Slide 1: Q1 FY26 Results Presentation
Q1 FY26 Results Presentation NASDAQ: IREN November 6, 2025
Slide 2: Disclaimer
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 to drive growth in our business materialize to the degree we expect them to, or at all; any pending or future acquisitions, dispo
Slide 3: Highlights
HIGHLIGHTS Q1 FY26 Results Microsoft AI Cloud Contract Growth Outlook • $240m Revenue • $9.7bn contract value • 140k GPU expansion by end of 2026 • $385m Net Income & $663m • 5-year average term • Targeting total $3.4bn ARR3 EBITDA1 (includes unrealized gains, primarily on prepaid • 20% prepayment •
Slide 4: AI Cloud Update
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Slide 5: Vertically Integrated AI Cloud
VERTICALLY INTEGRATED AI CLOUD • IREN builds and operates its own data centers 80MW • No third-party colocation costs or counterparty risk Mackenzie, BC 50MW • Delivers scalability, cost efficiency, and superior customer service Prince George, BC 30MW Canal Flats, BC “IREN’s expertise in building an
Slide 6: 140K GPU Expansion
140K GPU EXPANSION • ARR expected to ramp to target $3.4bn by end of 20261 Select IREN Customers Annualized Run-Rate Revenue (ARR) Targets $1bn4 $3.4bn1 $1.9bn3 460MW (16% of secured grid- connected power) $0.5bn2 End of Q1 2026 Childress Mackenzie & End of 2026 Prince George (Horizon 1-4) Canal Fla
Slide 7: AI Data Center Update
. Al Data Center Update
Slide 8: British Columbia (160MW)
BRITISH COLUMBIA (160MW) • ASIC to GPU transition ongoing • Capacity for >60k GPUs across all BC sites1 • Provides path to 140k total GPUs including Horizon 1-4 Mackenzie (80MW) Canal Flats (30MW) Liquid-Cooled Data Center Prince George (50MW) Transition from ASICs to GPUs at Prince George Note: Ref
Slide 9: Childress (750MW)
CHILDRESS (750MW) • Accelerating construction of Horizon 1-4 • 4 x 50MW (IT load) liquid-cooled data centers • Deploying in phases through 2026 for Microsoft Updated Photos on Thursday • Significant enhancements to original design: Tier 3-equivalent concurrent maintainability Horizon 1 constructio
Slide 10: Horizon Expansion Potential
HORIZON EXPANSION POTENTIAL Advancing design workstreams for potential conversion of entire 750MW Childress campus to liquid-cooled AI deployments Horizon 1 - 4 (300MW) Horizon 5 - 10 (450MW) Rendering of Project Horizon concept – liquid cooling transformation of Childress (750MW) 10
Slide 11: Sweetwater Hub (2GW)
SWEETWATER HUB (2GW) • Advancing site development for substation energization: • Sweetwater 1 (1.4GW) scheduled for April 2026 • Sweetwater 2 (600MW) scheduled for late 2027 Sweetwater Capacity vs Data Center Markets (IT load) 5,926MW Sweetwater 1 substation construction progress (October, 2025) 2,1
Slide 12: Financial Update
Financial Update
Slide 13: Q1 FY26 Results
Q1 FY26 RESULTS $240m $385m $663m $92m Revenue Net Income EBITDA1 Adj. EBITDA1 Includes unrealized gains, primarily on prepaid forwards and capped calls in connection with convertible notes Total Revenue ($m) Net Income (loss) ($m) EBITDA1 ($m) Adj. EBITDA1 ($m) $662.7m $384.6m $240.3m $121.9m $187.
Slide 14: Microsoft Contract
MICROSOFT CONTRACT Strong margins on integrated AI Cloud & data center operations • Robust returns expected on AI Cloud business after deducting an internal colocation charge (~$130/kW/month with escalation) $1.9bn • Delivers market return on data center investment Expected ARR1 Capital efficient st
Slide 15: Capex & Funding
CAPEX & FUNDING • Capital raising and allocation remains tightly aligned to risk-adjusted returns and long-term value creation • Continuing to diversify sources of capital: • $1bn zero-coupon convertible notes issued • $200m additional GPU financing secured, bringing total to $400m • Capex requireme
Slide 16: Q&A
Q&A 16
Slide 17: Assumptions and Notes
ASSUMPTIONS AND NOTES Page 3 1. EBITDA and Adjusted EBITDA are non-GAAP financial measures. Refer to page 22 for a reconciliation to the nearest comparable GAAP financial measure. 2. Annualized run-rate revenue (ARR) represents average expected annual revenue under the contract, assuming on-time del
Slide 18: Financial Statements & Reconciliations
Financial Statements & Reconciliations
Slide 19: Consolidated Statement of Operations – Q1 FY26 vs. Q4 FY25
CONSOLIDATED STATEMENT OF OPERATIONS – Q1 FY26 vs. Q4 FY25 • Net income of $384.6m Quarter ended Quarter ended US$m September 30, 20251 June 30, 2025 • 28% increase in total revenue to $240.3m Revenue • Bitcoin mining revenue increased from $180.3m to $232.9m Bitcoin Mining Revenue 232.9 180.3 AI Cl
Slide 20: Balance Sheet - Q1 FY26 vs. Q4 FY25
BALANCE SHEET - Q1 FY26 vs. Q4 FY25 As at September 30, 2025 US$m1 As at 30 September 2025 As at 30 June 2025 • Cash and cash equivalents of $1,032.3m Assets Cash and cash equivalents 1,032.3 564.5 • Total assets of $4.3bn Accounts receivable, net 24.1 1.6 • Total liabilities of $1.4bn including Con
Slide 21: Consolidated Statement of Cashflows - Q1 FY26 vs. Q1 FY25
CONSOLIDATED STATEMENT OF CASHFLOWS - Q1 FY26 vs. Q1 FY25 Quarter ended Quarter ended • Cash and cash equivalents of $1,032m as at September 30, 2025 September 30, 2025 September 30, 2024 Operating activities • Record revenue resulted in strong operational cashflows with net Net income (loss) 384.6
Slide 22: EBITDA and Adjusted EBITDA - Q1 FY26 vs. Q4 FY25
EBITDA AND ADJUSTED EBITDA - Q1 FY26 vs. Q4 FY25 Quarter ended Quarter ended Quarter ended Quarter ended Quarter ended US$m September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Net income (loss) (51.7) (21.9) (16.3) 176.9 384.6 Net income (loss) Margin1 (98)% (19)% (1
Slide 23: Reconciliations – Q1 FY26
RECONCILIATIONS – Q1 FY26 Reconciliation of Electricity charges to Total net electricity costs and Net power price Quarter ended Units September 30, 2025 Total Electricity charges (included in Cost of revenue) $’m (75.9) Add (deduct) the following: $’m Demand response program income (included in Oth
Slide 24: Thank You
Thank You 24