 財務指標和某些非 GAAP 財務指標。今天的獲利新聞稿中包含了GAAP與非GAAP指標的調節表。獲利新聞稿和股東信可在我們的網站 nebius.com 上查閱。

And now I'd like to turn the call over to Arkady.

現在我想把電話交給阿爾卡季。

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 AI cloud.

謝謝你，尼爾。感謝各位參加本次電話會議。2025年對我們來說是業績非常強勁的一年。我們的團隊出色地完成了產能擴展工作，並以快速、可靠的方式將產能交付給了客戶。我們在開發自己的超大規模人工智慧雲端方面也取得了巨大進展。

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 1.5 years 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.

但在我們更詳細地介紹 2025 年的成果之前，我想先回顧一下。很難相信我們這家公司才成立一年半。當時，我們已經奠定了全球人工智慧雲端業務的基礎，並使其呈指數級增長。我們一直以極高的強度運作，以驚人的速度進行建設和擴張。

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 built 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 this to do so. With this foundation, we are proud of what we have achieved and confident about what we will be delivering.

如今，我們已經是全球領先且最可靠的人工智慧雲端運算供應商之一。我們吸引了許多不同類型的客戶，他們重視我們從零開始建立的平台的品質、性能和靈活性。我們擁有一支非常棒的團隊，他們每天都在創造奇蹟。我知道他們會繼續這樣做以達到目的。以此為基礎，我們為已取得的成就感到自豪，並對未來將要達成的成就充滿信心。

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 of 2026 also sold out.

現在回到2025年。正如我所說，這是非常棒的一年。我們超額完成了財務目標，並且大幅超額完成了產能計劃，為下一階段的規模擴張奠定了基礎。市場需求依然強勁，我們的產品線也持續大幅成長。去年第三季和第四季我們的產能全部售罄，現在 2026 年的產能也已經售罄。

Even before we bring capacity online, it's often sold out. As a result, the average contract 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.

即使我們尚未啟用全部產能，通常也已經售罄。因此，新雲端客戶的平均合約期限成長了 50%，而且 GPU 的價格甚至沒有像業界預期的那樣下降，即使是上一代 GPU 的價格也沒有下降。

Customers are demanding more compute and increasingly sophisticated solutions to run their AI workloads. AI start-ups are quickly evolving to real enterprise scale customers with revenues from their products resonating with real customers.

客戶對運算能力和日益複雜的解決方案提出了更高的要求，以運行其人工智慧工作負載。人工智慧新創公司正在迅速發展成為真正的企業級客戶，其產品帶來的收入也引起了真實客戶的共鳴。

The 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 are seeing the same trends in the enterprise who are utilizing AI for more and more vital business processes.

需求迅速從數百個GPU成長到數萬個。這與去年市場上最大客戶所呈現的價格區間基本一致。我們看到，越來越多的企業正在利用人工智慧來處理越來越重要的業務流程，這也反映了上述趨勢。

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 are accelerating our capacity plans. Just today, we announced nine new data centers across the globe.

同時，計算資源仍受到限制。這種不平衡為我們創造了有利的環境，使我們能夠確保和部署更多產能，以滿足強勁的需求環境。為了抓住這一機遇，我們正在加速產能規劃。就在今天，我們宣佈在全球新建九個資料中心。

Last quarter, we said we would secure a 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 gigawatt. And we are well on track to deliver 800 to 1 gigawatt of those as available data center capacity just like as we spoke about last quarter.

上個季度，我們曾表示將在年底前確保獲得 2.5 吉瓦的電力合約。截至2月份，我們的裝置容量已經超過2吉瓦，因此我們將2026年的預測值提高到超過3吉瓦。我們正按計劃穩步推進，將其中 800 至 1 吉瓦的可用資料中心容量交付給用戶，正如我們上個季度所承諾的那樣。

Capacity is one of two dimensions of our growth. The other is product. Our main strategic focus is on -- is to scale our poor AI cloud business, which is our multi-tenant air cloud. We will expand our platform both organically and through targeted acquisitions that can enhance and accelerate the development of this platform.

產能是我們成長的兩個維度之一。另一個是產品。我們的主要策略重點是－擴大我們尚不完善的 AI 雲端業務，也就是我們的多租戶空中雲。我們將透過自身發展和有針對性的收購來擴展我們的平台，從而增強和加速該平台的發展。

We recently launched Token Factory, and this is an example -- testament, actually, to all in-house capabilities. And we're also very excited about our recent acquisition of Tavily, which adds agentic search capabilities to our customers and also brings almost 700,000 developers to our ecosystem.

我們最近推出了 Token Factory，這就是一個例子——實際上，也是我們所有內部能力的證明。我們也對最近收購 Tavily 感到非常興奮，這不僅為我們的客戶增加了代理搜尋功能，還為我們的生態系統帶來了近 70 萬名開發者。

Based on the strength in demand, and our strong execution, we remain confident in our plans for the year ahead. We are reiterating our annualized run rate revenue of $7 billion 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.

基於強勁的市場需求和我們強有力的執行，我們對未來一年的計劃仍然充滿信心。我們重申，到 2026 年底，我們的年化運作收入將達到 70 億美元至 90 億美元。三個月前我們宣布這個目標時，人們對我們能否達到這個目標提出了質疑。在過去的幾個月裡，我們對這一系列產品的信心越來越強。

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 gigawatts of capacity and are on track to exceed 3 gigawatts this year; because we have already delivered all of our capacity for the metal contract; because we are on track to deliver the capacity for Microsoft through the course of 2026 exactly as planned.

為什麼？因為我們超過了 2025 年 ARR 預期的上限，實現了超過 12 億美元的 ARR；因為我們已經簽訂了超過 2 吉瓦的產能合同，並且預計在今年超過 3 吉瓦；因為我們已經交付了金屬合同的所有產能；因為我們正按計劃在 2026 年為微軟交付產能。

And lastly, the demand for our AI cloud continues to be strong. Pricing is strong. We are seeing more and more customers coming into the platform and committing larger and larger and longer contracts. Everything we build, we sell.

最後，市場對我們人工智慧雲端的需求依然強勁。定價很有競爭力。我們看到越來越多的客戶加入平台，並簽訂越來越大、越來越長的合約。我們生產的所有東西都會出售。

We're in the very early days of one of the biggest industrial and technological revolutions in history. That's what we believe. And Nebius is quickly becoming the high 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.

我們正處於歷史上規模最大的工業和技術革命之一的初期階段。我們就是這麼認為的。Nebius 正迅速成為首選的高階雲端服務供應商。我要再次感謝全體員工的奉獻和辛勤工作，也要感謝股東們的信任和支持，我們將繼續努力，不負眾望。

Well, now I would like to hand the call over to our CFO, Dado Alonso. Dado, please.

好的，現在我想把電話交給我們的財務長達多·阿隆索。請達多。

Thank you, Arkady. Indeed, 2025 really was a fantastic year with great execution and delivery. We exceeded the targets we set, outperforming our ARR guidance and achieved positive EBITDA at the group level. We also raised significant capital to fund our growth during the year.

謝謝你，阿爾卡季。的確，2025 年是執行和交付都非常出色的一年。我們超額完成了既定目標，業績超過了年度經常性收入預期，並在集團層面實現了正的 EBITDA。年內，我們也籌集了大量資金來支持我們的發展。

Now let me provide some color on the results, discuss our financing plans, and then I will conclude with 2026 guidance. In Q4, we delivered group revenue of $228 million, representing year-over-year growth of 547%. Revenue grew 56% from Q3 to Q4. Annualized run rate revenue for the core business stood at $1.2 billion at the end of December, exceeding the high end of our Q3 guidance range of $1.1 billion.

