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EVgo Nasdaq : EVGO-investors.evgo.com ΑΛΕΙΤΑ EVgo FAST CHARGING Q2 2026 Earnings Call August 5 , 2026 SAOIRSE C125 EVgo FAST CHARGING EVgo FAST CHARGING
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2 Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as ”continue,” "estimate," "plan," "project,“ “position,” “priority,” "forecast," "goal," “illustrative,“ “may,” "will," "expect," "anticipate," "believe," "seek," "target,“ “on track,” “growing,” “outlook,” “accelerating,” “focus,” "assume" or other similar expressions that predict or indicate future events or trends, that express commercial targets or model or illustrate future financial or other performance scenarios or that are not statements of historical matters. These forward-looking statements are based on current expectations or beliefs of the management of EVgo Inc. ("EVgo" or the "Company") and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. You are cautioned, therefore, against relying on any of these forward-looking statements. These forward-looking statements include, but are not limited to, those perceived as express or implied statements regarding EVgo’s future financial and operating performance, including full year 2026 guidance ranges, including expectations regarding the Company's 2027 network buildout, and potential drivers thereof; projections of EV VIO for 2026 and beyond; illustrative targets and metrics for 2028 and 2030; annual revenue, adjusted gross profit, adjusted EBITDA, adjusted EBITDA margin, capital expenditures, net of capital offsets, stall count and corporate and general and administrative costs and efficiencies, and the growth of such metrics; increases in charge rates on the network and the reasons for those increases; market size and opportunity; EVgo’s development of next generation charging architecture; capital expenditures and offsets, including for stalls operationalized in 2026 and long term targets; statements regarding EVgo’s future profitability and priorities; EVgo’s future network size; EVgo's expectations regarding NACS sites; EVgo's agreement with Tesla to deploy EVgo-branded Superchargers, including the timing, operational structure, and financial impacts of such deployment; EVgo’s expectation of market position and future supply and demand; EVgo’s commercial bank facility (the “Commercial Bank Facility”) and debt financing from the U.S. Department of Energy (the “DOE Loan” and, together with the Commercial Bank Facility, the “existing project financing”), including expectations regarding the timing and availability of project drawdowns, cash flows, capital expenditures and deployment costs, deployment and operation periods, deployment timing and flexibility, stall build plans and per stall unit economics, including annual return on projected investment, in each case pursuant to or in connection with the existing project financing; EVgo’s addressable market, including with respect to opportunity created by the deployment of NACS cables, the growth of the autonomous vehicle and rideshare markets; EVgo’s progress on its network buildout, customer experience, technological capabilities and cost efficiencies; growth in the Company’s throughput; growth in the Company’s commercial charging business; the Company's potential future growth opportunities, including inorganic opportunities, adjacency markets, geographic expansion, and monetization of excess utility-connected power capacity; and the Company’s collaboration with partners. These statements are based on various SAFE HARBOR & FORWARD-LOOKING STATEMENTS assumptions, whether or not identified in this presentation, and on the current expectations of EVgo’s management and are not predictions of actual performance. There are a significant number of factors that could cause actual results to differ materially from the statements made in this presentation, including changes adversely affecting EVgo’s business; EVgo’s dependence on the widespread adoption of electric vehicles ("EVs") and growth of the EV and EV charging markets; EVgo's reliance on existing project financing for the growth of its business, EVgo’s ability to fully draw on the DOE Loan, and its ability to comply with covenants and other terms thereof; competition from existing and new competitors; EVgo’s ability to expand into new service markets, grow its customer base and manage its operations; the risks associated with cyclical demand for EVgo’s services and vulnerability to industry downturns and regional or national downturns; fluctuations in EVgo’s revenue and operating results; unfavorable conditions or disruptions in the capital and credit markets and EVgo’s ability to obtain additional financing on commercially reasonable terms; EVgo’s ability to generate cash, service indebtedness and incur additional indebtedness; evolving domestic and foreign government laws, regulations, rules and standards that impact EVgo’s business, results of operations and financial condition, including regulations impacting the EV charging market and government programs designed to drive broader adoption of EVs and any reduction, modification or elimination of such programs, such as the enactment of the One Big Beautiful Bill Act of 2025, which addresses, among other things, the termination of the Alternative Fuel Vehicle Refueling Property Credit, other changes in policy under the current administration and 119th Congress and the potential changes in tariffs or sanctions and escalating trade wars; EVgo’s ability to adapt its assets and infrastructure to changes in industry and regulatory standards and market demands related to EV charging; impediments to EVgo’s expansion plans, including permitting and utility-related delays; EVgo’s ability to integrate any businesses it acquires; EVgo’s ability to recruit and retain experienced personnel; risks related to legal proceedings or claims, including liability claims; EVgo’s dependence on third parties, including hardware and software vendors and service providers, utilities and permit-granting entities; supply chain disruptions, elevated rates of inflation and other increases in expenses, including as a result of the implementation of tariffs by the U.S. and other countries; safety and environmental requirements or regulations that may subject EVgo to unanticipated liabilities or costs; EVgo’s ability to enter into and maintain valuable partnerships with commercial or public-entity property owners, landlords and/or tenants, original equipment manufacturers, fleet operators and suppliers; EVgo’s ability to maintain, protect and enhance EVgo’s intellectual property; EVgo's ability to identify and complete suitable acquisitions or other strategic transactions to meet its goals and integrate key businesses we acquire; and the impact of general economic or political conditions, including associated changes in U.S. fiscal and monetary policy such as elevated interest rates, evolving tariff or other changes in trade policy, and geopolitical events such as global conflict in Ukraine and tensions in the Middle East region, on us and our industry, including our ability to manage such matters and their effects on consumers and customers. Additional risks and uncertainties that could affect the Company’s financial results are included under the captions "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations of EVgo" in EVgo’s most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the "SEC"), as well as its other SEC filings, copies of which are available on EVgo’s website at investors.evgo.com, and on the SEC’s website at www.sec.gov. All forward- looking statements in this presentation are based on information available to EVgo as of the date hereof, and EVgo does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law. Use of Non-GAAP Financial Measures To supplement EVgo’s financial information, which is prepared and presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"), EVgo uses certain non-GAAP financial measures. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. EVgo uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. EVgo believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of EVgo’s recurring core business operating results. EVgo believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing EVgo’s performance. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. EVgo believes these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by EVgo’s institutional investors and the analyst community to help them analyze the health of EVgo’s business. Reconciliations of these non-GAAP financial measures to the most comparable GAAP measures can be found in the tables included in the Appendix. Trademarks This presentation contains trademarks, trade names, and service marks of other parties, which, to EVgo’s knowledge, are the intellectual property of such other parties. Solely for convenience, such trademarks, trade names and service marks are referred to in this presentation without the ®, ™ or SM symbols, but the absence of such symbols does not affect a waiver of, or other otherwise impair, such intellectual property rights. EVgo does not use such other parties’ trademarks, trade names, or service marks to imply, and such use or display should not be construed to imply, an association with, a licensure to, or an endorsement or sponsorship of, EVgo by such other parties.
