Business
Trading update
ITM Power plc reported record first-half revenue of £18.0m for the six months ending 31 October 2025, alongside an adjusted EBITDA loss of £11.9m and a robust cash position of £197m. The company noted accelerating momentum in Europe, particularly Germany, and progress on key projects like the RWE Lingen plant, while acknowledging policy-driven uncertainty in the US. ITM Power maintained its FY26 guidance, expecting revenue between £35m and £40m, an adjusted EBITDA loss of £27m to £29m, and year-end cash between £170m and £175m. Disclaimer*
About this update from Itm Power Plc
[{"type":"text","content":"\n\n4 December 2025\nITM Power plc\n \nTrading Update:\nRecord H1 revenue and robust cash position, continuing our growth journey\n \nWe are pleased to provide a summary of our financial performance for the six months to 31 October 2025.\nThe expected unaudited financial results for the half year are as follows:\n· Revenue of £18.0m\n· Adjusted EBITDA loss of £11.9m\n· Cash at the end of H1 of £197m\nView on the market and business:\n· Market and regulatory environment: In Europe, momentum has continued to accelerate. Germany is leading the region with significant infrastructure investments in pipelines, storage caverns, and hydrogen-ready gas power plants, reinforcing its long-term commitment to clean hydrogen. Also, the UK is gathering pace with the first HAR1 projects expected to take FID imminently. In the US, policy shifts have caused uncertainty.\n· Competitive landscape: We continue to observe the expected consolidation among our peer group, with ITM being regarded as a technologically and operationally differentiated, reliable partner by customers.\n· Sales pipeline: Remains strong, with particular demand for NEPTUNE V, our containerised\n5 MW plant, and ALPHA 50, our new flagship 50 MW full-scope green hydrogen plant.\n· Operational performance: Strong progress across our projects is reinforcing customer confidence. The world's first 100 MW PEM plant for RWE in Lingen has progressed well, with our scope now fully delivered and installed. The second 100 MW plant in Lingen and the Shell Refhyne II 100 MW project are also progressing to plan.\n· Hydropulse: Has been received very well by customers. Momentum is growing, with multiple project opportunities advancing at pace.\n· Product development: CHRONOS, our next-generation stack, continues to advance through validation as planned.\nOur FY26 guidance remains unchanged:\n· Revenue expected between £35m and £40m\n· Adjusted EBITDA loss in the range of £27m to £29m\n· Cash at year-end in the range of £170m to £175m\nDennis Schulz, CEO, stated: \"In the first half of the year, we again delivered our strongest ever six-month revenue performance. We contin...