TPI Composites : June 2021 Company Presentation

COMPANY PRESENTATION

June 2021

Legal Disclaimer

This presentation contains forward-looking statements within the meaning of the federal securities law. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. In many cases, you can identify forward-looking statements by terms such as "may," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar words. Forward-looking statements contained in this presentation include, but are not limited to, statements about: (i) the potential impact of the COVID-19 pandemic on our business and results of operations; (ii) competition from other wind blade and wind blade turbine manufacturers; (iii) the discovery of defects in our products and our ability to estimate the future cost of warranty campaigns; (iv) growth of the wind energy market and our addressable market; (v) the potential impact of the increasing prevalence of auction-based tenders in the wind energy market and increased competition from solar energy on our gross margins and overall financial performance; (vi) our future financial performance, including our net sales, cost of goods sold, gross profit or gross margin, operating expenses, ability to generate positive cash flow, and ability to achieve or maintain profitability; (vii) changes in domestic or international government or regulatory policy, including without limitation, changes in trade policy; (viii) the sufficiency of our cash and cash equivalents to meet our liquidity needs; (ix) our ability to attract and retain customers for our products, and to optimize product pricing; (x) our ability to effectively manage our growth strategy and future expenses, including our startup and transition costs; (xi) our ability to successfully expand in our existing wind energy markets and into new international wind energy markets, including our ability to expand our field service inspection and repair services business and manufacture wind blades for offshore wind energy projects; (xii) our ability to successfully open new manufacturing facilities and expand existing facilities on time and on budget; (xiii) the impact of the accelerated pace of new product and wind blade model introductions on our business and our results of operations; (xiv) our ability to successfully expand our transportation business and execute upon our strategy of entering new markets outside of wind energy; (xv) worldwide economic conditions and their impact on customer demand; (xvi) our ability to maintain, protect and enhance our intellectual property; (xvii) our ability to comply with existing, modified or new laws and regulations applying to our business, including the imposition of new taxes, duties or similar assessments on our products; (xviii) the attraction and retention of qualified employees and key personnel; (xix) our ability to maintain good working relationships with our employees, and avoid labor disruptions, strikes and other disputes with labor unions that represent certain of our employees; (xx) our ability to procure adequate supplies of raw materials and components to fulfill our wind blade volume commitments to our customers; and (xxi) the potential impact of one or more of our customers becoming bankrupt or insolvent, or experiencing other financial problems.​

These forward-looking statements are only predictions. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, levels of activity, performance or achievements to materially differ from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward- looking statements as guarantees of future events. Further information on the factors, risks and uncertainties that could affect our financial results and the forward-looking statements in this presentation are included in our filings with the Securities and Exchange Commission and will be included in subsequent periodic and current reports we make with the Securities and Exchange Commission from time to time, including in our Annual Report on Form 10-K filed with the Securities and Exchange Commission.

The forward-looking statements in this presentation represent our views as of the date of this presentation. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we undertake no obligation to update any forward-looking statement to reflect events or developments after the date on which the statement is made or to reflect the occurrence of unanticipated events except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date after the date of this presentation. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.

This presentation includes unaudited non-GAAP financial measures including EBITDA, adjusted EBITDA, net cash (debt) and free cash flow. We define EBITDA as net income (loss) plus interest expense (including losses on the extinguishment of debt and net of interest income), income taxes and depreciation and amortization. We define Adjusted EBITDA as EBITDA plus any share-based compensation expense, any foreign currency income or losses, any gains or losses on the sale of assets and asset impairments and any restructuring charges. We define net cash (debt) as total unrestricted cash and cash equivalents less the total principal amount of debt outstanding. We define free cash flow as net cash flow from operating activities less capital expenditures. We present non-GAAP measures when we believe that the additional information is useful and meaningful to investors. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. See the Appendix for the reconciliations of certain non-GAAP financial measures to the comparable GAAP measures.

