Fermi Inc. · NASDAQ:FRMI
Fermi — Q2 2026 Earnings Presentation
24 slides from Fermi's earnings presentation, Aug 13, 2026
Slide 1: Investor Presentation Second Quarter 2026
Investor Presentation Second Quarter 2026 August 13, 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: Fermi America: Where AI Gets Power
Fermi America: Where AI Gets Power Premier Competitive private power campus offering rapid speed to power Scale At ~8,400 acres, one of the largest advanced energy and data sites Power Strategy built for resilience and designed to scale to 17GW long-term Permitted 6GW federal air permit secured; app
Slide 4: Utility-Grade Private Grid with Top-Tier Power Generation Assets
Utility-Grade Private Grid with Top-Tier Power Generation Assets Land Natural Gas ~8,400 >15 MM 5 220K MMBtu/d Acres Secured / Under Major Pipelines Firm Supply Secured Sq. Ft. of Data Center Space Contract Available within 20 Miles Power 4 4.8 GW Up to 17 GW Turbine Platforms with Power Within ~30
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 Scorecard
Fermi 2.0 Leadership Priorities Scorecard Delivering on all five objectives set just 90 days ago • Deal signed with TensorWave First Binding • Phase 1: $6.5B contract for 222 MW of power over 15 years Customer Agreement • Includes two options to expand to ~650 MW of total power • Lee McIntire (Fermi
Slide 7: First Binding Customer Agreement: TensorWave
First Binding Customer Agreement: TensorWave First binding lease validates Project Matador demand with significant opportunities to future expansion $6.5B 15-Year Phase 1 Initial Term with Two Contracted Revenue Up to 5-Yr. Extension Options ~650 MW 222 MW Total Facility Power 2H 2027 Phase 1 Includ
Slide 8: Fermi Appoints Lee McIntire as Chief Executive Officer
Fermi Appoints Lee McIntire as Chief Executive Officer Experienced leadership for Fermi’s next phase The Right Choice to Achieve Near-Term Power Delivery McDermott Bechtel International TerraPower CH2M Hill Corporation Interim CEO and CEO Chairman, CEO, Partner, Lead Independent and President Execut
Slide 9: Hillcore BOOT Strategic Alliance
Hillcore “BOOT” Strategic Alliance1 Build-own-operate-transfer partnership adds ~2.6 GW of combined-cycle generation at Project Matador 2.6 GW 4.8 GW 350 MW $0 Combined-cycle capacity Total planned on-site First power targeted Fermi capital or debt owned by Hillcore generation within ~30 months with
Slide 10: Strategic Partnerships: Proven Contractors to Advance Path to Power
Strategic Partnerships: Proven Contractors to Advance Path to Power Highly capable and respected contractors on-board to fast-track first power at Project Matador Spain’s Largest Power-Focused Top-tier, Proven US Partner EPC Firm • Phase One Critical Asset • Phase Two Critical Asset Management: To e
Slide 11: Upsized Convertible Senior Notes
Upsized Convertible Senior Notes Strengthening the Balance Sheet to Accelerate Project Matador Upsized Amount Fixed Coupon Maturity Year Conversion Price1 $431MM 5.00% 2031 $14.64 Capital-Efficient Financing Shareholder-Friendly Structure • Low coupon with no scheduled amortization • Capped call lim
Slide 12: Project Matador's Significant Progress
Project Matador’s Significant Progress 4.6 Miles of natural gas lines installed 11.3 Miles of fencing installed 7.2 Miles of water lines installed ~13.1 Million Sq. Feet (300 Acres) prepared Note: Stats shown are as of June 30, 2026 Draft – Pending Finalization 12
Slide 13: 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 • In Houston • All turbines in Port of • In Houston(1) • All turbines in Port of refurbishment shop— Hou
Slide 14: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights Balance Sheet $92MM $1.55B $520MM Cash and Restricted Cash Total PP&E, Net Debt, Net +$382MM raised in the July Invested $185MM into +$431MM added in July Convertible Debt Offering1 PP&E in the Quarter Convertible Debt Offering Income and Cash Flow2 $0.04 $27MM $49MM Net
Slide 15: Access to Liquidity: Nearly $1.4B of Commitments Secured
Access to Liquidity: Nearly $1.4B of Commitments Secured • Funding for three Siemens F-class gas turbine units Turbine Warehouse • A portion of proceeds were used to pay-off the term loan with Macquarie $500MM • Daily Simple SOFR plus 4.0% per annum • ~$445MM drawn as of June 30, 2026 EQUIPMENT High
Slide 16: Key Investment Highlights
Key Investment Highlights One of the World’s Largest Advanced Energy and AI Campus Sites One of the largest and most significant infrastructure assets providing essential power to support AI-driven demand Experienced and Respected Leadership Team Executive team includes a blend of respected industry
Slide 17: Appendix
Appendix AMERICA
Slide 18: Summary of Convertible Senior Notes & Capped Call Terms
Summary of Convertible Senior Notes & Capped Call Terms Base Note Terms Capped Call Terms $431.25 million (includes full Aggregate Size Cap Price $14.64 per share $56.25 million upsize) 5.00% per annum Effective Premium 100% to the Reference Price Coupon (payable semi-annually) Maturity July 15, 203
Slide 19: Site Overview: 17 GW Advanced Energy & AI Campus
SITE OVERVIEW | 17 GW Advanced Energy & AI Campus | ~8,400 Acres, One of the Largest Sites of its Kind in the World 19
Slide 20: Superior Positioning with Surrounding Water and Natural Gas Access
Superior Positioning with Surrounding Water and Natural Gas Access 20
Slide 21: Natural Gas Infrastructure
Gas Pipelines Natural Gas Infrastructure Project Matador sits on the intersection of major pipelines with significant natural gas infrastructure. Firm delivery of clean natural gas at gigawatt scale. Gas Pipeline Arrival Gas Pipeline Installation 21
Slide 22: Superior Access to Extensive, Redundant Fiber Networks
Superior 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 NM ~5.60ms ~5.02ms ~15.84ms Phoenix, AZ ~7.14ms Site Location Amarillo, TX Dallas, TX 22
Slide 23: Glossary
Glossary Term Definition COL Combined License DOE Department of Energy GW Gigawatt K Thousand MM Million MMBtu/d Million British Thermal Units per Day ms Milliseconds MW Megawatt N/A Not Applicable NTP Notice to Proceed OEM Original Equipment Manufacturer RTD Round-Trip Delay Sq Ft Square Feet 23
Slide 24: Investor Relations
Investor Relations Barry Sievert Rodrigo Acuna IR@fermiamerica.com 620 S. Taylor, Suite 301 Amarillo, Texas 79101 www.fermiamerica.com