Member Info for JustinScarbsITM

Aside from the Chronos investment as well as BAU, do not underestimate the importance of a strong balance sheet to new customers. If we develop a project, the customer wants to be confident that the OEM has sufficient funding today and that the OEM will still be around in 10 years time. Versus our peers, we are in an enviable position. Financial credibility is very important, as is technology, execution and after sales/maintenance/replacement etc

I was the only person who had the data and I can assure everyone that no information was disclosed to anyone on the day, or since

My plan is to host another event but the timing has yet to be decided. Providing access to individual retail investors is important, in my view. Not many plc’s do this but all investors should be treated the same. That is why I comment on this site, that is why I have always said that my email is on our website and anyone can mail me and ask me anything. I cannot guarantee I will fully answer any questions (only with information that is in the public domain), but I will try my best 🤞

Jefferies like everyone else, only know what is in the public domain. The analyst, Constantine Hesse, is a good analyst, but had not written on ITM since September last year. Given the significant amount of positive news we have released since then, it was time for a revisit. Pretty similar to Morgan Stanley last week. Bear in mind that I speak to all ITM research analysts on a regular basis. Onwards and upwards

Yes the previous 115p is correct, that was set on 30 September 2025, the last time Jefferies published on us

You can always ask @Eastwood when he arrives at the pub in 5 minutes 😎🍺

My pleasure sir. I am now very much looking forward to @Eastwood buying me a beer in about an hour 😎

A big thank you to all you great loyal ITM shareholders, may you enter the weekend with very large smiles on your face.

The shares closed up 40% today, and since our announcement last Thursday the shares have more than doubled.

It is heartening to see the market react in such a positive way (eventually).

Finally, as I have said many times before, feel free to contact me if you ever have any questions.

Have a great weekend.

Justin

For your information, ITM is represented at the UAE event by Pedram Pazouki, VP Products & Projects https://itm-power.com/about-us/team/pedram-pazouki

Further to the Octopus Energy Generation contract announced this morning and for the avoidance of any doubt, the project has taken an FID and will now enter execution mode. Here is the link to the project website for those who want to learn more about it: https://www.northfleet-greenhydrogen.co.uk/

Finally, within HAR1, the project's name is Green Hydrogen 3

To clarify the model update from ALPHAVALUE: 1) The last time ALPHAVALUE updated forecasts was 7 Feb 2025 (yes, 10 months ago), just after our FY25 Interim results 2) Since then, we have published our FY25 final results, including FY26 guidance, as well as having released our H126 Trading Update earlier this month 3) For FY26, ALPHAVALUE forecasts revenue of £37.2m and an EDBITDA loss of £30.5m 4) Current consensus for FY26 now stands at Revenue £39m, within the guidance range of £35m to £40m, and EBITDA of -£28m, also within the guidance range of -£27m to -£29m. Conclusion: ALPHAVALUE forecasts were out of date, and for your information, despite the updated forecasts, its price target of 103p is unchanged

To avoid any confusion, here is a summary of the role of a project developer.

A project developer acts as the orchestrator of a project by assembling all commercial, technical, regulatory, and financial aspects. The developer’s role is also to secure public support, and ultimately to structure a project capable of attracting debt and equity funding and to deliver the project into operation.

For large-scale infrastructure projects, there are usually many different organisations involved. The project developer will typically set up a Special Purpose Vehicle (SPV) to own the project. The developer will then coordinate all constituent parts together to enable project delivery.

SPVs can have different ownership structures but usually take the shape of a joint venture. In a project like the one at hand, this could comprise, for example, the energy company who intends to sink their excess power, the cavern owners/operator and oftentimes also the government itself, if considered critical energy infrastructure.

The contractual party to the supplier (i.e. ITM) is not the project developer, but the respective project SPV composed of usually large-scale corporates involved in plant operation.

My pleasure as always Eastwood

In response to some posts yesterday, I wanted to confirm that our FY25 Preliminary results are due to be released on Thursday 14 August

Please send me an email jscarborough@itm-power.com so that we can discuss. Regards, Justin

As the IRO I am very active but I have always been advised by external people not to interact with forums such as LSE. Today, I made up my own mind and decided to go for it!

I just put a post on X in response to your message

Go to X and see

Jeff, feel free to get my email off of the website and send me one and I will respond. Kind regards, Justin

Hi Jeff,

Let’s try and get this straight. I have looked at comment on this site for a while and at times it is highly frustrating because of uninformed or non-factual comments. In response to a question this morning, I decided to set up an account and posted that there is no year-end trading update in the first week of June because of the RNS released a few weeks back regarding the raised guidance (which stated that we do not plan to issue a trading update).

I am surprised that when an actual PLC tries to interact with an important channel such as LSE, and in person, not through an AI tool which really does not work, that people on the site would react in a positive manner.

Retail investors for ITM are just as important as any investor and as such, deserve the right to be able to interact. Of course, my email and mobile number are both in our website, so anyone can contact me at any stage. However, if some feel more comfortable engaging through this channel then I will accommodate that.

I hope that you have a pleasant evening. I am genuinely on holiday but in this role, you are never fully tuned out.

Kind regards

Justin