Strategy (MSTR) Corporate presentation summary

Metric updates and strategic focus

• Metrics have been refined to better reflect the evolving business, with a core focus on digital credit and investor-driven feedback guiding these changes.

• New and updated metrics include Net Reserve, Net BTC, Net BTC Per Share (Sats and USD), Fully Diluted Shares Outstanding (FDSO), mNAV, Amplification, Duration, BTC Hurdle ARR, and BTC Floor ARR.

• Net Reserve is calculated as BTC Reserve plus USD Reserve minus out-of-the-money debt and preferred stock, providing a clearer view of bitcoin value after liabilities.

• Net BTC Per Share (Net BPS) reflects bitcoin per share after accounting for senior liabilities, using FDSO as the denominator.

• Amplification now measures the equity multiplier effect of digital credit, showing how BTC Reserve changes relative to Net Reserve.

Share count and capital structure

• FDSO includes basic shares, options, RSUs/PSUs, and shares from in-the-money convertible debt and preferred stock, while out-of-the-money and non-convertible instruments are excluded and deducted from Net BTC.

• Share count scenarios illustrate how different MSTR prices affect which convertible instruments are in-the-money, impacting FDSO and Net BPS.

• Net BPS is highly sensitive to bitcoin price changes, with amplification effects increasing or decreasing based on BTC price and capital structure shifts.

Key performance indicators (KPIs) and methodology

• KPIs such as BPS (in Sats and USD), BTC Yield, BTC Gain, and BTC $ Gain are used to assess the accretive impact of bitcoin acquisition strategies on a per-share basis.

• Methodology for calculating interim period KPIs changed in 2026 to improve comparability, now using the reference period's starting BPS as the denominator for all sub-periods.

• These KPIs do not account for all liabilities or senior claims and are not substitutes for GAAP financial measures.