Investor Presentation Second Quarter 2026 August 13, 2026 NASDAQ / LSE: FRMI
2 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our development plans, construction timelines, permitting and regulatory approvals, tenant agreements, financing activities, generation capacity, future expansion of Project Matador, and anticipated operational milestones. These statements are based on current expectations and assumptions and are subject to known and unknown risks, uncertainties, and other important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include, among others: our ability to obtain and maintain required permits and regulatory approvals, including from the NRC and TCEQ; our ability to secure binding tenant agreements and creditworthy counterparties; the availability of project financing and capital on acceptable terms; risks associated with large-scale construction and infrastructure development; interconnection availability and grid constraints; supply chain and equipment procurement risks; commodity availability and pricing, including natural gas and water; risks associated with nuclear development and licensing; counterparty performance; and broader economic, regulatory, and market conditions. Statements regarding potential generation capacity in excess of currently permitted levels, including any reference to expansion beyond approximately 6 GW or up to 11 GW or 17 GW, are subject to the successful receipt of additional permits and approvals, financing, interconnection capacity, land acquisition, and other factors, and there can be no assurance that such capacity will be developed or achieved. Statements regarding total site acreage, including any reference to expansion beyond currently controlled or leased land, are subject to the closing of pending acquisitions, land availability, and other factors, and there can be no assurance that such acreage will be realized. These forward-looking statements represent management’s expectations as of the date of this release. Except as required by law, the Company undertakes no obligation to update or revise these statements. Additional information regarding these and other risks is included in the Company’s Form 10-K and other filings with the Securities and Exchange Commission.
3 Fermi America: Where AI Gets Power Scale At ~8,400 acres, one of the largest advanced energy and data sites Permitted 6GW federal air permit secured; application for additional 5GW filed Power Strategy built for resilience and designed to scale to 17GW long-term Premier Competitive private power campus offering rapid speed to power
4 Utility-Grade Private Grid with Top-Tier Power Generation Assets Permitting 6 GW Federal Air Permit Secured 5 GW Federal Air Permit Filed Water 80% Less Water Use2 Through Closed-loop System Power 4.8 GW Power Within ~30 Months1 Up to 17 GW Power Generation at Scale Land ~8,400 Acres Secured / Under Contract >15 MM Sq. Ft. of Data Center Space Natural Gas 5 Major Pipelines Available within 20 Miles 220K MMBtu/d Firm Supply Secured 4 Turbine Platforms with Two Different OEMs 1) Includes Hillcore strategic alliance, 200MW of power from Xcel Energy, and six SGT-800 turbines on order and expected to be delivered in 2028. 2) Compared to conventional water-based cooling methods
Decades of experience in energy development, power generation, project management, and project finance 5 Marius Haas Chairman of the Board • Founding Partner of BayPine, which was formed in May 2020 • Extensive technology experience at Dell Technologies, Hewlett-Packard, Compaq, and Intel Corporation Fermi 2.0: Experienced and Respected Leadership Team Anna Bofa Chief Commercial Officer • Fermi Board Observer • Extensive technology experience at Google, Dropbox, Pinterest, and Meta Jacobo Ortiz Chief Operating Officer • Founder and President of Las Brisas Property Management • Prior marketing experience at S.C. Johnson and Son Rob Masson Chief Financial Officer • Board member and former CFO at several public and private companies • Experience includes roles at Noble Supply & Logistics, Latham Group, Hypertherm, Flowserve, and Raytheon Technologies George Wentz General Counsel • Founder of MAD Energy, a company focused on large-scale transitional energy infrastructure and next-generation energy technologies • Partner at Davillier Law Group Lee McIntire Chief Executive Officer • Fermi Board Member since September 2025 • 40+ years of leadership in large-scale, complex construction and engineering projects at Bechtel, CH2M Hill, and TerraPower
6 Fermi 2.0 Leadership Priorities Scorecard Delivering on all five objectives set just 90 days ago • Deal signed with TensorWave • Phase 1: $6.5B contract for 222 MW of power over 15 years • Includes two options to expand to ~650 MW of total power First Binding Customer Agreement • Hillcore BOOT strategic alliance to add 2.6 GW of incremental power, bringing total to 4.8GW within ~30 months • EPC agreements with Primoris and TSK Advance Strategic Partnerships • Issued upsized $431MM 5.00% convertible senior notes • Capped call prevents dilution until the stock doubles ($14.64, a 100% premium to the $7.32 reference price) Enhance Liquidity • Three Siemens F-class turbines have arrived in Port of Houston • Targeting ~200MW of initial power over the next six months Move Project Matador Closer to Power • Lee McIntire (Fermi board member) named as CEO • 40+ years of leadership in large-scale, complex construction and engineering projects at Bechtel, CH2M Hill, and TerraPower Identify Next CEO
7 First Binding Customer Agreement: TensorWave $6.5B Phase 1 Contracted Revenue First binding lease validates Project Matador demand with significant opportunities to future expansion 222 MW Phase 1 Contracted Capacity Up to ~650 MW Total Facility Power Including Two Data Center Expansion Options 15-Year Initial Term with Two 5-Yr. Extension Options 2H 2027 Phased Delivery Begins
