Thank you for standing by. My name is Jill, and I will be your conference operator today. At this time, I would like to welcome everyone to the EVgo, Inc. Fourth Quarter and Full Year 2025 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. If you would like to withdraw your questions, simply press 1 again. I would now like to turn the conference over to Heather Davis, Vice President of Investor Relations. You may begin.

Good morning, and welcome to EVgo, Inc.'s Fourth Quarter and Full Year 2025 Earnings Call. My name is Heather Davis, and I am the Vice President of Investor Relations at EVgo, Inc. Joining me on today's call are Badar Khan, EVgo, Inc.'s Chief Executive Officer, and Keefer Lehner, EVgo, Inc.'s Chief Financial Officer. Today, we will be discussing EVgo, Inc.'s fourth quarter and full year 2025 financial results, followed by a Q&A session. Today's call is being webcast and can be accessed on the Investors section of our website at investors.evgo.com. The call will be archived and available there along with the company's earnings release and investor presentation after the conclusion of this call. During the call, management will be making forward-looking statements that are subject to risks and uncertainties, including expectations about future performance. Factors that could cause actual results to differ materially from our expectations are detailed in our SEC filings, including in the Risk Factors section of our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The company's SEC filings are available on the Investors section of our website. These forward-looking statements apply as of today, and we undertake no obligation to update these statements after the call. Also, please note that we will be referring to certain non-GAAP financial measures on this call. Information about these non-GAAP measures, including a reconciliation to the corresponding GAAP measures, can be found in the earnings materials available on the Investors section of our website. With that, I will now turn the call over to Badar Khan, EVgo, Inc.'s CEO.

Thank you, Heather. When I first joined EVgo, Inc. as CEO at the 2023, we set a goal to be adjusted EBITDA breakeven in 2025. And I am pleased to say we achieved that goal in the fourth quarter. This significant milestone demonstrates the growth, scale, operating leverage, and durability of the EVgo, Inc. business and the dedication and hard work of our team. As I will touch on later, we are now focused on our next milestone of achieving the real operating leverage inflection point, which will allow us to further accelerate adjusted EBITDA growth and margin expansion. EVgo, Inc. delivered another excellent year of results with total revenue of $384,000,000, a 50% increase over last year, and record charging network revenues. We ended 2025 with 5,100 stores in operation, following a very large store deployment of 500 new stores in the fourth quarter. Total energy dispensed in our public network increased over 30%, which is more than our store growth. Our pilot, approximately 100 J 3,400 connectors, also known as MACs, during 2025 was successful, and we will be rolling out over 400 more Max connectors in 2026, both at new sites and retrofits at existing sites, with the goal of effectively doubling our addressable market over time. Given the returns we expect to generate from these stores, we plan to increase our public stores deployed by over 50%. This increased pace for deployment significantly increased the number of NATS connectors, and our next generation charging architecture represents real investment in 2026 to drive longer-term value creation. EVgo, Inc. continues to offer drivers more choices on where to charge their EVs as our owned public network and extended network expands across the U.S. Today, drivers can find over 1,200 EVgo, Inc. stations across 47 states. EVgo, Inc. is…

Before I begin, I want to share how thrilled I am to be at EVgo, Inc. We build the infrastructure this country needs. Since joining in mid-January, I have been working closely with that RN team to transition into the role. I am excited about the substantial organic growth runway in front of us. My focus is clear. Building on the strength of our balance sheet to accelerate profitability as we continue to scale the business for accelerated long-term growth and value creation. With that, let us jump into our fourth quarter and full year results. Operational stall growth, one of the key components of growing EVgo, Inc.'s revenue. We ended Q4 with 5,100 stalls in operation, a three times increase compared to 2021. We added over 1,200 new stalls to the network in 2025, including 500 in just the fourth quarter, representing our largest stall deployment in a quarter ever. Our customer base has grown almost fivefold over that same period, which contributes to the network effect, driving increased brand loyalty and usage across our ever-expanding network. We have grown the total energy dispensed on EVgo, Inc.'s network in 2025 to 366 gigawatt-hours, a 14-fold increase over that same period since 2021. 2025 revenues of $384,000,000 have increased over 17 times from 2021 levels. Charti network gross profit margin expanded over 2,500 basis points from the mid-teens to the upper thirties, reflecting the meaningful operating leverage of fixed cost of sales on a per stall basis as throughput and revenue per stall continue to rise. Importantly, we again delivered improving profitability with adjusted EBITDA growing at a meaningfully faster rate than revenue, and we achieved a positive adjusted EBITDA margin in 2025 for the first time in company history. Total throughput on the public network during the fourth quarter…