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0 1 Badar Khan, CEO Strategic Overview
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4 A PROVEN EXECUTION STORY ENTERING 2026 AND BEYOND 1,680 2,180 2,980 4,080 5,100 6,625 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 12/31/26F 2021 2022 2023 2024 2025 2026F OPERATIONAL STALLS1 REVENUE ($ MILLIONS) 4x 1 Operational stalls include EVgo public network, EVgo AV network, and EVgo eXtendTM sites. 2 2025 revenue excludes $26 million from an ancillary contract closeout payment. Non-GAAP measure. See reconciliation for historical figures. 3Revenue data from Nasdaq; based on 4-year revenue CAGR as of full year 2025. 6,230 - 6,500 $400 - $430 Top 1% of U.S. public company revenue growth rates through 20253 $3582 $257 $161 $55 19x $22 32% CAGR through 2025 100% CAGR through 2025
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5 EVgo owns chargers; Tesla builds & operates EXPANDING NETWORK WITH EVGO SUPERCHARGERS FROM TESLA ACCELERATING NACS DEPLOYMENT AND EXPANDING CUSTOMER REACH Seamless access for NACS drivers across EVgo footprint EVgo Superchargers visible in Tesla navigation Goal for all 2023 Vintage+ sites to have NACS within 2 years
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6 20% 4% EVgo Rest of Industry 10,000 5,743 5,380 375 Tesla Electrify America EVgo Rest of Industry Average 37,159 14x EVGO'S NETWORK IS OVER 14X LARGER THAN THE REST OF THE INDUSTRY AVERAGE 1 STALLS1 Q2'26 UTILIZATION2 Industry-leading scale and partnerships • 5,300+ stalls vs 375 average rest of industry1 • Superior site selection and host relationships • Leading rideshare partnerships (Uber and Lyft) Best-in-class customer engagement and experience3 • Network effect: 1.8 million and growing customer base • Faster chargers: 68% 350 kW chargers vs 23% rest of industry2 • Superior reliability initiatives, including next-generation charging architecture BUILDING EVGO'S COMPETITIVE ADVANTAGE 1 AFDC stall counts as of June 30, 2026. "Rest of Industry" excludes EVgo, Electrify America, and Tesla. Graph not to scale. 2 Paren report for EVgo as of July 2026. "Rest of Industry" calculated on a weighted average basis and excludes EVgo, Electrify America, and Tesla. 3 All figures as of June 30, 2026 unless otherwise noted. 1 2 5x
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7 ~600 MW Connected Utility Power ~2,300 MW Connected Utility Power 5,380 Network Stalls 17,000+ Network Stalls3 1,230+ Locations 2,000+ Locations 47 States 48 States A LEADING OWNER OPERATOR OF EV FAST CHARGING INFRASTRUCTURE CONVENIENT, RELIABLE, FAST CHARGING NETWORK THAT IS… Serving all EV models Third largest DCFC player in the US1 Leveraging AI-driven algorithms to identify specific areas for development within attractive markets Partnering with GM, Uber and other auto and transportation companies All figures as of June 30, 2026, unless noted 1 Defined by stall count, per AFDC, June 2026 2 2030 targets are end of year illustrative figures representing hypothetical outcomes. These figures are directional in nature and should not be interpreted as management's projected results. 3 Stall counts include EVgo Public Network, EVgo AV Network, and EVgo eXtendTM . EVgo eXtendTM is projected to have a total of 2,000 stalls under the Pilot Infrastructure Agreement as defined in the 10-Q.
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8 EV VIO • EV VIO is projected to grow at a ~17% CAGR from 2026-2030, outpacing most other high-growth industries2 Used EV Sales • ~1.5M used EVs rolling off lease from 2026 to 2028 • Used EVs are more likely to rely on public fast charging NACS Standardization • Doubling addressable market by adding NACS connectors at scale Rideshare Electrification • Rideshare drivers charge more with EVgo than average retail customers • Rideshare drivers are electrifying up to 5x faster than the average driver3 • California has approved vehicle incentives for income qualified rideshare drivers State Incentives • 12 states offering EV-incentives helping to backfill previous federal incentives and drive EV adoption • California will soon offer rebate for used and new EVs with total budget of $270 million 1 Source: Experian for EV VIO 2021 through 2025; 2026 through 2030 VIO Forecast : S&P Global Mobility, June 2026, prepared for EVgo. 2Comparative growth rates reflect CAGR estimates: global data center power demand (~15.5%, 2023-2030, Goldman Sachs), U.S. cumulative solar capacity (~10.8%, 2025-2035, Wood Mackenzie), and global power demand growth (3.6%, 2026-2030, J.P. Morgan) 3 Uber electrification update, Q1 2026. 1.5 2.2 3.3 4.5 5.7 6.6 7.8 9.2 10.9 12.7 2021 2022 2023 2024 2025 2026P 2027P 2028P 2029P 2030P EV VIO1 (millions) GROWING EV ADOPTION DRIVING EXPANDING FAST CHARGING MARKET OPPORTUNITY ~17% CAGR ~40% CAGR MEGATRENDS & TAILWINDS 8
