MARA : to Accelerate its Digital Infrastructure Strategy with Acquisition of Long Ridge Energy & Power (“Long Ridge”) Presentation (Project Leopard Deck V2)

Published: 2026-04-30 08:33:13 ET MARA

Published on 04/30/2026 at 08:33 am EDT

Rendering of Potential Data Center

NASDAQ: MARA MARA.COM APRIL 2026

Non-GAAP Financial Measures

Adjusted EBITDA is a non-GAAP financial measure used by Long Ridge Energy. Long Ridge Energy defines Adjusted EBITDA as net income (loss) attributable to stockholders, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, depreciation and amortization expense, interest expense and (b) to include the impact of Long Ridge's pro-rata share of Adjusted EBITDA from unconsolidated entities.

Annualized Adjusted EBITDA is calculated by summing the Adjusted EBITDA results for the three month periods ended September 30, 2025 and December 31, 2025 and multiplying such amount by two, as if such results represented a full year of operations, and is presented as it represents the first full period of normalized operations following the Long Ridge acquisition, consolidation, and operational ramp in 1H 2025. 2H results are annualized for illustrative purposes only and do not represent a forecast. Actual results for the fiscal year ended December 31, 2025 and for future periods may differ materially from such annualized results, and such annualized results have not been reviewed or audited by any accounting firm.

The non-GAAP financial measures used in this presentation have been prepared by, and are the responsibility of, Long Ridge Energy's management and

have not been reviewed or audited by any accounting firm.

MARA believes these non-GAAP financial measures are useful to MARA and its investors because they exclude certain financial, capital structure and non-cash items that may not directly reflect Long Ridge Energy's core operations and may not be indicative of its recurring operations. You should use non-GAAP information in addition to, and not as an alternative to, financial information prepared in accordance with GAAP. Non-GAAP financial measures may not be identical or comparable to measures with the same name presented by other companies.

See Appendix for a reconciliation of Long Ridge Energy's Adjusted EBITDA and Annualized Adjusted EBITDA to net (loss) income attributable to stockholders, the most comparable GAAP measure.

Today's Speakers

Fred Thiel

CHAIRMAN C CEO

Salman Khan

CHIEF FINANCIAL OFFICER

Duncan Dickerson

CHIEF GROWTH C STRATEGY OFFICER

Delivering on MARA's Digital Infrastructure Triad

Training, Inference,

Token Factory

POWER

Owned C Operated

Grid Connection Behind The Meter

Critical IT

Public / Private Cloud Data Centers

Bitcoin Mining

Digital Assets, Proof-of-Work

Transaction Highlights

Top-tier campus with

existing HPC interest

Power infrastructure with visible EBITDA

Significantly expanding

MARA's global portfolio

Advanced discussions with investment grade tenants

Access to power, land, water, fiber in one of the most attractive markets in the world

• +1 GW power capacity with up to 600 gross MW of Critical IT load / AI

Priced below replacement cost with minimal site development execution timing and risks

~$144 million of Annualized Adjusted EBITDA1

No expected loss of contribution to grid or impact on consumers

~65% increase in MARA's owned and operated power capacity

Diversifies cash flow sources and profile (~76% hedged Long Ridge

Energy cash flows)

• +4x liquidity2 on-hand (cash and BTC3, net of near-term debt) to finance the transaction

Annualized Adjusted EBITDA and Adjusted EBITDA are non-GAAP financial measures. For more information about the use of non-GAAP financial measures and how such measures are defined, see slide 3. For a reconciliation of

such measures to the nearest GAAP metric, see the Appendix. 6

As of March 31, 2026.

Reflects pricing of $70,000/BTC.

Transformation of MARA's Existing Capacity via Acquisition of Long Ridge Energy

Total Transaction Value1

Nameplate Combined Cycle

Gas Power Plant ("CCGT") 3

Contiguous Acres Owned

Hedged Capacity

Annualized Adjusted EBITDA2

Industry Veterans in

Energy Development4

Other MARA Ohio (172 MW)

MARA's Data Center (200 MW)

Long Ridge (505 MW)

Hannibal, OH

Transaction value includes the assumption of at least $785 million of debt, backstopped by a bridge loan.

Currently authorized to sell 485 MW; expected to increase to full 505 MW nameplate in 2H 2026.

FTEs supplementing MARA's existing expertise in developing and operating these types of assets.