Thank you, Differ. Our unit economics we have shown over the last two years and the details for Q4 are in the appendix for our investor deck, highlighting the growth we are driving in cash flow per store. Throughput per store growth results from EVgo, Inc.'s competitive moat and rising EV VIO. We believe our superior site selection, top-tier partnerships with OEMs, site hosts, rideshare, navy companies, our leading customer engagement and customer offerings, including faster chargers, and our growing customer base that is now 1,600,000 customers all combined to create a moat around EVgo, Inc.'s business that is hard to replicate, one we spent 15 years building. This is what drives our recurring and effort-expanding cash flow per store. Daily throughput per stall, whether for the average of the network or the top 15% of stalls, continues to rise. Our 350-kilowatt stores currently comprise over 60% of our network and will comprise around 90% of the network within a few years, are now generating almost 350 kilowatt-hours per stool per day. Annualized cash flow per store for our entire network in Q4 was $21,000. If you look at our sweet 50-kilowatt chargers, that is $28,000, proof that our network will scale to our longer-term target. The top 15% of our network was over $65,000, which represents a payback period of just over one year for new stalls performing at these levels. Top 15% of stalls clearly shows the operating leverage within charging gross profit, where these tolls generated 54% charge in gross margin, a full eight percentage points higher than the average of the network due to the higher throughput per store. EVgo, Inc. reached the critical milestone this quarter, delivering positive adjusted EBITDA for the quarter and for the full year. This achievement rely in part on our…

Thank you. The floor is now open for questions. If you have dialed in and would like to ask a question, please press 1 on your telephone keypad. If you are called upon to ask a question and are listening via loudspeaker on your device, please pick up your handset and ensure that your phone is not on mute when asking your question. We do request for today's session that you please limit yourself to one question and one follow-up, and you may requeue for any further follow-up questions. Your first question comes from the line of Stephen Gengaro of Stifel. Your line is open.

Thank you. Good morning, everybody. Congrats on the progress. This might be an odd question, but when you look at the customers, I forget the number you mentioned, but 1.3 or 1,500,000 customers. Can you tell us, or do you have a sense for the percentage of usage that a certain piece of the customer base has? Like, if you have 1,600,000, I think was the number you gave, like, are the repeat users driving like, a 25% driving 75% of the business? Like, how do those numbers look?

Yeah. Stephen, we, you know, we I have been saying on a pretty much regular basis over the last several quarters that around half of our usage comes from rideshare customers or from customers on accounts. So these are the customers that are, you know, using our network most frequently. I think we have said rideshare is roughly a quarter. Rideshare alone is roughly a quarter of the business. We have got the subscription accounts, and, of course, customers on the OEM charging programs, so that is roughly what it is. I think rideshare in particular, as we said over many quarters now, it has gone from, you know, roughly 10% four years ago to about a quarter, so it is a really exciting, you know, part of the demand of the network. Rideshare is electrifying; it is going to continue to electrify. Companies like Uber and Lyft, cities like New York City, states like California, you know, are all focused on encouraging electrification of rideshare, so that is really a big component there.

Okay. Great. Thank you. And the other one was, how do you participate, and I know you mentioned this on the autonomy side. Like, are there incremental, are there folks at the EVgo, Inc. charging? So how does that ultimately work, in your mind?

Yeah. Well, I mean, I think that as we said on the call, I think the autonomous vehicle space is, I think, a very significant source of potential upside for the business. We have got about 140 operational stalls that are dedicated to autonomous vehicle partners. We have been actually, we have had operating stalls for AV partners for years, actually five years now or more. Since 2020. I am sorry. So, you know, we have been doing it for quite a while. We are adding, maybe doubling the number of stalls this year in 2026, so it is still pretty small. But I do think that just like in human rideshare, EVgo, Inc., you know, will become the partner of choice for autonomous vehicle companies, just given our scale, our balance sheet, the emphasis on reliability, our, you know, significantly superior customer demand that we shared from the third-party industry data. And, you know, these sites do have, you know, human operators who are plugging the cables in. They are cleaning the vehicles. If that was your question.

