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Investor Presentaiton

Q3 2023 Adjusted EBITDA Bridge $'s in millions Change 7.3 • Q3 EBITDA of $(21.0)M driven by our operating loss. Interest income, net Income tax benefit Depreciation and amortization EBITDA Q3 2023 Q2 2023 Net loss (GAAP) (18.9) $ Non-GAAP Adjustments: (1.9) (0.4) 0.2 (26.2) $ (2.3) - 0.2 0.4 (0.4) (21.0) (28.3) Stock-based compensation expense 10.7 10.1 0.6 Foreign exchange gains and losses 0.1 Adjusted EBITDA (non-GAAP) $ (10.2) $ 0.1 (18.1) $ 7.9 • Adding back non-cash items of $10.8M to EBITDA resulted in Adjusted EBITDA of $(10.2)M о $10.7M Stock-based Compensation 7.3 ° $0.1M Foreign exchange losses ENERGY VAULTⓇ © 2023 ENERGY VAULT HOLDINGS INC. ALL RIGHTS RESERVED Enabling a Renewable World 20 20

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