Vivopower Plc · NASDAQ:VIVO
Vivopower — Investor Presentation (June 2026)
59 slides from Vivopower's investor presentation, June 2026
Slide 1: Company Presentation
Company Presentation June 2026
Slide 2: Important information and disclaimer
Important information and disclaimer Introduction: This Presentation has been prepared by VivoPower PLC (the "Company", and together with its consolidated subsidiaries, the "Group"). The Presentation is intended for information purposes only and does not itself constitute, and should not in itself b
Slide 3: Summary of risk factors
Summary of risk factors Risks related to the Group's business and the industry in which it operates • The Group's pipeline spans multiple jurisdictions, exposing it to diverse regulatory, political and operational risks • The Group has limited operating history as a standalone data center platform f
Slide 4: Executive summary
Executive summary
Slide 5: VivoPower is an independent Nordic focused sovereign AI digital infrastructure provider
VivoPower is an independent Nordic focused sovereign AI digital infrastructure provider Scalable AI digital infrastructure platform focused on multi decade value creation 6 London Global offices Headquarters Executive team with experience across Nordic track record developing powered digital infrast
Slide 6: A Nordic focused digital infrastructure platform delivering power-secured AI grade data centers
VivoPower: A Nordic focused digital infrastructure platform delivering power-secured AI grade data centers Operational anchor asset Nordic focused portfolio & Developing the “oil fields of Development flywheel to transitioning to AI with pipeline with structurally the future” with a holistic drive s
Slide 7: Operational cash-generative data center in Mo i Rana to be converted into AI facility
VivoPower has an existing operational and cash-generative data center in Mo i Rana, Norway, to be converted into an AI facility Mo i Rana, Norway Significant value uplift from AI conversion at Mo i Rana >2x ~6x ~$130m Target EBITDA ~$60m ~$10m Current operations Post AI of 41.5MW Post AI of 81.5MW N
Slide 8: Management and board blend of infrastructure, renewable power, capital markets & AI experience
VivoPower’s management and board have an uncommon blend of infrastructure, renewable power, capital markets & AI experience Executive Leadership and Management Team2 Board of Directors Impact entrepreneur, investor & operator; founded Impact entrepreneur, investor & operator; founded Kevin Chin Vivo
Slide 9: Strategy and business model is bricks & mortar focused
VivoPower’s strategy and business model is bricks & mortar focused Secure powered land Acquire greenfield or brownfield sites, secure local zoning and permits, and obtain power agreements below wholesale US$5c/kWh 1 4 2 Refinance the powered shell asset Build powered shell Assets are refinanced with
Slide 10: Powered shell development model provides AI infrastructure exposure without GPU capex
VivoPower’s powered shell development model provides AI infrastructure exposure without GPU capex and risk 1 Buy and secure powered land 2 Develop and build powered shell 3 Powered shell ready for lease Acquire site, secure grid connection, zoning and permits Develop the site, establish grid connect
Slide 11: Nordic region selected for strong fundamentals and competitive position
VivoPower deliberately selected the Nordic region given its strong fundamentals and competitive position Growing supply shortage in data center capacity The Nordics have optimal conditions for data centers Global data center supply shortage, GW 2.9x High green energy share Low energy prices1 81 >90
Slide 12: Total controlled/secured portfolio and qualified pipeline of ~3.3GW
VivoPower has a total controlled/secured portfolio and qualified pipeline of ~3.3GW (net) of which ~1.1GW (net) has PCA Total overview of controlled/secured sites and qualified pipeline1 Controlled and/or secured FCDC Corp Oy portfolio3 Qualified pipeline1 VivoPower has executed a HoA to acquire 28%
Slide 13: Unit economics underpinned by disciplined targets
VivoPower’s unit economics are underpinned by disciplined targets… Holistic differentiated Operating in Nordic markets with Capital recycling model Recurring digital infrastructure sovereign partnership 1-2 years grid connection lead generates $1.5-$2 per $1 of revenues through powered shell approac
Slide 14: Growth model based on recycling capital every ~18 months
…whilst its growth model is based on sustainably recycling capital every ~18 months Illustrative excess cash release from refinancing for a 100MW facility ($m) Stage Development Refinancing Debt ~84% 65% 2,000 2,000 2,000 Gross asset v alue3 815 Original debt 995 (repaid) 1,300 1,185 Equity released
