Csquare, Inc. · NYSE:CSQR
Csquare — Investor Presentation (October 2026)
25 slides from Csquare's investor presentation, October 2026
Slide 1: Investor Presentation
Investor Presentation Csquare, Inc.
Slide 2: Disclaimer
Disclaimer This presentation is made by Csquare, Inc. (the “Company”). This presentation has been prepared solely for informational purposes regarding the offering to which this presentation relates. Nothing in this presentation should be construed as legal, regulatory, accounting or tax advice, and
Slide 3: Csquare: Leading North American Digital Infrastructure Platform
Csquare: Leading North American Digital Infrastructure Platform OVERVIEW Csquare operates a carrier-neutral retail Deeply interconnected ecosystem with Ideally positioned to capture next wave Immediately available opportunities to colocation platform functioning as 1,700+ customers across all major
Slide 4: We Operate a Scaled Network of Urban Interconnection-Focused Data Centers
We Operate a Scaled Network of Urban Interconnection-Focused Data Centers Expansive Footprint Located in Top Markets Seattle 4 Sites Montreal 3 Sites Minneapolis 1 Site Toronto Boston 3 Sites 3 Sites Silicon Valley 9 Sites Chicago New Jersey 4 Sites 4 Sites Denver 2 Sites Columbus Northern Virginia
Slide 5: 1,700+ of the World’s Leading Organizations Trust Csquare for Their Most Critical Data Center Needs
1,700+ of the World’s Leading Organizations Trust Csquare for Their Most Critical Data Center Needs HIGHLY DIVERSIFIED CUSTOMER BASE Interconnection-Dense Ecosystem MRR by Customer Major Studio & Magnificent 7 Tech Streaming Top U.S. Vertical Other 30% 31% Cloud & IT Entertainment Brands Companies L
Slide 6: Why Customers Choose Csquare
Why Customers Choose Csquare We Provide a Highly Compelling Value Proposition Fast Deployment with Interconnection Ecosystem Urban Proximity & Immediately Deliverable AI-Ready Infrastructure in Built for AI & Enterprise Unparalleled Reliability Capacity Markets That Matter Workloads 92% Existing Pow
Slide 7: Structural Tailwinds Across Digital Infrastructure Accelerating Demand
Structural Tailwinds Across Digital Infrastructure Accelerating Demand Favorable Market Backdrop Driving New Bookings and Pricing Growth Data Center Colocation Market Demand (1)(2) Average Contract Rates (3) ($Bn) ($ / kW / mo.) 52%Increase 99 102 92 84 75 67 12% 62 55 49 Average Contract Rate CAGR
Slide 8: Csquare Ideally Suited to Capture Next Wave of Demand
Csquare Ideally Suited to Capture Next Wave of Demand AI-Ready Portfolio Servicing Nearly All Major Financial, Technological and Population Centers Latency-Critical Urban Ultra-low latency footprint supporting real-time enterprise applications, Facilities financial services, and AI inference Carrier
Slide 9: AI-Readiness in Action: Proven High-Density Deployment Capabilities
AI-Readiness in Action: Proven High-Density Deployment Capabilities Recent Customer Deployments Across AI and High-Density Compute Use Cases Artificial Intelligence Quant Trading Leading AI-Native Cloud Provider Global Financial Services Firm (High-Frequency Algorithmic Trading) Leveraging Csquare f
Slide 10: We Have Delivered Record Bookings Over the Past Several Quarters…
We Have Delivered Record Bookings Over the Past Several Quarters… Q U A R T E R L Y A N N U A L I Z E D B O O K I N G S (1) Annualized Revenue($M) 62.6 64.2 64.7 49.4 49.5 43.8 40.2 36.5 33.3 31.8 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 (1) Bookings represent the amount of closed
Slide 11: …Driving Substantial Growth and Increased Profitability…
…Driving Substantial Growth and Increased Profitability… Total Revenue (1) Adjusted EBITDA (2) Cash Flow for Reinvestment ($M) ($M) ($M) ~8% Growth 35% Growth 45% Growth Margin (3) 9% 33% 42% 929 864 390 344 289 259 199 Capex (4) 158 198 145 (5) 100 (5) 18 2023 2024 2025 2023 2024 2025 2024 2025 (5)
Slide 12: …Led by Purposeful Well-Executed Transformation
…Led by Purposeful Well-Executed Transformation Highly Focused Portfolio Site Modernization & Capacity Asset Selection Rationalization Investment • Selective acquisition of high-quality carrier- • Divestiture of non-core assets • Modernized infrastructure and operating grade assets processes • Focus
