Nextracker : Q4 FY2024 Earnings Call Presentation

Q4 FY24 Earnings

Presentation

May 14, 2024

Horizon XTRTM terrain following tracker, first delivered in 2019

Forward-Looking Statements

Cautionary Note About Forward-Looking Statements

This presentation is made by Nextracker Inc. (the "Company") and contains forward-looking statements within the

meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act

Analyst Day

ofNovember1934, as29, 2022amended, that involve substantial risks and uncertainties. All statements other than historical factual information are forward-looking statements, including without limitation statements regarding: our financial and operating outlook and guidance; our strategies, mission, plans, objectives and goals; the market demand for our products, solutions and services; our ability to compete with existing and new competitors in existing and new markets; estimates of the cost of solar, the Company's carbon offsets, installation and operations savings, energy yields, and improvements to levelized cost of energy; projections regarding the U.S. and global demand for solar and our addressable market and market size; macro-economic trends; panel availability; growth opportunities and plans for future operations, products and services; the expansion of our US manufacturing and production volumes; and any other statements that address events or developments that we intend or believe will or may occur in the future.

Terminology such as "will," "may," "should," "could," "would," "believe," "anticipate," "intend," "plan," "expect,"

"estimate," "project," "target," "possible," "potential," "forecast" and "positioned" and similar references to future periods are intended to identify forward-looking statements, although not all forward-looking statements are accompanied by such words. Forward-looking statements are based on assumptions and assessments made by our management in light of their experience and perceptions of historical trends, current conditions, expected future developments and other factors they believe to be appropriate, and speak only as of the date of this presentation.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or other events to be materially different from any future results, performance or other events expressed or implied by the forward-looking statements. Given these uncertainties, you should not place undue reliance on forward-looking statements. Our actual future results, performance or other events may be materially different from what we expect. Important factors that could cause actual results, performance or other events to differ materially from our expectations include: the demand for solar energy and, in turn, our products; competitive pressures within the solar tracker industry; competition from conventional and other renewable energy sources; variability in our results of operations, including as a result of fluctuations in our customers' businesses as well as seasonal weather-related disruptions; the reduction, elimination or expiration of government incentives for or regulations mandating the use of, renewable energy and solar energy, including the IRA 45X vendor tax credit rebates; our reliance on our suppliers and any problems with our suppliers or disruptions in our supply chain, and supply chain capacity; changes in the global trade environment, including the imposition of import tariffs; an increase in interest rates, or a reduction in the availability of tax equity or project debt financing, impacting the ability of project developers and owners to finance the cost of a solar energy system; a loss of one or more of our significant customers, their inability to perform under their contracts, or their default in payment to us; defects or performance problems in our products; delays, disruptions or quality control problems in our product development operations; severe weather events, natural disasters and other catastrophic events; our continued expansion into new markets; electric utility industry policies and regulations; decreases in the price of electricity; our failure to protect our intellectual property and trade secrets or to successfully defend against third-party claims of infringement; and cybersecurity or other data incidents.

For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the Company's periodic filings with the Securities and Exchange Commission (the "SEC"), including its Annual Report on Form 10-K for the year ended March 31, 2023, our Quarterly Report on Form 10-Q for the quarter ended December 31, 2023, and any current and periodic reports filed thereafter. Except as required by law, the Company assumes no obligation and does not intend to update these forward-looking statements or to conform these statements to actual results or to changes in the Company's expectations, even if new information becomes available in the future.

Industry and Market Data

Market data and industry information used throughout this presentation are based on management's knowledge of the industry and the good faith estimates of management. We also relied, to the extent available, upon management's review of independent industry surveys and publications and other publicly available information prepared by a number of third-party sources. All of the market data and industry information used in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Although we believe that these sources are reliable as of their respective dates, we cannot guarantee the accuracy or completeness of this information, and we have not independently verified this information. Projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties.

Trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the solutions and services descried herein.

Non-GAAP Financial Measures

We present adjusted EBITDA, adjusted EBITDA margin, adjusted free cash flow, and adjusted EPS as supplemental measures of performance that are neither required by, nor presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"). We present these non-GAAP financial measures because we believe they assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we may use adjusted EBITDA as a factor in evaluating management's performance when determining incentive compensation and to evaluate the effectiveness of our business strategies.

Among other limitations, these measures do not reflect our cash expenditures or future capital expenditures or contractual commitments (including under the Tax Receivable Agreement), do not reflect the impact of certain cash or non-cash charges resulting from matters we consider not to be indicative of our ongoing operations and do not reflect the associated income tax expense or benefit related to those charges. In addition, other companies in our industry may calculate these measures differently from us, which further limits their usefulness as comparative measures. Because of these limitations, non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using non-GAAP financial measures on a supplemental basis. You should review the reconciliations of these non-GAAP measures to the most directly comparable GAAP measure included as an appendix to this presentation and not rely on any single financial measure to evaluate our business.

© 2024 NEXTRACKER

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Q4 and Full Fiscal Year 2024 Highlights

Q4 Revenue

$ Q4 Revenue

$737M

42% Y/Y Growth

42% Y/Y Growth

Q4 Adj. EBITDA

$ Q4 Adj. EBITDA

$160M

120% Y/Y Growth

120% Y/Y Growth

FY24 Revenue

$2.5B

31% Y/Y Growth

FY24 Adj. EBITDA

$521M

150% Y/Y Growth

FY24 Financial Highlights

• Record revenue and profits
• • Revenue growth of 31% YoY
  • Adj. EBITDA increased >2X from prior year
• Record backlog of >$4B1; more than tripled backlog in 2 years
• High-qualitybalance sheet with over $800M in total liquidity
• Strong adj. free cash flow generation of $113M in Q4 and $427M in FY24

1 Backlog is defined to a strict standard; executed contracts or purchase orders with deposits, bill of materials, and ship dates. All results on this slide exclude $121M of IRA 45X advanced mfg. tax credit vendor rebates earned on eligible deliveries from January 1, 2023 through March 31, 2024. See Appendix for reconciliation of each non-GAAPfinancial measure to most directly

comparable financial measure stated in accordance with GAAP.

