Trading update

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."