Investor Presentation: Q1 2024 Earnings Presentation

Nasdaq: EVGO - investors.evgo.com

Q1 2024

Earnings Call

May 7, 2024

SAFE HARBOR & FORWARD-LOOKING STATEMENTS

Forward-Looking Statements

This presentation contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target," "assume" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on current expectations or beliefs of the management of EVgo Inc. ("EVgo" or the "Company") and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. You are cautioned, therefore, against relying on any of these forward-looking statements. These forward-looking statements include, but are not limited to, express or implied statements regarding EVgo's future financial and operating performance; revenues; market size and opportunity; capital expenditures and offsets, including for stalls operationalized in 2024 and in connection with funding

received from automotive original equipment manufacturers; statements regarding EVgo's future profitability, including its "path to profitability" and "[projection of] breakeven adjusted EBITDA in 2025;" targeted returns on EVgo's charging sites, including targeted annual revenue per stall, annual costs per stall and annual cash flow per stall and the assumptions underlying those targets; the Company's network in 3-5 years, including annual revenue, adjusted gross profit, adjusted EBITDA, stall count and corporate and general and administrative costs; increases in charge rates on the network and the reasons for those increases; EVgo's expectation of market position; progress on the Company's 2024 priorities to drive growth and profitability, including initiatives related to customer experience, operating and capex efficiencies, customer growth and financing; opportunities to obtain financing and the anticipated impacts of such financing on the Company's network size, profitability and returns, and network size; growth in the Company's throughput versus the growth in EVs in operation; and anticipated awards of funding in connection with the NEVI program and associated state programs. These statements are based on various assumptions, whether or not identified in this presentation, and on the current expectations of EVgo's management and are not predictions of actual performance. There are a significant number of factors that could cause actual results to differ materially from the statements made in this presentation, including changes or developments in the broader general market; EVgo's dependence on the widespread adoption of electric vehicles ("EVs") and growth of the EV and EV charging markets; competition from existing and new competitors; EVgo's ability to expand into new service markets, grow its customer base and manage its operations; the risks associated with cyclical demand for EVgo's services and vulnerability to industry downturns and regional or national downturns; fluctuations in EVgo's revenue and operating results; unfavorable conditions or disruptions in the capital and credit markets and EVgo's ability to obtain additional financing on commercially reasonable terms; EVgo's ability to generate cash, service indebtedness and incur additional indebtedness; any current, pending or future legislation, regulations or policies that could impact EVgo's business, results of operations and financial condition, including regulations impacting the EV charging market and government programs designed to drive broader adoption of EVs and any reduction, modification or elimination of such programs; EVgo's ability to adapt its assets and infrastructure to changes in industry and regulatory standards and market demands related to EV charging; impediments to EVgo's expansion plans, including permitting and utility-related delays; EVgo's ability to integrate any businesses it acquires; EVgo's ability to recruit and retain experienced personnel; risks related to legal proceedings or claims, including liability claims; EVgo's dependence on third parties, including hardware and software vendors and service providers, utilities and permit-granting entities; supply chain disruptions, inflation and other increases in expenses; safety and environmental requirements or regulations that may subject EVgo to unanticipated liabilities or costs; EVgo's ability to enter into and maintain valuable partnerships with commercial or public-entity property owners, landlords and/or tenants (collectively "Site Hosts"), original equipment manufacturers ("OEMs"), fleet operators and suppliers; EVgo's ability to maintain, protect and enhance EVgo's intellectual property; and general economic or political conditions, including the conflicts in Ukraine, Israel and the broader Middle East region, and elevated rates of inflation and associated changes in monetary

policy. Additional risks and uncertainties that could affect the Company's financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations of EVgo" in EVgo's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the "SEC"), as well as its other SEC filings, copies of which are available on EVgo's website at investors.evgo.com, and on the SEC's website at www.sec.gov. All forward-looking statements in this presentation are based on information available to EVgo as of the date hereof, and EVgo does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.

Use of Non-GAAP Financial Measures

To supplement EVgo's financial information, which is prepared and presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"), EVgo uses certain non-GAAP financial measures. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. EVgo uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. EVgo believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company's

performance by excluding certain items that may not be indicative of EVgo's recurring core business operating results. EVgo believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing EVgo's performance. These non-GAAP financial measures also facilitate management's internal comparisons to the Company's historical performance. EVgo believes these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by EVgo's institutional investors and the analyst community to help them analyze the health of EVgo's business.

Reconciliations of these non-GAAP financial measures to the most comparable GAAP measures can be found in the tables included in the Appendix.

Trademarks

This presentation contains trademarks, trade names, and service marks of other parties, which, to EVgo's knowledge, are the intellectual property of such other parties. Solely for convenience, such trademarks, trade names and service marks are referred to in this presentation without the ®, or SM symbols, but the absence of such symbols does not effect a waiver of, or other otherwise impair, such intellectual properties rights. EVgo does not use such other parties' trademarks, trade names, or service marks to imply, and such use or display should not be construed to imply, an association with, a licensure to, or an endorsement or sponsorship of, EVgo by such other parties.

