Plug Power, Inc. · NASDAQ:PLUG
Plug Power — Investor Day (November 2025)
44 slides from Plug Power's investor day presentation, Nov 18, 2025
Slide 1: Plug Power, CEO Andy Marsh
1 November 18, 2025 Plug Power, CEO Andy Marsh
Slide 2: Disclaimer
2 Disclaimer The presentation materials, remarks, discussions, Q&A sessions, and other content provided during the 2025 Plug Symposium (collectively, the “Materials”) contain “forward-looking statements” about Plug Power Inc. (“Plug” or the “Company”). Plug intends these forward-looking statements t
Slide 3: Let's Start the Real Conversations at Plug Symposium
3 - Customer Testimonials: - Amazon - Floor & Décor - Uline - Arcadia - Energy Partners: - Allied Green Ammonia - Edgewood - Hy24 - Hy2Gen - Plug Experts Discuss: - Energy Grid Urgency - Our Know-How Building a Hydrogen Plant - Engineering and Technology Developments Let’s Start the Real Conversatio
Slide 4: Progress Over the Years
Progress Over the Years
Slide 5: 2008 to 2025 Commercial Revenue Growth
5 2008 ~$1M in Commercial Revenue Revenue 2025 Targeting $700M in Commercial Revenue And Projecting Continuous Growth over the Coming Years Targets represent internal management 's current estimates and are subject to significant uncertainties. Actual revenue may differ materially due to market cond
Slide 6: Material Handling: 2008 vs 2025
6 2008 Approximately 25 units operating in the field • No Plug Fueling Stations • An Unproven Value Proposition • No Pedestal Customers 2025 Over 72,000 units operating in the field • 285 Plug Fueling Stations • Enable customers to move > 8% goods/hour • Great Customer List – Amazon, Walmart, Home D
Slide 7: Stack Strategy
Stack Strategy 2008: 2025: Plug PEM Stacks for Fuel Cells and Electrolyzers Most stacks provided by 3rd party
Slide 8: Electrolyzers
Electrolyzers 2008: Today: Grew Revenue from $5M in 2023 to Approximately $200M in 2025 • Deploy over 230MW of Products and Growing • Customers like Iberdola-BP, Galp, Carlton Power, Allied Green No Business Activity 5MW GenEco Array 10MW GenEco Array Revenue and deployment figures represent managem
Slide 9: Plug Hydrogen Plant Network
9 2025: Plug Hydrogen Plant Network Georgia Live Capacity: 15TPD Louisiana Live Capacity: 15TPD Tennessee Live Capacity: 10TPD 2008: No one dreamed that Plug could generate our own hydrogen!
Slide 10: Cryogenic Equipment
10 2025: Cryogenic Equipment The Capability allows us to Expand Into Blue Liquid Fuels 2008: This was not on our radar screen.
Slide 11: Hydrogen Logistics Network
11 We have a logistic network today delivering 25TPD of liquid hydrogen – about half of our customer’s usage. 34 Liquid Hydrogen Trailers 89 Gaseous Hydrogen Trailers
Slide 12: Manufacturing Built to Support the Activity
12 We Built Manufacturing to Support the Activity Plus, global fabrication network in Vietnam, UAE, Europe, USA! Plus, 368,000 sq ft for trailer business! 2008 175,000 Sq Ft Latham, NY 2025 407,000 sq ft Slingerlands, NY 156,000 sq ft Rochester, NY
Slide 13: We are Deploying Products Around the World
13 Material handling sites Stationary power sites 2025: We are Deploying Products Around the World GenEco Electrolyzer Locations GenDrive and GenSure Fuel Cell Locations Largest network of H2 refueling stations in the USA Execution (manufacturing) Installation Electrolyzer Sites Comissiong Electroly
Slide 14: Quantum Leap Supports Rapid Growth and Margin Improvements
And We are Only Starting – Quantum Leap Supports Rapid Growth and Margin Improvements
Slide 15: Execution and Growth Targets
15 Electrolyzers Strategic Priorities: Exiting 2026: EBITDAS Positive Exiting 2027: Operating Income Positive Exiting 2028: Overall Profitability Plug Doing Real Things YE 2025: Gross Margin Neutral Business Focus 15 Material Handling Equipment (MHE) Hydrogen Plants (1) Represents targets from Proje
Slide 16: Cost Effective, Ubiquitous Hydrogen is the Key
16 Cost Effective, Ubiquitous Hydrogen is the Key The Future
Slide 17: Renewable Power: Zero Cost Power Unlocks Competitive Hydrogen
17 • Renewables are projected to supply ~73% of Europe’s power generation by 2035 • Europe could reach a ~95% clean power system by 2035 under advanced renewable-buildout scenarios • In Germany, renewables are forecast to produce ~628 TWh by 2035, representing ~83% of the national power mix • In May
Slide 18: Electrolyzers as Flexible Industrial Loads
18 Electrolyzers can Become Flexible Industrial Loads Hydrogen Could be Lower Cost than Natural Gas Usages • Replacement of Grey Hydrogen • Liquid Fuels • Hydrogen for Powering the Grid
Slide 19: Storage is Critical
19 “The Role of Underground Hydrogen Storage in Europe.” H2eart Project, January 2024. Pujades, E., Orlic, B., et al. “Technical Potential of Underground Hydrogen Storage in Europe.” PMC (PubMed Central), 2023. GIE (Gas Infrastructure Europe). “European Gas Storage – Conversion Potential for Hydroge