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9 1 2028 and 2030 targets are illustrative figures representing hypothetical outcomes. These figures are directional in nature and should not be interpreted as management's projected results. 2 Owned & operated stalls as of year end. Full year stall averages are 7,265-7,515 and 13,000-14,500 as of 2028 and 2030, respectively. 3 Non-GAAP measure. See reconciliation for historical figures. For future illustrative figures, a reconciliation is not provided because certain measures cannot be reasonably calculated or predicted at this time without unreasonable efforts. 4 Illustrative Adjusted EBITDA includes all corporate overhead. SCALING PUBLIC NETWORK COMBINED WITH OPERATING LEVERAGE RESULTS IN COMPELLING FINANCIALS LONG-TERM ILLUSTRATIVE VIEW WITH FURTHER ACCELERATION OF NETWORK BUILD Illustrative Scenarios1 Public Network 2022 2023 2024 2025 2028 2030 OWNED & OPERATED STALLS (YEAR END)z 2,180 2,830 3,450 3,890 8,000 - 8,700 15,000 - 17,000 CHARGING NETWORK REVENUE $31M $74M $156M $218M $580M - $675M $1.3B - $1.7B DAILY THROUGHPUT PER STALL 60kWh 141kWh 239kWh 284kWh 355 - 385kWh 425kWh - 475kWh CHARGING NETWORK GROSS PROFIT3 $5M $19M $59M $86M $245M-$300M $630M - $870M CHARGING NETWORK GROSS MARGIN3 15% 26% 38% 39% 42% - 44% 48% - 52% OTHER GROSS PROFIT $8M $22M $17M $54M TBD TBD ADJUSTED G&A3 $93M $101M $108M $129M $165M-$180M $230M-$270M ADJUSTED EBITDA3,4 $(80)M $(58)M $(32)M $12M $80M-$120M $400M-$600M ADJUSTED EBITDA MARGIN3 (147)% (37)% (13)% 3% 14% - 18% 31% - 36%
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EVGO'S GROWTH ALGORITHM Growing Megatrends & Tailwinds Increasing Battery Electric Vehicle Adoption Rising Share of Public Fast Charging NACS Standardization Doubles Addressable Market AV (Autonomous Vehicle) Growth Competitive Advantages Best-In-Class Customer Experience & Engagement Industry Leading Network Scale & Partnerships Difficult to Duplicate Growth Engine Created Over Last Decade Superior Access to Non-Dilutive Capital Superior Business Model Operating Leverage Strong & Growing Unit Economics Compelling 2030 Targets2 (Illustrative Public Network) 15,000 - 17,000 Year-End Public Stalls $1.3B - $1.7B Charging Network Revenue $0.4B - $0.6B Adjusted EBITDA 1 1 Non-GAAP measure. A reconciliation is not provided because certain measures cannot be reasonably calculated or predicted at this time without unreasonable efforts. 2 2030 targets are illustrative figures representing hypothetical outcomes. These figures are directional in nature and should not be interpreted as management's projected results. 10
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11 Autonomous Vehicles Inorganic opportunities Adjacency opportunities Geographic expansion Excess capacity monetization 1 Non-GAAP measure. See reconciliation for historical figures. For future illustrative figures, a reconciliation is not provided because certain measures cannot be reasonably calculated or predicted at this time without unreasonable efforts. 2 2030 targets are illustrative figures representing hypothetical outcomes. These figures are directional in nature and should not be interpreted as management's projected results. COMPELLING LONG-TERM ADJUSTED EBITDA GENERATION WITH SIGNIFICANT UPSIDE OPPORTUNITIES $12M 2025 TO 2030 ADJUSTED EBITDA1 GROWTH POTENTIAL $400-$600M Illustrative Public Network Adjusted EBITDA1 2025 20302 FUTURE POTENTIAL
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12 Five Year (2025 - 2030) Consensus EBITDA CAGR and EV / EBITDA Multiple1 EVGO OFFERS DIFFERENTIATED GROWTH AT AN ATTRACTIVE VALUATION EV Charging 2030 Consensus EBITDA Margin1 1Share price and consensus estimates per Nasdaq IR Insight as of 8/3/2026; EBITDA reflects adjusted figures where applicable Industry Constituents: EV Charging: ChargePoint, Blink. EV Charging is not shown on the chart as the peers’ EBITDA CAGRs are not meaningful. Digital Infrastructure: American Tower, Equinix, Digital Realty, Crown Castle, SBA Communications Renewable Energy: Clearway, Enlight Renewable Energy Ltd Waste Management: Waste Management Inc, Republic Services Inc, Waste Connections Inc, GFL Environmental Inc, Casella Waste Systems Inc HIGHER GROWTH HIGHER VALUATION Fuel Distribution: Alimentation Couche-Tard Inc, Murphy USA, UGI Corp Energy Infrastructure: Archrock Inc, Kodiak Gas Services Inc, Targa, Energy Transfer, Enterprise Products, Western Midstream, MPLX Utilities: Atmos, One Gas, Spire, NiSource, Southwest Gas Holdings, New Jersey Resources, Chesapeake Utilities, Nextera, Duke Energy, Xcel, PG&E, Consolidated Edison HIGH GROWTH, LOW MULTIPLE - A DISCONNECT COMPARED TO SIMILAR INDUSTRIES AND PEERS 16% 22% 31% ChargePoint Blink EVgo WHILE EBITDA MARGINS EXPECTED TO BE AMONG THE HIGHEST IN THE INDUSTRY
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02 Keefer Lehner, CFO Financial Overview
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14 1 As of June 30, 2026. 2 $750MM inclusive of capitalized interest. 3 $300MM inclusive of $75MM uncommitted incremental availability. 4 Weighted average as of June 30, 2026. 5 "Available Liquidity" is the sum of cash and cash equivalents ($122M), restricted cash ($76M), and available principal capacity on our two credit facilities ($637M), inclusive of $75M of uncommitted incremental availability. NON-DILUTIVE CAPITAL SUPPORTS NETWORK GROWTH $ MILLIONS DOE COMMERCIAL TOTAL Size $7502 $3003 $1,050 Interest Rate Treasury +~1.2% SOFR + 3.25% 6.0%4 Maturity 2042 2030 n/a Amortization From 2030 From 3/31/2026 n/a First of its Kind ✓ ✓ ✓ Low Cost of Capital ✓ ✓ ✓ Long Duration ✓ ✓ ✓ Non-Dilutive ✓ ✓ ✓ Undrawn Capacity1 $409 $228 $637 $835M Available Liquidity5 Includes $198 million Cash, Cash Equivalents, & Restricted Cash
