Itm Power Plc · LSE:ITM
Itm Power — Investor Day (October 2026)
19 slides from Itm Power's investor day presentation, Oct 19, 2026
Slide 1: Capital market update
ITM Power plc Capital market update 19 Oct 2026 ©2026 ITM Power Group This document contains information which is proprietary and confidential to ITM Power plc and its subsidiaries ("ITM Power Group"). Such information may not, without the prior written consent of the ITM Power Group entity to which
Slide 2: Content
CONTENT 1. Setting the scene 2. The market we operate in 3. Our business model 4. Hydropulse 150 MW project 5. Project execution update 6. Rheinmetall collaboration 7. UK Government investment 8. Chronos stack platform 9. FY26 results 10. FY27 guidance 2
Slide 3: Setting the scene
SETTING THE SCENE Market & competition Financial position ▪ The conflict in the Middle East has reinforced the strategic ▪ Year-end cash of £216m; a clear competitive advantage, rationale for accelerating the energy transition particularly in the current market environment ▪ Europe continues to be t
Slide 4: The market we operate in
THE MARKET WE OPERATE IN We solidified our foundation Green hydrogen market [GW] ▪ While the market accelerated slower than forecasted, ITM advanced its technology 77 and product portfolio, debottlenecked its supply chain and manufacturing, rightsized Europe (conservative)1 the business and built im
Slide 5: Recap: our business model
RECAP: OUR BUSINESS MODEL Building an integrated hydrogen company EPC Build, Own, Electrolysers Operate One-stop shop for customers who need electrolyser equipment, full green hydrogen plants, or simply ▪ We innovate, design and manufacture ▪ We build, own and operate modular just hydrogen leading e
Slide 6: Hydropulse 150 MW refinery project
HYDROPULSE 150 MW REFINERY PROJECT A gamechanger for ITM Power ▪ Heads of Terms signed by Hydropulse, ITM’s Build, Own, Operate (‘BOO’) subsidiary, with a leading European oil refinery in October 2026 ▪ 150 MW Alpha-based plant to produce hydrogen on customer site under a 10-year agreement ▪ Custome
Slide 7: Project execution: RWE Get H2 Nukleus Project in Lingen
PROJECT EXECUTION RWE Get H2 Nukleus Project in Lingen – 2x 100 MW ▪ The world’s largest PEM electrolyser and Europe’s largest electrolyser of any technology ▪ And most importantly: a happy customer! 7
Slide 8: Project execution: Guttroff Dettelbach project
PROJECT EXECUTION Guttroff Dettelbach project – 5 MW …and another happy customer! ▪ Our first Neptune V has been completed and went smoothly through customer-witnessed Factory Acceptance Test (FAT) ▪ The performance is exceptional and is beating our contractual promises on efficiency and hydrogen pr
Slide 9: ITM Power x Rheinmetall
ITM POWER x RHEINMETALL A strategic industrial partnership for defence readiness X Industrial -scale electrolysers Defence and Power -to -X integration Together we deliver: ▪ Combining proven hydrogen technology with defence systems integration and industrial scale ▪ NATO-compatible drop-in diesel,
Slide 10: A European network of distributed fuel production
A EUROPEAN NETWORK OF DISTRIBUTED FUEL PRODUCTION NATO defence fuel resilience THE GIGA PTX VISION ▪ A distributed network of modular Power-to-X plants producing INHERENT REDUNDANCY NATO-compatible synthetic fuels THROUGH SEVERAL HUNDRED PLANTS ▪ Local production of drop-in diesel, aviation and mari
Slide 11: Sovereign fuel production at the point of use
SOVEREIGN FUEL PRODUCTION AT THE POINT OF USE Synthetic diesel delivers conventional fuel performance CONVENTIONAL SYNTHETIC COMPRESSED CRITERION BATTERY SYNTHETIC DIESEL PRODUCTION FUEL FUEL HYDROGEN Existing military vehicle Hydrogen + captured CO2 ★★★★★ ★★★★★ ★ ★ compatibility → synthetic diesel
Slide 12: Recap: strategic UK Government backing
RECAP: STRATEGIC UK GOVERNMENT BACKING Supporting the establishment of Chronos manufacturing Rationale ▪ Green hydrogen is strategically important to the UK government ▪ The UK has ambitious hydrogen targets underpinned by its HAR funding programme ▪ ITM is the UK’s electrolyser Growth package champ
Slide 13: Chronos stack platform
CHRONOS STACK PLATFORM Progressing to plan CHRONOS ▪ Technology continues to deliver outstanding performance ▪ Underpinned by >20,000 hours at component, cell and short stack level ▪ Bill of materials defined and manufacturing processes under validation FACTORY DEVELOPMENT ▪ Make-or-buy decisions be
Slide 14: Summary financials
SUMMARY FINANCIALS Year ended 30 April 2026 (FY26) Revenue ▪ Driven by equipment sales of £40.7m, accounting for over 90% of total revenue FY26 FY25 ▪ Further income from engineering and service contracts £m £m ▪ Legacy contracts accounted for 82% of revenue, which did not contribute Revenue 43.6 26
Slide 15: Contract backlog development
CONTRACT BACKLOG DEVELOPMENT [£m] +42.5 43.6 ▪ Contract backlog can be defined 145.1 144.0 as firm orders not yet recognised as revenue ▪ Revenue grew more than 700% over three years ▪ Despite record revenue, contracted backlog has remained consistent in the financial year; demonstrating our ability
Slide 16: Contract backlog development
CONTRACT BACKLOG DEVELOPMENT ▪ As we are working through our April 2026 April 2025 Jan 2023 legacy projects and continue to sign new contracts, the profitable 17% share of the order backlog continues to grow 40% 100% 60% ▪ 83% of our contract backlog is now profitable 83% Legacy Contracts Profitable
Slide 17: Cash flow
CASH FLOW Year ended 30 April 2026 (FY26) FY26 FY25 FY26 FY25 £m £m Opening balance 207.0 230.3 Adjusted EBITDA (20.2) (33.0) 39% Inventory 40% Decrease/(increase) in inventories (9.7) 14.4 61% 60% Working capital movements (receivables and payables) 6.8 20.0 (Decrease)/increase in provisions (0.4)
Slide 18: Guidance FY27
GUIDANCE FY27 Revenue of £50m to £60m: ▪ A growth of more than 900% over four years ▪ Revenue recognised on legacy contracts approx. 1/3, and 2/3 on profitable contracts Adjusted EBITDA loss of £17m to £20m: ▪ EBITDA losses continue to decrease and remain a function of factory loading and fixed cost
Slide 19: Thank you for your attention
Thank you for your attention 19