Phoenix Group Plc · ADX:PHX
Phoenix — Q3 2026 Earnings Presentation
19 slides from Phoenix's earnings presentation, October 2026
Slide 1: Q3 2026 Earnings Call
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Slide 2: Disclaimer
DISCLAIMER The information contained in this presentation is for background purposes only and does not purport relating to Phoenix Group associated companies, whether written, oral or in a visual or electronic form, to be full or complete. No reliance may or should be placed by any person for any pu
Slide 3: Presenters: Munaf Ali and Sheharyar Malhi
Mr. Munaf Ali Mr. Sheharyar Malhi Board Member, Co-founder & CEO CFO Earnings call – Q3/2026 3
Slide 4: Table of Content
Business Performance 05 AI Demand Outlook 08 Hyperscaler Investment 09 Powered Land Advantage 10 Phoenix's Pivot to AI 11 Project Lyon 12 Operational Metrics 14 Balance Sheet Review 16 Table of PnL Review 17 Content Optimization Initiatives 18 Earnings call - Q3/2026 4
Slide 5: Business Performance - Q3'26
Business Performance - Q3'26 Onmine, Phoenix Group's new crypto mining sites in Texas, have been energized with a total capacity of 38 MW and are equipped with S21 liquid-cooled miners. As low power-cost sites, they are expected to deliver a net improvement in gross margin going forward. Project Lyo
Slide 6: Business Performance - Q3'26
Business Performance - Q3'26 MINING EFFICIENCY Mining efficiency improved further to 18.5 J/TH in Q3'26, compared to 18.8 J/TH in Q2'26, representing a 42% improvement since Q3'24, driven by continued fleet optimization and 18.5 J/TH operational enhancements. ▲ 1.6% QOQ REVENUE COST PER BTC Phoenix
Slide 7: Phoenix Pivot
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Slide 8: AI Demand Outlook
AI Demand Outlook AI drives data-centre demand ~3x to ~278 GW by 2030, outrunning supply by ~45 GW Global data-centre capacity, demand vs supply1 Supply Demand ~70% of 2030 demand comes from AI training and inference, ~278 GW up from ~44% in 2025 ~233 GW ~45 GW shortfall of supply against demand in
Slide 9: Hyperscaler Investment
Hyperscaler Investment Hyperscaler capex nearly doubled to ~$417B in 2025 and is expected to reach ~$1.6T by 2030 Hyperscaler annual capex, global (% growth p.a.) +86% Hyperscaler capex jump in 2025, from a +31% p.a. historical run-rate of ~$100–200B a year $1,600B $1,400B $1,200B $1,005B $788B ~75%
Slide 10: Powered Land Advantage
Powered Land Advantage Powered land is one of the scarcest assets in the AI build-out, and Phoenix starts with 450 MW of it Power comes first Grid capacity takes time Powered land is a head start AI campuses are built where power New connections and network Owners of land with power and is available
Slide 11: Phoenix's Pivot to AI
Phoenix's Pivot to AI Phoenix is poised to capture this demand, with a 1+ GW pipeline across Europe, the US and the GCC From pipeline to first project, MW F IRST PROJECT Pipeline and long-term ambition Lyon, France 1+ GW Powered-site opportunities across Europe, the US and the GCC that Phoenix aims
Slide 12: Project Lyon: Advancing Through RIBA Stage 2
Project Lyon: Advancing Through RIBA Stage 2 Project Lyon, Phoenix Group's first European AI-ready data centre development, RIBA Stage 2 | Appointed Consortium has advanced into RIBA Stage 2 (Concept Design), marking a key milestone in the project's development. Lead Designer With 18MW gross of plan
Slide 13: Performance: Operational & Financial
Performance OPERATIONAL & FINANCIAL 13
Slide 14: Operational Metrics - Q3'26
Operational Metrics - Q3'26 OVERALL BUSINESS HASHING SHARE IN THE NETWORK CURRENT POWER CONSUMPTION 1.11% BTC MINING PER DAY ~234.76MW MINING EFFICIENCY 3.50 POWER COST PER KWH² 22.25MW/EHs 0.0496 (c) JV INVESTMENTS MINING HOSTING HASH RATE HASH RATE HASH RATE 4.92EHs 1.61 EHs 4.02 EHs HASHING SHARE
Slide 15: Operational Metrics - Q3'26: Revenue, Margins, Efficiency
Operational Metrics - Q3'26 REVENUE & INCOME MARGINS EFFICIENCY GROSS REVENUE BLENDED GROSS MARGIN USD 17.37 MN 39% HASH RATE 10.6 EH/s SELF MINING SELF MINING USD 13.29 MN 44% GLOBAL HASH RATE CONTRIBUTION 1.1% HOSTING HOSTING USD 4.06 MN 21% Earnings call - Q2/2026 15 Sources: PHOENIX GROUP PLC In
Slide 16: Balance Sheet Review - Q3' 2026
Balance Sheet Review - Q3' 2026 TOTAL ASSETS TOTAL DIGITAL ASSETS TOTAL EQUITY (USD MN) (USD MN) (USD MN) YoY: -28.4% YoY: -31.8% YoY: -44.3% QoQ: -9% QoQ: -8% 750.1 QoQ: -7% 731.8 328.8 592.6 541.9 537.3 197.5 499 183.1 Q3:25 Q2:26 Q3:26 Q3:25 Q:26 Q3:26 Q3:25 Q2:26 Q3:26 • Total assets stood at $5
Slide 17: PnL Review - Q3' 2026
PnL Review - Q3' 2026 TOTAL REVENUE EBITDA (EXC; COMPREHENSIVE INCOME (USD MN) CITADEL)(USD MN) (USD MN) YoY: -46% YoY: -269.4% QoQ: 406.7% YoY: -0.4% 29.1 0.806 QoQ: -9% QoQ: 333% 19.0 -0.27 -1.36 -43.4 -9.98 -43.2 17.3 Q3:25 Q3:26 Q3:26 Q3:25 Q2:26 Q3:25 Q2:26 Q3:26 Q2:26 • Gross revenue stood at
Slide 18: Optimization Initiatives Paying Off
Optimization Initiatives Paying Off SELF MINING GROSS MARGIN MINING EFFICIENCY (J/TH) AVG POWER PRICE ($/KWH) 23.0 8 21.9 20.5 6 6 19.5 3 18.8 1 18.50 Self-Mining Gross Margin remained strong at 44% in Q3’26, marginally up compared to 43% in Q2’26 despite continued volatility and competitive conditi
Slide 19: Investor relations
Investor relations [email protected] Abu Dhabi, United Arab Emirates 3612, 34 Floor, Al Maqam Tower, Regus Adam +971 4 323 9120 Square, Al Maryah Island, Abu Dhabi, UAE @phoenixgroupuae Dubai, United Arab Emirates @phoenixgroupuae Office 2901, Floor 29, Boulevard Plaza Tower 2, Burj @thephoenix