#1nextracker. Q4 FY2023 Earnings Presentation May 10, 2023#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; growth opportunities and plans for future operations, products and services; 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; our reliance on our suppliers and any problems with our suppliers or disruptions in our supply chain; 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 December 31, 2022, 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 free cash flow, and proforma adjusted EPS 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 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 | Proprietary 2#3Agenda nextracker. Speakers CEO Comments • • Introduction to Nextracker Industry Perspectives FY2023 Highlights President Comments • Our Product and Technology • Commercial Update CFO Comments • Financial Review Fiscal 24 Guidance Dan Shugar, P.E. CEO & Founder Howard Wenger President Dave Bennett CFO ©2023 NEXTRACKER | Proprietary 3#4nextracker VIDA AL VOLANTE HUCK Our mission is to be the world's leading energy solutions company by enabling the most intelligent, reliable and productive solar power. Our vision is a world powered by renewable energy - where clean, affordable power is available to all.#5Representative 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 rexoces 1 Analysis Dummary Cherry Branch Power Plant 1159AM PST 19°F Soms & H City State County Cat Tracker State Hw 6 Tracker Angle Tai Sitewide Cantrele oment States 9994 Snow Sed Late Time SD Huyoon Track T Hall Re was p View Equipment nextracker. 4 3 5 Typical tracker > 300 ft in length 2 ©2023 NEXTRACKER | Proprietary 5#6Example Project with Nextracker System 325 MW 3-5 square miles On average Nextracker delivered a system of this size every week in FY'23 5-9k trackers with imbedded sensors generating valuable data • Increasingly using NX's patented adaptive tracking software TrueCapture: https://youtu.be/GGtqQRTRkfA nextracker. ©2023 NEXTRACKER | Proprietary 6#7Nextracker Overview Global Leader in Solar Trackers #1 Global Market share 7 years consecutively >74 GW Delivered² >80% Business from repeat customers³ . • Differentiated Offering Unrivaled technology: mechanical, electronic, software expertise Serve a wide range of geographies and site conditions Global customer service team with Asset Management at individual tracker level • Strong Global Corporation Historically profitable with strong balance sheet Global supply chain in 16 countries including robust U.S. fabrication partners Experienced management team; 6/6 co-founders still on Leadership Team nextracker. 1.) Through 2021 based on GW shipped - Wood Mackenzie Ltd., Global Solar PV Tracker Market Share 2022 and Wood Mackenzie Ltd., The Global PV Tracker Landscape 2016: Prices, Forecasts, Market Shares and Vendor Profiles, October 2016 2.) As of 03/31/2023 3.) For the fiscal year ended 3/31/2023 ©2023 NEXTRACKER | Proprietary 7#8Fiscal Year 2023 Highlights Annual FY'23 Revenue $1.9 B 30% Y/Y Growth FY'23 Adj EBITDA $209 M 126% Y/Y Growth Quarterly FY Q4 Revenue $518 M 18% Y/Y Growth FY Q4 Adj EBITDA $73M 227% Y/Y Growth Business Highlights Delivered more than 17 gigawatts Record revenue and earnings Adjusted FCF over $100M Backlog at new record of $2.6B1 1.) Backlog includes executed contracts or purchase orders with deposit, build of materials, and ship dates, as well as executed volume commitment agreements (VCAs) with customer deposits for multiple projects. 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. nextracker. ©2023 NEXTRACKER | Proprietary 8#9UNSUBSIDIZED SOLAR ECONOMICS SHOW THAT UTILITY-SCALE SOLAR IS AMONG THE LOWEST COST SOURCES OF ENERGY GLOBALLY Nextracker's segments are economically attractive Rooftop Residential Solar $117 Community and C&I Solar $49 Solar PV - Utility Scale $24 $96 Renewable Energy Solar PV + Storage - Utility Scale $46 $102 Geothermal¹ $61 $102 Wind Onshore $24 $75 Wind + Storage - Onshore $42 Wind Offshore $72 $114 $140 Gas Peaking² $115 Conventional Energy Nuclear³ $314 $141 Coal5 $524 $68 Gas Combined Cycle³ $0 $39 $25 $101 $1166 $50 $75 $166 $1567 $150 $175 $282 $185 Nextracker segments $221 $221 Source: Lazard Levelized Cost of Energy+ April 2023 $100 $125 Levelized cost ($/MWh) $200 $225 $250 $275 $300 Note: Here and throughout this presentation, unless otherwise indicated, the analysis assumes 60% debt at an 8% interest rate and 40% equity at a 12% cost. See page titled "Levelized Cost of Energy Comparison-Sensitivity to Cost of Capital" for cost of capital sensitivities. 