Keel Infrastructure Corp.

Good day and welcome to the Keele Infrastructure first quarter 2026 earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question, you will need to press star 1-1 on your touchtone telephone. Please note this call is being recorded. I would like to turn the call over to Jennifer Drew-Bear from Keele Investor Relations. Please go ahead.

Thank you and welcome to Keele Infrastructure's first quarter 2026 conference call. With me on the call today are Director and Chief Executive Officer Ben Gagnon and Chief Financial Officer Jonathan Meir. Before we begin, please note this call is being webcast with an accompanying slide deck. Today's press release and our presentation can be accessed on our website under the investor section. Turning to slide two. I'd like to remind everyone that certain forward-looking statements will be made during this call. and that future results could differ from those implied in the statement. The forward-looking information is based on certain assumptions and is subject to risk and uncertainty. I invite you to consult Kiehl's 10-Q for a complete list, which will be available on our website and the SEC website. Please note that references will be made to certain non-GAAP financial measures and therefore may not be comparable to similar measures presented by other companies. We invite listeners to refer to today's press release and are filed 10-Q for definitions on the aforementioned non-GAAP measures and their reconciliations to GAAP measures. Please note that all financial references are denominated in U.S. dollars, unless otherwise noted. And now, turning to slide three. It is my pleasure to turn the call over to Ben Guignan, member of the Keele Board of Directors and our Chief Executive Officer. Ben, please go ahead.