現在讓我來詳細介紹一下結果，討論一下我們的融資計劃，最後我將給出 2026 年的業績展望。第四季度，集團營收達 2.28 億美元，年增 547%。第四季營收較第三季成長56%。截至 12 月底，核心業務的年化運行收入為 12 億美元，超過了我們第三季 11 億美元的預期上限。

The results of our core AI cloud business were even more impressive. Revenue grew 830% year-over-year and 63% quarter-over-quarter. This was driven by high utilization strong pricing and strong execution. As Arkady noted, we sold out our capacity once again in Q4 as demand continued to significantly exceed available capacity.

我們核心人工智慧雲端業務的成果更令人矚目。營收年增 830%，季增 63%。這主要得益於高利用率、強有力的定價和強有力的執行。正如 Arkady 指出的那樣，由於需求持續大幅超過可用產能，我們在第四季度再次售罄了所有產能。

Even as we delivered such strong growth, operating leverage and spending discipline enabled us to achieve notable progress on the bottom line. Group adjusted EBITDA inflected positively in Q4 and consistent with our guidance, driven by the strength in our core cloud business, where adjusted EBITDA margin expanded from 19% in Q3 to 24%.

即使我們實現瞭如此強勁的成長，營運槓桿和支出紀律也使我們在獲利方面取得了顯著進步。集團調整後 EBITDA 在第四季度出現積極變化，與我們的預期一致，這主要得益於我們核心雲端業務的強勁表現，其中調整後 EBITDA 利潤率從第三季的 19% 增長至 24%。

Turning to the balance sheet. We ended the year with $3.7 billion in cash and cash equivalents and generated $834 million in operating cash flow in Q4, which was primarily comprised of our strong payments from our long-term agreements. These early cash flows will continue over the course of the year as we execute against these commitments, providing us with significant visibility into future cash flow.

接下來看一下資產負債表。截至年底，我們持有現金及現金等價物 37 億美元，第四季經營現金流為 8.34 億美元，主要得益於我們長期協議的強勁付款。隨著我們履行這些承諾，這些早期現金流將在今年持續產生，使我們對未來的現金流有更清晰的了解。

Our cash on hand, projected operating cash flow, and strong balance sheet position us very well to fund our capacity build-out plans for 2026. I will share more detail about our capital plans in just a moment.

我們手頭上的現金、預計的營運現金流和強勁的資產負債表，使我們能夠很好地為 2026 年的產能擴張計劃提供資金。稍後我會詳細介紹我們的資本計劃。

Now I will turn to 2026 guidance. As Arkady mentioned, we remain confident in our ability to generate annualized run rate revenue of between $7 billion and $9 billion by the end of 2026. For the full year, we expect to achieve between $3 billion and $3.4 billion in revenue.

現在我將談談2026年的指導。正如 Arkady 所提到的，我們仍然有信心在 2026 年底前實現 70 億至 90 億美元的年化運作收入。我們預計全年營收將在 30 億美元至 34 億美元之間。

Starting in Q4 -- Q2, we expect to begin bringing online some of the new sites we announced today, with the majority of the planned capacity to be deployed in the second half of the year. As of early February, metals capacity was fully deployed, and we are now fully servicing their contract.

從第四季度到第二季度，我們預計將開始啟用今天宣布的一些新站點，計劃的大部分容量將在今年下半年部署。截至2月初，金屬產能已全部投入使用，我們現在正在全面履行合約。

After delivering the first tranche of our Microsoft commitment on time, we expect to continue to deliver the remaining tranches throughout the year, with the majority expected in the second half. We expect Microsoft to begin contributing to revenue at the full annual run rate in 2027 once we have deployed all of the tranches.

在按時交付了我們對微軟的第一批承諾後，我們預計將在今年繼續交付剩餘的批次，其中大部分預計將在下半年交付。我們預計，一旦所有分批部署完畢，微軟將在 2027 年開始以全年運行速度貢獻收入。

On adjusted EBITDA, we expect group adjusted EBITDA margin to be approximately 40% for 2026. We expect EBIT to remain at the loss in 2026 and as we progress against our capacity expansion plans, deploy GPUs, and invest in R&D that will significantly enhance our technology stack and our future AA product. We believe the return on these investments are attractive and will remain committed and remain committed to our medium-term EBIT target of 20% to 30% with the potential to go higher.

根據調整後的 EBITDA，我們預計 2026 年集團調整後的 EBITDA 利潤率約為 40%。我們預計 2026 年息稅前利潤仍將虧損，隨著我們推進產能擴張計畫、部署 GPU 並投資研發，這將顯著增強我們的技術堆疊和未來的 AA 產品。我們相信這些投資的回報很有吸引力，並將繼續致力於實現中期 20% 至 30% 的息稅前利潤目標，並且有可能更高。

Starting in Q1 2026, we are updating our depreciation schedule from four years to five years to reflect what we are seeing in the market and in our current utilization commitments. This approach is aligned with accounting-based practices, and we continue to be conservative on this front.

從 2026 年第一季開始，我們將把折舊計畫從四年更新為五年，以反映我們在市場上看到的情況以及我們目前的利用承諾。這種做法符合會計實務，我們在這方面將繼續保持保守態度。

Now turning to CapEx. In order to capture the large and growing opportunity that we see for the future, we plan to invest in CapEx in the range of $16 billion to $20 billion in 2026. We already have about 60% of the capital needed for this range from our balance sheet, existing operations, and commitments.

現在來看資本支出。為了抓住我們看到的未來​​巨大且不斷增長的機遇，我們計劃在 2026 年投資 160 億至 200 億美元的資本支出。我們目前已從資產負債表、現有業務和承諾中獲得了該系列產品所需資金的約 60%。

We evaluate several funding options available to us on a consistent basis and will deploy two guardrails when we look at capital alternatives. First, we will focus on raising debt relative to our business needs and will be prudent with respect to the cost of capital. Second, we will be mindful about the shareholder dilution if we choose to issue equity.

我們會持續評估幾個可行的融資方案，並在考慮其他融資方式時採取兩項保障措施。首先，我們將專注於根據業務需求籌集債務，並謹慎控制資金成本。其次，如果我們選擇發行股票，我們會注意到股東權益被稀釋的問題。

Given our balance sheet and minimal debt, we are fortunate to have many additional options to finance our growing business. For example, we are currently exploring adding corporate debt and asset-backed financing to our balance sheet.

鑑於我們的資產負債表狀況良好且債務極少，我們很幸運地擁有許多額外的融資選擇，以支持我們不斷發展的業務。例如，我們目前正在探索在資產負債表中增加公司債務和資產支持融資。

Our at-the-market equity program, which we have not used at all to date, remains an additional alternative for opportunistic capital. In addition, our equity stakes in ClickHouse and other businesses such as AVride can also be future sources of capital. We are excited about these holdings, especially as the market recognizes their significant value.

我們迄今尚未啟用的以市價發行股票計劃，仍然是機會主義資本的另一種選擇。此外，我們在 ClickHouse 和 AVride 等其他企業的股權也可以成為未來的資金來源。我們對這些持股感到非常興奮，尤其是在市場認識到它們的巨大價值之後。

As an example, it was recently reported that ClickHouse valuation was approximately $15 billion in the most recent funding round. So the wide array of funding options available to us allows us to fund growth in a way that is balanced, disciplined, and aligned with returns that rather than committing to a signal path.

例如，據報道，ClickHouse 在最近一輪融資中的估值約為 150 億美元。因此，我們擁有多種多樣的融資選擇，這使我們能夠以平衡、自律且與回報一致的方式為成長提供資金，而不是承諾走一條訊號路徑。

In conclusion, 2025 was a year of strategic progress for Nebius and we executed with focus and discipline across our business, generating strong momentum as we enter 2026. In the year ahead, we will continue to scale rapidly to capture the meaningful market opportunity in this once-in-a-generation moment in our space.