Slide 15: 10-year strategic growth vision and plan
VivoPower has a 10-year strategic growth vision and plan Advance: to Autonomous Global Infrastructure Network Accelerate: • Secure 100 % control of 20GW of power sites Control of strategic power sites spanning EU, GCC, ASEAN, Caribbean and Africa • Secure 100% control of 10GW of power sites Generate
Slide 16: Key investment highlights
Key investment highlights STRATEGY Developing, owning and/or controlling powered land to powered shell level, leasing out to tenants without taking on GPU technology risk TEAM Uncommon blend of data center, infrastructure and real estate development, together with global capital markets and AI exper
Slide 17: Public markets are re-rating companies that transition to AI digital infrastructure
Public markets are re-rating companies that successfully transition to AI digital infrastructure Share price development since Company The market rewards companies with credible AI infrastructure exposure AI data center strategy repositioning1 • In 2024-2025, IREN made a decisive pivot from Bitcoin
Slide 18: Portfolio and Pipeline
Portfolio and Pipeline
Slide 19: 41.5MW Nordic asset augmented by completed deals, FCDC and pipeline
VivoPower’s 41.5MW Nordic asset is augmented by 182MW completed deals, 1.2GW FCDC (net) & 1.9GW pipeline onal site in Mo i R rati an pe Completed Operational portfolio O a acquisition 1 ~41.5MW Qualified pipeline # of sites Current grid capacity FCDC Corp Oy’s sites3 Completed acquisitions portfolio
Slide 20: Operational asset in Mo i Rana slated to be AI ready in 2027
VivoPower’s operational asset in Mo i Rana (Norway) is slated to be AI ready in 2027... AI ready data center in Norway • Total capacity of 81.5MW, of which current operating capacity of 41.5MW, and potential expansion capacity of 40MW • Operational and EBITDA generating data center with existing con
Slide 21: Target construction timetable
…based on the target construction timetable Mo i Rana 2026e 2027e 2028e Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Permitting Phase 1 Design 41.5MW AI DC 40MW AI DC Demolition 41.5MW Frozen construction construction +21.5MW AI DC Phase I Complete Phase II Complete (in parallel) (41.5MW live Q2'27) (40MW live Q1'28)
Slide 22: Conversion to AI data centers provides path to stabilized cashflows
Conversion to AI data centers provides a path to stabilized long term cashflows and profits Current operational site… …to be converted to AI capacity… …and to be rented by high-quality tenants 41.5MW Current operating AI capacity • Advanced discussions with AI operators as tenant in a competitive RF
Slide 23: Anchor asset in Mo i Rana underpins Nordic value creation plan
VivoPower’s anchor asset in Mo i Rana underpins its Nordic value creation plan Secured operational asset in Ownership backing from long term Deep relationships with top-tier Norway, augmented with Nordic strategic shareholders, including Nordic delivery partners and centric pipeline original investo
Slide 24: Sovereign first approach: 25MW UAE site with scalable land
VivoPower’s sovereign first approach is evidenced by a 25MW UAE site with scalable land for up to 100MW Key site highlights • Located in UAE, providing access to one of the Middle East's fastest growing digital infrastructure markets • 25MW initial capacity with potential expansion to up to 100MW to
Slide 25: Letters of intent for full control of 3 FCDC sites in Finland
VivoPower has issued letters of intent (LOI) for full control of 3 FCDC sites in Finland, totaling 560MW FCDC Corp Oy assets, where VivoPower has 28% control with LOI to acquire remaining 72% Finland 1 Finland 2 Finland 3 Connection capacity 160MW Connection capacity 50MW Connection capacity 350MW A
Slide 26: FCDC portfolio has 7 more Finland sites with 3.8GW gross capacity
FCDC’s portfolio has 7 more Finland sites with 3.8GW gross capacity Power Connection Agreement (PCA) Estimated Estimated Expected Country Acquisition status Land control Zoning status Source of power power in MW power in MW 2 Timing (100% basis) (28% basis) 1 Finland 5 28 % controlled Leasehold In p
Slide 27: Market
Market
Slide 28: Data center expansion falls short of strong AI demand
Accelerating data center expansion still falls short of meeting strong demand for AI digital infrastructure Global data center capacity (GW) Global data center supply shortfall (GW) 2.9x 81 >200 +15% CAGR >2x ~100 28 Additional supply shortage (GW) Shortage 2026e 2027e 2028e 2029e 2030e Shortage 202
Slide 29: Europe remains structurally under-supplied
Europe remains structurally under-supplied, with AI and sovereign cloud use cases expected to materially increase demand Hyperscalers largest demand driver Global cloud storage capacity by region (GW) Europe data center demand by ownership (%) Total ~122.2 GW 23% Enterprise (self-owned) Other Eurasi
