Nextracker Inc - Ordinary Shares - Class A

Strong FY26 performance + record momentum (good / surprising) - FY26 revenue up ~20% to ~$3.56B; Q4 revenue $881M (-3% sequential) but above expectations. - Record backlog > $5.25B and one of the strongest booking quarters in company history (bookings supported by “flight to quality”). - Operating strength: Q4 Adjusted EBITDA $202M (23% margin); FY26 Adjusted EBITDA $854M (well above plan). - Cash: Adjusted free cash flow $154M in Q4 and $514M FY26; ~$1.1B cash, no debt, and achieved an investment-grade credit rating.

FY27 guidance raised and sets growth expectations (forecast / what matters) - Management increased FY27 targets (from Capital Markets Day ~6 months ago): - Revenue: $3.8B–$4.1B - Adjusted EBITDA: $825M–$900M - Mix: US high-70% / rest-of-world low-20%. - Non-tracker growth >40%; non-tracker revenue targeted to be ~15% of total revenue by FY27. - Q1 expectation: low single-digit sequential revenue growth. - Profitability: gross margins low 30s (but tempered by elevated freight/logistics, especially Middle East disruptions). - OpEx: 10.5%–11.5% of revenue near term due to platform expansion investments. - Cash flow/capex: Capex $75M–$100M; Adj. free cash flow $450M–$500M.

Platform traction: “everything but the panel” expanding beyond trackers (opportunity / positive) - Clear evidence of adoption: customers increasingly buying bundled/integrated solutions (trackers + foundations/frames + eBOS, etc.). - Key commercial highlights: - Tracker Plus Foundation ramp: multi-gigawatt deployments; annualized bookings run rate > $100M. - eBOS acceleration (following Bentek acquisition): record bookings in Q4, >40% YoY bookings growth for the business. - NX PowerMerge eBOS (initial PO indications for trunk bus + combiner box eBOS), enabling broader utility-scale coverage. - Product durability proof points: exceeded 50 GW cumulative for terrain-following tracker (XTR) and 30+ GW for Hail Pro; Hail Pro logged 4.61K hailstorms, 57 events up to 3-inch hail, with 99.99% module survival. - Pricing dynamic: modest ASP gain YoY driven by higher non-tracker attach rate; tracker pricing continues aligning with cost-reduction curve (healthy demand backdrop).