總之，2025 年是 Nebius 取得策略進步的一年，我們在整個業務中保持專注和自律，為進入 2026 年創造了強勁的發展勢頭。在未來一年，我們將繼續快速擴張，以抓住我們所在領域這一代人一次的巨大市場機會。

And with that, I will turn the call back over to Arkady.

好了，接下來我將把電話轉回給阿爾卡迪。

Before we turn the call over to Q&A, I want to provide one more update. After this earnings call, Neil Doshi, our VP of Investor Relations, is moving into a new strategy function role, and we would like to thank you for all his great work in building out of our IR function to date.

在將通話轉入問答環節之前，我想再提供一項最新進展。在本次財報電話會議之後，我們的投資者關係副總裁尼爾·多希將調任新的戰略職能部門，我們衷心感謝他迄今為止在構建我們的投資者關係職能方面所做的出色工作。

And I'm also extremely pleased to welcome Gili Naftalovich, who will be our new VP of Investor Relations. Gili brings with her deep research and strategic finance experience from Goldman Sachs, UBS, and Monday.com. And we're very excited to her from on board.

同時，我也非常高興地歡迎 Gili Naftalovich 加入我們，她將擔任我們的投資者關係副總裁。Gili擁有在高盛、瑞銀和Monday.com累積的深厚研究和策略金融經驗。我們非常高興她能加入我們。

With that, let's go to the Q&A.

接下來，我們進入問答環節。

Right. We are just collecting some questions from the portal, and we will begin Q&A in just a moment.

正確的。我們正在從門戶網站收集一些問題，馬上開始問答環節。

Right. The first question from our investors on the portal is, Nebius is moving quickly to both bring demand online and to build strong foundation for the future capacity. What are you seeing in the market that gives you conviction that the demand for AI will continue to justify these investments? Let's give that to Arkady.

正確的。投資人在入口網站上提出的第一個問題是：Nebius 正在迅速採取行動，既要滿足線上需求，也要為未來的產能奠定堅實的基礎。您在市場上看到了什麼，讓您確信對人工智慧的需求將繼續支撐這些投資？把這個給阿爾卡季吧。

Well, first of all, we all look around and see what's going on, practically everywhere, how we change our habits and everyday private lives, what happens in our corporations. In our company, for example, how much of workloads are now utilizing AI capabilities to quoting. And actually, we now see that all the industries actually are changing.

首先，我們環顧四周，看看幾乎在各個方面都在發生什麼，看看我們如何改變自己的習慣和日常私生活，看看我們的公司裡發生了什麼。例如，在我們公司，目前有多少工作負載正在利用人工智慧功能進行報價？事實上，我們現在看到所有行業都在改變。

You look at a recent example, quoting or look at the movie industry, look at the research; whatever you do now, you do it with AI. But again, these are just general notions, but our condition is mostly based on what we're seeing directly in our business. We see directly signals in all sectors of our business.

看看最近的例子，引用電影產業的例子，看看相關的研究；無論你現在做什麼，你都是在用人工智慧來完成的。但這些只是一般性的想法，我們的狀況主要取決於我們在業務中直接看到的情況。我們在公司所有業務領域都直接看到了這些訊號。

First of all, in the large accounts, all large clients are talking to us and not only to us, but the whole market about expanding and renting more capacity and more GPUs because their AI businesses are growing. There is this ongoing conversations actually will lead to more contracts everywhere.

首先，在大客戶方面，所有大客戶都在與我們洽談，不僅是與我們，而是與整個市場洽談，希望擴大規模並租用更多容量和GPU，因為他們的AI業務正在成長。這種持續不斷的對話實際上將促成各地更多的合約簽訂。

But we are, as you know, much more focused on our AI cloud business. And in AI cloud, we have these two major sectors: AI start-ups and enterprise. And look at AI native customers, what happens to them in 2025? Some start-ups disappeared, but some of them are becoming the real companies, real enterprises of the future.

但正如您所知，我們目前更加專注於人工智慧雲端業務。在人工智慧雲端領域，我們有兩個主要領域：人工智慧新創公司和企業。再看看那些人工智慧原生用戶，到 2025 年他們會怎麼樣？有些新創公司消失了，但有些正在成長為真正的公司，成為未來的真正企業。

And they started getting traction. Their products became more and more used by their customers, and they're scaling quickly, scaling with real revenues, real demand. And what -- we see such customers, such companies who used to order hundreds of GPUs, tons of GPUs.

他們開始獲得一些進展。他們的產品越來越受到客戶的青睞，他們的規模也迅速擴大，這種擴大是基於實際收入和實際需求。我們看到這樣的客戶，這樣的公司，過去常常訂購數百個、大量的GPU。

Now the order in tens of thousands of GPUs. And this is actually is the magnitude of what we saw in the largest consumers last year. Plenty of models. We're ordering tens of thousands of GPUs just a year or two years ago. Now it's yesterday's start-ups at this level.

現在訂單數量高達數萬塊GPU。而這其實就是我們去年在最大消費族群中看到的情況。型號很多。就在一兩年前，我們還訂購了數萬塊GPU。現在這個等級的新創公司都已經是昨天的產物了。

Again, this is real business. These are real customers of them paying real revenues. So the AI traction is visible. I can -- there's a lot of customers from the sector, starting with (inaudible) for their own genes, molecular, different sectors, and they all have the infrastructure and becoming as we speak, becoming real companies, actually, the future enterprises.

這可是正經生意。這些都是他們的真實客戶，他們支付的是真實收入。所以人工智慧的應用效果顯而易見。我可以——這個行業有很多客戶，從（聽不清楚）開始，為了他們自己的基因、分子、不同的行業，他們都擁有基礎設施，而且正如我們所說，他們正在成為真正的公司，實際上是未來的企業。

And on the other hand, the enterprise clients who involve more -- we're actually switching most of the everyday business process to AI and generate new profits through that AI implementations. We see the growing number of such customers, loan contracts from each of such a customer, the number of GPUs is growing. The duration of the contracts is growing, as I said, the average generation for new customers grew 50% last year.

另一方面，對於那些參與度較高的企業客戶——我們實際上正在將大部分日常業務流程轉移到人工智慧上，並透過人工智慧的實施來創造新的利潤。我們看到這類客戶的數量不斷增長，每個這類客戶簽訂的貸款合約數量也在增長，GPU 的數量也在增長。正如我所說，合約期限正在延長，去年新客戶的平均發電量增加了 50%。

So from the signals we see from all the sectors of the market from big clients, hyperscale labs, from AI start-ups becoming enterprise clients, for enterprise going AI, everywhere, we see positive signals, and we just need to build more for them data centers, more tools. And if we could build faster, and even more than we have today, we will do it. So we are building because it's clear growth.

因此，從市場各個領域（包括大型客戶、超大規模實驗室、人工智慧新創公司轉型為企業客戶、企業向人工智慧轉型等）我們看到的訊號來看，一切都在朝著積極的方向發展，我們只需要為他們建造更多的資料中心和工具。如果我們能夠更快地建造，甚至比現在建造更多，我們一定會這樣做。所以我們正在建設，因為這是明顯的成長點。

Great. Thank you, Arkady. The next question is from Josh Baer from Morgan Stanley, who asks about our CapEx financing plans, especially now that we have $16 billion to $20 billion of CapEx guidance out there. How are we thinking through to meet these expectations for CapEx? Ophir?

