Ceres Power Holdings Plc · LSE:CWR
Ceres Power — FY2025 Earnings Presentation
28 slides from Ceres Power's earnings presentation, Mar 26, 2026
Slide 1: 2025 Full year results
2025 Full year results 26 MARCH 2026
Slide 2: Ceres' strategic imperatives
Ceres’ strategic imperatives 1. Sign new manufacturing • Establish manufacturing facilities globally to establish Ceres’ licensees technology as the industry standard for solid oxide 2. Accelerate partners to • Support our partners towards successful product launch, market thereby providing ongoing,
Slide 3: Progress over the last 12 months
Progress over the last 12 months Acute need for power driving commercial need for SOFC technology • China – Weichai signs manufacturing licence agreement. • Taiwan – Delta invest s in land and facilities to include solid oxide fuel and electrolysis production factory. • South Korea - Doosan starts f
Slide 4: Centrica partnership for solid oxide on-site power
• Centrica is a FTSE100 leading integrated energy company • Centrica believe there will be multi -gigawatts demand for solid oxide technology in UK and Europe due to growing grid constraints and increasing power demand • Stack and systems will be supplied by Ceres’ ecosystem of manufacturing partner
Slide 5: 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 POWER Cell Stack HYDROGEN High efficiency energy conversion at low cost 5 Ceres Power Ltd Ⓒ2026. All Rights Reserved.
Slide 6: The demand for power
The demand for power 6 Ceres Power Ltd Ⓒ2026. All Rights Reserved.
Slide 7: 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, China 22GW 22GW and Asia Pacif
Slide 8: Time-to-power is the critical factor
Time -to -power is the critical factor 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 1 7-10 years 2 5-15 years 3 1. US gas -fired turbine wait times as much as seven years; costs up sharply | S&P G
Slide 9: Delta continue to aim for first production at the end of 2026
Delta continue to aim for first production at the end of 2026 9 Ceres Power Ltd Ⓒ2026. All Rights Reserved.
Slide 10: Delta Electronic's SOFC system architecture
Delta Electronic’s SOFC system architecture 10 Ceres Power Ltd Ⓒ2026. All Rights Reserved.
Slide 11: Weichai sign manufacturing licence in Nov 2025
Weichai sign manufacturing licence in Nov 2025 11 Ceres Power Ltd Ⓒ2026. All Rights Reserved.
Slide 12: Doosan factory started production in July 2025
Doosan factory started production in July 2025 12 Ceres Power Ltd Ⓒ2026. All Rights Reserved.
Slide 13: Doosan factory started production in July 2025
Doosan factory started production in July 2025 13 Ceres Power Ltd Ⓒ2026. All Rights Reserved.
Slide 14: Hydrogen progress
Hydrogen progress 14 Ceres Power Ltd Ⓒ2026. All Rights Reserved.
Slide 15: Our 1 MW demonstrator exceeding expectations at Shell in Bangalore, India
Our 1 MW demonstrator exceeding expectations at Shell in Bangalore, India 16 Ceres Power Ltd Ⓒ2026. All Rights Reserved.
Slide 16: Next generation of SOEC is a pressurised model, scalable to MW capacity
Next generation of SOEC is a pressurised model, scalable to MW capacity 17 Ceres Power Ltd Ⓒ2026. All Rights Reserved.
Slide 17: Thermax break ground on SOEC pilot plant in Feb 2026
Thermax break ground on SOEC pilot plant in Feb 2026 18 Ceres Power Ltd Ⓒ2026. All Rights Reserved.
Slide 18: DENSO and JERA begin Japan's first demonstration of SOEC hydrogen production
DENSO and JERA begin Japan’s first demonstration of SOEC hydrogen production at JERA’s thermal power station, unlocking ~£165m in government funding Reference: Denso.com global corporate newsroom, 25 September 2025 JERA and DENSO Begin Japan’s First Demonstration of SOEC Hydrogen Production at 19 Ce
Slide 19: Technology provider of choice
Technology provider of choice Global ecosystem of world -class partners Partners and demonstrators First SOFC plant in operation System and manufacturing licensee Technology Innovation Dual SOFC and SOEC manufacturing Centre licensee SOEC manufacturing licensee SOFC manufacturing licensee SOEC syste
Slide 20: Financial update
Financial update 21 Ceres Power Ltd Ⓒ2026. All Rights Reserved.
Slide 21: Financial review
Financial review For the 12 months ended 31 December 2025 Revenue Gross margin Cash and short -term Cash outflow investments £32.6m 70 % £83.3m (£19.2m) 2024: £51.9m , 2024: 79% Dec 2024: £102.5m 2024: (£37.5m) down 37 % Gross profit Adjusted EBITDA R&D costs Restructuring cost savings £22.7 m (£32.
Slide 22: Revenue and gross profit
Revenue and gross profit Sector leading gross margin maintained Revenue and gross profit £m • Revenue in 2024 at £51.9m reflects the completion of significant up -front, one -off technology transfer activities with Delta and DENSO. • 2025 revenue comprises royalties for the first time, as Doosan com
Slide 23: Business transformation plan to drive future growth
Business transformation plan to drive future growth Optimising our business for the path ahead By the end of 2026, we expect to have • Realigned Ceres into focused delivery driven teams • Enhanced our capability to secure new licensing agreements • Strengthened partner -centric values and behaviours
Slide 24: 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 a cumulative c30% from 2023. • Adjusted OpEx costs reduced by 20% in 2024 due to cost base optimisation and 13% in 2025 due to business t
Slide 25: Commercial momentum reducing cash outflow
Commercial momentum reducing cash outflow £m • Cash outflow has reduced materially from ~£68m in 2022 to £19.2m in 2025. • The trend demonstrates increasing financial control and operating leverage. • Licence agreements at a cadence of approximately one per year will result in cashflow breakeven. 26
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 Future licensees F actories in and manufacturing development capacity SOFC factory production DENSO Growing Growing ecosystem ecosystem of SOFC of SOEC partners partner
Slide 27: Outlook
Outlook Three priorities for 2026 • Sign new manufacturing licenses • Accelerate partners to market • Single stack technology platform Starting with a strong cash position, we have contracted revenue for 2026 is ~£45m 28 Ceres Power Ltd Ⓒ2026. All Rights Reserved.
Slide 28: Thank you
Thank you Click to add name Click to add job title +44 (0)1403 273463 info@cerespower.com Ceres Power, Viking House, Foundry Lane Horsham, RH13 5PX