#1nextracker. Investor Presentation November 2023 02023 NEXTRACKER#2Disclaimer 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 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 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 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 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 tracking manufacturing tax credits; 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; the impact of the COVID-19 pandemic on our business, financial results and financial condition; 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 Quarterly Report on Form 10-Q for the quarter ended September 29, 2023, and any current and periodic reports filed thereafter. In addition, certain additional risks relating to the Transactions (as defined below) are set forth under the heading "Risk Factors" in the Company's registration statement on Form S-4 described below. 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, adjusted EPS, Non-GAAP Gross Profit, Non-GAAP Operating Income, and Non-GAAP Net Income as supplemental measures of performance that are neither required by, nor presented in accordance with, accounting principles generally accepted 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. nextracker. ©2023 NEXTRACKER 2#3Nextracker Leadership DAN SHUGAR CEO & Founder Nextracker founder 35+ years of solar and tech experience HOWARD WENGER President Former president and CEO of SunPower Systems 35+ years of solar and tech experience DAVE BENNETT CFO Joined Nextracker in 2021 as CFO, previously CAO at Flex CPA with 30+ years of tech and financial experience POWERLIGHT SUNPOWER SOLARIA POWERLIGHT SUNPOWER SOLARIA nextracker. Deloitte flex. ©2023 NEXTRACKER 3#4Our mission is to be one of the world's leading energy solutions companies delivering the most intelligent, reliable and productive solar technology for future generations. Our vision is a world powered by renewable energy - where clean, affordable power is available to all. 2023 NEXTRACKER#5Nextracker Overview O Global Leader in Solar Trackers ~85 GW shipped² #1 in GW shipped globally for 8 consecutive years¹ >200 active customers; >80% business from repeat customers² . Differentiated Offering Unrivaled technology: mechanical, electronic, software expertise; >400 patents issued and pending² Serve a wide range of geographies and site conditions Global customer service team with asset management at individual tracker level • Strong Global Company Growth-focused with strong profitability profile; high-quality balance sheet Global supply chain in 19 countries including robust U.S. supply chain partners Experienced management team; 6/6 co-founders still on Leadership Team Based on GW shipped - Wood Mackenzie Ltd., Global Solar PV Tracker Market Share 2023 and Wood Mackenzie Ltd., The Global PV Tracker Landscape 2016: Prices, Forecasts, Market Shares and Vendor Profiles, October 2016. nextracker. 2 As of 09/29/2023. ©2023 NEXTRACKER 5#6Representative Nextracker Products 1. Mechanical & drive components 2. Electronic control systems 3. Specialty modules 4. Weather stations 5. Wireless mesh networks 6. Software for monitoring, control, and asset management rexocke Cherry Branch Power Plant 22209AM PST 19°F Stems & Hal Tracker Angle Targe Car Tracker State How Site Con H Analytics Summary 6 1 49.31 90.0% Srow Shed Now Snow Shed Time Series Data Hall Stow Track on Ti pman Statue This View as y Vex nextracker. 5 4 2 3 ©2023 NEXTRACKER 6#7Independent Rows: A Better Tracker Architecture Legacy Technology - Linked-Row Nextracker - NX Horizon™M - Independent Row Up to 30 rows connected by mechanical linkage Limitations: Energy Generation Block-level control • Limited tracking range Shading of bifacial panels nextracker. Drive Linkage Centralized Motors Each row controlled independently and balanced Installation & Operations Site access obstructed No row-level data Requires grid power • Benefits: Energy Generation Row-level data & control More tracking range More bifacial gain Installation & Operations Open access Terrain following Integrated tracker UPS More flood resilient NEXTracker ©2023 NEXTRACKER 7#8Nextracker Innovations and Differentiated Features Value / Feature MECHANICAL Independent Rows