Nextracker : Capital Markets Day (Presentation)

CapitaiMarketsDay

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Forward-Looking Statements

This presentation 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 of 1934, as amended, 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, guidance and targets, including $4.8B-$5.6B in revenue by FY30, with expectations of one-third of revenue to come from sales of non-tracker products and services and other statements in the slides entitled "Poised for Continued Growth," "4 Year Targets Rollup," "Nextpower: Financial Outlook," and "High Return on Invested Capital (ROIC)"; our anticipated sustained revenue growth, expanding cash generation, and plans on ongoing investments in growth while maintaining healthy margins and a fortress balance sheet; the expected growth of our foundations, frames, eBos, power conversion, software and service businesses; our strategies, mission, plans, objectives and goals; the market demand for our products, solutions and services, including new and future products; the future market and scaling opportunities for our platform and growth prospects; our ability to compete with existing and new competitors in existing and new market s; projections regarding the U.S. and global demand for electricity and solar power and our addressable market and market size; growth opportunities and plans for future operations, capitd allocations, products and services, including plans for the development of utility-scale power conversion systems (PCS) that connect solar energy to the grid and 2026 shipping expectations; our expansion into robotics and AI; our ability to integrate our recent acquisitions, including newly announced acquisitions, on the timelines we expect, and the benefits we expect for our customers and us; the anticipated benefits of our joint venture agreement, including the anticipated expansion of our operations in MENA markets; 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 acampanied 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 materidly from our expectations include: the market demand for our products, solutions and services and our ability to deliv er them to customers; competition from conventional and other renewable energy sources; our ability to convert our backlog into revenue; variability in our results of operations, including as a result of fluctuations in our customers' businesses as well as seasonal weather-related disruptions; the impact of tariffs and import duties on our products and our customers; policy changes in the renew able energy indus try under the current U.S. presidential administration;the reduction, elimination, alteration, or expiration of government incentives for regulations mandating or promoting the use of, renewable energy and solar energy; the near and long-term impacts on our business caused by the "One Big Beautiful Bill Act," Executive Orders, or other regulatory or public policy actions, including those related to permitting solar projects, "safe harbor" rules that influence investment decisions and project timelines,

#JNEXTPCWER-

and restrictions on eligibility for 45X and investment tax credits relating to foreign entities of concern (FEOC); 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 tariffs and import duties; 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 asolar 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, including the risks of operating in MENA markets; our ability to successfully integrate operations and employees in the joint venture; unexpected costs, charges or expenses resulting from the joint venture; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the joint venture; 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 cybersecuriy 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 our business in general, see our periodic filings with the Securities and Exchange Commission (the "SEC"), including our Annual Report on Form 10-K for the fiscal year ended March 31, 2025, our Quarterly Report for the quarter ended September 26, 2025 and other documents that Nextpower has filed or will file with the Securities and Exchange Commission. Except as required by law, we assume no obligation and do not intend to update these forward-looking statements or to conform these statements to actual results or to changes in our expectations, even if new information becomes available in the future.

Use of Adjusted Financiallnformation

An explanation and reconciliation of non-GAAP financial measures to GAAP financial measures is presented in Schedule I attached to this Presentation, and can be found, alonp with other financial information including the 20 FY26 earnings press release, on the investor relations section of our website at investors.nextpower.com

Channels for Disclosure of Information

Nextpower intends to announce material information to the public through the Nextpower Investor Relations website investors.nextpower.com, SEC filings, press releases, public anference calls, and public webcasts. Nextpower uses these channels to communicate with its investors, customers, and the public about the company, its offerings, and other issues. As such, Nextpower encourages investors, the media and others to follow the channels listed above and to review the information disclosed through such channels.

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Delivering Value to Shareholders from Day One

Revenue ($ Billions)

3.4 Since our IPO, NXT has delivered:

1.5

1.9

2.5

3.0

• 87.7B Revenue

• 21% CAGR

  1.2

  
  
  

• 81.3B Free Cash Flow

• Performance Meeting and Exceeding Expectations

FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 (est)

#1

Global Tracker Market Share 10 years running*

nextfocke‹

150+ GW

Shipped Capacity Worldwide

1,712

Employees

*Source: Wood Mackenzie 2025

$7.7B revenue includes full Q4FY23 revenue

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TM

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What's Next?

What's Driving our Future

Nextpower is extraordinarily well positioned to address three powerful, longterm secular drivers

Demand

Electricity demand

has entered an electricity super-cycle

Customer Need Economics

Customers want integrated No other source can solutions; systems that are compete with complete &interconnected soIar'scost structure

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Solar Continues to Lead New Power Generation

Solar

Hydro

474

Wind				182
Coal			149
Gas		103
Nuclear	69
Other Renewables	20
Other Fossil

Solar added more than twice as much global electricity generation as any other source in 2024

Change in electricity generation, 2024vs 2023 (TWh)

Source: Ember - Global Electr icity Review 2025

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Electricity Super-Cycle

Toward Terawatt-scale Deployment

Global power capacity additions (Gwacper year)

1990 1995 2000 2005 2010 2015 2020

We are here

2025 2030

1 TW

SOLAR PV

Nuclear Gas Hydro

Onshore wind Offshore wind Battery

Other

Coal

Source. Rystad Energy - Energy Macro Report 2025

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Solar vs. Traditional Power: The LCOE Advantage

U.S. Levelized Cost of Energy by Technology

(USD/MWh unsubsidized)

250

U.S. Utility-Scale Solar Levelized Cost of Energy

(USD/MWh unsubsidized)

-54%

250

200 200

150 150

100

50

0

Solar Gas CCGT Coal Nuclear

100

50

2010

2015

2020

2025

2030

2035

0

Source: Lazard - LCOE+ Report June 2025; NREL- ATB 2024 Utility PV Class 1 Moderate Scenario w/ Tracker

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