Slide 1: Q4 FY2025 Shareholder Letter
Q4 FY2025 SHAREHOLDER LETTER May 14, 2025 Winneke Solar Farm powering Melbourne Water’s Water Treatment Plant in Melbourne’s northeast, featured technology: Nextracker NX Horizon-XTRTM all terrain tracker
Slide 2: Financial Highlights
Financial Highlights Performance Through Q4 FY25 Revenue ($M) Adjusted EBITDA ($M) Adjusted Free Cash Flow ($M) 776 2,959 26% 2,500 Adj. 622 +18% EBITDA % +49% +46% 521 21% 427 FY24 FY25 FY24 FY25 FY24 FY25 GAAP Adjusted Gross Profit ($M) Gross Profit ($M) Full Year 2025 Financial Highlights • 18% r
Slide 3: Dear Nextracker Shareholder
Dear Nextracker Shareholder, We are pleased to share the results of our fourth quarter and full fiscal year 2025. On our earnings conference call, we will provide short opening remarks and a Q&A session. We look forward to speaking with you on our call, scheduled for May 14 at 2:00 p.m. PT. Nextrack
Slide 4: Q4 and FY25 Results
Q4 and FY25 Results We ended another year of strong financial performance by posting record quarterly and annual results, including revenue, adjusted EBITDA, and cash flow. Our performance was driven by FY25 Revenue +18% YoY solid execution across all aspects of our business and geographic regions,
Slide 5: Business Highlights
Business Highlights In Q4 and throughout fiscal year 2025, we delivered significant results from our legacy investments in product innovation, reinforcing our position as the global leader in large-scale solar power deployment solutions comprising trackers, foundations, installation tools, system mo
Slide 6: Nextracker's Strategic Evolution
Nextracker’s Strategic Evolution Our market opportunity is expanding rapidly, driven by We are systematically executing on this strategy structurally increasing global demand for electricity and acquired two foundations companies in FY25 to power AI data centers, EVs, manufacturing, and that are now
Slide 7: Fiscal Year 2026 Outlook
Fiscal Year 2026 Outlook For FY26 we expect revenue to be in the range of We plan to increase our investments in both organic $3.2 billion to $3.4 billion, adjusted EBITDA in the range and inorganic growth initiatives in FY26. of $700 million to $775 million and adjusted diluted EPS to be in the ran
Slide 8: Outlook Summary
Outlook Summary FY25 Actual FY26 Outlook Revenue $ 3.0B $ 3.2 to $3.4B GAAP Net Income $ 517M $445 to $503M GAAP Diluted EPS $ 3.47 $ 2.91 to $3.29 Adjusted EBITDA $ 776M $700 to $775M Adjusted Diluted EPS $ 4.22 $ 3.65 to $4.03 • 45X incentives will continue for the full year • Other income, net of
Slide 9: Unlocking Greater Value in Utility-Scale Solar through Integrated eBOS Solutions
Unlocking Greater Value in Utility-Scale Solar through Integrated eBOS Solutions Strengthening Our Position in the Fastest Growing Energy Market The utility-scale solar industry is undergoing a rapid transformation, fueled by innovation, cost reduction, policy support, and increasing global demand f
Slide 10: Why This is the Right Move for Nextracker and the Industry
INTEGRATED EBOS SOLUTIONS Why This is the Right Move for Nextracker—and for the Industry Tapping into a Multi-Billion Dollar Market Opportunity In utility-scale solar, eBOS accounts for significant spend and is a critical product category that directly impacts performance, cost, and construction spe
Slide 11: We Offer Choice, Including Our Trunk Bus Solution
INTEGRATED EBOS SOLUTIONS We Offer Choice, Including A Bankable, Proven Partner with Our Trunk Bus Solution American-Made Quality We offer customers a choice between the two leading Bentek, now part of Nextracker, brings over 15 years eBOS configuration types: conventional harness-based of proven ut
Slide 12: Customer Wins, Bookings, and Backlog
On site field supervisors at Pirapora solar plant, Brazil Customer Wins, Bookings, and Backlog Nextracker continues to enjoy strong repeat business, as well as selling into new markets and winning new customers. We operate our business on an annual and multi-year basis to reflect the nature of large
Slide 13: Customer Wins, Bookings, and Backlog: U.S. and Rest of World
CUSTOMER WINS, BOOKINGS, AND BACKLOG U.S. Business Rest of World In Q4, we achieved record new U.S. booking volumes, In Q4, we also achieved a strong bookings pace further extending the company’s industry leadership outside of the U.S. position. In Q4, we signed contracts in 17 different countries O
Slide 14: Industry Update
Industry Update There have been significant developments across the U.S. have been in frequent and intensive discussions with our policy landscape since our last shareholder letter. New customers, power industry leaders, and politicians on both tariffs have been implemented, and in some cases quickl
Slide 15: Financial Results
NX HorizonTM smart solar tracker featured at Janauba Solar Power Plant, Brazil (1.3 GW) Financial Results Shareholder Letter Q4 FY2025 Page 15
Slide 16: Financial Results: Revenue and Revenue Mix
FINANCIAL RESULTS Revenue ($M) 924 Revenue Mix 737 720 679 Revenue Q4 Q1 Q2 Q3 Q4 636 $M, except % FY24 FY25 FY25 FY25 FY25 U.S. 494 511 462 450 608 YoY Change 27% 89% 21% -19% 23% RoW 242 208 174 229 316 YoY Change 89% 0% -9% 48% 31% U.S. % 67% 71% 73% 66% 66% Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY2
Slide 17: Financial Results: Adjusted EBITDA and Profitability
