Suzlon Energy Limited

Investor Presentation
Q3, FY25

28th January 2025

Suzlon Wind Farm, Gondal, Gujarat, India

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 Disclaimer

This presentation and the accompanying slides (the “Presentation”), which have been prepared by Suzlon Energy Limited (the “Company”), have been prepared solely for information purposes and DOES not
constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis of or be relied on in connection with any contract or binding commitment whatsoever. The
Presentation is not intended to form the basis of any investment decision by a prospective investor. No offering of securities of the Company will be made except by means of a statutory offering document containing
detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever,
and no reliance shall be placed on, the truth, accuracy, reliability or fairness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may
consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. In particular, but without prejudice to the generality of the foregoing, no representation or
warranty whatsoever is given in relation to the reasonableness or achievability of any projections contained in the Presentation or in relation to the bases and assumptions underlying such projections and you must
satisfy yourself in relation to the reasonableness, achievability and accuracy thereof.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such
forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include,
but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the wind power industry in India and world-wide, the Company’s ability to
successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s
market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in
or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties
included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections.

No responsibility or liability is accepted for any loss or damage howsoever arising that you may suffer as a result of this Presentation and any and all responsibility and liability is expressly disclaimed by the
Management, the Shareholders and the Company or any of them or any of their respective directors, officers, affiliates, employees, advisers or agents.

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available, the Company’s securities may not be offered, sold, resold, delivered or distributed, directly or indirectly, into the United States or to, or for the account or benefit of, any U.S. Person (as defined in regulation
S under the Securities Act).

The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. Any
failure to comply with these restrictions may constitute a violation of the laws of such jurisdiction.

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 INDUSTRY
OUTLOOK

SUZLON
STRENGTHS

FINANCIAL
PERFORMANCE

Suvarda Wind Farm, Gujarat, India

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 India energy transition to boost Wind & Solar installations
Solar,
1,200 (57%)
Hydro
Solar, Fossil
78 (10%)
293 (38%) Fuel
Hydro Fossil Fuel 277
52 (11%) 244 (53%) (35%)

Dec’24 By 2030 By 2047

462 GW^ 777 GW* 2,100 GW**

Solar
98 (21%)

Wind Others Wind run-rate: 5-10 GWPA Wind run-rate: 20-50 GWPA

48 (11%) 20 (4%) Wind Others Fossil, Hydro and

100 (13%) 30 (4%) Others
^CEA All India Installed Capacity as on 31.12.2024 Wind
*CEA’s Report On Optimal Generation Capacity Mix for 2029-30 issued in Apr 2023 – Base Case scenario 500 (24%)
**EY Energy transition for Vikshit Bharat – Dec’24 400 (19%)

Panchamrit
500 GW of non-fossil fuel 1 bn tonnes reduction in 45% reduction in emissions 50% renewables in the energy
Net zero emissions by 2070
energy capacity by 2030 carbon emissions by 2030 intensity by 2030 mix by 2030

Wind is vital to the energy transition, with India's renewable sector growth heavily reliant on wind installations
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 Industry in an upcycle with long term structural tailwinds

Strong domestic demand outlook Key demand drivers for Wind

1. By 2047, electricity demand to hit 708 GW, requiring a fourfold capacity
India's $5 trillion vision by 2030 increase to 2,100 GW, with wind at 400 GW*
• Urbanization, data centers, and electric vehicle adoption are driving demand.
2. Onshore wind potential: 695 GW (120m HH) and 1,164 GW (150m HH)

India’s energy demand growth^ 3. Lower Renewable LCOE resulting in strong C&I growth
• Projected CAGR of 7% from FY24 to FY30, surpassing the historical 5%
4. ISTS charges waiver for 25 yrs. for RE projects COD till 30th June 2025**

Projected capacity additions 5. India's ₹9.15 Lakh Cr National Electricity Plan: Enhancing Power Grid and
• India aims for 122 GW of wind energy by 2031-32 Energy Security (2023-2032)

6. Potential as export hub for wind components for global markets

Accelerated C&I demand
7. GH2 Mission targets 5 MMT p.a. requiring RE of 125 GW by 2030
• C&I sector requires 78 GW of renewable energy by FY30^^

