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22 SEPTEMBER 2026 2026 Interim Results
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Executive Summary © 2026 Invinity Energy Systems. 2 We deliver Flexible Energy Storage without limits. Utility-scale solutions built to solve the most critical challenges of the Age of Electricity. Markets are changing. Power demand is growing exponentially driven by the “electrification of everything” and explosive global growth across AI, AC and EVs. Our global customer base is at the forefront of this change. They include Datacentres, Energy Intensive Industries, Grids and Governments around the world. Proven mechanical technology developed first in 1880s, advanced by NASA in 1973 and commercialised by Invinity 2020s. Power and energy are separated - similar to Pumped Hydro Invinity offers investors unique “picks and shovels” exposure to a proven technology enabling one of the biggest industrial transformations in the modern era.
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Invinity Energy Systems 100 PROJECTS Across 17 countries on five continents 180 EMPLOYEES The most experienced team in flow batteries 83 PATENTS Granted or pending, plus trade secrets 20+ YEARS R&D investment in product and manufacturing We are a global leader in vanadium flow battery technology: Track record: 2,000+ batteries delivered / 11+ GWh dispatched / demonstrable product cost reduction expertise Global footprint: Active across UK, EU, North American and Asia-Pacific markets Local presence: Regional manufacturing options and support hubs Modular & scalable solutions: Product offering from MWh to GWh scale Publicly owned: LSE-listed, ~20% owned by UK National Wealth Fund 11+ GWH Discharged from our fleet since 2022 © 2026 Invinity Energy Systems. 3
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Why Invinity Wins © 2026 Invinity Energy Systems. 4 1. Flexible Energy Storage Maximises Value By Delivering Low LCOS Energy markets are evolving rapidly. Our product platform is designed to maximise value in multiple scenarios. 2. One of the Strongest Track Records in the Sector 3. Regional Manufacturing Options Support Domestic Content Rules 11+ GWH DISPATCHED 2,000+ MODULES DELIVERED 20+ YEARS R&D EXPERIENCE Our products are already in service in multiple applications around the world. We think globally but act locally. We offer domestic content options to serve the UK & Europe, North America and China. UNLIMITED CYCLES No degradation with use & unlimited cycles under warranty INHERENTLY SAFE No risk of thermal runaway means faster planning & permitting FLEXIBLE OPERATION Fast response & ramp capability across multiple operating modes VARIABLE DURATION 2-24 hour discharge durations to suit multiple use cases
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Delivering Customer Excellence An exceptional customer experience is central to our commercial offering Customer endorsements, combined with consistent, reliable performance of our products leads to repeat business and represents a key competitive advantage within the industry. “Invinity is dedicated to its customers in meeting our needs for utility-scale energy storage. Invinity is hyper-focused on high quality manufacturing of its battery storage technology. When it comes to quality, they will not waver – you will find in this industry that quality is not always the number one priority. Invinity’s technology is commercially proven, safe, long lasting and economical.” Dr. Craig Reiter, CSO & General Manager, Maada’oozh 10 MWh VFB at Viejas Microgrid Project, USA 6.00 7.00 8.00 9.00 10.00 11.00 12.00 GWh Dispatched © 2026 Invinity Energy Systems. 5