Long Ridge Outperforms Digital Infrastructure Campuses Across Critical Differentiators…

HANNIBAL, OH (PJM)

MASON CO.,WV (PJM)

SUSǫUEHANNA,PA (PJM)

HAWESVILLE,KY (MISO)

WEST FELICIANA PAR. LA (MISO)

ELLENDALE,ND (MISO)

CHILDRESS,TX (ERCOT)

CO-LOCATED OWNED GENERATION

VERTICALLY INTEGRATED GAS SUPPLY

FIRM GRID POWER SUPPLY

PREMIUM CAPACITY MARKET (PJM)

PROXIMITY TO CORE AI DEMAND (NE / MID-ATLANTIC)

Source: Company public filings, web sites, and press releases.

… and Immediately Delivers What Would Take 10 Years and up to $2.7B to Build

ESTIMATED TOTAL TO REPLICATE

$1.6-2.7B+

7-10+ yrs

Brownfield Site Acquisition C Remediation

$100-320M

5-10+ yrs

Power Plant Construction (505 MW Nameplate CCGT)

$1.1-1.7B

3-4 yrs

Grid Interconnection C Transmission Upgrades

$50-200M

5-7+ yrs

Integrated Gas Reserve Assembly

$340-430M

4+ yrs

Permitting (Air, Water, Siting Board)

$10-20M

2-3 yrs

Water Rights C Fiber Connectivity

$25-70M

6-24 mos

Operating Track Record

3-5 yrs

With Long Ridge Energy, MARA is acquiring an equivalent campus for $1.5 billion that will become part of the MARA portfolio upon closing in 2H 2026

impossible

Adjacent Digital Infrastructure Ecosystem - Nearly

Source: Berkeley Lab, BNEF, EIA, Kiewit, Lazard's LCOE v18, public filings for Appalachian ECP operators (AR, CNX, DEC, EQT, RRC), EPA, historical Hannibal remediation costs and deposits, and other public sources.

+1 GW of Potential Power Capacity, with 600 Gross MW of Critical IT Load / AI Through 20301

Long-Term, HPC leases supported

via MARA's SDV partnership

200 MW 1,105 MW

200 MW

505 MW

Critical IT

Public / private cloud data centers Enterprise customers (Exaion expertise)

Grid Resiliency

Demand response via flexible BTC mining load

and generation capacity market participation

Power Generation

505 MW of contracted, vertically integrated capacity

Long Ridge Hannibal (MARA)

Expanded Grid Expanded

Generation

Total Capacity

1. Includes MARA's existing capacity at Hannibal and expanded grid and onsite generation capacity (active permits for both).

Reinforcing MARA's Partnership With Starwood, Based on Active Tenant Feedback

PJM - One of the Largest Data Center Markets in the World

NOVA

Illustrative Path to HPC Lease Marketing s Tenant Engagement

(Ongoing alongside SDV)

Finalize LOI s

Key Commercial Terms

Data Center Design s Lease Negotiation

Execute Binding Lease s Development Agreement

Construction

In-Service (Targeting mid-2028)

Source: Company public filings, web sites, and press releases.

Acquisition of a Premier Power Platform, Materially Expanding MARA's Owned Capacity

$144M

Annualized Adjusted EBITDA1

89%

~6,400 Btu/kWh heat rate

Highest capacity factor CCGT in PJM2

~76%

Energy sales hedged

+100

+1,600 Acres owned

MMcfd Q4 2025A

gas supply

~$15

/MWh All-in operating cost

65% increase in MARA's Owned C Operated Capacity

400 2,229

505

1,324

MARA Long Ridge Combined Growth Total Capacity

Note: In addition to its owned C operated capacity, as of December 31, 2025, the Company's hosted sites collectively provided approximately 537 MW of total capacity.

Reflects 2023-2024 average from SCP Capital IQ.

Multiple Non-Dilutive Financing Sources on Hand for Closing in 2H 2026

$500M+

Cash on Hand

Immediately deployable

$2.4B+

BTC Holdings

At $70,000/BTC (sell or lend)

$48G million

Near-term debt

Due within 12 months of anticipated transaction close

$1.1B

$0.2B

$0.7B

$0.5B $1.6B $0.7B

Target Net

Cash

Total

Assumed

Secured

MARA

$2.5B+

Near-term Net Liquidity

Cash and BTC less near-term debt

+4x Liquidity2

For Long Ridge Purchase

Anticipated 2H 2026 Close

Debt

Investment Uses/Sources1

Debt

Bridge

Investment

Note: The Company expects to fund the acquisition through a combination of existing cash on hand, debt rollover and possible equity and/or debt issuances and has obtained commitments for the requisite financing. 13

Estimate includes M&A, change of control consent waiver, financing, and legal fees.

As of March 31, 2026.

