Northern Data Ag · XETR:NB2
Northern Data — Merger or Acquisition (November 2025)
17 slides from Northern Data's merger presentation, Nov 10, 2025
Slide 1: Leading Freedom-First AI Infrastructure from Video to Cloud
Leading Freedom - First AI Infrastructure from Video to Cloud November 10, 2025
Slide 2: Two Companies, One Mission
Christopher Pavlovski Founder, Chairman & CEO | Rumble Paolo Ardoino CEO | Tether Today we are announcing the combination of two assets that will form a major accelerant towards the goals of building a Freedom - First Ecosystem “ TW O COMPANIES, ONE MISSION “ Today we ’re unve iling the Freedom - Fi
Slide 3: Freedom-First Is a New Way Forward for Tech
Freedom. Privacy. Independence. Resilience. Censored . Controlled . Locked - In . Biased. FREEDOM - FIRST IS A NEW W AY FORW ARD FOR TECH Which Internet Highway Would You Pick? VS. 3
Slide 4: Rumble Today
Payments 4 Video Advertising IaaS 47M Monthly Active Users 1 Emerging Cloud Business Secured $775M strategic investment with Tether Market leading video platform and ad platform 1 as reported Q3 2025 IaaS = infrastructure as a service Launched Rumble Cloud in 2024 as an IaaS offering RUMBLE TODAY Pi
Slide 5: Northern Data Today
5 Data Centers 22K+ GPUs 9 Data Centers 1 GPUaaS A sovereign AI Cloud platform operating one of the largest fleets of advanced GPUs - efficient Global access to energy network. NORTHERN DATA TODAY One Of The Larges t GPU Es ta tes In The World 1 include s 4 owne d da ta ce nte rs Da ta ce nte r a nd
Slide 6: Combined Future: The Freedom First Technology Ecosystem
6 Consumer 47M Monthly Active Users 1 Ente rpris e 22K+ GPUs | 9 Data Centers 2 | >$1B in Capital Deployed 3 Video IaaS Payments Data Centers new GPUaaS 1 a s re porte d Q3 2025; 2 include s 4 owne d da ta ce nte rs 3 Da ta ce nte r a nd GPU informa tion ba s e d on informa tion provide d by Northe
Slide 7: Vision: Expanding the Ecosystem
Media Cloud Payments IaaS = infrastructure as a service; PaaS = platform as a service, GPUaaS = GPU as a service VIS ION Expanding the Ecos ys te m AI Web A ne w w ay fo rw a rd fo r t e c h. The Freedom - First Ecosystem 7 Data Centers Advertising Productivity
Slide 8: Strategic Rationale
Immediate Scale in Enterprise via GPUaaS & Data Center Business Expanding International Footprint Go To Market Strategy Utilizing Government & Corporate Relationships STRATEGIC RATIONALE Build an Unstoppable Independent Ecosystem Exchange Offer for Northern Data Vision
Slide 9: Immediate Scale in Cloud & Data Centers
9 IMMEDIATE SCALE IN CLOUD & DATA CENTERS Strategic Rationale S ig n ific ant s te p to b u ild in g a џ Α ˠˠ ְ ΔР ˗ ȀР ˠ Α ЫȀ ͋ ˠ Δ џ ˾ Ȁ from power to GPUaaS and beyond. 20 K+ Nvidia H100s 2K+ Nvidia H200s >$1B Capital Deployed 9 Data Centers 1 1 include s 4 owne d da ta ce nte rs Da ta ce nte r a
Slide 10: Expanding International Footprint
Comb in in g Rumb le and Northe rn Data to b u ild g lo b a lly acce s s ib le computing infras tructure with a us e r - firs t ph ilos ophy. EXPANDING INTERNATIONAL FOOTPRINT Strategic Rationale 10
Slide 11: Securing the Go-To-Market Strategy
As part of the announce me nt, Te the r has committe d to b e come an anchor cus tome r w it h an in it ia l purchas e commitme nt of up to $150 million of GPU s e rvices over a 2 - ye a r pe rio d fo llo w in g the c lo s in g of the t rans action. The Stable Company SECURING THE GO TO MARKET STRAT
Slide 12: A Growing Player in the High Growth AI, GPU Market
12 COMBINATION A Growing Player In The High Growth AI, GPU Market GPUs Data Centers Market Cap (As of 11/7/2025) 300 K 33 $55B+ 30K 7 $25B+ 22K+ 1 9 2 $ 3.5 B+ 1 include s 4 owne d da ta ce nte rs 2 Re pre s e nts the combine d ma rke t ca ps for Rumble a nd Northe rn Da ta . Source : Pub lic filing
Slide 13: The Transaction
THE TRANSACTION Financial Terms: All - stock transaction where each Northern Data shareholder will receive 2.0281 newly issued Rumble Class A shares Pro Forma Ownership: Rumble 69.6% / Northern Data 30.4% Note: See press release for further details. 13
Slide 14: Leading the Freedom-First AI Infrastructure
Secured an initial 2 - year $ 150 million commitment by Te the r in GPU purchas e s Rumble ins tantly be come s a growing player in the AI, GPUaaS, power and data center marke ts Unlocks AI opportunities across Rumble video to s upport adve rtis e rs , us e rs and cre a tors . Secured $100 million a
Slide 15: Tether & Rumble: Securing the Business Model With the Anchor Partner
Te the r & Ru m b le Securing The Business Model With The Anchor Partner 15
Slide 16: Forward-Looking Statements
16 This presentation contains forward - looking statements within the meaning of Section 27 A of the Securities Act, and Section 21 E of the Securities Exchange Act of 1934 , as amended . Generally, statements that are not historical facts, including statements concerning possible or assumed future
Slide 17: Important Information
17 IMPORTANT INFORMATION The exchange offer contemplated by this presentation (the “ Offer ” ) will be implemented in accordance with the applicable laws of the Federal Republic of Germany and the United States . As the shares of Northern Data are listed in the open market (Freiverkehr), it will not
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