IREN Limited

Good day and thank you for standing by. Welcome to IRON Q3 FY26 results. At this time, all participants are in only listen mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you need to press star 11 on your telephone keypad. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please advise that today's conference is being recorded. I will now like to hand the conference over to your first speaker today, Mike Power, Vice President of Investor Relations. Please go ahead.

Thank you, Operator. Good afternoon, and welcome to RN's Q3 FY2026 results presentation, and thank you for your patience as we get assembled. 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 that this call is being webcast live with an accompanying presentation. For those dialed in by phone, you can elect to ask a question through the moderator after our prepared remarks. I would like to remind everyone that certain statements made during this call may constitute forward-looking statements. Those statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to slide two of the accompanying presentation and IACC filings for more information. During today's call, we will also refer to certain non-GAAP financial measures as a reminder of reconciliation to the most directly comparable GAAP measures is included at the end of the presentation. So with that, I will turn the call over to Dan Roberts.

Thanks, Mike, and thank you, everyone, for joining us today. Eight years ago when Will and I founded this business, we spent a lot of time thinking about what the digital future actually meant for the physical world. We talked about films like The Matrix and Ready Player One, not as science fiction, but as a signal. Worlds where digital adoption was total, instantaneous and infinite. The insight we kept coming back to was this, digital adoption curves can go from zero to one overnight, but the real world doesn't scale that way. Power, infrastructure, land, Data centres, these take years to permit, finance and build. The bigger the demand, the harder delivery becomes. That gap between exponential digital growth and the physical world's ability to service it, that structural disconnect is exactly what we set out to solve. That scarcity is now defining where AI infrastructure gets built and who can build it. Eight years later, that thesis is playing out exactly. And this quarter we demonstrated what disciplined execution against it looks like at a global scale. In AI infrastructure, secured power is only valuable if it can be converted into customer ready compute. That conversion is hard. It requires site control, grid connection work, permitting, design, procurement, construction, GPU installation, networking, commissioning, financing, and customer delivery, all coming together on tight timelines. Iron's strength is bringing those pieces together. We have experienced site teams, standardized designs, and repeatable construction processes that allow us to build across multiple sites in parallel. As we scale, each phase builds on the prior phase. The template becomes more repeatable, the procurement and construction process becomes more efficient and the site teams carry that experience forward. That is where Iron has built its moat and why real assets and real capabilities are harder to replicate than they might appear. That execution capability is showing up in the numbers. More capacity, more revenue, stronger funding certainty and in the partnerships we are announcing today. This was a significant quarter and a significant week. Let me run through the highlights. On capacity, we increased secured power to five gigawatts, added new sites in Europe and APAC, energized Sweetwater One on schedule, and have Horizon One GPU commissioning now underway for Microsoft. On customers, all of our operational capacity is fully contracted. We are not chasing demand. We are racing to build supply fast enough to meet it. In this market, the moment compute comes online, it goes to work. That is the nature of the structural imbalance between AI infrastructure of supply and demand. And it is why time to compute is the most important metric we track. We increased ARR under contract to 3.1 billion, remain on track to hit 3.7 billion exiting calendar 2026. And this week signed a 3.4 billion five-year AI cloud contract with Nvidia. The first step in a broader strategic partnership I will come to in a moment. On capital, we had 2.6 billion of cash at April 30, and we continue to progress GPU, data center, and corporate level financing initiatives to support the next phase of build out. But the headline today is the NVIDIA partnership, and it deserves a little more than a bullet point. Let me explain what this partnership actually means. We are working with NVIDIA to support deployment of up to five gigawatts of NVIDIA DSX aligned AI infrastructure across our global data center platform. Alongside DGX environments, and the DSX AI factory reference architecture. The 2.1 billion NVIDIA investment is structured to reflect that. Their rights to invest only vest as NVIDIA GPU infrastructure is deployed across RN campuses and only fully best upon deployment of 600,000 GPUs. NVIDIA's capital is directly tied to execution That's not a passive financial investment. NVIDIA is a partner who wins as we deliver. The $3.4 billion AI cloud contract announced today, supporting NVIDIA's own internal workloads, is the first step in that partnership. Eight years ago, Will and I set out to build the infrastructure the digital world would need. Today, the world's leading AI infrastructure company has chosen Iron as the partner to help build it. This next slide shows exactly how we build against this. So here is our plan. In 2026, we are targeting 480 megawatts of AI cloud capacity, 150,000 GPUs, and 3.7 billion of ARR by year end. That is the near-term plan and the clearest bridge from capacity to revenue. In 2027, we are scaling to 1,210 megawatts. with an additional 730 megawatts currently under construction across British Columbia and Texas, including Childress and the initial phase at Sweetwater One. The construction flywheel we are running in 2026 carries directly into this next phase. Beyond 2027, we are building against a five gigawatt global power portfolio. North America, our new European platform in Spain, and an APAC pipeline anchored by large-scale Australian opportunities. The sequence of delivery matters because it dictates time to compute, and time to compute is what drives revenue. Each phase supports the next. That's how the platform compounds. One more thing before we move on. This week, we welcome Mirantis into the iron family. 