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IKK EARNINGS PRESENTATION Q2 2026 Keel Infrastructure August 2026
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2 GENERAL DISCLAIMERS Statements in this presentation are made only as of the date of this presentation unless otherwise stated and the information in this presentation remains subject to change without notice. To the maximum extent permitted by law, no responsibility or liability is assumed by the Company or any of its affiliates and the directors, officers, employees, associates, advisers and agents for updating any information in this presentation or to inform any recipient of any new or more accurate information or any errors or mis-descriptions of which they may become aware. CAUTIONARY STATEMENT ON FORWARD LOOKING STATEMENTS Certain information contained in this presentation, including any information relating to Keel Infrastructure Corp.’s (“Keel” or the “Company”) future financial or operating performance, are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), and forward-looking information, future oriented financial information and financial outlook within the meaning of Canadian securities laws (collectively, “forward-looking statements”). The statements and information in this presentation regarding the North American energy and compute infrastructure strategy, opportunities relating to the potential of the Company’s data centers for HPC/AI opportunities, our development pipeline, the availability of funds for the Company’s development activities, the Company's liquidity and capital resources, the expected timelines for permitting, site development, and infrastructure delivery, the Company's ability to enter into commercial agreements with customers, and other statements regarding future growth, plans and objectives of the Company are forward-looking information. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “positioning”, “prospects”, “believes”, “on track” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. This forward-looking information is based on assumptions and estimates of management of Keel at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Keel to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: our limited operating history and history of operating losses, which make it difficult to evaluate our business and prospects; our evolving business model and strategy, including our strategic transformation from Bitcoin mining to HPC infrastructure, which may not be successful; our dependence on reliable and economical sources of power, including regulated electricity rates in Québec (Canada), Pennsylvania and Washington State (United States); our reliance on a limited number of third-party suppliers and manufacturers, including those in foreign jurisdictions, exposing us to supply chain disruptions, trade restrictions, and tariff risks; delays, cost overruns, and other risks associated with the continued development of our existing and planned facilities; intense competition from other Bitcoin mining companies and established HPC data center operators, some of which may have greater resources and experience; the potential inadequacy of our insurance coverage to protect against all losses; the capital-intensive nature of constructing HPC data centers and our potential inability to secure financing for such efforts; significant competition for suitable data center sites and regulatory constraints that could adversely impact our development pipeline; our dependence on significant customers for our HPC data centers, and the risk of customer default or failure to make timely payments; community opposition to our data center operations; the rapidly evolving regulatory landscape surrounding HPC, AI, and Bitcoin mining, which may negatively impact our expansion efforts; the high volatility of Bitcoin prices, which has significantly affected and will continue to affect the profitability of our operations; fraud or failure of Bitcoin exchanges, custodians, and other trading venues that could adversely impact Bitcoin prices and our business; our requirement to obtain and comply with numerous government permits and approvals across multiple jurisdictions; extensive environmental, energy, and climate-related regulation that could result in significant additional costs or liabilities; political uncertainty in the U.S. and internationally, including potential regulatory and policy changes affecting the cryptocurrency and data center industries; cybersecurity threats and hacking attacks that could compromise our systems and data; the potential classification of the Company as a passive foreign investment company, which could result in adverse tax consequences for U.S. holders; the need for additional capital in the future, with no assurance that financing will be available on acceptable terms; risks that our hedging activities may not be effective and could result in significant losses; counterparty risk with respect to the capped call transactions entered into in connection with the convertible notes; and potential dilution to shareholders from future issuances of capital stock, conversion of convertible notes, or exercise of options and warrants.. For further information concerning these and other risks and uncertainties, refer to Keel’s filings with the U.S. Securities and Exchange Commission (“SEC”) at www.sec.gov and on www.sedarplus.ca, including the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and subsequent filings with the SEC. There may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Keel. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Keel does not undertake any obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. INDUSTRY AND MARKET DATA Certain information in this presentation, including market and industry data, was obtained by Keel from publicly available and other third-party sources, as well as Keel’s good faith estimates. While the Company believes the information was prepared by reputable sources, the Company did not independently verify the information or the underlying assumptions. No representation or warranty is made as to accuracy, completeness or reasonableness of such information. NON-GAAP FINANCIAL MEASURES Keel follows U.S. GAAP. Under U.S. GAAP, the revaluation gains and losses on the mark-to-market of its Bitcoin holdings and the realized gains and losses on the disposition of Bitcoins are reflected in its income statement. The Company also does not include the revaluation gains or losses on the mark-to-market of its Bitcoin holdings and the realized gains or losses on the disposition of Bitcoins in Adjusted EBITDA, which is a measure of the cash profitability of its operations and does not reflect the change in value of its assets and liabilities. The Company uses Adjusted EBITDA to measure its operating activities' financial performance and cash generating capability, to assess profitability before the impact of the items excluded from EBITDA, to provide users with a consistent and comparable measure of profitability, and to facilitate comparisons of operating performance. Safe harbor statement
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3 Keel Infrastructure POWERING TOMORROW’S ECONOMY We are a digital and energy infrastructure company that develops and owns data center and power assets supporting high-performance computing workloads, including AI. We integrate power, land, and connectivity to enable disciplined, long-term growth for our customers.