FINANCIAL RESULTS Profitability Adjusted EBITDA ($M) 242 $M, except % Q4 Q1 Q2 Q3 Q4 186 and per share FY24 FY25 FY25 FY25 FY25 175 173 160 Adj. Gross Profit 222 241 228 245 309 22% 24% 27% 27% 26% Adj. YoY Change 118% 109% 50% 15% 39% EBITDA % Adj. Gross Margin 30% 34% 36% 36% 33% Adj. EBITDA 160 1
Slide 18: Financial Results: Quarterly Results
FINANCIAL RESULTS Q4 net interest and other income was $3 million, company acquisitions, and the implementation of primarily driven by higher interest income on a transfer pricing strategies. higher average cash and cash equivalents balance, partially offset by tax-related other expense. Q4 diluted
Slide 19: Balance Sheet and Cash Flow
FINANCIAL RESULTS Balance Sheet and Cash Flow Our strong balance sheet, cash flow generation, and During FY25, we funded acquisitions of ample liquidity remain competitive advantages. We approximately $152 million with cash from the closed the quarter with $766 million in total cash and balance shee
Slide 20: About Nextracker
NX Anchor™ foundation solution tackles frost heave and expansive soils at Leeds Solar Farm in Maine About Nextracker We at Nextracker envision a world powered by renewable energy where clean, affordable power is available for all. Our mission is to be the most trusted and valued renewable energy com
Slide 21: Nextracker Product Portfolio: Tracker Systems
ABOUT NEXTRACKER Nextracker Product Portfolio Tracker Systems Nextracker offers customers the industry’s most comprehensive smart solar tracker portfolio, optimized for all panels. Designed with independent-row and windproof architecture, Nextracker solutions deliver greater flexibility to reliably
Slide 22: Nextracker Product Portfolio: Software and Services
ABOUT NEXTRACKER Nextracker Product Portfolio Energy Yield Management System and Controls Our field-proven TrueCapture® energy yield management and NX NavigatorTM advanced monitoring and control platforms are the most advanced in the solar tracker sector. Validated by independent engineers and embra
Slide 23: A Global and Diversified Supply Chain
ABOUT NEXTRACKER A Global and Diversified Supply Chain Nextracker’s 130 GW+ shipments demonstrate the We have started delivering piers and tubes from our global scale of our supply chain. We have more than regional manufacturing facility in Saudi Arabia. This 80 GW shipped in the U.S. and more than
Slide 24: Go-to-Market Strategy and Operations
ABOUT NEXTRACKER Go-to-Market Strategy and Operations Nextracker provides intelligent, integrated utility-scale solutions to customers through a capex-light manufacturing model, in which most of our components are produced by outside qualified vendors through contract manufacturing agreements. We ha
Slide 25: About Nextracker
ABOUT NEXTRACKER Nextracker is a global leader of advanced solar technology solutions used in power plants around the world. Our products enable solar power plants to follow the sun’s movement across the sky and optimize performance. With products operating in more than forty countries worldwide, Ne
Slide 26: Forward Looking Statements
Forward Looking Statements This shareholder letter contains forward-looking perceptions of historical trends, current conditions, statements within the meaning of Section 27A of the expected future developments and other factors they Securities Act of 1933, as amended, and Section 21E believe to be
Slide 27: Use of Adjusted Financial Information
the imposition of import tariffs; an increase in interest Use of Adjusted rates, or a reduction in the availability of tax equity or Financial Information 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 mor
Slide 28: Schedule I: Statements of Operations
Schedule I Nextracker Inc. Unaudited condensed consolidated statements of operations and comprehensive income (In thousands, except per share data) Shareholder Letter Q4 FY2025 Page 28
Slide 29: Schedule I: Statements of Operations (continued)
Schedule I Nextracker Inc. Unaudited condensed consolidated statements of operations and comprehensive income (continued) (In thousands, except per share data) Shareholder Letter Q4 FY2025 Page 29
Slide 30: Schedule II: Condensed Consolidated Balance Sheets
Schedule II Nextracker Inc. Unaudited condensed consolidated balance sheets (In thousands) Shareholder Letter Q4 FY2025 Page 30
Slide 31: Schedule III: Statements of Cash Flows
Schedule III Nextracker Inc. Unaudited condensed consolidated statements of cash flows (In thousands) Shareholder Letter Q4 FY2025 Page 31
Slide 32: Schedule IV: Reconciliation of GAAP to Non-GAAP Financial Measures
Schedule IV Nextracker Inc. Reconciliation of GAAP to Non-GAAP Financial measures (In thousands, except percentages and per share data) Shareholder Letter Q4 FY2025 Page 32
Slide 33: Schedule IV
Schedule IV Shareholder Letter Q4 FY2025 Page 33
Slide 34: Schedule IV
Schedule IV Shareholder Letter Q4 FY2025 Page 34
Slide 35: Schedule V: Notes
Schedule V Nextracker Inc. Notes To supplement Nextracker’s unaudited selected In calculating non-GAAP financial measures, we financial data presented consistent with U.S. exclude certain items to facilitate a review of Generally Accepted Accounting Principles (“GAAP”), the comparability of the Comp
Slide 36: Schedule V
Schedule V The following are explanations of each of the footprint. These suppliers produce 45X Credit adjustments that we incorporate into non-GAAP eligible parts, including torque tubes, and structural measures, as well as the reasons for excluding fasteners, that will then be incorporated into a