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Highlights
ITM Power recorded £18.0 million in revenue for the first half, its highest on record.
Major 100 MW hydrogen projects at Lingen and Refhyne II advanced in line with delivery plans.
FY26 guidance remains unchanged, supported by a cash balance of £197 million and a promising sales pipeline.
ITM Power plc (LSE:ITM) released its trading update for the six months ended 31 October 2025, reporting record first-half revenue and progress across major hydrogen projects. The company also reaffirmed its full-year FY26 guidance, supported by a robust cash position, an active sales pipeline, and continued project delivery milestones across Europe.
ITM Power Posts Record Half-Year Revenue
ITM Power reported unaudited revenue of £18.0 million for the first half of FY25/26, marking its highest-ever result for a six-month period. The company recorded an adjusted EBITDA loss of £11.9 million, while maintaining a cash balance of £197 million at the end of the half-year.
Management stated that the contract pipeline, ongoing project execution, and manufacturing performance continue to underpin the company’s operational trajectory.
Momentum in European Hydrogen Markets
Across Europe, activity in clean hydrogen infrastructure continues to accelerate. Germany remains at the forefront of regional development, expanding investment in pipelines, underground storage facilities, and hydrogen-ready gas power stations. The UK market is also progressing, with the first HAR1 projects expected to reach final investment decision shortly.
In contrast, the trading update noted that recent policy developments in the United States have introduced a degree of uncertainty for hydrogen project timelines.
Growing Demand for ITM’s Hydrogen Technology
The company highlighted continued interest in its product portfolio, particularly the NEPTUNE V, a containerised 5 MW plant, and the ALPHA 50, its 50 MW full-scope green hydrogen facility. These offerings remain central to customer discussions as demand for scalable electrolyser solutions increases.
Customer feedback on Hydropulse, one of the company’s latest innovations, has also been positive, with multiple opportunities advancing through commercial stages.
Delivery Milestones in Europe
ITM Power reported meaningful progress across its live project portfolio. At RWE’s Lingen site, the world’s first 100 MW PEM electrolyser has now reached full delivery and installation for the ITM scope. The second 100 MW facility in Lingen, as well as Shell’s Refhyne II 100 MW project, are moving ahead in line with expectations.
The company also confirmed that CHRONOS, its next-generation stack, continues through its validation programme.
FY26 Guidance Unchanged
ITM Power reiterated its full-year FY26 outlook, forecasting revenue in the range of £35 million to £40 million, an adjusted EBITDA loss between £27 million and £29 million, and a year-end cash balance expected between £170 million and £175 million.
