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A leading tech company for the blockchain & accelerated compute communities November 2025 NASDAQ: BTDR Q3’25 Supplemental Investor Presentation
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This presentation and the accompanying oral presentation have been prepared by Bitdeer Technologies Group (the “Company”) solely for information purpose, and has not been independently verified. By viewing or accessing the information contained in this presentation, the recipient hereby acknowledges and agrees that no representations, warranties or undertakings, express or implied, are made by the Company or any of its directors, shareholders, employees, agents, affiliates, advisors or representatives as to, and no reliance should be placed upon, the accuracy, fairness, completeness or correctness of the information or opinions presented or contained in this presentation. None of the Company or any of its directors, shareholders, employees, agents, affiliates, advisors or representatives accept any responsibility whatsoever (in negligence or otherwise) for any loss howsoever arising from any information presented or contained in this presentation or otherwise arising in connection with the presentation. The information presented or contained in this presentation speaks as of the date of this presentation and is subject to change without notice. Certain statements in this presentation, including statements about our financial position and business strategy, and other statements that the Company may make, are forward- looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended, or the Private Securities Litigation Reform Act of 1995. These statements reflect the Company’s intent, beliefs or current expectations about the future. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” “intends,” “anticipates,” “believes,” “confident” or words of similar meaning. These forward- looking statements are not guarantees of future performance and are based on a number of assumptions about the Company’s operations and other factors, many of which are beyond the Company’s control, and accordingly, actual results may differ materially from these forward-looking statements. Neither the Company nor any of its affiliates, advisers or representatives has any obligation and does not undertake to revise forward-looking statements to reflect future events or circumstances. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No securities of the Company may be sold in the United States without registration with the United States Securities and Exchange Commission (the “SEC”) or an exemption from such registration pursuant to the Securities Act and the rules and regulations thereunder. No part of this presentation shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Specifically, these materials do not constitute a “prospectus” within the meaning of the Securities Act. This presentation does not contain all relevant information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of the Company and is qualified in its entirety by reference to those risks more fully discussed in the section titled “Risk Factors” in the Company’s most recent annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in the Company’s subsequent filings with the SEC. Disclaimer & Forward-Looking Statements
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NASDAQ: BTDR 3 Q3’25 Financial & Operational Highlights $62.0M $169.7M Q3'24 Q3'25 Revenue ($7.9M)2 $43.0M Q3'24 Q3'25 Adjusted EBITDA Financial • Total revenue of $169.7M • Gross profit of $40.8M • R&D and SG&A of $60.5M • Net loss after tax of $266.7M • Adjusted EBITDA of $43.0M • Cash and cash equivalents of $196.3M • Crypto balance1 of $246.2M Operational • Expanding and accelerating HPC/AI strategy across multiple initiatives • Clarington, Ohio 570 MW electrical capacity will be available by Q3 2026 • Achieved 41.2 EH/s on continued deployment of SEALMINERs as of 10/31 • Tydal, Norway and Jigmeling, Bhutan sites energization completed • 300 MW Niles, Ohio pipeline site officially launched in September • Launched and commenced mass production of SEALMINER A3 series • First design of SEAL04 taped out and initial testing 6-7 J/TH efficiency3 1. Including cryptocurrencies and cryptocurrencies receivables 2. Bitdeer revised definition of previously reported non-IFRS Adjusted Profit and Adjusted EBITDA and recast the prior period for comparability. This revision, which resulted in a US$0.7 million and US$0.6 million revision to Q3 2024 and first nine months of 2024 metrics, reflects non-cash fair value changes in cryptocurrency-settled receivables and payables as they do not represent normal operating expenses (or income) necessary to operate the business 3. Under low-voltage, ultra-power saving mode
