ITM POWER PLC - Preliminary Results for the year ended 30 April 2026

ITM Power's backlog turned 83% profitable and it signed heads of terms for a 150MW build-own-operate project, its largest deal yet.

• Record revenue, narrower losses: FY26 revenue hit £43.6m (+68% YoY, +700% over 3 years); adjusted EBITDA loss narrowed to £20.2m from £33m; gross loss cut to £6.1m from £23.7m.
• HydroPulse scale-up: New build-own-operate model signed heads of terms for a 150MW green hydrogen plant with an EU refinery, targeting FID in 2027 and production in 2029 — ITM's largest-ever contract if it proceeds; profitable from day one of operation.

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