Slide 30: Europe demand set for growth, but grid and permitting constraints pose challenges
Europe data center demand is set for significant growth, but grid and permitting constraints pose challenges across FLAPD markets DC power demand to surge from 96TWh in 2024 to 236TWh by 2035e Why Europe’s bottleneck favors the Nordics Data center demand in Europe in TWh % of total demand 250 6.0% F
Slide 31: Capacity constraints in primary hubs accelerate growth in secondary markets
Capacity constraints in Europe’s primary hubs are accelerating data center growth in secondary markets FLAPD1 and secondary market dynamics Vacancy rates continue to decline Nordic capacity growth is accelerating European market vacancy rates (%) MW installed Secondary Markets Total: 1 208MW IT capa
Slide 32: Capital is migrating to low-cost power regions, positioning the Nordics
Capital is migrating to regions with low-cost power, positioning the Nordics as a core growth market Survey on site-selection factors and Nordic relative attractiveness Why the Nordics is an attractive location for data centers Nordic score1 4.8 Low cost of power Political stability Space scalabilit
Slide 33: The Nordics is a globally competitive region for data centers
The Nordics is a globally competitive region for data centers The Nordics benefit from low electricity prices High share of green energy Average wholesale electricity prices by region (average 2025, $/MWh) Green energy1 in total electricity generation mix (2025) Data center customers increasingly re
Slide 34: Financials
iy ~ Bat Financials
Slide 35: Business model unlocks de-risked equity returns at asset level
VivoPower’s business model unlocks de-risked equity returns at an asset level Illustrative only – investment roadmap and valuations for a 100MW site Land, Power Origination, Build & Delivery Implied project Implied equity Development & Entitlement (Powered Shell) value value $2,000m >5x $60m 1,185m
Slide 36: Mo i Rana target revenue increasing post-AI conversion
Mo i Rana generates ~$31m annual target revenue, increasing to a target ~$70m annual revenue post-AI conversion of 41.5MW Illustrative revenue bridge for operational Mo i Rana asset ($m) BTC revenue AI rental revenue Annualised revenue ~70 ~140 ~40 ~70 ~31 Current annual operating Target revenue upl
Slide 37: EBITDA expected to scale from ~$10m to >$60m target
VivoPower’s EBITDA is expected to scale from ~$10m target p.a. to >$60m target p.a. post AI conversion in Mo i Rana Illustrative EBITDA bridge for operational Mo i Rana asset ($m) ~10 ~130 ~80 >60 ~3 ~50 ~10 Current estimated Targeted revenue uplift Change in opex from AI Annual target EBITDA with T
Slide 38: General
General 38
Slide 39: Global advisory council
Global advisory council Khadija Mustafa Adam Traidman Ex-Microsoft and G42 (New York) Former CEO at SBI Ripple Asia (Los Angeles) Porter Harris Hugh Durrant-Whyte Former SpaceX Lead Battery Engineer (Pasadena) Chief Scientist of NSW GOV, ex-Chief Scientist UK MoD (Sydney) Rachel Pether Eric Achtmann
Slide 40: Corporate structure overview
Corporate structure overview AEVITAS TEMBO Divested, to be deregistered VIVOPOWER To be spun off VivoPower PLC 100% Tembo e-LV B.V. (VIVO) 100% VivoPower Aevitas O Holdings 100% International Pty Ltd Services Limited 99.9% 80.1% 100% 100% 100% 100% 100% 100% 100% 100% 19.9% VIWR AU Pty Ltd Tembo Gro
Slide 41: Repositioning as pure-play sovereign AI infrastructure via Tembo carve-out and Aevitas divestment
VivoPower is repositioning as a pure-play sovereign AI infrastructure platform through the Tembo carve-out and Aevitas divestment VivoPower Sovereign AI Digital Infrastructure Company Tembo Aevitas • To be the independent trusted digital infrastructure • Tembo is progressing toward a planned Nasdaq
Slide 42: Capitalization table
Capitalization table Ownership in % Capitalization Table Type Shares (based on common shares on issue) • Ordinary A-shares on issue: 30,724,084 in total distributed across family offices, Common Shares On Issue directors and officers, and a free float of ~52% TAG (Emirates family office) Family Offi
Slide 43: Total portfolio and pipeline (MW)
Total portfolio and pipeline (MW) Power Connection Agreement (PCA) Gross power Net power Gross Gross Estimated Site Acquisition status Development stage Land control Source of power capacity capacity 3 secured (MW) Pending( MW) Timing est. (MW) est. (MW) 1 Mo i Rana Operational Fully Ready-to-Build
Slide 44: P&L
P&L Six month period ended 31 December Year ended 30 June 2025 2024 2025 2024 In $ thousand IAS 34 IAS 34 IFRS IFRS (unaudited) (unaudited) (audited) (audited) Revenue from contracts with customers 15 63 61 16 Cost of sales (30) (63) (50) 27 Gross profit (15) - 11 43 General and administrative expen