Great. No. That is helpful. Okay. Thanks. I will get back in line. Thank you.

Your next question comes from the line of Laura Deng of RBC Capital Markets. Your line is open.

Hi. Good morning. Thanks for taking my question. I think last quarter, you all mentioned those charger tech enhancements. Just wanted to know if there is an update with that and when you expect to have that second enhancement completed, and then I have a—

Yeah. We are thrilled, very pleased with the work that is going on, actually, with our supply chain partners, that is Cigna and Delta. You know, we have been systematically, you know, requalifying, reinstalling the tech on each of sets of equipment, and progress is going great. We completed that program with Cygnet, I want to say, over a year ago now, and the effort that we have with Delta continues through the course of this year. I expect that we will be well past the majority of that program by the middle of the year. So going really well.

Got it. Got it. Thanks. And then on next, what have you all seen with the initial performance on the connectors installed so far? And then what gives confidence to accelerate that deployment this year?

Yeah. So the throughput per stall on our max stools has nearly doubled since the fall, and that is really giving us the confidence to accelerate the rollout this year. The throughput here on these max cables, max tools, are actually still well below CCS stalls, and that is because it just takes a little longer for Tesla drivers to kind of get used to charging at places other than Tesla Superchargers. But, you know, we do expect that over time through our engagement efforts, our customer communications, and really also because our stores are, our charging stalls are, faster—that there is 350-kilowatt versus the Supercharger network of 250. They are closer to where drivers are, where they run errands, they live, they work. We would expect to see that rise. And that is really why we are really quite excited by this next deployment. It effectively doubles our addressable market. There are many more NAX vehicles; there are CCS over time, you know, charging our network without an adapter. It is an investment in 2026 that I expect will be, will pay off quite materially in the future. So that is why we are talking about rolling out over 400 more next stalls over the course of this year.

Great. Thank you.

And, again, if you have a question, it is star 1 on your telephone keypad. Next question comes from the line of William Peterson of JPMorgan. Your line is open.

First, it looks like you lowered your build schedule targets now through 2029. Trying to get a better understanding of what is driving the revision. Is it higher CapEx per stall? I mean, less demand? I presume it might be less demand, but, you know, can you define, like, what your expectations are? I think you were talking about industry expectations of VIO doubling by 2029. But, I mean, what if growth remains flat or even declines, implying lower VIO? Would you subsequently lower your deployments? Or do you feel confident in the revised guidance? I understand the value proposition of EVs, but the near-term growth projections are certainly far from rosy.

Yeah, William. I mean, I think that as I look at our build plans for our owned stalls, which is really what we are focusing on here, that start with 2026, we are, you know, really stepping up the deployment of new stores in 2026. We have been growing new stores, owned stores, roughly kind of 700 to 800 a year for about, what, four years now? And what you can see for 2026 is it is up to about 80 for 5% higher. 50-some to 85% higher. So that is a very significant step up. We will incur those expenses this year in terms of deploying more stores. 2027 is about two and a half to threefold versus 2025 levels, so it is another big step up. We will start incurring growth expenses for the 2027 deployments towards the end of this year. And I think when I look at this deployment schedule, it is really, we are just being very disciplined around how we deploy capital. That is what guides our decision-making. We are generating payback that is as fast as one to two years at the top end of our network, the top 15% of stores. We are targeting three- to five-year paybacks. We are getting something at the faster end of that range. And so as long as the, you know, returns that we are generating in this capital is at those levels, and then frankly, that does not even need to be at those levels, we think it makes a ton of sense to deploy capital. You know, we balance a bunch of things from, you know, in the past, it has been the balance sheet. The balance, of course, is at the strongest place it has been in pretty many years now. We do think about in-year earnings. We do think about the sequence of deploying our operational capacity. I think the pilot contract deployments reaching an end 2027 does allow us to transfer some of that operational build capacity over to the owned operation, owned fleet, without causing too much disruption. So that is how we think about it. In terms of the underlying VIO, I mean, look. We have seen these forecasts. You and I, we have seen these forecasts. It has been slashed in the last couple of years. And, you know, and yet, you know, we say it is a muted environment demand environment, and yet it is still two or three times where we are today in 2030. And so I do not know about these forecasts. I sometimes feel like they swing like a pendulum going back and forth. We are going to be focused on deploying capital in a way that makes sense for our shareholders. And the good news is we can deploy faster or slower based on the returns that we are seeing.

