Good day and thank you for standing by. Welcome to the EVGO second quarter 2026 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star 11 on your telephone. You will then hear an automated message of icing your hand is raised. To withdraw your question, please press star 11 again. Please be advised that this conference is being recorded. I would now like to hand the conference over to your speaker today. Heather Davis, Vice President of Investor Relations, please go ahead.

Good morning and welcome to EVGO Second Quarter 2026 Earnings Call. My name is Heather Davis and I am the Vice President of Investor Relations at EBGO. Joining me on today's call are Badar Khan, EBGO's Chief Executive Officer, and Kiefer Lehner, EBGO's Chief Financial Officer. Today we will be discussing EBGO's second quarter 2026 financial results and our outlook for the year, followed by a Q&A session. Today's call is being webcast and can be accessed on the investor section of our website at investors.edgo.com. It 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 risk 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 factor section of our most recent annual quarterly report. The company's SEC filings are these forward-looking statements apply as of today and we undertake no obligation to us that we will be referring to certain non-GAAP financial measures on this call. Information about these non-GAAP measures, including definitions and applicable reconciliations to the corresponding GAAP measures, can be found in the earnings materials available on the over to Battercon, EVGO's CEO. ...proven track record of growth in both operational stalls and 2021.

We are thrilled to announce that EVGO and Tesla have entered into an agreement to deploy EVGO-branded superchargers. Through this agreement, EVGO will own these EVGO branded superchargers, select their location, and deploy EVGO superchargers in dozens of cities across the U.S. starters we're rolling out across our existing network. This more than doubles our addressable market by reaching both Tesla and Max Drive. We accelerate our deployment of Max connectors. Superchargers are 500 kilowatts, consistent with our existing strategy. These sites on the EVGO network will be located near the retail shops, restaurants, and everyday destinations where drivers already spend time, with up to 20 stalls and tables to plug in, regardless of in-location. EVGO supercharger locations will be available in Tesla's nav and trip planner, and all EVGO stations with NAX connectors will also be available in the Tesla nav. More importantly, we expect to deploy these assets with superchargers from Tesla or award more U.S. In addition to EVgo superchargers, we continue to make progress on our next-generation charging architecture, being developed at EVgo's Innovation Lab with the first unit. EVgo is among 14 times larger than the U.S. We built our network at great sites near amenities that EV drivers are looking for. We believe our real estate relationships and site selection process, together with our rideshare partnerships with leading companies like Uber and Lyft, are key sources. 70% of our stalls being 350 kilowatt, best-in-class customers, what drives five-fold higher utilization at our site. With almost 5,400 stalls, including 4,000 Evigo owned and operated, Evigo is the third largest public fast-charging network in the U.S. We have over a 15-year track record identifying and deploying over 1,200 utility-connected sites at optimal urban and suburban locations across connected power capacity, including approximately 40. Our installed base has expected three times increased.

Our renewed progress from the network. Our customer base continues to grow, 240 higher-margin charging network activities. Adjusted DNA for the quarter was $37 million, an increase of 22%. In the full year 2026, 1,350 new stalls of 950 to 1,175 new public and AV stalls and 400 to 400. We have the ability to see and respond quickly to performance trends in our stalls. This slower ramp than daily 25 cohort and further reduced EV sales to ensure that capital is being allocated to what we believe can return to perspective. Stalls from our 2026 build program at no material cost. Our site pipeline today is as health stall builds in 2026 are heavily weighted to the fourth quarter, including for 2025 and operated stalls added. Turning to the income statement, EVgo anticipates total 2026 revenues in the $400 to $430 million range. This top line view reflects up to 30% year-over-year growth in the charging business. Daily throughput per stall is expected to grow through 2026, partially offset by a largely complete outside from the deployment of EVgo superchargers and the placement of our EVgo NAC stall.

Ladies and gentlemen, if you have a question or a comment at this time, please press star 1-1 on your telephone. If your question has been answered or you were sitting with yourself from the queue, please press star 1-1 again. We'll pause for a moment while we compile our Q&A roster. Our first question comes from Chris Dendrinos with RBC Capital Markets. Your line is open. Yeah, good morning and thank you.

Hey, you know, maybe you just start out and there's a lot to unpack here, but maybe just speak a bit more on the Tesla integration strategy. And it's pretty interesting that you all are kind of expanding, I guess, that partnership. So maybe speak to how this kind of came about, why sort of an own business model, but not operate here. And then is there an opportunity to expand that beyond just the initial, I think, 35 superchargers? Thanks.