Slide 13: Our Site Expansion Growth Opportunity is Highly Visible and Largely Self-Funded
Our Site Expansion Growth Opportunity is Highly Visible and Largely Self-Funded (1) Significant Growth Runway (MW) ~1 GW Targeting Self-Funded (1) Model Without Additional Equity Funding ~340 ~385 ~330 ~3x Expansion Sellable Power + Equipment Optimization + Under-Roof Expansion = Sellable Power Capa
Slide 14: Recently Completed Expansion Projects
Recently Completed Expansion Projects CHICAGO NEW JERSEY Equipment 6.5 MW Under-Roof 6.0 MW Optimization Added Capacity Expansion Added Capacity $23MM(1) $14MM(1) Multi-Phase Delivery: 4 Phases Total Capex Multi-Phase Delivery: 3 Phases Total Capex Liquid Cooled Environment Air Cooled Enviro
Slide 15: Csquare is Led by an Experienced, Proven Management Team
Csquare is Led by an Experienced, Proven Management Team Proven Operators Across Data Centers, Networks, and Enterprise Infrastructure Data Center Industry Years of Experience Spencer Mullee Steven Cook Sean Charnock Chief Executive Officer Chief Financial Officer Chief Operating Officer 25+ 5 22
Slide 16: Our Business Operates with a Durable and Highly Efficient Capital Structure
Our Business Operates with a Durable and Highly Efficient Capital Structure Net Debt Weighted Average Investment Grade Rated Weighted % of debt with maturity Outstanding (2) Interest Rate (3) ABS Debt Remaining Tenor (3) on or before 12/31/28 ~$3.9Bn 5.3% ~99% 4.8 Years 3.3% Key Highlights Self-fu
Slide 17: The Building Blocks of 5-Year Potential Adjusted EBITDA Growth Opportunities
The Building Blocks of 5-Year Potential Adjusted EBITDA Growth Opportunities 14%+ Potential 4%+ Adj. EBITDA Growth Opportunities Strategic 7-9% Under-Roof • Lease Buyouts Growth 3-5% • Site Level M&A Pricing • Balance Sheet • Brownfield Projects Optimization Power & Leasing • Targeted 4x – 6x Build
Slide 18: Key Investment Highlights
Key Investment Highlights 1 A Leading North American Digital Infrastructure Platform Servicing Major Urban Markets 2 Well Positioned to Benefit From AI Inference and Enterprise Digitalization Embedded Expansion Capacity Has Potential to High-Quality, Long-Term Customer 3 Drive Highly Visible and Cap
Slide 19: Appendix
Appendix
Slide 20: Experienced Board of Directors
Experienced Board of Directors Industry Veteran Board With Diverse Digital Infrastructure Experience Jack Hellmann, Chairman Spencer Mullee Caroline Petersen Vice Chairman of Brookfield CEO of Csquare SVP of Investments at Brookfield Infrastructure Group, Executive Chairman of Genesee & Wyoming C N
Slide 21: Summarized Quarterly Financial Overview
Summarized Quarterly Financial Overview (dollars in thousands) 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 Statement of Operations Colocation Revenue 210,616 203,341 207,951 179,242 $179,313 Interconnection Revenue 24,661 24,953 25,460 26,117 27,493 Other Recurring Revenue 12,580 13,023 9,467 8,635 12,8
Slide 22: Summarized Key Business Metrics and Available Liquidity
Summarized Key Business Metrics and Available Liquidity (dollars in thousands, unless otherwise noted) 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 Key Business Metrics Contracted Power Capacity (MW) 410 392 376 292 285 Sellable Power Capacity (MW) 385 389 389 331 328 Contracted Power Sold (%) 107% 101%
Slide 23: Reconciliation from GAAP to Non-GAAP Measures
Reconciliation from GAAP to Non-GAAP Measures We define FFO as net (loss) income (calculated in accordance with GAAP), excluding, when applicable (i) loss or gain from the disposition of real estate assets, (ii) depreciation and amortization and (iii) impairment write-downs of real estate assets and
Slide 24: Reconciliation from GAAP to Non-GAAP Measures
Reconciliation from GAAP to Non-GAAP Measures We define FFO as net (loss) income (calculated in accordance with GAAP), excluding, when applicable (i) loss or gain from the disposition of real estate assets, (ii) depreciation and amortization and (iii) impairment write-downs of real estate assets and
Slide 25: COOUARE
COOUARE