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15 vv v 26 45 128 277 366 332 384 2021 2022 2023 2024 2025 Q2 2025 TTM Q2 2026 TTM 340 553 884 1,338 1,739 1,539 1,867 12/31/2112/31/2212/31/2312/31/2412/31/25 6/30/256/30/26 1,6802,1802,980 4,080 5,100 4,350 5,380 12/31/2112/31/2212/31/2312/31/2412/31/25 6/30/256/30/26 $22 $55 $161 $257 $384 $308 $403 2021 2022 2023 2024 2025 Q2 2025 TTM Q2 2026 TTM 14%15% 26% 38%39% 37%39% 2021 2022 2023 2024 2025 Q2 2025 TTM Q2 2026 TTM v (231)% (147)% (37)%(13)% 3% (8)% 0% 2021 2022 2023 2024 2025 Q2 2025 TTM Q2 2026 TTM KEY FINANCIAL AND OPERATIONAL TRENDS O P E R A T I O N A L S T A L L S R E V E N U E ( $ M I L L I O N S ) +17.3x +234 ppts C H A R G I N G N E T W O R K G R O S S M A R G I N 1 +25 ppts C U S T O M E R A C C O U N T S ( 0 0 0 s ) +5.1x P U B L I C N E T W O R K T H R O U G H P U T ( G W H ) A D J U S T E D E B I T D A M A R G I N 1 +13.9x 1Non-GAAP measures. See Appendix for reconciliation. +3.0x
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16 KEY FINANCIAL HIGHLIGHTS Q2 2026 1 Non-GAAP measure. See Appendix for reconciliation. (unaudited, dollars in thousands) Q2'26 Q2'25 Change Throughput per stall per day (kWh) 276 281 (2) % Charge rate (kW) 57 52 10 % Utilization 20 % 22 % (200) bps Network throughput (GWh) 99 88 13 % Total charging network revenue $ 61,421 $ 51,828 19 % eXtend revenue $ 18,017 $ 37,385 (52) % AV and ancillary revenue $ 3,210 $ 8,817 (64) % Total revenue $ 82,648 $ 98,030 (16) % Charging Network Gross Profit1 $ 22,174 $ 19,283 15 % Charging Network Gross Margin1 36.1 % 37.2 % (110) bps Adjusted Gross Profit1 $ 26,283 $ 28,359 (7) % Adjusted Gross Margin1 31.8 % 28.9 % 290 bps Adjusted General and Administrative Expenses1 $ 36,865 $ 30,297 22 % Adjusted General and Administrative Expenses as a Percentage of Revenue1 44.6 % 30.9 % 1,370 bps Adjusted EBITDA1 $ (10,573) $ (1,933) 447 % (unaudited, dollars in thousands) Q2'26 Q2'25 Change Cash flows provided by (used in) operating activities $ (6,484) $ 14,089 (146) % GAAP capital expenditures $ 33,823 $ 26,199 29 % Capital offsets: OEM infrastructure payments 1,352 1,898 (29) % Proceeds from capital-build funding 5,170 7,180 (28) % Total capital offsets 6,522 9,078 (28) % Capital Expenditures, Net of Capital Offsets1 $ 27,301 $ 17,121 59 %
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17 1 Non-GAAP measure. A reconciliation is not provided because certain measures cannot be reasonably calculated or predicted at this time without unreasonable efforts. FY2026 REVENUE $400M - $430M ADJUSTED EBITDA1 $(25)M - $(5)M TOTAL NEW STALLS 1,350 – 1,625 PUBLIC & AV 950 – 1,175 EXTEND 400 – 450 2 0 2 6 F I N A N C I A L & O P E R A T I O N A L G U I D A N C E FINANCIAL AND OPERATIONAL GUIDANCE
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Q&A
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03 Summary Financials and Reconciliation of Non- GAAP to GAAP Measures Appendix
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20 FY2026 PUBLIC STALLS • 60% of new public stalls operationalized in Q4’26 CHARGING NETWORK • ~2/3 of 2026 total revenue, implies up to 30% year-over-year revenue growth • Q3'26 lowest margin quarter with summer utility rates EXTEND • $90 to $95 million in revenue • 2/3 of H2'26 revenue expected in Q4'26 • 2028+ $5-$10 million in annual revenues after build complete AV & ANCILLARY • $40 to $45 million in revenues • Q3’26 expected to be similar to Q2’26 • Q4’26 expected to be large revenue quarter (but below Q1'26) ADJUSTED G&A1 • $148 to $152 million ADJUSTED EBITDA1 • Negative in Q3’26 • Positive in Q4'26 FORWARD- LOOKING COMMENTARY 1 Non-GAAP measure. A reconciliation is not provided because certain measures cannot be reasonably calculated or predicted at this time without unreasonable efforts.
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21 12030 targets are illustrative figures representing hypothetical outcomes. These figures are directional in nature and should not be interpreted as management's projected results. 2Non-GAAP measure. See Appendix for reconciliation. 3Sustaining G&A per stall is trailing-twelve months of sustaining G&A. 4Net Capex per Stall is annual number and does not include OEM payments UNIT ECONOMICS OFFER COMPELLING RETURNS ANNUALIZED STALL PERFORMANCE 21 Q2 2025 Q2 2026 (Current) 2030 Illustrative Scenario1 @ 15,000-17,000 stalls Network Average Top 15% by Throughput Network Average Top 15% by Throughput Nominal dollars Revenue Throughput per stall kWh/stall/day 281 604 276 604 425-475 Utilization % 22 % 45 % 20 % 40 % 22%-25% Charge Rate kW 52 56 57 64 80 Average Revenue per kWh $/kWh $0.59 $0.59 $0.62 $0.62 $0.64-$0.66 Revenue per Stall $/stall $60,265 $129,529 $62,578 $136,977 $99,900 - $115,100 Profitability Throughput Dependent COS $/kWh $0.27 $0.27 $0.28 $0.28 $0.25 Stall Dependent COS $/stall $10,432 $10,432 $11,816 $11,816 $12,400 Charging Network Gross Margin2 % 37 % 46 % 36 % 46 % 48%-52% Charging Network Gross Profit2 $/stall $22,426 $60,192 $22,589 $63,493 $48,300 - $59,800 Sustaining G&A per Stall3 $/stall $10,565 $10,565 $11,652 $11,652 $7,100 Annual Cash Flow per Stall $/stall $11,861 $49,626 $10,937 $51,842 $41,200 - $52,700 Net Capex per Stall4 $/stall $90,000 Annual Cash Flow per Stall / Net Capex (Payback) 1.7 - 2.2 Annual Return on Project Investment % 46% - 59%
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22 STALL COUNTS 6/30/2026 6/30/2025 Change Stalls in operation: EVgo public network1 3,930 3,480 13 % EVgo AV network2 120 110 9 % EVgo eXtend™ 3 1,330 760 75 % Total stalls in operation 5,380 4,350 24 % 1 Stalls at publicly available charging stations that we own and operate on our network. 2 Stalls at charging stations that we own and operate on our network that are only available to AV fleet customers. 3 Stalls at eXtend are EV charging stations built via partnerships for use by their customers with assets serviced through, and often cobranded with, our national network.