Sure, yeah. I'm not sure I quote the very last part of that, but look, we are thrilled with this agreement with Tesla, really, Chris, for three reasons. First, it essentially doubles our addressable market. I've been saying for the better part of the last couple of years that the standardization of NACS cables allows us to reach customers that we really aren't reaching today. We've grown 19-fold over the last five years by serving less than half the market. And with this agreement, deploying EVgo superchargers, we're able to reach Tesla drivers and Naxx drivers. Our goal is for all sites from 2023 vintage onwards to have a Naxx cable within the next couple of years through retrofitting. our existing sites together with the EVgo superchargers. Second reason I'm really excited by it is because, you know, we're able to use turnkey sites that have already been developed by Tesla and essentially generate revenue from those new deployments without incurring any material growth. As you know, we're really ramping up our growth. Our growth in our own network is, what, 40% to 70% up this year versus last year. This year, we'll be incurring growth G&A for a two-and-a-half to three-fold increase in new stalls in 2027 versus 2025. And so, you know, growth G&A has been a big part of our very near-term story. Of course, we're building a business for the long-term here. But with these EVO superchargers with Tesla, we're able to do G&A costs, which I think is very attractive. I think the third thing is that, look, this agreement demonstrates that EVgo and Tesla, you know, are actually aligned on our goal to accelerate EV adoption. You know, rather than just trying to maximize, you know, share of each other's charging over one another, we're really actually just, so we're really thrilled with the agreement. We're expecting to deploy, as you've seen from our long-term forecasts here. We've updated these forecasts, 12,000.

Great. Thank you. And maybe as a follow-up here, just sticking on the topic of NAX charging, and can you speak to some of the, I guess call it early deployment data with those NAX tables? And I think you previously spoke to it was either, you know, a slower initial ramp rate or a bit lower charge rate versus the rest of the rest of the network right now. And how are those charging rates trending and trying to get a sense for, you know, I guess the decision to lean more heavily into into the next network here?

For sure, Chris. I mean, look, I think, as we've said, there are, you know, there's more than half the market today are our NAX drivers. And as we look into the future, you know, we're not building a business here. Just quarter to quarter, we're building and developing a business to generate very material value creation long term. As we look into the future, you know, pretty much most new models that are sold will have native NAX ports. So this is an important strategic objective for us. We've already got about 240 NAC stalls operational. We're expecting 500 this year and everything from 2023 vintage. But in terms of your specific question, throughput on our NAACS stalls that we deployed since the last fall has now more than double. We've got now double the number of Tesla drivers than we've ever had before, which is super exciting. The usage on these stalls are still, well, they're below the usage that we see in our CCS stalls, which is why I've said all year that this NACS transition is a very important investment for us. Without this choice, we might see slightly higher throughput. And I think that the important thing here is that with this agreement with Tesla, we expect all of that to just motor up. We're deploying EVgo superchargers. And importantly, the NAACS stalls that we have retrofit, the easy-go stalls that are not, they will appear on the navigation vehicles for Tesla drivers. We know from our experience that Tesla drivers tend to rely on their NAV Tesla drivers, and so this is a really important unlock for us. And in terms of how we compare our utilization, it was about three times higher. continues to reinforce, really, this deal, I think, is a really...

Thank you. One moment for our next question. Our next question comes from Andra Shepard with Cantu. Your line is open.

This is Anandan for a touch on today's announcement of the supercharger. Tesla building and operating, owning them. Can you walk us through financials and unit economics? Thank you.

For sure, yeah. Look, the gross capex per stall is pretty much in line with our gross capex per stall for our existing sites. The Tesla will own and operate, I'm sorry, we will own, Tesla will operate and maintain these stalls. And those costs are also broadly in line. We would expect to see utilization and throughput on these stalls to be broadly equivalent to our existing network. Indeed, I think that you could make the case that over time, because these stalls are serving both the magic dock technology, both CCS and NACS, that you might see an increase. We don't, of course, assume that. Our forecasts are always conservative. And so, you know, in every respect, the economics, we set the pricing in line with all of the rest of our pricing programs. So in many, in every respect, the economics are really broad. And I think the important thing, and I think I just want to reemphasize is with this agreement, the EVgo non-supercharger stores that sites that will have NAX cables will be appearing on the Tesla navigation. So that just expands our reach, provides more options for Tesla drivers to charge their vehicles. These sites are 350 kilowatt slower, and they're very conveniently located to where drivers live.

I was wondering, maybe, are you seeing stronger utilization on your newer or more mature stalls, and maybe have there been any surprising trends based on geographies, and how should we maybe think about that in the future with the mix of retail versus AV and fleet queue, as you mentioned in the call?

Yeah, look, I think that there's a really ton of momentum in the business that we're seeing. We're just super excited by, of course, the deployment of the Ewego Supercharges is one. But I think a couple other points I do want to make sure that we bring out, which is that the usage, the throughput per stall per day that we see on our 350 kilowatt, our mature 350 kilowatt machines, which is now the majority of our network and will be, in fact, 95-plus percent of the network by 2030, are already operating at the 2028 levels. We provided you with a long-term forecast here just to give you a sense of why we're so excited about the growth of the business. But we also gave you a midpoint, the 2028, just to give you a sense that going from where we are today to half a billion dollars and even recurring is entirely achievable if you just take it one step at a time. 15% of our network is now already generating 600 kilowatt hours per store per day. Our entire mature 350-kilowatt network is now averaging in the mid-350s, which is what we're projecting for 2028. So we're really thrilled about some of the equipment that's, frankly, pretty much gone. We've got about 500 low power to renew. They all have gone. I think the second thing that I think I want to make sure we bring out is that with the non-dilutive finance, And so we're in dialogue with site host, part of the largest shopping center owner in the United States. These are brands like Kroger's, Publix, H-E-B, Whole Foods. These are great locations. We love the grocery store anchor. Americans, on average, go to grocery stores two to three times a week, and they typically spend about 25 minutes, which is just a perfect fit with our supercharger. So in terms of nuggets of insight, there's some really, I think there's some really exciting momentum that we feel.

