Ceres Power Holdings Plc · LSE:CWR
Ceres Power — Ceres Power Hldgs — FY2024 Earnings Presentation
21 slides from Ceres Power's earnings presentation, Mar 21, 2025
Slide 1: Full year results
Ceres Full year results For the 12 months ended 31 December 2024 Ceres Power Holdings plc 21 March 2025
Slide 2: Leading solid oxide technology for power and green hydrogen
Leading solid oxide technology aan for power and green hydrogen | ee on a : " me Unique IP, >150 patent families, a ; ae licensing business model . ca aa We collaborate with world- leading companies to deliver ne clean energy technology... ...at scale and pace 2 Ceres Power Ltd ©2025. Alll Rights Re
Slide 3: Platform technology to address decarbonisation
Platform technology to address decarbonisation Addressing the need for cleaner power now while positioning for a hydrogen future SOFC target markets Distributed power High efficiency energy conversion at low cost DOOSAN WEICHAL A\peELta Stack SOEC target markets ~—= G2(CS Aanetta DENSO af a 3 Ceres
Slide 4: Record year for revenue and order intake
Record year for revenue and order intake * South Korea - Doosan is progressing towards product launch in 2025 for stationary power systems focused on commercial and data centre applications * Taiwan - Delta, our first licensee for both SOFC and SOEC, is now evaluating factory designs to target the g
Slide 5: Partner portfolio mitigates impact of Bosch strategic review
Partner portfolio mitigates impact of Bosch strategic review A group-wide strategic review by Bosch led to termination of its SOFC development activities and withdrawal from manufacturing ¢ Bosch has stated that it had no concerns over the technology or the relationship with Ceres * Ceres is support
Slide 6: Financial update
Financial update Stuart Paynter
Slide 7: Financial overview
Financial overview For the year ended 31 December 2024 Revenue £51.9m 2023: £23.2m, up 132% Gross profit £40.2m 2023: £13.6m, up 196% Gross margin 77% 2023: 61% Adjusted EBITDA (£22.3m) 2023: (£50.3m) 7 Ceres Power Holdings ple | Full year results Cash and short-term investments £102.5m Dec 2023: £1
Slide 8: Record revenue and gross profit
Record revenue and gross profit Sector leading gross margin maintained ¢ Strong growth in 2024 revenue and margins influenced by recognition of the new Delta & Denso licence technology transfer revenues in the period 8 Ceres Power Holdings plc | Full year results £60m £50m £40m £30m £20m £10m £m Rev
Slide 9: Licensing model enables flexible cost base
Licensing model enables flexible cost base Commercial costs Increase of 59% when compared to 2023, indicative of investment in commercial activities. Admin costs Remain steady on 2023 levels. 9 Ceres Power Holdings plc | Full year results 2024: £87 million 2023: £86 million Cost of sales Revenue inc
Slide 10: Continued reduction in cash outflow
Continued reduction in cash outflow Free cash flow (plus cash and investments) £m 2021* 2022 2023 2024 “ * Reduced cash outflows in full-year _ 2024 compared to 2023 (30m) eon = * Increased order intake combined with \caom) ) optimised cost base maintains a strong (€50m) (£39.3m) financial position,
Slide 11: Initial payments represent the technology transfer, followed by support progressing to manufacturing
Initial payments represent the technology transfer, followed by support progressing to manufacturing Licence fee split 50% 25% 25% H1 Year 1 H2 Year1 |H1Year2 |H2 Year 2 |H1 Year 3 |H2 Year 3 Start jof Production @ Programme Management Ongoing partner support —_—_—_—_—_— System Development Support G
Slide 12: 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 vA N \ / Future licensees | SOEC factory { and manufacturing) production \ capacity \ SOFC factory \ / production Siu C2res hydrogen A NNELTA @ Royaities @ Licence fees
Slide 13: Strong financial position looking forward
Strong financial position looking forward B Ceres continues to develop new partnerships * With one new manufacturing licensee, revenue will be broadly stable and cash burn would be between £20 - 25 million for the year « With two new manufacturing licensees, Ceres would be cash break even for the ye
Slide 14: Business strategy
Business strategy Phil Caldwell
Slide 15: Ceres' clear strategy for growth
Ceres’ clear strategy for growth . * Three manufacturing partners now establishing factories globally Commercial | - a acceleration Balanced business model creates near- and long-term opportunities in power and hydrogen markets ¢ Enhancing digitalisation and modelling to enhance durability and reduc
Slide 16: : : q eo *Actual photograph in Sept 2023
: : 3 16 q eo *Actual photograph in Sept 2023
Slide 17: Ceres' technology can address growing energy demands
Ceres’ technology can address growing energy demands Global dispatchable power market opportunity for solid oxide is equivalent to 22GW by 2030 Ceres’ technology can provide clean, dispatchable power in key markets 8% 2% Data Centre Shipping @ 25% 9 Commercial 65% Building Industry 17 Ceres Power Ho
Slide 18: Ceres' advantage for hydrogen in industrial decarbonisation
Ceres’ advantage for hydrogen in industrial decarbonisation Global electrolyser capacity estimated to be 1,766GW in 2040 Ceres’ technology advantage is in the hard-to-abate industrial sectors Ceres' business model advantage is global ; 15% 56% Steel 24% 25% orner RoW China Industries 17% 7 9 Ammonia
Slide 19: Technology provider of choice for decarbonisation
Technology provider of choice for decarbonisation Global ecosystem of world-class partners * Strategic collaboration with global partners to achieve scaled cares deployment of Ceres’ technology 4 »- DOOSAN a * Three cell and stack factories being v4 ia DENSO established concurrently across key geogr
Slide 20: Business priorities for 2025
Business priorities for 2025 * Doosan to begin start of production and expect sale of first products in H2 2025 * Commercial focus on building partner portfolio by signing additional manufacturing and system partners * Technology milestone as Shell megawatt-scale demonstrator begins producing hydrog
Slide 21: Questions
Questions Investor Relations investors@cerespower.com Ceres Power Holdings pic Viking House, Foundry Lane, Horsham RH13 5PX T: +44 (0)1403 273463 | E: info@cerespower.com Cares