Phoenix Group Plc · ADX:PHX
Phoenix — Q1 2026 Earnings Presentation
17 slides from Phoenix's earnings presentation, May 13, 2026
Slide 1: Q1 2026 Earnings Call
PHOENIX an * Portfolio Company QI 2026 meauublpebedar ees
Slide 2: Table of Content
Business Performance 05 Phoenix AI 07 Operational Metrics 08 Balance Sheet Review 10 PnL Review 11 Optimization Initiatives 12 The AI Supercycle 13 Why Crypto Infrastructure 14 Table of Phoenix’s European AI Data 15 Content Roadmap to Energisation 16 Earnings call - Q1/2026
Slide 3: Disclaimer
DISCLAIMER The information contained in this presentation is for background purposes only and does not purport to relating to Phoenix Group associated companies, whether written, oral or in a visual or electronic form, be full or complete. No reliance may or should be placed by any person for any pu
Slide 4: Munaf Ali and Sheharyar Malhi
Mr. Munaf Ali Mr. Sheharyar Malhi Board Member, Co-founder & Group CEO Group CFO Earnings call - Q1/2026
Slide 5: Business Performance - Q1'26
BUSINESS PERFORMANCE - Q1'26 ADJUSTED EBITDA Positive adjusted EBITDA of $1.2M in Q1'26, compared to a $1.7m loss in Q1'25, driven by the company's continued shift toward self-mining and operational efficiency optimization. $1.2M MINING EFFICIENCY Mining efficiency improved further to 19.53 J/TH in
Slide 6: Business Performance - Q1'26
BUSINESS PERFORMANCE - Q1'26 Phoenix mined 406.5 BTC in Q1’26, up from 351.7 BTC in Q4’25, including 284.2 BTC from self-mining, supported by higher utilization rates and expanded operating capacity. Total opex declined 5% YoY to $8.6M from $9.0M in Q1’25, reflecting ongoing cost optimization initia
Slide 7: Phoenix's Entry into AI Infrastructure
PHOENIX’S ENTRY INTO AI INFRASTRUCTURE Phoenix is expanding into AI and HPC infrastructure, building on its core strength in power INITIAL LYON CAPACITY and large-scale compute, marking a natural evolution of its existing platform. 18 MW This transition is already underway with the launch of Phoenix
Slide 8: Operational Metrics - Q1'26
OPERATIONAL METRICS - Q1'26 OVERALL BUSINESS HASHING SHARE IN THE NETWORK CURRENT POWER CONSUMPTION 1.7% BTC MINING PER DAY¹ ~408.14 MW MINING EFFICIENCY 4.52 POWER COST PER KWH² 23.8 MW/EHs 0.046 cent JV INVESTMENTS MINING HOSTING HASH RATE HASH RATE HASH RATE 7.04 Ehs 1.78 Ehs 8.35 Ehs HASHING SHA
Slide 9: Operational Metrics - Q1'26
OPERATIONAL METRICS - Q1'26 REVENUE & INCOME MARGINS EFFICIENCY GROSS REVENUE BLENDED GROSS MARGIN USD 23.3 MN 38% HASH RATE 17.2 EHS SELF MINING SELF MINING USD 19 MN 42% GLOBAL HASH RATE CONTRIBUTION 1.7% HOSTING HOSTING USD 4.3 MN 21% Earnings call - Q1/2026 Sources: PHOENIX GROUP PLC Internal Da
Slide 10: Balance Sheet Review - Q1 2026
BALANCE SHEET REVIEW - Q1' 2026 TOTAL ASSETS TOTAL DIGITAL ASSETS TOTAL EQUITY (USD MN) (USD MN) (USD MN) YoY: -24.8% YoY: -24.2% YoY: -26.4% QoQ: -11% QoQ: -13% 810 QoQ: -15% 750 301 684 633.7 266.8 609 228.1 552.3 Q1:25 Q4:25 Q1:26 Q1:25 Q4:25 Q1:26 Q1:25 Q4:25 Q1:26 Total assets declined 11% QoQ
Slide 11: PnL Review - Q1 2026
PNL REVIEW - Q1' 2026 TOTAL REVENUE ADJUSTED EBITDA COMPREHENSIVE INCOME (USD MN) (USD MN) (USD MN) YoY: -25.4% YoY: -172.5% YoY: -48.2% QoQ: -67.4% QoQ: -49.5% (156.7) QoQ: -8.3% 31.2 25.4 23.3 (54.3) 3.76 1.225 (81.2) -1.68 Q1:25 Q4:25 Q1:26 Q4:25 Q1:26 Q1:25 Q4:25 Q1:26 Q1:25 Gross revenue for th
Slide 12: Optimization Initiatives Paying Off
OPTIMIZATION INITIATIVES PAYING OFF SELF MINING GROSS MARGIN MINING EFFICIENCY (J/TH) AVG POWER PRICE ($/KWH) 50% 26 0.06 25.45 0.060 45.8% 25 0.05 0.052 0.052 40% 41.6% 41.8% 0.049 0.046 24 23.08 0.04 30% 31.2% 23 30.0% 0.03 22 20% 21.96 0.02 21 20.56 10% 0.01 20 19.53 19 0% Q1, 2025 Q2, 2025 Q3, 2
Slide 13: The AI Infrastructure Supercycle
THE AI INFRASTRUCTURE SUPERCYCLE AI INFRASTRUCTURE DEMAND AI Demand Is Scaling Faster 300% projected growth through 2028' Than Infrastructure Supply Hyper scalers, sovereigns, and enterprises are accelerating AI CAPEX INVESTMENT investment into >$1T AI compute infrastructure. expected global capex P
Slide 14: Why Crypto Infrastructure Operators Have a Unique Advantage in AI
WHY CRYPTO INFRASTRUCTURE OPERATORS HAVE A UNIQUE ADVANTAGE IN AI Energy Ecosystem Time to Market Flexibility Scalability Experience Proven ability to develop & Modular, power-first design adapts Operators of some of the largest energy- Longstanding relationships with power engage large-scale sites
Slide 15: Introducing Phoenix's European AI Data Center Platform
INTRODUCING PHOENIX’S EUROPEAN AI DATA CENTER PLATFORM STRATEGIC PARTNERSHIP STRUCTURE LYON PROJECT HIGHLIGHTS TOGETHER STRATEGIC POWER STRONG DEMAND LOCATION ADVANTAGE FUNDAMENTALS Dardilly, Lyon: Access to grid- Positioned in a Capital allocation & Local development Combines global scale strategic
Slide 16: Roadmap to Energization
ROADMAP TO ENERGIZATION SITE & PLATFORM POWER & DESIGN & CONSTRUCTION & ENERGIZATION & CUSTOMER RAMP-UP ESTABLISHED PERMITTING PROCUREMENT DEPLOYMENT COMMISSIONING & SCALE Site secured in Lyon Connection agreement and Engineering and detailed Civil works and Grid energization and power Enterprise &
Slide 17: Investor Relations
Investor relations Ir@phoenixgroupuae.com Abu Dhabi, United Arab Emirates 3612, 34 Floor, Al Maqam Tower, Regus Adam +971 4 323 9120 Square, Al Maryah Island, Abu Dhabi, UAE @phoenixgroupuae Dubai, United Arab Emirates @phoenixgroupuae Office 2901, Floor 29, Boulevard Plaza Tower 2, Burj +971 4 323