1.) Given the limited data set available for new-build geothermal projects, the LCOE presented herein represents Lazard's LCOE v 15.0 results adjusted for inflation. 2.) The fuel cost assumption for Lazard's unsubsidized analysis for gas-fired generation resources is $3.45/MMBTU for year-over-year comparison purposes. See page titled "Levelized Cost of Energy Comparison-Sensitivity to Fuel Prices" for fuel price sensitivities. 3.) Given the limited public and/or observable data set available for new-build nuclear projects and the emerging range of new nuclear generation strategies, the LCOE presented herein represents Lazard's LCOE v15.0 results adjusted for inflation (results are based on then-estimated costs of the Vogtle Plant and are U.S.- focused). 4.) Represents the midpoint of the unsubsidized marginal cost of operating fully depreciated gas combined cycle, coal and nuclear facilities, inclusive of decommissioning costs for nuclear facilities. Analysis assumes that the salvage value for a decommissioned gas combined cycle or coal asset is equivalent to its decommissioning and site restoration costs. Inputs are derived from a benchmark of operating gas combined cycle, coal and nuclear assets across the U.S. Capacity factors, fuel, variable and fixed operating expenses are based on upper- and lower-quartile estimates derived from Lazard's research. See page titled "Levelized Cost of Energy Comparison-Renewable Energy versus Marginal Cost of Selected Existing Conventional Generation Technologies" for additional details. 5.) Given the limited public and/or observable data set available for new-build coal projects, the LCOE presented herein represents Lazard's LCOE v15.0 results adjusted for inflation. High end incorporates 90% carbon capture and storage ("CCS"). Does not include cost of transportation and storage. 6.) Represents the LCOE of the observed high case gas combined cycle inputs using a 20% blend of "Blue" hydrogen, (i.e., hydrogen produced from a steam-methane reformer, using natural gas as a feedstock, and sequestering the resulting CO2 in a nearby saline aquifer). No plant modifications are assumed beyond a 2% adjustment to the plant's heat rate. The corresponding fuel cost is $5.20/MMBTU, assuming -$1.40/kg for Blue hydrogen. 7.) Represents the LCOE of the observed high case gas combined cycle inputs using a 20% blend of "Green" hydrogen, (i.e., hydrogen produced from an electrolyzer powered by a mix of wind and solar generation and stored in a nearby salt cavern). No plant modifications are assumed beyond a 2% adjustment to the plant's heat rate. The corresponding fuel cost is $10.05/MMBTU, assuming -$4.15/kg for Green hydrogen. nextracker. ©2023 NEXTRACKER | Proprietary 9#10Economics and Demand Driving the Addressable Market Solar Economics Solar leads global energy capacity additions4 Cost reduction progress, & competitiveness vs coal and nuclear $/MWh5 100% 6x 359 80% 60 2009 2023 60% Policy Significantly Impacting Demand Solar 50% Decarbonization and energy independence 40% Renewables Non-Solar + U.S Inflation Reduction Act (IRA) 20% + Renewables & Electrification Investments Legacy Gen / Fossil Fuels - U.S. PV Module Trade Restrictions 0% 2010 2015 2021 Permitting and Interconnection Delays nextracker. 3.) 2020-2050; source: IEA 2022 4.) BloombergNEF-Power Transition Trends 2022-September 21, 2022. 5.) Lazard Ltd., 2023 Levelized Cost of Energy+ version 16 1.) From 2009 to 2021; Source: Lazard Ltd., Levelized Cost of Energy version 14.0, 2021. 