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23 CONDENSED CONSOLIDATED BALANCE SHEETS ( U N A U D I T E D ) June 30, 2026 December 31, 2025 (in thousands) (unaudited) Assets Current assets Cash and cash equivalents $ 121,822 $ 151,000 Restricted cash, current 61,684 49,519 Accounts receivable, net of allowance of $32 and $75 as of June 30, 2026 and December 31, 2025, respectively 29,349 38,628 Accounts receivable, capital-build 15,481 19,461 Prepaids and other current assets 44,488 37,872 Total current assets 272,824 296,480 Restricted cash, noncurrent 14,144 10,227 Property, equipment and software, net 469,281 460,747 Operating lease right-of-use assets 114,412 102,966 Other assets 35,161 30,937 Intangible assets, net 30,031 32,421 Goodwill 31,052 31,052 Total assets $ 966,905 $ 964,830 Liabilities, redeemable noncontrolling interest and stockholders’ deficit Current liabilities Accounts payable $ 12,383 $ 7,582 Accrued liabilities 49,191 59,924 Operating lease liabilities, current 9,720 7,765 Deferred revenue, current 45,849 55,060 Warrant liabilities, at fair value 168 1,370 Long-term debt, current 3,580 2,146 Other current liabilities 3,802 1,475 Total current liabilities 124,693 135,322 Operating lease liabilities, noncurrent 108,585 96,983 Asset retirement obligations 33,411 30,868 Capital-build liability 53,374 55,820 Deferred revenue, noncurrent 41,155 47,711 Long-term debt, noncurrent 293,670 204,316 Other long-term liabilities 2,419 7,866 Total liabilities 657,307 578,886 Redeemable noncontrolling interest $ 330,048 $ 502,848 Total stockholders’ deficit (20,450) (116,904) Total liabilities, redeemable noncontrolling interest and stockholders’ deficit $ 966,905 $ 964,830
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24 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ( U N A U D I T E D ) Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2026 2025 Change % 2026 2025 Change % Revenue Total charging network $ 61,421 $ 51,828 19 % $ 117,138 $ 98,926 18 % Non-charging network eXtend 18,017 37,385 (52) % 51,204 60,873 (16) % AV and ancillary 3,210 8,817 (64) % 23,837 13,518 76 % Total non-charging network 21,227 46,202 (54) % 75,041 74,391 1 % Total revenue 82,648 98,030 (16) % 192,179 173,317 11 % Cost of sales Charging network 39,247 32,545 21 % 74,846 62,154 20 % Other 17,217 37,235 (54) % 61,615 57,635 7 % Depreciation, net of capital-build amortization 18,842 14,342 31 % 35,418 30,297 17 % Total cost of sales 75,306 84,122 (10) % 171,879 150,086 15 % Gross profit 7,342 13,908 (47) % 20,300 23,231 (13) % Operating expenses General and administrative 44,358 40,596 9 % 90,363 79,224 14 % Depreciation, amortization and accretion 3,132 4,124 (24) % 6,430 8,219 (22) % Total operating expenses 47,490 44,720 6 % 96,793 87,443 11 % Operating loss (40,148) (30,812) 30 % (76,493) (64,212) 19 % Other (expense) income, net Interest expense (8,153) (909) 797 % (11,123) (1,426) 680 % Interest income 1,433 1,718 (17) % 2,813 3,412 (18) % Other income, net 8 5 60 % 18 — * Change in fair value of earnout liability — (180) (100) % 22 568 (96) % Change in fair value of warrant liabilities 268 360 (26) % 1,202 5,704 (79) % Total other (expense) income, net (6,444) 994 (748) % (7,068) 8,258 (186) % Loss before income tax expense (46,592) (29,818) 56 % (83,561) (55,954) 49 % Income tax benefit (expense) 250 (3) * 238 (94) (353) % Net loss (46,342) (29,821) 55 % (83,323) (56,048) 49 % Less: net loss attributable to redeemable noncontrolling interest (25,569) (16,823) 52 % (46,129) (31,688) 46 % Net loss attributable to Class A common stockholders $ (20,773) $ (12,998) 60 % $ (37,194) $ (24,360) 53 % Net loss per share attributable to Class A common stockholders, basic and diluted $ (0.15) $ (0.10) $ (0.27) $ (0.18) Weighted average Class A common stock outstanding, basic and diluted 140,364 133,484 139,153 132,644 * Percentage greater than 999% or not meaningful
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25 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ( U N A U D I T E D ) Six Months Ended June 30, (in thousands) 2026 2025 Cash flows from operating activities Net loss $ (83,323) $ (56,048) Adjustments to reconcile net loss to net cash (used in) provided by operating activities Depreciation, amortization and accretion 41,848 38,516 Net loss on disposal of property and equipment, net of insurance recoveries, and impairment expense 6,695 4,518 Share-based compensation 7,541 12,525 Bad debt expense 1,907 651 Change in fair value of earnout liability (22) (568) Change in fair value of warrant liabilities (1,202) (5,704) Paid-in-kind interest, amortization of deferred debt issuance costs, net of capitalized interest 8,369 1,401 Gain on sales-type lease (4,235) (2,500) Other 553 83 Changes in operating assets and liabilities Accounts receivable, net 7,372 13,337 Prepaids and other current assets and other assets (9,331) (4,643) Operating lease assets and liabilities, net 2,112 (121) Accounts payable 2,715 (4,875) Accrued liabilities (6,847) 8,737 Deferred revenue (15,766) (224) Other current and noncurrent liabilities (238) (1,242) Net cash (used in) provided by operating activities (41,852) 3,843 Cash flows from investing activities Capital expenditures (64,398) (41,191) Proceeds from insurance for property losses 63 24 Net cash used in investing activities (64,335) (41,167) Cash flows from financing activities Proceeds from long-term debt 86,589 94,180 Payments on long-term debt (500) — Proceeds from capital-build funding 8,366 9,051 Payments of withholding tax on net issuance of restricted stock units (991) (529) Payments of deferred debt issuance costs (373) (2,513) Net cash provided by financing activities 93,091 100,189 Net (decrease) increase in cash, cash equivalents and restricted cash (13,096) 62,865 Cash, cash equivalents and restricted cash, beginning of period 210,746 120,512 Cash, cash equivalents and restricted cash, end of period $ 197,650 $ 183,377