Yeah. Thanks for that color. I would like to maybe double click and unpack on the why, kind of relatively wide EBITDA guidance range. Maybe understand better what drives it closer to the lower end of the range versus positive. You talked about pretty significant ramp in the second half. Is there anything else that we should be thinking about? For example, how much does removal of the 30 DE EV tax credit have an impact? Maybe, you know, the extend much shows up in 2026 versus 2027? Just anything you can do to help us better understand the guidance range.

Good morning, William. This is Keefer. I will jump in on this one. To your point, we guided to an adjusted EBITDA range, and at the midpoint is breakeven. But we did also, to your point, share color on both the shape of 2026 as well as the exit rate represented by a second-half annualized number, which is clearly well above the full-year guidance range. The shape for the year is really driven by the deployment cadence of our 2026 capital spending, plus some near-term investments at the front end of the year from a G&A perspective as we work to ensure we have the foundation in place to support the more rapid build-out of our owned and operated network. So those are really the key drivers there. I think, you know, the operating leverage around the charging business and our charging margin is really what drives that. As operating leverage increases through stall-dependent and group-dependent cost, that illustrates that operating leverage on a go-forward basis. So charging network gross profit accounts for roughly two thirds of the range within the $110,000,000 to $140,000,000 forecast that we showed in the slides.

Thanks, Keefer.

Your next question comes from the line of Craig Irwin of Roth Capital. Your line is open.

Good morning, and thanks for taking my questions. Actually, question is very much on the same line of what the last person just asked. So I was hoping you could get a little bit more granular about incrementally how much G&A dollars you are investing in 2026 versus 2025? And if you could maybe give us color on you know, where you are spending these dollars. You know? Is this you know, primarily in rideshare support and multifamily? Or is this in, you know, education and other things with, you know, used car, used DV buyers? I mean, there are many different ways you could approach organic growth on the network. If you could maybe just share with us a little bit about, you know, where you are spending the money.

Yeah. Craig, great question, and thank you. As you think about 2026, just total adjusted G&A, we are guiding to a range of $150,000,000 to $155,000,000. At the midpoint there, that is up about 19% compared to full year 2025 and up about 8% from where we exited 2025 on a Q4 annualized basis. So G&A spending will be up year over year, albeit at a much more muted level than what we are expecting from a top-line and margin expect standpoint. Our G&A remains kind of two thirds fixed as you think about the fixed and variable split. And where we are really making investments in 2026 is around internal resources as well as additional R&D support and resources as we work to build out and roll out latest-generation hardware, software, and firmware over the course of 2026.

Yeah. Craig, maybe if I just jump in here a little bit, just to add a little more to that. And if you just take a step back, we are generating paybacks as fast one or two years. We have got a network that is now nearly 15 times larger on average than, you know, almost everybody else in the space. The demand on our network on a personal basis is five times higher. So many of our top shareholders are actually keen for us to leverage this strength by growing faster. So where Keefer was talking about increased resources, it is really to grow faster. Grow faster, solidify that competitive advantage, really separate ourselves from the rest, which gets us to that triple-digit millions in adjusted EBITDA, really, in less time it took us to get from negative 80 to breakeven. We could choose to not go that fast, and we might be $20,000,000, maybe $25,000,000 better off in 2026 on adjusted EBITDA. But I think that honestly seems to be a little shortsighted. It wastes the moat that we have built, and not to mention it lowers, it results in a slower adjusted EBITDA ramp than if we go faster. So we are actually really excited about this year. I think it is a year of pretty ramping up, which will pay off handsomely. We expect to pay off handsomely, going forward.

