Slide 1: Q4 F2026 Results Webcast
Q4 F2026 Results Webcast Year Ended March 31, 2026
Slide 2: Disclosures
Disclosures In this presentation, “HIVE” or the “Company” refers to HIVE Digital Technologies Ltd (TSX.V: HIVE | NASDAQ: HIVE). Currency: All amounts are in US dollars, unless otherwise indicated. Forward Looking Information. Except for the statements of historical fact, this presentation contains “
Slide 3: Frank Holmes' Macro Recap
FRANK HOLMES’ MACRO RECAP Frank Holmes, Executive Chairman 3
Slide 4: DNA of Volatility
DNA of Volatility Standard Deviation For One Year, as of March 31, 2026 One-Day Ten-Day Understanding Risk S&P 500 ±1% ±3% Gold Bullion ±2% ±5% Bitcoin ±3% ±8% Nvidia ±4% ±7% TSE Gold Stocks ±3% ±8% HIVE Digital Technologies Ltd. ±6% ±21% CoreWeave ±8% ±26% Source: Bloomberg, HIVE Digital Technologi
Slide 5: Leadership Team
Leadership Team Frank Holmes Darcy Daubaras Executive Chairman CFO Aydin Kilic Craig Tavares President & CEO President & COO, BUZZ HPC Gabriel Ibghy General Counsel Johanna Thörnblad Sweden Country President Gabriel Lamas Paraguay Country President 5
Slide 6: HIVE Operates In 9 Time Zones & 5 Languages
HIVE Operates In 9 Time Zones & 5 Languages.
Slide 7: HIVE Uses Green Energy
Paraguay HIVE USES GREEN ENERGY CANADA, SWEDEN AND PARAGUAY Low Electricity Cost Low Temperatures Fast Internet Connection
Slide 8: HIVE's Top Institutional Shareholders
HIVE’s Top Institutional Shareholders Percentage of Shares Outstanding as of 3/31/2026 4.97% Invesco 4.92% Citadel Advisors 2.72% Millennium Management LLC 2.28% Two Sigma Investments 2.15% Valkyrie Funds Source: Bloomberg, HIVE Digital Technologies
Slide 9: Closing of US$115 Million Exchangeable Senior Notes Due 2031
whe HV E cen reomoioces iro HIVE Digital Announces Closing of Private Offering. of US$115 Million of 0% Exchangeable - Senior Notes Due 2031 == SS “_ Pr = > ae US$115 MILLION 0% COUPON EXCHANGEABLE DUE 2031 PRINCIPAL AMOUNT SENIOR NOTES FOR HIVE COMMON SHARES | MATURITY
Slide 10: HIVE Digital Announces Up-Listing to TSX
HIVE Digital Announces Up-Listing to TSX 19 May 2026
Slide 11: HIVE's Stock Rises Above The 50-Day Moving Average
HIVE’s Stock Rises Above The 50-Day Moving Average Stock Price in USD Announces Up-Listing to TSX - May 7th HIVE Announces a $100 Million Convertible Zero Coupon -April 16th Announces BUZZ’s Northstar Ai Factory in Toronto – May 16th Source: Bloomberg, HIVE Digital Technologies
Slide 12: Leopold Aschenbrenner Bought Shares
Influencer and Money Manger Leopold Aschenbrenner, CEO of Situational Awareness LP, bought 3.4 M shares of HIVE Digital as displayed in 13-F filing.
Slide 13: The real race in AI is infrastructure, power, land and GPU chips
“The real race in AI is infrastructure, power, land and GPU chips. Whoever owns the compute owns the future, and Canada needs sovereign compute to remain globally competitive.” – Frank Holmes, Executive Chairman HIVE Digital Technologies
Slide 14: BUZZ's AI Gigafactory: Turning Compute Into Human Progress
BUZZ’s AI Gigafactory: Turning Compute Into Human Progress
Slide 15: The Internet Backbone
wie y ry pee ws “i? Buzz HPC
Slide 16: Canadian AI Ecosystem & BUZZ AI Factories
Canadian Al Ecosystem & BUZZ Al Factories Major Al research hubs and sovereign Al infrastructure across Canada Grand Falls, NB BUZZ Al Factory Vancouver, BC / UBC AL/ Merritt, BC 8B Vancouver Al BUZZ / research cluster is Bell Al Fabric Quebee City, GC Université Laval ae cmerton 8 pe. ised 6 BUZZ A
Slide 17: HIVE & BUZZ HPC Partnerships
| HIVE & BUZZ HPC Partnerships Det ip SC? Bell ConunBia: UNIVERSITY we = Mila © NVIDIA. INMC Rototics AL—m STONEWORKS tico ww SBS LY Eocene ME BUZZ HPC
Slide 18: Expanding Industry Partnerships
Expanding Industry Partnerships
Slide 19: BUZZ HPC Data Centers AI Training & Inference
BUZZ HPC DATA CENTERS AI Training & Inference Optimized for both intensive training and real-time inference workloads. New 6.5 MW Data Centre Getting Sovereign Canadian Ready to Open in Merritt Compute Fully within Canadian jurisdiction, private, secure, compliant.
