EVGO

Strategic Deal with Tesla

• Entered into an agreement to deploy EVgo-branded V4 Superchargers across dozens of U.S. cities starting in 2026: EVgo owns the stalls, selects locations, sets pricing, while Tesla builds and operates the chargers long-term.
• The deal more than doubles EVgo's addressable market, adding access to both Tesla and non-Tesla NAC (North American Charging) port drivers. EVgo targets having a NAC connector at all 2023 and newer vintage sites within two years.
• Gross capital cost per stall is broadly equivalent to EVgo's current build, with little to no incremental G&A growth, and the deal diversifies EVgo's supply chain to include more U.S.-manufactured equipment.

Network Operational Progress

• As of Q2 end, EVgo had 5,380 total operational stalls (3x larger than the end of 2021), including 4,000 owned and operated stalls, making it the third largest public fast charging network in the U.S. 240 NAC stalls are currently operational across 100 sites.
• Total trailing 12-month energy dispensed hit 384 gigawatt hours, up 16% year-over-year. Q2 2026 network throughput was 99 gigawatt hours, up 13% year-over-year and 9% sequentially.
• Mature 350 kilowatt stalls are already delivering average daily throughput in the mid-350 kilowatt hour range, matching EVgo's 2028 forecast. 15% of the network already averages 600 kilowatt hours per stall daily. Legacy low-power 50 kilowatt chargers will be fully decommissioned and upgraded by 2028.
• Total customer count exceeds 1.8 million. Site lease signings are running at three times the 2025 pace, supporting large 2027 stall growth.
• EVgo has 600 megawatts of connected utility power capacity across existing sites, with ~45% unused capacity. Management is evaluating additional revenue streams to monetize this excess capacity, including demand response, battery storage, and distributed edge AI inference.

Long-Term Business Model & Positioning

• EVgo projects recurring adjusted EBITDA of ~$500 million by 2030 from its core charging business, with upside from non-charging segments (including AV) and new opportunities.
• Operating leverage is well established: charging gross margin has grown from ~15% to nearly 40% by 2025, and is projected to reach ~50% by 2030. Adjusted G&A is projected to barely double between 2025 and 2030, even as the network grows dramatically, delivering expanding incremental margins.
• Management has formed a dedicated corporate development team to evaluate inorganic acquisition opportunities and potential geographic expansion beyond the U.S. long-term.

• Stall Deployment 2026: EVgo expects total new stall additions of 1,350 to 1,625, including 950 to 1,175 new public/AV stalls and 400 to 450 Xtend stalls. ~60% of full-year 2026 builds are now expected to be completed in Q4 2026, including the first EVgo Supercharger energizations. 2027 new owned and operated stall additions are projected to be 2.5x to 3x 2025 levels.
• 2026 Revenue: Total revenue is guided to $400 million to $430 million, with charging network revenue growing ~30% year-over-year and representing roughly two-thirds of total annual revenue. Xtend revenue guidance is revised upward to $90 million to $95 million, with two-thirds of the revenue expected in Q4. AV and ancillary revenue is guided to $40 million to $45 million, with the largest share coming in Q4 2026.
• 2026 Costs & Profitability: Adjusted G&A is projected to be $148 million to $152 million, a slight improvement from prior guidance due to lower growth costs from slightly reduced 2026 deployments. Full-year 2026 adjusted EBITDA is expected to be a loss of negative $25 million to negative $5 million. Q3 2026 is expected to post negative adjusted EBITDA, while Q4 2026 is projected to be positive adjusted EBITDA.
• Long-Term Targets: Management maintains its target of ~$500 million in recurring adjusted EBITDA by 2030, with 4,000 to 5,000 net new stalls added between 2026 and 2030. EBITDA margins are projected to reach the low to mid-30% range by 2030.