2.) NREL: Electrification futures study 2021. ©2023 NEXTRACKER | Proprietary 10#11Nextracker's Footprint vs Total Available Market (TAM) $71B (682 GW) Global Tracker TAM: 2020-20301,2,3 North America ☑ 341GW #1 in Market nextracker. Latin America 57 GW #1 in Market Europe 62 GW Middle East 80 GW Africa 43 GW #1 in Market Asia incl India 84 GW Australia 15 GW #1 in Market 1.) Calendar Year End 2.) Source for global and regional TAM: Wood Mackenzie Global Tracker Landscape 2022; global and Asia TAM and market sharers exclude China; figures denote installations 3.) Source for market share: Wood Mackenzie Global Solar PV Tracker Market Share 2022; market share is given as of 2021 for North America, LATAM, and Africa Source for Australia: Wood Mackenzie Global Solar PV Tracker Market Share 2021; market share is given as of 2020 ©2023 NEXTRACKER | Proprietary 11#12Nextracker's Extensive, Diversified Global Supply Chain Over 50 manufacturing Partners in 16 countries across 5 continents 5 Partners North America 15+ Partners nextracker. Europe Middle East 3 Partners India 4 Partners X Asia & Australia 16 Partners Latin America 5+ Partners ✓ Africa 3 Partners ©2023 NEXTRACKER | Proprietary 12#13Nextracker's U.S. Supply Chain Initiated major expansion >2 years ago >25 GWs of contracted capacity for primary components 10 manufacturing facilities currently making various tracker components across America¹ Additional new factories and manufacturing lines in-process US steel sourcing mostly from electric arc furnace processes - cleaner than most overseas steel production Atkore Phoenix, AZ Dedication May 2022 BCI Steel, Pittsburgh, PA Dedication June 2022 Publicly announced NXT- partner plant openings / expansions in 2022 nextracker. 1. As of March 31, 2023 JM Steel, Sinton TX Dedication Apr 2022 ©2023 NEXTRACKER | Proprietary 13#14nextracker Product Offering & Customer Wins Howard Wenger, President ©2022 NEXTRACKER | Proprietary 14#15Nextracker Leverages Unrivaled Technology Mechanical Structures Electronics and Controls Intelligent Software 132 Total Patents NEXTracker 52 Total Patents nextracker. Note: Includes issued/ granted and pending US and PTC applications as of 9/30/2022. 174 Issued patents: 180 patents pending 170 Total Patents ©2023 NEXTRACKER | Proprietary 15#16Nextracker NX Horizon TM Independent Rows A Better Tracker Architecture Each row powered and controlled independently NEXTracker Key Innovations TrueCapture TM Software Bifacial Panel Optimized Horizon-XTRTM Terrain-Following Tracker NavigatorTM Software Self-Powered Independent Row Tracker nextracker. Benefits Higher energy production for every tracker row Higher energy production for bifacial panels Lower structure and install costs minimizing grading and piers Lower operating costs and better weather protection Lower install and operating costs + more reliable with integrated UPS ©2023 NEXTRACKER | Proprietary 16#17Nextracker Wins Under a Wide Range of Conditions West/California: Rolling terrain and flat sites Representative Nextracker projects 1-50 MW 50-100 MW 100+ MW Midwest: Higher latitudes, snowy conditions nextracker. Southwest/Texas: Flat land, sunny sites, large projects Northeast: Irregular boundaries, rolling hills Southeast: Rolling hills, hurricanes & floods South: Diffuse Light ©2023 NEXTRACKER | Proprietary 17#18International United States Blue-Chip Customers EPCs Developers Owners Over 200 Active Customers¹ select shown SOLV ENERGY BLATTNER ENERGY CYPRESS CREEK RENEWABLES C eDF NEXTera ENERGY DE Shaw & Co MCCARTHY. AREVON Mortenson construction ecoplexus Invenergy SILICON RANCH juwi Energy is here PCL STERLING & WILSON elera enel lightsource bp ATLAS RENOVÁVEIS RENEWABLE ENERGY elecnor CONSTRUCTION edp SB Energy Renewables Why we win: Lower LCOE, superior platform, global scale, and trusted partnerships nextracker. 1.) For the fiscal year ended March 31, 2023 ©2023 NEXTRACKER | Proprietary 18#19Selected Global Wins in Q4 39 MW Empress Solar Park, Canada 1GW Strata VCA, VA/TX/AZ USA 1.7 GW TrueCapture™ Fleet Agreement, MX/BR Latin America☑ nextracker. 