Slide 20: Toronto ranks as a top tech talent pool in North America
Toronto ranks as the 3 largest tech talent rd pool in North America. Source: Toronto.ca
Slide 21: The Intellectual Center of Ai
The Intellectual Center of Ai
Slide 22: The Genius of Ai
“The Genius of Ai,” “Artificial intelligences have developed consciousness, and could one day, take over the world.” -Geoffrey Hinton, PhD Nobel prize winner 2024, University of Toronto
Slide 23: 300MW Expansion in Paraguay
Paraguay ITAIPU DAM, PARAGUAY 300MW EXPANSION IN PARAGUAY
Slide 24: Investing in Communities in Paraguay
Street Lighting Installed Grade Schools Upgraded Air Conditioning Provided Investing in Communities: Building a Brighter Future In Paraguay
Slide 25: Global Ai spend is expected to reach $700B
Why Now: AI Demand Is Outrunning Infrastructure Supply Global Ai spend is expected to reach $700B by 2028
Slide 26: Why Now: AI Demand Is Outrunning Infrastructure Supply
$4.4T Potential addition to global GDP due to increased productivity Why Now: AI Demand Is Outrunning 3.5x Growth in AI Data Center Infrastructure Demand Over the Next 5 Years Supply 4+ Years Average wait for new grid connection in primary US data center markets
Slide 27: Copper Is at the Heart of the Electrification Boom
Copper Is at the Heart of the Electrification Boom Copper’s Share of Global Electrification Demand | 2025 Source: CRU, WoodMac, SMM, Goldman, U.S. Global Investors
Slide 28: What Is Driving Copper Demand?
What Is Driving Copper Demand? Electrification AI Data Centers Economic Growth Electric Vehicles
Slide 29: Global copper demand projected to rise 40–50% by 2040
Global copper demand is projected to rise by 40–50% by 2040 Source: S&P Global
Slide 30: Jim Chanos & Michael Burry Level Criticism Against Ai Sector
Jim Chanos & Michael Burry Level Criticism Against Ai Sector Jim Chanos Michael Burry President and Founder of Investor and Hedge Fund Manager, Kynikos Associates Founder of Scion Asset Management Image source: Attribution-NoDerivatives 4.0 International Image source: Misha Friedman/Bloomberg.com |
Slide 31: Executive Update
EXECUTIVE UPDATE Aydin Kilic President & CEO 31
Slide 32: Vertically Integrated Growth Strategy: Scalable Success
Vertically Integrated Growth Strategy: Scalable Success Land & Tier I & BUZZ HPC Power Tier III Nvidia GPUs Pipeline Data Centers HPC Colo The input no competitor Same power, two revenue Where the MWs get can manufacture. streams. repriced at AI multiples. 32
Slide 33: FY'26 Financial Highlights
FY’26 Financial Highlights March 31, 2026 $297.8M Total Revenue $107.9M Gross Operating Margin $278.3M Bitcoin Mining Revenue $76.5M Net Operating Income1 $19.5M HPC/AI Revenue $148.4M Net Loss ($170.4M Dep. + Non-Cash Adj.2) $72.9M Adj. EBITDA 13.3% Annual ROIC3 150 Bitcoin in Treasury4 1 Net Opera
Slide 34: FQ4'26 Financial Highlights
FQ4’26 Financial Highlights March 31, 2026 $71.8M Total Revenue $17.5M Gross Operating Margin $67.2M Bitcoin Mining Revenue $8.1M Net Operating Income1 $4.6M HPC/AI Revenue $76.3M Net Loss $9.0M Adj. EBITDA Loss ($52.7M Dep. + Non-Cash Adj.2) 1 Net Operating Income calculated from Gross operating ma