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13.9 14.2 Jun 2025 Oct 2025 565 1,109 Q2 2025 Q3 2025 5.0 0.8 Q2 2025 Q3 2025 NASDAQ: BTDR 4 Q3’25: Inflection Point for Growth Self-mining # of BTC mined • Relatively stable hash rate capacity• Significant increase in self-mined BTCs, benefiting from higher hash rate from energization of SEALMINERs • 0.8 EH/S of mining rigs sold in Q3 or $11.4 million revenue Hosting Sale of SEALMINERs Hash rate of mining rigs sold (EH/S) Hash rate (EH/S) 2.0x 16.5 41.2 Jun 2025 Oct 2025 Hash rate (EH/S)
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NASDAQ: BTDR 5 Adjusted EBITDA The higher QoQ performance in 3Q25 were mainly driven by by significantly higher self-mining hashrate as a result of the Company’s mass production and deployment of SEALMINERs A1 and A2 during 2025. 93.2 97.0 39.4 (7.9)1 (3.8) (56.1) 17.3 43.0 2022 2023 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 ($ mm) BTC halving Two A3 chips tape out 1. Bitdeer revised definition of previously reported non-IFRS Adjusted EBITDA and recast the prior period for comparability. This revision, which resulted in a US$0.7 million and US$0.6 million revision to Q3 2024 and first nine months of 2024 metrics, reflects non-cash fair value changes in cryptocurrency-settled receivables and payables as they do not represent normal operating expenses (or income) necessary to operate the business First A4 chips tape out
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Datacenter & GPU Deployment Contract Duration: 0.5 – 5 Years CapEx / MW(1) : $29mm - $33mm Outlook: • High margins, rapid return on invested capital • Structural demand supports cash flow resilience Rack-Ready Datacenter Contract Duration: 10 – 20 Years CapEx / MW(2) : $8mm - $12mm Outlook: • Long-term contracts with steady cash flow • High credit quality tenants Bitdeer.AI® - From Cloud Computing to Co-Location 1. Internal estimates based on available industry data for GPU’s only. 2. Internal estimates based on available industry data for greenfield Tier 3 datacenters. NASDAQ: BTDR Bitdeer has two primary business models in HPC / AI Cloud Service Provider Co-Location Services Potential HPC / AI Sites for Cloud Service Provider and Co-Location Services 6 Wenatchee, Washington (13 MW) Knoxville, Tennessee (10 MW) Clarington, Ohio (570 MW) Tydal, Norway (175 MW)
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Site Highlights ➢ Electric Service Agreements are not subject to AEP Data Center Tariff ➢ MCPA is an economic development partner with access to unique tax abatement opportunities ➢ Bitdeer holds a low-cost, 70-year lease on the site ➢ Access to abundant and low-cost natural gas for back-up or additional primary power generation ➢ 90-miles to Pittsburgh, PA and 143-miles to Columbus, OH Bitdeer Pipeline Overview | Clarington, OH Source: Company Management, SEC Filings, Press Releases. 1. AEP Load Zone Historical Prices 2021-YTD August 2025. 2. Estimates for capacity costs use average PJM Base Residual Auction clearing price from CY21/22-CY25/26. NASDAQ: BTDR Site Location Key Figures BTDR tracts denoted in green and blue [39.70332745489496, -80.84949635431163] 570 MW Total Capacity Q3 2026 Power Ready Timing 7 Summary Tier (Type) Target: Tier 3 (Turn-Key) Land Status Leased from the Monroe County Port Authority (MCPA) through 2095 Utility Counterpart AEP Ohio (PJM) Historical Power Cost1 Wholesale Energy: $43.4 / MWh All-in: $56.4 / MWh2 Power Status 570 MW fully contracted and available in Q3 2026
