Power-first model delivers first AI infrastructure transaction and advances multi-gigawatt growth strategy 8,500 MW1 development pipeline as of December 31, 2025 sets foundation for scalable, repeatable execution in 2026 Earnings Release Highlights Commercialized AI infrastructure at scale, signing a 15-year, 245 MW IT lease with Fluidstack at the River Bend campus, representing $7.0 billion in base-term contract value. Refined portfolio structure and streamlined capital allocation framework through the sale of a 310 MW portfolio of four natural gas-fired power plants, which closed in February 2026, and the launch and public listing of American Bitcoin Corp., a majority-owned Bitcoin accumulation subsidiary.