ITM Power Rewrites Equity Authorisation Ahead of Shareholder Vote, With Annual Figures Due Monday

ITM Power has moved to tidy up the paperwork ahead of its annual general meeting, correcting a figure in its notice of meeting that governs how much equity it may issue in future. The British hydrogen specialist amended proposal 11b on Friday, cutting the proposed aggregate nominal amount of equity securities to GBP 23,046,852 from the GBP 34,570,278 originally set out in the convening documents.

The adjustment, first reported in the media, is a formal housekeeping step rather than a shift in strategy. It gives shareholders a precise definition of the issuance authority they are being asked to grant at the 30 October 2026 meeting — the legal footing for any future financing decisions.

Results Land Before the Vote

Investors get their first hard look at the company's finances well before they cast those votes. ITM Power will publish preliminary results for the financial year ended 30 April 2026 on Monday, 19 October 2026.

The market's focus will fall on cost discipline and cash runway. Management sharpened its guidance roughly two weeks ago, narrowing the range for the adjusted loss before interest, taxes, depreciation and amortisation to between GBP 20 million and GBP 21 million. That equates to a 27% improvement on the prior forecast and a 38% gain year on year. Targets for revenue and cash balances were left untouched.

Trading in the hydrogen sector still demands careful liquidity management until large-scale projects begin generating actual returns — which is why the detailed balance sheet matters as much as the headline loss figure.

A 150MW Refinery Blueprint

Beyond the accounts, progress on industrial-scale ventures will shape the group's trajectory. Subsidiary Hydropulse signed a heads of terms agreement on 12 October with an unnamed European oil refinery for a green hydrogen project rated at 150 megawatts, built on ITM Power's own Alpha electrolyser platform under a ten-year arrangement.

The scheme remains at an early stage and does not yet constitute a final investment decision. Front-end engineering design work is already under way. The partners are targeting a final investment decision in 2027, with production scheduled to begin in 2029. No binding large-scale order is in place, since the project is contingent on final contracts.

Shares Steady, Peel Hunt on Hold

The stock ended Friday's session at EUR 1.09, up 2.2% on the day, according to one reading of the close; another put the gain at 2.1%. No specific catalyst for the week-ending advance was identified in the market.

On the analyst side, Peel Hunt kept its "Hold" rating on ITM Power on 8 October, with a price target of 92 pence. The upcoming figures give investors a chance to check whether the company's consolidation course is showing up in the operating numbers as expected.

The shares have climbed 51% since the start of the year. Whether that run continues rests heavily on delivery of the planned large projects and on the reliability of the financial forecasts.