Understood. That makes complete sense. So my next question is about the network gross margins. Right? So I definitely appreciate the detail that you have been sharing with us over the last several quarters. 600 basis point improvement year over year, that is fantastic. There is quite a lot of volatility out there around electricity prices, and, you know, several investors have been asking about your ability to pass through some of the short-term volatility that shows up in the market. You know, many other large buyers of electricity actually this last quarter had contracting margins, and you have had expanding margins. Can you maybe just discuss how you purchase and make your commitments for electricity? And, you know, your visibility on expanding these margins like you share for your top 15% of the network.

Sure. I mean, look, margins will expand just because of the operating lever. Within charging gross profit where, you know, roughly 30% of our costs are on a fixed and a personal basis. And I think as you just mentioned, you see that when you look at the difference between the top percent of our network and the average of our network, every quarter when we report, every other quarter, we put our unit economics. You can see our charging gross margin is quite a bit higher. It was eight percentage points higher for higher-use stalls. So there is this embedded operating leverage as usage per store rises. But, Craig, we know we have got real scale. Relative to everybody else in this industry, almost everybody else, we have got real scale. We are able to engage in active energy cost management in certain derivative markets. As you know, my background comes from that space. You know, we have got very sophistic or more sophisticated dynamic pricing algorithms deployed across the network. We deployed them in through 2024 and 2025. We have got that next round of—

Pardon the interruption. We seem to be experiencing technical difficulties. I will place you back on music hold until we get this resolved. Thank you.

Kitty Harris? Hello?

We have the speakers back. Please go ahead.

Okay. Can you guys—I will assume that you can hear us. So, look. Craig, just to summarize, we feel pretty good, pretty excited about our pricing sophistication. I will say that we are in the foothills of a multi-decade journey, and so, you know, our long-term unit economic gross margins are really not different from where we are today. So I think that might seem to be a conservative assumption.

Great. Well, congratulations on the healthy quarter there.

Thanks, Frank.

Your next question comes from the line of Christopher Pierce of Needham. Your line is open.

Hi, Chris. Morning. First question, I guess, is can you hear me after that?

Are we live? We can hear you. We can hear you. Yeah.

Okay. Perfect. I, you know, you have talked about moving faster. You talked about the network effects and network advantages. I guess if we think about you know, this long tail of substandard operators, is there a chance for M&A to maybe some areas where it is a desirable geographic location, and you have got a competitor there that is a maybe a only competitor, and that would sort of grow the install base even faster? Or is that not quite something that is possible, given the DOE or how you guys think about installing and needing electricity for 350, etcetera?

At the highest level, Christopher, we want to ensure that we are deploying capital that is generating the best returns. Deploying capital organically, as we can all clearly see, is generating very strong returns. If we are able to deploy capital inorganic, that could compete with that, then, of course, we will take a look at it. You know, it is our view that, you know, our, you know, our, you know, really quite material difference, superior performance on demand in terms of usage per store is due to the site location, but also all the other things you were just alluding to: our network effect, you know, our investments in customer experience, customer engagement, the reliability, the charger speed. And so, you know, if there may be a scenario where, you know, our sort of know-how on top of somebody else's assets, as long as they are in good locations, could generate much more attractive returns. But, you know, these are all hypothetical at this point. We are just very focused on deploying capital organically.

Okay. You, good luck.

Operator, are there other—Yes. Your next question comes from the line of Andrew Shepherd of Cantor Fitzgerald. Your line is open.

Hey, everyone. Good morning. Again, thanks for taking our questions and congrats on the quarter. Think a lot of our key questions have been asked. I wanted to maybe touch on autonomy and autonomous vehicles since that is a big, you know, area of emphasis going forward. Just curious, like, how should we think about KPIs in that industry, and what would you recommend we look for in terms of seeing progress there? Should we expect, you know, a major increase in utilization rate? Is it just an increase to the salt pounds, network throughput? Like, you know, what will be the key lever to focus there for autonomous vehicles? Thank you.