Mechanically Balanced Nextracker Legacy Linked-Row × Linked-rows add cost to system installation & operation Unbalanced rows limit rotation and increase power needs Bifacial optimized × Mechanical obstructions reduce bifacial performance Advanced Terrain Following Capability × Limited North-South terrain following capability Lower O&M Costs × Inefficient vegetation management & cleaning SOFTWARE AND CONTROLS Self-Powered Rows Advanced Sensors & Data Connectivity Performance-Enhancing Software Severe Weather Protection Asset Management and Monitoring nextracker. Source: PVEL LLC, Nextracker LCOE Validation, January 2023 × Requires external AC power and UPS × Limited operational visibility and data capture × Limited software capabilities × Limited active stowing capabilities × No sensors, data or monitoring for every individual row ©2023 NEXTRACKER 8#9No Compromise on Product Quality & Reliability High-Quality & Durability World-Class Wind Engineering & Performance Brushless DC motors for long-term durability and lower O&M costs Lithium-ion batteries provide superior lifespans and lower O&M costs Wind tunnel-tested design and engineering with 0 wind failures² in last 7 years Hail stow functionality increases survivability of solar panels to over 99% in lab testing4 90% NPS asset management net promoter score' across all regions Based on aggregate Nextracker Asset Management customer satisfaction survey data for responding to service requests (avg. of Q1 and Q2 FY24 through 9/29/2023). 2 Based on company data, applicable to NX Horizon 2 systems properly designed and installed and operating at or below code wind speed. 3 Based on Wood Mackenzie Ltd., Global Solar PV Tracker Market Share 2023 Report for CY22 (July 2023 report). 4 Based on RETC Hail Test Report report: Allen, J. T., and M. K. Tippett, "The characteristics of United States hail reports: 1955-2014", Electronic J. Severe Storms Meteor., 10 (3), 1-31. nextracker. 217 GW-Years Field Deployment³ 142 U.S. 29 U.S. NXT Competitor A Competitor B >200 GW-years of field deployments 1.3x more than combined top U.S. competitors ©2023 NEXTRACKER 9#10Leading with Proven, Strategic & Disciplined Business Practices Proven Solar Tracker Leader Highly experienced leadership team with decades of industry experience and technological know-how Delivered -85 GW of solar trackers globally since company inception; #1 global market share leader¹ Diversified customer base: Over 200 active customers, with only one customer >10% of revenue² Strategic Positioning Global footprint, strategic supply chain of over 80 suppliers Optimized planning & management: approx. 18-months visibility into demand and supply Robust innovation investments with over 400 patents issued and pending, plus strong balance sheet for future growth Disciplined Operating Model Consistently profitable; high-quality balance sheet and total liquidity nearly $900M² with strong positive cash flow Part of a public company since 2015 operating with effective processes and controls, including SOX compliant Over 99.5% Customer payment collection history nextracker. 1 Based on GW shipped - Wood Mackenzie Ltd., Global Solar PV Tracker Market Share 2023 and Wood Mackenzie Ltd., The Global PV Tracker Landscape 2016: Prices, Forecasts, Market Shares and Vendor Profiles, October 2016. 2 As of 09/29/2023. ©2023 NEXTRACKER 10#11Economics and Demand Driving the Addressable Market Solar Economics Solar now leads global energy capacity additions¹ Cost reduction progress, & competitiveness vs. coal and nuclear $/MWh² 100% 6x 359 80% 60 2009 2023 60% Industry & Macro Headwinds & Tailwinds Renewables & Electrification Investments 40% U.S. Inflation Reduction Act (IRA) Decarbonization and Energy Independence 20% Permitting and Interconnection Delays Labor and Substation Equipment Shortages Rising Interest Rates 0% 2010 2015 2022 nextracker. 1 BloombergNEF-Power Transition Trends 2023-10/16/2023; 2 Lazard Ltd., 2023 Levelized Cost of Energy+ version 16 - 4/12/2023. 5 Solar 60% Renewables Non-Solar Legacy Gen / Fossil Fuels ©2023 NEXTRACKER 11#12U.S. Demand has Started Growing Again at a Time When Legacy Power Plants are Going Offline US Annual Net Generation - All Types (1993-2050) Billion kWh 6,000 2% CAGR 15 years flat demand 1% Demand CAGR 5,000 4,000 3,000 Key Demand Drivers Data Centers Electrification of vehicles, appliances, and industrial processes incl steel Re-industrialization Historical' 2,000 1993 2003 2013 2023 2033 Source: EIA; nextracker. 