8. SECI’s auction for Green-Hydrogen and electrolyser manufacturing

Strong wind bidding pipeline 9. Repowering potential estimated by NIWE: ~25.4 GW
• 38+ GW wind pipeline by Central , State Utilities and C&I^^^
10. VGF scheme with INR ~7,500 Cr outlay for 1 GW of offshore wind

Source: GWEC Global Wind Report 2024,

^Nomura report on Power utilities *https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2064702
^^ICRA Indian Renewable Energy Sector – Mar 2023 **thereafter gradual reduction of waiver by 25% each year till Jun’28 (Refer link below)
^^^India RE Navigator (https://www.india-re-navigator.com/wind) https://powermin.gov.in/sites/default/files/uploads/Orders/B.4.3.pdf
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 INDUSTRY
OUTLOOK

SUZLON
STRENGTHS

FINANCIAL
PERFORMANCE

Suvarda Wind Farm, Gujarat, India

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 Suzlon’s competitive edge

20.9 GW* 31%

Global installed Wind Cumulative market
energy capacity share in India

7,800+ Own WTG Technology &

in-house R&D, well established
Global workforce product portfolio

*Includes installed capacity of 15 GW in India As on 31st Dec 2024

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 Suzlon’s strength

No.1 OEM in India’s Renewable Sector

End-to-end Pan India Technology

service provider presence leadership

Best-in-class Strong customer 29 Years

service capabilities relationship track record

Strong presence across value chain & customer segments

As on 31st Dec 2024

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 Key clientele among marquee customers globally

And many more customers…..

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 Footprint across India: Boosting manufacturing capabilities

Best-in-class manufacturing capability Vertically integrated low-cost supply chain

Manufacturing locations across India

India manufacturing Sufficient & flexible manufacturing
capacity ~4,500* MW capacity to cater to the market
India’s windy states
Other Indian states

Rajasthan

Gujarat Madhya
Pradesh Nacelle and Hub Blade Tubular Tower Control Panel

Maharashtra

Nacelle and Hub

Electric
Andhra
Blade
Pradesh
Tower
SE Forge
Mould Foundry Forging Transformer
Tamil Nadu

Map not to scale *Capacity of 4.500 MW is based on 3 MW WTGs.

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 S144: Made in India, Made for India

S144 Major Update

Product designed for the Indian market
to capitalize on low wind conditions

Over 5 GW of firm orders, making it

Suzlon Wind Farm, Gondal
dominant product for India market Gujarat

Commercial production is in full swing to

meet the robust order book

Accounted for a significant portion of

9MFY25 deliveries

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 Overview of India OMS* capabilities

Key Metrics Presence in all windy states in India

Installed base as on
15 GW 9,900+ USD 10 Bn 31st Dec 2024 of 15 GW
Installed base Turbines Assets under management
2.3 GW
Rajasthan 0.5 GW
Madhya Pradesh
1,900+ 94 4,000+
Customers Sites Team 4.2 GW
Gujarat

31% share of all India installed wind capacity

2.2 GW
0.1 GW
Maharashtra
India OMS financial strengths Telangana

• Annuity like stable cash flow business model 1.3 GW 1.6 GW

Karnataka Andhra Pradesh
• Impressive contract retention with satisfied customers 2.7 GW
• Annual O&M fee escalation of 4-5% 0.03 GW
Tamil Nadu

Kerala
*Information on this slide pertains solely to Suzlon make turbines. Renom information is on next slide
Map not to scale
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 Renom: The ultimate Multi-Brand O&M solution

Assets spread across states Competence of handling multi technology under one roof

3,016 MW 1,905 MW 148 MW 963 MW

Asset Under Wind Solar BOP
Management
344 MW
Rajasthan 152 MW
Madhya Pradesh
15 37 875+ 200+
Different OEM Models being Manpower Satisfied
812 MW Make serviced` Customers
Gujarat
(₹ Cr.)
Asset under Management (GW) Revenue

3.0 213
213 MW 2.5 168 154 163
Maharashtra 1.5 1.7

332 GW 386 MW
Karnataka Andhra Pradesh
FY22 FY23 FY24 9MFY25 FY23 FY24 9MFY24^ 9MFY25^
777 MW
Tamil Nadu
Diverse MBOMS Proven track Resources & Focused Multi-
Lean & Agile
Fleet record Technology brand
Map not to scale

