Northern Data (NB2) investor relations material

Executive summary

• Revenue from continuing operations fell to EUR 80.0 million in 2025, down from EUR 121.1 million in 2024, reflecting a strategic transition and technology upgrades that temporarily impacted results.

• Adjusted EBITDA from continuing operations was a loss of EUR 37.9 million, compared to a profit of EUR 32.5 million in 2024, mainly due to lower GPU utilization and increased costs.

• The divestiture of the Peak Mining segment in November 2025 marked a shift to a pure-play AI and HPC infrastructure provider, with a gain from discontinued operations of EUR 92.6 million.

• A business combination agreement with Rumble Inc. was announced, with closing expected in Q2 2026, potentially bringing significant customer commitments and strategic benefits.

• The company withdrew its 2025 financial guidance in October due to ongoing strategic evaluations and dynamic pricing in the cloud segment.

Financial highlights

• Total income from continuing operations was EUR 83.3 million, down from EUR 150.0 million in 2024.

• Net loss from continuing operations widened to EUR 482.7 million (2024: EUR 110.4 million), driven by significant impairments, higher legal and consulting fees, and increased credit losses.

• Cash and cash equivalents decreased to EUR 57.6 million at year-end, from EUR 120.3 million in 2024.

• Cash flow from operating activities was positive at EUR 29.2 million, while investing and financing activities resulted in net outflows.

• Earnings per share (undiluted and diluted) were EUR -6.08, compared to EUR -2.21 in 2024.

Outlook and guidance

• The company expects strong year-on-year revenue growth and a meaningful increase in adjusted EBITDA for 2026, driven by improved business momentum and a diversified customer pipeline in Taiga Cloud.

• Ardent Data Centers is not expected to generate significant external revenue in 2026, focusing mainly on supporting Taiga Cloud.

• The Rumble transaction, if completed, is anticipated to enhance market reach, operational synergies, and innovation potential.