Galaxy Digital Inc. · NASDAQ:GLXY
Galaxy Digital — Investor Presentation (December 2025)
30 slides from Galaxy Digital's investor presentation, December 2025
Slide 1: A Detailed Overview of Galaxy's Financials
1 GALAXY A Detailed Overview of Galaxy’s Financials December 2025
Slide 2: Disclaimer
2 GALAXY This presentation, and the information contained herein, has been provided to you by Galaxy Digital Inc. and its affiliates (“Galaxy Digital” or “Galaxy”) solely for informational purposes. This document may not be reproduced or redistributed in whole or in part, in any format, without the
Slide 3: Today's Agenda
3 GALAXY Today’s Agenda 1. Company Overview 2. Consolidated Financials 3. Digital Assets 4. Treasury & Corporate 5. Data Centers
Slide 4: Today's Presenters
4 GALAXY Today’s Presenters Dritan Muneka Tony Paquette Robert Rico Brian Wright Head of SEC Reporting Chief Financial Officer Chief Accounting Officer Co-Head of Data Centers and Accounting Policy Jonathan Goldowsky Tessa Wilson Noël Hodnett Head of Investor Relations Investor Relations Investor Re
Slide 5: Company Overview
5 GALAXY Company Overview
Slide 6: Company Overview
6 GALAXY Company Overview Galaxy is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and AI. Complementary offerings across three business segments: $3.2B Equity Capital Digital Assets Data Centers Treasury & Corporate $240M G
Slide 7: Corporate Structure
7 GALAXY Corporate Structure In May 2025, Galaxy reorganized from a Cayman domiciled, TSX listed company to a U.S./Delaware incorporated firm dual-listed on the TSX and Nasdaq. Galaxy is organized as an Up-C structure, with a publicly traded holding company (Pubco) above an operating partnership, Ga
Slide 8: Consolidated Financials
8 GALAXY Consolidated Financials
Slide 9: Consolidated Income Statement
9 GALAXY Consolidated Income Statement Consolidated Income Statement ($M, unless otherwise noted) Q3 2024 Q3 2025 Revenues and Gains / (Losses) from Operations Revenues and gains / (losses) from operations Revenues 8,570.7 28,401.9 ▪ Revenues: Gains / (losses) from operations 141.6 817.0 Revenues an
Slide 10: Consolidated Income Statement (cont'd)
10 GALAXY Consolidated Income Statement (cont’d) Consolidated Income Statement ($M, unless otherwise noted) Q3 2024 Q3 2025 Operating and Other Expenses Revenues and gains / (losses) from operations Revenues 8,570.7 28,401.9 ▪ Transaction expenses: Gains / (losses) from operations 141.6 817.0 Revenu
Slide 11: Consolidated Income Statement (cont'd)
11 GALAXY Consolidated Income Statement (cont’d) Wrapped Tokens Examples When Galaxy buys digital assets, there is no impact to the income statement Example 1: Galaxy buys a wrapped token for $100. The price of the token Income Statement Impact of Buying / Selling Digital Assets drops to $70. Galaxy
Slide 12: Share Count Dilution
12 GALAXY Share Count Dilution Dilutive & Anti-Dilutive Shares When determining diluted shares outstanding, we consider profitability and the impact of our exchangeable notes, share-based compensation, and non-controlling interest (NCI) to include only those shares that are truly dilutive1 ▪ Exchang
Slide 13: Non-Controlling Interests and Taxes
13 GALAXY Non-Controlling Interests and Taxes Non-Controlling Interests ▪ NCI represent the economic ownership originally held by Class B unitholders and reflects their pro-rata claim on the net income of the consolidated entity1 ▪ Although the LP is consolidated for accounting purposes, non-control
Slide 14: Management's Operating Performance View – Consolidated Non-GAAP Metrics
14 GALAXY Management’s Operating Performance View Galaxy’s Earnings Release – Consolidated Non-GAAP Metrics Non-GAAP measures such as Adjusted Gross Profit, Adjusted EBITDA, and Adjusted EPS help isolate the core operating results of our businesses These metrics enhance comparability across periods,
Slide 15: Consolidated Balance Sheet - Assets
15 GALAXY Consolidated Balance Sheet - Assets Consolidated Balance Sheet ($M, unless otherwise noted) December 31, 2024 September 30, 2025 Key Information Current assets ▪ Digital intangible assets: coins are classified as digital intangible assets Cash and cash equivalents 462.1 1,137.4 when Galaxy
