Slide 1: Earnings Presentation Q3 FY2026
Earnings Presentation Q3 FY2026 MAY 7, 2026
Slide 2: Disclaimer: Forward-Looking Statements
DISCLAIMER Forward-Looking Statements This investor update includes forward -looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section dispositions, joint ventures or other strategic transactions, including our ability to consummat
Slide 3: Compute at global scale
Compute at global scale 3
Slide 4: Power and execution are the differentiators
REAL ASSETS, REAL CAPABILITIES Power and execution are the differentiators IREN’s core strength is converting secured power (now 5GW) into deployed compute capacity at speed Proven site teams, standardized designs and repeatable construction processes enable rapid scaling across multiple sites
Slide 5: Highlights
HIGHLIGHTS More capacity, more contracted revenue, stronger funding certainty Capacity Customers Capital Secured power increased to 5GW Operational capacity fully contracted Strong balance sheet with $2.6bn cash at Apr 302 New sites in EU & APAC $3.1bn ARR under contract1 Multiple GPU, d
Slide 6: Strategic partnership to accelerate 5GW of AI infrastructure
5GW PARTNERSHIP WITH NVIDIA Strategic partnership to accelerate 5GW of AI infrastructure NVIDIA and IREN intend to support deployment of up to 5GW of NVIDIA DSX-aligned AI infrastructure across IREN’s global pipeline NVIDIA and IREN will also collaborate on deployment of NVIDIA DGX environments an
Slide 7: 5GW Global Expansion
5GW GLOBAL EXPANSION Advancing phased data center construction and delivery of AI Cloud capacity against visible customer demand 2026 2027 2028+ 480 MW 1,210 MW 5 GW GPUs 150,000 Growth +730MW Growth 10x from 2026 Status On Track Status In Build Status In Development ARR $3.7bn1 7 YEAR-END TARGET YE
Slide 8: 2026 Expansion
Ol] 2026 Expansion
Slide 9: NVIDIA GB300 NVL72 commissioning underway at Childress
01 | 2026 EXPANSION HORIZON 1-4 (+300MW) NVIDIA GB300 NVL72 commissioning underway at Childress. Horizon 1 super cluster scheduled for Microsoft handoff in Q3 CY26 Horizon 2-4 on track for delivery by end of CY26 >2,600 workers on site supporting accelerated build-out Repeatable model drivin
Slide 10: British Columbia & Childress (+180MW)
01 | 2026 EXPANSION Phased data center construction and delivery of AI Cloud capacity BRITISH COLUMBIA & CHILDRESS (+180MW) 50MW 80MW 50MW Prince George Mackenzie Childress All GPUs operating or undergoing Data centers prepared for GPU Data center retrofits underway ahead of commissioning installati
Slide 11: Capacity continues to be contracted prior to commissioning
01 | 2026 EXPANSION CONVERTING CAPACITY TO CONTRACTS Capacity continues to be ARR TARGET contracted prior to $1.3bn6 $3.7bn3 commissioning $1.9bn5 $3.1bn ARR now under contract,1 including $0.7bn ARR from 5-year contract for air-cooled Blackwell GPUs with NVIDIA 480MW expected to ramp early 20272
Slide 12: 2027 Expansion
2027 Expansion 12
Slide 13: Canal Flats (+30MW)
02 | 2027 EXPANSION CANAL FLATS (+30MW) Retrofitting 30MW of existing air-cooled capacity 13
Slide 14: Childress (+400MW)
02 | 2027 EXPANSION CHILDRESS (+400MW) Constructing 100MW (IT load) of liquid-cooled capacity (Horizon 5-6) Retrofitting additional 250MW of existing air-cooled capacity 14
Slide 15: Sweetwater substation energized on schedule
02 | 2027 EXPANSION SWEETWATER 1 (+300MW) Sweetwater 1 substation energized on schedule Construction underway for initial 200MW (IT load) of liquid- cooled data centers Designed for next-generation chip architectures, including NVIDIA Vera Rubin Initial phase establishes foundation for acceler
Slide 16: Vertical integration de-risks delivery for customers
02 | 2027 EXPANSION GROWING CUSTOMER PIPELINE Vertical integration de-risks delivery for customers Commercial discussions anchored on clear time-to-compute Negotiating large-scale AI Cloud deployments across 2027 capacity 1616
Slide 17: 2028+ Expansion
O35 2028+ Expansion
Slide 18: North America
03 | 2028+ EXPANSION NORTH AMERICA Progressing 2028+ capacity to accelerate time-to-compute 80MW Mackenzie, BC 50MW Prince George, BC Sweetwater 1&2 (remaining 1,700MW) additional data center capacity expected to ramp from 2028 30MW Canal Flats, BC Kiowa (1,600MW) initial data center capacity expect
