Nebius Group (NBIS) Q2 2024 earnings summary

Executive summary

• Revenue grew 37% year-over-year in Q2 2024, reaching 249.3 billion rubles, with Yandex maintaining leading positions in Russian search, ride-hailing, e-commerce, and entertainment.

• Adjusted EBITDA rose 56% year-over-year to 47.6 billion rubles, with a margin of 19.1%.

• Adjusted net income for Q2 was 22.7 billion rubles, up 45% year-over-year.

• Net loss for Q2 was 31.8 billion rubles, compared to net income of 22.5 billion rubles in Q2 2023.

• Recent milestones include the start of IPJSC Yandex share trading on the Moscow Exchange and the completion of a major restructuring.

Financial highlights

• 2Q 2024 revenue reached 249.3 bn rubles, up 37% year-over-year; adjusted EBITDA was 47.6 bn rubles with a 19.1% margin.

• Six-month revenue increased 38% year-over-year to 477.6 billion rubles.

• Adjusted EBITDA for six months was 85.2 billion rubles, up 75% year-over-year.

• Adjusted net income for six months was 44.3 billion rubles, up 88% year-over-year.

• Basic and diluted loss per share for Q2 was 86.16 rubles.

Outlook and guidance

• Full-year 2024 revenue growth projected at 38–40%, with adjusted EBITDA guidance of 170–175 bn rubles.

• Management sees significant long-term growth potential in both mature and emerging business areas, especially in AI, fintech, and cloud.