Itm Power Plc · LSE:ITM
Itm Power — H1 FY26 Earnings Presentation
16 slides from Itm Power's earnings presentation, Jan 29, 2026
Slide 1: Capital Market Update – 29.01.2026
CAPITAL MARKET UPDATE – 29.01.2026 Nearing 500 MW under contract or deployed. And over 550 MW of capacity reservations globally. And counting. ©2026 ITM Power Group This document contains information which is proprietary and confidential to ITM Power plc and its subsidiaries ("ITM Power Group"). Suc
Slide 2: Content
Content 1. Setting the scene 2. Our business model 3. Operational progress 4. Selected projects update 5. Our newest product: ALPHA 50 6. Reducing the cost of hydrogen 7. The future: CHRONOS 8. Financial results H1 & full year guidance 2
Slide 3: Setting the scene
Setting the scene Market & competition Financial position ▪ Policy situation remains favourable and supportive, especially in ▪ Capital discipline underpinning strong financial position – the EU & UK; the US has stalled which is seen as a competitive advantage by customers ▪ Europe continues to be t
Slide 4: Strategic priorities
Strategic priorities Acknowledging the need for READINESS and FLEXIBILITY , whilst managing CASH carefully 1 2 3 Remain at the forefront of Scale operations whilst Grow global footprint technology, product and retaining flexibility and reach, while delivery credibility and conserving cash staying ad
Slide 5: Our business model
Our business model Building an integrated hydrogen company EPC Hydrogen as Electrolysers a Service One-stop shop for customers who need electrolyser equipment, full green hydrogen plants, or simply ▪ We innovate, design and manufacture ▪ We build, own and operate modular just hydrogen leading electr
Slide 6: Operational progress
Operational progress Becoming world -class, step by step NEPTUNE V assembly line ▪ Our dedicated NEPTUNE V assembly line in our adjacent second factory is now in full operation. ▪ Production line layout, with the NEPTUNE units moving between build stations, creating an efficient process. ▪ Allows us
Slide 7: Northfleet green hydrogen project
Northfleet green hydrogen project Decarbonising a hard -to -abate industrial process ▪ In December, Octopus Energy Generation awarded us a contract to supply three NEPTUNE V units for their Northfleet project. ▪ Supported by UK HAR1 funding, it is one of the first projects to have reached FID. End-u
Slide 8: Project progress
Project progress RWE Lingen ▪ Lingen 1: Full 100 MW TRIDENT stacks and skids installed, pressure tested, and ready for start-up. ▪ Lingen 2: Second 100 MW well on track, with all skids and 40% of stacks already installed. 8
Slide 9: The world's first full-scope 50 MW green hydrogen plant
THE WORLD’S FIRST FULL -SCOPE 50 MW GREEN HYDROGEN PLANT MODULAR • Skid-mounted, pre-fabricated and standardised, minimising construction and on-site works • Designed for outdoor operation in ambient temperatures between -20 to +45⁰C • Highly compact footprint, easily configured into larger plants •
Slide 10: Our levers to reduce the cost of hydrogen
Our levers to reduce the cost of hydrogen Continuous improvements and development CAPEX OPEX CUSTOMER CONFIDENCE ITM is working holistically and very successfully to reduce the cost of green hydrogen. Stack: ~1/3 of CAPEX Highest operating cost is electricity, and Confidence in technology and delive
Slide 11: Our game-changing next-generation stack platform
Our game -changing next -generation stack platform Lower cost ▪ >50% less part count, easier and faster to assemble ▪ Targeting ~40% cost reduction ▪ Designed to increase recyclability of stack components by >90% Higher performance ▪ Threefold increase in stack capacity: 2 MW in base operation, can
Slide 12: Summary financials
Summary financials Period ended 31 October 2025 (H1 FY26 ) Revenue H1 FY26 H1 FY25 ▪ Driven by delivery of equipment sales of £15.5m. £m £m ▪ Further income from engineering and service contracts, Revenue 18.0 15.5 incl. spare parts and system upgrades. Gross loss (6.5) (10.2) ▪ Revenue still largel
Slide 13: Cash flow
Cash flow Period ended 31 October 2025 (H1 FY26 ) H1 FY26 H1 FY25 H1 FY26 H1 FY25 £m £m Opening balance 207.0 230.3 8% 11% Adjusted EBITDA (11.9) (16.8) Inventory Decrease/(increase in inventories) 4.9 (2.6) Exceptional item 0.0 (13.1) 92% 89% Working capital improvements (receivables and payables)
Slide 14: Contract backlog evolution
Contract backlog evolution Path to profitability January 2026 April 2025 ▪ As we are working through our legacy projects and continue to sign new contracts, the profitable share of the order backlog continues to grow. 29% 29% ▪ Already 71% of our contract backlog is now 40% profitable. 60% 71% 71% ▪
Slide 15: Guidance for FY26 confirmed
Guidance for FY26 confirmed Continuing our growth journey Revenue of £35m to £40m: ▪ A growth of c.400% over two years, and c.600% over three. ▪ Majority of revenue recognised is on legacy contracts and based on the completed-contracts method. ▪ Going forward, POSEIDON, ALPHA and bespoke NEPTUNE uni
Slide 16: Thank you for your attention
Thank you for your attention 16