IREN Ltd files 8-K: results of operations

Item 2.02 Results of Operations and Financial Condition.

1 IREN Reports FY26 Results New Multi-Year Contract with Leading Frontier AI Lab $4bn Contracted ARR for 2026 Capacity; $1bn Operating ARR Today1,2 $2.8bn GPU Financings Fund 90% of Associated GPU Capex NEW YORK, August 27, 2026 (GLOBE NEWSWIRE) – IREN Limited (NASDAQ: IREN) (“IREN” or “the Company”) today provided a business update and reported its financial results for the full fiscal year ended June 30, 2026.

Highlights • Growing platform and diversified customer base o Signed a new multi-year AI Cloud contract with a leading frontier AI lab o Other recent signings including Cohere, Prometheus, Perplexity, Figure AI, Fal AI and Higgsfield AI o Contract renewals and expansions with existing customers o Continuing to deliberately allocate capacity to a diversified customer base across hyperscalers, enterprises, AI developers and frontier labs • Annualized run-rate revenue (ARR) o Current: $4bn contracted ARR for 2026 capacity; $1bn ARR operating today1,2 o 2026: capacity largely sold out o 2027: late-stage discussions with a range of new customers over a significant portion of capacity o 2028: customer and financing discussions progressing in parallel • Contracted pricing increasing, driving more value per MW o Recent 3-year contracts >$20m revenue per MW (IT), representing a ~2 year payback3 o Active discussions at ~$25m per MW (IT) o Recent customer prepayments represent 45-55% of GPU capex4 o Shorter duration contracts and Mirantis managed services provide further revenue upside • Horizon 1 delivered to Microsoft o First of four 50MW (IT) liquid-cooled deployments at Childress o NVIDIA Exemplar Cloud status achieved on GB300 NVL72 o Horizon 2 commissioning underway and Horizon 3-4 in late-stage construction, targeting delivery in Q4 2026

2 • Executing global expansion across >5GW data center pipeline o Targeting cumulative delivery of approximately  2026: 0.3GW (IT)  2027: 0.8GW (IT) o In addition, new liquid-cooled deployments planned at Mackenzie, Canal Flats and Prince George during 2027 to optimize use of power headroom at existing sites o Development progressing at Sweetwater (Texas), Kiowa (Oklahoma), Bundey (Australia) and Badajoz (Spain) o Acquisition of Mirantis and Nostrum completed, strengthening software and services capabilities and expanding platform to Europe o Headcount nearly tripled in FY26, alongside five recent C-suite appointments • Capital-efficient GPU financing o $3.6bn investment grade GPU financing for Microsoft contract at 6.0%5  Together with prepayments, funds 96% of associated GPU capex o New $2.8bn GPU financings supporting non-investment grade customer deployments  Includes $2.4bn financing led by Blue Owl and Pacific Investment Management Company LLC, as adviser to certain investors, at a 9.0% fixed rate for Mackenzie air- cooled expansion, which funds 90% of associated GPU capex  Together with customer prepayments, provides funding in excess of GPU capex, supporting other data center capex requirements FY26 and Q4 FY26 Financial Results US$m Quarter ended Quarter ended Year ended Year ended June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025 Revenue AI Cloud Services Revenue 70.5 33.6 128.8 16.4 Bitcoin Mining Revenue 66.7 111.2 578.2 484.6 Total Revenue 137.2 144.8 707.0 501.0 Net income (loss) (684.0) (247.8) (702.6) 86.9 Adjusted EBITDA6 19.2 59.5 245.7 269.7 • FY26 and Q4 FY26 results reflected ongoing transition from Bitcoin mining to AI Cloud Services • AI Cloud Services revenue increased ~8x to $128.8m in FY26 (vs FY25 $16.4m) • Net income (loss) in FY26 and Q4 FY26 was impacted by non-cash impairments of $(638.8)m and $(450.4)m respectively, primarily related to the decommissioning of Bitcoin mining hardware as sites are converted to support AI Cloud growth • Adjusted EBITDA decreased in Q4 FY26 reflecting increased employee related costs and broader platform investment ahead of AI Cloud Services revenue ramp • Well capitalized with existing cash and committed GPU financing and prepayments of $14bn

3 Management Commentary “We started IREN with a simple observation: the digital world can scale almost instantly, but the physical world cannot,” said Daniel Roberts, Co-Founder and Co-CEO of IREN. “This year, that founding thesis became tangible. Exponential AI consumption growth has fueled demand for compute capacity well beyond the available supply of infrastructure. IREN was built for this moment. Our 2026 capacity is largely sold out. This includes Horizon 1, the first of four leading-edge liquid cooled GPU deployments that we successfully delivered to Microsoft this month. We have broadened our customer base to include hyperscalers, enterprises, AI developers and frontier labs. As our platform has scaled and our market position has strengthened, we have attracted leading customers and secured stronger pricing, more attractive contract terms and improved paybacks.

We are continuing to contract future capacity with a deliberate strategy, building a diversified base of counterparties and preserving room for higher-value managed services and software. Site optimization is also increasing the revenue potential of every megawatt. With increasing availability of a broad range of capital sources to fund our expansion, we are well positioned to keep compounding as the structural shortage of compute deepens. We have spent years assembling what is difficult to replicate: power, land, data centers, compute, software and people. This is only the beginning.” FY26 Results Webcast & Conference Call IREN will host its FY26 results webcast and conference call at the following time: Time & Date: 5:00 p.m.

Eastern Time, Thursday, August 27, 2026 Participant Registration Link Live Webcast Use this link Phone Dial-In with Live Q&A Use this link The webcast will be recorded, and the replay will be accessible shortly after the event at https://iren.com/investor/events-and-presentations

4 About IREN IREN is a vertically integrated AI Cloud platform, delivering data centers, compute and software for AI training and inference. IREN’s platform is underpinned by its expansive portfolio of land and grid-connected power in renewable-rich regions across North America, Europe and APAC. Contacts Investors ir@iren.com Media media@iren.com

5 Assumptions and Notes 1. Annualized-run-rate revenue (“ARR”) is calculated as GPU/hour pricing for commissioned GPUs under contract as of the relevant date multiplied by 8,760 hours per year and includes annualized revenue for storage and ancillaries. ARR is an operating metric, not a U.S. GAAP measure, and differs from, and is not a substitute for, GAAP revenue; recognized revenue may be materially lower. 2. Operating ARR of $1bn is calculated as of August 26, 2026. $4bn of ARR targeted to be operational by December 31, 2026 is based on internal company assumptions regarding utilization and pricing, with revenue expected to ramp upon, and being subject to, commissioning, testing and customer acceptance in the months following each data center’s delivery. ARR is not derived from or an adjustment to GAAP revenue, and excludes GAAP recognition and measurement effects.

ARR is an operating metric, not a U.S. GAAP measure, and differs from, and is not a substitute for, GAAP revenue; recognized revenue may be materially lower. 3. Payback period estimated based on estimated capital expenditure for GPUs and ancillaries divided by contracted revenue less estimated direct costs. 4. Customer prepayments represent amounts contractually payable by customers in advance of service delivery, expressed as a percentage of the estimated capital expenditure for GPUs and ancillaries. Prepayment terms vary by contract and there can be no assurance that future contracts will include prepayments or similar terms. GPU capex excludes provincial sales tax and goods and services tax. 5. Weighted average interest rate across U.S. private placement and DDTL, excluding fees. 6. Adjusted EBITDA is a non-GAAP financial measure.

Refer to page 10 for a reconciliation to the nearest comparable GAAP financial measure.