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Invinity’s Global Customer Base © 2026 Invinity Energy Systems. 6 ENERGY SUPERHUB OXFORD 5 MWh VS3 / Oxford SPENCER ENERGY 8 MWh VS3 / South Australia V-ION, LA PLANA 1.2 MWh Endurium / Zaragoza PNNL (US DEPT OF ENERGY) 12 MWh Endurium / Washington COPWOOD VFB ENERGY HUB 20.7 MWh VS3 / Sussex CHAPPICE LAKE 8.4 MWh VS3 / Alberta RINCON HARRAH’S (CEC) 4 MWh VS3 / California FLEXBASE TZL 1.5 GWh / Laufenburg HUNGARIAN PORTFOLIO 16.3 MWh VS3 & Endurium / Multiple Sites CHARLES MURGAT 3.5 MWh / Lyon US MILITARY BASE 0.5 MWh VS3 / California BAD RIVER TRIBE (US DOE) 2 MWh Endurium / Wisconsin SOBOBA FIRE STATION (CEC) 0.5 MWh VS3 / California KEPCO 1.5 MWh VS3 / Naju City OPALCO 2 MWh VS3 / Washington HORIZON POWER 0.3 MWh VS3 / Western Australia VIEJAS MICROGRID (CEC) 10 MWh VS3 / California HITT CONVERGE 0.9 MWh VS3 / Virginia PSG MOJAVE STEEL MILL (CEC) 32 MWh Endurium / California IBEW 0.9 MWh VS3 / Michigan DAIRYLAND (US DOE) 43 MWh Endurium / US Midwest
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Invinity’s Global Manufacturing Base © 2026 Invinity Energy Systems. 7 SUZHOU BAOJIA Manufacturing BATHGATE Design & Manufacturing LONDON Sales & IR VANCOUVER Design & Manufacturing CALIFORNIA Sales and Customer Support MOTHERWELL Manufacturing U.S. MANUFACTURING (Deliveries from 2027)
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Cost Reduction Programme 60% cost reduction already delivered during VS3 product lifecycle 66% reduction forecast to be achieved for Q1 2027 Endurium cost vs. VS3 Cost reduction programme currently tracking 18 months ahead of management expectations 2028 product in preproduction; 2030 plan validated by global engineering assurance leader DNV. Reducing upfront product costs is core to Invinity’s product development pathway -80% -70% -60% -50% -40% -30% -20% -10% 0% Q4 2024 Q4 2025 Q4 2026 Q4 2027 Q4 2028 Q4 2029 Q4 2030 $/kWh Cost vs. 1st Endurium Manufactured Aug-24 May-25 Sep-25 May-26 Longer term, continued cost optimisation expected to be achieved through: Further value engineering Adopting higher-volume, lower-cost manufacturing processes Outsourcing to best-cost regions and pursuing strategic partnerships Invinity long term cost targets by 2030 target upfront capex competition with LIB © 2026 Invinity Energy Systems. 8
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H1 2026 Summary Commercial Progress © 2026 Invinity Energy Systems. 9 0 5 10 15 20 25 30 35 40 H1 2026 H1 2025 H1 2024 Customer Orders (MWh) Financial Progress +192% YoY -62% YoY £0.0 £0.5 £1.0 £1.5 £2.0 H1 2026 H1 2025 Gross Loss (£m) 77MWh YTD Contracted Order Book for delivery across 2027/28 1.5GWh VFB system for FlexBase – engineering phase underway £1.7m Revenue + Project Grant Income £12.1m Loss for the Period £10.5m Net Cash £14.2m Inventory and pre-paid inventory © 2026 Invinity Energy Systems.
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H1 2026 Profit and Loss Statement Highlights Revenue & Project Grant Income Increase to £1.7m (£0.8m H1 2025) Commissioning of 4 projects, one delivery & completion of Copwood Gross Margin +688 pts. YoY margin improvement Net Loss +£1.5m (+14%) YoY to £12m Increase Admin expenses include R&D headcount (+£0.8m YoY) and completion of Gamesa JDA recoveries (-£0.6m YoY) Profit & Loss (£’000) HY 2026 HY 2025 % Change Revenue & Project Grant Income 1,647 838 97% Revenue 1,097 256 329% Project Grant Income 550 582 (5)% Cost of Sales (1,824) (2,186) (17)% Gross Loss (727) (1,930) (62)% Gross Margin % (66) (754) +688 pts. Administrative expenses (11,311) (9,645) 17% Loss from operations (12,003) (10,813) 11% Net Loss Attributable to Shareholders (12,054) (10,595) 14% Adjusted EBITDA (£m) (10.6) (9.1) 16% Product Margin (£m) 0.0 (0.2) (100)% Product Margin (%) 1.8 (82.8) +85 pts. © 2026 Invinity Energy Systems. 10 (1) Gross Profit Margin is Gross Profit as a percentage of Revenue (2) Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of Revenue