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Site Highlights ➢ Fully zoned and 175 MW power allocated ➢ Two independent 100 MW transformers 132-22kV built by DSO Tensio for exclusive use for Tydal Data Center ➢ Tier-3 datacenter with independent A/B independent high voltage infrastructure, ABB 22kV and 400V breakers, IEC 61850 SCADA ➢ Siemens 400V / 5000A busbar distribution in all halls ➢ Hydro cooled facility, Potential PUE ~1.1, suitable for Nvidia GB300 cooling with small modifications Bitdeer Pipeline Overview | Tydal, Norway Source: Company Management, SEC Filings, Press Releases. 1. Estimate based on TTM energy prices for current operations. 2. Average power cost during 10/24 - 9/25 NASDAQ: BTDR Site Location Key Figures Summary 175 MW Total Capacity Tier (Type) Target: Tier 3 (Turn-Key) Current: Bitcoin Mining Land Status Owned Utility Counterpart Tensio Historical Power Cost1 All-in: $39 / MWh2 Power Status Energized [63.031772, 11.687045] 8 Now Energization Timing
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Site Highlights ➢ Company is contemplating a conversion to a modular AI data center with the existing site and interconnection ➢ Runs on 100% hydroelectric power ➢ Adjacent to Microsoft’s East Wenatchee campus and other carrier- dense sites, offering robust fiber routes for future AI/HPC workload Bitdeer Pipeline Overview | Wenatchee, WA Source: Company Management, SEC Filings, Press Releases. 1. Estimate based on TTM energy prices for current operations. 2. Average power cost during 10/24 - 9/25 NASDAQ: BTDR Site Location Key Figures Summary 13 MW Total Capacity Tier (Type) Target: Tier 3 (Turn-Key) Current: Bitcoin Mining Land Status Owned Utility Counterpart Douglas County PUD Historical Power Cost1 All-in: $69 / MWh2 Power Status Energized [47.414124678040295, -120.20998793861787] 9 Now Energization Timing
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Site Highlights ➢ Knoxville is earmarked for deployment of an edge-AI/HPC pod when the scheduled regional fiber upgrade completes in 2026 ➢ 10 MW of reserved transformer capacity, enabling incremental power increases without substation construction ➢ Proximity to carrier-hotel fiber node 5 mi away secures low electricity costs and high-bandwidth connectivity ➢ 9-miles to Knoxville, TN 155-miles to Atlanta, GA and 175-miles to Charlotte, NC Bitdeer Pipeline Overview | Knox County, TN Source: Company Management, SEC Filings, Press Releases. 1. Estimate based on TTM energy prices for current operations. 2. Average power cost during 10/24 - 9/25 3. Estimated PUE of 1.3 for illustrative purposes 4. KUB Tariff Rate - Site is billed under the Manufacturing Service Rate Schedule (MSD) NASDAQ: BTDR Site Location Key Figures Summary 10 MW Total Capacity Tier (Type) Target: Tier 3 (Turn-Key) Current: Bitcoin Mining Land Status Owned Utility Counterpart Knoxville Utility Board (TVA) Historical Power Cost1 All-in: $44 / MWh2 Power Status Energized [35.94183000199287, -83.83538615951777] 10 Now Energization Timing
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NASDAQ: BTDR 11 Globally distributed data centers ensure a stable power supply Note: existing capacity denoted in green and pipeline capacity denoted in green. 1. As defined by 99.982% uptime & N+1 redundancy Tier 31 AI Data Centers DGX SuperPOD IDC 2 Texas US 563 MW 179 MW* Tennessee US 86 MW Washington US 13 MW Molde Norway 84 MW Tydal Norway 225 MW Gedu Bhutan 100 MW Jigmeling Bhutan 500 MW 1.6 GW Operational 8 BTC Data Centers Hashing 1.4 GW Pipeline Ohio US 1,091 MW* HPC Alberta Canada 101 MW* Oromia Region Ethiopia 40 MW 10 MW* 1.6 GW Existing Capacity and Secured 3.0 GW
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2.1 GW of power capacity will be online by Q4 20261 895 1,611 1,611 10 5111,621 2,122 2024 2025 2026 Completed Pipeline NASDAQ: BTDR 1. Estimated as of 10/31/2025 2. Estimated by management and subject to change 3. Ohio is a new site with land and power contracts in place 12 Global Scale with Strong Power Pipeline Location Existing MW Pipeline MW Total MW Power Source Timing2 Existing / Pipeline Electrical capacity Rockdale, Texas 563 179 742 Grid (ERCOT) Completed / Estimate 2026 Knoxville, Tennessee 86 - 86 Grid (TVA) Completed Wenatchee, Washington 13 - 13 Hydro Completed Molde, Norway 84 - 84 Hydro Completed Tydal, Norway 225 - 225 Hydro Completed Gedu / Jigmeling, Bhutan 600 - 600 Hydro Completed Massillon, Ohio - 221 221 Grid (PJM) Q1 2026 Clarington, Ohio 3 - 570 570 Grid (PJM) Q2 2027 Niles, Ohio 3 - 300 300 Grid Q1 2029 Alberta, Canada - 101 101 BTM-NG Q4 2026 Oromia Region, Ethiopia 40 10 50 Hydro Q4 2025 Total pipeline capacity 1,611 1,381 2,992
