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ITM PowerAnnouncement

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RNS Number : 1317K  ITM Power PLC  04 December 2025

4 December 2025

ITM Power plc

 

Trading Update:

Record H1 revenue and robust cash position, continuing our growth journey

 

We are pleased to provide a summary of our financial performance for the six
months to 31 October 2025.

The expected unaudited financial results for the half year are as follows:

·    Revenue of £18.0m

·    Adjusted EBITDA loss of £11.9m

·    Cash at the end of H1 of £197m

View on the market and business:

·    Market and regulatory environment: In Europe, momentum has continued
to accelerate. Germany is leading the region with significant infrastructure
investments in pipelines, storage caverns, and hydrogen-ready gas power
plants, reinforcing its long-term commitment to clean hydrogen. Also, the UK
is gathering pace with the first HAR1 projects expected to take FID
imminently. In the US, policy shifts have caused uncertainty.

·    Competitive landscape: We continue to observe the expected
consolidation among our peer group, with ITM being regarded as a
technologically and operationally differentiated, reliable partner by
customers.

·    Sales pipeline: Remains strong, with particular demand for NEPTUNE V,
our containerised

5 MW plant, and ALPHA 50, our new flagship 50 MW full-scope green hydrogen
plant.

·    Operational performance: Strong progress across our projects is
reinforcing customer confidence. The world's first 100 MW PEM plant for RWE in
Lingen has progressed well, with our scope now fully delivered and installed.
The second 100 MW plant in Lingen and the Shell Refhyne II 100 MW project are
also progressing to plan.

·    Hydropulse: Has been received very well by customers. Momentum is
growing, with multiple project opportunities advancing at pace.

·    Product development: CHRONOS, our next-generation stack, continues to
advance through validation as planned.

Our FY26 guidance remains unchanged:

·    Revenue expected between £35m and £40m

·    Adjusted EBITDA loss in the range of £27m to £29m

·    Cash at year-end in the range of £170m to £175m

Dennis Schulz, CEO, stated: "In the first half of the year, we again delivered
our strongest ever six-month revenue performance. We continue to have a solid
contract backlog and sales pipeline. Our EBITDA losses have narrowed further,
supported by strong manufacturing and project performance, as well as
disciplined cost control and capital allocation. We look forward to providing
our next update alongside our interim results in January."

For further information, please visit www.itm-power.com
(http://www.itm-power.com) or contact:

 ITM Power plc
 Justin Scarborough, Head of Investor Relations  +44 (0)114 551 1080

 Berenberg
 Ciaran Walsh, Harry Nicholas                    +44 (0)20 3207 7800

 J.P. Morgan Cazenove
 Richard Perelman, Charles Oakes                 +44 (0) 20 7742 4000

 

About ITM Power plc:

ITM Power was founded in 2000 and ITM Power plc was admitted to the AIM market
of the London Stock Exchange in 2004. Headquartered in Sheffield, England, ITM
Power designs and manufactures electrolysers based on proton exchange membrane
(PEM) technology to produce green hydrogen, the only net zero energy gas,
using renewable electricity and water.

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