Slide 1: Plug Power
Plug Power NASDAQ: PLUG Copyright 2023, 2022, Plug Power Inc.
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation will include “forward-looking statements” about Plug Power Inc. (“Plug”). These forward-looking statements will contain projections of Plug’s future results of operations, or of Plug’s business or financial position, or other forward-looking statements. We int
Slide 3: Plug is building an end-to-end hydrogen ecosystem
Plug is building an end-to-end hydrogen ecosystem, from production, storage and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy. 3
Slide 4: Inflection Point: New Platforms have been Nurtured to Fruition
INFLECTION POINT: New Platforms have been Nurtured to Fruition Only global player to support the entire hydrogen ecosystem Produce: Transport: Store & Dispense: Use: 4
Slide 5: Plug Doing Real Things: Execution and Growth Targets
Plug Doing Real Things: Execution and Growth Targets Business Focus Strategic Priorities: Material Handling Exiting 2028: Exiting 2027: Overall Electrolyzers Operating Income Profitability Exiting 2026: Positive EBITDAS Positive ✓ Exiting 2025: Gross Margin Hydrogen Plants Positive 5
Slide 6: Electric MHE Market Continues to Grow! $14.43 Billion Market
Electric MHE Market Continues to Grow! $14.43 Billion Market The electric material handling equipment market—especially electric forklifts—is poised for strong growth through 2026 and beyond, driven by sustainability goals, automation, and technological innovation. 6
Slide 7: Fuel Cells Decrease Your Grid Dependence
Fuel Cells Decrease Your Grid Dependence Up to Significant savings over time as average grid $0.112 25-30% price for electricity increases $0.102 of electricity usage at distribution centers is attributed to lead-acid battery charging $0.098 during regular hours $0.083 $0.068 $0.065 Significant incr
Slide 8: GenDrive: Material Handling Value and Expansion
GenDrive: Material Handling Value and Expansion 72,000+ installed and 275 locations 1billion+ operational hours 45+ tons hydrogen dispensed everyday 95+MW of Electricity Wegmans Food Markets Abated from the Grid 8
Slide 9: Market Size & Growth Trends
Market Size & Growth Trends • Global installed electrolyzer capacity is forecasted to reach approximately 300 GW by 2030. • The Electrolyzer industry is projected to reach a market value of over $70 billion by 2034, with significant growth rates expected in North America, Europe, and Asia Pacific. •
Slide 10: Regional Electrolyzer Focus
Regional Electrolyzer Focus: • Europe o Spain Portugal GenEco Electrolyzer o o Italy o Poland Deployments: o Denmark 320 MW • UK • Australia • USA • Canada Across more than 70 units on 6 Continents • South America 258+ Granted Patents 10
Slide 11: GenEco: Premier Electrolyzer Solution
GenEco: Premier Electrolyzer Solution Plug Wins: ✓ Experience: 45MW ELX capacity at GA plant ✓ Technical Capabilities: Scalable from single MW units and 100+ MW systems to GW scale plants ✓ Stack Manufacturing: 2.5GW+ of installed electrolyzer stack annualized capacity ✓ Installations: - 100MW of Ge
Slide 12: We are Deploying Products Around the World
We are Deploying Products Around the World GenDrive and GenSure Fuel Cell Locations Largest network of H2 refueling stations in the USA GenEco Electrolyzer Locations Material handling sites Stationary power Execution (manufacturing) sites Installation Electrolyzer Sites Comissiong Electrolyzer Sites
Slide 13: Plug Hydrogen Plant Network
Plug Hydrogen Plant Network Georgia Louisianna Tennessee Live Capacity: 15TPD Live Capacity: 15TPD Live Capacity: 10TPD +4.5MTD High Pressurized Gas 13
Slide 14: Global Government Tailwinds
Global Government Tailwinds United States • Production Tax Credit (PTC): Up to $3 per kilogram (kg) for clean hydrogen, depending on lifecycle emissions, with higher credits for projects meeting wage and apprenticeship rules. • 30% Investment Tax Credit (ITC) for qualifying commercial hydrogen fuel
Slide 15: Priority Path to Profitability
Priority Path to Profitability “Project Quantum Leap” driving $150-$200M in cost savings Vertical Integration with Plug Hydrogen Network Pricing Increases Across the Material Handling Portfolio Equipment Sales Growth Increases Leverage on Fixed Manufacturing Costs Supply Chain Efficiency and Cost Do
Slide 16: Scaling Sustainably: The 2025 Operational Pivot
Scaling Sustainably: The 2025 Operational Pivot Profitability Turn: Q4 2025 results marked a pivotal turning point, with Plug achieving its first- ever positive gross margin (2.4%) as a vertically integrated global company. Self-Sustainability: 2025 revenue exceeded the year's operational and capita
Slide 17: Execution & Growth Targets
Execution & Growth Business Focused to Dominate Targets Laser focused on 2026 • Transformational Year Material Handling • Exiting 2026 EBITDAS Positive while Driving Profitable Growth Setting the stage for Electrolyzers sustainable growth over the next five years • Operating Income Positive exiting
Slide 18: VP of Investor Relations Contact
VP of Investor Relations Roberto Friedlander rfriedlander@plugpower.com Corporate Headquarters 125 Vista Blvd Slingerlands, New York 12159 https://www.plugpower.com/