150 MW Garnacha, Spain 1.6 GW Khavda Solar Power Plant, India 520 MW Stubbo Solar Power Plant, Australia ©2023 NEXTRACKER | Proprietary 19#20Strong Backlog Supports Continued Growth VCAs 263 719 Backlog 2,559 90% 674 ~$2.6B Firm Orders 1,885 1,077 1,342 FY'19 FY'20 FY'21 FY'22 FY'23 nextracker. Note: Fiscal Year Ends March, 31 1.) As of 3/31/2023 Backlog includes executed contracts or purchase orders with deposit, build of materials, and ship dates. Executed volume commitment agreements (VCAs) include customer deposits for multiple projects. ©2023 NEXTRACKER | Proprietary 20#21nextracker Financial Update ©2023 NEXTRACKER | Proprietary 21#22Trended Historical Results ■ROW ■US Revenue ($mm) 1,902 1,458 1,171 1,196 660 553 234 295 661 1,242 369 937 901 905 292 FY19 FY20 FY21 FY22 FY23 Adjusted EBITDA ($mm and %) 171 179 209 92 15.0% 14.6% 11.0% 27 4.2% 6.3% Key Highlights • Solid progress on margin recovery from FY 22 US approximately 65% of revenue; ROW 35% in FY 23 Executing with discipline and maintaining profitability through challenging market conditions FY19 FY20 FY21 FY22 FY23 See Appendix for definition of metrics and reconciliations of each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. nextracker. ©2023 NEXTRACKER | Proprietary 22 22#23Q4 2023 Results Revenue ($mm) Adj. EBITDA ($mm) ■ROW US 440 141 +18% 518 184 +227% 22 334 299 Q4FY22 Q4FY23 5.0% Q4FY22 73 14.0% Q4FY23 • Key Highlights International revenue growth driven by Europe and Latin America Adj EBITDA of $73M to 14.0% up 895 bps YoY on pricing and cost improvements See Appendix for definition of metrics and reconciliations of each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. nextracker. ©2023 NEXTRACKER | Proprietary 23#24FY'23 Results ■ROW ■ US Revenue ($mm) +30% 1,902 1,458 660 553 905 1,242 Adj. EBITDA ($mm) +126% 209 11.0% 92 6.3% . Key Highlights US and ROW revenue grew at 37% and 19% Adjusted EBITDA margin up 464 bps YoY . Adjusted Free Cash Flow over $100M FY22 FY23 FY22 FY23 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. nextracker. ©2023 NEXTRACKER | Proprietary 24#25Liquidity and Cash Position Key Highlights Cash and Liquidity Management • Ample liquidity: $630M¹ • Tier one financial institutions supporting syndicate Debt Profile • Limited debt: term loan $150M • Maturity 5 years, no significant repayments until FY28 Key Metrics · Debt/Adj EBITDA 0.8x1 nextracker. 1. As of March 31, 2023 500 Revolver Maturity Calendar 130 Cash 0 8 8 131 Liquidity FY24 FY25 FY26 FY27 FY28 ©2023 NEXTRACKER | Proprietary#26FY2024 Guidance Revenue $2.1-$2.3B 16% Y/Y Growth at Midpoint Adj. EBITDA 1,3 $265-$305M 36% Y/Y Growth at Midpoint Adj. EPS 2,3 $1.35-$1.55 GAAP $1.20 - $1.40 • Assumptions: Interest and Other Expense $15M -$20M Adjusted Income Tax Rate 15% - 20% WASO of 146.5M Excludes possible benefits related to IRA tracker manufacturing tax credits Q1 Fiscal 2024 Outlook Highlights: Revenue up 15% -20% Y/Y Adj EBITDA margin 12% - 13%, up 400 - 500 bps Y/Y 1. Adjusted EBITDA excludes approximately $20 million for stock-based compensation, and intangible amortization included in GAAP net income. 2. Adjusted earnings per share excludes $0.15 for stock-based compensation expense and net intangible amortization included in GAAP earnings per share. 3. 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. nextracker. ©2023 NEXTRACKER | Proprietary 26#27Document contains sensitive confidential information and is restricted to only authorized individuals. nextracker Q&A 2023 NEXTRACKER Proprietary 27#28115 nextracker APPENDIX 2022 NEXTRACKER | Proprietary 28#29GAAP NET INCOME TO NON-GAAP EBITDA $M FY'19 FY'20 FY'21 FY'22 FY'23 Q4'22 Q4'23 GAAP Net Income (2) 118 124 51 121 6 28 Net Interest 0 (0) 0 0 2 0 2 Provision for Income Taxes 2 31 34 14 48 1 13 Depreciation Expense 3 3 2 3 3 1 1 Intangible Amortization 15 15 15 8 1 1 0 Stock-Based Compensation Expense 8 4 3 32 1 29 Settlement Costs 13 1 13 Non-GAAP EBITDA 27 171 179 92 209 22 73 For fiscal years 2022 and 2023, adjusted free cash flow of -$153 million and $105 million, respectively, is calculated by reducing net cash provided by (used by) operating activities of -$147 million and $108 million, respectively, by purchases of property and equipment, net of proceeds from the disposal of property and equipment, of $6 million and $3 million, respectively. nextracker. ©2023 NEXTRACKER | Proprietary#30nextracker. Thank You ©2022 NEXTRACKER | Proprietary 30