Yeah. And, I mean, I think as I said before, I think this is a space that is really very exciting and is a potentially very significant source of upside in the medium to longer term. We do have 140 of the 5,100 stores that are operational, 140 today that are dedicated to autonomous vehicle partners. We separated them out in our disclosure at the 2025. We added 30 to that count last year. This year, it will be maybe a bit double, maybe kind of 50 to 75 stores. So maybe that is a metric to look at. I will say it is pretty early in the game in terms of the autonomous vehicle space. Our contract structures are ones where we—current contract structures are ones where we do not have any utilization exposure. In other words, we are just getting a fixed monthly fee for these stores. So these are kind of like contracted cash flows over a long period, you know, long term. We are still working out between our partners and ourselves what are the best contract structures that make sense for everyone in the long term. But, you know, just like human rideshare, as I said, I expect that EVgo, Inc. will become the partner of choice for these companies, just given the scale, the balance sheet, you know, and the track record that we have built here over the last many years. And we have been on the AV space—we have been serving AV partners for five years now.

Got it. That is super helpful. Appreciate all that color. Maybe just as a last and quick follow-up. Can you maybe just remind us a capital need going forward with roughly $211,000,000 in liquidity. You also have the DOE loan. You know, how are you thinking about capital needs? And particularly if you are planning on being active in the M&A market? Thank you.

Well, just to be clear, we are very focused on growing the company organically. And so, there are opportunities to deploy capital that compete with that, we will look at it. But today, we are very focused on growing organically. You know, I will say—I will ask Keefer just to comment on the capital needs, but, you know, we have got one of the—at this point, I think the strongest balance sheet we have had in my time, certainly, as CEO and prior to that. So, and we have got this, I consider, kind of superior and lower-cost access to non-dilutive financing through the DOE and the commercial bank facility, and so we feel very good about those facilities. But I will ask maybe, Keefer, just to comment on how you think about the capital needs this year.

Sure. Good question. So to jump in on 2026, capital spending, right now we are estimating a range in kind of the high $100,000,000 up to approaching $200,000,000 of spend for 2026. Approximately two thirds of that would be earmarked for 2026 deployments. So the wiggle room there is just related to future capital spending that hits from a timing perspective. On a net basis—that was a gross number I just gave you—on a net basis, we are expecting offsets this year to be approximately 17%. So on a per-stall basis, we do believe we will be able to drive down gross capital spending per stall somewhere in the low single digits on a year-over-year basis as we look from 2025 to 2026.

Wonderful. Super helpful as always. Thanks so much, and congrats again on the quarter.

Thanks, Andre. Thank you.

And your last question is a follow-up from the line of Stephen Gengaro of Stifel. Your line is open.

Thanks. Thanks for taking the follow-up. This was in reference to the margins and the pricing side. This came up a little bit on an earlier question, but have you implemented, or how do you handle sort of the dynamic pricing model? Like, how aware is the system of alternatives, and how do you sort of adapt to changing environments with pricing? Is that real time? Is it just—could you give me an update on how you handle that?

Yeah. Stephen, so we rolled out our set of dynamic pricing algorithms back in 2020, late 2024. So they have been running now for about, you know, 12 to 18 months. And these are, it is, these are really algorithms that are, you know, optimizing pricing for us to generate, you know, absolute, you know, sort of maximize absolute gross margin. And so, you know, these algorithms are resulting in different prices certainly throughout the day over a 24-hour period and across different locations where prices might be going up or down. We expect to roll out a new level of algorithms this spring. We were hoping to do that at the end of last year, but we had the record deployment of new stalls—it was the largest deployment of new stalls in the company's history ever in Q4. We wanted to just sort of manage the operational bandwidth here. And those new algorithms just take us to a lover, another level of sophistication in terms of frequency of change and disaggregation in terms of pricing combinations across our entire network.

Great. Have a—appreciate all the details again.

Absolutely. With no further questions, that concludes our Q&A session. I will now turn the conference back over to Badar Khan for closing remarks.

Great. Well, thank you, everyone. EVgo, Inc., as you can see, reached a critical milestone of adjusted EBITDA breakeven, and we had just a fantastic fourth quarter in terms of new stores deployed. We can see from this third-party industry data that EVgo, Inc.'s competitive moat that we spent 15 years building is really paying off, with far superior customer demand versus almost everybody else on the network. 2026, we are choosing to leverage this position of strength and make investments that both secures this competitive advantage and results in adjusted EBITDA reaching or in the triple-digit millions within reach. I look forward to sharing that progress with you over the course of this coming year. Thanks all.

This concludes today's conference call. You may now disconnect.