13 ^9MFY24 and ^9MFY25 numbers are unaudited

 Wind Order Book

Wind Order Book (in MW) WTG model mix Project segment mix
241% Central &
S144
92% State
21% Auctions
5,521 Captive/
5,035 C&I/Retail 58%
4,731
S120 21%
3,817 8% PSU

2,929
2,290
Scope mix State mix

Non KA
EPC 26%
81% AP
12%
RJ
Dec'23 Mar'24 Jun'24 Sep'24 Dec'24 Jan'25^ 11% GJ
37%
Orders announced in Jan’25
EPC* MH
TNMP
7%
̶ 486 MW order secured from Torrent Power 19% 5%2%

Highest ever domestic Order Book of 5.5 GW and strong pipeline provide clear revenue outlook
14 ^Order book as on 31st Dec 2024 plus orders announced in Jan ’25 *EPC scope may differ from contract to contract I Note: Mix based on 5,521 MW
 Pioneering the Future: Leaders at the Helm

Vinod Tanti Girish Tanti JP Chalasani Himanshu Mody Rajendra Mehta Sandeep Chowdhury
Chairman & Group CHRO Group General Counsel
Vice Chairman Group CEO Group CFO
Managing Director

Tulsi Tanti
Founder,
Late Chairman
and Managing
Director

Bernhard Telgmann Vivek Srivastava Gurpratap Boparai Sairam Prasad Kamlesh Bhadani
Group CTO CEO WTG Business CEO Manufacturing CEO India OMS MD SE Forge

Professional senior management team backing the rich experience of the Board

Note: Detailed profile of the management team and the board of directors is available on website/Annual Report

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 Awards and Recognition

GWEC CII CFO Great Indian The Asian D & B India’s 500
Board Excellence Plant Leaders Business Value Creators
Suzlon Group's Girish CFO Excellence Awards Great Indian Industry of Suzlon Energy Australia Suzlon featured in Dun &
Tanti elected as the Vice- 2023-24 under the the Year Sustainability wins Australia Service Bradstreet 2024, Top 500
Chairman, Board of category ‘Excellence in (Renewable Sector) From Experience of the Year - wealth creators. The
GWEC. He is also the Turnaround’ by Great Indian Plant Renewable Energy at the report also recognized
Chairman, GWEC India Confederation of Indian Leaders Summit & Asian Experience Awards, Suzlon leadership in
and Co-Chairman, CII Industry Awards 2024 2024 achieving zero waste and
National Committee on ethical supply chains.
Renewable Energy

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 ESG landscape: Making meaningful impact and earning recognitions

Ratings

ESG Rating upgraded by 22 77/100 in ESG Ratings “Medium” category in ESG “Adequate” score in ESG Rated “Medium Risk” in 2023
points Ratings Ratings (Revised Score in 2024 awaited)

Awards Memberships

Global Award Sustainability Gold Award for Green Decarbonization and Climate Member of United Nations Suzlon Group joins Indian
Excellence in Renewables Practices – Service Category Change Global Compact (UNGC) Green Steel Coalition (IGSC)

Suzlon rated higher than Industry average in all ESG pillars by S&P Global
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 INDUSTRY
OUTLOOK

SUZLON
STRENGTHS

FINANCIAL
PERFORMANCE

18 Suzlon Wind Farm, Hallett, Australia

 Key highlights

✓ Achieved record quarterly deliveries of 447 MW, with consolidated revenue soaring to ₹2,969 Cr

✓ EBITDA hits ₹500 Cr for Q3 FY25, with PAT of ₹388 Cr

✓ Manufacturing capacity reached 4.5 GW, with revamped Pondicherry and Daman Nacelle Facilities

✓ Unmatched in the industry, highest-ever firm order book of 5.5 GW

✓ S144 orderbook surpasses 5 GW making it dominant product for Indian markets

✓ Strong net cash position of ₹1,107 Cr as of 31st Dec 2024

✓ CRISIL has upgraded the rating to A/Positive, marking the second upgrade in a year

Strong execution focus resulting in higher deliveries and robust financial performance
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 Exceptional Q3 FY25 performance, marked by impressive growth

