ITM POWER PLC (ITM) — Interim Results

Investor webinar replay

Replay transcript excerpt

Good morning, and welcome to the ITM POWER PLC Investor Presentation. Throughout this recorded meeting, investors will be in listen only mode. The company may not be in a position to answer every question received during the meeting itself. However, the company can review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to the team at ITM POWER PLC. Good morning. Good morning and welcome. We are pleased to present a strong set of results for the first half of the financial year '26. We have yet again delivered our highest six month revenue performance while maintaining strict cash and operational discipline. Today, in order to set the scene, we will start with a look at the market environment, our operational and financial situation and our sales activity. I will then explain our business model, talk about operational progress achieved and provide an update on selected projects. Simon, our CTO, will shed light on our newest product, Alpha 50 and give insights on the levers we have and use to lower the cost of hydrogen. He will then talk about ITM's future, our game changing next tech platform, Kronos. After that, Amy, our CFO, will explain our financial results in more detail and provide guidance for the full year. Okay. Let's start with the market and our competition. Hydrogen will play an essential role in the decarbonization of industry and the energy mix, especially in hard to abate applications like refining, ammonia, heavy industry and industrial heat. While refineries undoubtedly show the biggest momentum right now, we start to see first hydrogen applications in cement, steel, paper and many other industries. Despite the known macroeconomic...