ITM Power shareholders face a crowded calendar over the next fortnight. The British hydrogen specialist releases preliminary figures for the fiscal year ended 30 April 2026 on 19 October, with its annual general meeting following on 30 October — and both events arrive against the backdrop of a freshly upgraded loss outlook and an early-stage refinery partnership that has caught the market’s attention.
Loss Guidance Tightened
Roughly two weeks ago, management raised its guidance for adjusted EBITDA. The operating loss is now expected to land between GBP 20 million and GBP 21 million. That marks a 27% improvement on the prior forecast range and a 38% gain year on year. Revenue and liquidity targets were left untouched.
The revision has underpinned a recovery in the share price, which has climbed 51% since the start of the year. On the final trading day of last week the stock added 2.1% to close at EUR 1.09, although market participants identified no single catalyst for Friday’s advance.
Hydropulse Signs Refinery Framework
Attention has also centred on the subsidiary Hydropulse, which on 12 October signed a heads of terms agreement with an unnamed European oil refinery. The plan envisages a 150-megawatt green hydrogen facility built on ITM Power’s Alpha electrolyser platform, governed by a ten-year supply and operations framework.
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Front-end engineering design work is already under way to pin down the technical and commercial details. A final investment decision is targeted for 2027, with hydrogen production scheduled to begin in 2029. No binding large-scale order is yet in place, since the project remains contingent on the parties converting talks into definitive contracts. Should that happen, it would rank as the largest commercial commitment in the company’s history.
AGM Papers Corrected
Separately, ITM Power amended its notice of meeting on Friday ahead of the 30 October shareholder gathering. The company cut the proposed aggregate authorised share capital under resolution 11b from GBP 34,570,278 to GBP 23,046,852.
Analysts have so far kept their powder dry. Peel Hunt reiterated its “Hold” rating on 8 October with a price target of 92 pence. With the preliminary results now imminent, investors will be watching cash burn and the trajectory of the order book in the industrial hydrogen sector — and whether the consolidation course management has charted shows through in the hard numbers.
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