1 U.S. Energy Information Administration, Monthly Energy Review, Table 1.2, April 2023. 2 U.S. Energy Information Administration, Annual Energy Outlook 2023, Table 1, Total Energy Supply, Disposition, and Price Summary. Forecast² 2043 ©2023 NEXTRACKER 12#13Billion kWh 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 nextracker. U.S. EIA: Solar is Fastest Growing Energy Source Today, Becomes Largest Source After 2033 Forecasted U.S. Generation by Source Forecasted U.S. Generation Growth (2023 2028 CAGR) 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 •Solar Nuclear Power Geothermal Wind Coal Natural Gas Hydroelectric Municipal Waste Biomass Source: U.S. Energy Information Administration, Annual Energy Outlook 2023, Table 1, Total Energy Supply, Disposition, and Price Summary. Solar 26% 11% Wind Geothermal 4% 4% 1% (0)% (1)% (5)% (10)% Municipal Waste Hydroelectric Nuclear Power Biomass Natural Gas Forecasted U.S. Generation by Source (2035) Coal 7% Other 8% Solar 24% Nuclear 15% Natural Gas 22% Wind 24% ©2023 NEXTRACKER 13 Coal#14ESG Commitment & Impact • Environmental Implemented and growing green steel program Responsible Procurement Program (RPP) initiated Submitted Carbon Disclosure Project (CDP) report² Awarded Ecovadis Silver Medal for sustainability, transparency, and equity rating C Our Scope Three Carbon Offsets Social DEI: founding member Renewables Forward Global DEI training program CO2 emissions offset >104 million metric tons of CO2 emission offset Homes Powered >13 million homes • Governance Long-standing Public Company Culture Code of Conduct, Whistle Blower Hotline, FCPA/Export Controls ISO 9001:2015 Certified for Quality Management Systems ISO 45001: 2023 Certification for Safety Management Systems Coal Power Plants decommissioned 28 coal power plants Cars off the road >20 million cars removed nextracker. As calculated using the Environmental Protection Agency's Greenhouse Gas Equivalencies Calculator, based on 70GW of trackers shipped as of 09/30/22 2 Submitted CDP report for scope 1 and 2 in 2023 (https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator) 2023 NEXTRACKER 14#15nextracker Business & Product Highlights ©2023 NEXTRACKER | Proprietary 15#16Nextracker's Footprint vs Total Available Market (TAM) Nextracker #1 Global Market Leader for 8 Consecutive Years2 North America 341 GW Nextracker's global network of offices and sales teams' locations Latin America 57 GW nextracker. Europe 62 GW Middle East 80 GW K Africa 43 GW $71B (682 GW) 2020-2030 Global Tracker TAM Asia incl. India 84 GW 1 Calendar Year End; Source for global and regional TAM: Wood Mackenzie Global Tracker Landscape 2022; global and Asia TAM exclude China; figures denote installations; Source for market share: Wood Mackenzie Global Solar PV Tracker Market Share 2023; market share is given as of 2022 for North America and LATAM; Source for Australia: Wood Mackenzie Global Solar PV Tracker Market Share 2021; market share is given as of 2020. 2Based on GW shipped - Wood Mackenzie Ltd., Global Solar PV Tracker Market Share 2023 and Wood Mackenzie Ltd., The Global PV Tracker Landscape 2016: Prices, Forecasts, Market Shares and Vendor Profiles, October 2016. Australia 15 GW ©2023 NEXTRACKER 16#17Nextracker Strengthens Global Supply Chain US: Asteelflash/USI - Fremont, California' New electronics manufacturing line Asteelflash expanded dedicated capacity for Nextracker's patented power controller (SPC) and high voltage power supply. Over 80 strategic suppliers in 19 countries across 5 continents² US: Unimacts - Las Vegas, Nevada' Middle East New steel manufacturing facility Europe New manufacturing facility owned and operated by US Unimacts to produce critical steel components India exclusively for Nextracker. India: over 10 suppliers and manufacturing facilities Manufacturing facilities to produce a diverse range of components in multiple regions, in-line with Make-in- India program. Latin America Africa Asia & Australia nextracker. ©2023 NEXTRACKER 17 Notes: US Asteelflash/USI and Unimacts locations are 2 public dedications in Q2 FY24;2 As of 9/29/2023.