偉大的。謝謝你，阿爾卡季。下一個問題來自摩根士丹利的 Josh Baer，他詢問我們的資本支出融資計劃，特別是現在我們已經公佈了 160 億至 200 億美元的資本支出指引。我們正在如何思考才能滿足這些資本支出預期？奧菲爾？

I am Ophir Nave, the COO and Board member of Nebius. Usually I'm not participating in these calls but given the importance of this question, both for our business and, well, to the investor community, I will take this one.

我是 Ophir Nave，Nebius 的營運長兼董事會成員。我通常不參加這類電話會議，但鑑於這個問題對我們公司以及對投資者群體的重要性，我將參加這次會議。

Basically, this question has two parts. First, what is the optimal capital expenditure for our business in 2026? And second, how is how this CapEx is going to be financed? And obviously, these questions are connected or related.

這個問題其實包含兩個部分。首先，我們公司在 2026 年的最佳資本支出是多少？其次，這筆資本支出將如何融資？顯然，這些問題是相互關聯的。

So let us start actually with the second question, on the second part. How are we going to finance the CapEx? So obviously, we will first finance it from our cash flows, our cash on hand. We have cash iterative generated from our core business.

那麼，讓我們先從第二個問題，也就是第二部分開始。我們將如何為資本支出籌集資金？很顯然，我們首先會用我們的現金流和手頭現金來籌集資金。我們有來自核心業務的持續現金流。

But most importantly, I would say, we have a significant amount of cash that we received and will continue to receive in 2026 from the favorable terms of our long-term contracts. We are talking about significant amounts. And this cash flow, will actually finance the majority, actually, around 60%, maybe even more of all of our CapEx needs in 2026.

但最重要的是，我想說，我們已經收到並將繼續收到大量現金，這得益於我們長期合約的有利條款，預計到 2026 年我們還會收到這些現金。我們說的是相當大的金額。而這筆現金流實際上將為我們 2026 年的大部分資本支出需求提供資金，約 60%，甚至更多。

So how are we going to finance the remainder months, the rest? So we all know we have a very healthy balance sheet. By the way, not by coincidence because we are working very hard. We have a very -- wouldn't -- disciplined, healthy balance sheet.

那麼，我們該如何籌集剩餘月份的資金呢？所以我們都知道我們的資產負債表非常健康。順便說一句，這並非偶然，因為我們一直在努力工作。我們擁有非常——毫不誇張地說——穩健、健康的資產負債表。

As of today, we don't have any corporate debt. We don't have any asset-backed finance center, even though we have multibillion dollar revenues from long-term contracts. We don't have any bank revolving. And we didn't have it to date by choice.

截至今日，我們沒有任何公司債務。儘管我們擁有數十億美元的長期合約收入，但我們沒有任何以資產為抵押的融資中心。我們沒有任何銀行循環信貸。而我們之前並沒有主動選擇擁有它。

But moving into 2026. And as we all know, an occupant capital structure in our business should include also that this should obviously be changed. And we plan, during 2026, to use some of the tools that I mentioned in order to move towards a more optimal capital strategy.

但展望2026年。我們都知道，我們業務中的佔用資本結構也應該包括這一點，這顯然需要改變。我們計劃在 2026 年利用我提到的一些工具，朝著更優化的資本策略邁進。

So having said all that, from the financing point of view, we believe that the $16 billion to $20 billion CapEx makes a ton of sense. And we will be able to finance it while keeping a very healthy, disciplined balance sheet.

綜上所述，從融資角度來看，我們認為 160 億至 200 億美元的資本支出非常有意義。而且我們能夠在保持非常健康、穩健的資產負債表的同時，為其提供資金。

But moving to the first part, the first question, what should be our optimal CapEx for 2026? I'd mention -- actually Arkady said it time and again, given that we are fully vertically integrated company, our CapEx is basically divided into three parts. Less than 1% is used for securing power.

但讓我們回到第一部分，第一個問題，我們2026年的最佳資本支出應該是多少？我想提一下——實際上阿爾卡季也多次說過——鑑於我們是一家完全垂直整合的公司，我們的資本支出基本上分為三個部分。用於電力保障的電力不到1%。

And given the importance of power to our business and given the importance of securing power for our future hyper growth, we are moving full force in order to secure as much power as possible given, relatively, low-cost fleet. And I think that on this call, we already mentioned that we already secured a significant amount of power, and we will continue to do so.

鑑於電力對我們業務的重要性，以及保障電力對我們未來高速成長的重要性，我們正在全力以赴，以相對低成本的電力車隊獲取盡可能多的電力。而且我認為，在這通電話中，我們已經提到，我們已經獲得了相當多的權力，我們將繼續這樣做。

The second part of the CapEx are building the data center. This is approximately 20% of the total CapEx. And we invested in building data centers. We invested this amount. And it turned out as we expected, that it became one of the best investmetns that we made.

第二部分資本支出用於建置資料中心。這大約佔總資本支出的20%。我們也投資興建了資料中心。我們投資了這筆款項。結果正如我們預期的那樣，這成為了我們所做的最佳投資之一。

Why? Because when we are data centers ready, almost ready, where we can deploy GPU in a very short period of time, we can sell this capacity in a very attractive and favorable country. We have done so to date and we plan to do it also in the future.

為什麼？因為當我們的資料中心準備就緒，或幾乎準備就緒，可以在很短的時間內部署 GPU 時，我們可以將這些容量出售到一個非常有吸引力且有利的國家。我們迄今為止一直這樣做，將來也計劃繼續這樣做。

We see the demand. We see the interest. We have a clear visibility on the demand for the second half of 2026 and for 2027, both from our cloud clients as well from AI labs and hyperscalers, and we are positive in these investments, with the interest that we are getting from all these plans, will play out again very beneficial for our company. And it done so in 2025.

我們看到了這種需求。我們看到了大家的興趣。我們對 2026 年下半年和 2027 年的需求有清晰的認識，無論是來自我們的雲端客戶，還是來自人工智慧實驗室和超大規模資料中心，我們都對這些投資充滿信心，並且從所有這些計劃中獲得的關注度也表明，這些投資將再次對我們公司帶來非常有利的結果。2025年，它實現了這一目標。

The remaining part of the CapEx is to deploy the GPU. Again, this is a significant part of the CapEx, the beauty that we deploy the GPUs in a short time period when we have a great visibility about the demand, and about the prices, and about our margins, and about -- we are very happy. We don't view it as a very risky place to be.

資本支出的剩餘部分用於部署 GPU。再次強調，這是資本支出的重要組成部分，好處在於我們可以在短時間內部署 GPU，因為我們對需求、價格、利潤率等都有很好的了解——我們對此非常滿意。我們認為那裡並不是一個風險很大的地方。

So having said all that, we believe that $16 billion to $20 billion CapEx for 2026 makes the most sense for us. First of all, it is based on preferability on the demand for 2026, 2027. It's based on the interest that we are getting from various 12 months in our cloud platform, and labs and hyperscalers. It will enable us to meet our $7 billion to $9 billion ARR in 2026. But more importantly, it will also put the foundation for our hyper growth in 2027 and beyond that.

綜上所述，我們認為 2026 年 160 億至 200 億美元的資本支出對我們來說是最合理的。首先，這是基於對 2026 年、2027 年需求的偏好。這是根據過去 12 個月我們從各個方面對我們的雲端平台、實驗室和超大規模資料中心所獲得的興趣而得出的結論。這將使我們能夠在 2026 年實現 70 億至 90 億美元的年度經常性收入目標。但更重要的是，它也將為我們2027年及以後的高速成長奠定基礎。

But speaking about CapEx and investments, I think that it is worthwhile also to address total additional bonds. One is ATM. As you all know, we launched our ATM program last long term. As of today, we didn't use it at all. Actually, we don't have any concrete plans to use it also in the near future.