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Margin Analysis © 2026 Invinity Energy Systems. Highlights Product margin TTM increased to 3.9% (H2 2025: 1.5%)1,2: First commercial Endurium shipment. Gross margin loss TTM reduced to -18% (H2 2025: -35%): Increased manufacturing activity driving absorption of factory overhead (Copwood); Reduced warranty from improved component performance. 11 (1) Trailing 12 months (TTM) refers to last 12 months (2) Product margin excludes factory overhead and warranty costs
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H1 2026 Balance Sheet & Cashflows Highlights Cash flow: Net operating cash outflow increased 5% to £12.9m (HY25: £12.3m), reflecting higher employee costs/restructuring, and working capital investment to support project execution. Cash used in investing activities (HY26 £5.0) driven largely by completion of Copwood. Balance Sheet: Total inventories and pre-paid of £14.2m (FY25 £4.0m) unwinding in 2H26 to support planned PNNL, Charles Murgat deliveries. Balance Sheet (£’000) HY 2026 HY 2025 FY 2025 Total inventory 8,749 10,236 2,636 Total pre-paid inventory 5,474 3,889 1,361 Total Inventory and Prepaid Inventory 14,223 14,125 3,997 Goodwill and PPE 38,857 29,223 35,948 Cash and Cash equivalents 10,510 18,740 28,789 Trade and other receivables 4,335 5,556 11,109 Accrued income 970 647 1,203 Deferred revenue (2,115) (1,592) (649) Trade payables (7,493) (7,207) (9,529) Onerous contracts provision (2,321) (1,950) (2,439) Lease liabilities (2,118) (2,451) (1,995) Net position 54,848 55,091 66,434 Cash flow (£’000) HY 2026 HY 2025 Net income (loss) (12,054) (10,595) Adjustments for non-cash & changes in working capital (1,206) (2,039) Interest 356 324 Net operating cashflow (12,904) (12,310) Investing cashflow (5,039) (581) Financing cashflow (317) (444) Net (decrease)/increase in Cash and Eq. (18,260) (13,335) Opening Cash and Eq. 28,789 32,352 Foreign exchange (19) (277) Closing Cash and Eq. 10,510 18,740 © 2026 Invinity Energy Systems. 12
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AI Infrastructure CUSTOMER NEED WHY INVINITY WINS EXISTING CUSTOMERS Commercial / Industrial CUSTOMER NEED WHY INVINITY WINS EXISTING CUSTOMERS Where Invinity Wins – Core Customer Segments Standalone / Co-located LDES CUSTOMER NEED Multi-hour, fast-response storage to manage grid-constraints, adverse pricing and perform contracted grid services WHY INVINITY WINS EXISTING CUSTOMERS Long asset life with minimal degradation Flexible duration & Fast response Easier permitting / planning Domestic content Dairyland | Copwood | Chappice Lake Firm on-site renewables, lower electricity costs, manage grid constraints and improve energy security Unlimited cycling supports daily use Flexible duration & Fast response Inherent safety Pacific Steel | Charles Murgat | Viejas Flexbase Technology Centre Laufenburg Fast, flexible energy solution to overcome network constraints and support operational resilience Low cost per cycle supports high-stress use case Fast ramping / response capabilities Inherent safety & high security 13© 2026 Invinity Energy Systems.