#18Next-Gen Tech Suite Increases Market Opportunities First generation Hail Stow❤ delivered in 2020 First generation NX Horizon XTR delivered in 2019 First generation TrueCapture delivered in 2017 NX Horizon Hail Pro Comprehensive Hail-Stowing Solution Hardware, Software, Service Leverages NX Horizon with Integrated UPS Automatic stowing using weather service information, hail readiness services, and where desired, Hail Pro-75TM for stowing at up to 75 degrees for extreme hail locations. Watch our short video to learn more nextracker. NX Horizon XTR-1.5 Doubling the undulation capability of our terrain-following tracker By far the most deployed undulating tracker • Reduce or eliminate grading ⚫ Save construction costs ° Reduce project risk • Minimize environmental impact Watch our short video to learn more TrueCapture Zonal Diffuse Expanded TrueCapture's yield optimization and control software with Zonal Diffuse New tech which enhances energy generation during rapidly changing irradiance conditions • Zonal mapping of diffuse cloud conditions Trackers respond in real-time ° ° • Increased energy generation Enhances project owner returns ©2023 NEXTRACKER 18#19Nextracker Wins Under a Wide Range of Conditions West/California: Rolling terrain and flat sites Midwest: Higher latitudes, snowy conditions Northeast: Irregular boundaries, rolling hills Representative Nextracker projects 1-50 MW 50-100 MW 100+ MW nextracker. Southwest/Texas: Flat land, sunny sites, large projects South: Diffuse Light Southeast: Rolling hills, hurricanes & floods ©2023 NEXTRACKER 19#20INTERNATIONAL UNITED STATES Blue-chip Customer Success With 80% of Revenue From Repeat Business' 200+ ACTIVE CUSTOMERS representative shown EPCs BLATTNER ENERGY Mortenson construction MCCARTHY SOLV ENERGY DEVELOPERS / OWNERS AREVON Clearway CYPRESS CREEK RENEWABLES C DE Shaw & Co eDF Invenergy LEEWARD renewable energy NEXTera ENERGY SB Energy SILICON RANCH elecnor M METKA PCL STERLING & WILSON< CONSTRUCTION ATLAS RENEWABLE ENERGY edp Renewables elera RENOVÁVEIS frv enel lightsource bp Why we win: Lower LCOE, superior platform, global scale, and trusted partnerships nextracker. 1 As of 9/29/2023. ©2023 NEXTRACKER 20#21Strong Backlog Supports Continued Growth Backlog ($M) CAGR 43%+ 2,559 719 1,077 FY20 nextracker. FY21 1,342 >$3,000 FY22 FY23 YTD FY24 Current Note: Fiscal Year Ends March 31 As of 09/29/2023. Backlog includes executed contracts or purchase orders with deposits and specific bills of materials for EPCs and Volume Commitment Agreements (VCAs) with customer deposits on portfolios of specific projects. Record Backlog Significantly Over $3 Billion ©2023 NEXTRACKER 21#22115 nextracker Q2 FY24 Financial Results ©2023 NEXTRACKER 22#23Q2 FY2024 Highlights Q2 Revenue $ 573M 23% Y/Y Growth Q2 Adj. EBITDA $ 110M 164% Y/Y Growth Record revenue and profits; Significant margin expansion due to strategic supply chain repositioning and continued pricing discipline Record backlog; robust customer wins across multiple continents Launched Next Gen Tech Suite with 3 new innovations that provides enhanced functionality in hail protection, undulating terrain, and fast-changing atmospheric conditions Continued U.S. and global manufacturing supply chain capacity expansion with strategic partners Backlog includes executed contracts or purchase orders with deposits and specific bills of materials for EPCs and Volume Commitment Agreements (VCAs) with customer deposits on portfolios of specific projects. See Appendix for definition of metrics and reconciliations of each non-GAAP financial measure to most directly comparable financial measure stated in accordance with GAAP. nextracker. ©2023 NEXTRACKER 23#24Q2 FY2024 Financial Highlights 3rd Consecutive Quarter of Growth YoY Since IPO Revenue ($M) U.S. +23% Y/Y • ROW +23% Y/Y Adj. EBITDA ($M) & Margin % +164% +23% ■ROW 573 513 518 ■US 467 480 ROW 191 403 128 33% 186 156 209 134 110 84 73 63 19% 42 17% EBITDA Margin US 32 390 382 14% 311 328 67% 12% 269 270 9% 8% Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 nextracker. Q2'24 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Note: Y/Y percentages