This presentation also contains estimates and other information concerning our industry that are based on industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information.

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Investment Thesis

Capitalizing on the Decarbonization of the Electric Sector and the Electrification of the Vehicle Fleet

• Renewables and wind energy are mainstream, large, growing, competitive and desired by customers.
• The offshore market is expected to become a large, global market opportunity by 2030 according to Wood Mackenzie.
• Wind blades are being outsourced to access global markets, drive cost and efficiently utilize capital.
• Electric vehicle sales are expected to grow 20%+ CAGR through 2040 according to BNEF.

Only Independent Wind Blade Manufacturer with a Global Footprint

• Our facilities are low cost, world class hubs that serve large, diverse and growing addressable markets, reducing the effect of individual market fluctuations.

Advanced Composite Technology and Production Expertise Provide Barrier to Entry

• TPI holds important IP that is difficult to replicate (materials, process, tooling, inspection and DFM).
• >600 engineers and technicians and growing.
• 60-80meter wind blades, larger than 787 wingspan, with tolerances measured in millimeters.

Collaborative Dedicated Supplier Model to Share Gain and Drive Down LCOE

• Our business model helps TPI customers to gain market share in a cost effective and capital efficient manner by sharing the investment, spreading overhead, driving down material cost, improving productivity and sharing a large portion of that benefit with our customers.

Long-Term Supply Agreements Provide Significant Revenue Visibility

• Volume based pricing and shared investment motivate both parties to keep facilities full.
• Shared gain/pain protects our margins.

Compelling Return on Invested Capital

• Shared capital investment results in a "capital-light" model for TPI and our customers.

Seasoned Management Team with Significant Global Growth Experience

• TPI has become a destination for top talent.
• Pleased with the exceptional leaders and managers that have joined the TPI team.

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Introduction to TPI Composites

Only independent manufacturer of composite wind blades for the high- growth wind energy market with a global footprint

Provides wind blades to some of the industry's leading OEMs such as: Vestas, GE, Siemens/Gamesa, Nordex, and ENERCON

Operates ten wind blade manufacturing plants, two transportation facilities, and six tooling and R&D facilities and advanced engineering centers across six countries:

• United States	• Mexico	• Denmark • Germany
• China	• Turkey	• India

Applying advanced composites technology to the production of clean transportation solutions, including electric buses and commercial vehicles and passenger EV platforms

Long-term supply agreements with customers, providing contracted volumes that generate significant revenue visibility and drive capital efficiency

Founded in 1968 and headquartered in Scottsdale, Arizona Approximately 15,400 associates globally

	$2,000
millions$	$1,500
$500
	$1,000
	$0

2016 2017 2018 2019 2020

Net Sales

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Strong Customer Base of Industry Leaders

Key Customers with Significant Market Share

Current Customer Mix - 50 Dedicated Lines

Global Onshore Wind

								2018-2020
Rank		OEM	Share (1)
							Vestas	17%
1
							Goldwind	14%
2
					GE Wind	13%
3
4				Envision	9%
5		SGRE	8%
					Mingyang	6%
6
						Nordex	4%
7
8			Windey	4%
9		ENERCON	3%
			CRRC	3%
10
							TPI Customers

Market Share	45%

= TPI Customer = Chinese OEM

Global Onshore Wind excl. China

							2018-2020
Rank		OEM	Share (1)
						Vestas	34%
1
						GE Wind	27%
2
						SGRE	16%
3
						Nordex	9%
4
					ENERCON	6%
5
					Senvion	2%
6
					Suzlon	2%
7
					Goldwind	1%
8
					Envision	1%
9
			Inox	1%
10
					TPI Customers

Market Share	92%

4%

30%

42%

14%

10%

TPI's customers account for 99% of the U.S. onshore wind market and 45% of the global onshore market

Source: BloombergNEF, "Global Wind Turbine Market Shares 2014-20"

1. Figures are rounded to nearest whole percent

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