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26 DEFINITIONS OF NON-GAAP FINANCIAL MEASURES This presentation includes the following non-GAAP financial measures, in each case as defined below: “Charging Network Gross Profit,” “Charging Network Gross Margin," "Adjusted Gross Profit (Loss)," "Adjusted Gross Margin," "Adjusted General and Administrative Expenses," "Adjusted General and Administrative Expenses as a Percentage of Revenue," "Adjusted EBITDA," "Adjusted EBITDA Margin,” “Adjusted Cost of Sales,” “Adjusted Cost of Sales as a Percentage of Revenue” and "Capital Expenditures, Net of Capital Offsets." With respect to Capital Expenditures, Net of Capital Offsets, pursuant to the terms of certain OEM contracts, EVgo is paid well in advance of when revenue can be recognized, and usually, the payment is tied to the number of stalls that are complete under the applicable contractual arrangement while the related revenue is deferred at the time of payment and is recognized as revenue over time as EVgo provides charging and other services to the OEM and the OEM’s customers. EVgo management therefore uses these measures internally to establish forecasts, budgets, and operational goals to manage and monitor its business, including the cash used for, and the return on, its investment in its charging infrastructure. EVgo believes that these measures are useful to investors in evaluating EVgo’s performance and help to depict a meaningful representation of the performance of the underlying business, enabling EVgo to evaluate and plan more effectively for the future. Charging Network Gross Profit, Charging Network Gross Margin, Adjusted Gross Profit (Loss), Adjusted Gross Margin, Adjusted General and Administrative Expenses, Adjusted General and Administrative Expenses as a Percentage of Revenue, EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, and Capital Expenditures, Net of Capital Offsets are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. These measures should not be considered as measures of financial performance under GAAP and the items excluded from or included in these metrics are significant components in understanding and assessing EVgo’s financial performance. These metrics should not be considered as alternatives to net income (loss) or any other performance measures derived in accordance with GAAP. EVgo defines Charging Network Gross Profit as total charging network revenue less charging network cost of sales. EVgo defines Charging Network Gross Margin as Charging Network Gross Profit divided by total charging network revenue. EVgo defines Adjusted Cost of Sales as cost of sales less (i) depreciation, net of capital-build amortization and (ii) share-based compensation. EVgo defines Adjusted Gross Profit (Loss) as revenue less Adjusted Cost of Sales. EVgo defines Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. EVgo defines Adjusted General and Administrative Expenses as general and administrative expenses before (i) share-based compensation, (ii) loss on disposal of property and equipment, net of insurance recoveries, and impairment expense, (iii) bad debt expense (recoveries), and (iv) certain other items that management believes are not indicative of EVgo’s ongoing performance. EVgo defines Adjusted General and Administrative Expenses as a Percentage of Revenue as Adjusted General and Administrative Expenses as a percentage of revenue. EVgo defines EBITDA as net income (loss) before (i) depreciation, net of capital-build amortization, (ii) amortization, (iii) accretion, (iv) interest expense, (v) interest income, and (vi) income tax expense (benefit). EVgo defines EBITDA Margin as EBITDA as a percentage of revenue. EVgo defines Adjusted EBITDA as EBITDA plus (i) share-based compensation, (ii) loss on disposal of property and equipment, net of insurance recoveries, and impairment expense, (iii) loss (gain) on investments, (iv) bad debt expense (recoveries), (v) change in fair value of earnout liability, (vi) change in fair value of warrant liabilities, and (vii) certain other items that management believes are not indicative of EVgo’s ongoing performance. EVgo defines Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of revenue. EVgo defines Capital Expenditures, Net of Capital Offsets as capital expenditures adjusted for the following capital offsets: (i) all payments under OEM infrastructure agreements excluding any amounts directly attributable to OEM customer charging credit programs and pass-through of non-capital expense reimbursements, (ii) proceeds from capital-build funding and (iii) proceeds from the transfer of 30C income tax credits, net of transaction costs. The tables below present quantitative reconciliations of these measures to their most directly comparable GAAP measures as described above.
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27 RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP (unaudited, dollars in thousands) Q2'26 Q2'25 Change Q2'26 YTD Q2'25 YTD Change Q2'26 TTM Q2'25 TTM Change GAAP revenue $ 82,648 $ 98,030 (16) % $ 192,179 $ 173,317 11 % $ 402,948 $ 308,365 31 % GAAP net loss $ (46,342) $ (29,821) 55 % $ (83,323) $ (56,048) 49 % $ (122,713) $ (124,946) (2) % GAAP net loss margin (56.1) % (30.4) % (2,570) bps (43.4) % (32.3) % (1,110) bps (30.5) % (40.5) % 1,000 bps EBITDA adjustments: Depreciation, net of capital-build amortization $ 18,993 $ 14,417 32 % $ 35,767 $ 30,456 17 % $ 65,232 $ 55,246 18 % Amortization 2,263 3,330 (32) % 4,567 6,754 (32) % 9,449 15,392 (39) % Accretion 719 719 — % 1,514 1,306 16 % 2,667 2,222 20 % Interest expense1 8,153 909 797 % 11,123 1,426 680 % 15,843 1,499 957 % Interest income1 (1,433) (1,718) (17) % (2,813) (3,412) (18) % (6,375) (6,638) (4) % Income tax (benefit) expense (250) 3 * (238) 94 (353) % (5,461) (2,260) 142 % Total EBITDA adjustments 28,445 17,660 61 % 49,920 36,624 36 % 81,355 92,645 (12) % EBITDA $ (17,897) $ (12,161) 47 % $ (33,403) $ (19,424) 72 % $ (41,358) $ (59,485) (30) % EBITDA Margin (21.7) % (12.4) % (930) bps (17.4) % (11.2) % (620) bps (10.3) % (19.3) % 900 bps Adjusted EBITDA Adjustments: Share-based compensation $ 3,296 $ 7,031 (53) % $ 7,541 $ 12,525 (40) % $ 22,126 $ 24,381 (9) % Loss on disposal of property and equipment, net of insurance recoveries, and impairment expense 2,934 3,319 (12) % 6,695 4,518 48 % 15,842 6,213 155 % Bad debt expense 918 58 * 1,907 651 193 % 7,318 1,263 479 % Change in fair value of earnout liability — 180 * (22) (568) * (374) 29 * Change in fair value of warrant liabilities (268) (360) (26) % (1,202) (5,704) (79) % (3,868) 1,290 (400) % Severance and related expenses 117 — * 117 — * 1,829 1,022 79 % Executive transition costs 327 — * 327 — * 28,164 38,206 (26) % Other2 — — * (10) 140 * 1,702 1,162 46 % Total Adjusted EBITDA adjustments 7,324 10,228 (28) % 15,353 11,562 33 % 43,190 49,768 (13) % Adjusted EBITDA $ (10,573) $ (1,933) 447 % $ (18,050) $ (7,862) 130 % $ 1,832 $ (25,147) (107) % Adjusted EBITDA Margin (12.8) % (2.0) % (1,080) bps (9.4) % (4.5) % (490) bps 0.5 % (8.2) % 870 bps * Percentage greater than 999% or not meaningful. ¹ In 2025, we determined that interest expense, which was previously classified within interest income, net, should be separately presented. Previously reported amounts have been updated to conform to the current period presentation. ² For the year ended December 31, 2025, comprised primarily of executive severance expenses, previously deferred equity offering costs that were written off in connection with the scheduled expiration of our universal shelf registration statement, and nonrecurring professional fees related to a secondary offering facilitated thereby, which settled on December 18, 2024. For the year ended December 31, 2024, comprised primarily of nonrecurring professional fees related to such secondary offering and costs related to the reorganization of our resources previously announced by us on January 17, 2024.
