Pod Point Group (PODP) Trading Update summary

Financial performance and trading update

• Adjusted EBITDA loss expected at around £14m, in line with guidance, with improved operating margins due to cost reductions and strong Energy Flex revenues.

• Revenues for 2024 are approximately £53m, below the guided £60m, impacted by ongoing weakness in the private new car EV market.

• Net cash at year-end was £5.3m, below guidance, due to working capital expansion and a shift in business mix toward commercial customers.

• Implementation of a new ERP system temporarily affected cash collections, expected to normalize in H1 2025.

Operational achievements

• Delivered on eight of nine operational KPIs set in November 2023, including launching Solo 3S in the UK, Spain, and France.

• Surpassed 250,000 chargepoints in the UK network and exited non-core business segments as planned.

• Energy Flex and recurring revenues exceeded upgraded guidance, with entry into the Capacity Market and launch of a consumer proposition.

• Achieved £6m annualized cost savings and completed organizational restructuring.

Strategic outlook and guidance

• Focus shifting to recurring revenues and a service-led business model, leveraging market leadership in Energy Flex.

• 2025 results expected to be below current market expectations due to continued market challenges and regulatory uncertainty.

• Plans to draw on a £30m credit facility from majority shareholder EDF in Q1 2025.

• Full 2025 guidance to be provided with April 2025 results.