Slide 1: FY2025 Earnings Presentation
FY2025 Earnings Presentation November 25, 2025
Slide 2: Disclaimer: Forward-Looking Statements
Disclaimer that may cause actual results or performance to be materially different from those our ability to obtain, maintain and enforce proper protection for our intellectual expressed or implied by these forward-looking statements, which include, but are not property, including our technology; th
Slide 3: Today's Agenda
Strategy Update Today’s 1 Julian Nebreda, President & CEO Agenda
Slide 4: FY 2025 Executive Summary
FY 2025 1 Record year-ending backlog of ~$5.3 billion Executive 2 13.7% adjusted gross margin2 for FY’25, an all-time high Summary 3 $19.5 million of adjusted EBITDA2 4 Year-ending liquidity of $1.3 billion1 , including ~$715 million of cash7 , the highest level in company history ADJUSTED GROSS ANN
Slide 5: Pipeline Supporting Continued Visibility to Future Revenue
Pipeline Supporting Continued Visibility to Future Revenue $1,433M 25% APAC ~50% FLNC $23.4 Billion 45% Q4’25 Record Utility Scale Order Intake $4.9 B Pipeline EMEA ~20% 30% Americas ~30% Americas EMEA APAC © Fluence Energy, Inc. All rights reserved. | 5
Slide 6: Fluence Awarded 4 GWh Project; Largest Battery Storage System in Europe
Fluence Awarded 4 GWh Project; Largest Battery Storage System in Europe “With Fluence's Smartstack, we found a solution that promises strong advantages in total cost of ownership, high energy density, fast and simple installation, and a safety concept designed for dependable long-term operation." Th
Slide 7: Accelerating Demand for Battery Storage Beyond Fleet Transformation
Accelerating Demand for Battery Storage Beyond Fleet Transformation Data Centers Long Duration Energy Storage • Over 30 GWhs1 of data center (LDES) projects currently in pipeline or • Over 60 GWh of 6-8hr+ duration leads in renewable-heavy markets • Over 80% of projects have • Including UK, Germany,
Slide 8: New Organizational Structure Designed to Capture Accelerating Demand
New Organizational Structure Designed to Capture Accelerating Demand Jeff Monday John Zahurancik CHIEF GROWTH OFFICER CHIEF CUSTOMER SUCCESS OFFICER Global Sales & Marketing Functions Global Execution, Service & Digital Offerings KEY OBJECTIVES KEY OBJECTIVES • Drive multi-year revenue growth though
Slide 9: Smartstack Redefines the Architecture of Energy Storage
Smartstack Redefines the Architecture of Energy Storage Focus on Total Cost of Ownership Maximized Energy Density • 7.5 MWh/unit • Over 500 MWh/acre Streamlined Deployment Ease of Maintenance High Reliability Fire Safety & Cyber Security features Integrated Software offers complete visibility and co
Slide 10: Leading Domestic Content with Ability to Deliver 100% Non-Chinese Product
Leading Domestic Content with Ability to Deliver 100% Non- Chinese Product Fluence Fluence Batteries Modules made-in Made-in Tennessee Utah © Fluence Energy, Inc. All rights reserved. | 10
Slide 11: Advancing our Strategy to Secure OBBBA-Compliant Battery Cells
Advancing our Strategy to Secure OBBBA-Compliant Battery Cells 1 Secured second supplier for domestic battery cells, diversifying our domestic supply chain 2 Significant progress made to address compliance of AESC facility with OBBBA in advance of effective dates © Fluence Energy, Inc. All rights re
Slide 12: Today's Agenda: Financial Update
Today’s Agenda 2 Financial Update Ahmed Pasha, SVP & CFO
Slide 13: Fiscal Year 2025 Financial Performance
Fiscal Year 2025 Financial Performance All figures in $ million, unless specified2 FY 2024 FY 2025 Revenue $2,699 $2,263 HIGHLIGHTS 2 Adjusted Gross Profit1 $348 $310 1 FY2025 revenue was ~$300M Adjusted Gross Profit Margin1 12.9% 13.7% below plan primarily due to production delays in U.S. Adjusted
Slide 14: Continued Improvement in Adjusted Gross Margin, Driven by Strong Execution
Continued Improvement in Adjusted Gross Margin, Driven by Strong Execution Rolling 12 Month Adjusted Gross Margin%1,2 13.2% 13.4% 13.7% 12.9% 13.1% 12.4% 9.4% 7.6% 6.6% 4.1% 3.3% 0.7% -4.5% Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 1) Rolling 12 Month Gross Profit
Slide 15: ~$1.3 Billion of Liquidity Positions Us Well to Execute on Our Strategy
~$1.3 Billion of Liquidity Positions Us Well to Execute on Our Strategy All figures in $ million, unless specified $556 mn $1,270 mn $715 mn 2 1 Ending Cash Availability under Credit 1 Total Liquidity as of Sept 30, Facilities 2025 Note 1: Total Liquidity is a management metric and is defined as cas
