galaxy.com Investor Presentation July 2026
galaxy.com 2 INVESTOR PRESENTATION Disclaimer This presentation, the information contained herein and the materials accompanying it (collectively, this “Presentation”) has been prepared by Galaxy Digital Inc. (“Parent”), Galaxy Helios Data Centers II LLC (the “Issuer”) and Galaxy Helios II LLC (the “Subsidiary Guarantor” and, together with Parent and the Issuer, the “Company Parties”) solely in connection with a proposed offering of senior secured notes (the “notes”) by the Issuer and may not be used for any other purpose. While this Presentation contains a discussion of various entities and projects, only the Issuer, the Subsidiary Guarantor, and the 400 MW utility capacity / 260 MW critical IT capacity data center project being developed on the 196-acre property will provide credit support for the notes. This Presentation is strictly confidential and is being furnished to the Recipient thereof (the “Recipient” or “you”) on the condition that you agree to not copy, reproduce, disclose, forward or distribute it to any third party in whole or in part without the prior written consent of the Company Parties. By attending the meeting where this Presentation is made, or by accepting delivery of or by receiving this Presentation, you agree to be bound by the following terms and conditions, including any modifications to them. No Offer or Solicitation The notes have not been and will not be registered under the U.S. Securities Act of 1933 (the “Act”), or any state securities laws or the laws of any foreign jurisdiction. The notes will be offered in the U.S. only to persons reasonably believed to be “qualified institutional buyers” pursuant to Rule 144A under the Act and to non-U.S. persons outside the U.S. in reliance on Regulation S under the Act. 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Non-GAAP Figures This Presentation includes certain non-GAAP financial measures including Net Operating Income, Debt Service Coverage Ratio, Levered Free Cash Flow, and Cumulative Levered Free Cash Flow. These non-GAAP financial measures are not measures of financial performance in accordance with U.S. generally accepted accounting principles (“GAAP”) and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should be considered only as supplemental to, and should not be considered in isolation or as an alternative or superior to GAAP measures. You should be aware that the use of such measures in this presentation may not be comparable to the use of similarly-titled measures by other companies. 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galaxy.com 9 Transaction Overview: ~$3.5Bn Financing of the Helios Data Center INVESTOR PRESENTATION • Developing Project Speed Phase II (400 Gross MW / 260 MW Critical IT Load), leased to CoreWeave • Owner, developer, and future operator of HPC infrastructure • Well-positioned to meet surging AI demand with 1.63 GW of approved electrical capacity at its Helios Campus • 800 Gross MW of leased capacity at Helios (including 400 Gross MW from Phase II) – all with CoreWeave as the tenant ─ Delivered Phase I, exhibiting ability to develop at large scale • Rapidly scaling, specialized cloud provider focused on GPU accelerated AI and HPC workloads • Backed by Nvidia who owns a ~11.5% equity stake and is obligated to purchase up to $6.3Bn of residual cloud capacity through April 2032 • $99.4bn of contracted revenue backlog as of Q1’26 (1) • Has a $43.6Bn market capitalization with $6.2Bn+ LTM revenue as of Q1’26 (2) 260 MW Critical IT Load Under Contract 15 Years Base Lease Term + Two 5-Year CoreWeave Extension Options 13.7% Starting MRC Gross Yield on Cost $10.4Bn (3) (5) Minimum Contracted Lease Payments Q2’27 (5) Initial Targeted Rent Commencement Date ~90%+ (6) 3.0-5.0% (4) Annual Rent Escalator Near Triple Net Lease (7) NOI Margin 1. Per public filings 2. As of 07/14/2026 3. Reflects remaining lease payments under the lease and does not include a $100M options payment already received from CoreWeave, based on 15-year initial lease term, 3% annual inflation 4. 3% if CPI is below 3%; 5% if CPI is greater than 5%; If CPI is between 3%-5%, annual escalation rate shall be equal to the CPI 5. We can give no assurance that such lease payments will be made or that we will be able to achieve the target rent commencement date 6. Includes operating expenses of $15 / kW / month 7. Tenant will pay expenses associated with operating the Premises (i) excluding personnel costs provided by Galaxy to operate all mechanical, cooling, electrical and administrative functions (outside of the Data Center white space), and (ii) including, but not limited to, utilities, taxes, insurance, maintenance, and ordinary repairs
galaxy.com 27 Consolidated Financial Summary Year 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 Cash Flow Summary Rent $MM - - 155 472 565 582 599 617 636 655 675 695 716 737 759 782 806 830 70 NOI $MM - - 120 424 516 531 547 564 580 598 616 634 653 673 693 714 735 757 64 NOI Margin % - N/A 77% 90% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% Cash Available for Debt Service $MM - - 120 424 516 531 547 564 580 598 616 634 653 673 693 714 735 757 64 Net Interest $MM - - (117) (290) (284) (272) (260) (243) (222) (198) (171) (140) (106) (66) (22) 8 8 8 (0) Amortization $MM - - - (12) (140) (140) (167) (227) (262) (300) (342) (388) (439) (495) (556) (40) - - - DSRA Draw (Replace) $MM - - - - - - - - - - - - - - - - - - 219 Cash Flow Post Debt Service $MM - - 4 122 92 119 121 94 97 100 103 106 109 112 116 682 743 765 283 Cumulative CF Post Debt Service $MM - - 4 126 217 336 457 551 648 748 850 956 1,065 1,177 1,292 1,974 2,717 3,482 3,765 Debt Beginning $MM - - 3,507 3,507 3,495 3,355 3,215 3,048 2,821 2,559 2,259 1,918 1,529 1,091 596 40 - - - Draw $MM - 3,507 - - - - - - - - - - - - - - - - - Mandatory Amortization $MM - - - (12) (140) (140) (167) (227) (262) (300) (342) (388) (439) (495) (556) (40) - - - Ending $MM - 3,507 3,507 3,495 3,355 3,215 3,048 2,821 2,559 2,259 1,918 1,529 1,091 596 40 - - - - Post-Construction Illustrative Annual Financial Summary INVESTOR PRESENTATION Consolidated Financial Summary Only 1 month shown