但說到資本支出和投資，我認為也有必要討論一下新增債券的總金額。一個是自動櫃員機。如大家所知，我們去年推出了ATM項目，這是一個長期計畫。截至目前，我們完全沒有使用過它。事實上，我們近期也沒有任何具體的使用計畫。

But however, it's another tool in our tool book that will enable us to use the -- it will make the most sense for our business as well as our shareholders. And this is another tool that will enable us to keep a prudent, balanced, disciplined balance sheet.

但是，這是我們工具箱中的另一個工具，它將使我們能夠使用它——這對我們的業務和股東來說都是最有意義的。這是幫助我們保持審慎、平衡、自律的資產負債表的另一個工具。

And another point that I think was mentioned is obviously our non-core businesses. We are fortunate enough to have over 25% stake in ClickHouse and our ownership in every right. This non-core businesses, these stakes are worth many billions of dollars as of today. This is great, but it's less interesting by itself.

還有一點我認為也被提及了，那就是我們的非核心業務。我們很幸運地擁有 ClickHouse 超過 25% 的股份，並且我們對公司擁有完全的所有權。這些非核心業務，截至目前為止價值數十億美元。這固然很好，但它本身卻不夠吸引人。

And most importantly, we truly believe that these stakes will significantly increase in the midterm. And when they do, they will enable us to continue growing our buildings in a hyper-based mode as we plan 2027 and beyond, while using this capital and continue keeping a very disciplined balance sheet.

最重要的是，我們堅信這些利害關係在中期選舉中將顯著增加。屆時，我們將能夠以超高速成長的方式繼續發展我們的建築，同時規劃 2027 年及以後的發展，並利用這些資金繼續保持非常穩健的資產負債表。

We're really happy with this potential capital injections for the future. So I think that they get the right knowledge on the CapEx, the needs, and the ways to finance it.

我們對未來可能獲得的這筆資金注入感到非常高興。所以我認為他們掌握了有關資本支出、需求以及融資方式的正確知識。

That was very helpful, Ophir. All right. Next question comes from Alex Platt, DA Davidson. Can you help us bridge to not only the 800 megawatts to 1 gigawatt of connected power guidance, but now to the 3 gigawatts of contracted power guidance by year-end. Andrey?

奧菲爾，這很有幫助。好的。下一個問題來自地方檢察官戴維森的亞歷克斯·普拉特。您能否幫助我們不僅實現 800 兆瓦至 1 吉瓦的併網發電量目標，而且實現到年底 3 吉瓦的合約發電量目標？安德烈？

Yeah. Thanks, Neil. Hello, everyone. So what we can see now is we are accelerating the build-out and deployment of the capacity in 2026 greatly. And we expect that the acceleration will continue in 2027 and beyond that.

是的。謝謝你，尼爾。大家好。因此，我們現在可以看到，我們將在 2026 年大幅加快產能的建設和部署。我們預計這種加速成長的趨勢將在 2027 年及以後繼續。

So what we are doing is we are, as Ophir mentioned, we are doing the investments in building the foundation for the 2027 and for the other years. We are well on track of achieving our goals that we mentioned about 2026 of this 800 to 1 gigawatt goal around year end.

正如奧菲爾所提到的那樣，我們正在進行投資，為 2027 年及其他年份奠定基礎。我們正按計劃穩步實現我們在年底前提到的到 2026 年達到 800 至 1 吉瓦目標的各項指標。

And we do that by launching a lot of sites with a mix of smaller and larger projects. And some of our bigger projects starting to come online in the end of this year. And in addition to that -- in addition to the size that we mentioned today, we have a multiple ongoing projects. And we expect that some of these additional sizes may materialize this year.

我們透過推出大量網站來實現這一目標，這些網站既有規模較小的項目，也有較大的項目。我們的一些大型專案將於今年年底開始上線。除此之外——除了我們今天提到的規模之外，我們還有多個正在進行的項目。我們預計今年可能會推出其中一些新增尺寸。

So basically, we expect that the collections will help us grow faster certainly than Q2 this year and ramping throughout the year. And our own projects, which are substantial in size, will really start to ramp up in 2027 and beyond. And that relates directly to the contracted power.

所以基本上，我們預計這些產品將幫助我們實現比今年第二季更快的成長，並且全年都將保持成長勢頭。我們自己的專案規模相當可觀，將在 2027 年及以後真正開始加速推進。這與合約約定的功率直接相關。

Great. Thank you, Andrey. Andrey, maybe just staying with you, Andrew Beale from Arete is asking about an update on the New Jersey data center site.

偉大的。謝謝你，安德烈。安德烈，也許只是暫時和你待在一起，Arete 公司的 Andrew Beale 正在詢問新澤西州資料中心網站的最新進展。

Yeah. With the New Jersey, we are very pleased with the progress there. We delivered the first tranche to the Microsoft on time, and we are well on track to the remaining commitments on time as well. We believe that our partners secured the components in the supply chain, and they're working extremely hard to get everything online.

是的。我們對新澤西州的進展非常滿意。我們已按時向微軟交付了第一批貨物，並且我們正在按計劃順利完成剩餘的交付工作。我們相信我們的合作夥伴已經確保了供應鏈中的組件供應，他們正在全力以赴地將所有內容上線。

Well, we also have some safety margin buffer times in our projects. And while all projects can have some flotation, but we have built our plans with a large margin of safety and we have a high confidence of executing this.

此外，我們的專案中也預留了一些安全緩衝時間。雖然所有專案都可能存在一些波動，但我們制定計劃時留有很大的安全餘地，我們對執行該計劃充滿信心。

Great. Thanks, Andrey. All right. It looks like we have a question from Alex Duval from Goldman Sachs. Looks like Nebius came in light on revenue versus consensus for Q4, but ARR was ahead of expectations. So which is the more meaningful metric? And are there any timing considerations?

偉大的。謝謝你，安德烈。好的。看來我們收到了來自高盛的 Alex Duval 的問題。Nebius 在第四季營收似乎低於市場預期，但年度經常性收入 (ARR) 超出預期。那麼，哪個指標比較有意義呢？時間安排有什麼需要考慮嗎？

And then just more broadly, lumping this with the ARR question. Can you help us understand the difference between ARR guidance of $7 billion to $9 billion and the revenue guide for 2026? So Dado, maybe you can take this.

然後更廣泛地說，將此問題與 ARR 問題聯繫起來。您能否幫助我們理解 70 億至 90 億美元的年度經常性收入預期與 2026 年的收入預期之間的差異？所以達多，或許你可以收下這個。

Thanks. Let me take it one by one. On the first question, of course, we were very pleased with our ARR of $1.2 billion, which exceeded our ARR guide. Our revenue came in the middle of our guidance, which actually was what we anticipated. Look, as we are in a hyper-growth phase, ARR is the better metric.

謝謝。讓我逐一解答。對於第一個問題，我們當然對 12 億美元的年度經常性收入 (ARR) 感到非常滿意，這超過了我們的 ARR 預期。我們的營收達到了預期目標的中段，實際上也符合我們的預期。你看，由於我們正處於高速成長階段，ARR（年度經常性收入）是更好的衡量指標。

Now on the next question around the difference between ARR and revenue guidance, let me say that, first and foremost, at Nebius, we are freely taking a prudent approach to our revenue guidance as we communicated. In 2026, our guidance is $3 billion to $3.4 billion in revenue.