Good morning everyone and welcome to our first quarter 2026 earnings call today is a meaningful day for us this is our first earnings call presenting as keel infrastructure and for those tracking the story closely I want to take a moment to acknowledge what that represents two years ago we outlined a deliberate multi-year plan to transform this company wind down Bitcoin build out our team, and reposition every megawatt we control towards the most significant infrastructure opportunity of our generation. That plan is now fully in motion. And since our last call just over a month ago, we have also completed our redomiciliation to the United States, officially rebranded as Keele Infrastructure, and closed the sale of our Paso Pei site. For those of you joining us for the first time, let me give you a clear picture of who Keele Infrastructure is and what we are building. Keele Infrastructure is a North American digital infrastructure company. We own large-scale powered land sites across Pennsylvania, Quebec, and Washington that we are actively developing into over two gigawatts of high-performance computing campuses for lease to investment-grade hyperscalers, neoclouds, enterprise, and government clients. The keel name captures who and what we are. The keel is the structural backbone of a ship, unseen but essential, converting energy into forward motion. That is exactly what we do for our tenants. We enable and accelerate the data center growth that makes tomorrow's economy possible. Turning to slide four. Let me take a step back now and talk about why we are attracting so much attention from potential tenants and why we're set up to create tremendous value for customers. The conversation in HPC and AI infrastructure has shifted fundamentally over the past 12 months. Customers are not asking, can you build data centers? They are asking, when can you deliver power in the right location on a timeline that actually matters to my deployment schedule? And how are you ensuring you can deliver? The answer to those questions is what separates sites that get leased from sites that sit empty. Our strategy is customer-centric and is structured around solving their highest value constraints. One, short timelines to power. Our sites have secured power available starting in 2027, enabling customers to accelerate deployment relative to building out interconnections organically. In PJM, Quebec, and Washington, a new large load interconnection can take between four to 10 years. We have already done that work. That timeline advantage is not incremental. It is transformational for customers trying to deploy Compute at scale. Two, prime locations. Panther Creek, our flagship campus, is a great example of the value our locations bring. The site sits two hours away from Philadelphia and New York in the PJM energy market, surrounded by established hyperscaler and neocloud data center infrastructure. Our other campuses follow the same principle proximity to metro areas, and surrounded by our customers' established infrastructure. These are not secondary energy markets. These are primary markets where our customers are actively trying to expand and finding that supply at this time does not exist. Three, a proven permitting strategy built on transparent stakeholder relations. While strong community engagement and support has always been a pillar of our culture at Keele, Recent headlines are reinforcing just how critical this is. Our permitting team has decades of regional experience, and we proactively build genuine relationships with the communities around our sites. That approach produces results. Zoning is now complete at all three near-term sites. Land development and environmental permits are on track, including our preliminary land development approval at Sharon. Customers who have watched other developers miss permit milestones appreciate what this means for Kiehl's execution certainty. Four, proven delivery partners with hyperscaler-grade track records. With power, land, and community support, we have the foundation in place for success. However, customer confidence ultimately comes from execution, which is why we've built a partner ecosystem designed to deliver that certainty. Working with Turner Construction, Corrigan, Vertiv, and T5, our customers do not need to take development execution risk on an untested team. Potential customers are looking at our construction and engineering partner roster and seeing our collaboration with best-in-class infrastructure and construction partners that have demonstrated experience delivering for hyperscalers. And five, future-proof designs. We are advancing architecture and engineering in parallel with customer conversations. which means that when a customer is ready to commit, we'll be ready to easily adapt to their final specifications. We are also thinking ahead. With rapidly evolving technology, it has never been more critical to future-proof our data center development. We are thinking about our customer needs in 2027 and beyond, not just what they need now. Customers value that. Turning to slide five. Our portfolio is focused on high barrier to entry markets in Pennsylvania, Washington, and Quebec. In these markets, our ability to accelerate timelines and enable regional growth creates real value for customers. Our 2026 priority is clear. Sign three leases by year end. One at Panther Creek, one at Sharon, and one at Moses Lake. We have the right power in the right places with the right timelines. And as Jonathan will walk through, we are better capitalized than at any point in this company's history, with more than enough liquidity to advance all three sites through permitting and lease execution. Across all three of our near-term development sites, we are running three work streams simultaneously, finalizing permits, advancing architecture and engineering aligned with customer specifications, and actively commercializing to secure highly financeable leases with investment-grade tenants. That parallel execution model is intentional. In this market, customers are making site decisions now. They are looking for partners who can show them a clear, credible path to power. And we create that visibility by working with great partners and advancing all three work streams together. So when a customer is ready to commit, we are ready to build. Now let me take you through each of our three near-term sites. Turning to slide six. Starting with Panther Creek, our flagship campus in eastern Pennsylvania, and the centerpiece of our near-term development plan. We have 350 megawatts of secured gross capacity with PPL under an ESA. Development is structured in phases with an expected ready for service date in 2027 and additional expansion capacity beyond that. Permitting is a subject I know investors track closely. So, let me walk through our approach with precision. Permits fall into three broad categories, zoning, development, and environmental. Full permitting requires completion across all three. Our execution strategy is built around local expertise and proactive engagement, planning, and transparency. We have assembled a team with deep regional knowledge anchored by a head of permitting with decades of Pennsylvania experience. And that local presence allows us to move efficiently through jurisdiction requirements and just as importantly, to engage productively with the communities around these sites, who are always key partners in keel developments. On the permitting progress, zoning approvals were completed in February, including the data center ordinance approval by the Nesquihoning borough, a meaningful community milestone. Land development and environmental permits remain in process and are on track. With zoning secured and a clear line of sight on development timelines, we are active in commercialization. To be clear, we do not need to wait, nor are we waiting for every permit to negotiate leases. We give customers the visibility they need to make decisions and the certainty that they need to commit. In terms of the customer profile for the site, the scale and location of Panther Creek positions it squarely for hyperscalers and the largest neocloud operators. Two hours from New York City with eight fiber metro networks within 10 miles and direct proximity to established data center clusters, this is the kind of site that gets on a shortlist quickly. We are in active conversations with multiple potential customers, and the engagement quality has been strong. Finally, beyond the 350 megawatts of secure power at this campus, we are currently evaluating the conversion of our existing 60 megawatt ISA to firm service. which could bring total gross capacity upwards of 400 or 430 megawatts. In addition, a new load study conducted in 2025 supports potential expansion beyond 500 megawatts for the overall campus over the longer term. We will provide updates as that conversion evaluation progresses. The point is, Panther Creek is a unique asset. It has the proximity and scale to service East Coast inference and training markets for years to come. Turning to slide seven, moving to Sharon in Western PA. We have 110 megawatts secured BNESA with First Energy. A 30 megawatt substation is operational today with an additional 80 megawatt substation under development. Sharon received full zoning permits last month. That is a significant milestone and it gives customers increasing confidence in our delivery timeline. Land development has been preliminarily approved and environmental permits are in progress and on track. This site is actively being commercialized with an expected ready for service date as early as 2027. Sharon sits within the PGA market with strong fiber infrastructure across nine metro networks within 10 miles in proximity to Pittsburgh and Cleveland, two markets that are underserved relative to the East Coast. In terms of customer profile, the capacity and location make Sharon a strong fit for a hyperscaler, neocloud operator, for large enterprise customers looking to establish a position in Western PJM. We are in active conversations with multiple potential customers and the response to our primary progress has been positive. Turning to slide eight. Finally, Moses Lake, our 18 megawatt site in Washington State. Small but mighty, Moses Lake is located adjacent to one of the most proven data center markets in the United States, the Quincy Washington Corridor. which has been home to hyperscaler infrastructure for nearly two decades. Power availability in this region has become one of the most constrained in the country. The combination of existing cluster density and tightening power supply means that operators who need megawatts here have very limited options to grow organically. We are one of those options to establish a footprint or expand an already established operations. MOSIS is the only site where we made a deliberate capital decision ahead of commercialization. We purchased critical modular data center equipment in advance. That decision enables us to offer customers an accelerated deployment timeline that is not available through a traditional stick build approach. Speed matters to our customers, and we engineered our deployment model to deliver it. Zoning in MOSIS is complete. Land development and environmental permits are in progress and on track, and the Bitcoin mining operations are actively being decommissioned. Like our Pennsylvania sites, Moses Lake is actively being commercialized with strong inbound interest and ongoing engagement with multiple counterparties. In terms of customer profile, the scale of the site positions it as an ideal fit for emerging neoclouds, enterprise, and government customers who need fast, reliable access to the Pacific Northwest market and do not require a campus scale commitment to do so. Faster timeline, smaller megawatt commitment, right market. That is a compelling combination. Across all three sites, we have clear line of sight to full permitting, active commercialization, and tangible momentum towards signed leases in 2026. We look forward to keeping everyone updated on our progress. Turning to slide nine, From a value creation standpoint, a signed lease is the single most important inflection point for our business. A signed lease does three things. It converts our development assets into long-term contracted cash flows. It unlocks access to low-cost, non-dilutive project financing. And it significantly reduces execution risk for every stakeholder in our capital structure. There is a reason we are intensely focused on getting three leases signed this year. where we expect each lease to be an event that reshapes how this company is valued. We are executing against all three simultaneously right now. The second value driver we are executing this year is to increase our secured capacity from both expansion capacity and new organic growth opportunities. The third value driver will be delivering on Megalots in 2027. We believe that these three inflection points are key drivers of value creation for our shareholders in the near term and long term. And with that, I'll turn it over to Jonathan to walk through our financial position and strategy.