Got it. Lots of detail there. Thanks again for all the color and congrats. Thanks so much.

Again, ladies and gentlemen, if you have a question or a comment at this time, please press star one one on your telephone. One moment for our next question. Our next question comes from Chris Pierce with Needham. Your line is open.

Hey, good morning, everyone. Thanks for taking the questions. Kiefer, could you go into a little more detail? I believe you talked about the 2025 cohort of install sites. I'd just love to hear kind of what you were referencing. I think you said it wasn't performing in line with expectations.

Yeah, good morning, Chris. So what we mentioned was the 25 cohort has just been ramping a little bit slower than original prediction and compared to the 23 and 24 cohort, which those on average took roughly 12 months to reach maturity. With that said, the 2025 cohort is only eight and a half months in from a median age standpoint, so it still has time to season and mature. I think most importantly here, to Badar's point, as you look ahead to 26, 27, and beyond, we're about as well positioned as we've ever been from a site pipeline quality standpoint. So as we look forward to this year and the deployments in Q4 and into 27 and beyond, we're really excited about the future cohort.

And are those 350 kilowatt sites, or is it something about the location, or just a moment in time with EV adoption and changes there? I guess I just kind of want to get a broader picture of that cohort.

Yeah, Chris, look, we talked about it quite a bit last year and earlier part of this year. If you remember, you know, a good portion of our 2025 cohort came with very high capital offsets. Yeah, when you run the NPV on these things, a higher CapEx offset means you really don't need. And so it's a little different from what we've been doing over the last several years. We've had very good offsets, but that's partly in funding programs and a variety of other capital offset sources. Last year, we had a much higher level of state utility incentives. And what the keepers are saying that we're finding is that the ramp bunch of that cohort is actually a little bit slower. We didn't need particularly high rampant throughput. And so what we've done is we've kind of adjusted our underwriting so that we are not just the long term, but also the near term. And that's leading us to these. Got it. Perfect.

Thank you for that. and then if i look at the illustrative scenarios for 2028 and 2030 that you have out there now i know you had a prior run rate scenario for 2029 i just it looks like it's a little steeper ramp to 29 and 30. i guess if i'm reading that correctly i just want to make sure i'm understanding what's changed or what you're trying to communicate that's different versus what you were communicating prior to the extent there is a difference i just it's just uh i just want make sure i'm on the same page basically yeah the the the ramp so there's first of all i think there's a few things that we're communicating one is that you know all of the uh the we call

the mega trends and tailwinds are very much intact you know so we've had for vio but even with the forecast for vio that we have today which is as you know 60 lower than the forecast three years ago, there's still a doubling of BIO. We're still seeing growth in the share of public fast charging, of total charging that's driven by ride share, by more affordable vehicles, being driven by people who don't have charging at home. This enormous tailwind of the year due to roll off, one and a half million vehicles. Again, that will attract people we expect who will be charging at public fast charging at high rates. All of those factors are very much in place. You can see that throughput per stall per day has grown. We expect we're conservatively assuming a much slower rate of growth in throughput per stall despite all of those tailwinds. And the operating leverage, I think, is proven. You can see that we've got great operating leverage in both gross margin and in G&A. And what we're saying is all of those things remain true. The difference between our last forecast and this forecast actually is very little. We're still generating a business. It's generating about half a billion dollars in adjusted EBITDA. We've given you the 2028 number and the soundbites I've just provided on the call and just now to give you a sense of really how much of our network is already operating at the 2028 level. And so that's not really much of a stretch at this point. And the difference between our last forecast is a slight reduction in the throughput per stall per day. We were assuming 450 to 500. We're conservatively assuming 425 to 475. Of course, the agreement we've just announced this morning where we expect to be able to open more than half a day to go should provide some considerable upside. And in terms of your ramp question, no, the ramp is, in terms of new stalls, if you kind of look back at it, it's pretty much the same. We've actually toned down the ramp in that 28 to 2030 period versus what we had said last year. But we're still talking about 4,000 to 5,000 by 2030.

Okay, perfect. Thank you for that detail, and good luck.

And I'm not showing any further questions at this time. I'd like to turn the call back over to Badr Khan, CEO, for any closing remarks.

Well, great. Thank you, everyone. Our agreement with Tesla to deploy EVO superchargers that effectively doubles our addressable market, the non-dilutive financing that we have in place to continue to get in the network, our industry-leading scale and strong utilization, and the fact that our mature 350-kilowatt chargers are already performing at the levels we forecast by 2028 all give us tremendous confidence in our growth, and we believe represents a growth profile that is at a very attractive. Thank you for joining, and we'll see you all next quarter.

Thank you, ladies and gentlemen. This does conclude today's presentation. We thank you for your participation. You may now disconnect and have a wonderful day.