Slide 20: Hydrogen Pipelines are Critical
20 • The European Hydrogen Backbone (EHB)—driven by Europe’s major TSOs—proposes a dedicated, cross-continent hydrogen pipeline network using significant portions of repurposed natural-gas infrastructure. • By 2040, the network is targeted to reach ~50,000–60,000 km (with some updates citing ~58,000
Slide 21: The Future of Hydrogen
21 10% - 22% of World’s Energy Needs can come form Hydrogen The Future of Hydrogen Sources – McKinsey, IEA Net Zero Scenarios, IRENA Scenario
Slide 22: Introducing Jose Luis Crespo, Next CEO
22 Our Next CEO will be central to driving Plug’s profitable growth and shaping the industry’s future. Proudly Introducing Jose Luis Crespo
Slide 23: Slide 23
Slide 24: Profitability Driven by Growth
Copyright 2022, Plug Power Inc. Profitability Driven by Growth Jose Luis Crespo, President & CRO November 18, 2025
Slide 25: Execution, Profitability, Customer Success
Execution Profitability Customer Success
Slide 26: Executing on Quantum Leap
26 Continue executing on Quantum Leap to drive a path to profitable growth: • Streamline the business to focus on the highest-value markets • Improve cost structure and cash efficiency • Strengthen the Balance Sheet
Slide 27: Execution and Growth Targets
27 Electrolyzers Strategic Priorities: Exiting 2026: EBITDAS Positive Exiting 2027: Operating Income Positive Exiting 2028: Overall Profitability Plug Doing Real Things YE 2025: Gross Margin Neutral Business Focus 27 Material Handling Equipment (MHE) Hydrogen Plants (1) Represents targets from Proje
Slide 28: +$8B Global Funnel Execution Opportunity
+$8B Global Funnel Execution Opportunity
Slide 29: GenDrive Material Handling Growth
29 : GenDrive Material Handling Growth Driven by: • Strong Value Proposition based productivity • Investment Tax Credit renewed starting in Jan 2026 • Pedestal Customer expanding capacity • Fleet Refreshes • Plug’s Improved Financial performance
Slide 30: GenEco ELX: Largest Growth Market
30 • Regulation and government support • Replacement of Grey H2 by Green H2 and e-Fuels: eSaf, Green Ammonia • Our funnel has been developed over the last 3 years and is the highest quality funnel that we have ever had GenEco ELX: Largest Growth Market Driven by:
Slide 31: ELX Customers Pick Plug Because We Do Real Things
31 ELX customers pick Plug because we do real things. Plug’s record-setting Georgia H2 production plant our best GenEco sales tool.
Slide 32: Plug Wins: 25MW with Iberdrola and BP
32 Plug Wins: 25MW with Iberdrola and BP (Spain) Represents customer selections, awarded projects, or non-binding agreements. Project scope, timing, and commercial terms are subject to final agreements, regulatory approvals, financing, permitting and other conditions. No assurance can be given that
Slide 33: Plug Wins: 100MW with GALP
33 Plug Wins: 100MW with GALP (Portugal)
Slide 34: Plug Wins: 55MW with Carlton Power
34 Plug Wins: 55MW with Carlton Power (UK)
Slide 35: Plug Wins: With Allied Green Ammonia
35 Plug Wins: With Allied Green Ammonia • 3GW in Australia • 2GW in Uzbekistan • 3GW in UAE
Slide 36: An Exciting Time to Be at Plug
36 It is an exciting time to be at Plug. Plug is in the pole position to capitalize on profitable growth.
Slide 37: Slide 37
Slide 38: Financial Roadmap
Copyright 2022, Plug Power Inc. Financial Roadmap Paul Middleton, CFO Copyright 2025, Plug Power Inc.
Slide 39: Execution and Growth Targets
39 Electrolyzers Strategic Priorities: Exiting 2026: EBITDAS Positive Exiting 2027: Operating Income Positive Exiting 2028: Overall Profitability Plug Doing Real Things YE 2025: Gross Margin Neutral Business Focus 39 Material Handling Equipment (MHE) Hydrogen Plants (1) Represents targets from Proje
Slide 40: Project Quantum Leap
40 Project Quantum Leap Increase Market Focus Improve Profitability & Cash Flows Improve the Balance Sheet
Slide 41: Keys to Gross Margin Target for Q4 2025
41 Keys to Gross Margin Target for Q4 2025 Q3 25 Adjusted Gross Margin Q4 25 Gross Margin B/E Sales/Volume & Mix Service Costs Fuel Costs Mfg Efficiencies & Other Represents management's targets based on current assumptions. Actual results may differ materially from these targets due to various fact
Slide 42: Keys to Positive EBITDAS Target Q4 2026
42 Represents management's targets based on current assumptions. Actual results may differ materially from these targets due to various factors, including market conditions, operational challenges, supply chain disruptions, customer demand, competitive pressures, ability to achieve planned cost redu
Slide 43: Improving the Balance Sheet
43 Improving the Balance Sheet Increasing Leverage • Reduced Cash Burn • Reduced CAPEX • Monetizing Assets • Increasing Working Capital Leverage Liquidity Outlook • Robust Liquidity Position • Trending Towards Positive Cash Flow
Slide 44: Slide 44