Slide 1: Q4 2025 Earnings Call
Nasdaq: EVGO – investors.evgo.com Q4 2025 Earnings Call March 3, 2026
Slide 2: Safe Harbor & Forward-Looking Statements
SAFE HARBOR & FORWARD-LOOKING STATEMENTS Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the us
Slide 3: Strategic Overview
01 Strategic Overview Badar Khan, CEO
Slide 4: Positive Adjusted EBITDA in Q4 and 2025
POSITIVE ADJUSTED EBITDA IN Q4 AND 2025 SIGNIFICANT MILESTONE FURTHERING EVGO’S POSITION AS AN INDUSTRY LEADER BUILT FOR LONG -TERM SUCCESS ST R AT EG I C 2025 HIGHLIGHTS • Successful pilot of NACS stalls and launching $384M +50% Revenue additional sites in 2026. • NACS capabilities doubles 366GWh +
Slide 5: EVgo Has You Covered
EVGO HAS YOU COVERED Leading the infrastructure build-out of high-speed EV charging across the United States 5,100 Stalls 1,200+ Locations 47 States Serving all EV models Investing in building new stalls across the US Convenient, reliable, fast charging network that is… Third largest and second fast
Slide 6: An Enduring Competitive Advantage
AN ENDURING COMPETITIVE ADVANTAGE BUILDING EVGO’S C O M P E T I T I V E M O AT Q 4 2 0 2 5 U T I L I Z AT I O N 1 U T I L I Z AT I O N G R O W T H Q 1 ’ 2 4 TO Q4’251 Industry-leading scale and partnerships • 5,100+ stalls vs ~350 average rest of industry3,4 24% +4ppts • Superior site selection and
Slide 7: Investing in 2026 for Long-Term Value Creation
INVESTING IN 2026 FOR LONG-TERM VALUE CREATION NETWORK GROWTH Increasing public network stall deployment INCREASING ADDRESSABLE MARKET Adding NACS connectors to network at scale INVESTING FOR THE FUTURE Next-generation charging architecture 7
Slide 8: Accelerating Growth in Compelling Value 2026 and Beyond
• WHY EVGO ACCELERATING GROWTH IN COMPELLING VALUE 2026 AND BEYOND PROPOSITION Targeting 3-5 year paybacks, with leading P U B L I C A N D D E D I C AT E D B U I L D TA R G E T S 2 edge paybacks of 1-2 years1 4,000 - 4,500 Increasing public stall deployment in 2026 – majority expected to operational
Slide 9: Doubling Addressable Market with NACS Connectors
DOUBLING ADDRESSABLE MARKET WITH NACS CONNECTORS of US EV VIO is native NACS U S V E C H I C L E S I N O P E R AT I O N ( V I O ) B Y C O N N E C TO R T Y P E 1 57%+ and largely untapped by EVgo today Successful NACS pilot program in 2025 NACS CCS 57% 43% 400+ Adding NACS stalls in 2026 1Experian, D
Slide 10: Rideshare Electrification and Multifamily Are Tailwinds
RIDESHARE ELECTRIFICATION AND MULTIFAMILY ARE TAILWINDS FOR PUBLIC FAST-CHARGING GROWTH RIDESHARE INCREASING % OF KWH DISPENSED ON EVGO NETWORK1 %OF EV BUYERS THAT LIVE IN MULTIFAMILY 2 5x More Rideshare Charging on EVgo 1 30% Rideshare Drivers Charge More with EVgo than Average Retail Customers 24%
Slide 11: Autonomous Vehicles Present a Significant Long-Term Opportunity
AUTONOMOUS VEHICLES PRESENT A SIGNFICANT LONG-TERM GROWTH OPPORTUNITY AVs are electric AVs need fast charging to minimize vehicle downtime EVgo opened first dedicated AV robotaxis projected AV hub in 2020 and today 20x+ to grow 20x+ by 2030 in partners with multiple leading the US1 AV companies 35,0
Slide 12: Financial Overview
02 Financial Overview Keefer Lehner, CFO
Slide 13: Key Financial and Operational Trends
KEY FINANCIAL AND OPERATIONAL TRENDS OPERATIONAL STALLS CUSTOMER ACCOUNTS (000s) PUBLIC NETWORK THROUGHPUT (GWH) +3.0x +4.7x +13.9x 5,100 366 1,602 4,080 1,338 277 v 2,980 v 884 v 2,180 128 1,680 553 340 45 26 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25
Slide 14: Key Financial Highlights Q4 2025
KEY FINANCIAL HIGHLIGHTS Q4 2025 1 Q4 2025 Revenue and Adjusted EBITDA include a non-recurring Ancillary contract closeout payment for $25.9 million and $24.1 million respectively. 2 Network throughput for EVgo network excludes EVgo’s dedicated network and EVgo eXtend sites. 3 These non-GAAP measure
Slide 15: Key Financial Highlights 2025
KEY FINANCIAL HIGHLIGHTS 2025 FY2025 Revenue and Adjusted EBITDA include a non-recurring Ancillary contract closeout payment for $25.9 million and $24.1 million respectively. Network throughput for EVgo network excludes EVgo’s dedicated network and EVgo eXtend sites. 1 These non-GAAP measures have n
