Slide 1: Capital Market Update
Capital Market Update 30 Jan. 2025
Slide 2: Agenda
1. Setting the scene 2. Strategic priorities 3. Contract backlog 4. Real-world impressions 5. Sales pipeline 6. Financial results H1 7. Introduction Amy Grey - CFO 8. Full-year guidance 2
Slide 3: Setting the scene: market and ITM progress
▪ Green H2 has begun to play its part in the energy mix; ▪ Increased competitive pressure due to slow customer FIDs; increasing number of FIDs; trajectory remains enormous market consolidation has started; first competitors struggling ▪ Previous hype gave way to industry realism; project ▪ Customer
Slide 4: Strategic priorities
Strategic priorities (+) | I | I l acknowLedging the need for READINESS and FLEXIBILITY, whilst managing CASH carefully 1 2 3 Remain at the forefront of Scale operations whilst} Grow global footprint technology, product and} retaining flexibility land reach, while delivery credibility land conservin
Slide 5: Contract backlog
[£m] ▪ Contract backlog can be defined as firm orders not yet recognised as revenue ▪ Strong order intake growth over the past two years, leading to a healthy order backlog ▪ All FY24 and FY25 new project contracts are profitable ▪ Sales momentum continues 5
Slide 6: Working with industry leaders worldwide
Working with industry Leaders worldwide e) | TM 1 Selected recent real-world deployments YARA Sumitomo Gefineon RWE "E TOKYO GAS UPTIMAL
Slide 7: Building the world's biggest, most advanced project
Building the world’s biggest, most advanced project
Slide 8: Product deployment locations
Product deployment Locations (excluding FEEDs/studies)
Slide 9: Sales pipeline
Reminder: TRIDENT: Stacks & Skids NEPTUNE: 2/5MW Containers POSEIDON: 20MW EPC Module ▪ Sales pipeline has continued to grow further in size and quality ▪ Near-term trend to NEPTUNE V intensifying ▪ EU remains the most mature market ▪ UK expected to gain momentum in 2025 99
Slide 10: Financial results H1: Revenue and Adjusted EBITDA
Revenue H1 FY25 H1 FY24 ▪ Driven by the delivery of NEPTUNE plug & play units £m £m ▪ Further income from consulting and maintenance Revenue 15.5 8.9 contracts, incl. spare parts and system upgrades Gross loss (10.2) (8.1) Adjusted EBITDA loss* (16.8) (18.1) Adjusted EBITDA Cash 203.1 253.7 ▪ Loss i
Slide 11: Cash movement and inventory
H1 FY25 H1 FY24 H1 FY25 H1 FY24 £m £m Opening balance 230.3 282.6 11% 12% Adjusted EBITDA (16.8) (18.1) Inventory Increase in inventories (2.6) (18.0) Exceptional item (13.1) - 89% 88% Working capital improvements (receivables and Raw materials WIP & finished products 3.8 6.9 payables) (Decrease)/in
Slide 12: Introduction Amy Grey - CFO
▪ Joined ITM on 6th Jan. 2025 ▪ Long-standing executive finance experience in different sectors, including manufacturing, engineering and renewables ▪ Track record in multi-site, global operations, as well as in growth, change and turnaround environments ▪ Previous roles include: - CFO at Sheffield
Slide 13: Full-year guidance
Revenue expected to be between £18m and £22m: ▪ Guidance unchanged ▪ Revenue recognition for most of our products is based on the “completed contracts” method Adjusted EBITDA loss of £32m to £36m: ▪ Guidance unchanged ▪ We have gained control over what we can control. Remaining EBITDA losses are now
Slide 14: Thank you for your attention
Thank you for your attention