Deliveries (MW) 75% QoQ 163% YoY Revenue (₹ Cr.) 42% QoQ 91% YoY

447 2,969

2,093
256 1,553
170

Q3FY24 Q2FY25 Q3FY25 Q3FY24 Q2FY25 Q3FY25

EBITDA (₹ Cr.) 70% QoQ 102% YoY PAT (₹ Cr.) 93% QoQ 91% YoY

500 388

294
248 203 201

Q3FY24 Q2FY25 Q3FY25 Q3FY24 Q2FY25 Q3FY25

20 Note: Consolidated numbers used| Q3FY24,Q2FY25 and Q3FY25 numbers are unaudited
 Strong operational performance for 9M FY25 aided by higher deliveries

Deliveries (MW) 124% YoY Revenue (₹ Cr.) 64% YoY

977 7,078

4,257 4,318
482 437

9M FY23 9M FY24 9M FY25 9M FY23 9M FY24 9M FY25

EBITDA (₹ Cr.) 73% YoY PAT (₹ Cr.) 120% YoY

1,164 891

671
599
406

98

9M FY23 9M FY24 9M FY25 9M FY23 9M FY24 9M FY25

21 Note: Consolidated numbers used| 9MFY24 and 9MFY25 numbers are unaudited For 9MFY23, PAT before exceptional items
 WTG Division – Key performance indicators

Wind capacity additions in India (in GW) Deliveries & Installations by Suzlon (in MW)
3.3
Deliveries (MW)
977
Installations (MW) 882
2.3 2.3 808
664 710
618
459 495 459*
437
1.1

241

FY22 FY23 FY24 9MFY25^ FY22 FY23 FY24 9MFY24^ 9MFY25^

Source: Directory Indian Wind Power, 2024 (CECL) Suzlon has an installed base of 15 GW, representing a 31% market share of India's total wind capacity of 48.2 GW

Robust performance on back of structural improvements Revenue & EBITDA

Revenue (Rs. Cr) 5,340

1. Driven by strong commercials fundamentals, lower LCoE driving C&I demand EBITDA (Rs. Cr)
4,376 4,215
2. Wind tariffs at sweet spot for all key stakeholders; customers, OEMs, Financial 3,781
Institutions, etc. 2,683
3. Fortified balance sheet with adequate working capital helped delivery growth of 124% on 502
YoY basis. 196
34 85 100
4. Contribution Margin for WTG division improves to 22.7% in 9M FY25 from 19.4% in 9M
FY24
FY22 FY23 FY24 9MFY24^ 9MFY25^

^9MFY24 and ^9MFY25 numbers are unaudited | *including 218 MW erected/ready for commissioning
Note: The revenue numbers are from statutory segment reporting

22 WTG Division well poised to capture the opportunity in wind sector with strong order book
 OMS India Division1 - Key performance indicators

Revenue & EBITDA trend (Rs. in Cr.) Installed Capacity Base (GW)
Revenue EBITDA EBITDA %
15.0
1,798 14.7
1,668
1,566 1,426 13.9
1,280 13.4
47.3%
42.9% 40.1% 40.5%
40.1%
741 715 721
513 577

FY22 FY23 FY24 9MFY24^ 9MFY25^ FY22 FY23 FY24 9MFY25^

Key Strengths Machine Availability (%)

1. Over 2 decades of 4. Diversified supplier and vendor network

best-in-class practices 96.1% 96.5% 96.5%
95.8%
2. High double-digit margins and 5. Highly experienced management team
stable cashflows
6. Legacy positioning and sizeable presence in
3. Strong customer base across all
segments all eight windy states

FY22 FY23 FY24 9MFY25^

^9MFY24 and ^9MFY25 numbers are unaudited | FY24 EBITDA is after net impact of one-time costs of Rs 47 Cr on account of cyclone Biparjoy in Gujarat
Note 1: The above numbers are for OMS India division from statutory segment reporting without Renom

OMS India Division is a resilient business model generating consistent cash

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 SE Forge (Foundry & Forging) – Key performance indicators

Operating Revenue & EBITDA trend (Rs in Cr.) Revenue (Rs in Cr.)
Suzlon Others Suzlon share
Op. Revenue EBITDA EBITDA %
16% 18% 36% 36% 43%
477 472 483
477 472 482
16.6% 321 77 86
15.7% 324 324
175 321
13.3% 12.4%
8.8% 118 137
79 76 400 386
41 43 40 307
207 184

FY22 FY23 FY24 9MFY24^ 9MFY25^ FY22 FY23 FY24 9MFY24^ 9MFY25^

Key Strengths Capacity Utilization (%)

