EVgo Inc. Class A Common Stock Lytham Partners Fall 2026 Investor Conference

Good day, everyone, and thank you for joining us today for the Lytham Partners Fall 2026 Investor Conference. My name is Joe Dorame, managing partner at Lytham Partners. I would like to welcome EVgo Inc., which trades on the Nasdaq under the ticker EVGO. Today, Badar Khan, Chief Executive Officer, will be taking us through the company presentation. Let's get started. Welcome, Badar.

Thank you, Joe. As you heard, EVgo trades on the Nasdaq. We are one of the third-largest fast charging operator in the U.S. Our business model is to own and operate the infrastructure we deploy. In other words, we generate recurring revenue every time someone charges at our charging stations as opposed to selling equipment, which is a one-time revenue. We focus on fast charging, so that is public fast charging, as opposed to slower charging equipment that you might install at your home or at the workplace. We deploy fast chargers in urban locations. As you can see on this slide, we've had a tremendous track record of growth. We have grown approximately fourfold in the number of stalls that we operate over the last five years.

We've been around for 15 years, but about half of the stalls we have in operation or will have in operation by the end of this year will have been deployed in just the last three years. In terms of revenue, we've grown about 19-fold in revenues from 2021, the year we went public, to our guidance this year. From between '21 and 2025, we've got an over 100% revenue CAGR, which puts us in the top 1% of U.S. public companies with growth rates as high as we are. If you just turn to the next slide, we operate across the United States, so we are in 47 states today with about 5,500 charging stalls, 1,200 locations. We serve all electric vehicle models.

As I said before, we're the third largest currently, and we're very focused on where we deploy the charging infrastructure so we get the highest utilization. We partner with a bunch of companies throughout the automotive ecosystem, and you can see by 2030, we'll be in over 2,000 locations with over 17,000 stalls and with 2.3 gigawatts of connected, distributed connection points across utilities around the United States. If you turn to the next slide, you can see here we are the third largest, but with the rate of growth that we are growing, we expect that we'll likely be the second largest relatively soon, behind Tesla. But we have a tremendous scale advantage over everybody else in the industry. There are about over 60 different charging companies, fast charging companies. We're about 14 times larger than the average of all of those.

In fact, we have more charging sessions on our network than all of those other companies combined. Our utilization, which is a very important measure for determining the profitability of infrastructure assets, that's the percentage of time that our assets are utilized over a 24-hour period. Our utilization in Q2 was about 20%, which is five times higher than the average utilization of all of those other companies. The reason is because of the bullets on the right-hand side. We've got industry-leading scale and partnerships with automotive companies, with site hosts, with rideshare companies, and we have best-in-class reliability, speed of the charger, engagement, and experience. About two-thirds of our chargers are 350 kilowatt machines. That's up from about 15% four years ago. The rest of the industry is about 23%.

A 350 kilowatt charger, for context, provides about 100 miles of range in as fast as five to 10 minutes. Speaking of experience, we announced last quarter on our Q2 earnings call, if you hit the next slide, that we have announced a partnership or a deal with Tesla, where Tesla will be building and selling to us Superchargers that they will operate branded EVgo, owned by EVgo, so we generate the revenue as customers charge, and we're very excited by this deal. These are V4 Superchargers, so they're capable of 500 kilowatts, which is even faster than the 350 kilowatt machines that we are doing. Of course, they're visible in the Tesla navigation. That's an important part of the driver experience.

Tesla drivers typically look for chargers from the navigation inside the vehicle as opposed to other drivers of other car brands where they look for charging using the app. We're super excited by this because the 19-fold growth that I talked about earlier comes from serving almost entirely non-Tesla vehicles. Tesla drivers, Tesla vehicles make up more than half of all electric vehicles on the road.

Yeah. That revenue growth that we've seen comes from serving really almost vehicles other than Tesla.

Tesla drivers can charge in our network, but they need to use an adapter, which people find clunky. These Superchargers don't require an adapter, and in fact, we have been retrofitting our charging stations. So we'll have about 500 of our over 5,000 stalls retrofit by the end of this year to have a NACS cable, which is the standard that Tesla vehicles use. Our goal is for all sites built since 2023, which is about two-thirds of our sites, to have that NACS cable. As a result of this deal, all of those sites will be visible inside the Tesla navigation inside the vehicle. The result of all of this is a doubling of our addressable market. So we've grown 19-fold from serving half the market.

With this transaction and what I've talked through, we would expect to be able to serve the whole market, which effectively doubles our addressable market. We've also announced this week something we've been working on for 2 years, our next generation charging architecture, which takes that customer experience and importantly, speed, to the next level. This is our latest generation, which is 750 kilowatt peak charging power. Again, our machines today are 350 kilowatt, significantly faster than the rest of the market. But importantly, we're taking our very extensive experience of millions of charging stations, completely redesigning the architecture from the station layout, the design of the dispenser, the user interface, the firmware inside the machine, the software, to develop an entirely different and better customer experience.

We are thrilled with our next generation architecture, will start getting rolled out over the course of the next 12 months or so. Our sources of competitive advantage extend also to our site hosts. We've been announcing some fantastic partnerships with site hosts like Brixmor and Regency. If you didn't know them, they are some of the largest REITs in the U.S., 10 to $15 billion REITs. They're owners of some of the largest grocery-anchored shopping centers in America. Through the partnerships that we've announced in the last month or so, we're adding multi-year partnerships with 1,000 new stalls between these two deals. The reason this is important is because the average American household goes grocery shopping about 2 or 3 times a week and spends, on average, 30 minutes at the site and goes into the shopping centers and buys groceries.

That is perfect for a fast charging use case. We love them. We believe that because we're one of the few fast charging companies that are actually building at scale and have the financing to deploy at scale, companies like Brixmor and Regency are choosing to partner with us, where we sign 15 to 20-year leases with them. These leases that we're signing are around 3 times the rate that we've been signing last year. It's why our stall count rises so quickly. We're thrilled by this source of competitive advantage. The underlying driver, macro driver, and backdrop for the company, of course, is a number of electric vehicles on the roads. Contrary to what you may be reading or seeing on CNBC, Americans are buying electric vehicles. The number of EVs on the road have grown about four-fold in the last 5 years.

The number of new sales may not be as high as the prior year, but the number of vehicles on the road, which is really what drives our business, keeps rising year after year. We've seen a four-fold growth, a 40% CAGR in the last 5 years, and the black bars here represent the latest forecast from S&P. I should note the 2030 number here is about 60% lower than forecasts that we'd previously seen from S&P, but it still represents a doubling and a 17% CAGR. That's a CAGR that is greater than, frankly, global data center power demand. So it's a tremendously attractive growth rate, underlying growth rate. As I said before, through our relationship with Tesla, we have been serving less than half of these blue bars. Less than half of all vehicles are non-Tesla vehicles.

But with that Supercharger deal, we expect to be able to serve the entire bars, which basically doubles our addressable market. I will say here that not only are we seeing more vehicles on the road, but the average vehicle is charging at fast charging locations at a greater rate. That is because the cars are becoming more affordable, and as they become more affordable, they're attracting customers who don't have charging at home. The Biden-era incentives encouraged everyone to lease their vehicles. All those leases are rolling off. We're expecting 1.5 million vehicles to roll off leases over the next three years, and these vehicles rolling off leases will likely end up as a used vehicle charging at fast charging at greater rates. Rideshare is electrifying. Rideshare used to be 10% of our business.