Waaree Energies Limited

3x

eliness, or completeness. 1 Global Solar PV Capacity to increase to 7.4 TW from current 2.26 TW; 3x of current levels Industry Outlook Our Execution Engine Structural Tailwinds Customer Advantage

rs 3

ctural Tailwinds Customer Advantage Proven Leadership Compounding Future In GW Key Demand Drivers 3x 7400 6365 5365 4455 3635 2900 2260 1660 1185 940 710 2020 2021 2022 2023 2024 20

40%

2026E 2027E 2028E 2029E 2030E Data Centres: Electricity demand to double to 945 TWh by 2030; 40% of corporate PPAs signed for renewables Artificial Intelligence: AI-specific data centre power t

30%

s signed for renewables Artificial Intelligence: AI-specific data centre power to triple by 2030; 30% annual growth in accelerated servers Robotics: Industrial automation driving electrification; ma

10%

ship Compounding Future 1 2 3 Russia-Ukraine War (2022) • EU gas from Russia collapsed: 40% → ~10% • Gas prices surged 5–10x at peak • Exposed fossil fuel vulnerability across Europe Israel-Gaza &

10x

1 2 3 Russia-Ukraine War (2022) • EU gas from Russia collapsed: 40% → ~10% • Gas prices surged 5–10x at peak • Exposed fossil fuel vulnerability across Europe Israel-Gaza & ME Instability (2023–24) •

20%

Broader regional escalation concerns Iran War & Hormuz Closure (2026) • Strait of Hormuz closed: ~20% global oil/gas cut • Oil surged >$100/bbl; gas prices up 40%+ • World Bank: energy prices to surge

24%

global oil/gas cut • Oil surged >$100/bbl; gas prices up 40%+ • World Bank: energy prices to surge 24% in 2026 Revised Renewable Energy Directive introduced to almost double the existing share of rene

300 billion

vised Renewable Energy Directive introduced to almost double the existing share of renewables; • €300 billion mobilized to fund the REPowerEU Plan • Wind + solar saved EU €12B in year one; • EU solar addition

67 GW

ized to fund the REPowerEU Plan • Wind + solar saved EU €12B in year one; • EU solar additions hit 67 GW in 2024 1,500 MW decentralised rooftop solar added in Ukraine to counter grid attacks and power c

1,500 MW

e REPowerEU Plan • Wind + solar saved EU €12B in year one; • EU solar additions hit 67 GW in 2024 1,500 MW decentralised rooftop solar added in Ukraine to counter grid attacks and power cut Gulf solar amb

50%

r added in Ukraine to counter grid attacks and power cut Gulf solar ambitions re-energised; Saudi 50% renewable by 2030; UAE 30% clean energy Saudi +115% solar imports in 2025 Global solar hit ~ 600

“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 is for informational purposes only and does not constitute an offer, invitation, solicitation, or recommendation to invest in the securities of the Company.”

“s • Trusted EPC partner for leading global r e p o e • Strong credibility ensures smooth v e financing and project execution.”

“Integrated Platform Operational Excellence Powerful Synergies Sustainable Value Creation 74 Building A Resilient & Future-Ready Global Enterprise 75 Waaree Core Waaree’s Financial History Growth Over the Years In CAGR 3Y 5Y 10Y Revenue 58% 69% 41% EBITDA 92% 128% 54% PAT 98% 143% 87% Source: Consolidated Financials 77 So… What’s Next?”

Registered Office

1

Emerging Applications

1

Importance of Green Hydrogen

1

Facility Layout

1

Giga Scale

1

Technology

1

Value Chain Integration

1

Downstream Integration

1

Registered Office

602, Western Edge – 1, Western Express Highway, Borivali (E), Mumbai – 400 066, INDIA. Tel: +91-22-6644 4444. Fax: +91-22-6644 4400. Email: waaree@waaree.com.Website:www.waaree.com Corporate Identity Number:L29248MH1990PLC059463 Integrated Solar Value-Chain - PV Technologies Waaree Unbound 2.0 Waaree’s Winning Edge Safe Harbour This presentation and the accompanying slides (the "Presentation") have been prepared by Waaree Energies Limited (the "Company") solely for informational purposes. The Presentation covers the Company's businesses, including those carried on through its subsidiaries and affiliates (collectively, the "Group"), and does not constitute or form part of any offer, recommendation, or invitation to purchase, subscribe for, or otherwise acquire any securities of the Company or any member of the Group, nor shall it form the basis of, or be relied upon in connection with, any contract or binding commitment whatsoever. Recipients are cautioned that the Presentation is not i