are calculated using rounded numbers. Graphs represent fiscal year quarters. RoW is defined as Rest of the World. See Appendix for definition of metrics and reconciliations of each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. IPO date: Feb 9, 2023. ©2023 NEXTRACKER 24#25Strong Execution in Q2; Building Track Record Key Highlights ⚫ Significant margin expansion Y/Y due to structural enhancements to supply chain and continued pricing discipline Results exclude possible benefits related to IRA tracker manufacturing tax credits Non-GAAP P&L ($M, except % and per share amounts) Revenue Gross Profit Gross Margin Q2'23 Q1'24 Q2'24 467 480 573 65 116 152 14% 24% 27% Operating Income 42 82 112 Operating Margin 9% 17% 20% Net Income 29 71 96 Earnings Per Share N/A $0.48 $0.65 Adj. EBITDA 42 84 110 Adj. EBITDA Margin 9% 17% 19% Table above represents GAAP revenue and non-GAAP metrics in fiscal year quarters. nextracker. ©2023 NEXTRACKER See Appendix for definition of metrics and reconciliations of each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. 25#26High-Quality Balance Sheet and Cash Flow Management Strong Capital Structure Balance Sheet ($M) Cash Liquidity of $873M¹ Limited debt, Debt/Adj. EBITDA < 1x Approx. $150M term loan with no significant repayments until FY 2028 NWC Management, customers deposits and Adj. EBITDA driving strong Adj. free cash flow generation, YTD $251M As of Mar. 31, As of Sep. 29, 2023 2023 130 373 AR & Contract Assets 569 651 Inventories 138 196 Other Current Assets 35 118 Current Assets 872 1,339 Non-Current Assets 547 695 TOTAL ASSETS 1,420 2,034 AP and Accrued Expenses 271 471 Deferred Revenue 176 236 Other Current Liabilities 60 66 Current Liabilities 507 772 Long-Term Debt 147 146 Other Non-Current Liabilities 280 441 Non-Current Liabilities 427 586 Equity 485 675 TOTAL EQUITY & LIABILITIES 1,420 2,034 Notes: As of September 29, 2023, liquidity equals cash plus undrawn revolver of $500M. DEBT/EBITDA ratio calculated using LTM Adjusted EBITDA. See Appendix for definition of metrics and reconciliations of each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Numbers in table may not total due to rounding.. nextracker. 1 Total liquidity defined as cash and cash equivalents and undrawn revolving credit facility of $500M as of 9/29/2023. ©2023 NEXTRACKER 26#27115 nextracker Appendix ©2023 NEXTRACKER 27#28Reconciliation of GAAP to Non-GAAP Measures $M, except percentages and per share data Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 GAAP gross profit 50 65 82 90 114 149 Stock-based compensation expense Intangible amortization 0 0 0 12 2 3 0 0 0 0 0 Non-GAAP gross profit 50 65 83 102 116 152 Gross Margin 12% 14% 16% 20% 24% 27% GAAP operating income Stock-based compensation expense Intangible amortization 3-- 30 39 59 1 1 1 1 0 1120 41 74 94 29 8 18 2800 Legal costs 2 Other (0) Non-GAAP operating income 31 42 60 70 82 112 Operating Margin 8% 9% 12% 13% 17% 20% GAAP net income 24 27 43 28 64 81 Stock-based compensation expense 1 1 29 8 18 Intangible amortization 1 1 0 0 Adjustment for taxes (1) (1) (0) (1) (1) 0円 (4) Legal costs 2 Other (0) | Non-GAAP net income 25 29 43 56 71 96 nextracker. Numbers in chart may not total due to rounding. ©2023 NEXTRACKER 28#29Reconciliation of GAAP to Non-GAAP Measures $M, except percentages and per share data GAAP net income Interest, net Provision for income taxes Depreciation expense Q1'23 24 Q2'23 27 Q3'23 43 Q4'23 Q1'24 Q2'24 28 64 81 (0) (0) (0) 2 1 (0) 6 11 18 1 1 1 Intangible amortization 1 1 0 Stock-based compensation expense 1 29 16 13-02 9 1 0 0 18 Legal costs 2 Other (0) Adjusted EBITDA 32 42 63 73 84 110 Adjusted EBITDA (% of revenue) 8% 9% 12% 14% 17% 19% Diluted earnings per share GAAP N/A N/A N/A N/A $0.43 $0.55 Earnings per share attributable to Non-GAAP adjustments Non-GAAP N/A N/A N/A N/A $0.05 $0.10 N/A N/A N/A N/A $0.48 $0.65 Diluted shares used in computing per share amounts N/A N/A N/A N/A 147 147 Net cash provided by operating activities Purchase of property and equipment Proceeds from disposition of property and equipment Adjusted free cash flow 3 50 (0) (1) 0 2 49 。 =8 35 226 27 (1) (1) (1) (1) 35 225 26 nextracker. Numbers in chart may not total due to rounding. ©2023 NEXTRACKER 29