Slide 45: Balance sheet
Balance sheet As at 31 December As at 30 June 2025 2024 2025 2024 In $ thousand IAS 34 IFRS IFRS IFRS (unaudited) (audited) (audited) (audited) Cash & cash equivalents 4,012 199 60 199 Accounts receivable 69,158 10,044 73,162 10,044 Other short-term receivable 2,039 1,938 1,347 1,938 Assets classifi
Slide 46: Cash flow
Cash flow Six months period ended 31 December Year ended 30 June 2025 2024 2025 2024 In $ thousand IAS 34 IAS 34 IFRS IFRS (unaudited) (unaudited) (audited) (audited) Net earnings (7,439) (6,164) (14,440) (45,819) Change in working capital and non-cash items (2,439) 77 8,691 47,312 Cashflow from ope
Slide 47: Risk factors (1/12)
Risk factors (1/12) Risks related to the Group's business and the industry in which it operates The Group has limited operating history as a standalone data center platform focused on AI infrastructure The Group is in the process of transitioning from a diversified sustainable energy solutions compa
Slide 48: Risk factors (2/12)
Risk factors (2/12) The conversion of the Mo i Rana Facility from hosting of bitcoin mining to AI infrastructure involves significant execution risk The Group's near-term value creation strategy is dependent on the successful conversion of the Mo i Rana Facility from hosting of bitcoin mining to AI-
Slide 49: Risk factors (3/12)
Risk factors (3/12) The Group depends on third-party delivery partners to build powered shells The Group's business model involves outsourcing the construction of powered shell data centers to specialist EPC firms and delivery partners, including CTS Group and Jones Engineering. The Group's ability
Slide 50: Risk factors (4/12)
Risk factors (4/12) Sanctions and anti-money laundering risks associated with the Group's hosting of bitcoin mining operations The Group currently hosts a bitcoin mining facility at Mo i Rana, Norway, which is expected to continue generating revenue from bitcoin mining during the transition period p
Slide 51: Risk factors (5/12)
Risk factors (5/12) A significant portion of the Group's pipeline is based on letters of intent rather than binding agreements, and the Group has not conducted full due diligence on all LOI-stage sites Approximately 1.9 GW of the Group's stated net pipeline of approximately 3.3 GW consists of sites
Slide 52: Risk factors (6/12)
Risk factors (6/12) The Group may not be able to identify, secure and maintain access to suitable sites with adequate grid capacity on commercially acceptable terms The Group's project development activities depend on its ability to identify and secure suitable sites for data center development that
Slide 53: Risk factors (7/12)
Risk factors (7/12) Project costs may increase materially, and projects may not remain commercially viable The commercial viability of the Group's projects depends on a number of assumptions, including land costs (currently targeting approximately USD 500,000 per MW), build costs (targeting less tha
Slide 54: Risk factors (8/12)
Risk factors (8/12) The Group's operations are dependent on reliable and affordable power supply The Group's data center operations and development activities are fundamentally dependent on access to reliable, affordable and scalable power supply. The Group's business model targets power costs below
Slide 55: Risk factors (9/12)
Risk factors (9/12) The Group's operating and development activities may be subject to uncertainty relating to building, zoning and use permits The use of existing buildings and premises for data center operations, and the development of new data center sites, may depend on zoning, building permits,
Slide 56: Risk factors (10/12)
Risk factors (10/12) The MIP Vika site carries known ground contamination for which Nordland Data bears remediation responsibility if development works disturb the affected zones Under the New Lease Agreement for MIP Vika, Nordland Data has accepted the site "as is" with knowledge of existing ground
Slide 57: Risk factors (11/12)
Risk factors (11/12) The Group is exposed to interest rate risk and currency exchange rate risk The Group's project financing arrangements are expected to involve variable rate debt, exposing the Group to changes in interest rates. An increase in interest rates would increase the Group's financing c
Slide 58: Risk factors (12/12)
Risk factors (12/12) The Group may be exposed to tax risks and changes in tax regulation The Group is subject to prevailing tax laws and regulations in the jurisdictions in which it operates, including with respect to corporate income tax, property tax, value added tax, transfer pricing, withholding
Slide 59: VivoPower
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