650 engineers, operators, and customer support professionals who have spent more than a decade running cloud infrastructure for over 1500 enterprise customers globally. To Alex and the whole Mirantis team, welcome. I'll come back to what this means for our delivery capability later on. But let me start with 2026, where construction and customer demand are coming together most visibly. The 2026 expansion is focused on delivering 480 megawatts of AI cloud capacity across Childress, Prince George, and McKenzie. This is where the roadmap translates into near-term deployments, customer handoffs, and ARR conversion. We'll start with the largest and most complex 2026 work stream, the 300 megawatt Horizon 1-4 liquid-cooled deployment at Childress, where NVIDIA, GB300, NVL72 installations are now underway. Horizon 1 is scheduled for Microsoft handoff in Q3 and Horizons 2 to 4 remain on track for delivery by the end of this year. This is a major execution milestone. It demonstrates our ability to design, build, fit out and commission large scale next generation liquid cooled infrastructure for a hyperscale customer on an accelerated schedule. We have around 3000 workers on site right now. That level of activity reflects both the urgency of AI infrastructure demand and also the depth of our execution capability on the ground. Importantly, the model is repeatable. Horizon One establishes the build template. Each subsequent phase benefits from the same design, supply chain, construction sequencing, and site team. That is how we drive faster deployment phase every time. Alongside the liquid cooled build, we are also converting existing air cooled capacity into AI cloud deployments across British Columbia and Childress. In British Columbia and Childress, we are progressing 180 megawatts of air cooled AI cloud capacity by leveraging existing infrastructure. At Prince George, all air cooled GPUs have now been delivered and are either operating or undergoing commissioning across the 50 megawatt site. At McKenzie, 80 megawatts of data center capacity has been prepared for GPU installations commencing in the second half of 2026. And finally at Childress, data center retrofits are underway across an initial 50 megawatts ahead of GPU deliveries in the second half of this year. This is a capital efficient part of the roadmap. We are taking existing sites and converting them toward higher value AI cloud workloads. And it works because we already have the operational teams, infrastructure and site control in place. Air cool capacity can come online faster than liquid cool. In a market where time to compute is everything, that speed is a commercial advantage and we are using it. We're already seeing this dynamic play out commercially with capacity continuing to be contracted ahead of commissioning as customers prioritise speed to market. We now have 3.1 billion of ARR under contract, including approximately 700 million of ARR associated with a 3.4 billion five-year contract for Blackwell GPUs to be deployed across 60 megawatts of air-cooled capacity at Childress for NVIDIA. Against the full 2026 expansion, we are targeting 3.7 billion of ARR by year end across 150,000 GPUs. The remaining uncontracted capacity represents approximately 50,000 air-cooled GPUs scheduled for delivery in phases through the second half of this year. Demand for that capacity is robust. Our focus is on using our time to compute advantage to secure the right customer mix. With the 2026 plan on track, let me turn to what comes next. The 2027 expansion, where the pipeline, the platform rather, scales to 1,210 megawatts. So the 2027 plan is about demonstrating that what we are building in 2026 is not a one-off. It is a repeatable, scalable model that should accelerate over time. Here's what that looks like in practice. In British Columbia, Canal Flats is another example of converting existing infrastructure into AI cloud capacity. We plan to retrofit all 30 megawatts of existing air cooled capacity to support AI workloads. Capital efficient, fast to execute and consistent with the same model we are running at Prince George and McKenzie. In parallel, Childress continues to be the largest single contributor to the 2027 setup. With both new liquids cooled capacity and additional air cooled retrofits adding a total of 400 megawatts of gross capacity. At Childress, the 2027 plan includes 100 megawatts of additional liquid-cooled IT load for Horizons 5 and 6, as well as retrofitting an additional 250 megawatts of existing air-cooled capacity. Of that 250 megawatts, approximately 60 megawatts will be deployed to support the NVIDIA AI Cloud contract. The combination of new liquid cooled data centres and air cooled retrofits gives us real flexibility. We can support next generation high density deployments while continuing to use existing infrastructure where it is the right technical and economic fit. That flexibility is part of what makes Childress such a productive campus. In parallel, Sweetwater becomes the next major Texas campus in the 2027 plan. At Sweetwater One, the high voltage substation has been energised on schedule and construction is now underway for the initial 200 megawatts IT load phase of liquid cooled data centres. Energising the substation is an important milestone. It moves Sweetwater from development into execution and establishes the electrical foundation for the broader site build out. Sweetwater One is being designed for next generation chip architectures. including the NVIDIA Vera Rubin. Like Childress, we are deliberately sequencing the build so that the first phase creates the backbone for faster subsequent phases. The first 200 megawatts is not just the first 200 megawatts. It is the foundation for a much larger cycle. The commercial pipeline for our 2027 capacity is anchored on the same principle that is driving everything we are building. Our vertical integration is a genuine advantage for customers because we control more of the critical path than anyone else in this market. Power, land, data center construction, the pieces that cause delays for others are the pieces we own and control. Customers want certainty that capacity will be available when promised. The phase 2027 build-out