AIB Data Centers Inc. IAccess Alpha Virtual Best Ideas Fall Investment Conference 2026

Welcome, everyone. Today, I am going to give you a presentation on AIB Data Centers, a power-first compute infrastructure company that is focused on delivering data center to the AI economy. This is a typical forward-looking statements, so please note the disclaimers. Why AIB? Why now? AIB is present in markets with the fastest growth market in the country for data center. We have a large pipeline of power sites that are under development, that are under diligence, that can satisfy the very high demand from AI companies and AI cloud companies. We have a team that have executed over 3 gigawatts of data center construction in their past career. Also, we have done over $40 billion deals, in arranging for construction deals.

This is a great opportunity right now because our stock is trading at just below $2 million per megawatt, comparing to some of the peers that are averaging over $20 million per megawatt. The gap is there because we have not executed a tenant contract yet. We are in the public market for barely six months, but we are going to execute our business plan. In the past six months since we have become public, we have contracted 65 megawatts, with 15 years of term, in one of our southeast site. According to our power acquisition team, we have looked at over 50 sites in the U.S. and issued LOIs to over 10 sites. We are looking to acquire four to five sites in the next three to six months, totaling just over 300 megawatts. Our goal is to contract over 300 megawatts by year-end or Q1 2027.

Unlike most of the other data center companies, we're going to be focused on mid-market. What does it mean to be mid-market? It means we are targeting AI companies or AI cloud companies between the market cap or valuation between $10 billion and $100 billion. They are not smaller companies, but they are smaller than the trillion-dollar companies. As a result, that demand has been very underserved. By focusing on smaller data centers, we can lease the data center much faster, because these guys, they generally move faster. Because the data centers are of smaller footprint, we can deliver them much faster as well, creating higher demand. As you know, everybody wants the data center tomorrow. We have a simpler supply chain because we have fewer equipments that we need to procure.

By definition, when you have a smaller footprints, you have a smaller impact to the surrounding community, and you have less pushback, and you have a higher certainty of getting permits. Now, let's turn to the next slide, and I'm going to hand over to Gary, our VP of Sales.

Thank you so much, Jerry. If you can actually go back to the last slide, Jolene. One thing that I want to preference, I've been in this industry for over 10, 15 years and had the opportunity to sell to all the major hyperscalers and neo clouds. One of the reasons why I came to AIB is Jerry's strategy, and he's very cerebral in his approach in being focused on these institutional mid-market assets, anywhere from 50 to 100 megawatts. To his point, because of the quick sales cycles and the fast delivery times from a construction standpoint, and being able to navigate the critical pathways to execution when it comes to supply chain, this all lands on one key goal, which is speed to market.

Our portfolio aligns perfectly with our target market, which is, as Jerry mentioned, the tier 1 and tier 2 neo clouds, and also some of the smaller enterprise clients. Most of these AI companies are looking for power between now and anywhere first half 2028. Having this type of approach with our portfolio gets us to that speed of market, and be able to hit the capacity goals that our target audience and our target market is striving to achieve. There is a gap of power that is needed to supply the demand, and it's very significant. If you just take the top tier neo clouds into hyperscale entities right now, you're looking at their capacity planning. They're behind at least 25 to 30 gigawatts currently.

As you can see from this slide here, there's about 66 gigawatts under construction right now. 95% of that's pre-committed. I can also preference that there's over 200 gigawatts of capacity that is needed between now and the end of 2029, and that's incredibly significant. Right now, the North American vacancy for the third, fourth consecutive year is less than 1%. For the assets that we are bringing to the marketplace, as you can see here from this slide, we're looking at typically one anchor tenant per asset, per site. The average term is about 10 to 15 years. When you look at what that comes out to per megawatt per year, it's anywhere between $1.5 million to $2.8 million, which is significant. At the end of the day, we are a power first strategy.

We're not going to offer any land that doesn't already have the power secured. We're not marketing theoretical power. We're developing sites that already have, as you can see, our first gate, the power agreement in place, either an executed ESA and a power purchasing agreement in place. At the end of the day, the bottleneck isn't the land, the bottleneck is the power. It's the utility agreements, it's the transmissions, it's the delivery schedules for power. We want to make sure we have the power under control, then we have the land under control, and lastly, we have the interconnection under control. When we have those three facets, that's when we look at the asset, and that's when we move forward to acquiring the land.

Again, it's all about speed to market, and we want to ensure that we have firm power readily available as we are a power first strategy when it comes to building out our portfolio for our customer base.

Thank you, Jolene. Awesome. Thanks, Gary.

I'll jump in. I'm Jolienne Halisky, I'm the CFO with AIB. The first thing I want to talk about is what a megawatt is actually worth. On the left-hand side of the slide, we speak to some of the benchmarks per megawatt. On the other side, we are going to talk a little bit about what these contracts look like at full lease-up. If we pull this apart, basically 65 megawatts of utility contract demand or utility load at our 1.3 design PUE converts to about 50 megawatts of critical IT load. This is the power that actually reaches the racks and generates revenues. At a benchmark of $1.8 million to $2 million per megawatt per year, that is roughly about $93 million of annual revenue at stabilization, with expected net operating income margins running in between that 85% to 90% range.