The Ledger ResearchPrivate

The Front Office

Scouting report · NBIS

Dado Alonso

  • Chief Financial Officer, NBIS since 2025-06src

Nebius CFO since June 2025; previously group CFO at Berlin Brands Group and Azerion

—thin record

Not ranked yet

Scouting sheet

as of 24 Sep 2026
Delivers guidance—1 beat · 0 met · 0 missed · 0 withdrawn — fewer than 4, not scored
Answers the question930 dodges in 5 answers on 2 calls
Capital allocation—company five-year record: neutral — inherited: the five-year record is mostly a predecessor's
Pay design—time only
Skin in the game—no holding or price on file
In the role
1 yr
Promises scored
1
Hit rate
100%
Dodges / 100 answers
0.0
Airtime on calls
25%
Every promise, oldest firstB·

What to weigh

Watch 4

  • Short tenure: CFO since June 2025. She speaks on every call from Q2 2025 on (_transcripts/NBIS/), so the two 2026 calls read for the dossier are her fourth and fifth, and her S8 record is one scored row plus one open rowsrc
  • Equity-raise wording moved fast. On 2026-05-13 she said the ATM had not been used to date. By the 2026-08-12 call she reported 12.7m Class A shares sold in Q2 at a $224 average (about $2.8bn gross), half the 25m-share programmesrc
  • Individual pay is not disclosed. The 20-F gives only group totals ($5.9m of cash pay for eight senior managers in 2025). She is an executive officer, not a directorsrc
  • Holdings are small and all come from awards. The 20-F lists no beneficially owned shares at 2026-03-31. Her Form 3 shows 14,181 RSUs from three grants, all vesting quarterly from 2026-05-31src

In their favour 1

  • Her only Form 4 sales are automatic sell-to-cover trades on RSU vesting, which the filings mark as non-discretionarysrc

Career

  1. 2025 – now
    Nebius Group N.V.src
    Chief Financial Officer
    Since June 2025
  2. 2022 – 2024
    Berlin Brands Group (BBG)src
    Group CFO, member of the executive team
    Start date 2022-09-01 per WS-bbg
  3. 2019 – 2022
    Azerion (Azerion Holding B.V. / Azerion Group N.V., Euronext Amsterdam from February 2022)src
    Group CFO and Management Board member
    Years from WS-azerion-join. Stepped down May 2022 after nearly three years and supported the transition until 2022-08-31 (WS-azerion-exit)
  4. 2017 – 2019
    OLX / Nasperssrc
    Global Finance Director

Not located: 2016 and earlier: roles at Siemens (where she started), Amazon Europe, Booking.com and C&A Netherlands are named in the 20-F and on IFAC's site but no source searched dates them. The months between leaving BBG in 2024 and joining Nebius in June 2025 are not described anywhere. No filing states her age

Achievements

  • Named Nebius CFO from 2025-06-01, taking over from Ron Jacobs, who had built the finance function through the post-divestment restructuringsrc
  • Before Nebius she was group CFO at two digital businesses: Azerion (about three years, including its February 2022 Amsterdam listing) and Berlin Brands Group (2022-2024)src
  • Per the NBIS dossier's S8 table, her Q1 2026 guide that Q2 adjusted EBITDA margin would dip came in at 41%, against 32% in Q1, which scores as a beatsrc
  • Owns the FY2026 guide of $7-9bn ARR, $3.0-3.4bn revenue and about 40% adjusted EBITDA margin. She reaffirmed it unchanged on both 2026 calls, and it stays open until year endsrc

Education

  • Universidad Pontificia Comillas, MA Lawsrc
  • Universidad Pontificia Comillas, MA Business Administrationsrc
  • Sheffield Hallam University, MSc IT & Managementsrc
  • Institute of Management Accountants (US), CMA Management accounting (2013)src

Background

  • Family The FY2025 20-F names one family relationship among directors and officers (Bunina and Chernin are married) and says there are no others, so none involving hersrc
  • Boards Member of IFAC's Professional Accountants in Business Advisory Group, appointed 2023src
  • Other Held a board seat at Azerion as a Management Board member while it was group CFOsrc

The promise ledger

1 scored · 1 open
ResultWhat was promisedWhere it is scoredHow
B BeatQ2 2026 adjusted EBITDA margin "a little bit lower" than Q1's 32% group / 45% Nebius AINBIS row 3said it
· Still openFY2026 ARR $7–9bn, revenue $3.0–3.4bn, adj. EBITDA margin ~40%NBIS row 6said it

Questions dodged

0.0 per 100 answers

None logged on the calls reviewed.

Calls reviewed

  • FY2026-Q1.roic.json — 2 answers, 26% of the words
  • FY2026-Q2.roic.json — 3 answers, 25% of the words

Sources

13
  1. Filing Nebius Group N.V. Form 20-F for FY2025, Items 6 and 7 (accession 0001104659-26-052948) · 2026-04-30
  2. Filing Nebius 6-K Ex-99.2, Letter to Shareholders Q1 2025, 'Management Team Update' (0001104659-25-050975) · 2025-05-20
  3. Filing Form 3, Maria del Dado Alonso Sanchez (reporting CIK 2091046), first Section 16 filing (0001513845-26-000026) · 2026-03-18
  4. Filing Form 4, Maria del Dado Alonso Sanchez, sell-to-cover of 2026-06-02 (0001513845-26-000068) · 2026-06-03
  5. Filing Form 4, Maria del Dado Alonso Sanchez, sell-to-cover of 2026-09-01 (0001513845-26-000094) · 2026-09-02
  6. Filing SEC XBRL companyconcept us-gaap/NetIncomeLoss, CIK 1513845 (FY2025 20-F, 0001104659-26-052948) · 2026-04-30
  7. Call transcript NBIS Q1 2026 earnings call (2026-05-13), ROIC.ai
  8. Call transcript NBIS Q2 2026 earnings call (2026-08-12), ROIC.ai
  9. Web search result WebSearch: Azerion announces Executive Committee and Management Board change, 2022-05-25 (Ben Davey named CFO; Alonso steps down after nearly 3 years, supports transition to 2022-08-31) · 2026-09-24
  10. Web search result WebSearch summary: named Group CFO & Executive Board member at Azerion, formerly Global Finance Director at OLX/Naspers (Azerion 2019-2022, OLX 2017-2019) · 2026-09-24
  11. Web search result WebSearch: 'Berlin Brands Group stellt Führungsteam international auf' (Alonso Sanchez CFO from 2022-09-01) · 2026-09-24
  12. Web search result WebSearch summary: IFAC profile of Maria del Dado Alonso Sanchez (education; career began at Siemens; roles at Naspers, C&A Netherlands, Booking.com, Amazon Europe) · 2026-09-24
  13. Web search result WebSearch: IMA Europe newsletter, March 2023, 'Maria del Dado Alonso Sanchez Appointed to IFAC Advisory Group' (CMA earned 2013) · 2026-09-24