Ceres Power Holdings Plc · LSE:CWR
Ceres Power — H1 2025 Earnings Presentation
30 slides from Ceres Power's earnings presentation, Sep 26, 2025
Slide 1: Clean Energy Starts with Ceres
CLEAN ENERGY STARTS WITH CERES
Slide 2: Summary
Summary Exciting commercial progress with partners: o Doosan start of SOFC production leading to royalty payments to Ceres o Delta Electronics acquires land and factory facilities, committing around £170 million to large-scale manufacturing of hydrogen energy solutions o Shell megawatt-scale demonst
Slide 3: Single stack platform to address the energy transition
Single stack platform to address the energy transition Reversible operation from a core cell and stack technology High efficiency energy conversion at low cost Cell i one ‘mes CALS @ TF oenso A\neuta hydrogen 3 Ceres Power Ltd ©2025. Alll Rights Reserved. [oe res 3
Slide 4: Alll Rights Reserved.
Ceres Power Ltd ©2025. Alll Rights Reserved. 4
Slide 5: Ⓒ
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Slide 6: Ⓒ
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Slide 7: vidson Iams
vidson Iams fae 7
Slide 8: MW demonstrator with Shell producing hydrogen
kWh/kg === — 1 MW demonstrator with Shell.§ in India is producing hydrogen —
Slide 9: Powering up Ceres
Powering up Ceres
Slide 10: Ⓒ
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Slide 11: Data centre power news sources
Source: Knight Frank, 13 April 2025 Source: McKinsey & Company, 28 April 2025 Source: Reuters, 17 March 2025 Source: Wall Street Journal, 10 September 2025 Source: The Guardian, 15 September 2025 Source: Reuters, 20 June 2025 Source: OpenAI, 22 July 2025 Ⓒ Source: Financial Times, 12 September 2025
Slide 12: 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 7% 7% Shipping RoW 53% \ Data Centre 19% 27% Industry EMEA 13% () 9 Commercial 24% Building Americas
Slide 13: SOFCs provide the solution to AI data centre power needs
SOFCs provide the solution to Al data centre power needs The right technology, available now 13 ¥ Time-to-power. delivered in months not years Y Proven resiliency: 24/7 baseload, long stack life Y Sustainability: low noise and particulate emissions to enable smoother permitting and planning approval
Slide 14: Time-to-power is the critical factor for AI data centres
Time-to-power is the critical factor for Al data centres Fuel cells provide a rapid on-site power solution today Combined cycle gas Small modular High voltage grid turbine reactor connection Up to 7 years! 7-10 years2 5-15 years? 1. US gas-fired turbine wait times as much as seven years; costs up sh
Slide 15: Delta Electronic's SOFC system architecture
Delta Electronic’s SOFC system architecture A\neuta >95% CO, Captured aA C)\ Do, (CO SA P RU CCUS Absorption Exhaust Gas. Chiller (CO, Emission <50g / kWh) . _. | er “2 BB ce anal fh i | —--§ lot al Natural Gas Tank NG Pressure reducing valve Ql _. Chemical industryby-product or Semiconductor proces
Slide 16: Real-world validation of Ceres' data centre power performance
Real-world validation of Ceres’ data centre power performance 18 Ceres stacks accumulated >110,000 hours generating power for an enterprise data centre in a field trial of SOFC systems >28,000 load cycles simulated Al model training load cycles demonstrated on a stack in the Ceres Test Centre with n
Slide 17: Electrolysis update
Electrolysis update
Slide 18: Market opportunity by end use case and region
Market opportunity by end use case Market opportunity by region Ⓒ
Slide 19: Incubation Centre HydroGenX Hub
INCUBATION CENTRE droGenxX Hub AP Hy I I , SATAY FY a BF
Slide 20: JERA and DENSO begin Japan's first SOEC hydrogen demonstration
JERA and DENSO Begin Japan’s First Demonstration of SOEC Hydrogen Production at a JERA Thermal Power Station Ⓒ
Slide 21: Financial update
Financial update
Slide 22: H1 2024: £41.6m excluding non-cash adjustments
H1 2024: £41.6m Excluding non-cash adjustments Ⓒ
Slide 23: Revenue and gross profit
Revenue and gross profit Sector leading gross margin maintained * Significant revenue recognised in 2024 due to new licence partners signed. Ongoing revenue from these licences recognised in the period to June 2025. * Gross margin remains at market leading levels. 23 Ceres Power Ltd ©2025. Alll Righ
Slide 24: Licensing model enables flexible cost base
Licensing model enables flexible cost base 24 Cost of sales: decreased 20% on H1 2024. Demonstrating asset light business model. In line with revenue Adjusted operating costs: Operating costs in H1 2025 have decreased 13% compared to H1 2024 Adjusted costs reflect the removal of accounting effects:
Slide 25: Continued reduction in cash outflow
Continued reduction in cash outflow Free cash flow (plus cash and investments) £m 2021* 2022 2023 2024 2025 10m * Acash inflow of £1.6m in H1 2025 fm exe driven by significant customer 0m) receipts and RDEC received (£20m) (€30m) * Support future investment as the ecom) — foal Company drives revenue
Slide 26: 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 -—~ 7 N { Future lcensees\ SOEC factory and manufacturing _ production capacity i] SOFC \ ] factory : =a production ~~ C2res hydrogen aa28 @ Royaities DENSO A @ Licence
Slide 27: Business transformation plan to drive future growth
Business transformation plan to drive future growth Optimising our business for the path ahead 27 2025 is a landmark year for Ceres: important commercial milestones achieved Ceres will focus on servicing the growing fuel cell power market in the near-term, underpinned by a solid technology roadmap B
Slide 28: Outlook and summary
Outlook and summary
Slide 29: Outlook and summary
Outlook and summary 29 First cell and stack production with Doosan mean Ceres is transitioning from R&D phase to commercial deployment Near-term opportunities in the rapidly growing Al data centre power market being targeted by our partners Good progress in electrolysis markets, working with industr
Slide 30: Thank you
Ceres THANK YOU Foundry Lane