Keel Infrastructure (KEEL) investor relations material

Strategic transformation and business focus

• Completed rebrand and redomiciliation to the US, shifting focus from Latin America to a US-centric growth pipeline, with over 90% of future projects in the US and a major presence in Pennsylvania.

• Currently halfway through a 3-year transformation plan, with key milestones such as asset acquisitions, US GAAP conversion, and LATAM exit already executed; all 2025 and 2026 objectives are on track.

• Main priorities for the remainder of the year are advancing development at Panther Creek, Sharon, and Moses Lake, and expanding secured energy capacity.

• No HPC facilities or revenues expected in 2026; first HPC sites and revenues targeted for 2027, with scaling planned for 2028 and beyond.

Project pipeline and site details

• Pipeline includes approximately 2.2 GW of secured capacity, with five main sites prioritized for HPC and AI campuses; Panther Creek, Sharon, and Moses Lake are the most advanced.

• Panther Creek is a flagship hyperscale campus near New York and Philadelphia, offering 350 MW secured capacity with potential expansion to 500 MW; targeting hyperscalers and large neoclouds.

• Sharon site, at 110 MW, is likely to be the first fully online in Pennsylvania and is attracting both hyperscalers and enterprise customers, including financial institutions leveraging AI.

• Moses Lake, at 18 MW, is expected to be the first site generating revenue, targeting neoclouds, enterprise, and government customers, with operations anticipated in Q2 2027.

Competitive advantages and customer value

• Focused on solving high-value problems for tenants, such as securing 2027 power and offering prime locations near major metropolitan areas and inference demand centers.

• Strong stakeholder relations developed through proactive community engagement and partnerships, enhancing project execution and local support.

• Collaborates with top industry partners for construction and engineering, building credibility and de-risking execution for customers.

• Designs are future-proofed for next-generation GPUs (Vera Rubin), anticipating higher energy densities and evolving requirements, rather than building for current needs.