Emerging Applications

o Refineries o Fertilizers o Chemical Industry o Food Industry o Secondary Steel o Maritime industry o Aviation industry o Transport industry o Primary Steel o Power generation o NG blending with Green H2 Hydrogen can decarbonize sectors where electrification alone won't work (like shipping, aviation, steel) 47 Global Energy Crisis and the importance of Green Hydrogen

Importance of Green Hydrogen

✓ Surge in crude oil and natural gas prices ✓ Shortage of fossil fuels ✓ Severe economic impact ✓ Energy independence ✓ Reduction in import bill ✓ Long term price stability ✓ Global export opportunity for e-fuels ✓ Industrial decarbonization ✓ Achieve climate goals Source: Oilprice.com 48 National Green Hydrogen Mission Making India not only energy independent but net exporter as well Aim to position India as a global hub for the production, usage, and export of green hydrogen—produced using renewable energy. 5 MMTPA 125 GW Production Target under Mission by 2032 Renewable energy needed to power GH2 mission 50-75 GW Electrolyzer Requirement to meet Mission Target ₹ 8 Lakh Cr Total Investment Estimated to meet Mission Target Key Focus Sectors Refinery & Petrochemicals Fertilizer / Green Ammonia Steel (DRI) Mobility (Buses, Railways) Shipping (Green Methanol/ Green Ammonia) Export (Japan, Europe, Singapore) Source: Ministry of New and Renewable Energy 49 Green Hydrogen Usage: Ground real

Facility Layout

Dedicated sheds for Stack manufacturing & assembly and Balance of Plant R&D Testing Comprehensive test bench and analytical instruments Engineering In-house engineering for custom design 55 Electrolyzer R&D and Engineering Focus Continuous efficiency improvement and custom solutions for large plants 1 2 3 4 Technology Development & Localization Modularisation, Scale, and customization Digital Twin & Predictive Asset Management Systems Integration with RE Sources (Solar, Wind, Hybrid) Local component development Single stacks: up to 10 MW AI-powered IoT diagnostics Sizing of Solar / Wind / BESS Electrode coatings Membrane Technology Current density enhancement Separation Unit: up to 20 MW Real-time performance analytics Purification Unit: up to 40 MW skid-mounted Predictive maintenance systems Electrolyzer sizing for optimized LCoH H₂ storage sizing for demand Management Remote monitoring & control Hybrid RE system design Lifecycle management platforms Grid interaction & curtailment Uni

Technology

- Develop local R&D capabilities for continuous improvement Introduce new technologies (SOEC/ AEM/ PEM/ Fuel Cells) -

Downstream Integration

Development of green hydrogen and derivatives projects; capture broader value and enable market for electrolyzer business 59 Key Building Blocks Green Hydrogen Green Ammonia Solar Module Electrolyser Manufacturing Excellence Strong Financial Discipline EPC Battery Energy Storage System Core Strength RE Generation Infra Trusted Brand Equity Scalability & Global Reach Transformers Inverter 60 Retail Business Presentation on Retail Business 7th May 2026 India is at the 2012 China solar moment. The company that owns distribution wins the next decade. Distributed Solar: Powering India One Rooftop at a Time Why decentralized generation is reshaping the grid — and what it means for homes, businesses, and India's energy future NO OTHER ENERGY SOURCE IS CHEAPER, FASTER OR EASIER TO DEPLOY THAN SOLAR 62 Why Distributed Solar Is Here to Stay Cost economics, policy support, grid constraints, and customer demand are converging to make on-site generation a structural shift, not a cycle * CORE SEGMEN