Slide 35: Gross Operating Margin
Gross Operating Margin FY’26 gross margin held at 36% despite Bitcoin price pressure in Q4 4.3x Growth YoY $120.0 50.0% 80 60.0% $107.9M 45.0% 70 48.6% $100.0 50.0% 40.0% 36.2% 60 35.0% $80.0 34.7% 34.5% 40.0% 50 30.0% $42.4M 28.2% $60.0 21.8% 25.0% 40 30.0% $32.1M 24.4% 20.0% 30 $40.0 20.0% 15.0% 2
Slide 36: Net Operating Income
Net Operating Income1 Operating at Scale $80.0 $0.4 60.0% 9x Growth YoY $100.0 $90.0 $0.4 $70.0 50.0% $76.5M $80.0 $0.3 $60.0 39.7% 25.7% $70.0 40.0%$0.3 $50.0 $60.0 $0.2 $50.0 $40.0 30.0% $34.6M 25.5% 22.1% $40.0 $30.0 $0.2 $23.7M 20.0% $30.0 $0.1 $20.0 11.3% 11.3% $20.0 $10.1M $8.1M 10.0% $10.0 $0
Slide 37: Dual Engines Snapshot: March 31, 2026
Dual Engines Snapshot: March 31, 2026 $298M FY26 Rev $815k Daily Rev $475M MC $67.2M BTC Revenue $4.6M FQ4 2026 876 Bitcoin FQ4 2026 $35M ARR Contracted Mar 31 22.9 EH/s | Avg FQ4 Targeting 11,000 GPUs 25.1 EH/s | 16.5 J/TH | Installed $200M ARR Q4 2026 440 MW Operational Capacity $300M ARR target Y
Slide 38: Dual Engines Snapshot: Today
Dual Engines Snapshot: Today $347M ARR ~$900k Daily Rev $1.2B MC $800k/Day+ Mining Revenue $100k/Day HPC Revenue +11 Bitcoin Mined/Day $35M ARR Contracted Mar 31 24.0 EH/s | Average Operational Targeting 11,000 GPUs 25.3 EH/s | 16.5 J/TH | Installed $200M ARR Q4 2026 440 MW Operational Capacity $660
Slide 39: Bitcoin Mining
Bitcoin Mining Today – 11+ BTC mined daily: • $800K+ daily revenue + Hashrate Growth - YoY $71k Bitcoin Price 139T Diff Avg. Operational Installed – Optimized FY’25 5.3 EH/s FQ4’25 6.5 EH/s Lowest industry SG&A per FY’26 17.2 EH/s FQ4’26 24.5 EH/s Bitcoin mined & Best-in-class Increase ~227% Increas
Slide 40: Bitcoin Mining
Bitcoin Mining As of today (May 31, 2026): Hashrate Metrics • With all S21 XP units installed: Stock Optimized Hashrate 25.3 EH/s Hashrate 24.6 EH/s Actual BTC-only power consumption as of April 30, 2026: 395 MW Efficiency 16.5 J/TH Efficiency 16.1 J/TH 1 ROIC methodology: Numerator is Adjusted EBIT
Slide 41: Scenario Mining Margin at 24.6 EH/s and 16 J/TH
Scenario Mining Margin at 24.6 EH/s and 16 J/TH CQ2’26 CQ2’26 CQ2’26 BTC Price Scenario $70k $80k $90k Hashprice $32 HP $36 HP $41 HP Daily Revenue $780k $891k $1,001k Bitcoin Mined per Day2 11.1 11.1 11.1 Daily Profit $304k $419k $530k Margin 39% 47% 53% 1 Illustrative example based on electrical c
Slide 42: HIVE Global Power Footprint: 860 MW
HIVE Global Power Footprint: 860 MW Power is the scarcest asset in AI infrastructure. HIVE has 860 MW secured. Location MW Status Power Use HPC New Brunswick, Canada 70 MW Active HPC / AI Bitcoin Mining Lachute, Canada 30 MW Active BTC Mining Under Contract Sweden 40 MW Active BTC Mining Valenzuela
Slide 43: Buzz HPC Revenue
Active Buzz HPC Revenue Bell AI Identified pipeline including $35M of ARR live today, $200M+ by Q4 2026 GPU Cloud Quantity GPUs Status ARR Online Stockholm, Sweden 850 H100s, H200s Online $10M Quebec, Canada 4,200 A-Series Online $10M Existing Facility Manitoba, Canada 500 B200 Online $15M BC, Canad