Slide 16: Initiating FY2026 Guidance
Initiating FY2026 Guidance All figures in $ million, unless FY 2025 FY 2026 specified Actuals Guidance HIGHLIGHTS $3,200 - $3,600 Revenue $2,263 Midpoint $3,400 1 ~85% of midpoint of FY’26 revenue covered by backlog 2 Anticipate 1/3rd of annual Annual Recurring Approximately $180 revenue during H1 a
Slide 17: Key Takeaways
Key Takeaways 1 BESS demand acceleration driven by data centers, LDES and renewable penetration around the globe. 2 Smartstack beginning to capture accelerating BESS demand 3 We continue to drive our leadership position in U.S. domestic content 4 Executed agreement with second US battery supplier, a
Slide 18: Key Takeaways
Key Takeaways 1 Market Leadership: Strong pipeline of $23 Bn; Presence in key markets to capture rising demand from data centers and Long Duration Storage 2 Product Leadership: Smartstack high density and low cost set us a part 3 Operational Execution: Established domestic content platform to meet g
Slide 19: Today's Agenda
1) Strategy Update Tod ay’ S Julian Nebreda, President & CEO Agenda 2) Financial Update Ahmed Pasha, SVP & CFO @ Q&A FLUcNCe ‘A Siemens and A€S Company
Slide 20: Appendix
Appendix aReNee
Slide 21: Smartstack's Modular Design Can Fit Customer Specs
Smartstack’s Modular Design Can Fit Customer Specs Smartstack Battery Cell FROM Cell Supplier 1 (US) Cell Supplier 2 Battery Module Cell Supplier 3 Battery Pod Cell Supplier 4 Cell Supplier 5 • Initially ships with 7.5 MWh • Upgradable as requirements change Smartstack’s split architecture separates
Slide 22: Extreme Power Usage Fluctuations of Data centers
Extreme Power Usage Fluctuations of Data centers Source: Company Estimates; McKinsey © Fluence Energy, Inc. All rights reserved. | 22
Slide 23: OBBBA Provides Upside to Storage; Supports FLNC's Strategy
OBBBA Provides Upside to Storage; Supports FLNC’s Strategy Longterm ITC availability, limits on Chinese competition, and incentives for domestic content favor FLNC Section 48E ITC (Claimed by FLNC Customers) for start of project construction 75% 65% 70% Non-Prohibited Foreign Highlights of OBBBA 60%
Slide 24: PFE Restrictions in OBBBA are Complex but Workable
PFE Restrictions in OBBBA are Complex but Workable Amount of Non-PFE Content Required for Section 45X Advanced Manufacturing Tax Credit Increases Over Time Section 45X Cells/Modules (Impacts FLNC) 85% 85% 85% 80% 70% Key Takeaways 65% 60% 1) Working with domestic suppliers to help facilitate their c
Slide 25: Current Tariffs on Chinese Battery Imports
Current Tariffs on Chinese Battery Imports IN CALENDAR YEAR 2025 EXPECTED IN CALENDAR YEAR 20261 3.4% 10% 3.4% 10% Base tariff Fentanyl related tariff Base tariff Fentanyl related tariff 7.5% 10% 25% 10% Section 301 tariff on Universal tariff Section 301 tariff on Universal tariff cells, modules or
Slide 26: Fluence's Integrated Domestic Content Supply Chain
Fluence’s Integrated Domestic Content Supply Chain Ability to Mix and Match BESS Components Enables Us to Meet Customer's Needs While Maximizing Volumes Module Manufacturing UTAH 6 PRODUCTION FACILITIES >1,500 JOBS CREATED IN THE US Cell Manufacturing Inverter Manufacturing TENNESSEE SOUTH CAROLINA
Slide 27: Fluence Battery Pack – Gridstack Pro (Seventh Generation)
Fluence Battery Pack – Gridstack Pro (Seventh Generation) Enables easier implementation of integrated solutions while commoditizing battery cells Fluence Mosaic Battery Cell FROM DCPM Cell Supplier 1 (US) The "brains" of the Pack System, the Cell Supplier 2 DCPM collects battery data for Cell Suppli
Slide 28: Definitions
Definitions ITEM DEFINITION Backlog represents the unrecognized revenue value of our contractual commitments, which include deferred revenue and amounts that will be billed and recognized as revenue in future periods. The Company’s backlog may vary significantly each reporting period based on the ti
Slide 29: Non-GAAP Financial Measures
Non-GAAP Financial Measures Included in this presentation and discussed in the earnings call are certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Profit Margin, Operating Expenses, excluding stock compensation expenses, and Operating Expenses, exc
Slide 30: Non-GAAP Financial Measures & Reconciliations
Non-GAAP Financial Measures & Reconciliations1 ($ in millions) Q4’24 FY24 Q4’25 FY25 ($ in millions) Q4’24 FY24 Q4'25 FY25 Note 1: May not reconcile to financial statements due to GROSS PROFIT 157.5 341.1 142.9 295.8 NET INCOME (LOSS) 67.7 30.4 24.1 (68.0) rounding. Add: Gross Profit Margin % 12.8%