Slide 1: Earnings Presentation FY2026
Earnings Presentation FY2026 AUGUST 27, 2026 NASDAQ: IREN 1
Slide 2: Disclaimer: Forward-Looking Statements
DISCLAIMER Forward-Looking Statements This investor update includes forward -looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and approvals and/or licenses required for our operations, construction activities and business which could
Slide 3: The physical world cannot keep pace with the digital world
FOUNDING THESIS Global weekly tokens processed The physical world by OpenRouter (Trillion)1 cannot keep pace with 100 90 the digital world 80 70 Digital demand can scale almost instantly; 60 data center capacity takes years to deliver. 50 40 AI is exposing that structural disconnect, as 30 GPU d
Slide 4: IREN was built for the structural disconnect
THREE LAYERS. ONE COMPOUNDING ADVANTAGE IREN was built for the structural disconnect 03 S O F T WA R E 02 The managed services and enterprise support that COMPUTE compound the value of the physical infrastructure beneath it. The chips, storage, servers and 01 networking deployed within that data cen
Slide 5: Highlights
HIGHLIGHTS New multi-year cloud contracts, including with a leading frontier AI lab $4bn contracted ARR for 2026 capacity; $1bn operating ARR today1,2 Horizon 1 delivered to Microsoft, first of four 50MW (IT) deployments; Horizon 2-4 targeted for Q4 2026 delivery $6.5bn GPU financings in pas
Slide 6: Customers
O] Customers
Slide 7: Demand strengthening
01 Customers DEMAND STRENGTHENING 2026 capacity largely sold out; 2027-2028 positioned for a broader customer base and service mix Continuing to deliberately allocate capacity to a diversified customer base across hyperscalers, enterprises, AI developers and frontier labs Contracting decisions c
Slide 8: The diversified base is building
01 Customers THE DIVERSIFIED BASE IS BUILDING Supporting hyperscalers, enterprises, New Multi-Year Contract AI developers and frontier labs across Leading Frontier AI Lab training and inference Signed a new multi-year AI Cloud contract with a leading frontier AI lab PROMETHEUS Other recent custo
Slide 9: Improving contract economics
01 Customers IMPROVING CONTRACT ECONOMICS Contract Economics (Revenue per IT MW) 25 3-year pricing +125%; 5-year pricing +70% in recent months 20 Growing platform scale and market position are attracting leading customers and supporting stronger pricing and contract terms ($m) Recent 3-year cont
Slide 10: Capacity
Capacity 10
Slide 11: Executing global expansion
02 Capacity EXECUTING GLOBAL EXPANSION 4,000+ personnel, 0.2GW mobilized across BRITISH COLUMBIA active sites1 Capacity Targets 0.3GW Capacity (MW, Gross) 0.8GW BADAJOZ, EX 1.2GW (Gross) CHILDRESS, TX 0.8GW (IT) 1.4GW SWEETWATER 1, TX 0.6GW SWEETWATER 2, TX 0.5GW (Gross) 1.6GW KIOWA, OK 0.3GW (IT) 0
Slide 12: Horizon delivered
02 Capacity HORIZON 1 DELIVERED First of four 50MW (IT) deployments for Microsoft NVIDIA Exemplar Cloud status achieved on NVIDIA GB300 NVL72 Repeatable model driving faster deployment for each subsequent phase Targeting delivery of Horizon 2-4 in Q4 2026 12
Slide 13: 2026 expansion: 0.3GW (IT)
02 Capacity 2026 EXPANSION: 0.3GW (IT) Targeting commissioning of remaining 2026 GPU capacity in Q4 2026 300MW (Gross) 50MW (Gross) 80MW (Gross) 50MW (Gross) Liquid-Cooled Air-Cooled Air-Cooled Air & Liquid-Cooled Childress Childress Mackenzie Prince George Horizon 1 delivered Electrical & networkin
Slide 14: 2027 expansion: 0.5GW (IT)
02 Capacity 2027 EXPANSION: 0.5GW (IT) Targeting phased commissioning of air-cooled capacity from Q1 2027 and liquid-cooled capacity from Q4 2027 250MW (Gross) 150MW (Gross) 300MW (Gross) 30MW (Gross) Air-Cooled Liquid-Cooled Liquid-Cooled Liquid-Cooled Childress Childress Sweetwater 1 Canal Flats A
Slide 15: 2028+ expansion
02 Capacity 2028+ EXPANSION Advancing developments of strategically located sites with pathways into established high-voltage infrastructure 1,700MW (Gross) 1,600MW (Gross) 800MW (Gross) 300MW (Gross) Remaining Capacity Sweetwater 1 & 2 Kiowa Bundey Badajoz Commenced civils for second data Design an
Slide 16: Common design across future builds
02 Capacity COMMON DESIGN ACROSS FUTURE BUILDS Faster delivery, adaptable by design Adopting Sweetwater 1’s liquid-cooled design at Sweetwater 2, Kiowa and other planned sites Common layouts, equipment and construction processes, Sweetwater 1 combined with modularization and prefabrication suppo
Slide 17: Site optimization
02 Capacity SITE OPTIMIZATION More compute within the existing footprint Existing sites have spare power beyond current deployment plans This additional power may support additional GPUs, and revenue, without new grid capacity New liquid-cooled capacity planned for Mackenzie, Canal Flats and P
Slide 18: Scaling the organization for global delivery