8 Fermi Appoints Lee McIntire as Chief Executive Officer Experienced leadership for Fermi’s next phase Fermi CEO Brings 4 decades of experience Education: • B.S Civil Engineering – University of Nebraska • M.B.A. – Thunderbird School of Global Management Lee McIntire TerraPower CH2M Hill Bechtel Corporation CEO Chairman, CEO, and President Partner, Executive VP, Board Member • 40+ years leading large, complex infrastructure & construction projects • Proven focus on execution and risk management Execution & Project Delivery Industry Expertise • Current Board member providing continuity, governance, and execution focus • Familiar with Fermi’s top priorities Continuity & Leadership The Right Choice to Achieve Near-Term Power Delivery McDermott International Interim CEO and Lead Independent Director • Extensive experience across power, energy, and advanced nuclear • Navigated highly regulated and technical environments
9 Hillcore “BOOT” Strategic Alliance Build-own-operate-transfer partnership adds ~2.6 GW of combined-cycle generation at Project Matador 2.6 GW Combined-cycle capacity owned by Hillcore 4.8 GW Total planned on-site generation within ~30 months 350 MW First power targeted within 24 months of NTP $0 Fermi capital or debt for the plant Transaction Structure • Hillcore and its partners finance, construct, own, and operate the facility • Fermi commits no capital and issues no debt • Fermi is the anchor offtaker under a 20-year PPA, renewable in 10-year increments • Each block is triggered by contracted tenant demand, with PPA terms matched to lease terms • Fermi holds an option, not an obligation, to acquire the facility at fair market value after year 10 • Doubles power to market to 4.8 GW over the next ~30 months
10 Strategic Partnerships: Proven Contractors to Advance Path to Power Highly capable and respected contractors on-board to fast-track first power at Project Matador Top-tier, Proven US Partner • Phase One Critical Asset Management: To engineer and construct the balance of plant for the first six Siemens SGT-800 turbines • Active Site Momentum: Already mobilized with bathtub excavation complete and materials staged to accelerate construction • De-Risked Execution: Immediately converting plans into “steel in the ground” Spain’s Largest Power-Focused EPC Firm • Phase Two Critical Asset Management: To manage complex engineering for three Siemens SGT6- 5000F gas turbines • Accelerated Timelines: Early works engineering that fast-tracks permitting and site mobilization • De-Risked Execution: Leverages TSK’s global expertise and scale
11 Upsized Convertible Senior Notes Strengthening the Balance Sheet to Accelerate Project Matador Upsized Amount $431MM Maturity Year 2031 Conversion Price1 $14.64 Fixed Coupon 5.00% • Low coupon with no scheduled amortization • No financial maintenance covenants • Significant interest savings vs. conventional financing Capital-Efficient Financing • Capped call limits dilution until a 100% premium to the closing price is achieved • Even if the stock price triples, dilution is only ~2% Shareholder-Friendly Structure • Strengthens balance sheet and tenant/partnership negotiating position Strategic Timing • July 2031 maturity • Aligns well with five-year power- delivery horizon Aligned Maturity • $417MM net proceeds provide significant liquidity and flexibility • Funds capped call transactions Proceeds $7.32 $9.52 $14.64 Base Conversion Price / +30% Capped Call Strike Price / +100%Reference Closing Price Dilution-Free Zone Absorbed by Capped Call Note: Convertible Senior Notes closed on July 14, 2026. See Appendix for more details. 1) Represents the effective capped call conversion price
Draft – Pending Finalization Note: Stats shown are as of June 30, 2026 4.6 Miles of natural gas lines installed 11.3 Miles of fencing installed 7.2 Miles of water lines installed ~13.1 Million Sq. Feet (300 Acres) prepared 12 Project Matador's Unmatched Progress
13 SGT6-5000FGE TM2500Siemens SGT-800GE Vernova FR6BAsset • All turbines in Port of Houston and cleared by customs • Awaiting transport to site • In Houston(1) • Site work already occurring (leveling, compacting), have secured step-up and step-down transformers • Procurement complete • All turbines in Port of Houston and cleared by customs • Foundations are prepped to be poured • Awaiting transport to site • In Houston refurbishment shop— turbine refurbishment is complete • Foundations poured at site • Awaiting transport to site Status 37 (1)63Number of Units 22 months(3)2 months(2)15 months8 monthsTime to Power4 728 MW | 1,042 MW126 MW | N/A296 MW | 396 MW116 MW | N/ATotal Capacity Simple | Combined Cycle Purchase20-Year LeasePurchasePurchaseStructure A Diversified Generation Portfolio Designed to Deliver Early Power, Sustained Hyperscale Loads, and Optimized Long-Term Economics 1.Under the lease agreement, the TM2500s are held by the lessor until June 2027 2.Infrastructure to be complete prior to asset delivery to site from lessor / start-up time only Note: page excludes power received from Xcel Energy 3.EPC contract in negotiations and go-live is contingent on award 4.Estimated from FID / Contractor effective start
14 Q2 2026 Financial Highlights $520MM Debt, Net +$431MM added in July Convertible Debt Offering $1.55B Total PP&E, Net Invested $185MM into PP&E in the Quarter $92MM Cash and Restricted Cash +$382MM raised in the July Convertible Debt Offering1 Balance Sheet $49MM Cash Used in Operations $27MM Total G&A Expense $0.04 Net Loss per Share Net Loss of $26MM Income and Cash Flow2 1) Excludes $34.5M of net proceeds used to fund capped call transactions. 2) For the three months ended June 30, 2026.
