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2026 Interim results 23 SEPTEMBER 2026
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2 Ceres Power Ltd Ⓒ 2026. All Rights Reserved. 2. Accelerate partners to market 1. Sign new manufacturing licensees 3. Single stack technology platform Three key pillars of the growth story
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3 Ceres Power Ltd Ⓒ 2026. All Rights Reserved. Progress against strategic pillars 1. Sign new manufacturing licensees Pipeline continues to grow and we remain confident on signing a new licensee this year • South Korea – Doosan sign c. £60 million contract to supply stacks to Reverion in Germany • Taiwan – Delta announced plans to increase capacity with SOFC factory in Guanyin, Taiwan • China – Weichai target 200 MW within approximately 2 years of signing license • Japan – DENSO received c.£165 million in government funding. • UK – Centrica signs strategic partnership to deploy in the UK and Europe 2. Accelerate partners to market 3. Single stack technology platform Launched Ceres ® Endura , our flagship solid oxide stack platform Stronger business position to address the global opportunity Business transformation continues to deliver optimised cost base Oversubscribed equity issuance provides gross funds of £103 million
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4 Ceres Power Ltd Ⓒ 2026. All Rights Reserved. HYDROGEN POWER Endura Stack Cell Factory Reversible operation from a core cell and stack technology One platform, global factories and partnerships
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5 Ceres Power Ltd Ⓒ 2026. All Rights Reserved. The demand for power
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6 Ceres Power Ltd Ⓒ 2026. All Rights Reserved. Up to 5 – 7 years Gas turbines 7 – 10 years Small modular reactors 5 – 10+ years Grid connection < 4 years First factory < 3 years Current factories < 2 years Next f actories Time to power Time to market Manufacturing partnerships enable shorter timelines 1. US gas - fired turbine wait times as much as seven years; costs up sharply | S&P Global 2. Initial projects coming on - stream in 2030, new project deployment 7 - 10 years: 3. Executive summary – Electricity Grids and Secure Energy Transitions – Analysis - IEA
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7 Ceres Power Ltd Ⓒ 2026. All Rights Reserved. Why does Ceres ® Endura SOFC win in the power market Permitting 800V DC compatible Designed for cost, efficiency, and scaled manufacturing Time to power Cost competitive
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8 Ceres Power Ltd Ⓒ 2026. All Rights Reserved. Large, attractive markets for solid oxide fuel cell power Reference: house analysis based on BNEF New Energy Outlook Data 2025 19 % EMEA 24 % Americas 50 % India, China and Asia Pacific 7 % RoW Global market opportunity for solid oxide is forecast at 22GW by 2030 Market opportunity drivers by end use case Market opportunity by region 14 % Commercial b uilding 28 % Industry 49% Data centre 8% Shipping 22GW p.a by 2030 22GW p.a by 2030
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9 Ceres Power Ltd Ⓒ 2026. All Rights Reserved. Doosan sign c.£60m contract for stack supply Image courtesy of Doosan • Reverion will integrate SOFC stacks into reversible systems for power facilities in Germany and Europe. • This is Doosan’s first export contract for SOFC.
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10 Ceres Power Ltd Ⓒ 2026. All Rights Reserved. Delta progressing on time with initial capacity Image credit to Delta Electronics – Tainan factory • Pilot production targeting end of 2026 at Tainan • Delta announces plans to expand capacity to mass manufacture fuel cells in Guanyin
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11 Ceres Power Ltd Ⓒ 2026. All Rights Reserved. Ceres and Centrica sign strategic partnership • Aim to accelerate the deployment of solid oxide on - site power solutions to meet the multi - GW demand from commercial and industrial customers across UK and Europe • Published joint white paper reviewing on - site power generation Image credit with Centrica
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13 Ceres Power Ltd Ⓒ 2026. All Rights Reserved. Delta and Centrica sign infrastructure partnership Image courtesy of Delta Electronics • Targeting the data centres and energy intensive industries in the UK and Europe markets with SOFC off - grid energy generation
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14 Ceres Power Ltd Ⓒ 2026. All Rights Reserved. Weichai targeting 200 MW by end of 2027 Image credit to Weichai Power • Weichai subsidiary Baudouin announce plans with EODev to deploy 600 kW SOFC systems across Europe
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15 Ceres Power Ltd Ⓒ 2026. All Rights Reserved. Hydrogen progress
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16 Ceres Power Ltd Ⓒ 2026. All Rights Reserved. Partners continue to progress as market develops Denso: Government funding Shell: 1MW demonstrator Thermax: Pilot plant DENSO receives c.£165 million in government funding. Shell demonstrator exceeding expectations for daily hydrogen production Thermax establishing pilot plant in Pune, India.
