Energy Vault Holdings, Inc.NYSE: NRGV

Project EBITDA Mapping Investor Updates Q1 2026 Post Earnings

May 7, 2026 at 11:06 PM UTC · Issued by Energy Vault Holdings, Inc.

Watch Energy Vault explain itEnergy Vault Holdings, Inc. (NRGV) Q2 2026 Earnings Call · Replay · Aug 11

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~1.1GW Secured Projects as of Q1 2026

Annualized EBITDA

~$1.8 Billion+

~4.0 GW

~350

Estimated Annualized EBITDA

~$180M +

~1.1 GW

~1,800

440 MW

431

957

~1,850

Q4 2025 (A)

Q1 2026 (A)

2030(E)

Expected to Deliver $180M+ In Annualized Run Rate EBITDA Ahead of Previous Guidance

EBITDA

POWERED SHELL

POWERED LAND

BESS

Storage

AI Infra.

Crusoe Type

Storage +

Generation

CRC and Powered Land for Hyper-scalers

Storage + Generation +

$M/MW

2.0

1.0

0.1

Note: Figures are illustrative and that the anticipated and financial results of projects are based on current management est imates and are subject to change. 3

Announced Projects & Timing Making up $180M+ Run-rate EBTIDA

- Secured $300 million Preferred Equity in Oct-25 enabling ~$1.2 billion in Project Capex Funding

Near Term Japan Projects (350MW)

EBITDA ($M) MW In Operation

Q1 2026 (A)

BESS

Powered Land

180

170

160

150

140

130

120

110

100

Calistoga

Cross Trails

EBOR (100 MW)

Stoney Creek (125 MW)

Southwest Utility

Powered Land (75MW going to 1GW)

McMurtre (175 MW)

Crusoe (25 MW)

SOSA

Crusoe ( 8MW)

Additional 925 MW to 1GW
under Interconnection Study
Adding 225 MW in Q4 2027 as
bridge to the 1GW
Hyperscaler Offtake discussions

underway

1,100

650

400

320

200

APAC

Powered Shell

MW In Operation

AMER

2025 2026 2027 2028 2029

Note: Figures are illustrative and that the anticipated and financial results of projects are based on current management est imates and are subject to change.

Powered Land to Hyperscaler Offtake Agreement Underway

	Jan. 2026: Ph1 75MW power secured; entered cluster study for additional MWs with local utility
	Q1 2026: commercial discussion in motion
	Q1 2026: Interconnection deposit paid
	Q1 2026: ~480 acres of land secured via land purchase agreement
	Q2 2026: 225MW natural gas prime mover generation secured, deposit paid
	Q2 2026: Equip. C Project financing in motion
	Q1 2027: 75MW to be online
	2028: additional 225MW gas generation to be online
	202G: additional 400MW (PV \| BESS) to be online
	2030 s Beyond: additional grid power to be online

- Southwest Utility, 300MW to 1GW in Phases over the next 6-36 months

$400 to $500 million annual, recurring EBITDA potential

Strong project execution momentum. Expected to drive meaningful annual EBITDA contribution starting in 2027

Looking Ahead: Roadmap from $180M to $1.8B+ Recurring EBITDA

Estimated Annualized EBITDA +900% | MW under Contract +275%

~$600M |

~2.5 GW

~$1.4B |

~3.3 GW

~250

~$1.8B |

~4.0 GW

~350

440 MW

Estimated Annualized EBITDA

~$180M+ | MW under Contract

1.1 GW

~$240M |

~1.8 GW

~100

~600

~200

~1,000

~1,450

~1,800

957

~1,100

~1,300

~1,600

~1,850

Q4 2025 (A)

Q1 2026 (A)

2027(E) 2028(E) 2029(E)

2030(E)

Southwest Utility Powered Land capacity positioned to expand from 225MW to up to 1GW by 2030

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