ITM Power's October Test: A Sliding Share Price, a Looming AGM, and London's Unfinished Hydrogen Auction

ITM Power shares fell to EUR 1.13 as investors await Britain's second hydrogen allocation round, with AGM set for October 30, 2026.

ITM Power shares have run into a patch of softness just as the company's autumn calendar starts to fill up. The stock closed Monday at EUR 1.16, down 2.1%, and extended that retreat on Tuesday to EUR 1.13, a further 2.8% decline. Neither session came with a company-specific explanation — no operational update, no broker downgrade, nothing from the broader sector to pin the moves on. The drift lower has instead unfolded against a backdrop of administrative filings and one very large policy question that has yet to be answered.

Two mandatory disclosures landed on Monday, and neither offered traders anything to trade on. The first set the date for this year's annual general meeting: October 30, 2026. In the same notice, ITM Power indicated that results for the financial year ended April 30, 2026 will be published in the second half of October. Shareholders will not, however, receive the full annual report at the AGM itself. The timing firms up a reporting schedule that had already been flagged as an expectation roughly three weeks earlier, and it hands investors the next hard data point on the financial calendar.

The second filing concerned a change in the shareholding of CFO Amy Grey. In early October, her depositary sold 111 ordinary shares at GBP 1.0053 apiece. The proceeds covered account administration fees. According to the disclosure, the sale was carried out under exceptional circumstances, without instruction from or knowledge of the finance chief. Given its tiny scale, the transaction carries no weight for the company's fundamental valuation.

A Policy Decision in London Matters More Than Any Filing

Far more consequential for ITM Power's future order book is the fate of Britain's second allocation round. Late last month, industry body Hydrogen UK warned that delays in government policy and pending allocation decisions risk eroding investor confidence across the entire sector. ITM Power is reportedly lined up as a supplier for two specific projects within that second round. Whether those designations convert into binding supply contracts depends squarely on how quickly officials in London finalize their decisions.

The operational case for the technology is not in doubt. More than a month ago, the first green hydrogen flowed from RWE's electrolyser plant in Lingen through a pipeline roughly 120 kilometers long to Evonik's chemical park in Marl. Binding allocations in the UK could build on that kind of industrial-scale proof and shore up the backlog. The company also reported the delivery of electrolyser stacks about two weeks ago, while executives added to their holdings roughly a month ago and a grant was approved.

Two Paths, One Catalyst

Should Westminster clear the existing backlog and close out the allocation round promptly, ITM Power would gain immediate planning certainty for its two designated projects. If the decisions stay stuck, the warnings from Hydrogen UK could harden into reality: a steady loss of investor trust, followed by further project slippage. For ITM Power, that scenario means prolonged uncertainty over the deliveries it hopes to book from the second round.

Despite the recent wobble, the longer-term picture remains firmly positive. The stock is up 56% since the start of the year by one measure, and 61% by another — a discrepancy that reflects the timing of each snapshot rather than any disagreement about the trend. A prolonged paralysis in British hydrogen policy, however, could take the shine off that run.

For investors, the decision field is narrow and clearly marked. As long as the state support framework stays intact and the second-round allocations arrive within a reasonable window, the prospect of fresh supply contracts for the two UK projects survives. If the timetable collapses entirely under further government delay, the sector faces an extended freeze. The next real catalyst, then, is not a filing or a share sale — it is the signal from London that the allocation round is finally done.