Slide 16: Consolidated Balance Sheet – Liabilities & Equity
16 GALAXY Consolidated Balance Sheet – Liabilities & Equity Consolidated Balance Sheet ($M, unless otherwise noted) December 31, 2024 September 30, 2025 Key Information Current liabilities • Digital assets borrowed (current / non-current): amount of digital assets that Derivative liabilities 165.9 6
Slide 17: Balance Sheet – Net Digital Assets
17 GALAXY Balance Sheet – Net Digital Assets Treasury & Corporate Net Digital Asset and Investment Exposure, Excluding Derivatives Galaxy’s Treasury & Corporate segment maintains Bitcoin1 exposure to the digital asset ecosystem through a $546M diversified allocation across: Ether2 • Spot positions $
Slide 18: Digital Assets
18 GALAXY Digital Assets
Slide 19: Digital Assets – Primary Sources of Revenue
19 GALAXY Global Markets Asset Management & Infrastructure Solutions Digital Assets – Primary Sources of Revenue Global Markets Asset Management & Infrastructure Solutions Over-the-counter spot and derivatives trading, lending, and structured products, Investment management and blockchain infrastruc
Slide 20: Digital Assets – Global Markets P&L
20 GALAXY Global Markets Asset Management & Infrastructure Solutions Digital Assets – Global Markets P&L Key Information Reported KPIs Digital Assets Segment ($M, unless otherwise noted) Q1 2025 Q2 2025 Q3 2025 ▪ QoQ % growth in digital asset ▪ Total trading counterparties trading volumes ▪ Average
Slide 21: Digital Assets – Asset Management & Infrastructure Solutions P&L
21 GALAXY Global Markets Asset Management & Infrastructure Solutions Digital Assets – Asset Management & Infrastructure Solutions P&L Key Information Reported KPIs Digital Assets Segment ($M, unless otherwise noted) Q1 2025 Q2 2025 Q3 2025 ▪ Assets under management – ▪ Assets under stake ETFs and Al
Slide 22: Treasury & Corporate
22 GALAXY Treasury & Corporate
Slide 23: Treasury & Corporate Overview
23 GALAXY Treasury & Corporate Overview Performance Drivers Intercompany Elimination & Corporate Costs 001 001 Principal Investments Asset Management Fees Realized and unrealized gains and losses on digital asset and investment holdings Galaxy’s Asset Management business manages a portion of the fir
Slide 24: Treasury & Corporate – Performance Drivers
24 GALAXY Treasury & Corporate – Performance Drivers Treasury & Corporate ($M, unless otherwise noted) Q1 2025 Q2 2025 Q3 2025 Performance Detail Revenues and gains / (losses) from operations Digital asset sales - - - These line items are negative ▪ Fees represent management and performance fees pai
Slide 25: Treasury & Corporate – Operating Expenses
25 GALAXY Treasury & Corporate – Operating Expenses Treasury & Corporate ($M, unless otherwise noted) Q1 2025 Q2 2025 Q3 2025 Expense Detail Revenues and gains / (losses) from operations Digital asset sales - - - ▪ Borrowing costs primarily represent interest expense due to banks Fees (3.1) (2.1) (1
Slide 26: Data Centers
26 GALAXY Data Centers
Slide 27: Helios – Key Metrics
27 GALAXY Helios – Key Metrics Helios Construction Phase I Phase II Phase III Total Overview1 200 MW 400 MW 200 MW 800 MW Gross Power Gross Power Gross Power Gross Power 133 MW 260 MW 133 MW 526 MW Contracted Critical IT Load Contracted Critical IT Load Committed Critical IT Load Committed Critical
Slide 28: Helios – Key Metrics (cont'd)
28 GALAXY Helios – Key Metrics (cont’d) Equity Takeout Phase I Financing Overview ▪ Once Phase I is operational and generating revenue, we expect to refinance the construction loan and replace it with a long-term loan based on the market value of the data center rather than its build cost ▪ Approxim
Slide 29: Appendix
29° GALAXY Appendix
Slide 30: Reconciliation to Non-GAAP Metrics
30 GALAXY Reconciliation to Non-GAAP Metrics ($ in millions and shares in thousands, unless otherwise noted) Reconciliation to Non-GAAP Adjusted EPS Nine Months Ended Reconciliation to Non-GAAP Adjusted EBITDA Nine Months Ended September 30, 2025 September 30, 2025 Net income used to calculated dilu
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