Investor Presentation

TM Sunnova Financial Statements & Operating Metrics (dollars in thousands; customer counts and per customer values in units; customer values in millions) KEY PERFORMANCE METRICS, NON-GAAP RECONCILIATIONS AND OTHER METRICS (continued) Period Reconciliation of Net Loss to Adjusted EBITDA Net loss Interest expense, net Interest expense, net - affiliates Interest income Depreciation expense Amortization expense EBITDA Non-cash compensation expense ARO accretion expense One-time impairment of IT system Financing deal costs Disaster losses and related charges, net IPO costs Loss on extinguishment of long-term debt, net - affiliates Unrealized loss on fair value option instruments Legal settlements Adjusted EBITDA כן 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 ($18,732) 6,928 6,561 ($34,694) 25,153 11,428 ($16,718) 15,523 2,665 ($20,038) 12,243 ($13,436) 4,983 ($9,224) 10,724 ($6,647) 9,416 ($39,102) 26,459 ($35,496) 31,661 ($49,807) 37,310 2,523 2,493 2,354 2,398 2,303 1,822 1,575 (618) (766) (854) (959) (1,192) (1,418) (1,763) (2,077) (2,494) (2,967) 6,626 7,025 7,612 8,219 8,964 9,386 10,650 10,290 11,012 11,627 33 33 34 33 33 34 33 33 5 7 798 8,179 8,262 2,021 1,845 11,856 14,087 (2,094) 6,510 (2,255) 272 341 532 350 726 824 916 944 387 1,884 141 172 188 203 211 402 278 292 313 327 306 65 (51) 16 1,523 (182) (3) 564 119 849 98 936 316 296 (182) 7,787 1 80 482 739 1,307 10,645 534 $1,517 $8,757 $9,029 575 $4,101 150 293 $4,621 $13,197 $15,326 $7,975 $8,068 $13,584 $589 $719 $796 $899 $1,133 $1,355 $1,672 $1,987 $2,328 $2,692 $357 $916 $495 $592 $1,349 $2,031 $1,718 $1,714 $3,429 $5,224 Interest income from customer notes receivable Principal proceeds from customer notes receivable, net of related revenue Adjusted Operating Cash Flow Reconciliation of Net Cash Used in Operating Activities to Adjusted Operating Cash Flow Net cash used in operating activities Principal proceeds from customer notes receivable ($16,456) 442 ($23,574) 1,020 ($4,580) 615 ($4,357) 739 ($19,220) ($1,341) ($4,681) $13,672 ($24,430) ($31,264) 1,526 2,242 1,965 1,982 3,757 5,579 Distributions to redeemable noncontrolling interests (294) (339) (450) (533) (695) (3,652) (1,491) Payments to dealers for exclusivity and other bonus arrangements 2,000 20,000 Inventory purchases 82 Adjusted Operating Cash Flow ($15,932) 59 ($22,495) 90 ($3,875) 1,671 ($2,241) 2,869 ($15,164) 2,491 $2,942 1,927 7,001 4,279 5,238 ($1,322) $21,960 ($18,046) ($1,938) Adjusted Operating Expense Reconciliation of Total Operating Expense, Net to Adjusted Operating Expense Total operating expense, net $20,813 $20,622 $21,743 $24,033 $26,936 $26,528 $27,025 $37,623 $31,222 $37,322 Depreciation expense (6,626) (7,025) (7,612) (8,219) (8,964) (9,386) (10,650) (10,290) (11,012) (11,627) Amortization expense (33) (33) (34) (33) (33) (34) (33) (33) (7) Non-cash compensation expense (272) (341) (532) (350) (726) (824) (916) (944) (387) (1,884) ARO accretion expense (141) (172) (188) (203) (211) (402) (278) (292) (313) (327) Disaster losses and related charges, net (98) (936) (316) (296) 182 (7,787) Financing deal costs (306) 51 (16) (1,523) 182 3 (564) (119) (849) IPO costs (1) (80) (482) (739) (1,307) Legal settlements (575) (150) (293) Adjusted Operating Expense $13,435 $12,986 Adjusted Operating Expense per weighted average customer $391 $348 $13,330 $332 $13,701 $15,163 $15,767 $15,103 $17,231 $18,647 $315 $317 $304 $273 $293 $301 $21,028 $320 New customers deployed during the period Lease PPA Loan Other 730 2,076 1,077 1,459 1,699 1,655 1,653 1,248 1,054 800 815 1,508 1,180 1,884 1,675 1,294 1,221 1,185 1,546 2,175 230 277 266 467 744 909 924 1,024 917 1,005 13 18 New customers deployed during the period Average kW per customer Estimated net system value deployed (in millions) 3,036 2,862 2,905 4,050 4,074 3,856 3,393 3,263 3,276 4,013 6.9 7.2 7.5 7.6 7.2 7.4 7.6 7.7 7.8 7.9 $18 $26 Estimated net system value deployed per new customer $5,929 $9,085 $29 $9,983 $35 $35 $8,642 $8,591 $34 $8,817 $28 $28 $25 $32 $8,252 $8,581 $7,639 $7,974 Estimated net system value deployed, leases and PPAs (in millions) $17 Estimated net system value deployed per new customer, leases and PPAs $6,058 $24 $9,284 $28 $10,610 $34 $9,489 $34 $10,210 $32 $10,859 $27 $10,936 $26 $24 $11,612 $10,230 $31 $10,368 A-5

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