Itm Power Plc · LSE:ITM
Itm Power — Q4 2025 Earnings Presentation
18 slides from Itm Power's earnings presentation, Aug 17, 2025
Slide 1: Fastest growing manufacturer in the UK
“Fastest growing manufacturer in the UK… Top 10 fastest growing in Europe” Financial Times, March 2025 ©2025 ITM Power Group V9 14.05.2025
Slide 2: Setting the scene
1. Setting the scene 2. Contract backlog 3. Project impressions 4. Real-world performance data 5. CHRONOS 6. Hydropulse 7. FY25 financial results 8. FY26 guidance 9. Retail investor event 2
Slide 3: Policy situation remains favourable & supportive
▪ Policy situation remains favourable & supportive, especially in ▪ Capital discipline underpinning strong financial position; the EU & UK; the US has stalled cash-generative in H2 FY25 ▪ Europe continues to be the most important region, with growing ▪ Balance sheet strength seen as a competitive ad
Slide 4: Contract backlog can be defined as firm orders not yet recognised as revenue
[£m] 26.0 ▪ Contract backlog can be defined 145.1 as firm orders not yet recognised +93.2 as revenue ▪ Revenue grew approx. 400% over two years 77.9 ▪ Due to record order intake, contract backlog still doubled in FY25 ▪ Momentum has continued since then and is expected to carry on Contract backlog O
Slide 5: H2 Hub Agder project
▪ Project name: H2 Hub Agder ▪ Customer: La Française De l’Énergie (FDE) ▪ Location: Fiskå, Norway ▪ Capacity: Phase 1: 20MW, 4x NEPTUNE V electrolysers Phase 2: +40MW (planned) ▪ Timeline: Commissioning end of 2026 ▪ Special: Coastal, requiring maritime specification of key elements ▪ End use: Gree
Slide 6: RWE Lingen 2x 100MW project progressing well
RWE Lingen 2x 1@QMW project progressing welL ee Dr. Sopna Sury @ - 1 aa c ating Officer Hydragen at R atio onat + © Making real progress at GET H2 Nukleus in Lingen! The first ITM Power stacks have been delivered and installed by Linde Engineering in the GET H2 Nukleus project. This is real and cont
Slide 7: Stack Degradation Rate (%/1000hr)
▪ ITM stacks deployed across Europe, Australia and Asia ▪ Over 125,000 TRIDENT operational hours accumulated in the field Data from Shell REFHYNE plant: ▪ Highly variable and intermittent operation, only possible with PEM ▪ Sample stack operation taken during the 12 months from May 24 to May 25: → ~
Slide 8: Yara Porsgrunn plant
Yara Porsgrunn plant ▪ 24MW capacity ▪ Joint deployment with Linde Engineering ▪ Feedstock for green ammonia synthesis ▪ >70,000 stack hours accumulated ▪ >500 tonnes of green hydrogen produced 8
Slide 9: ITM's next generation stack platform
▪ ITM’s next generation stack platform ▪ Adoption of multiple improvement features focussing on: ▪ Larger building block to best address large-scale opportunities → Robustness - ensuring highest reliability and resilience ▪ A step change in performance and use of the best technology → Cost - lower c
Slide 10: Hydropulse
A LYDROPULSE ~y ZERO CAPEX. ZERO RISK. ©2025 ITM Power Group
Slide 11: Industry needs green hydrogen for decarbonisation
• Industry needs green hydrogen for decarbonisation • Developers faced with project challenges due to CAPEX, financing and technology risk • Need for a simple, scalable and bankable solution 11
Slide 12: Hydropulse: wholly owned subsidiary based in Berlin, Germany
• One-stop-shop – From concept to high-purity hydrogen supply We are a wholly owned • Zero CAPEX – No need for bank financing or complex project funding subsidiary of ITM Power plc based in Berlin, Germany. • Zero technology risk – Hydropulse takes full ownership of plant performance Our build, own
Slide 13: Revenue and Adjusted EBITDA
Revenue FY25 FY24 ▪ Driven by the delivery of equipment sales of £22.5m. £m £m ▪ Further income from consulting and service contracts, Revenue 26.0 16.5 incl. spare parts and system upgrades. Gross loss (23.7) (16.7) ▪ Revenue primarily attributed to legacy contracts not contributing to profit. Adju
Slide 14: Increasing recognition of legacy contracts
▪ Increasing recognition of legacy contracts. Losses have been provided for, but they do not generate margin. ▪ Proportion of profitable contracts in the order backlog Legacy continues to grow and now dominates; out of £145.1m in 40% contracts April 2025, 60% of contracts now profitable. ▪ The remai
Slide 15: Investment
FY25 FY24 FY25 FY24 £m £m Opening balance 230.3 282.7 14% 15% Adjusted EBITDA (33.0) (30.4) Inventory Decrease/(Increase in inventories) 14.4 (11.6) Exceptional item (13.1) - 86% 85% Working capital improvements (receivables and Raw materials WIP & finished products 20.0 10.0 payables) (Decrease)/in
Slide 16: FY26 guidance: revenue expected between £35m and £40m
Revenue expected to be between £35m and £40m: ▪ Due to project timing, majority of this revenue expected in H2 ▪ Revenue recognition for most of our products is based on the “completed contracts” method Adjusted EBITDA loss of £27m to £29m: ▪ Still working through legacy contracts ▪ We have gained c
Slide 17: A special invitation to our retail investors
A special invitation to our retail investors: • Exclusive event for up to 25 retail investors to visit our factory • Transparency and connection are key to building lasting relationships, and we are thrilled to open our doors to those who have helped us grow • We will showcase our manufacturing proc
Slide 18: Thank you for your attention
Thank you for your attention 18