Investor Presentation: Q4 2023 Earnings Presentation

Nasdaq: EVGO - investors.evgo.com

Q4 2023

Earnings Call

March 6, 2024

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Important Cautionary Statements and Notices

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, stalls in operation or under construction, network throughput, business strategies and utilization growth; statements regarding EVgo's "path to profitability," "way to profitability" and "clear path to breakeven adjusted EBITDA;" the future mix of EVgo's various revenue streams; investments by OEMs and rideshare companies in EVs and EV charging; future returns on EVgo's charging sites; projections regarding EVgo being adjusted EBITDA breakeven in 2025;" EVgo's expectation of market position and progress on its network buildout, customer experience, technological capabilities and cost efficiencies; growth in the Company's throughput versus the growth in EVs in operation; growth in the Company's fleet business; EVgo's collaboration with partners enabling effective deployment of chargers, including under its contract with the Pilot Company and GM; 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 at the end of this presentation.

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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01

Strategic overview

Badar Khan, CEO

Our Mission

Expediting mass adoption of electric vehicles for everyone

POWERING MORETHAN

395 million

zero-emission miles in 2023

REDUCINGMORETHAN

150,000

metric tons of CO2 in 2023

Source: Company estimates, U.S. EPA, eGrid

• W H Y E V G O

COMPELLING VALUE

PROPOSITION

01		02		03	04
	Focused on emissions	Exposure to EV market with	Business model dedicated		Annual recurring revenue
reduction and sustainability		multi-decade growth		to fastest growing		opportunity for every EV
			trajectory and ability to serve		segment of the charging	sold, growing faster than EV
				all EVs		market, DCFC		VIO

05	06	07		08
Scaled growth engine with		Deploying capital with	As a result of the utilization	Clear path to breakeven
	financial discipline,		double-digit projected		and throughput levels	Adjusted EBITDA1 in 2025
	proprietary processes &		returns and adding NPV		across the network,
	strong partnerships and		annually at scale		installed base is now
	OEM relationships			profitable on a standalone
					basis

1For a definition of Adjusted EBITDA (non-GAAP), please see "Definitions of Non-GAAP Financial Measures" included in the Appendix. A reconciliation of projected Adjusted EBITDA to net income (loss), the most directly comparable measure, is	5
not provided because certain measures, including share-based compensation expense, which is excluded from Adjusted EBITDA, cannot be reasonably calculated or predicted at this time without unreasonable efforts.

2 0 2 3 H I G H L I G H T S

RECORD GROWTH COUPLED WITH CONTINUED PATH TO PROFITABILITY

$161.0M 130 GWh 2,990

+195%

Total Revenue

+189%

Network Throughput

+37%

Operational Stalls

884K+

26.0%

62.5% $21M

+60%

Customer Accounts

+1.7 ppts

Adjusted Gross Margin1

Improved by 109 ppts Adjusted G&A as a

% of revenue1

Adjusted EBITDA Improved

$(58.8)M Adjusted EBITDA1

1See reconciliation of non-GAAP financial measures in the Appendix
All figures as of 12/31/2023 or for full year 2023. All comparisons full year 2023 compared to full year 2022
Network throughput excludes EVgo eXtend sites	6
Stall counts include EVgo eXtend sites.

W H A T E V G O D O E S

FOCUSED ON OWNED

• OPERATED CHARGING NETWORK

	Owned and	EVgo	Tech Enabled
	Operated	eXtend	Services and
	Charging Network		Other
2023 REVENUE	$78M	$72M	$11M
2023 REVENUE MIX	48%	45%	7%
TARGET REVENUE MIX	80-90%	10-20%
	EVgo-owned and	EVgo eXtend :	Value-added service
	operated charging	Capital-light	offerings provide
	network: leveraged to EV	footprint expansion,	revenue upside
	adoption, tapping into a	customer acquisition	potential
	recurring revenue
	opportunity
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SNAPSHOT OF EVGO'S NATIONAL MARKET POSITION

Source: Company estimates

All figures as of Q4 2023 unless otherwise noted

Stall and location counts include EVgo eXtend sites

884,000+	Customer Accounts
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

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WE CAN SERVE ALL EV MODELS

EVgo Innovation Lab works collaboratively with
automakers to ensure interoperability between
all EV models and our charging equipment.
v	v

Committed to adding full NACS support to serve all vehicles.

OUR DCFC CHARGERS ARE CAPABLE OF SERVING

30+ EV models

70+ EV models

2021	Today
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GROWTH ENGINE THAT IS HARD TO REPLICATE

DELIVERING NET POSITIVE VALUE EVERY YEAR

Grant Capture

Project Development

and Construction

Network Planning
and Project	Host
Economics	Relationships
Analysis

F R O M

G R E E N F I E L DSupply

S I T E …

Chain

Marketing, Customer

Support and O&M

Financial

Realization

Government/Utility

/Advocacy

Software & Hardware

InnovationReNew

	… T O
	D C F A S T
OEMs	C H A R G I N G

Underpinning EVgo's competitive advantage

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