Slide 44: Strategic Financing: $115M Exchangeable Notes Due 2031
Strategic Financing: $115M Exchangeable Notes Due 2031 0% coupon and capped call — minimizing dilution while funding AI infrastructure growth CAPPED CALL LADDER — EFFECTIVE CONVERSION STEP-UP CAPPED CALL ECONOMICS CAPPED CALL CEILING Dilution offset up to here CAPPED CALL COST $4.92 Capped call neut
Slide 45: BUZZ + Bell: First Blackwell Cloud in Canada
BUZZ + Bell: First Blackwell Cloud in Canada Feb 2026: BUZZ 2-year $30M contract for $30M cluster 504 B200 GPUs - LIVE today Growth: Signed $2.90/GPUhr – 32% premium to $2.20 forecast Adds $15M ARR to HPC ARR | +75% $20M to $35M | Capex Light: *Bell's Tier III data centers + Canadian Sovereign AI *G
Slide 46: Buzz HPC Operating at Scale
Buzz HPC Operating at Scale Growing Demand and Strong Tech Stack • Targeting large 2k GPU clusters for 3+ year contracts • Data center designs for latest generation of Nvidia GPUs GB300 • Enterprise tech stack with sustainable compute • Developing high density, liquid cooled tier 3 datacenters
Slide 47: Canadian HPC Power Platform
Canadian HPC Power Platform Phased GPU Leveraging AI Robotics Land Acquisition Data Center Builder Deployment Strategy Compute Partnership Expanding BUZZ HPC through Proven experience building Deployment of NVIDIA B200 Collaboration with AMC Robotics modular GPU clusters aligned and operating large-
Slide 48: Disciplined Expansion Into AI Infrastructure
Disciplined Expansion Into AI Infrastructure 5,500 GPU AI Cloud Strategic Partnership Phased GPU BUZZ Cloud Today with Bell AI Fabric Deployment Strategy Deployment of NVIDIA B200 Operated a fleet of 130,000 Expanding BUZZ HPC GPU Allows us to provide bare-metal GPU clusters within Bell’s GPUs in Sw
Slide 49: 320 MW GTA Giga Factory
320 MW GTA Giga Factory $360M US ARR Target | 320 MW | 100,000+ GPUs | ~CAD 3.5B capex | H1 2028 • Anchor asset for BUZZ HPC: 320 MW utility capacity secured on a contiguous 25-acre site in the Greater Toronto Area — designed to operate “100,000+ GPUs = AI Gigafactory” • Land secured: 25 acres = $58
Slide 50: Project BUZZ Giga: Positive Impact
Project BUZZ Giga: Positive Impact • District Planning: • Region • Municipality • Community • Upgrading: • Civil Infrastructure • Regional Water Lines • Widening Roadways • Employment Generation: • Hundreds of skilled jobs • Design efficiency • Data center closed-loop liquid cooling 50
Slide 51: A New Era for HIVE
A New Era for HIVE $5 Billion Market Cap and Beyond… Global HPC 500+ MW Power Pipeline CANADA SWEDEN PARAGUAY Canadian Sovereign HPC Sweden Pipeline HPC Paraguay Yguazu Potential 7 MW 2026 · H2 7 MW 2027 · H1 100 MW 2028 70 MW 2027 · H1 32 MW 2027 · H2 320 MW 2028 · H1 TOTAL CAPACITY TOTAL CAPACITY
Slide 52: Sum-of-the-Parts Valuation: GPU Cloud + GTA Gigafactory Signed
Sum-of-the-Parts Valuation: GPU Cloud + GTA Gigafactory Signed $5.36B Segment Driver Multiple Comp Implied Value ($M) GPU AI Cloud $200M ARR target 5.9x IREN $1,180 NB + Toronto + Little Boden $100M ARR target 8.0x DS (vs 11.4x median) $800 GTA Gigafactory $360M ARR 8.0x DS (vs 11.4x median) $2,880
