Slide 1: Investor Presentation First Quarter 2026
Investor Presentation First Quarter 2026 May 14, 2026 NASDAQ / LSE: FRMI
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation,
Slide 3: World's Largest & Cleanest Advanced Energy & AI Campus
Fermi America: World's Largest & Cleanest Advanced Energy & AI Campus Premier Most competitively positioned private power campus Scale Largest advanced energy and data campus Power Strategy built for resilience and designed to scale Permitted Work well underway and progressing at an unprecedented sc
Slide 4: Utility-Grade Private Grid with Best-in-Class Power Generation Assets
Utility-Grade Private Grid with Best-in-Class Power Generation Assets Land Natural Gas >7,500 >15 MM 5 >340 MMBtu/d Acres Secured / Under Major Pipelines Sq. Ft. of Data Center Space Secured Contract within 20 Miles Power 4 1.5 GW | 2 GW Up to 17 GW Turbine Platforms with Gas Power Generation at 202
Slide 5: Fermi 2.0: Experienced and Respected Leadership Team
Fermi 2.0: Experienced and Respected Leadership Team Decades of experience in energy development, power generation, project management and project finance • Founding Partner of BayPine, which was formed in May 2020 Marius Haas • Extensive technology experience at Dell Technologies, Hewlett-Packard,
Slide 6: Fermi 2.0 Leadership Priorities
Fermi 2.0 Leadership Priorities Acting with urgency to achieve Fermi’s full potential and generate durable, long-term value Enhanced Tenant Operational Liquidity and Governance Momentum Execution Compliance Strengthened Renewed urgency Advancing site Secure adequate Board from 5 to 7 in commercial d
Slide 7: Project Matador's Unmatched 180-Day Progress
Project Matador's Unmatched 180-Day Progress 4.6 Miles gas lines installed 11.3 of natural Miles of fencing installed 7.2 Miles of water lines installed ~11.4 Million Sq. Feet (261 Acres) prepared Note: Stats shown are as of 03/31/2026 Draft – Pending Finalization 7
Slide 8: A Diversified Generation Portfolio Designed to Deliver
A Diversified Generation Portfolio Designed to Deliver Early Power, Sustained Hyperscale Loads, and Optimized Long-Term Economics Asset GE Vernova FR6B Siemens SGT-800 GE TM2500 SGT6-5000F Status • Currently in Houston • All turbines in Port of • Currently in Houston • GT #1 and #2 are refurbishment
Slide 9: Fermi Expected Near-Term Power Ramp
Fermi Expected Near-Term Power Ramp Capability to ramp up to 1.5 GW of cumulative power by end of 2027 with binding tenant agreements 1,458 2026 • 86 MW Xcel tie-in (Q4) Cumulative MW (Derated) • 114 MW GE Vernova FR6B turbines (Q4) 732 2027 494 • 294 MW Siemens SGT-800 turbines (Q2) • 124 MW GE TM2
Slide 10: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights Balance Sheet $243MM $1.43B $421MM Cash and Restricted Cash Total PP&E, Net Debt, Net $208MM of Available Invested $441MM of Repaid Macquarie Cash and Cash Equivalents Cash into PP&E Term Loan Income and Cash Flow $0.30 $166MM $7MM Net Loss per Share Total G&A Expense Ca
Slide 11: Access to Liquidity: Nearly $1B of Commitments Secured
Access to Liquidity: Nearly $1B of Commitments Secured1 MUFG • Funding for 3 Siemens F-class gas turbine units $500MM • • A portion of proceeds were used to pay-off the Macquarie Term Loan ~$397MM drawn as of March 31, 2026 EQUIPMENT Keystone • Funding for non-spinning electrical components $120MM •
Slide 12: Key Investment Highlights
Key Investment Highlights World’s Largest Advanced Energy and AI Campus One of the largest and most valuable infrastructure assets providing essential power to support AI-driven demand Experienced and Respected Leadership Team Executive team includes a blend of respected industry veterans with both
Slide 13: Appendix
Appendix AMERICA
Slide 14: Advanced Energy and Artificial Intelligence Campus
Advanced Energy and Artificial Intelligence Campus ~7,570 Acres - The Largest Site of its Kind in the World
Slide 15: Unmatched Positioning with Surrounding Water and Redundant Natural Gas Access
Unmatched Positioning with Surrounding Water and Redundant Natural Gas Access 15
Slide 16: Natural Gas Infrastructure
Gas Pipelines Natural Gas Infrastructure Project Matador sits on the intersection of two major pipelines with significant natural gas infrastructure. No single point of failure. No fuel uncertainty. Firm delivery of clean natural gas at gigawatt scale. Gas Pipeline Arrival Gas Pipeline Installation
Slide 17: Unmatched Access to Extensive, Redundant Fiber Networks
Unmatched Access to Extensive, Redundant Fiber Networks Reno, NV Chicago, IL Denver, CO ~23.18ms Las Vegas, NV ~8.3ms ~20.28ms ~18.54ms Albuquerque, Oklahoma City, OK Latency NM Location ~5.02ms Estimate (RTD) ~5.60ms ~15.84ms Phoenix, AZ Dallas, TX ~7.14ms Albuquerque, NM ~5.60ms ~7.14ms Oklahoma C
Slide 18: Glossary
Glossary Term Definition B Billion COL Combined License DOE Department of Energy G&A General and Administrative GW Gigawatt MGD Million Gallons per Day MM Million MMBtu/d Million British Thermal Units per Day ms Milliseconds MW Megawatt N/A Not Applicable RTD Round-Trip Delay Sq Ft Square Feet 18
Slide 19: Investor Relations
Investor Relations Rodrigo Acuna IR@fermiamerica.com 620 S. Taylor, Suite 301 Amarillo, Texas 79101 www.fermiamerica.com