1. Independently operating 4. Lower level of capacity utilization

business with diversified provides headroom for growth 25%
customer base 22% 22%
5. Availability of skilled manpower & 19%
2. Annual manufacturing capacity working capital
of 120,000 MT 6. Robust & lean manufacturing
3. Favorable wind energy market systems
conditions
FY22 FY23 FY24 9MFY25^

^9MFY24 and ^9MFY25 numbers are unaudited

Note: The revenue numbers are from statutory segment reporting

SE Forge (Foundry & Forging) is well poised for capacity expansion with strong demand for wind power
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 Consolidated Income Statement
(₹ Cr.)
Q3 FY25 Q2 FY25 Q3 FY24 9M FY25 9M FY24 FY24
Particulars
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Net Volumes (MW) 447 256 170 977 437 710
Net Revenue 2,969 2,093 1,553 7,078 4,318 6,497
Contribution 998 734 565 2,444 1,616 2,348
Contribution Margin 33.6% 35.1% 36.4% 34.5% 37.4% 36.1%
Employee Expenses 265 242 177 703 521 703
Other Expenses (net) 233 198 140 577 424 617
EBITDA 500 z 294 248 1,164 671 1,029
EBITDA Margin 16.8% 14.1% 15.9% 16.4% 15.6% 15.8%
Depreciation 66 54 39 166 145 190
Net Finance Cost 42 38 5 102 93 126
Taxes 4 1 0 5 0 (1)
Net Profit/(Loss) (before exceptional items) 388 201 203 891 433 714
Exceptional Loss / (Gain) - - - - 27 54
Net Profit After Tax 388 201 203 891 406 660

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 Consolidated Balance Sheet
(₹ Cr.)
Dec-24 Mar-24 Mar-23
Particulars
Unaudited Audited Audited
Equity & Liabilities
Net Worth 4,914 3,920 1,099
Non-Controlling Interests 199 - -
Borrowings (non-current and current) 230 110 1,905
Non-current Liabilities 856 200 206
Current Liabilities 4,285 2,948 2,313
Total equity and liabilities 10,484 7,179 5,523
Assets
Non-current Assets 2,070 1,061 988
Inventories 3,288 2,292 1,827
Trade Receivables 2,855 1,830 1,170
Other current assets 934 739 813
Cash and cash equivalents* 1,338 1,258 725
Total assets 10,484 7,179 5,523

Net Cash/(Net Debt) 1,107 1,148 (1,180)

26 *including Non-Current Bank balances
 Glossary

1. AEP – Annual Energy Production 17. LCoE – Levelized Cost of Energy

2. BOP – Balance of Plant 18. MNRE – Ministry of New And Renewable Energy
3. BESS – Battery Energy Storage System 19. MT – Metric Ton
4. C&I – Commercial and Industrial 20. MW – Megawatt
5. CEA - Central Electricity Authority 21. NIWE – National Institute of Wind Energy
6. COD – Commercial Operations Date 22. OEM - Original Equipment Manufacturer
7. EBITDA – Earnings before Interest, Tax, Depreciation and Amortizations 23. OMS – Operations and Maintenance Services
8. GoI – Government of India 24. PLF – Plant Load Factor
9. GH2 – Green Hydrogen 25. PSA – Power Sale Agreement
10. GW – Gigawatt 26. RE – Renewable Energy
11. GWEC – Global Wind Energy Council 27. RGO -- Renewable Generation Obligation
12. HH – Hub Height 28. RPO – Renewable Purchase Obligation
13. IRIM – International Research Institute for Manufacturing 29. RTC – Round The Clock
14. ISTS – Inter-State Transmission System 30. SCoD – Scheduled Commissioning Date
15. IWTMA – Indian Wind Turbine Manufacturers Association 31. WTG – Wind Turbine Generator
16. KPI – Key Performance Indicators 32. Y-o-Y – Year on Year

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 References

https://www.seci.co.in/

https://cea.nic.in/

https://mnre.gov.in/

https://niwe.res.in/

https://powermin.gov.in/

https://www.mercomindia.com/

http://www.cercind.gov.in/

https://gwec.net/globalwindreport2023/

https://gwec.net/india-wind-energy-market-outlook-2023-2027-report/

https://www.crisil.com/en/home/sectors-we-cover/energy.html

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 Thank You!
Email contact for queries:
investorrelations@suzlon.com

Suzlon Wind Farm, Weltur, Maharashtra

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