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Strategic Overview

Badar Khan, CEO

Q 1 2 0 2 4 H I G H L I G H T S

CONTINUED GROWTH BRINGS EVGO CLOSER TO PROFITABILITY

$55.2M +118%

Total Revenue

$32.4M +153%

Charging Revenue

53 +194% GWh Network Throughput

3,240 +38%

Operational Stalls

981K+

31.3%

44.4% $12.9M

+60%

Customer Accounts

+6.0 ppts

Adjusted Gross Margin1

Improved by 60 ppts Adjusted G&A as a % of Revenue1

Adjusted EBITDA Improved

$(7.2)M Adjusted EBITDA1

1See reconciliation of non-GAAP financial measures in the Appendix
All figures as of 3/31/2024 or for Q1 2024. All comparisons Q1 2024 compared to Q1 2023.
Network throughput excludes EVgo eXtend sites	4
Stall counts include EVgo eXtend sites.

SNAPSHOT OF EVGO'S NATIONAL MARKET POSITION

1,000+	Locations
35+	States
145M+	Americans
Within 10 miles of an
EVgo charger
50+	National strategic
site host partnerships
100K+	Identified Potential Stalls
	With strategic site host partners
	OEM/Brand Partners
11	OEM and brand partnerships
ranging from charging credit and
infrastructure buildout, to

marketing and data integration

Source: Company estimates
All figures as of 03/31/24 unless otherwise noted	5
Stall and location counts include EVgo eXtend sites

EV SALES GROWING IN Q1 2024 FOR NON-TESLA

Non-Tesla

29% Growth in Non-Tesla

Sales Y/Y

Non-Tesla vehicles account for vast majority

of current EVgo throughput

Tesla

Q1 2023		Q1 2024

100,031

129,276

153,843

142,200

Source: EV Volumes

COMPELLING UNIT ECONOMICS UNDERPINS BUSINESS MODEL

A V E R AG E DA I LY T H R O U G H P U T P E R STA L L
	( k W h )
	193
49
Q1'22	Q1'24
	U T I L I Z AT I O N
	19%
6%
Q1'22	Q1'24
C H A R G E R AT E ( k W )
	43
33
Q1'22	Q1'24

Stall Performance: Illustrative Cash Flows

		Current Network	Current Average	Target Network
		Average	Among Top 15%	Average2
			of Network
		Q4 2023	Q4 2023	Real ('23) dollars
		By Throughput
Revenue
Utilization	%	19%	41%	23%
Charge Rate		43	46	80
Throughput	kWh/stall/day	192	450	450
Average Revenue per kWh	$/kWh	$0.57	$0.57	$0.57
Annual Revenue per Stall	$/stall	$39,632	$93,080	$93,080
Costs
Throughput dependent COS1	$/kWh	$0.25	$0.25	$0.25
Stall dependent COS	$/stall	$10,647	$10,647	$9,583
Sustaining G&A per Stall	$/stall	$9,935	$9,935	$5,655
Annual Costs per Stall	$/stall	$37,989	$61,465	$55,532
Annual Cash Flow	$/stall	$1,642	$31,615	$37,549

1. Throughput dependent COS is a FY2023 average to account for higher summer rates.
2. Target Network Average represents an illustrative scenario in 3-5 years at ~7,000 stalls based on internal EVgo modeling.

E V G O F I N A N C I A L M O D E L I N G W E B I N A R 0 4 / 0 4 / 2 0 2 4

NETWORK IN 3 TO 5 YEARS WOULD YIELD NEARLY $200M IN ANNUAL ADJUSTED EBITDA

OWNED AND OPERATED NETWORK

IN 3 - 5 YEARS AT 7,000 STALLS

$600M-$700M
	$220M-$300M
		$180M-$200M
Revenue	Adjusted Gross Profit	Adjusted EBITDA

Illustrative scenario based on internal EVgo assumptions and modeling

Reconciliations of projected Adjusted Gross Profit to gross profit and Adjusted EBITDA (non-GAAP) to net income (loss), the most directly comparable GAAP measure, are not provided because certain measures, including share-based compensation expense, which is excluded from those non-GAAP measures, cannot be reasonably calculated or predicted at this time without unreasonable efforts. For a definition of Adjusted Gross Profit and Adjusted EBITDA, please see "Definitions of Non-GAAP Financial Measures" included in the Appendix.

7,000 EVgo-owned stalls

Anticipate 800 to 900 new operational stalls per year

Potential to achieve network size in 3 to 5 years, with multi- decade growth runway

Anticipate minimal growth in $70 million of corporate and growth G&A costs

Does not include eXtend, Ancillary and Tech-Enabled Services

CHARGE RATE GROWTH REPRESENTS A SIGNIFICANT TAILWIND

Increased mix of ultra-fast 350kW chargers on EVgo	NETWORK CHARGE RATE
3 - 5 Y E A RS AT ~ 7 , 0 0 0 STA L L S
network projected to drive 30% of charge rate increase

Improving mix of current vehicles with higher charge rates in total VIO projected to drive 70% of charge rate increase

Technology improvements from today are not assumed - potential upside to model

Represents an illustrative scenario based on internal EVgo assumptions and modeling

Current	Ultra-Fast	EV VIO	Charge Rate
Charge Rate	Charger Mix	Vehicle Mix	(3-5 Years)

• W H Y E V G O

COMPELLING VALUE 2024 PRIORITIES

PROPOSITION

OPERATING &

CUSTOMER		CAPEX		CUSTOMER
EXPERIENCE		EFFICIENCIES		GROWTH		FINANCING

Deliver Best-in-Class	Efficiency Measures	Capturing and Retaining	Secure Financing for EVgo to
Customer Experience for	to Improve Operating Spend	High-Value Customers	Reach Self-Sustaining
Fast Charging	and CapEx

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