EVgo operates three core business segments: Charging Network, Xtend, and Autonomous Vehicles (AV) & Ancillary. For Q2 2026:

1. Charging Network: Revenue was $61 million, representing a 19% year-over-year increase, accounting for 73.5% of total Q2 revenue. Gross profit was $22 million, a 15% year-over-year increase, with a 36% gross margin (1 percentage point lower than Q2 2025). Trailing 12-month charging gross margin was 39%, up 2 percentage points year-over-year.
2. Xtend: Revenue was $18 million, a $19 million year-over-year decrease, contributing 21.7% of total Q2 revenue. The segment is expected to continue trending downward, reaching a $5-10 million annual revenue run rate by 2028.
3. AV & Ancillary: Revenue was $3 million, a $6 million year-over-year decrease, making up 4.8% of total Q2 revenue. Revenue is episodic, driven by project deployment timing, with no new deployments in Q2 2026.

Total Q2 2026 company revenue was $83 million, a 16% year-over-year decrease driven entirely by declines in non-charging segments. Adjusted gross profit was $26 million (down 7% year-over-year), with a 32% adjusted gross margin (up nearly 3 percentage points year-over-year due to the higher-margin charging segment representing a larger share of activity). Adjusted EBITDA loss was $10.6 million, in line with prior guidance.

• Daily throughput ramp for the 2025 stall cohort has been slower than originally expected, due to downward revised EV vehicle in operation (VIO) forecasts and broader near-term EV market softness following the expiration of federal EV incentives at the end of Q3 2025.
• Near-term utilization and throughput continue to be pressured by soft performance from lower-power legacy equipment, as well as the wind-down of OEM charging credit programs expected to conclude by the end of 2026.
• The transition to NAC connectors requires near-term investment, and current NAC stall utilization remains below that of legacy CCS stalls, creating near-term downward pressure on average throughput per stall.
• AV and ancillary revenue is inherently episodic, tied to long-term project deployment timing, leading to volatility in quarterly non-charging revenue results.

Q: Can you explain the strategic rationale for the Tesla partnership, why the structure is EVgo owning/Tesla operating, and if expansion beyond the initial deployments is possible? / A: Management highlighted three core benefits: the deal doubles EVgo's addressable market by adding widespread access to Tesla drivers, it allows new stall deployment with no incremental material G&A at a time when EVgo is ramping network growth, and it aligns both companies on the shared goal of accelerating overall EV adoption. Some proportion of EVgo's planned 10,000 to 12,000 total stalls over the next five years will be these EVgo-branded Superchargers, so expansion beyond the initial wave is expected.

Q: What are the financial and unit economic impacts of the Tesla partnership, including capex and expected utilization? / A: Gross capex per Supercharger stall is roughly in line with EVgo's existing build costs. Tesla will handle operations and maintenance, with those costs also broadly equivalent to EVgo's current O&M costs. EVgo retains pricing control, and expected utilization is projected to match EVgo's existing network (with potential upside from the dual CCS/NAC capability of Magic Dock stalls). A key secondary benefit is that all existing EVgo NAC retrofitted stalls will now appear on Tesla's in-vehicle navigation system, a major unlock for adoption by Tesla drivers.

Q: Why was the 2025 stall cohort underperforming expectations, and what changes have been made to underwriting? / A: A large share of the 2025 cohort included projects with very high capital offsets from state and utility incentives, which allowed for acceptable project returns even with lower projected throughput than earlier cohorts. The ramp of this cohort has been slower than originally forecast, so EVgo adjusted its underwriting criteria to prioritize higher-quality, higher-throughput sites moving forward, resulting in the strong current site pipeline that supports large 2027 growth.

Q: How does the current long-term 2030 EBITDA forecast differ from prior outlooks? / A: The overall target of ~$500 million in adjusted EBITDA by 2030 remains largely unchanged. Management made a small downward adjustment to projected average daily throughput per stall (from 450-500 kWh to a conservative 425-475 kWh) to reflect lower current VIO forecasts, but the Tesla partnership already provides upside to this revised forecast. The new build ramp between 2028 and 2030 is slightly slower than prior guidance, with 4,000 to 5,000 total new stalls projected by 2030.