15 Access to Liquidity: Nearly $1.4B of Commitments Secured Turbine Warehouse $500MM • Funding for three Siemens F-class gas turbine units • A portion of proceeds were used to pay-off the term loan with Macquarie • Daily Simple SOFR plus 4.0% per annum • ~$445MM drawn as of June 30, 2026 E Q U IP M E N T High Voltage $120MM • Funding for non-spinning electrical components • 12.0% per annum • ~$77MM drawn as of June 30, 2026 Turbine Warehouse II $165MM • Funding for six Siemens Energy SGT-800 gas turbines • 12.0% per annum • ~$15MM drawn as of June 30, 2026 G E N E R A L Promissory Note $156MM • 0% coupon promissory note to fund general corporate expenditures • Commitment reduced to ~$78MM as of June 30, 2026 • Commitment declines by $26M per month and expires Sept. 30, 2026 • $0 drawn as of June 30, 2026 Convertible Senior Notes $431MM • Issued July 14, 2026, with a 5.00% coupon rate and net proceeds of ~$417MM • Initial conversion price of ~$9.52 per share • Capped call transactions expected to reduce dilution with an effective price of $14.64 per share, representing a 100% premium to the closing price
Experienced and Respected Leadership Team Executive team includes a blend of respected industry veterans with both technical and public company leadership expertise One of the World’s Largest Advanced Energy and AI Campus Sites One of the largest and most significant infrastructure assets providing essential power to support AI-driven demand Attractive Return Profile Significant ability to scale and serve the world’s most valuable companies Key Investment Highlights 16 Securing and Advancing Attractive Customers and Partnerships Secured agreements with partners and conducting ongoing discussions with multiple world-class counterparties Top-Tier Execution Secured permits, power generators, and equipment financing at exceptional speed and scale, set to deliver rapid speed to power Large, Attractive and Exclusive ~8,400 Acre Site Abundant and redundant access to natural gas, water and fiber (potential to harness nuclear) to deliver up to 17GW of power
Appendix
18 Summary of Convertible Senior Notes & Capped Call Terms Base Note Terms $431.25 million (includes full $56.25 million upsize)Aggregate Size 5.00% per annum (payable semi-annually)Coupon July 15, 2031 (~5 years)Maturity $7.32 (Closing Price on July 9th)Reference Price ~$9.52 per shareConversion Price 30% to the Reference PriceConversion Premium Capped Call Terms $14.64 per shareCap Price 100% to the Reference PriceEffective Premium ~$34.5 millionUpfront Cost Privately negotiated cash- settled capped callInstrument Type Fully offsets economic dilution between the $9.52 conversion price and the $14.64 cap price Dilution Mitigation Callable: On or after July 20, 2029 Trigger: Subject to a 130% stock price trigger (stock must trade at ≥ 130% of conversion price for at least 20 out of 30 consecutive trading days) Redemption Details Use of Proceeds ($ millions)
SITE OVERVIEW | 17 GW Advanced Energy & AI Campus | ~8,400 Acres, One of the Largest Sites of its Kind in the World 19
20 Superior Positioning with Surrounding Water and Natural Gas Access
21 Natural Gas Infrastructure Gas Pipelines Gas Pipeline Arrival Gas Pipeline Installation Project Matador sits on the intersection of major pipelines with significant natural gas infrastructure. Firm delivery of clean natural gas at gigawatt scale.
22 Site Location Amarillo, TX Chicago, IL ~15.84ms Oklahoma City, OK Dallas, TX Denver, CO Phoenix, AZ Las Vegas, NV Reno, NV ~18.54ms ~23.18ms ~8.3ms ~5.02ms ~7.14ms ~20.28ms Albuquerque, NM ~5.60ms Superior Access to Extensive, Redundant Fiber Networks
23 Glossary DefinitionTerm Department of EnergyDOE GigawattGW ThousandK MillionMM Million British Thermal Units per DayMMBtu/d Millisecondsms MegawattMW Not ApplicableN/A Notice to ProceedNTP Original Equipment ManufacturerOEM Round-Trip DelayRTD Square FeetSq Ft
Investor Relations Barry Sievert Rodrigo Acuna IR@fermiamerica.com 620 S. Taylor, Suite 301 Amarillo, Texas 79101 www.fermiamerica.com