Invinity Energy Systems Plc · LSE:IES
Invinity Energy Systems — H1 2026 Earnings Presentation
24 slides from Invinity Energy Systems's earnings presentation, Sep 22, 2026
Slide 1: 2026 Interim Results
2026 Interim Results 22 SEPTEMBER 2026
Slide 2: Executive Summary
Executive Summary We deliver Flexible Energy Storage without limits. Utility-scale solutions built to solve the most critical challenges of the Age of Electricity. Markets are changing. Power demand is growing exponentially driven by the “electrification of everything” and explosive global growt
Slide 3: Invinity Energy Systems
Invinity Energy Systems We are a global leader in vanadium flow battery technology: Track record: 2,000+ batteries delivered / 11+ GWh dispatched / demonstrable product cost reduction expertise Global footprint: Active across UK, EU, North American and Asia-Pacific markets Local presence: Regi
Slide 4: Why Invinity Wins
Why Invinity Wins 1. Flexible Energy Storage Maximises Value By Delivering Low LCOS Energy markets are evolving rapidly. Our product platform is designed to maximise value in multiple scenarios. VARIABLE UNLIMITED FLEXIBLE INHERENTLY DURATION CYCLES OPERATION SAFE 2-24 hour discharge No degradation
Slide 5: Delivering Customer Excellence
Delivering Customer Excellence GWh Dispatched 12.00 An exceptional customer experience is 11.00 central to our commercial offering 10.00 Customer endorsements, combined with consistent, reliable 9.00 performance of our products leads to repeat business and 8.00 represents a key competitive advantage
Slide 6: Invinity’s Global Customer Base
Invinity’s Global Customer Base OPALCO CHAPPICE LAKE PSG MOJAVE STEEL MILL (CEC) ENERGY SUPERHUB OXFORD COPWOOD VFB ENERGY HUB 2 MWh VS3 / Washington 8.4 MWh VS3 / Alberta 32 MWh Endurium / California 5 MWh VS3 / Oxford 20.7 MWh VS3 / Sussex IBEW HUNGARIAN PORTFOLIO 0.9 MWh VS3 / Michigan 16.3 MWh V
Slide 7: Invinity’s Global Manufacturing Base
Invinity’s Global Manufacturing Base MOTHERWELL BATHGATE Manufacturing Design & Manufacturing VANCOUVER SUZHOU BAOJIA Design & Manufacturing Manufacturing LONDON Sales & IR U.S. MANUFACTURING CALIFORNIA (Deliveries from 2027) Sales and Customer Support © 2026 Invinity Energy Systems. 7
Slide 8: Cost Reduction Programme
Cost Reduction Programme Reducing upfront product costs is core to Invinity’s product development pathway 60% cost reduction already delivered during VS3 0% Aug-24 product lifecycle May-25 -10% Sep-25 66% reduction forecast to be achieved for Q1 2027 Endurium cost vs. VS3 May-26 -20% $/kWh Cost
Slide 9: H1 2026 Summary
H1 2026 Summary Commercial Progress Financial Progress Customer Orders (MWh) Gross Loss (£m) 0 5 10 15 20 25 30 35 40 £0.0 £0.5 £1.0 £1.5 £2.0 H1 2026 +192% YoY H1 2026 -62% YoY H1 2025 H1 2024 H1 2025 77MWh 1.5GWh £1.7m £10.5m YTD Contracted Order Book for VFB system for FlexBase – Revenue + Projec
Slide 10: H1 2026 Profit and Loss Statement
H1 2026 Profit and Loss Statement Profit & Loss (£m) HY 2026 HY 2025 % Change Highlights Revenue & Project Grant Income 1.7 0.9 89% Revenue & Project Grant Income Revenue 1.1 0.3 267% Increase to £1.7m (£0.9m H1 2025) Project Grant Income 0.6 0.6 0% Commissioning of 4 projects, one delivery &
Slide 11: Margin Analysis
Margin Analysis Highlights Product margin TTM increased to 3.9% (H2 2025: 1.5%)1,2: First commercial Endurium shipment. Gross margin loss TTM reduced to -18% (H2 2025: -35%): Increased manufacturing activity driving absorption of factory overhead (Copwood); Reduced warranty from improved c
Slide 12: H1 2026 Balance Sheet & Cashflows