Slide 16: Financial and Operational Guidance
FINANCIAL AND OPERATIONAL GUIDANCE 2 0 2 6 F I N A N C I A L & O P E R AT I O N A L G U I D A N C E 2 N D H A L F W E I G H T E D W I T H E X I T R AT E A B O V E G U I D A N C E REVENUE $410M - $470M ADJUSTED EBITDA* $(20)M - $20M TOTAL NEW STALLS 1,400 – 1,650 *Adjusted EBITDA is a non-GAAP financ
Slide 17: Capturing a Generational Infrastructure Opportunity
03 CAPTURING A GENERATIONAL INFRASTRUCTURE OPPORTUNITY Badar Khan, CEO
Slide 18: Recurring and Growing Stall Profitability
RECURRING & GROWING STALL PROFITABILITY DRIVEN BY EVGO's COMPETITIVE ADVANTAGE COUPLED WITH UNDERLYING THROUGHPUT GROWTH IN VIO Increasing electricity dispensed driven by EVgo site selection, ultra- fast equipment deployed, top-tier partnerships, leading customer experience and engagement, and ANNUA
Slide 19: At Operating Leverage and Profitability Inflection
CHARGING NETWORK GROSS PROFIT1 AT OPERATING LEVERAGE AND +25x $110 - $140M PROFITABILITY INFLECTION $86M $59M EXPECT CHARGING NETWORK GROSS PROFIT TO COVER $19M ADJUSTED G&A 1 BEGINNING IN LATE 2026 $5M 2022 2023 2024 2025 2026 Guidance 4-Year Illustrative ADJUSTED G&A EXPENSE1 Targets +1.6x $150 -
Slide 20: EVgo's Growth Algorithm
EVGO’S GROWTH ALGORITHM Growing Megatrends & Competitive Advantages Tailwinds Best-In-Class Customer Experience & Compelling 2029 Engagement Increasing Battery Electric Targets Vehicle adoption Industry Leading Network Scale & (Illustrative) Partnerships Rising Share of Public 12,500 – 13,900 Fast C
Slide 21: Q&A
Q&A
Slide 22: Appendix
04 Appendix Summary Financials and Reconciliation of Non- GAAP to GAAP Measures
Slide 23: Focused on Improving the EVgo Customer Experience
FOCUSED ON IMPROVING THE EVGO CUSTOMER EXPERIENCE STALLS SERVED BY A 350 KW CHARGER SITES WITH 6+ DC STALLS AS A PERCENTAGE OF TOTAL STALLS 29% 62% 50% 20% v v 12/31/24 12/31/25 12/31/24 12/31/25 Stalls include EVgo’s public network Stalls include EVgo’s public network, dedicated network, and EVgo e
Slide 24: Unit Economics Continue to Improve
UNIT ECONOMICS CONTINUE TO IMPROVE PAYBACK IS ACCELERATING Annual Stall Performance Q4 2024 Q4 2025 (Current) Network Average Top 15% by Throughput Network Average Top 15% by Throughput Revenue Throughput per stall kWh/stall/day 269 599 292 612 Utilization % 24% 50% 24% 44% Charge Rate kW 47 50 52 5
Slide 25: Stall Counts
STALL COUNTS 12/31/2025 12/31/2024 Stalls in operation: EVgo public network’ 3,890 3,450 EVgo dedicated network” 140 110 EVgo eXtend™ 1,070 520 Total stalls in operation 5,100 4,080 Stalls on publicly available chargers at charging stations that we own and operate on our network. ? Stalls at chargin
Slide 26: Condensed Consolidated Balance Sheets
FINANCIAL STATEMENTS: CONDENSED CONSOLIDATED BALANCE SHEETS 26
Slide 27: Condensed Consolidated Statements of Operations
FINANCIAL STATEMENTS: CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUD IT ED ) 27
Slide 28: Condensed Consolidated Statements of Cash Flows
FINANCIAL STATEMENTS: CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUD IT ED ) 28
Slide 29: Definitions of Non-GAAP Financial Measures
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES This presentation includes the following non-GAAP financial measures, in each case as defined below: “Charging Network Gross Profit,” “Charging Network Gross Margin," "Adjusted Gross Profit (Loss)," "Adjusted Gross Margin," "Adjusted General and Administrat
Slide 30: Reconciliations of Non-GAAP Measures to GAAP
RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP 30
Slide 31: Reconciliations of Non-GAAP Measures to GAAP
RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP (unaudited, dollars in thousands) Q4'25 Q4'24 Change FY 2025 FY 2024 Change GAAP revenue $ 118,470 $ 67,513 75 % $ 384,086 $ 256,825 50 % GAAP cost of sales 73,484 57,753 27 % 303,309 227,458 33 % GAAP gross profit $ 44,986 $ 9,760 361 % $ 80,777 $ 29,367
Slide 32: Reconciliations of Non-GAAP Measures to GAAP
RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP 32