Slide 1: Q3 2025 Earnings Call
Nasdaq: EVGO – investors.evgo.com Q3 2025 Earnings Call November 10, 2025
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: Q3 2025: Another Record Quarter
Q3 2025: ANOTHER RECORD QUARTER FURTHERING POSITION AS AN INDUSTRY LEADER BUILT FOR LONG -TERM SUCCESS ST R AT EG I C O P E R AT I O N A L • Closed commercial bank facility, receiving first two $92M +37% Revenue draws • Launched additional sites $(5)M $3.9M Improvement in Adjusted EBITDA with J3400
Slide 5: EVgo Charging Network Revenue Has Consistently Grown Faster Than VIO
EVGO CHARGING NETWORK REVENUE HAS M U LT I P L E TA I LW I N D S CONSISTENTLY GROWN FASTER THAN VIO DRIVING CHARGING R E V E N U E G R OW T H EVGO CHARGING REVENUE HAS INCREASED 9X SINCE Q1 2022 VEHICLES-IN-OPERATION AND EVGO CHARGING REVENUE VIO CAGR 29% Charging Revenue CAGR 57% I N D U S T R Y TA
Slide 6: Adjusted EBITDA Accelerates Following Inflection
ADJUSTED EBITDA ACCELERATES FOLLOWING A C C E L E R AT I N G S TA L L INFLECTION, DRIVEN BY OPERATING LEVERAGE D E P L OY M E N T ADJUSTED EBITDA APPROACHING INFLECTION POINT Financing in place expected to turbo charge stall growth in future years $1,300 Revenue $1,242 - $1,498 $675 Adjusted Gross P
Slide 7: Increasing Utilization and Charge Rates Drive Stall Productivity
INCREASING UTILIZATION AND CHARGE RATES DRIVE STALL PRODUCTIVITY U T I L I Z AT I O N INCREASING UTILIZATION AND CHARGE RATE DRIVE AVERAGE DAILY Percentage of time in a 24-hour THROUGHPUT PER STALL GROWTH period, charger dispensing electricity 40% 450-500 500 450 Daily Throughput per Stall (kWh) 35%
Slide 8: Building for Scale: Charger Enhancement Fuels Performance Gains
BUILDING FOR SCALE: CHARGER ENHANCEMENT FUELS PERFORMANCE GAINS 350KW FAST CHARGERS MAKE UP AN INCREASING PROPORTION OF THE NETWORK P U B L I C F A ST C H A RG I N G Utilization growth exceeded D A I LY T H R O U G H P U T P E R S TA L L ( K W H ) expectations 500 Charger "A" - 350kW Charger "B" - 3
Slide 9: Remain Focused on Driving Down Capex per Stall
REMAIN FOCUSED ON DRIVING DOWN CAPEX PER STALL LONG-TERM EXPECTATION IS TO CONTINUE LOWERING GROSS CAPEX PER STALL L O N G -T E R M TA R G E T FY23 ACTUAL F Y 2 5 U P D AT E D V I E W (2029) $151k 39% $125k 40% $112k 15% $92k $95k $75k Gross Capex Capital Net Capex Gross Capex Capital Net Capex Gros
Slide 10: Our Priorities
OUR PRIORITIES C U STO M E R E X P E R I E N C E C U STO M E R G R O W T H O P E R AT I N G & C A P E X FINANCING EFFICIENCIES Delivering Best-in-Class Capturing and Retaining High- Implementing Efficiency Measures Securing Complementary Customer Experience for Value Customers to Improve Operating S
Slide 11: Financial Overview
02 Financial Overview Paul Dobson, CFO
Slide 12: Key Financial and Operational Highlights
KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS OPERATIONAL STALLS CUSTOMER ACCOUNTS (000s) PUBLIC NETWORK THROUGHPUT (GWH) +2.7x +4.9x +13.5x 4,590 1,659 350 4,080 1,338 277 v 2,980 v 884 v 2,180 128 1,680 553 340 26 45 2021 2022 2023 2024 Q3 2025 12/31/21 12/31/22 12/31/23 12/31/24 09/30/25 12/31/21 12/3
Slide 13: Key Financial Highlights Q3 2025
KEY FINANCIAL HIGHLIGHTS Q3 2025 Network throughput increased 1.3x Charging Network Gross Margin1 improved 110 bps Adjusted EBITDA1 loss improved $3.9 million Network throughput for EVgo network excludes EVgo’s dedicated network and EVgo eXtend sites. 1 These non-GAAP measures have not been prepared
Slide 14: 2025 Guidance
2025 GUIDANCE 2 0 2 5 S TA L L A N D C A P E X G U I D A N C E NEW PUBLIC AND DEDICATED STALLS 700 – 750 NEW EXTEND STALLS 550 – 575 TOTAL STALLS 1,250 – 1,325 FISCAL NET CAPEX $100M - $110M Capital Expenditures, Net of Capital Offsets (“Net Capex”) is a non-GAAP financial measure. A reconciliation
Slide 15: 2025 Guidance
2025 GUIDANCE ANTICIPATE CONTINUED CHARGING REVENUE GROWTH AND ADJUSTED EBITDA BREAKEVEN IN Q4 Q4 2025 2025 BASELINE BASELINE 2025 Q4 2025 2025 PRIOR + + BASELINE BASELINE GUIDANCE ANCILLARY ANCILLARY (AS OF AUGUST 4, 2025) UPSIDE1 UPSIDE1 ($ millions) TOTA L R E V E N U E $84 - $99 $84 - $139 $350
Slide 16: Q&A
Q&A
Slide 17: Appendix
04 Appendix Summary Financials and Reconciliation of Non- GAAP to GAAP Measures
Slide 18: 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 26% 59% 18% 45% v v 9/30/24 9/30/25 9/30/24 9/30/25 Stalls include EVgo’s public network Stalls include EVgo’s public network, dedicated network, and EVgo eXten
Slide 19: Scaling Public Network Combined With Operating Leverage
SCALING PUBLIC NETWORK COMBINED WITH OPERATING LEVERAGE RESULTS IN COMPELLING FINANCIALS LONG-TERM ILLUSTRATIVE VIEW WITH FURTHER ACCELERATION OF NETWORK BUILD 2029 Exiting Run-Rate Scenarios Public Network 2024 Real 2025 $, non-inflation adjusted Growth LOW HIGH To midpoint from 2024 OWNED & OPERAT
Slide 20: Stall Counts
STALL COUNTS [30/2025 9/30/2024 Increase Stalls in operation: EVgo public network" 3,570 3,320 8% EVgo dedicated network” 140 50 180% EVgo eXtend™ 880 290 203 % Total stalls in operation 4,590 3,660 25% * stalls on publicly available chargers at charging stations that we own and operate on our netwo
Slide 21: Condensed Consolidated Balance Sheets
FINANCIAL STATEMENTS: CONDENSED CONSOLIDATED BALANCE SHEETS 21
Slide 22: Condensed Consolidated Statements of Operations
FINANCIAL STATEMENTS: CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUD IT ED ) 22
Slide 23: Condensed Consolidated Statements of Cash Flows
FINANCIAL STATEMENTS: CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUD IT ED ) 23
Slide 24: 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 25: Reconciliations of Non-GAAP Measures to GAAP
RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP 25
Slide 26: Reconciliations of Non-GAAP Measures to GAAP
RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP 26
Slide 27: Reconciliations of Non-GAAP Measures to GAAP
RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP 27