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Business Case – AI Infrastructure VFBs offer significant advantages over other technology for AI Infrastructure Generate own onsite power Store excess wind/solar Charge/Discharge rapidly to manage variable loads 56.8 50.2 40 50 60 LIB LCOS VFB LCOS LCOS (£/MWh) 66.3 56.6 50 60 70 LIB LCOS VFB LCOS LCOS (£/MWh) 15% Advantage Source: Independent external analysis. Assumes an off-grid, PV coupled, datacentre in EU commencing operation in 2028 with a 30 year working life. LCOS compares UK manufactured VFB with LIB system utilising EU integrated, Chinese-manufactured cells. £45.5bn Total addressable AI Datacentre market by 2035 ~60% Portion of market where VFBs could outperform LIB Inference Workload Always-on model serving, “on-demand” usage Training Workload Batched process for model training runs Lower levelised cost than LIB Safe, flexible and long life Strong governance and transparency 0 20 40 60 80 100Normalised electrical demand (%) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%Normalised electrical demand (%) 12% Advantage © 2026 Invinity Energy Systems. 14
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FlexBase – 0.6 GW / 1.5 GWh Initial Capacity CRITICAL ENERGY INFRASTRUCTURE ASSET Vanadium battery to rank alongside Switzerland’s nuclear fleet Invinity exclusive partner designing vanadium battery solution Battery to support an AI Datacentre / EU Grid Network Invinity selected following in-depth process which assessed all major non-lithium battery manufacturers globally Engineering phase runs through 2026-27, fulfilment phase to commence 2027 onwards © 2026 Invinity Energy Systems. 15 1.5 GWH INITIAL CAPACITY 500 MW DATACENTRE 2027 ENGINEERING PHASE COMPLETION 2.1 GWH PHASED EXPANSION “Invinity has proven to be the strongest partner by presenting the most compelling overall package with the lowest life-cycle costs (LCOS). Invinity’s vanadium flow technology is perfectly suited for our project due to its safety – particularly its non-flammability – its cycle stability, and its flexibility in application.” Marcel Aumer Group CEO, Chairman of the Board and Founder of FlexBase Group
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0.6 GWh United Kingdom 0.9 GWh Europe 9.5 GWh North America 1.8 GWh RoW 12.8 GWh 11.8GWh 0.8 GWh 0.1GWh 12.8 GWh (FY26-28) Pipeline1 By Stage ~13 GWh pipeline over FY26-28, led by LDES and datacentres concentrated in North America & Europe. By Customer Type Renewable Developer 8,793 MWh Data Centres 3,287 MWh Commercial & Industrial 451 MWh Government & Defence 250 MWh 1. Total Commercial Pipeline (unrisked, September 2026). Development Advanced pipeline & tendered opportunities Framework Signed MoUs, MSAs and contracts subject to NTP Orderbook Signed unconditional contracts Qualified Pipeline Commercial Pipeline By Geography © 2026 Invinity Energy Systems. 16
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Source: Benchmark BESS Forecast Q2 2026. Order book underpins FY26 and 50%+ of FY27, targeting 15x growth in flow battery market share to 5% by FY28. 1. Total Commercial Pipeline (risked, September 2026) £- £50m £100m £150m £200m £250m FY26 FY27 FY28 Revenue (£) 10 GWh 13 GWh 19 GWh 0.3% 1.3% 4.7% 0% 5% 10% 15% 20% 25% - 5 GWh 10 GWh 15 GWh 20 GWh FY26 FY27 FY28 Market Share Flow Installations p.a. Flow Battery Market - GWh Invinity market share Financial Outlook Revenue Coverage Market Share 17 Revenue & Project Grant Income1 £m 2026 2027 2028 Order Book 11 25 5 Frameworks 1 8 157 Development Pipeline 1 16 71 © 2026 Invinity Energy Systems. Legend Order Book Signed contracts Frameworks Signed MoUs and MSA agreements Development Pipeline Tendered opportunities
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Corporate Outlook Improving cost competitiveness drives bigger opportunities Product costs continue to fall, further improving commercial competitiveness at a pivotal moment for the sector, positioning us strongly to capture significant market share An evolving market is increasingly valuing flexibility Rapid growth of AI, electrification and renewables is driving demand for the flexible, high-throughput energy storage solutions we provide Commercial momentum validates our strategy Strong order growth, improving revenue visibility and a growing track record are contributing to our next phase of development 18 Invinity is transitioning from technology leader to commercially scaling energy storage business © 2026 Invinity Energy Systems.