© 2024 NEXTRACKER

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Business Highlights & Milestones Through FY24

Innovation & New Product Launches

Talent and Operations

Hail Pro		Low Carbon Tracker
NX Horizon-XTR 1.5		Zonal Diffuse

>1,000

Global

Headcount

9

Global Offices

ISO 45001

Achieved

Global Supply Chain

Global Customer Base

100GW

First U.S. Solar

Company to

Reach 100 GW

Shipments

20

U.S. New or Expanded Mfg. Facilities

80+

Worldwide

Partner Mfg.

Facilities

~40		Projects*	50 GW
	Countries	TrueCapture
	Served	Software
1,000+	Utility-Scale
		NX Horizon-XTR
PowerworX Industry	Projects	*	15 GW
Workers Trained

*Operational and under fulfillment © 2024 NEXTRACKER

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Record Backlog Reflects Strong Sales Momentum Globally

Significant orders in FY24 and new tracker fleets operating across U.S. and international markets

Backlog is defined to a strict standard; executed contracts or purchase orders with deposits, bill of materials, and ship dates.

Backlog measured at fiscal year-end.

	Backlog
		>$4B
	>3X
1,885	$2.6B
$1.3B
FY'22	FY'23	FY'24
		© 2024 NEXTRACKER	5

Nearly 7,000 Solar & Solar + Storage Projects in U.S.

Interconnection Queue

• Solar and Solar + Storage make up 60%	2,500
of 2023 interconnection queues GW
• Storage standalone provides an	2,000
additional 20% of interconnection
queues GW
	1,500

• Solar and Solar + Storage have 25X the queue GW position vs. Gas

1,000

• Active capacity in queues is 2X the installed capacity of U.S. power

plant fleet

500

0

2023 Existing GW	2023 Queue GW
	Solar

Solar + Storage1

		Storage
Solar		(Standalone)
Wind
Hydro
		Storage
Coal
	(Other Hybrid)	Storage
Nuclear								(Standalone)
Gas								Wind
			Other			Gas

Solar

&

Solar +

Storage

make up

60%

of 2023 Queue

LBL Queued Up: 2024 Edition, Source Data: Independent System Operators
1Hybrid storage capacity is estimated using storage: generator ratios from projects that provide separate capacity data.		6
Solar + Storage includes Solar+Storage, Solar+Wind, Solar+Wind+Storage, and Storage Hybrids paired with solar.	© 2024 NEXTRACKER

Nextracker's Global and Diversified Supply Chain

100+ GW shipped since inception

>80	Shipments	Capacity
~64 GW	>50 GW/yr.
mfg. partner	N. America	Global
facilities on	~36 GW	>30 GW/yr.
5 continents
	RoW	U.S.

© 2024 NEXTRACKER

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NX Horizon Low Carbon Solution

Low Greenhouse Gas Manufacturing Option, with Emissions Verification

Extractive Steelmaking

Blast Furnace / Basic Oxygen Furnace

~2.3

TONS CO2 /

TON STEEL

Mined

Inputs

Blast

Furnace

End-Use

End of

Project Life

Circular Steelmaking

Allocates Electric Arc Furnace Recycled Steel

~0.8

TONS CO2 /

TON STEEL

	Low
	Embodied
	Carbon
	Inputs
End of	Electric
Project	Arc
Life	Furnace
	End-Use

Enhanced U.S. Sourcing Model

Impact

• Up to 35% less embodied CO2e* vs. traditional, imported tracker products
• Reduced Resources: less water, minerals, land required for production & fulfillment

Accountability

• Includes 3rd party validated Life Cycle Assessment (LCA) report

Source: Nucor® and Nextracker

*CO2e indicates CO2 equivalent greenhouse gas emissions as reported by third party LCAs **Electric Arc Furnace. A low carbon steelmaking process

© 2024 NEXTRACKER

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Nextracker's Proven Solutions to Mitigate Severe Weather

Losses from Solar PV Claims

Other & Theft

Mechanical4%Weather

Breakdownexcl. Hail 11%

8%

Electrical
Failure
3%		Weather events
		make up 62% of
		all solar losses
	Solar Losses
Fire	2018-2023
20%		Hail
	54%

According to Gcube, "hail claims are rare but expensive, accounting for 1.4% of the total number of claims, but 54.21% of the incurred costs."

Graph source: GCube Hail No! Q4 2023 Report: solar losses in North America between 2018-2023 based on types of claims and incurred costs as % of total claims.

Also includes Nextracker's reasonable assumptions from Gcube's data/graph report. Nextracker defined weather excluding hail category as storm, flood, hurricane, wind, and lightning, and grouped Other & Theft into one category.

Nextracker is well-positioned with operational tools to assist owners in mitigating severe weather risk

NX NAVIGATOR

Advanced tracker health monitoring & weather risk mitigation software

Enhanced Safety

Other Features

• Hurricane stow • Map view total control interface

• Hail stow

• Mow & cleaning stow features

• Snow shedding • Alert & issue notifications
• Flood stow

© 2024 NEXTRACKER

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Financial Results