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4 Continued Progress On All Fronts: Securing Permits, Leases, and Expansion Capacity 2026 PRIORITIES EXECUTION TO DATE 1 Advancing Permitting & Commercialization Dual tracking permitting and leasing discussions Clear visibility on permit completion & multiple potential customers engaged at each site 2 Securing Expansion Capacity Pipeline growth for 2028 & beyond remains key priority Advanced HPC/AI development at Sherbrooke & detailed load studies in PA 3 Delivering Energized Infrastructure Bringing MWs online as soon as possible Working with proven partners to deliver energized MW on the timelines our customers need
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Development Progress Across Near-Term Sites Derisking project delivery timelines by advancing development with proven partners 5 Transformer delivery in Sharon, PA Decommissioned BTC mining and demolished building in Moses Lake Backup generation inspections for Moses Lake Pre-delivery inspections at Vertiv’s factory Updated data center designs improving power density specs, Panther Creek render for illustrative purposes Panther Creek fiber network map
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Note: Image is computer-generated rendering of Moses Lake campus for illustrative purposes. 6 18 MW (GROSS) Total power capacity Q2 PROGRESS ► Zoning approved, land development and environmental permits in progress ► BTC mining fully decommissioned ► Previous building on-site fully demolished ► Development with Vertiv in progress Moses Lake First site fully online and generating revenues in 2027
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Note: Image is computer-generated rendering of Sharon campus for illustrative purposes. 7 110MW (GROSS) Total power capacity Sharon On track to be first site ready for service in Pennsylvania Q2 PROGRESS ► Zoning and land development approved, environmental permits in progress ► BTC mining fully decommissioned ► Transformers delivered and on-site
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Note: Image is computer-generated rendering of Panther Creek campus for illustrative purposes. 8 Q2 PROGRESS ► Zoning and conditional land development approved, environmental permits in progress ► BTC mining fully decommissioned Panther Creek Flagship hyperscale campus proximate to NYC and Philadelphia 350MW (GROSS) Total power capacity
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FINANCIALS 9
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Second Quarter 2026 Financial Results Note: All figures reflect results from continuing operations; operations in Argentina and Paraguay have been excluded under t he classification of being sold. (1) Adjusted EBITDA is a non-GAAP financial measure; see the “Safe Harbor Statement” on slide 2 and “Non -GAAP Adjusted EBITDA” on slide 16 for additional information. 10 Quarter Ended June 30, $ in mm 2026 2025 Revenue $ 30 $ 61 Operating (loss) income $ (141) $ 11 (Loss) income from continuing operations $ (64) $ 13 Adjusted EBITDA 1 $ (24) $ 7
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Financial Strength to Deliver for Customers & Flexibility to Secure New Power (1) As of August 7, 2026. Includes unrestricted cash and Bitcoin. 11 Q2 FINANCIAL UPDATES 1 $458mm Raised Through Convertible Notes Offering Strong investor demand Earmarked to expand power capacity in Pennsylvania 2 $819mm Liquidity Position 1 Flexibility to make strategic commercial decisions and advance sites on customers’ required schedules Robust liquidity supports site development through lease signing, expansion capacity opportunities, and fully funded cash SG&A through 2028 3 Capital Markets Remain Open Variety of financing opportunities available to fund project development Well positioned to finance each site's construction
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12 Keel Infrastructure “Work is no longer measured solely in calories or joules, but in tokens. And while there is certainly some ceiling on the price of tokens, there is truly no limit to the value that can be created through the application of tokens.” Note: Image is computer-generated rendering of Panther Creek campus for illustrative purposes.