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NASDAQ: BTDR 13 1. For illustrative purposes only 2. Projections based on internal calculations ASIC Revenue TAM ‘25-’27, $B Total Hash Rate Sold 750 EH 1,000 EH 1,250 EH 1,500 EH 1,750 EH ASIC Sale Price $/TH $15.0/TH $ 11.25 $ 15.00 $ 18.75 $ 22.50 $ 22.50 $17.0/TH $ 12.75 $ 17.00 $ 21.25 $ 25.50 $ 25.50 $20.0/TH $ 15.00 $ 20.00 $ 25.00 $ 30.00 $ 30.00 $22.0/TH $ 16.50 $ 22.00 $ 27.50 $ 33.00 $ 33.00 $25.0/TH $ 18.75 $ 25.00 $ 31.25 $ 37.50 $ 37.50 SEALMINER Revenue1 ‘25-’27, $B (@ $17/TH ) Total Hashrate Sold 750 EH 1,000 EH 1,250 EH 1,500 EH 1,750 EH SEAL Market Share 30% $ 3.8 $ 5.1 $ 6.4 $ 7.7 $ 7.7 40% $ 5.1 $ 6.8 $ 8.5 $ 10.2 $ 10.2 50% $ 6.4 $ 8.5 $ 10.6 $ 12.8 $ 12.8 60% $ 7.7 $ 10.2 $ 12.8 $ 15.3 $ 15.3 70% $ 8.9 $ 11.9 $ 14.9 $ 17.9 $ 17.9 Assuming 1,250 EH sold at average $17/TH by 2028 ~$21.25 B Potential ASIC Revenue TAM ~$6.4 B Potential SEALMINER Revenue at 30% Share ASIC Market TAM Opportunity Market for ASICs will grow due to efficiency upgrades and new infra
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NASDAQ: BTDR 14 Recent generations of ASICs have started to taper off in efficiency gains 1. Estimated J/TH Efficiency 2. Competitor Presentations 3. Under low-voltage, ultra-power saving mode 0 10 20 30 40 2021 2022 2023 2024 2025 2026 2027 ASIC Efficiency, J/TH2 Design 1: Taped out (T/O), initial testing 6-7 J/TH3 Production in Q4 2025 Production in Q4 2024 Released in Q3 2024 SEALMINER A1 21.5 J/TH SEALMINER A2 Pro & A2 ~14.9-16.5 J/TH SEALMINER A3 ~12.5-14 J/TH 1 SEALMINER A4 ~5.5-6 J/TH 1 BTDR’s SEALMINER Technology Roadmap SEALMINER® - Game Changing Technology
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NASDAQ: BTDR 15 $196M3 Cash & Cash Equivalents Strong Balance Sheet and Disciplined ATM Usage $246M3 Crypto Balance4 $824M3 Borrowings Highest insider ownership in industry aligns incentives with shareholders $3M$3M $8M $20M $73M $241M $106M $12M $2M $19M $73M $0 $5 $10 $15 $20 $25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 2024 2025 $ Raised VWAP 1. Based on trading day 2. VWAP from Bloomberg 3. As of September 30, 2025 4. Including cryptocurrencies and cryptocurrencies receivables 1 2
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Thank You
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NASDAQ: BTDR 17 Income Statement Three months ended September 30, Nine months ended September 30, (US $ in thousands) 2025 2024 2025 2024 Revenue 169,708 62,029 395,418 280,764 Cost of revenue (128,881) (59,264) (344,996) (219,463) Gross profit 40,827 2,765 50,422 61,301 Selling expenses (1,284) (2,229) (4,303) (6,092) General and administrative expenses (20,108) (15,828) (55,635) (46,649) Research and development expenses (39,088) (24,836) (118,679) (54,048) Other operating income 26,511 1,220 22,457 4,397 Other net gain / (loss) (238,494) (14,681) 156,105 (27,701) Profit / (loss) from operations (231,636) (53,589) 50,367 (68,792) Finance expenses (29,416) (231) (52,452) (124) Loss before taxation (261,052) (53,820) (2,085) (68,916) Income tax benefit / (expenses) (5,633) 3,723 (2,860) 1,682 Loss for the period (266,685) (50,097) (4,945) (67,234) Other comprehensive income / (loss) Loss for the period (266,685) (50,097) (4,945) (67,234) Other comprehensive income / (loss) for the period Item that may be reclassified to profit or loss Exchange differences on translation of financial statements 17 (30) 166 16 Other comprehensive income / (loss) for the period, net of tax 17 (30) 166 16 Total comprehensive loss for the period (266,668) (50,127) (4,779) (67,218) Loss per share (in US$) Basic (1.28) (0.35) (0.03) (0.52) Diluted (1.28) (0.35) (1.17) (0.52) Weighted average number of shares outstanding (thousand shares) Basic 208,619 143,769 197,663 128,437 Diluted 208,619 143,769 230,814 128,437