Transaction Highlights

Top-tier campus with

existing HPC interest

Power infrastructure with visible EBITDA

Significantly expanding

MARA's global portfolio

Advanced discussions with investment grade tenants

Access to power, land, water, fiber in one of the most attractive markets in the world

• +1 GW power capacity with up to 600 gross MW of Critical IT load / AI

Priced below replacement cost with minimal site development execution timing and risks

~$144 million of Annualized Adjusted EBITDA1

No expected loss of contribution to grid or impact on consumers

~65% increase in MARA's owned and operated power capacity

Diversifies cash flow sources and profile (~76% hedged Long Ridge

Energy cash flows)

• +4x liquidity2 on-hand (cash and BTC3, net of near-term debt) to finance the transaction

such measures to the nearest GAAP metric, see the Appendix. 14

As of March 31, 2026.

Reflects pricing of $70,000/BTC.

Appendix

Historical Long Ridge Financials

2025 2H Annualized1

Three Months Ended

December 31, 2025

Three Months Ended

September 30, 2025

(: thousands)

Net (loss) income attributable to stockholders

$ 566

$ (45,6GG)

$ (G0,266)

Equity-Based Compensation Expense

5,636

11,272

Acquisition and Transaction Expenses

162

3,966

8,256

Losses on the modification or extinguishment of debt and capital lease obligations

154

Changes in fair value of non-hedge derivative instruments

681

(510)

342

Depreciation C amortization expense

6,330

11,438

35,536

Interest Expense

27,956

26,730

109,372

(Benefit from) provision for income taxes

34,933

69,866

Pro-rata share of Adjusted EBITDA from unconsolidated entities

(337)

(674)

Adjusted EBITDA2

$ 35,742

$ 36,187

$ 143,858

Source: Company Public Filings and Press Releases. Financials reflect Long Ridge results as reported within FTAI Infrastructure; includes pro-rata adjustments and consolidation impacts where applicable.

Annualized 2H 2025 Adjusted EBITDA is calculated by summing the results for the three month periods ended September 30, 2025 and December 31, 2025 and multiplying such amount by two, as if such results represented a full year of operations, and is presented as it reflects both (i) the full contractual impact of power hedge swap agreements entered into in February 2025 and (ii) capacity payments which commenced in June 2025. 2H results are annualized for illustrative purposes only and do not represent a forecast. Actual results for the fiscal year ended December 31, 2025 and for future periods may differ materially from such annualized results, and such annualized results have not been reviewed or audited by any accounting firm.

Long Ridge Energy defines Adjusted EBITDA as net income (loss) attributable to stockholders, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and

transaction expenses , losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, depreciation and amortization expense, interest expense and (b) to include the impact of Long Ridge Energy's pro-rata share of Adjusted EBITDA from unconsolidated entities.

Vertically Integrated Power C Gas with Significant Upside

Opportunity to acquire a vertically integrated power generation platform, comprised of (i) a modern and efficient 505 MW combined-cycle gas power plant, (ii) owned gas supply and (iii) growth opportunities

Power Generation

Gas Production

Growth Opportunities

State-of-the-art 505 MW combined-cycle

gas power plant ("CCGT")

Modern technology with industry-leading performance

Similar new builds require 5-7 years of permitting and construction

Majority of generation sold under fixed price swaps, locking in revenue stream1

Own gas production assets in Ohio and

West Virginia

Total proven reserves of 856 TBtu2, representing over 20 years of owned gas supply for the power plant

29 wells drilled to date, producing over 100,000 MMBtu/d

Powered land

Power purchase agreement

Accelerated gas development

Incremental on-site power

Other power development opportunities

382 MW of total generation sold under swap agreements currently at weighted avg. price of $38.80/MWh.

Trillion Btu (TBtu) equal to 1,000,000 MMBtu. Based on 2025 year-end reserves report, assuming heat content of 1,022 MMBtu/MMcf for Ohio reserves and 1,028 MMBtu/MMcf for West Virginia reserves.

Power-Merchant Dispatch Considerations

LREP is well-positioned to benefit from strong merchant power prices in PJM as the highest capacity factor CCGT in PJM since 2023

2025/2026 PJM Supply Stack

(Bid $/MWh) 2025/2026 Min Load

63.0

2025/2026 Average Load

98.4

2025/2026Peak Winter Load 140.8

2025/2026Peak Summer Load 159.0

Long Ridge is among the most efficient CCGTs in PJM, and is positioned in the supply stack well below the minimum and average load forecasts in PJM

based on ICF's market forecast

450

400

350

300

250

200

150

100

0 20 40 60 80 100 120 140 160 180 200

Supply (GW)

Source: ICF, S&P Capital IQ.

Note: PJM supply stack curve represents a forecasted day in July 2026.

Disclaimer

Mara Holdings Inc. published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 12:32 UTC.