plan gives us a concrete basis for those conversations, and we are having them. We are in the process of negotiating large-scale AI cloud deployments across our 2027 capacity today. Demand is not the constraint, however. It is highly unlikely to be the constraint. The priority is delivering capacity on schedule and converting our time to compute advantage into durable, long-term customer relationships. We do expect the customer mix to evolve over time. Hyperscalers, AI natives, enterprises and on-demand use cases. But we do not need to force that outcome. The platform will attract the right customers as it continues to scale. Beyond 2027, the same execution model extends into a much larger five gigawatt global platform. We now have five gigawatts of secured power. To put that in context, that is not a pipeline number. or an aspiration that is secured power. And it represents one of the largest portfolios assembled for AI infrastructure anywhere in the world. The question now is how we build against it. The answer is a phased global platform across North America, Europe, and APAC with additional development opportunities beyond that. Let me walk you through each region. We'll start with North America, which remains the largest component of the long-term platform. In North America, the next major phase is driven by Sweetwater and Kiowa, our flagship gigawatt scale campuses in Texas and Oklahoma, where data center capacity is expected to commence ramping across 2027 and 2028. We also have multiple development projects advancing through the connection processes, including batch zero candidates in Texas which represent some of the most strategic valuable reconnection opportunities in the country. The North American pipeline has a natural progression of scale. Childress demonstrates the operating model today, Sweetwater expands it across an even larger campus, and Kiowa provides the path to another hyperscale tier opportunity as power ramps from 2028. Every campus builds on the last, That's the compounding effect of having secured the right land and power positions early. At the same time, we're expanding the platform into Europe through Spain. Today we announced the acquisition of Nostrum Group and with it our entry into Europe. The transaction adds 490 megawatts of secured power in Spain. A gigawatt scale development pipeline and a team of more than 50 people across development, engineering, construction and operations. But what it really adds is a platform and the right people to build it. I want to acknowledge Gabriel Nebreida and the Nostrum team. Gabriel spent nearly two decades in European energy at EDP Renewables, managing gigawatts of operating assets across multiple European markets, and most recently as CEO of EDP Solar. He understands European power infrastructure as well as anyone, and we are excited to have him leading IRN's European platform. Spain is the right place to start. Supportive AI policy, abundant renewables, lower build costs, and strong connectivity into broader European demand. Europe is a market where power availability and grid timelines are increasingly shaping where customers can actually deploy. And Spain gives us a credible, scalable answer to that question. This is not just a power acquisition, it's the establishment of Iron's European platform. From Europe, we moved to the other side of the world and an opportunity that matches the scale of everything we've just described. Australia is obviously not a new idea for us. We have been progressing large scale Australian projects towards secured grid access for some time. And we think the opportunity here is as significant as anywhere in our portfolio. And this is why. Asia Pacific is home to roughly 4.8 billion people, around 60% of the world's population. That includes some of the fastest growing AI demand markets on Earth. Indonesia, Singapore, Japan, Korea. The infrastructure requirement to service that demand is enormous, and it is largely unmet. Australia is uniquely positioned to serve it. Abundant renewables, a trusted jurisdiction, strong rule of law, and as the submarine connectivity map shows, direct fiber links into major demand centers across the region. It is the natural anchor point for AI infrastructure service in APAC. We are already seeing hyperscalers and frontier labs make significant commitments to Australian operations. and we intend to be a major part of that story. Beyond Australia, we continue to progress global development opportunities that extend Iron's runway further still. The platform we are building is designed to create scale into demand wherever it develops, and the pipeline gives us the flexibility to do exactly that. That is the global platform, secured power across North America, Europe, and the development pipeline extending into APAC and beyond. But securing power and building data centres is only part of the equation. The other part is what happens when the compute goes live, how it is deployed, managed and supported for customers at scale. That is where I'd like to spend a moment on Mirantis. This week, we welcome Mirantis into the Iron family, and I want to take a moment to acknowledge that. 650 people joined Iron this week. Engineers, operators, customer support professionals, a team that has spent more than a decade building and running cloud infrastructure for over 1500 enterprise customers globally. That track record speaks for itself. And what they bring is specific. Their cordon AI platform manages AI infrastructure across bare metal, virtual machines, and Kubernetes environments. exactly the complexity our customers are dealing with as deployments scale. They are also a founding ISV partner of the NVIDIA AI Cloud Ready initiative, which means they are already deeply embedded in the same ecosystem we are building into. As we scale, delivery is not just about bringing GPUs online. It is about what happens after. Provisioning, monitoring, supporting customers through increasingly complex environments. Mirantis strengthens all of that. We are already seeing it, and they will play a central role in supporting our NVIDIA AI Cloud contract. To Alex and the whole Mirantis team, a big welcome. We're super excited to have you. So what you have heard today is a company that has secured power at scale, is contracting revenue at scale, and is now building delivery capability at global scale. Anthony will now walk you through how we are funding it.