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APPENDIX 13
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Panther Creek Sharon Moses Lake Sherbrooke Scrubgrass State / Province Pennsylvania Pennsylvania Washington Québec Pennsylvania Gross Capacity 350 MW 110 MW 18 MW 96 MW Up to 1.3 GW Secured Power Under Application Acreage 336 Acres 17 Acres 6 Acres TBD 650 Acres Utility PPL First Energy Grant County PUD Hydro-Sherbrooke First Energy and On-Site Generation Energy Market PJM PJM Northwest Northeast (Canada) PJM Estimated PUE 1.15 – 1.35 1.15 – 1.35 1.15 – 1.35 1.15 – 1.35 1.15 – 1.35 Go To Market 2027 2027+ Earliest RFS Date 2027 2027 2027 2028 2028+ Notes ► Flagship campus ► Positive indications to increase capacity up to 500 MW ► Closed on land purchase in Oct 2025 ► 80 MW substations under development—completion expected by YE 2026 ► $128mm agreement with Vertiv Group for critical infrastructure ► Close to hyperscaler data center hub ► Secured option to acquire neighboring property with additional capacity ► Near major metro hub, Montreal ► Does not include additional 74 MW of secured capacity at other sites in the province ► Potential gigacampus ► Adjacent natural gas pipeline (~3 miles from site) has sufficient available capacity to supply a 550+ MW power plant Portfolio Overview: De-risked and Scalable 14
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Quarter ended June 30, 2026 2025 Revenues $ 30,430 $ 60,908 Cost of revenues (117,183) (64,794) Gross (loss) profit (86,753) (3,886) Gross margin (285)% (6)% Operating expenses General and administrative expenses (31,311) (19,384) Change in fair value of digital assets (9,029) 16,283 Realized (loss) gain on sale of digital assets (11,180) 16,005 (Loss) gain on disposition of property, plant and equipment and deposits (918) 1,791 Impairment of long-lived assets (1,583) — Operating loss $ (140,774) $ 10,809 Operating margin (463)% 18% Interest income 2,885 460 Interest expense (2,114) (1,582) Loss on derivative assets and liabilities 77,040 3,784 Loss on extinguishment of long-term debt — — Other expenses (971) (275) Total other expenses 76,840 2,387 Loss before taxes from continuing operations (63,934) 13,196 Income tax benefit (expense) (17) — Loss from continuing operations (63,951) 13,196 Loss from discontinued operations (1) (1,044) (18,697) Net loss $ (64,995) $ (5,501) Consolidated Financial & Operational Results (unaudited) Note: All figures reflect results from continuing operations; operations in Argentina and Paraguay have been excluded under t he classification of being held for sale. In USD and in thousands. (1) Excluding discontinued operations in Rio Cuarto, Argentina, which have been abandoned due to the halting of the energy su pply since May 12, 2025 and economic uncertainty in the region, and in Paso Pe, Paraguay, for which its sale was completed on Ap ril 21, 2026, as we make a strategic shift towards HPC data center projects in North America. 15
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Quarter ended June 30, 2026 2025 Revenues $ 30,430 $ 60,908 Loss before taxes from continuing operations $ (63,934) $ 13,196 Interest income (2,885) (460) Interest expense 2,114 1,582 Depreciation and amortization 84,149 26,439 EBITDA $ 19,444 $ 40,757 EBITDA margin 64 % 67 % Stock-based compensation 9,848 3,426 Realized loss (gain) on disposition of digital assets 11,180 (16,005) Change in fair value of digital assets 9,029 (16,283) Impairment of long-lived assets and deposits 1,583 — (Gain) loss on derivative assets and liabilities (77,040) (3,784) Loss on extinguishment of long-term debt — — Costs not associated with ongoing operations 1 374 — Sales tax recovery - prior years - energy and infrastructure and G&A expenses 2 — — Other expense (income) 2 1,889 (1,516) Adjusted EBITDA $ (23,693) $ 6,595 Adjusted EBITDA margin (78)% 11 % Non-GAAP Adjusted EBITDA Reconciliation (unaudited) Note: All figures reflect results from continuing operations; operations in Argentina and Paraguay have been excluded under t he classification of being held for sale. In USD and in thousands. (1) Costs not associated with ongoing operations for YTD Q2 2026 includes $5.4 million of professional fees related to the U. S. redomiciliation and $1.0 million related to the U.S. GAAP conversion. Costs not associated with ongoing operations for YTD Q 2 2025 include $1.6 million of professional fees related to the acquisition of Stronghold and $0.1 million related to the sale of the Yguazu Bitcoin Data Center..(2) Other expense (income) for Q2 2026 and YTD Q2 2026 include a provision for receivables of nil and $4 .2 million, respectively (Q2 2025 and YTD Q2 2025: nil), amortization of the convertible notes transaction costs of $0.9 million and $2.5 million, respect ively (Q2 2025: $0.5 million, YTD Q2 2025: $0.5 million), a (gain) loss on disposal of property, plant and equipment of $0.9 mil lion and $0.9 million, respectively, (Q2 2025: $(1.8) million, YTD Q2 2025: $(2.3) million), and other financial (income) expense of $0.2 million an d $0.4 million, respectively, (Q2 2025: $(0.4) million, YTD Q2 2025: $(0.3) million). 16
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GLOSSARY 17 BTC = Bitcoin GW = Gigawatts HPC/AI= High-performance computing / artificial intelligence mm = millions MW = Megawatts Pipeline = Existing power capacity at data centers and capacity under active development PJM = Pennsylvania-New Jersey-Maryland Interconnection PUE= Power usage effectiveness ratio, a ratio that measures the energy efficiency of a data center, calculated by dividing the total power used by the facility by the power consumed by the IT equipment RFS = Ready for Service
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CONTACT ir@keelinfra.com Investors Media Website media@keelinfra.com Keelinfra.com 18