**Summary of ITM Power PLC Half-Year Financial Report (January 29, 2026):**
**Financial Performance**
**Revenue Growth** ITM Power reported a 16% year-on-year revenue increase to £18.0 million for H1 2026, up from £15.5 million in H1 2025.
**EBITDA Improvement** Adjusted EBITDA loss narrowed to £11.9 million from £16.8 million in the same period last year, reflecting better cost management.
**Cash Position** Cash reserves stood at £197.8 million as of October 31, 2025, down slightly from £203.1 million a year earlier, but still robust.
**Operational Highlights**
**Contract Backlog** The contract backlog grew to £152 million, with 71% of contracts now profitable, up from 60% in April 2025.
**Key Projects** Secured significant contracts, including NEPTUNE V with Westnetz GmbH, a 120 MW HAR2 project with Uniper, and a 300+ MW confidential project in Asia-Pacific.
**Hydropulse Launch** Introduced Hydropulse, a new business focused on building, owning, and operating decentralized green hydrogen production plants, targeting industrial customers.
**Product and Technology Development**
**ALPHA 50** Launched a highly competitive 50 MW full-scope green hydrogen plant, priced at €50 million, generating strong customer interest.
**CHRONOS Platform** Continued development of the next-generation stack platform, expected to be a game-changer for the electrolyser industry.
**Market and Strategic Progress**
**Government Support** Positioned to benefit from government-backed funding programs like HAR3 in the UK and various schemes in Germany.
**Industry Growth** The global clean hydrogen sector saw investments rise from $10 billion to $110 billion between 2020 and 2025, driven by policy support and industrial demand.
**Board Changes**
Strengthened the board with appointments of Sir Warren East and John Howarth as Non-Executive Directors, and Jürgen Nowicki as Non-Executive Chair.
**Financial Guidance for FY26**
Revenue is expected to range between £35 million and £40 million.
Adjusted EBITDA loss is projected between £27 million and £29 million.
Year-end cash is forecasted at £170 million to £175 million.
**Conclusion**
ITM Power demonstrated strong progress in H1 2026, with revenue growth, improved EBITDA, and strategic advancements in product development and market positioning. Despite macroeconomic challenges, the company remains well-placed to capitalize on the growing green hydrogen market, supported by robust cash reserves and a strong pipeline of profitable contracts.
| Metric | H1 2025 (£'000) | H1 2024 (£'000) | Change (£'000) | Change (%) |
|---|---|---|---|---|
| Revenue | 18,026 | 15,534 | 2,492 | 16.0% |
| Adjusted EBITDA Loss | (11,900) | (16,800) | 4,900 | 29.2% |
| Cash on Hand | 197,848 | 203,134 | (5,286) | (2.6%) |
| Contract Backlog (£'m) | 152 | 43.7 | 108.3 | 248.0% |
| Gross Loss | (6,474) | (10,188) | 3,714 | 36.4% |
| Loss Before Tax | (14,085) | (28,792) | 14,707 | 51.1% |
| Capital Expenditure | 6,900 | 5,400 | 1,500 | 27.8% |
| Inventories | 51,121 | 73,000 | (21,879) | (30.0%) |
| Trade and Other Payables | 95,305 | 67,330 | 27,975 | 41.5% |
| Total Provisions | 19,581 | 34,640 | (15,059) | (43.5%) |