02 Capacity SCALING THE ORGANIZATION FOR GLOBAL DELIVERY (FTE) ~3x FTE growth in FY26 Eric Hammersley Chief Information ~3x growth forecast in FY27 Security Officer Kambiz Aghili Chief Product Officer Michael Nudelman Chief Development Officer Chris Parker Chief Marketing John Gross Officer Chief In
Slide 19: Capital
O35 Capital
Slide 20: Financing the expansion
03 Capital FINANCING THE EXPANSION Capital efficient GPU financing $3.6bn investment grade GPU financing for Microsoft at ~6.0%1 Together with customer prepayments, funds 96% of associated GPU capex $2.8bn financing for non-investment-grade customer deployments Includes $2.4bn financing led
Slide 21: FY26 Results & Outlook
FY26 Results & Outlook 21
Slide 22: Capex & funding plan
04 FY26 Results & Outlook CAPEX & FUNDING PLAN Investing in growth across the platform Raised $19bn in the past 12 months through customer prepayments, GPU financing, convertible notes, and equity Includes $6.5bn of GPU financing in the past 3 months Forecast FY27 capex approximately $25-30bn
Slide 23: Q4 FY26 Results & Outlook
04 FY26 Results & Outlook Q4 FY26 RESULTS & OUTLOOK Results continue to reflect ongoing transition from Bitcoin mining to AI Cloud Quarter-End ARR Targets2 Revenue decreased $7.6m, driven by decommissioning of mining hardware ahead of GPU installation and billing, partially offset by increase in
Slide 24: The structural disconnect is here and IREN is strongly positioned
The structural disconnect is here and IREN is strongly positioned Secured power portfolio $ 4 b n A R R 1 C O N T R ACT E D $4bn ARR1 - contracted 2026 Largely sold out D E L I B E R AT E R U N WAY 2027+ Capacity for new customers and managed service offerings Uncontracted capacity M O R E VA LU E P
Slide 25: Thank You
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Slide 26: Assumptions and notes
ASSUMPTIONS AND NOTES Page 3 1. Source: OpenRouter.ai. Data as of August 23, 2026. Reflects weekly tokens processed through the OpenRouter API. Page 5 1. Annualized-run-rate revenue (“ARR”) is calculated as GPU/hour pricing for commissioned GPUs under contract as of the relevant date multiplied by 8
Slide 27: Financial Statements & Reconciliations
Financial Statements & Reconciliations 27
Slide 28: Consolidated Statement of Operations
05 | FINANCIAL STATEMENTS & RECONCILIATIONS CONSOLIDATED US$m Quarter ended June 30, 2026 Quarter ended March 31, 2026 STATEMENT OF Revenue OPERATIONS AI Cloud Services Revenue 70.5 33.6 Bitcoin Mining Revenue 66.7 111.2 Total Revenue 137.2 144.8 (Q4 FY26 vs Q3 FY26) Cost of revenue AI Cloud Service
Slide 29: Consolidated Statement of Cashflows
05 | FINANCIAL STATEMENTS & RECONCILIATIONS CONSOLIDATED US$m Quarter ended June 30, 2026 Quarter ended March 31, 2026 STATEMENT OF Cash flows from operating activities Net income (loss) (684.0) (247.8) CASHFLOWS Adjustments to reconcile net income (loss) to net cash from (used in) operating activit
Slide 30: Reconciliations - Adjusted EBITDA
05 | FINANCIAL STATEMENTS & RECONCILIATIONS RECONCILIATIONS - ADJUSTED EBITDA QUARTER ENDED QUARTER ENDED QUARTER ENDED QUARTER ENDED QUARTER ENDED US$M JUNE 30, 2025 SEPTEMBER 30, 2025 DECEMBER 31, 2025 MARCH 31, 2026 June 30, 2026 Net income (loss) 176.9 384.6 (155.4) (247.8) (684.0) Net income (l
Slide 31: Consolidated Statement of Operations
05 | FINANCIAL STATEMENTS & RECONCILIATIONS CONSOLIDATED US$m Year ended June 30, 20261 Year ended June 30, 2025 STATEMENT OF Revenue OPERATIONS AI Cloud Services Revenue 128.8 16.4 Bitcoin Mining Revenue 578.2 484.6 Total Revenue 707.0 501.0 (FY26 vs FY25) Cost of revenue AI Cloud Services (16.9) (
Slide 32: Consolidated Balance Sheet (FY26 vs FY25)
05 | FINANCIAL STATEMENTS & RECONCILIATIONS CONSOLIDATED US$m As of June 30, 20261 As of June 30, 2025 BALANCE SHEET Assets Cash and cash equivalents 5,895.6 564.5 Restricted cash, current portion 1,670.3 - (FY26 vs FY25) Accounts receivable, net Deposits and prepaid expenses 21.1 189.1 1.6 45.9 Der
Slide 33: Consolidated Statement of Cashflows
05 | FINANCIAL STATEMENTS & RECONCILIATIONS CONSOLIDATED US$m Year ended June 30, 20261 Year ended June 30, 2025 STATEMENT OF Cash flows from operating activities Net income (loss) (702.6) 86.9 CASHFLOWS Adjustments to reconcile net income (loss) to net cash from (used in) operating activities: Depr
Slide 34: Consolidated Statement of Cashflows
05 | FINANCIAL STATEMENTS & RECONCILIATIONS CONSOLIDATED US$m Year ended June 30, 20261 Year ended June 30, 2025 STATEMENT OF Financing activities Proceeds from the issuance of Ordinary shares 4,742.8 601.8 CASHFLOWS Payment for induced conversion of convertible notes Payment of offering costs for t
Slide 35: Reconciliations - Adjusted EBITDA
05 | FINANCIAL STATEMENTS & RECONCILIATIONS RECONCILIATIONS Year ended Year ended – ADJUSTED US$M June 30, 2026 June 30, 2025 EBITDA Net income (loss) Net income (loss) Margin1 (702.6) (99)% 86.9 17% (FY26 vs FY25) Income tax expense (benefit) (6.1) 6.6 Income (loss) before tax (708.7) 93.5 Finance