現在，關於 ARR 和收入指引之間的區別，我想首先說明的是，正如我們之前溝通的那樣，Nebius 在收入指引方面一直秉持著謹慎的態度。2026 年，我們預計營收將達到 30 億美元至 34 億美元。

The difference between ARR and revenue is logical. Our revenues and ARR reflect the growing scale of our capacity throughout the year, with the majority of this capacity being installed in the second half of the year, as Andrey mentioned. We need also to consider that our largest enterprise partnerships are also still ramping. So the revenue guide simply reflects the ramp-up in capacity coming online.

ARR（年度經常性收入）和收入之間的區別是合乎邏輯的。正如安德烈所提到的，我們的收入和年度經常性收入反映了我們全年產能的成長規模，其中大部分產能是在下半年安裝的。我們還需要考慮，我們最大的企業合作夥伴關係也仍在逐步擴大規模。因此，營收預期僅反映了新增產能的上線情況。

Great. Thank you, Dado. Question from Alex Platt from DA Davidson. How should we think about your progress against the $7 billion to $9 billion of ARR guide? And are you really dependent on the large hyperscalers to get to that range? Marc, why don't you take this?

偉大的。謝謝你，達多。來自戴維森地方檢察官辦公室的亞歷克斯普拉特提出的問題。我們該如何看待您實現 70 億美元至 90 億美元年度經常性收入目標的進展？你們真的需要依賴大型超大規模資料中心才能達到那個規模嗎？馬克，你為什麼不拿走這個？

Thank you, Alex. First of all, let me clarify, our 2026 ARR target is not dependent on any new mega deals. As we bring on our planned additional capacity, combined with the already strong pipeline and our go-to-market plans, we are very confident in our ability to deliver our '26 ARR target. Our continued success with AI natives and the early progress we've seen with ISVs and enterprises set the foundation for capturing the market this year.

謝謝你，亞歷克斯。首先，我要澄清一下，我們 2026 年的 ARR 目標並不取決於任何新的巨額交易。隨著我們計劃增加產能，加上我們已有的強大產品線和市場推廣計劃，我們非常有信心實現 2026 年的年度經常性收入目標。我們在 AI 原生應用領域持續取得成功，以及我們在獨立軟體開發商和企業領域的早期進展，為今年佔領市場奠定了基礎。

Based on the traction we are experiencing and our extensive research on our total market opportunity, we are leaning into the verticals we've already laid out, healthcare life sciences, media and entertainment, physical AI, and retail, which gives us ample runway to capture share and grow our business. While we are happy to service large strategic customers like hyperscalers, we will remain opportunistic with such large deals as we look to balance the opportunity with the long-term positioning we plan to achieve with our AI cloud.

根據我們目前取得的進展以及對整體市場機會的廣泛研究，我們將重點放在我們已經規劃好的垂直領域，即醫療保健生命科學、媒體和娛樂、實體人工智慧和零售，這為我們提供了充足的空間來獲取市場份額並發展業務。雖然我們樂於為像超大規模企業這樣的大型策略客戶提供服務，但對於這類大型交易，我們仍將保持機會主義態度，因為我們將尋求平衡機會與我們計劃透過人工智慧雲端實現的長期定位。

Great. Thank you, Marc. I'll just take the question from the portal. Can you provide an update on where you stand as it pertains to the delivery schedule with Microsoft and Meta? And remind us again about how those two contracts layer in throughout the year. Maybe on the first part, we'll have Andrey and then Dado, you can take the second part on the contract layering.

偉大的。謝謝你，馬克。我直接從門戶網站上獲取這個問題。能否提供您與微軟和 Meta 就交付計畫的最新進展？再提醒我們一下，這兩份合約是如何在一年中逐步生效的。或許第一部分我們會有 Andrey 和 Dado，第二部分你可以負責合約分層。

Yeah. Thanks, Neil. As I mentioned earlier, the first tranche to Microsoft was delivered according to the plan in November and the remaining capacity is on schedule, ongoing. All of the remaining tranches will be delivered through the whole 2026 and more than half of them will land during the second half of the year.

是的。謝謝你，尼爾。正如我之前提到的，第一批交付給微軟的產能已於 11 月按計畫交付，剩餘產能也正在按計畫進行中。剩餘的批次將在 2026 年全年交付，其中一半以上將在下半年交付。

About Meta, earlier in this month, we delivered both contracted tranches to Meta on time, and we're just now fully in service and stage. And Dado, can you comment on the financials?

關於 Meta，本月初，我們按時向 Meta 交付了合約約定的兩批產品，目前我們已全面投入服務和部署。Dado，可以談談財務狀況嗎？

Of course. Thank you, Andrey. The deployments in Meta, as Andrey just mentioned, went live early February. As such, we expect to recognize 12 months of revenue for the first tranche and roughly 11 months for our second tranche.

當然。謝謝你，安德烈。正如 Andrey 剛才提到的，Meta 中的部署已於 2 月初上線。因此，我們預計第一批款項將確認 12 個月的收入，第二批款項將確認約 11 個月的收入。

As for the Microsoft deal, we expect revenue to ramp over the course of the year in line with our plans to deliver the capacity tranches, which as Andre mentioned also, will happen throughout the year with the majority expected in the second half. So Microsoft deal will begin to deliver a full-year revenue starting in 2027. And as we execute on these commitments, we expect them to contribute positively to our medium-term EBIT margin target of 20% to 30%.

至於與微軟的交易，我們預計收入將在年內逐步增長，這與我們分批交付容量的計劃相符，正如安德烈提到的那樣，交付工作將在年內進行，預計大部分將在下半年完成。因此，微軟的這筆交易將從 2027 年開始帶來全年的收入。隨著我們履行這些承諾，我們預計這將對我們實現 20% 至 30% 的中期 EBIT 利潤率目標做出積極貢獻。

Great. Thanks, Dado. Another question from the portal. What drove the upside in the December 2025 ARR? And as you look into Q1, what are the demand trends that you're seeing in the market today? Marc, why don't you take this?

偉大的。謝謝，達多。門戶網站又提出了一個問題。2025 年 12 月年度經常性收入 (ARR) 上漲的驅動因素是什麼？那麼，展望第一季度，您認為目前市場的需求趨勢是什麼？馬克，你為什麼不拿走這個？

Certainly. The upside in December ARR came from solid execution and strong pricing and utilization. We continue to make great progress in adding new logos and expanding with existing customers. On the second point, we are seeing very strong pricing across all families of GPUs, and we are at full utilization as we continue to sell out all available capacity.

當然。12 月份 ARR 的成長得益於穩健的執行、強勁的定價和利用率。我們在新增客戶識別和拓展現有客戶方面持續取得巨大進展。關於第二點，我們看到所有 GPU 系列的價格都非常強勁，而且我們的產能已全部售罄。

On the -- on Q1 demand, it remains extremely robust, and we are seeing the same trends that we shared in 2H '25 carrying into '26. The three things that give me tremendous confidence and excitement as we enter '26 are continued pipeline growth, positive deal trends, and the progress we're making with our vertical strategy. The pipeline creation trajectory in Q1 is on track to exceed $4 billion. And as we expand our available capacity and add sales coverage, we expect it to continue to increase.

就第一季需求而言，它仍然非常強勁，我們看到與 2025 年下半年相同的趨勢延續到了 2026 年。進入 2026 年，有三件事讓我充滿信心和興奮：持續的業務成長、積極的交易趨勢以及我們在垂直策略方面取得的進展。第一季管道建設項目預計將超過 40 億美元。隨著我們擴大可用產能和增加銷售覆蓋範圍，我們預計這一數字將繼續成長。

In terms of deal trends, they're all moving to the right direction. Deal terms are getting longer and average deal sizes are increasing. In Q4, we saw nearly twice as many transactions completed for over 12 months in duration over what we succeeded with in Q3, while average selling prices increased by more than 50%.

