IREN Limited

Good day and thank you for standing by. Welcome to IRON Q2FY26 results. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Mike Power, Vice President, Investor Relations. Please go ahead.

Thank you, Operator. Good afternoon and welcome to IRON's Q2 FY2026 results presentation. I'm Mike Power, VP of Investor Relations, and with me on the call today are Daniel Roberts, Co-Founder and Co-CEO, Anthony Lewis, CFO, and Kent Draper, Chief Commercial Officer. Before we begin, please note this call is being webcast live with the presentation. For those that have dialled in via phone, you can elect to ask a question by the moderator after our presentation. I'd like to remind you that certain statements that we make during the conference call may constitute forward-looking statements, and IRON cautions listeners that forward-looking information and statements are based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of the company. The listeners shouldn't place undue reliance on forward-looking information or statements, and I encourage you to refer to the disclaimer in slide two of the accompanying presentation for more information. And finally, during the course of today's call, we will refer to certain non-GAAP financial measures. There's a reconciliation schedule showing the GAAP versus non-GAAP results in the presentation. With that, I'll now turn over the call to Dan Roberts.

Thanks, Mike, and thank you, everyone, for joining us today. Fiscal quarter two was an important quarter for Iron as we made meaningful progress as a vertically integrated AI cloud platform. Let me start with the highlights. Firstly, we secured underwriting commitments for $3.6 billion of GPU financing at an interest rate of less than 6%. Together with customer prepayments, this provides funding coverage for approximately 95% of the GPU-related CapEx, supporting our $9.7 billion AI contract with Microsoft. Importantly, this financing package provides greater clarity to also advance a broader set of customer discussions. In that regard, customer demand remains very strong and we are continuing to sign and negotiate contracts for both new and prior generation GPUs. We have multiple advanced negotiations underway for larger scale deployments and are also seeing hyperscalers and AI enterprises increasingly focus on air-cooled GPUs, given the faster deployment timelines. Operationally, execution is tracking well across the portfolio, and we expect to deliver 140,000 GPUs by the end of 2026, positioning us to deliver $3.4 billion in annualised run rate revenue. Construction across Horizon 1 through to 4 is progressing to schedule, and in British Columbia, we continue to expand our AI cloud footprint with just under half a billion dollars of ARR now under contract for Prince George. Finally, we extended our growth runway again by securing a new 1.6 gigawatt site in Oklahoma, taking our total secured power to over 4.5 gigawatts. This reflects the strength of our internal development team in securing gigawatt-scale sites in a power-constrained market and supports continued conversion of capacity into customer contracts over time. So that's the quarter in summary. Those outcomes reflect the assets, capability and execution discipline we've built over time, which I'll cover next. Over the past seven years, we've built a strong platform grounded in real assets, power, land, data centres, and just as importantly, human capital. That foundation is what gives our in a durable competitive moat. we have secured more than 4.5 gigawatts of power stood up 810 megawatts of operating data centers signed billions of dollars of ai customer contracts and assembled a team of over 2 000 people to execute on them these assets and capabilities are not easy replicable they are the results of years of hard work as a founder-led business we have been fully committed to building a platform with lasting value, and Will and I are deeply invested in this platform along with the rest of the management team. That mindset matters as it shapes how we allocate capital, how we partner with customers, and how we think about long-term value creation. In an industry moving at an extraordinary speed, this combination of real assets, operational capability, and founder-led commitment is what sets Iron apart and positions us for AI cloud leadership. So the way we think about scaling the business is through what we call the three C's. Capacity, customers and capital. The reason we focus on these three is simple. They reinforce each other. Capacity creates opportunity. Customer commitments shape the pace and scale of our investment. And capital gives us the ability to execute. What's encouraging today is that we have all three working in parallel. First, on capacity, we have 810 megawatts of existing data centres that can be immediately leveraged for AI cloud deployments. In addition to the 3.6 gigawatts of Greenfield data centre sites and a 2,000-plus team to design, build and operate them end-to-end. Second, on customers, as I mentioned, we are in multiple advanced negotiations and at this point, demand is not the constraint for us. The focus is on choosing the right long-term partnerships that support durable platform-level growth. And thirdly, on capital, we continue to diversify our sources of capital to support capacity growth and customer deployment. We have multiple financing pathways underway that allow us to scale our data centre and GPU footprint in a disciplined manner. While, importantly, maintaining balance sheet strength. This includes additional GPU financing, data center financing, and selective corporate initiatives, which Anthony will delve into. So when you step back, the picture for us is pretty clear. We have delivered capacity. We have strong customer demand, and we have expanding capital options all moving together, which puts us in a position to continue scaling Iron into one of the world's largest AI cloud platforms. With that, I'll now hand over to Kent to walk through updates to our capacity and our customer work streams in a bit more detail.