Slide 19: Europe
03 | 2028+ EXPANSION EUROPE Acquisition of Nostrum Group establishes IREN’s EU platform Adds 50+ person team across development, construction and operations Spain 490MW 490MW secured power in Spain and GW+ global development pipeline Spanish market shaped by favorable AI policies, abundant renewable
Slide 20: APAC
03 | 2028+ EXPANSION APAC Australian Submarine Connectivity Progressing large-scale Australian projects toward secured grid access Focused on renewable-rich regions with community development potential Growing customer demand for regionally connected capacity in trusted jurisdictions 20 TeleGeograph
Slide 21: Strengthening Delivery
Strengthening Delivery 21
Slide 22: Mirantis strengthens how IREN's compute is deployed
04 | STRENGTHENING DELIVERY STRENGTHENING AI CLOUD DELIVERY Mirantis strengthens how IREN’s compute is deployed, managed and operated for customers Builds on IREN’s existing software, engineering and customer support capabilities (Acquired May 2026) Expands IREN’s ability to serve a broader rang
Slide 23: Capital
Od Capital
Slide 24: Capex & Funding
05 | CAPITAL CAPEX & FUNDING Near term capex expected to be met through combination of existing cash ($2.6bn at Apr 30)1, operating cash flows, GPU financing and additional financing initiatives Prioritizing secured financing and customer prepayments for GPUs 95% of Microsoft GPU capex to be f
Slide 25: Q3 FY26 Financial Results
Q3 FY26 Financial Results 25
Slide 26: Q3 FY26 Results
06 | FINANCIAL RESULTS Q3 FY26 RESULTS Results reflect ongoing transition from Bitcoin mining to AI Cloud Revenue decreased $39.9m, driven by lower average Bitcoin price combined with decommissioning of mining hardware ahead of GPU installation and billing, partially offset by increase in AI Clo
Slide 27: Global platform with long runway
GLOBAL PLATFORM WITH LONG RUNWAY 5GW+ data center pipeline across North America, Europe and APAC 3,000+ global team across development, engineering, construction, operations, technology and customer support 2026 expansion to $3.7bn ARR uses just 10% of IREN’s power portfolio $3.7bn ARR1 480MW (20
Slide 28: OXA
OXA
Slide 29: Assumptions and Notes
ASSUMPTIONS AND NOTES Page 5 1. ARR under contract of $3.1bn represents expected $1.9bn average annual revenue under Microsoft contract, expected $0.7bn average annual revenue under NVIDIA contract and ~$0.5bn ARR under contract from GPU deployments at Prince George, calculated as GPU/hour pricing f
Slide 30: Financial Statements & Reconciliations
Financial Statements & Reconciliations 30
Slide 31: Consolidated Statement of Operations
07 | FINANCIAL STATEMENTS & RECONCILIATIONS CONSOLIDATED US$m Quarter ended March 31, 20261 Quarter ended December 31, 2025 STATEMENT OF Revenue OPERATIONS Bitcoin Mining Revenue 111.2 167.4 AI Cloud Services Revenue 33.6 17.3 Total Revenue 144.8 184.7 (Q3 FY26 vs Q2 FY26) Cost of revenue Bitcoin Mi
Slide 32: Consolidated Balance Sheet (Q3 FY26 vs Q2 FY26)
07 | FINANCIAL STATEMENTS & RECONCILIATIONS CONSOLIDATED US$m As of March 31, 20261 As of December 31, 2025 BALANCE SHEET Assets Cash and cash equivalents 2,213.3 3,260.6 Accounts receivable, net 69.1 9.6 (Q3 FY26 vs Q2 FY26) Deposits and prepaid expenses Derivative assets, current 90.0 - 55.3 - Inc
Slide 33: Consolidated Statement of Cashflows
07 | FINANCIAL STATEMENTS & RECONCILIATIONS CONSOLIDATED US$m Quarter ended March 31, 20261 Quarter ended December 31, 2025 STATEMENT OF Cash flows from operating activities Net income (loss) (247.8) (155.4) CASHFLOWS Adjustments to reconcile net income (loss) to net cash from (used in) operating ac
Slide 34: Reconciliations - EBITDA & Adjusted EBITDA
07 | FINANCIAL STATEMENTS & RECONCILIATIONS RECONCILIATIONS - EBITDA & ADJUSTED EBITDA QUARTER ENDED QUARTER ENDED QUARTER ENDED QUARTER ENDED QUARTER ENDED US$M MARCH 31, 2025 JUNE 30, 2025 SEPTEMBER 30, 2025 DECEMBER 31, 2025 MARCH 31, 2026 Net income (loss) (16.3) 176.9 384.6 (155.4) (247.8) Net
Slide 35: Thank You
Ee a a5)t as (AAA RA AAREEE ee Vee ei | | Wes em, fem es