H1 2026 Balance Sheet & Cashflows Balance Sheet (£’000) HY 2026 HY 2025 FY 2025 Total inventory 8,749 10,236 2,636 Highlights Total pre-paid inventory 5,474 3,889 1,361 Total Inventory and Prepaid Inventory 14,223 14,125 3,997 Cash flow: Goodwill and PPE 38,857 29,223 35,948 Net operating cash o
Slide 13: Where Invinity Wins – Core Customer Segments
Where Invinity Wins – Core Customer Segments Standalone / Co-located LDES Commercial / Industrial AI Infrastructure CUSTOMER NEED CUSTOMER NEED CUSTOMER NEED Multi-hour, fast-response storage to Firm on-site renewables, lower electricity Fast, flexible energy solution to manage grid-constraints, adv
Slide 14: Business Case – AI Infrastructure
Business Case – AI Infrastructure VFBs offer significant advantages over Lower levelised cost Safe, flexible Strong governance than LIB and long life and transparency other technology for AI Infrastructure Inference Workload Training Workload Always-on model serving, “on-demand” usage Batched proces
Slide 15: FlexBase – 0.6 GW / 1.5 GWh Initial Capacity
FlexBase – 0.6 GW / 1.5 GWh Initial Capacity CRITICAL ENERGY INFRASTRUCTURE ASSET “Invinity has proven to be the strongest partner by presenting the most compelling overall package with Vanadium battery to rank alongside Switzerland’s nuclear fleet the lowest life-cycle costs (LCOS). Invinity’s va
Slide 16: Commercial Pipeline
Commercial Pipeline ~13 GWh pipeline over FY26-28, led by LDES and datacentres concentrated in North America & Europe. Pipeline1 By Stage By Geography By Customer Type 12.8 GWh (FY26-28) Qualified Pipeline 0.6 GWh United Kingdom 1.8 GWh 0.9 GWh Renewable RoW Europe Developer 8,793 MWh Data Centres 3
Slide 17: Financial Outlook
Financial Outlook Order book underpins FY26 and 50%+ of FY27, targeting 15x growth in flow battery market share to 5% by FY28. Revenue & Project Grant Income1 Revenue Coverage 2026 2027 2028 £m £250m Order Book 11 25 5 £200m Frameworks 1 8 157 Revenue (£) £150m Development Pipeline 1 16 71 £100m £50
Slide 18: Corporate Outlook
Corporate Outlook Invinity is transitioning from technology leader to commercially scaling energy storage business Improving cost competitiveness drives bigger opportunities Product costs continue to fall, further improving commercial competitiveness at a pivotal moment for the sector, positioning
Slide 19: Appendix
Appendix INVINITY ENERGY SYSTEMS
Slide 20: H1 2026 Profit and Loss Statement
H1 2026 Profit and Loss Statement Profit & Loss (£’000) HY 2026 HY 2025 Revenue 1,097 256 Highlights Cost of Sales (1,824) (2,186) Gross Loss (727) (1,930) Total Revenue & Project Grant Income increased to £1.7m (H1 2025: £0.9m). FY26 revenue recognition Other items of operating income and expecte
Slide 21: Dairyland Power Cooperative
Dairyland Power Cooperative INVINITY’S LARGEST DEAL IN THE USA Invinity has been contracted to deliver 43 MWh of Endurium VFBs to Dairyland Power Cooperative to be deployed across multiple sites in the U.S. Midwest The batteries will support grid resilience and reliability by providing long dura
Slide 22: PSG Mojave Steel Mill
PSG Mojave Steel Mill USA’S LARGEST SINGLE VFB INSTALLATION Invinity has been contracted to deliver a 32 MWh Endurium VFB to Pacific Steel Group to their Mojave Micro Mill project The Mill, the first to be built in California in 50 years, will recycle 500,000 tons of scrap metal annually to prod
Slide 23: Copwood VFB Energy Hub
Copwood VFB Energy Hub EUROPE’S LARGEST FLOW BATTERY INSTALLATION Invinity has delivered Europe’s largest VFB to a site in Uckfield, East Sussex This is the UK’s first co-located LDES & solar project at scale The VFB will deliver services to the grid including grid balancing & trading Suppor
Slide 24: Energy Storage Without Limits
ENERGY STORAGE WITHOUT LIMITS TM
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