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NASDAQ: BTDR 18 Balance Sheet 1. * Amount less than US$1,000 As of September 30, As of December 31, (US $ in thousands) 2025 2024 LIABILITIES Current liabilities Trade payables 78,049 31,471 Other payables and accruals 50,254 40,617 Amounts due to a related party 3,535 8,747 Income tax payables 8,564 2,729 Derivative liabilities 672,511 763,939 Deferred revenue 52,512 39,029 Borrowings 362,164 208,127 Borrowings from a related party 200,000 - Lease liabilities 8,128 5,460 Total current liabilities 1,435,717 1,100,119 Non-current liabilities Other payables and accruals 2,489 1,650 Deferred revenue 65,130 90,200 Borrowings 474 - Borrowings from a related party 261,625 - Lease liabilities 83,563 72,673 Deferred tax liabilities 14,270 16,614 Total non-current liabilities 427,551 181,137 TOTAL LIABILITIES 1,863,268 1,281,256 NET ASSETS 573,811 276,598 EQUITY Share capital * * Treasury equity (290,607) (160,926) Accumulated deficit (653,949) (649,004) Reserves 1,518,367 1,086,528 TOTAL EQUITY 573,811 276,598 As of September 30, As of December 31, (US $ in thousands) 2025 2024 ASSETS Current assets Cash and cash equivalents 196,252 476,270 Restricted cash 14,711 9,144 Cryptocurrencies 82,246 77,537 Cryptocurrencies - receivables 163,937 - Trade receivables 17,628 9,627 Amounts due from a related party 11,419 15,512 Prepayments and other assets 564,747 291,929 Inventories 231,544 64,888 Financial assets at fair value through profit or loss 6,086 4,540 Total current assets 1,288,570 949,447 Non-current assets Restricted cash 6,203 8,212 Prepayments and other assets 28,461 18,244 Financial assets at fair value through profit or loss 40,770 37,981 Mining rigs 406,344 67,324 Right-of-use assets 77,961 69,273 Property, plant and equipment 415,380 251,377 Investment properties 30,098 30,723 Intangible assets 99,141 83,235 Goodwill 35,818 35,818 Deferred tax assets 8,333 6,220 Total non-current assets 1,148,509 608,407 TOTAL ASSETS 2,437,079 1,557,854
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NASDAQ: BTDR 19 Adjusted EBITDA Reconciliation Use of Non-IFRS Financial Measures In evaluating the Company’s business, the Company considers and uses non-IFRS measures, adjusted EBITDA, as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, changes in fair value of cryptocurrency-settled receivables and payables, changes in fair value of cryptocurrency receivables, and loss on extinguishment of convertible senior notes. The Company presents these non-IFRS financial measures because they are used by its management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-IFRS measures facilitate investors’ assessment of its operating performance. These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, investors should not consider these measures in isolation from, or as a substitute analysis for, the Company’s profit or loss for the periods, as determined in accordance with IFRS. The Company compensates for these limitations by reconciling these non-IFRS financial measures to the nearest IFRS performance measure, all of which should be considered when evaluating its performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure. The following table presents a reconciliation of profit/ (loss) for the relevant period to adjusted EBITDA, for the three and nine months ended September 30, 2025 and 2024. 1. Bitdeer revised definition of previously reported non-IFRS Adjusted Profit and Adjusted EBITDA and recast the prior period for comparability. This revision, which resulted in a US$0.7 million and US$0.6 million revision to Q3 2024 and first nine months of 2024 metrics, reflects non-cash fair value changes in cryptocurrency-settled receivables and payables as they do not represent normal operating expenses (or income) necessary to operate the business Three months ended September 30, Nine months ended September 30, (US $ in thousands) 2025 2024 2025 2024 Adjusted EBITDA Loss for the period (266,685) (50,097) (4,945) (67,234) Add： Depreciation and amortization 41,228 19,489 93,060 55,980 Income tax (benefit) / expenses 5,633 (3,723) 2,860 (1,682) Interest expenses, net 29,014 1,938 55,345 1,321 Share-based payment expenses 9,317 9,414 29,891 25,310 Changes in fair value of derivative liabilities 247,612 14,436 (168,309) 28,666 Changes in fair value of cryptocurrency- settled receivables and payables (834) 661 2,355 629 Changes in fair value of cryptocurrency receivables (22,240) - (22,240) - Loss on extinguishment of convertible senior notes - - 16,194 - Total of Adjusted EBITDA 43,045 (7,882)1 4,211 42,9901