就交易趨勢而言，它們都在朝著正確的方向發展。交易期限越來越長，平均交易規模越來越大。第四季度，我們完成的持續時間超過 12 個月的交易數量幾乎是第三季的兩倍，而平均售價則上漲了 50% 以上。

As an example, we are sold out of hoppers and those that are coming up for renewal, often off of a short reserve agreements, are getting renewed at 12 months or longer, while we're actually seeing pricing nudging up. Lastly, we're focusing on customers with premium workloads and use cases, which is resulting in superior terms, including increasing those who are willing to prepay for securing future capacity.

例如，我們的料斗已經售罄，而那些即將續約的料斗，通常是根據短期儲備協議續籤的，續約期限為 12 個月或更長，與此同時，我們實際上看到價格略有上漲。最後，我們專注於擁有高端工作負載和用例的客戶，這帶來了更優的條款，包括增加那些願意預付費用以確保未來容量的客戶。

Great. Thanks, Marc. We had another question from the portal. There are headlines of data center equipment shortages in the market. How is Nebius handling the situation, ensuring access to these products? And do you expect it to have any impact on your deployment? I think, Andrey, this would be for you.

偉大的。謝謝你，馬克。我們也收到了來自門戶網站的另一個問題。市場上出現了數據中心設備短缺的新聞報導。Nebius公司如何處理這種情況，以確保這些產品的供應？您預計這會對您的部署產生任何影響嗎？安德烈，我覺得這很適合你。

Yeah. Thanks, Neil. On data center delays, while generally building the data center is quite complex task and no one can get away from all the risks. But I think we are in a quite good shape of managing this risk. As you saw today, we are well ahead of our contracted power and we are developing nine contracted sites we announced today.

是的。謝謝你，尼爾。關於資料中心建置延誤，雖然建造資料中心通常是一項相當複雜的任務，而且沒有人能夠完全避免所有風險。但我認為我們在應對這種風險方面做得相當不錯。正如你們今天所看到的，我們的發電量遠遠超過了合約規定的發電量，而且我們正在開發今天宣布的九個合約專案。

And the main idea, the main strategy is to have the portfolio of sites. So we are not dependent on any specific single data center project to achieve our guidances and deliver our plan. And it's pretty important to understand our differentiation will push that cloud, allowing us to enjoy the flexibility that it provides, that we are not dependent on any size. We can move the loans in between. We can provide it from different locations. We are just operating to ensure that we have enough capacity.

而主要想法、主要策略就是擁有網站組合。因此，我們並不依賴任何特定的單一資料中心專案來實現我們的目標和計劃。理解我們的差異化優勢將推動雲端運算的發展非常重要，這將使我們能夠享受雲端運算帶來的靈活性，而我們並不依賴任何規模。我們可以調整貸款的發放方式。我們可以從不同地點提供。我們這樣做只是為了確保我們有足夠的產能。

And the second one is we already contracted the majority of our long lead items around our own sites to be sure that -- to ensure the capacity deployment beyond 2026 as well. And the second part of the shortage is the memory storage.

第二點是，我們已經與我們自己的工廠簽訂了大部分長週期物料的合同，以確保——也能確保 2026 年以後的產能部署。第二個短缺之處在於儲存媒體。

The first important point is our largest deals with Microsoft and Meta, we were able to secure the necessary components last year for the full scope of those contracts. And we secured it in second half of '25 before any price increase. And for the remaining, we are confident in our supply chain to get the parts we needed to continue to deliver the capacity.

首先，我們與微軟和 Meta 達成了最大的交易，去年我們成功獲得了這些合約全部所需的必要組件。我們在 2025 年下半年，也就是價格上漲之前，就鎖定了它。至於剩餘部分，我們對供應鏈充滿信心，相信能夠獲得所需的零件，從而繼續保持產能。

Andrey, maybe sticking with you, a few of our analysts are asking with the announced to nine new sites for data centers that are going to be a mix of owned and co-locations. How do you evaluate when you want to buy versus lease and how do you expect this mix to shift longer term?

安德烈，或許可以繼續關注你，我們的一些分析師正在詢問，關於宣布的九個新的資料中心站點，這些站點將是自有和託管的混合體。您如何評估何時應該購買還是租賃？您預計這種組合在長期內會如何改變？

I think we discussed it quite a few times. So generally, we are focused on bringing most of our largest projects as a self-developed projects. There are three main reasons. First, we get much better total ownership with this. We have much more control over the execution of the project because we have expertise and experience of building our own site.

我想我們已經討論過好幾次了。因此，總的來說，我們專注於將我們大部分的大型專案作為自主開發的專案。主要原因有三點。首先，這樣一來，我們的總所有權就得到了更好的保障。因為我們擁有建造自有網站的專業知識和經驗，所以我們對專案的執行有更大的控制權。

We also can achieve greater efficiency at scale because generally, we tailor the design specifically for what we need and for our technical requirements, but this takes time. And well, we use leases and partnerships to fill the gaps before we are at full speed with our own one. So just to sum up, the preferences to develop the infrastructure ourselves, but again, we still need the partners and leaders occasionally to support the growth.

我們還可以透過規模化來實現更高的效率，因為通常情況下，我們會根據自身需求和技術要求量身定制設計，但這需要時間。而且，在我們自己的專案全面啟動之前，我們會利用租賃和合作關係來填補空白。總而言之，我們傾向於自行發展基礎設施，但我們仍然需要合作夥伴和領導者偶爾的支持，以促進發展。

Great. Next question from Josh Baer at Morgan Stanley. It's really around the software stack. What are the most common software tools that your broader customer base startups and large enterprises are using and paying for from your AI cloud? And what proportion of your customers utilize your software and services in addition to your compute capacity? And then any color on just how much ARR comes from the software stack today? Marc, why don't you take this?

偉大的。下一個問題來自摩根士丹利的喬許貝爾。問題其實出在軟體棧。您的AI雲平台中，包括新創公司和大型企業在內的廣大客戶群最常使用和付費的軟體工具有哪些？除了使用您的運算能力外，您的客戶中有多少比例還會使用您的軟體和服務？那麼，目前軟體技術堆疊究竟貢獻了多少年度經常性收入（ARR）呢？馬克，你為什麼不拿走這個？

Certainly. Thanks, Josh, for the question. As I think you know, our AI cloud is purpose built for AI and is battle tested with our AI customer base. At this stage, 100% of our AI cloud customers are utilizing our AI cloud software, obviously. So we have 100% of tax rate.

當然。謝謝你的提問，喬希。如您所知，我們的 AI 雲是專為 AI 而建構的，並已在我們的 AI 客戶群中經過實戰檢驗。現階段，我們100%的AI雲端客戶都在使用我們的AI雲端軟體，這是毋庸置疑的。所以我們的稅率是100%。

We're very excited, by the way, about the new products that we've launched, like Token Factory and the Aether releases, which have opened up TAM and give us an opportunity to expand into enterprise. Our new acquisition of Tavily also extends our platform capabilities by providing agentic search for AI developers, creating more routes into accounts.

順便說一句，我們對新推出的產品感到非常興奮，例如 Token Factory 和 Aether 版本，這些產品開拓了 TAM（潛在市場規模），並為我們提供了進入企業市場的機會。我們對 Tavily 的新收購也擴展了我們的平台功能，為 AI 開發人員提供代理搜索，從而創造了更多訪問帳戶的途徑。

I should also mention that we continue to see demand for embedded storage from customers across key verticals, including physical AI, media and entertainment, and healthcare and life sciences. As a result, we are creating solutions that are vertically specific to meet the demands of these customers.