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28 RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP (unaudited, dollars in thousands) FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 GAAP revenue $ 384,086 $ 256,825 $ 160,953 $ 54,588 $ 22,214 GAAP net loss $ (95,438) $ (126,701) $ (135,466) $ (106,240) $ (57,762) GAAP net loss margin (24.8) % (49.3) % (84.2) % (194.6) % (260.0) % EBITDA adjustments: Depreciation, net of capital-build amortization $ 59,921 $ 46,554 $ 32,350 $ 19,103 $ 12,122 Amortization 11,636 17,443 17,331 14,900 10,177 Accretion 2,459 1,798 2,280 1,915 1,602 Interest expense1 6,146 73 — 21 1,926 Interest income1 (6,974) (7,563) (9,754) (4,479) (69) Income tax (benefit) expense (5,129) (2,284) 42 18 — Total EBITDA adjustments 68,059 56,021 42,249 31,478 25,758 EBITDA $ (27,379) $ (70,680) $ (93,217) $ (74,762) $ (32,004) EBITDA Margin (7.1) % (27.5) % (57.9) % (137.0) % (144.1) % Adjusted EBITDA Adjustments: Share-based compensation $ 27,110 $ 21,959 $ 29,724 $ 25,048 $ 10,942 Loss on disposal of property and equipment, net of insurance recoveries, and impairment expense 13,665 7,192 11,496 8,278 1,311 Loss on investments — 5 26 783 (554) Bad debt expense (recovery) 6,062 923 470 (18) 405 Change in fair value of earnout liability (920) 288 (1,076) (3,481) (2,214) Change in fair value of warrant liabilities (8,370) 4,599 (7,163) (36,157) (31,105) Other2 1,852 3,240 910 63 1,849 Total Adjusted EBITDA adjustments 39,399 38,206 34,387 (5,484) (19,366) Adjusted EBITDA $ 12,020 $ (32,474) $ (58,830) $ (80,246) $ (51,370) Adjusted EBITDA Margin 3.1 % (12.6) % (36.6) % (147.0) % (231.3) % * Percentage greater than 999% or not meaningful. ¹ In 2025, we determined that interest expense, which was previously classified within interest income, net, should be separately presented. Previously reported amounts have been updated to conform to the current period presentation. ² For the year ended December 31, 2025, comprised primarily of executive severance expenses, previously deferred equity offering costs that were written off in connection with the scheduled expiration of our universal shelf registration statement, and nonrecurring professional fees related to a secondary offering facilitated thereby, which settled on December 18, 2024. For the year ended December 31, 2024, comprised primarily of nonrecurring professional fees related to such secondary offering and costs related to the reorganization of our resources previously announced by us on January 17, 2024.
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29 RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP (unaudited, dollars in thousands) Q2'26 Q2'25 Change Q2'26 YTD Q2'25 YTD Change Q2'26 TTM Q2'25 TTM Change GAAP total charging network revenue $ 61,421 $ 51,828 19 % $ 117,138 $ 98,926 18 % $ 236,557 $ 188,491 26 % GAAP charging network cost of sales 39,247 32,545 21 % 74,846 62,154 20 % 145,280 118,611 22 % Charging Network Gross Profit $ 22,174 $ 19,283 15 % $ 42,292 $ 36,772 15 % $ 91,277 $ 69,880 31 % Charging Network Gross Margin 36.1 % 37.2 % (110) bps 36.1 % 37.2 % (110) bps 38.6 % 37.1 % 150 bps (unaudited, dollars in thousands) Q2'26 Q2'25 Change Q2'26 YTD Q2'25 YTD Change Q2'26 TTM Q2'25 TTM Change GAAP revenue $ 82,648 $ 98,030 (16) % $ 192,179 $ 173,317 11 % $ 402,948 $ 308,365 31 % GAAP cost of sales 75,306 84,122 (10) % 171,879 150,086 15 % 325,102 269,006 21 % GAAP gross profit $ 7,342 $ 13,908 (47) % $ 20,300 $ 23,231 (13) % $ 77,846 $ 39,359 98 % GAAP cost of sales as a percentage of revenue 91.1% 85.8% 530 bps 89.4% 86.6% 280 bps 80.7% 87.2% (650) bps GAAP gross margin 8.9% 14.2% (530) bps 10.6% 13.4% (280) bps 19.3% 12.8% 650 bps Adjusted Cost of Sales adjustments Depreciation, net of capital-build amortization $ 18,842 $ 14,342 31 % $ 35,418 $ 30,297 17 % $ 64,565 $ 54,778 18 % Share-based compensation 99 109 (9) % 198 201 (1) % 492 336 46 % Total Adjusted Cost of Sales adjustments $ 18,941 $ 14,451 31 % $ 35,616 $ 30,498 17 % $ 65,057 $ 55,114 18 % Adjusted Cost of Sales $ 56,365 $ 69,671 (19) % $ 136,263 $ 119,588 14 % $ 260,045 $ 213,892 22 % Adjusted Cost of Sales as a Percentage of Revenue 68.2 % 71.1 % (290) bps 70.9% 69.0% 190 bps 64.5% 69.4% (490) bps Adjusted Gross Profit $ 26,283 $ 28,359 (7) % $ 55,916 $ 53,729 4 % $ 142,903 $ 94,473 51 % Adjusted Gross Margin 31.8% 28.9% 290 bps 29.1% 31.0% (190) bps 35.5% 30.6% 490 bps