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Appendix
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H1 2026 Profit and Loss Statement Highlights Total Revenue & Project Grant Income increased to £1.7m (H1 2025: £0.9m). FY26 revenue recognition expected to be heavily H2 weighted. Gross Loss reduced by 62% to £0.7m (H1 2025: £1.9m), reflecting improved product margins from the cost down programme and increased manufacturing activities supporting higher absorption of factory overhead. Loss for the period increased by 13% to £12.0m (H1 2025: £10.6m) reflecting increased investment in R&D to deliver the Company's cost-down programme. Profit & Loss (£’000) HY 2026 HY 2025 Revenue 1,097 256 Cost of Sales (1,824) (2,186) Gross Loss (727) (1,930) Other items of operating income and expense 35 762 Staff costs (7,812) (6,985) R&D costs (670) (692) R&D recoveries 289 928 Sales and marketing costs (356) (294) Facilities and office costs (147) (195) Depreciation and amortization (681) (623) Professional fees (350) (282) Other administrative costs (1,584) (1,502) Administrative Expenses (11,311) (9,645) Loss from operations (12,003) (10,813) Net finance (costs)/income (51) 218 Loss for the period (12,054) (10,595) © 2026 Invinity Energy Systems. 20
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FlexBase – 0.6GW / 1.5GWh Initial Capacity CRITICAL ENERGY INFRASTRUCTURE ASSET Vanadium battery asset to rank alongside Switzerland’s nuclear fleet Invinity exclusive partner designing vanadium battery solution Battery to support an AI Datacentre / EU Grid Network Invinity selected following in-depth process which assessed all major non-lithium battery manufacturers globally Engineering phase runs through 2026-27, fulfilment phase to commence 2027 onwards © 2026 Invinity Energy Systems. 21 1.5 GWH INITIAL CAPACITY 500 MW DATACENTRE 2027 ENGINEERING PHASE COMPLETION 2.1 GWH PHASED EXPANSION “Invinity has proven to be the strongest partner by presenting the most compelling overall package with the lowest life-cycle costs (LCOS). Invinity’s vanadium flow technology is perfectly suited for our project due to its safety – particularly its non-flammability – its cycle stability, and its flexibility in application.” Marcel Aumer Group CEO, Chairman of the Board and Founder of FlexBase Group
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Dairyland Power Cooperative INVINITY’S LARGEST DEAL IN THE USA Invinity has been contracted to deliver 43 MWh of Endurium VFBs to Dairyland Power Cooperative to be deployed across multiple sites in the U.S. Midwest The batteries will support grid resilience and reliability by providing long duration charge/discharge on demand The project is being supported with funding from the U.S. Department of Energy Invinity will manufacture the VFBs at a new manufacturing facility in the USA © 2026 Invinity Energy Systems. 22 43 MWH USA MANUFACTURING GRID RESILIENCE AND RELIABILITY 2027 DELIVERIES COMMENCING
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PSG Mojave Steel Mill USA’S LARGEST SINGLE VFB INSTALLATION Invinity has been contracted to deliver a 32 MWh Endurium VFB to Pacific Steel Group to their Mojave Micro Mill project The Mill, the first to be built in California in 50 years, will recycle 500,000 tons of scrap metal annually to produce sustainable, seismic-grade steel rebar for U.S. construction The project is being supported with funding from the California Energy Commission Invinity will manufacture the VFBs at a new manufacturing facility in the USA © 2026 Invinity Energy Systems. 23 32 MWH CAPACITY USA MANUFACTURING 40 MWp SOLAR PV 2027 DELIVERIES COMMENCING
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Copwood VFB Energy Hub EUROPE’S LARGEST FLOW BATTERY INSTALLATION Invinity has delivered Europe’s largest VFB to a site in Uckfield, East Sussex This is the UK’s first co-located LDES & solar project at scale The VFB will deliver services to the grid including grid balancing & trading Supported by the UK Government, the project demonstrates the ability of VFBs to lower consumer energy bills and improve national energy security by maximising use of home- grown solar generation. © 2026 Invinity Energy Systems. 24 20.7 MWH CAPACITY 3-18 HOURS DISPATCH 3 MWp SOLAR PV 2026 CONNECTION TO GB GRID
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ENERGY STORAGE WITHOUT LIMITS TM