Slide 1: Earnings Calls Q3 2025
* PHOENIX By AnlHC®' Portfolio Company EARNINGS CALLS Q3 2025
Slide 2: Table of Content
Business Performance 05 Scaling AI 13 Operational Metrics 07 Peer Comparison 14 Key Highlights 08 Strategic Direction 15 Balance Sheet Review 09 PnL Review 10 Optimization Initiatives 11 Table of Cost Optimization 12 Content
Slide 3: Disclaimer
DISCLAIMER The information contained in this presentation is for background purposes only and does not purport to relating to Phoenix Group associated companies, whether written, oral or in a visual or electronic form, be full or complete. No reliance may or should be placed by any person for any pu
Slide 4: Management: Group CEO and Group CFO
Mr. Munaf Ali Mr. Sheharyar Malhi Board Member, Co-founder & Group CEO Group CFO Earnings call - Q3’2025
Slide 5: Business Performance - Q3'2025
BUSINESS PERFORMANCE - Q3' 2025 Phoenix Group delivered another strong quarter of operational progress, with gross revenue rising 10% QoQ to $32 million, supported by a 6% increase in self-mining revenue. The results demonstrate continued resilience following the Bitcoin halving and reflect the comp
Slide 6: Business Performance - Q3'2025
BUSINESS PERFORMANCE - Q3' 2025 Average power cost remained stable at $0.052/kWh in Q2’25 and Q3’25, improving from $0.057/kWh in Q3’24, supported by better vendor terms. Average Power cost is expected to decline further with the Ethiopian sites coming online Phoenix mined 305.5 BTC in Q3’25, includ
Slide 7: Operational Metrics - Q3'2025
OPERATIONAL METRICS - Q3' 2025 * Earnings call - Q3’2025 7 Sources: PHOENIX GROUP PLC Internal Data Matrices; 1 Total BTC mined inclusive of hosting business for clients and Citadel; 2 Blended cost; *Phoenix Share in the Joint Venture investment
Slide 8: Key Highlights - Q3'2025
KEY HIGHLIGHTS - Q3' 2025 Earnings call - Q3’2025 8 Sources: PHOENIX GROUP PLC Internal Data Matrices.
Slide 9: Balance Sheet Review - Q3'2025
BALANCE SHEET REVIEW - Q3' 2025 TOTAL ASSETS TOTAL DIGITAL ASSETS TOTAL NON-DIGITAL ASSETS (USD MN) (USD MN) (USD MN) YoY: -23% YoY: -16.5% YoY: -28% QoQ: -4% QoQ: 11.5% 978 394 QoQ: -13% 584 782 329 487 750 295 421 Q3:24 Q2:25 Q3:25 Q3:24 Q2:25 Q3:25 Q3:24 Q2:25 Q3:25 Total assets decreased by 4% Q
Slide 10: PnL Review - Q3'2025
PNL REVIEW - Q3' 2025 REVENUE TOTAL GROSS MARGIN ADJUSTED EBITDA (USD MN) (USD MN) YoY: -11% YoY: 29 pp QoQ: 10% 36 QoQ: 11 pp YoY: 117% 32 29 QoQ: 154% 38% 28% 9% 0.96 0.38 -5.5 Q3:24 Q2:25 Q3:25 Q3:24 Q2:25 Q3:25 Q2:25 Q3:25 Q3:24 Adjusted EBITDA grew 154% to $960K, supported by stronger market pr
Slide 11: Optimization Initiatives Paying Off
OPTIMIZATION INITIATIVES PAYING OFF Self Mining Gross Margins Mining Efficiency (J/TH) Avg Power Price ($/Kwh) 50% 32.0 0.060 32 0.060 45.8% 29.9 30 40% 0.058 28 0.057 30% 31.2% 0.056 30.0% 0.056 26.9 25.9 26 23.7% 20% 0.054 24 10% 0.052 22 21.9 0.052 0.052 5.3% 0% 20 0.050 Q3, 2024 Q4, 2024 Q1, 202
Slide 12: Continued Focus on Cost Optimization
CONTINUED FOCUS ON COST OPTIMIZATION Efficiency continues to drive Cost per PH/day lower, strengthening the company’s position and supporting long-term value creation $ Cost per PH/day 60 50 40 30 49.6 43.1 43.1 42.4 43.5 20 40.0 40.9 40.2 35.8 28.2 27.0 10 Q1 -2023 Q2 -2023 Q3 -2023 Q4 -2023 Q1 -20
Slide 13: Peer Comparison
PEER COMPARISON Ranked amongst top 10 bitcoin mining companies based on latest available data. Q3’ 2025 REALIZED HASHRATE* OF TOP 10 BITCOIN MINING COMPANIES (Figures as of Sept 2025) 50 40 30 53.3 45.6 44.7 43.9 20 33.1 32.7 10 19.3 18.2 11.4 10.8 MARA CLSK CANG IREN RIOT BTDR HIVE CIFR CORZ PHX IM
Slide 14: Strategic Direction: Phoenix 2.0
STRATEGIC DIRECTION 2025 & beyond Increasing Global Mining Footprint Develop sites in Ethiopia and Texas (US), and continue to evaluate global sites for further expansion. Optimizing Existing Infrastructure Continue to optimise existing sites and minimise geographic or regulatory risks. AI Data Cent
Slide 15: Strategic Direction 2025 & Beyond
STRATEGIC DIRECTION 2025 & beyond Expanding in the United States and Beyond Phoenix is accelerating its global expansion, currently in active negotiations for multiple new sites in the U.S. and other strategic markets. These developments represent a future capacity pipeline of approximately +200 MW
Slide 16: Investor Relations
Investor relations ir@phoenixgroupuae.com Abu Dhabi, United Arab Emirates 3612, 34 Floor, Al Maqam Tower, Regus Adam +971 4 323 9120 Square, Al Meryah Island, Abu Dhabi, UAE Dubai, United Arab Emirates @phoenixgroupuae @phoenixgroupuae Office 2901, Floor 29, Boulevard Plaza Tower 2, Burj +971 4 323