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30 RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP (unaudited, dollars in thousands) FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 GAAP total charging network revenue $ 218,345 $ 155,672 $ 74,244 $ 31,302 $ 18,806 GAAP charging network cost of sales 132,588 97,116 54,911 26,536 16,194 Charging Network Gross Profit $ 85,757 $ 58,556 $ 19,333 $ 4,766 $ 2,612 Charging Network Gross Margin 39.3 % 37.6 % 26.0 % 15.2 % 13.9 % (unaudited, dollars in thousands) FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 GAAP revenue $ 384,086 $ 256,825 $ 160,953 $ 54,588 $ 22,214 GAAP cost of sales 303,309 227,458 151,239 60,239 29,044 GAAP gross profit $ 80,777 $ 29,367 $ 9,714 $ (5,651) $ (6,830) GAAP cost of sales as a percentage of revenue 79.0% 88.6% 94.0% 110.4% 130.7% GAAP gross margin 21.0% 11.4% 6.0% (10.4%) (30.7%) Adjusted Cost of Sales adjustments Depreciation, net of capital-build amortization $ 59,444 $ 45,989 $ 31,855 $ 18,779 $ 11,986 Share-based compensation 495 333 223 118 33 Total Adjusted Cost of Sales adjustments $ 59,939 $ 46,322 $ 32,078 $ 18,897 $ 12,019 Adjusted Cost of Sales $ 243,370 $ 181,136 $ 119,161 $ 41,342 $ 17,025 Adjusted Cost of Sales as a Percentage of Revenue 63.4 % 70.5 % 74.0 % 75.7 % 76.6 % Adjusted Gross Profit $ 140,716 $ 75,689 $ 41,792 $ 13,246 $ 5,189 Adjusted Gross Margin 36.6% 29.5% 26.0% 24.3% 23.4%
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31 RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP (unaudited, dollars in thousands) Q2'26 Q2'25 Change Q2'26 YTD Q2'25 YTD Change GAAP revenue $ 82,648 $ 98,030 (16) % $ 192,179 $ 173,317 11 % GAAP general and administrative expenses $ 44,358 $ 40,596 9 % $ 90,363 $ 79,224 14 % GAAP general and administrative expenses as a percentage of revenue 53.7% 41.4% 1,230 bps 47.0% 45.7% 130 bps Adjustments: Share-based compensation 3,197 6,922 (54) % 7,343 12,324 (40) % Loss on disposal of property and equipment, net of insurance recoveries, and impairment expense 2,934 3,319 (12) % 6,695 4,518 48 % Bad debt expense 918 58 * 1,907 651 193 % Severance and related expenses 117 — * 117 — * Executive transition costs 327 — * 327 — * Other1 — — * (10) 140 (107) % Total adjustments 7,493 10,299 (27) % 16,379 17,633 (7) % Adjusted General and Administrative Expenses $ 36,865 $ 30,297 22 % $ 73,984 $ 61,591 20 % Adjusted General and Administrative Expenses as a Percentage of Revenue 44.6% 30.9% 1,370 bps 38.5% 35.5% 300 bps (unaudited, dollars in thousands) Q2'26 Q2'25 Change Q2'26 YTD Q2'25 YTD Change GAAP capital expenditures $ 33,823 $ 26,199 29 % $ 64,398 $ 41,191 56 % Capital offsets: OEM infrastructure payments 1,352 1,898 (29) % 3,567 6,873 (48) % Proceeds from capital-build funding 5,170 7,180 (28) % 8,366 9,051 (8) % Total capital offsets 6,522 9,078 (28) % 11,933 15,924 (25) % Capital Expenditures, Net of Capital Offsets $ 27,301 $ 17,121 59 % $ 52,465 $ 25,267 108 % * Percentage greater than 999% or not meaningful. 1For the six months ended June 30, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024.
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32 RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP (unaudited, dollars in thousands) FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 GAAP revenue $ 384,086 $ 256,825 $ 160,953 $ 54,588 $ 22,214 GAAP general and administrative expenses $ 176,868 $ 141,131 $ 143,015 $ 126,713 $ 71,086 GAAP general and administrative expenses as a percentage of revenue 46.0% 55.0% 88.9% 232.1% 320.0% Adjustments: Share-based compensation 26,615 21,626 29,501 24,929 10,909 Loss on disposal of property and equipment, net of insurance recoveries, and impairment expense 13,665 7,192 11,496 8,278 1,311 Bad debt expense (recovery) 6,062 923 470 (18) 405 Other 1,852 3,240 910 63 1,849 Total adjustments 48,194 32,981 42,377 33,252 14,474 Adjusted General and Administrative Expenses $ 128,674 $ 108,150 $ 100,638 $ 93,461 $ 56,612 Adjusted General and Administrative Expenses as a Percentage of Revenue 33.5% 42.1% 62.5% 171.2% 254.8%
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33 LEVERAGE & LIQUIDITY TOTAL AVAILABLE LIQUIDITY OF $835 MILLION CASH AND DEBT LIQUIDITY ($ millions) As of June 30, 2026 ($ millions) As of June 30, 2026 Cash, Cash Equivalents & Restricted Cash $198 Cash, Cash Equivalents & Restricted Cash $198 Debt DOE Loan $409 DOE Loan1 $226 Credit Agreement $153 Credit Agreement1 $71 Credit Agreement - Incremental Facility $75 Net Debt2 $99 Available Liquidity3 $835 1 Represents outstanding principal amounts. 2 Net Debt defined as Total Debt less Cash & Cash Equivalents. 3"Available Liquidity" is the sum of cash and cash equivalents ($122M), restricted cash ($76M), and available principal capacity on our two credit facilities ($637M), inclusive of $75M of uncommitted incremental availability.
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34 EQUITY VALUE & ENTERPRISE VALUE EQUITY VALUE ENTERPRISE VALUE (millions) As of June 30, 2026 ($ millions) As of August 3, 2026 Class A S/O 141.1 Equity Value $505 Class B S/O 172.8 As of June 30, 2026 Total S/O 313.9 Less: Cash, Cash Equivalents and Restricted Cash $198 As of August 3, 2026 Add: Debt $297 Closing EVGO share price $1.61 Enterprise Value ($ millions) $604 Equity Value ($ millions) $505