我還應該提到，我們持續看到來自各個關鍵垂直領域的客戶對嵌入式儲存的需求，包括實體人工智慧、媒體和娛樂以及醫療保健和生命科學。因此，我們正在打造垂直產業專屬的解決方案，以滿足這些客戶的需求。

We're really in the early stages of our monetization journey. But our software and services make our platform sticky, which enables us to charge more on a relative per GPU hour. We are exploring other monetization models, including consumption based, such as per token pricing with Token Factory. So Josh, stay tuned for more monetization in the future.

我們的獲利之路還處於非常早期的階段。但是，我們的軟體和服務使我們的平台具有用戶黏性，這使我們能夠按每 GPU 小時收取更高的費用。我們正在探索其他獲利模式，包括基於消費的獲利模式，例如與 Token Factory 合作的代幣定價模式。所以喬希，敬請期待未來更多的獲利模式。

Great. Thanks, Marc. Let's -- another question from Alex Duval from Goldman Sachs. It's really on the 40% EBITDA margin target that we gave. What gives us confidence in that. Dado, can you take this one?

偉大的。謝謝你，馬克。讓我們來回答高盛的 Alex Duval 提出的另一個問題。確實達到了我們設定的 40% EBITDA 利潤率目標。我們為什麼對此有信心？達多，你能接這個嗎？

So thanks for the question, Alex. Let me bring the bigger picture. Nebius is scaling and as we do, so will our margins. Now let's come to adjusted EBITDA margin guidance. In Q4, the group achieved adjusted EBITDA margin of 7% and for 2026, we are expecting to reach 40%.

謝謝你的提問，Alex。讓我從更宏觀的角度來看這個問題。Nebius正在不斷發展壯大，隨著我們的發展，我們的利潤率也會隨之提高。現在我們來看看調整後的 EBITDA 利潤率預期。第四季度，集團調整後 EBITDA 利潤率為 7%，預計到 2026 年將達到 40%。

We see a tremendous demand for our AI cloud business, and we are investing appropriately to serve this demand. As we reported, well, the margin of the core AI cloud business is actually significantly higher than the group. And as we scale the AI business, most of our revenue and margin will continue to be driven by the core AI business.

我們看到市場對我們的人工智慧雲端業務有著巨大的需求，我們正在進行相應的投資以滿足這一需求。正如我們所報導的那樣，核心人工智慧雲端業務的利潤率實際上遠高於集團平均水平。隨著我們擴大人工智慧業務規模，我們的大部分收入和利潤將繼續由核心人工智慧業務驅動。

So we expect, of course, the other businesses to still operate at EBITDA loss in 2026, but their contribution to EBITDA will be smaller and smaller. So the guidance of 40% adjusted EBITDA margin reflects the current expansion state of the business.

因此，我們當然預期其他業務在 2026 年仍將出現 EBITDA 虧損，但它們對 EBITDA 的貢獻將會越來越小。因此，40% 的調整後 EBITDA 利潤率預期反映了公司目前的擴張狀態。

Great. Thank you, Dado. We have a few of our analysts, including James Kisner from Water Tower Research asking about Tavily. What is the strategic rationale behind Tavily? How is this complementary to your existing offering? And really, is there a lot of demand for this product from your cloud customers? Roman, why don't you take this?

偉大的。謝謝你，達多。包括 Water Tower Research 的 James Kisner 在內的幾位分析師都在詢問有關 Tavily 的情況。Tavily背後的戰略邏輯是什麼？這與你們現有的產品或服務有何互補之處？你們的雲端客戶對這款產品真的有很多需求嗎？羅曼，為什麼不收下這個？

Yeah. Thank you for the question. I was afraid we will not come to it. It's quite exciting event for us, and we're super excited to announce our first M&A deal with the acquisition of Tavily and welcome Tavily team and Tavily customers in Nebius family.

是的。謝謝你的提問。我擔心我們無法達成目標。這對我們來說是一件非常令人興奮的事，我們非常高興地宣布我們完成了第一筆併購交易，收購了 Tavily，並歡迎 Tavily 團隊和 Tavily 客戶加入 Nebius 大家庭。

Tavily is an agentic search company. They connect AI agents to the web. And it's -- very much fits in our strategy to become and to be the platform where all the AI developers from start-ups and enterprises building their AI applications and engines. Tavily got quite a significant progress. They already serve many Fortune 500 customers, and they've got great adoption in developer community and loved by developers.

Tavily是一家獵人頭公司。他們將人工智慧代理連接到互聯網。而且，這非常符合我們的策略，即成為所有來自新創公司和企業的 AI 開發人員來建立其 AI 應用程式和引擎的平台。塔維利取得了相當大的進步。他們已經為許多財富 500 強客戶提供服務，並且在開發者社群中獲得了廣泛的認可，深受開發者喜愛。

We will continue to evaluate for potential acquisitions of the companies that can deepen customer engagement, stickiness, and increase our lifetime value and strengthening our positions as a full stack AI cloud provider. And this game is such large that we, obviously, will not build everything ourselves. We will be in the strategic opportunities and we'll be in the strategic partnerships moving forward, looking for the companies and partners that got a great product, great developer experience, and similar to our DNA to build a platform that will be loved by AI developers long term.

我們將繼續評估潛在的收購對象，以加深客戶參與度、提高客戶黏著度，增加客戶終身價值，並鞏固我們作為全端人工智慧雲端供應商的地位。這款遊戲規模如此龐大，我們顯然不可能自己完成所有工作。我們將著眼於策略機會和策略合作，尋找那些擁有優秀產品、卓越開發者體驗，並且與我們DNA相似的公司和合作夥伴，以建立一個能夠長期受到人工智慧開發者喜愛的平台。

Great. Thank you, Roman. We have another question just on capital allocation and M&A. In terms of like build versus buy, like Nehal Chokshi is asking this from Northland. Arkady, when you're thinking about capital allocation, especially whether it's investing in capacity or doing M&A, how do you think about this?

偉大的。謝謝你，羅曼。我們還有一個關於資本配置和併購的問題。就自建或購買而言，就像 Nehal Chokshi 向 Northland 提出的問題一樣。阿卡迪，當你考慮資本配置時，特別是無論是投資產能還是進行併購，你是如何考慮的？

Again, what we're building here, we are building one of the largest platforms for AI developers to build their applications. The largest platform means two dimensions: the scale and functionality. And we allocate capital between these two dimensions. We need to build scale. That's why we need to build all these data centers and buy all those hundreds of thousands of GPUs.

再次強調，我們正在打造的是人工智慧開發者建立應用程式的最大平台之一。最大的平台意味著兩個維度：規模和功能。我們將資金分配到這兩個維度之間。我們需要擴大規模。這就是為什麼我們需要建造所有這些資料中心，購買成千上萬個GPU的原因。

And we need to build the product and we build this product both organically, internally, by our own developers. But we don't cover everything, so we go into acquisitions. And we spent some capital to acquisitions as well to enhance our product, to get more talent, and ultimately, to develop more even faster. And Tavily is a perfect example of such individual. Hopefully, not the last one.

我們需要打造這款產品，而我們打造這款產品的方式既是有機的，也是內部的，由我們自己的開發人員完成的。但我們不可能面面俱到，所以也會涉足收購領域。我們也投入了一些資金進行收購，以增強我們的產品，獲得更多人才，並最終更快地開發更多產品。塔維利就是這樣一個人的完美例子。希望這不是最後一次。

Great. Thank you, Arkady. And I think we're at the top of the hour. So thank you, everyone, for joining our fourth-quarter 2025 earnings call. And next quarter, Gili will be leading the earnings process. Thank you, everyone.

偉大的。謝謝你，阿爾卡季。我想現在已經是整點了。感謝各位參加我們2025年第四季財報電話會議。下個季度，吉利將主導獲利工作。謝謝大家。