Ceres Power Holdings Plc · LSE:CWR
Ceres Power — Ceres Power Hldgs — H1 2025 Earnings Presentation
30 slides from Ceres Power's earnings presentation, Sep 26, 2025
Slide 1: Interim results
Interim results For the six months ending 30 June 2025 CLEAN ENERGY STARTS WITH CERES 26 September 2025
Slide 2: Summary
Summary • Exciting commercial progress with partners: o Doosan start of SOFC production leading to royalty payments to Ceres o Delta Electronics acquires land and factory facilities, committing around £170 million to large-scale manufacturing of hydrogen energy solutions o Shell megawatt-scale demon
Slide 3: Single stack platform to address the energy transition
Single stack platform to address the energy transition Reversible operation from a core cell and stack technology High efficiency energy conversion at low cost Cell Stack DENSO 3 Ceres Power Ltd Ⓒ2025. All Rights Reserved. 3
Slide 4: State-of-the-art automated SOFC factory now operational
State-of-the-art automated SOFC factory now operational 4 Ceres Power Ltd Ⓒ2025. All Rights Reserved.
Slide 5: Ceres Power Ltd Ⓒ2025. All Rights Reserved.
5 Ceres Power Ltd Ⓒ2025. All Rights Reserved.
Slide 6: Ceres Power Ltd Ⓒ2025. All Rights Reserved.
6 Ceres Power Ltd Ⓒ2025. All Rights Reserved.
Slide 7: Delta in Taiwan starting to scale
Delta in Taiwan starting to scale 7 Ceres Power Ltd Ⓒ2025. All Rights Reserved.
Slide 8: Powering up Ceres
Powering up Ceres
Slide 9: AI-driven data centres: the killer app for SOFC power
AI-driven data centres: the killer app for SOFC power 9 Ceres Power Ltd Ⓒ2025. All Rights Reserved.
Slide 10: AI data centres are driving the demand for power
AI data centres are driving the demand for power Substantial global investment creates new opportunities Source: Knight Frank, 13 April 2025 Source: McKinsey & Company, 28 April 2025 Source: Reuters, 17 March 2025 Source: Wall Street Journal, 10 September 2025 Source: The Guardian, 15 September 2025
Slide 11: Large, attractive markets for solid oxide fuel cell power
Large, attractive markets for solid oxide fuel cell power Global market opportunity for solid oxide is forecast at 22GW by 2030 Market opportunity drivers by end use case Market opportunity by region 7% 7% Shipping RoW 53% Data Centre 27% 19% Industry EMEA 50% India, 22GW 22GW China and Asia Pacific
Slide 12: SOFCs provide the solution to AI data centre power needs
SOFCs provide the solution to AI data centre power needs The right technology, available now ✓ Time-to-power: delivered in months not years ✓ Proven resiliency: 24/7 baseload, long stack life ✓ Sustainability: low noise and particulate emissions to enable smoother permitting and planning approval ✓
Slide 13: Time-to-power is the critical factor
Time-to-power is the critical factor Fuel cells provide a rapid on-site power solution today Combined cycle gas turbine Small modular reactor High voltage grid connection Up to 7 years1 7-10 years2 5-15 years3 1. US gas-fired turbine wait times as much as seven years; costs up sharply | S&P Global 2
Slide 14: Delta Electronic's SOFC system architecture
Delta Electronic’s SOFC system architecture SOFCs can meet the key requirements of the AI data centre power market 14 Ceres Power Ltd Ⓒ2025. All Rights Reserved.
Slide 15: Real-world validation of Ceres' data centre power performance
Real-world validation of Ceres’ data centre power performance 18 Ceres stacks accumulated >110,000 hours generating power for an enterprise data centre in a field trial of SOFC systems >28,000 load cycles simulated AI model training load cycles demonstrated on a stack in the Ceres Test Centre with n
Slide 16: Electrolysis update
Electrolysis update
Slide 17: Aligned to key markets for hydrogen in industrial decarbonisation
Aligned to key markets for hydrogen in industrial decarbonisation Global electrolyser capacity estimated to be 1,766GW in 2040 Market opportunity by end use case Market opportunity by region 15% 56% Steel 24% 25% Other RoW China industries 1,766GW 17% 1,766GW 10% Ammonia 14% Europe India 12% 14% 13%
Slide 18: 1 MW demonstrator with Shell in India is producing hydrogen
37 kWh/kg 1 MW demonstrator with Shell in India is producing hydrogen 18 Ceres Power Ltd Ⓒ2025. All Rights Reserved.
Slide 19: Ceres Power Ltd Ⓒ2025. All Rights Reserved.
19 Ceres Power Ltd Ⓒ2025. All Rights Reserved.
Slide 20: Ceres Power Ltd Ⓒ2025. All Rights Reserved.
20 Ceres Power Ltd Ⓒ2025. All Rights Reserved.
Slide 21: Financial update
Financial update
Slide 22: Financial review
Financial review For the six months ending 30 June 2025 Revenue Gross margin Cash and short-term Cash inflow/(outflow) investments £21.1m 79% £104.1m £1.6m H1 2024: £28.5m, down H1 2024: 80% Dec 2024: £102.5m H1 2024: (£13.9m) 26% Gross profit Adjusted EBITDA Order intake Restructuring cost savings
Slide 23: Revenue and gross profit
Revenue and gross profit Sector leading gross margin maintained Sector leading gross margin Revenue and gross profit maintained £m • Significant revenue recognised in 2024 due to new licence partners signed. Ongoing revenue from these licences recognised in the period to June 2025. • Gross margin re
Slide 24: Licensing model enables flexible cost base
Licensing model enables flexible cost base • Cost of sales: decreased 20% on H1 2024. Demonstrating asset light business model. In line with revenue • Adjusted operating costs: Operating costs in H1 2025 have decreased 13% compared to H1 2024 • Adjusted costs reflect the removal of accounting effect
Slide 25: Continued reduction in cash outflow
Continued reduction in cash outflow Free cash flow (plus cash and investments) £m • A cash inflow of £1.6m in H1 2025 driven by significant customer receipts and RDEC received • Support future investment as the Company drives revenue growth, maintains discipline over costs and tracks towards cashflo
Slide 26: Our licensing model – progression towards royalty revenues
Our licensing model – progression towards royalty revenues Inflection point is driven by mass market scale of partner manufacturing Future licensees and SOEC factory manufacturing production capacity SOFC factory production DENSO Growing Growing ecosystem ecosystem of SOFC partners of SOEC partners
Slide 27: Business transformation programme to drive future growth
Business transformation programme to drive future growth Optimising our business for the path ahead • 2025 is a landmark year for Ceres: important commercial milestones achieved • Ceres will focus on servicing the growing fuel cell power market in the near-term, underpinned by a solid technology roa
Slide 28: Outlook and summary
Outlook and summary
Slide 29: Outlook and summary
Outlook and summary • First cell and stack production with Doosan mean Ceres is transitioning from R&D phase to commercial deployment • Near-term opportunities in the rapidly growing AI data centre power market being targeted by our partners • Good progress in electrolysis markets, working with indu
Slide 30: Thank you
THANK YOU +44 (0)1403 273463 info@cerespower.com Ceres Power, Viking House, Foundry Lane Horsham, RH13 5PX UK