AIB Data Centers (AIB) Investor update summary

Nebius contract and project financing

• Signed a firm 50 MW IT-load Nebius contract with a 12-year initial term; no termination options, or full payment if such options existed.

• MSA supports future leases through purchase orders; lease rate exceeds three cited contracts at $1.87m-$2.16m per MW/year, while total contract value remains confidential.

• CLT1 project cost estimated at ~$800m, funded through projected $560m construction debt, $140m project-level preferred equity and ~$100m equity.

• Customer prepayment exceeds $100m, is advance rent and can be drawn for POs and construction; management said it covers the equity component with no additional equity raise planned.

• Utility costs pass through to Nebius; projected EBITDA margin is ~90%.

Delivery and pipeline

• 65 MW utility contract signed in May for a 15-year term; its capacity translates to 50 MW of IT load under the Nebius contract.

• Two 25 MW halls are planned, with the first expected 10 months and the second 14 months after escrow funds are received; first-hall operational cash flow is expected in Q4 2027.

• Site decommissioning has started; the GC has worked on the project for 3-4 months and bids are out for equipment and major electrical and mechanical components.

• Four additional controlled sites represent ~280 MW of potential capacity; DFW1 is owned with an ESA executed, and contracting and construction could begin within 3-6 months.

• Strategy prioritizes sub-100 MW facilities and near-term available power, citing permitting clarity and community pushback risks around larger data centers.

Commercial and operating plans

• Bank Street has advised on financing since late April or early May; after lease signing, the team began executing NDAs and seeking debt term sheets, with the CFO expressing confidence in securing debt and preferred partners.

• Nebius MSA negotiations took 3.5 months; future Nebius sites can use added POs, while MSAs with other prospective clients are being negotiated in parallel to shorten contracting.

• Multiple clients are reviewing other sites, with at least 5-6 prospective clients; the stated goal is one tenant per data center and a portfolio of 8-10 clients within 24 months.

• Developer fees and markup on non-recurring fit-out costs are expected to generate corporate-level cash flow; rental prepayments are recorded as deferred rent and fit-out charges as PP&E.