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17 Ceres Power Ltd Ⓒ 2026. All Rights Reserved. Green hydrogen remains a large, long - term opportunity Hydrogen production opportunity Industrial power will be the most compatible for SOEC technology 9% Row 8% Europe 18% Middle East 18% India 44% China 38 GW p.a. by 2035 4% USA Reference: House analysis based on IEA Wo rld Energy Outlook 2025. Next generation pressurised SOEC module
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18 Ceres Power Ltd Ⓒ 2026. All Rights Reserved. Becoming the industry standard for solid oxide Global ecosystem of world - class partners Technology Innovation Centre Manufacturing partners Systems / Channel partners
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19 Ceres Power Ltd Ⓒ 2026. All Rights Reserved. Financial update
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20 Ceres Power Ltd Ⓒ 2026. All Rights Reserved. Financial review For the six months ended 30 June 2026 Cash and short - term investments £172.0m Dec 2025: £83.3m Underlying Cash outflow* (£10.4m) H1 2025: inflow £1.6m Gross margin 71 % H1 2025: 79% Revenue £22.8m H1 2025: £21.1m Gross profit £ 16.1m H1 2025: £16.6m Adjusted EBITDA (£6.8m) H1 2025: (£11.3m) June 2026 fundraise £102.6m Net proceeds £99.1m R&D costs £18.3 m H1 2025: £25.6m *Underlying cash outflow excluding the June fundraise (£99.1m) for comparison purposes.
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21 Ceres Power Ltd Ⓒ 2026. All Rights Reserved. Revenue and gross profit Sector leading gross margin maintained • Contracted revenue for the year is £45 million • We have successfully executed our contracts to recognised £22.8 million in the first six months Revenue and gross profit £m
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22 Ceres Power Ltd Ⓒ 2026. All Rights Reserved. Thus far we have successfully, • Realigned Ceres into focused delivery driven teams • Commercially launched our best - in - class, dual - purpose Ceres ® Endura stack platform serving both power and hydrogen markets, consolidating development onto a single technology platform We continue to: • Enhance our commercial capability • Strengthen partner - centric values and behaviours across the organisation • Reduce operating costs by around 14% compared to 31 December 2025 • Support partners on their path to manufacturing scale - up and product launch Business transformation plan to drive future growth Optimising our business for the path ahead
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23 Ceres Power Ltd Ⓒ 2026. All Rights Reserved. Optimised cost base for commercial phase The right size to enable the next phase of growth while maintaining leading edge technology • Adjusted OpEx has decreased c.25% over the 12 months since H1 2025. • Adjusted OpEx costs reduced in H1 2026 due to cost base optimisation due to business transformation. • As the Group transitions from an R&D - intensive phase to commercialisation, operating costs have been resized to support partner scale - up and product delivery.
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24 Ceres Power Ltd Ⓒ 2026. All Rights Reserved. Commercial focus reducing cash outflow £m • H1 2026 cash outflow reduced to £10.4m, supported by a 14% reduction in operating costs and lower R&D expenditure as investment became increasingly focused on commercial opportunities and partner scale - up. • H1 2025 benefited from one - off customer receipts and collection of the RDEC receivable outstanding at 31 December 2024, resulting in a £1.6m cash inflow. • Excluding this timing benefit, cash outflow has reduced consistently across each subsequent period, reflecting an optimised cost base and tighter expenditure control. *Underlying cash outflow excluding the June fundraise (£99.1m) for comparison purposes.
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25 Ceres Power Ltd Ⓒ 2026. All Rights Reserved. Ceres has built the Endura platform designed to scale at pace with world class partners. Power demand is accelerating - Time to power is now the defining constraint. Our aim is for our technology to become the global standard that the global market will be built on. Positioning Ceres to take full advantage of the opportunity 25 Ceres Power Ltd Ⓒ 2026. All Rights Reserved.
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Thank you +44 (0)1403 273463 info@cerespower.com Ceres Power, Viking House, Foundry Lane Horsham, RH13 5PX