ITM POWER PLC
LEADERS IN GREEN HYDROGEN TECHNOLOGY
Annual Report 2025
ABOUT US
OUR ELECTROLYSERS ARE HELPING OUR CUSTOMERS REACH NET ZERO THROUGH THE POWER OF GREEN HYDROGEN
ITM Power designs and manufactures state-of-the-art electrolysers based on proton exchange membrane (PEM) technology to produce green hydrogen, using renewable electricity and water.
Green hydrogen is the only true net-zero energy carrier, making it one of the best solutions to tackle the carbon crisis and create a clean, green future.
@ Find out why ITM's 5MW containerised NEPTUNE V is exceeding the expectations of customers around the world (youtube.com)
OUR VISION AND VALUES WITH:
@ Safety at the heart of everything we do
@ Innovation in our DNA
@ Superior technology
@ Precision manufacturing
@ Integrity and respect
WE:
@ Deliver the world's best electrolysers
@ Scale our operations profitably to meet the rising demand
@ Grow our global footprint and reach
@ Challenge ourselves to become better than yesterday, every day
TO:
@ Help customers decarbonise their operations
@ Drive sustainable change within industry, government and society
@ Accelerate the world's transition to net zero
@ Increase shareholder value
Strategic Report Governance Report Financial Statements Company Information
HIGHLIGHTS
OUR RESULTS
5.6
5.2
16.5
26.0
Revenue22 23 24 25
£m
£26.0m
+58%
@ Strong revenue growth of 58% compared to FY24.
@ Record revenue for the second consecutive year, a cumulative increase
of almost 400% over the past two years. Adjusted EBITDA* loss(39.8)
(94.2)
(30.4)
(33.0)
£m
(£33.0m)
2 23 2
4 25
2
-9%
@ Gross profit was impacted by the under-absorption of factory costs and inventory provisions against older generation products.
@ This was partly offset by the stringent management of our administrative expenses which were reduced by 6% year on year.
Cash at year end366
283
230
207
£m
£207m
22 2
3 2
4 2
5
-10%
@ Record order intake, strong project delivery performance and capital discipline enabled us to land £40m, or 24%, ahead of our original guidance.
@ ITM achieved a positive cash flow in the second half of the financial year.
IN THIS REPORT
Strategic Report
Highlights
ITM at a Glance
7 Investment Proposition
8 Pioneering for 25 years
11 Statement from the Chair of the Board
13 Chief Executive Officer's Statement
16 Chief Financial Officer's Review
18 Our Business Model
20 Our Strategy
21 Our Stakeholders and Section 172 (1) Statement
26 Sustainability Report
34 Principal Risks and Uncertainties
37 Going Concern
Governance Report38 Introduction from the Chair of the Board
39 Governance at a Glance
40 Our Compliance with and Application of the QCA Code
42 Board of Directors
44 Corporate Governance Report
48 Audit Committee Report
52 Nomination Committee Report
54 Remuneration Report
66 Directors' Report
Directors' Responsibilities Statement
Financial StatementsIndependent Auditor's Report to the Members of ITM Power plc
Consolidated Income Statement and Other Comprehensive Income
Consolidated Balance Sheet
Consolidated Statement of Changes in Equity
Consolidated Cash Flow Statement
Notes to the Consolidated Financial Statements
98 Company Balance Sheet
99 Company Statement of Changes in Equity
100 Notes to the Company Financial Statements
Company Information104 Glossary
IBC Officers, Professional Advisors and Useful Contacts
* Adjusted EBITDA is a non-statutory measure. The calculation methodology is set out in Note 6.
ITM Power plc | Annual Report 2025 3
Strategic Report Governance Report Financial Statements Company Information
ITM AT A GLANCE
INNOVATION MADE IN THE UK
After 25 years of research and development and pioneering innovation, ITM is offering the most advanced PEM electrolyser technology in the world.
We have once again achieved strong revenue growth, and our performance this year highlights our ability to turn market opportunities into success.
OUR PRODUCTS
Leading PEM electrolyser stack technology
Our commercially proven 2MW electrolyser skid is based on our industry-leading 30bar stacks. Capable of the highest current density on the market, our technology enables reduced footprint and cost.
2MW 5MW 20MW
@ Find out more about our products online at https://www.itm-power.com
Autonomous 2MW plug & play electrolyser for small-scale projects
With our state-of-the-art TRIDENT stack platform at its heart, NEPTUNE II is a fully autonomous electrolyser system. Supplied with a power conversion system and incorporating all necessary balance of the plant.
Leading 5MW plug & play electrolyser for mid-size projects
Designed against the highest safety and quality standards, and building on the learnings from our operational electrolysers around the world, NEPTUNE V is our brand-new full-scope 5MW containerised electrolyser plant.
Cutting-edge 20MW module for large-scale projects
Our core electrolysis process module is engineered to incorporate real-world lessons learned from commercial projects. POSEIDON is a modular building block enabling scale-up with optimised footprint.
4 ITM Power plc | Annual Report 2025
Strategic Report Governance Report Financial Statements Company Information
ITM AT A GLANCE CONTINUED
OUR MARKET
Designed and built in the UK, deployed worldwide.
We work together with industrial, energy and transport companies in projects all over the world.
The advanced design of our TRIDENT stack platform enables compliance flexibility. ITM can deliver the same stack into all highlighted world regions.
GLOBAL REACH
The intentional design of our TRIDENT stack platform enables compliance flexibility.
ITM can deliver the same stack into all highlighted world regions. This unlocks volume manufacturing advantages,
including a consistent supply chain approach.
@ More detail on page 7
INDUSTRY LEADING TECHNOLOGY
Our electrolysers are based on proton exchange membrane technology and are a key enabler for the energy transition.
@ The highest current density on the market, reducing footprint and cost
@ Leading conversion efficiency, reducing operational costs
@ The lowest reported precious metal loading, relieving supply chain constraints
@ More detail on page 7
@ More detail on page 7
ITM Power plc | Annual Report 2025 5