Nebius Group Key Takeaways From Netherlands Roadshow

Goldman Sachs hosted a roadshow in the Netherlands for Nebius Group, reiterating a Buy rating based on robust AI compute demand and strong power-capacity visibility through 2027.

Key Takeaways

• 1.Nebius has high demand visibility extending into 2027, supported by a multi-year AI compute cycle.
• 2.Enterprise segment momentum is high, with 3-5x oversubscription for GPUs deployed outside of hyperscale contracts.
• 3.The company is on track to reach its target of >4GW of contracted power by the end of 2026.

Table of Contents

• Valuation and key risks
• Disclosure Appendix
• Reg AC
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Regulatory disclosures
• Global product; distributing entities
• General disclosures

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