Ceres Power Holdings Plc · LSE:CWR
Ceres Power — H1 2026 Earnings Presentation
25 slides from Ceres Power's earnings presentation, Sep 23, 2026
Slide 1: 2026 Interim results
2026 Interim results 23 SEPTEMBER 2026
Slide 2: Three key pillars of the growth story
Three key pillars of the growth story 1. Sign new manufacturing licensees 2. Accelerate partners to market 3. Single stack technology platform 2 Ceres Power Ltd Ⓒ2026. All Rights Reserved.
Slide 3: Progress against strategic pillars
Progress against strategic pillars 1. Sign new manufacturing licensees Pipeline continues to grow and we remain confident on signing a new licensee this year 2. Accelerate partners to market • South Korea – Doosan sign c. £60 million contract to supply stacks to Reverion in Germany • Taiwan – Delta
Slide 4: One platform, global factories and partnerships
One platform, global factories and partnerships Reversible operation from a core cell and stack technology POWER Endura Cell Stack Factory HYDROGEN 4 Ceres Power Ltd Ⓒ2026. All Rights Reserved.
Slide 5: The demand for power
The demand for power 5 Ceres Power Ltd Ⓒ2026. All Rights Reserved.
Slide 6: Manufacturing partnerships enable shorter timelines
Manufacturing partnerships enable shorter timelines Gas Up to 5 –7 years turbines Small modular 7 – 10 years Time to power reactors Grid 5 – 10+ years connection First < 4 years factory Current < 3 years Time to market factories Next < 2 years factories 1. US gas -fired turbine wait times as much as
Slide 7: Why does Ceres Endura SOFC win in the power market
Why does Ceres ® Endura SOFC win in the power market Time to power Cost competitive 800V DC Permitting compatible Designed for cost, efficiency, and scaled manufacturing 7 Ceres Power Ltd Ⓒ2026. All Rights Reserved.
Slide 8: Large, attractive markets for solid oxide fuel cell power
Large, attractive markets for solid oxide fuel cell power Global market opportunity for solid oxide is forecast at 22GW by 2030 Market opportunity drivers by end use Market opportunity by region case 8% 7% Shipping RoW 49% Data centre 28 % 19% 50 % EMEA Industry India, 22GW 22GW China p.a by 2030 p.
Slide 9: Doosan sign c.£60m contract for stack supply
Doosan sign c.£60m contract for stack supply • Reverion will integrate SOFC stacks into reversible systems for power facilities in Germany and Europe. • This is Doosan’s first export contract for SOFC. 9 Ceres Power Ltd Ⓒ2026. All Rights Reserved. Image courtesy of Doosan
Slide 10: Delta progressing on time with initial capacity
Delta progressing on time with initial capacity • Pilot production targeting end of 2026 at Tainan • Delta announces plans to expand capacity to mass manufacture fuel cells in Guanyin 10 Ceres Power Ltd Ⓒ2026. All Rights Reserved. Image credit to Delta Electronics – Tainan factory
Slide 11: Ceres and Centrica sign strategic partnership
Ceres and Centrica sign strategic partnership • Aim to accelerate the deployment of solid oxide on -site power solutions to meet the multi -GW demand from commercial and industrial customers across UK and Europe • Published joint white paper reviewing on -site power generation 11 Ceres Power Ltd Ⓒ20
Slide 12: Delta and Centrica sign infrastructure partnership
Delta and Centrica sign infrastructure partnership • Targeting the data centres and energy intensive industries in the UK and Europe markets with SOFC off -grid energy generation 13 Ceres Power Ltd Ⓒ2026. All Rights Reserved. Image courtesy of Delta Electronics
Slide 13: Weichai targeting 200 MW by end of 2027
Weichai targeting 200 MW by end of 2027 • Weichai subsidiary Baudouin announce plans with EODev to deploy 600 kW SOFC systems across Europe 14 Ceres Power Ltd Ⓒ2026. All Rights Reserved. Image credit to Weichai Power
Slide 14: Hydrogen progress
Hydrogen progress 15 Ceres Power Ltd Ⓒ2026. All Rights Reserved.
Slide 15: Partners continue to progress as market develops
Partners continue to progress as market develops Denso: Government funding Shell: 1MW demonstrator Thermax: Pilot plant DENSO receives c.£165 Shell demonstrator Thermax establishing million in government exceeding expectations pilot plant in Pune, India. funding. for daily hydrogen production 16 Cer
Slide 16: Green hydrogen remains a large, long-term opportunity
Green hydrogen remains a large, long -term opportunity Industrial power will be the most compatible for SOEC technology Hydrogen production opportunity Next generation pressurised SOEC module 9% Row 4% USA 8% Europe 38 GW 44% China p.a. by 2035 18% Middle East 18% India 17 Ceres Power Ltd Ⓒ2026. All
Slide 17: Becoming the industry standard for solid oxide
Becoming the industry standard for solid oxide Global ecosystem of world -class partners Manufacturing partners Technology Innovation Centre Systems / Channel partners 18 Ceres Power Ltd Ⓒ2026. All Rights Reserved.
Slide 18: Financial update
Financial update 19 Ceres Power Ltd Ⓒ2026. All Rights Reserved.
Slide 19: Financial review
Financial review For the six months ended 30 June 2026 Revenue Gross margin Gross profit Adjusted EBITDA £22.8m 71% £ 16.1m (£6.8m) H1 2025: £21.1m H1 2025: 79% H1 2025: £16.6m H1 2025: (£11.3m) R&D costs June 2026 fundraise Cash and short -term Underlying investments Cash outflow* £18.3 m £102.6m £
Slide 20: Revenue and gross profit
Revenue and gross profit Sector leading gross margin maintained Revenue and gross profit £m • Contracted revenue for the year is £45 million • We have successfully executed our contracts to recognised £22.8 million in the first six months 21 Ceres Power Ltd Ⓒ2026. All Rights Reserved.
Slide 21: Business transformation plan to drive future growth
Business transformation plan to drive future growth Optimising our business for the path ahead Thus far we have successfully, • Realigned Ceres into focused delivery driven teams • Commercially launched our best -in-class, dual -purpose Ceres ® Endura stack platform serving both power and hydrogen m
Slide 22: Optimised cost base for commercial phase
Optimised cost base for commercial phase The right size to enable the next phase of growth while maintaining leading edge technology • Adjusted OpEx has decreased c.25% over the 12 months since H1 2025. • Adjusted OpEx costs reduced in H1 2026 due to cost base optimisation due to business transforma
Slide 23: Commercial focus reducing cash outflow
Commercial focus reducing cash outflow £m • H1 2026 cash outflow reduced to £10.4m, supported by a 14% reduction in operating costs and lower R&D expenditure as investment became increasingly focused on commercial opportunities and partner scale -up. • H1 2025 benefited from one -off customer receip
Slide 24: Positioning Ceres to take full advantage of the opportunity
Positioning Ceres to take full advantage of the opportunity Power demand is accelerating - Time to power is now the defining constraint. Ceres has built the Endura platform designed to scale at pace with world class partners. Our aim is for our technology to become the global standard that the globa
Slide 25: Thank you
Thank you +44 (0)1403 273463 info@cerespower.com Ceres Power, Viking House, Foundry Lane Horsham, RH13 5PX