Slide 53: Valuation Range: GPU Cloud & GTA Gigafactory Contracted
Valuation Range: GPU Cloud & GTA Gigafactory Contracted Global HPC Power Pipeline D OWNS ID E C AS E BAS E C AS E U PS ID E C AS E $5.36B $6.78B $7.62B 4.2x upside vs. $1,284M EV today 5.3x upside vs. $1,284M EV today 5.9x upside vs. $1,284M EV today Colo 8x · GPU 5.9x · Mining $500M Colo 10x · GPU
Slide 54: Financial Results
FINANCIAL RESULTS 54
Slide 55: Issued and Outstanding Basic
Tickers: Options: TSX.TO: HIVE 2.6M Nasdaq: HIVE German Exchange: RSUs: VO0.F 15.1M Issued and Outstanding Basic Warrants: Common Shares: 259.4M 3.0M *As of March 31, 2026. Shareholder Data Based On Public Filings 55
Slide 56: Q4 F2026 Financial Results
Q4 F2026 Financial Results $71.8M 876 Bitcoin Revenue ($9.0M) (Equivalent) Produced Adjusted EBITDA 56
Slide 57: Healthy Balance Sheet
($M, as of March 31, 2026) Healthy Balance Sheet Funding operations through sale of coins and ATM proceeds $23.1M Cash on Hand $10.8M Digital Currencies Amounts Receivable $15.6M & Prepaids $59.8M Total Current Assets $9.7M Investments $54.4M Total Current Liabilities Source: Company Reports | 57
Slide 58: Positive Gross Operating Margin YoY
Positive Gross Operating Margin1 YoY Gross Operating Margin ($M) YoY (Q4 F2025 – Q4 F2026) $20 $18 $17.5 $16 $14 BASIC LOSS PER $12 SHARE: $10 $8.8 Three Months ended $8 March 31 $6 2025 2026 $4 ($0.34) ($0.30) $2 $0 Q4 F2025 Q4 F2026 MAR-2025 MAR-2026 1 Gross Operating Margin calculated as total re
Slide 59: Revenue and Gross Operating Margin YoY
Revenue and Gross Operating Margin1 YoY YoY (Q4 F2025 – Q4 F2026) Revenue ($M) Gross Operating Margin ($M) $80 $20 $71.8 $17.5 $70 $18 $16 $60 $14 $50 $12 $40 $10 $8.8 $31.2 $30 $8 $6 $20 $4 $10 $2 28% 24% Gross Op Margin Gross Op Margin $0 $0 Q4 F2025 Q4 F2026 Q4 F2025 Q4 F2026 MAR-2025 MAR-2026 MA
Slide 60: Revenue and Gross Operating Margin QoQ
Revenue and Gross Operating Margin1 QoQ QoQ (Q3 F2026 – Q4 F2026) Revenue ($M) Gross Operating Margin ($M) $100 $93.1 $35 $32.1 $90 $30 $80 $71.8 $70 $25 $60 $20 $17.5 $50 $40 $15 $30 $10 $20 $10 $5 35% 24% Gross Op Margin Gross Op Margin $0 $0 Q3 F2026 Q4 F2026 Q3 F2026 Q4 F2026 DEC-2025 MAR-2026 D
Slide 61: Financial Metrics: Earnings YoY
Financial Metrics: Earnings YoY YoY (Q4 F2025 – Q4 F2026) Adjusted EBITDA, ($M) Net Income (Loss), ($M) $0 $0 -$5 -$10 -$20 -$10 $(9.0) -$30 -$15 -$40 -$20 -$50 -$60 $(52.9) -$25 -$70 -$30 -$80 $(76.3) $(30.7) -$35 -$90 Q4 F2025 Q4 F2026 Q4 F2025 Q4 F2026 MAR-2025 MAR-2026 MAR-2025 MAR-2026 61
Slide 62: Financial Metrics: Earnings QoQ
Financial Metrics: Earnings QoQ QoQ (Q3 F2026– Q4 F2026) Adjusted EBITDA, ($M) Net Income (Loss), ($M) $8 -$65 $6 $5.7 -$70 $4 $2 -$75 $0 $(76.3) -$80 -$2 -$4 -$85 -$6 -$90 -$8 $(91.3) -$10 $(9.0) -$95 Q3 F2026 Q4 F2026 Q3 F2026 Q4 F2026 DEC-2025 MAR-2026 DEC-2025 MAR-2026 62
Slide 63: Appendix
Appendix 63
Slide 64: Follow HIVE on Social Media
Follow HIVE on Social Media @HIVEDigitalTech @HIVEDigitalTech @hivedigitaltechnologies Visit our website at www.hivedigitaltechnologies.com