Mara Holdings, Inc. · NASDAQ:MARA
Mara — Merger or Acquisition (April 2026)
18 slides from Mara's merger presentation, April 2026
Slide 1: MARA to Accelerate its Digital Infrastructure Strategy with Acquisition of Long Ridge
Rendering of Potential Data Center MARA to Accelerate its Digital Infrastructure Strategy with Acquisition of Long Ridge Energy & Power (“Long Ridge”) NASDAQ: MARA MARA.COM APRIL 2026
Slide 2: Disclosure
Disclosure Investor Notice Forward-Looking Statements Investing in our securities involves a This presentation contains forward-looking statements within the meaning of the federal securities laws. All statements, other than high degree of risk. Before making an statements of historical fact, includ
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted EBITDA is a non-GAAP financial measure used by Long Ridge Energy. Long Ridge Energy defines Adjusted EBITDA as net income (loss) attributable to stockholders, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensati
Slide 4: Today’s Speakers
Today’s Speakers Fred Thiel Salman Khan Duncan Dickerson CHAIRMAN & CEO CHIEF FINANCIAL OFFICER CHIEF GROWTH & STRATEGY OFFICER 4
Slide 5: Delivering on MARA’s Digital Infrastructure Triad
Delivering on MARA’s Digital Infrastructure Triad AI Training, Inference, Token Factory POWER Owned & Operated Grid Connection Behind The Meter Critical IT Bitcoin Mining Public / Private Cloud Data Centers Digital Assets, Proof-of-Work 5
Slide 6: Transaction Highlights
Transaction Highlights 01 • • Advanced discussions with investment grade tenants Access to power, land, water, fiber in one of the most attractive Top-tier campus with markets in the world existing HPC interest • +1 GW power capacity with up to 600 gross MW of Critical IT load / AI 02 • Priced below
Slide 7: Transformation of MARA’s Existing Capacity via Acquisition of Long Ridge Energy
Transformation of MARA’s Existing Capacity via Acquisition of Long Ridge Energy $1.5B ~$144M ~76% Annualized Total Transaction Value1 Hedged Capacity Adjusted EBITDA2 505 MW 1,600+ ~25 FTEs Nameplate Combined Cycle Industry Veterans in Contiguous Acres Owned Gas Power Plant ("CCGT") 3 Energy Develop
Slide 8: Long Ridge Outperforms Digital Infrastructure Campuses Across Critical Differentiators
Long Ridge Outperforms Digital Infrastructure Campuses Across Critical Differentiators… HANNIBAL, OH MASON CO.,WV SUSQUEHANNA,PA HAWESVILLE,KY WEST FELICIANA ELLENDALE,ND CHILDRESS,TX (PJM) (PJM) (PJM) (MISO) PAR. LA (MISO) (MISO) (ERCOT) CO-LOCATED OWNED GENERATION VERTICALLY INTEGRATED GAS SUPPLY
Slide 9: Immediately Delivers What Would Take Years and up to $2.7B to Build
… and Immediately Delivers What Would Take 10 Years and up to $2.7B to Build ESTIMATED TOTAL TO REPLICATE $1.6–2.7B+ 7–10+ yrs Brownfield Site Acquisition & Remediation $100–320M 5–10+ yrs Power Plant Construction (505 MW Nameplate CCGT) $1.1–1.7B 3–4 yrs With Long Ridge Grid Interconnection & Trans
Slide 10: +1 GW of Potential Power Capacity, with 600 Gross MW of Critical IT Load
+1 GW of Potential Power Capacity, with 600 Gross MW of Critical IT Load / AI Through 20301 Current Expansion AI Long-Term, HPC leases supported 200 MW 1,105 MW via MARA’s SDV partnership 200 MW Critical IT Public / private cloud data centers 200 MW Enterprise customers (Exaion expertise) 505 MW Gri
Slide 11: Reinforcing MARA’s Partnership With Starwood, Based on Active Tenant Feedback
Reinforcing MARA’s Partnership With Starwood, Based on Active Tenant Feedback Illustrative Path to HPC Lease Marketing & Tenant Engagement 1 (Ongoing alongside SDV) Finalize LOI & 2 Key Commercial Terms Data Center Design & 3 Lease Negotiation Execute Binding Lease & 4 Development Agreement NOVA 5 C
Slide 12: Acquisition of a Premier Power Platform, Materially Expanding MARA’s Owned Capacity
Acquisition of a Premier Power Platform, Materially Expanding MARA’s Owned Capacity LONG RIDGE KEY METRICS 65% increase in MARA’s Owned & Operated Capacity Current Expansion $144M Annualized Adjusted EBITDA1 400 2,229 ~6,400 Btu/kWh heat rate 505 89% Highest capacity factor CCGT in PJM2 1,324 ~76% E
Slide 13: Multiple Non-Dilutive Financing Sources on Hand for Closing in 2H 2026
Multiple Non-Dilutive Financing Sources on Hand for Closing in 2H 2026 Uses Sources $0.5B $1.6B $0.7B $500M+ $2.4B+ Cash on Hand BTC Holdings Immediately deployable At $70,000/BTC (sell or lend) $1.1B $489 million $0.2B Near-term debt Due within 12 months of $0.7B anticipated transaction close $2.5B
Slide 14: Transaction Highlights
Transaction Highlights 01 • • Advanced discussions with investment grade tenants Access to power, land, water, fiber in one of the most attractive Top-tier campus with markets in the world existing HPC interest • +1 GW power capacity with up to 600 gross MW of Critical IT load / AI 02 • Priced below
Slide 15: Appendix
Appendix
Slide 16: Historical Long Ridge Financials
Historical Long Ridge Financials Three Months Ended Three Months Ended ($ thousands) 2025 2H Annualized1 September 30, 2025 December 31, 2025 Net (loss) income attributable to stockholders $ 566 $ (45,699) $ (90,266) Equity-Based Compensation Expense - 5,636 11,272 Acquisition and Transaction Expens
Slide 17: Vertically Integrated Power & Gas with Significant Upside
Vertically Integrated Power & Gas with Significant Upside • Opportunity to acquire a vertically integrated power generation platform, comprised of (i) a modern and efficient 505 MW combined-cycle gas power plant, (ii) owned gas supply and (iii) growth opportunities Power Generation Gas Production Gr
Slide 18: Power—Merchant Dispatch Considerations
Power—Merchant Dispatch Considerations • LREP is well-positioned to benefit from strong merchant power prices in PJM as the highest capacity factor CCGT in PJM since 2023 2025/2026 PJM Supply Stack (Bid $/MWh) 2025/2026 Min Load 2025/2026 Average Load 2025/2026 Peak 2025/2026 Peak Winter Load Summer