BITFARMS : Q3 2025 Prepared Remarks - FINAL

Bitfarms Third Quarter 2025 Prepared Remarks

November 13, 2025

Jennifer Drew-Bear

Thank you, and welcome to Bitfarms' Third Quarter 2025 Conference Call. With me on the call today are Ben Gagnon, Chief Executive Officer and Director, and Jonathan Mir, Chief Financial Officer.

Before we begin, please note this call is being webcast with an accompanying slide presentation. Today's press release and our presentation can be accessed on our website, Bitfarms.com, under the Investor section.

Turning to slide 2

I'd like to remind everyone that certain forward-looking statements will be made during the call and that future results could differ from those implied in this statement. The forward-

looking information is based on certain assumptions and is subject to risks and uncertainties, and I invite you to consult Bitfarms' MDCA for a complete list.

Please note that references will be made to certain measures not recognized under IFRS and therefore may not be comparable to similar measures presented by other companies. We invite listeners to refer to today's press release and our MDCA for definitions of the aforementioned non-IFRS measures and their reconciliations to IFRS measures. Please note that all financial references are denominated in U.S. dollars, unless otherwise noted.

And now, turning to slide 3, it is my pleasure to turn the call over to Ben Gagnon, Chief Executive Officer C Director.

Ben, please go ahead….

Ben Gagnon

Good morning everyone, and welcome to Bitfarms' Third Quarter 2025 Earnings Call.

We made strong, steady progress in Q3, building on the momentum from the first half of the year as we advance our transformation into a leading North American HPC/AI

infrastructure company.

Today, I'll walk you through our investment thesis, value proposition and key developments, including updates on our energy portfolio, and site-specific advancements, all of which gives Bitfarms a competitive advantage to capitalize on the surging demand for HPC and AI infrastructure.

Turning to slide 4.

I would like to kick off today's call by outlining our market thesis: one that we believe differentiates us from our peers and best aligns Bitfarms with long term investors in our transition to HPC and AI.

Infrastructure is not a bubble.

Since the invention of modern compute, the supply of compute has increased exponentially. As compute grows so too does the data center industry that powers it, this is a trend that has a trajectory of over 20 years of exponential growth and an annualized growth rate of 8.8% behind it. This isn't a bubble, it's a reflection of a new paradigm that

showed no signs of slowing down before AI and now as AI rewrites the rules of how humans interact with computers the demand for data center capacity is accelerating; but the demand for compute and infrastructure has reached an impasse. Data centers that used to be measured in Kilowatts are now being measured in Megawatts and Gigawatts, racks that used to support 10 KW are now being designed to support 370 KW. The exponential

increase in demand for power can no longer be met at the pace the market demands and as a result the lease rates for data center infrastructure which have grown at an average

rate of 3% over the last 20 years are now growing at an average rate of 12% since 2022 and we expect this trend to continue.