Skye Landon

Skye Landon from Rothschild & Company asked about the timing for the 1.1 GW LOI with Siemens, specifically when the turbines are expected on-site and when they could be operational. He also sought clarification on the comment about the LOI conversion being behind schedule and its impact. Lastly, he inquired about tenant one's option for future gigawatts beyond the first, asking for details on its status and practical implementation.

Answer

CFO Miles Everson clarified that the three-week delay in the LOI conversion was related to the $150 million interim financing structure, not a slip in power delivery or revenue projections, and Fermi is working to recover the time. CEO Toby Neugebauer stated the 1.1 GW F-class units from Siemens are for Q2/Q3 2026 delivery and are part of a broader 6 GW build-out, not just 1 GW, with 2.5 GW of gas power generation already financially committed. He emphasized the focus on securing the remaining components for the 6 GW phase one. Regarding tenant one's option, Neugebauer indicated they are actively trying to *increase* their requested capacity, not shrink it, and that Project Matador will likely serve at least two corporate clients and potentially the country's defense industry.

Skye Landon of Rothschild & Co Redburn sought clarification on whether the recently announced AEP projects for Amazon Web Services and CoreLogics were part of the initial 100-megawatt order.

Answer

KR Sridhar, Founder, Chairman & CEO, confirmed that these specific projects are included within the initial 100-megawatt purchase order from AEP. He added that the company is actively working on the pipeline for the other 900 megawatts covered by the broader agreement.