ITM Power Hands Its Top Two Executives Exercisable Options While the Market Waits for Delivery
Published on 11/02/2026 at 03:11 | Editorial boerse-global.de
ITM Power disclosed on Wednesday that previously granted remuneration options have become exercisable for its two most senior executives, a routine governance filing that says nothing about whether the hydrogen specialist can turn its growing order book into profit.
The award covers 431,157 options in total — 298,494 for CEO Dennis Schulz and 132,663 for CTO Simon Bourne — each carrying an exercise price of £0.05 per share. They stem from the company's long-term incentive plan. What has changed is the vesting status of options already promised, not any fresh purchase of stock by either manager.
That distinction matters. ITM Power published a separate notification on 22 October when Schulz actually exercised options and sold part of the resulting shares to cover tax liabilities, keeping the rest and lifting his reported holding. Wednesday's announcement sits apart from that transaction and carries no read-across to the company's operating performance.
Revenue up 68%, losses still on the books
The figures that do carry weight came on 19 October, when ITM Power reported £43.6 million in revenue for fiscal 2026 — a 68% jump on the prior year. The operating loss narrowed alongside it, though the company has yet to reach profitability on an adjusted EBITDA basis. That loss fell from £33.0 million to £20.2 million, and ITM Power closed the year with £215.6 million in liquid funds.
Should investors sell immediately? Or is it worth buying ITM Power?
Growth alone therefore isn't the whole story for investors. Just as important is whether the group can keep squeezing its losses as promised. Management has guided to revenue of £50 million to £60 million for fiscal 2027, with the adjusted EBITDA loss set to shrink further to a range of £17 million to £20 million. Cash is forecast to decline to between £170 million and £180 million over the same period — a lower buffer even as the operating picture is meant to improve.
The contracted order book stood at £144.0 million at the close of fiscal 2026. Converting that backlog into actual business is precisely where the doubt lies.
Peel Hunt trims its target as timelines slip
Peel Hunt cut its price target from 92 to 88 pence on 22 October, pointing to slower schedules on hydrogen projects and to risks around execution and order conversion. The analysts expect fiscal 2027 to be shaped more by delivery and the translation of orders than by demand itself.
Against that backdrop, ITM Power shares fell 10% on Friday. No company-specific trigger for the drop has been confirmed, and neither the options notice nor the earlier analyst move establishes a causal link to that day's decline. The stock reaction stands on its own; the operating guidance does not change because of it.
ITM Power at a turning point? This analysis reveals what investors need to know now.
Sheffield meeting sets the next marker
On Tuesday the company announced a general meeting for 13 November in Sheffield and made its annual report for the completed financial year available. That gathering is the next fixed date on the calendar.
For valuation purposes, though, the yardsticks remain the same: execution on the backlog, delivery of the planned revenue growth, and restraint on losses. A single session's share price move is no evidence that any of those forecasts have shifted.
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