Fluence Energy : March 2024 Investor Presentation

M a r c h 2 0 2 4

Investor Presentation

Disclaimer

Forward-Looking Statements

All statements in this presentation that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding future financial and operational performance, outlook as to revenue, Adjusted EBITDA, Adjusted Gross Profit Margin and Annual Recurring Revenue for fiscal year 2024, expected Adjusted EBITDA for the second quarter of fiscal year 2024, revenue growth outlook for fiscal year 2024 and fiscal year 2025, expectations for pipeline conversion, cash usage, and revenue split in 2024, liquidity outlook, anticipated timeline of battery module production at our Utah facility, expectations regarding battery supply for 2024 and 2025, anticipated demand for Fluence's energy storage products and services, expectations relating to our current supply chain strategy, including relationships with new and existing suppliers, expectations regarding qualification for tax incentives under the Inflation Reduction Act of 2022 (the "IRA"), plans and objectives of management. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this presentation, words such as "may," "possible," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions and variations thereof and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements contained in this presentation are based on our current expectations and beliefs concerning future developments, as well as a number of assumptions concerning future events, and their potential effects on our business. These forward-looking statements are not guarantees of performance, and there can be no assurance that future developments affecting our business will be those that we have anticipated. These forward- looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, which include, but are not limited to, our ability to maintain profitability, our ability to execute projects, our ability to successfully execute our business and growth strategy, including realizing the expected benefits of our partnerships and acquisitions as well as other strategic initiatives we may enter into in the future, our ability to develop new product offerings and services and adoption of such new product offerings and services by customers, increased shipping costs and delays in the shipping of our energy storage products, projects delays and site closures and cost-overruns, failure to build upon our supply chain strategy, failure to receive key components timely for use in our battery module manufacturing, failure to realize potential tax incentives and benefits of the IRA, and other factors set forth under "Risk Factors" in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and in other filings we make with the Securities and Exchange Commission from time to time. New risks and uncertainties emerge from time to time and it is not possible for us to predict all such risk factors, nor can we assess the effect of all such risk factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements made in this presentation. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law.

Non-GAAP Financial Measures

Included in this presentation are certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Profit Margin, Operating Expenses, excluding stock compensation expenses, and Operating Expenses, excluding stock compensation expenses as a percentage of revenue, which are designed to complement the financial information presented in accordance with GAAP because management believes such measures are useful to investors. Non-GAAP financial measures are not a substitute for or superior to measures of financial performance prepared in accordance with GAAP and should be not be considered as an alternative to any other non-GAAP metrics, have limitations as analytical tools, and you should not consider them in isolation. We believe that such non-GAAP financial measures, when read in conjunction with our operating results presented under GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure.

See the Appendix to this presentation for a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measure, which should be carefully evaluated.

A reconciliation of the forward-lookingnon-GAAP financial measures contained in this presentation, including Adjusted EBITDA and Adjusted Gross Profit Margin guidance for fiscal year 2024 and anticipated second quarter fiscal year 2024 Adjusted EBITDA, to the most directly comparable GAAP financial measures, respectively, cannot be provided without unreasonable efforts and is not provided herein because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations.

Market and Industry Data

In this presentation, the Company relies on and refers to certain industry and market data and statistics obtained from third-party sources which it believes to be reliable. The Company has not independently verified the accuracy or completeness of any such third party information. This data is subject to change. In addition, this presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of the Company. The recipient should make its own evaluation of the Company and of the relevance and adequacy of the information and should make such other investigations as it deems necessary.

© Fluence Energy, Inc. All rights reserved. | 2

Q1'24 Performance

• Record order intake of more than $1.1 billion
• Record contracted backlog of $3.7 billion
• Total Cash1 increased to $477 million as of 12/31, up $14 million from end of fourth quarter
• Digital AUM increased by 1.5
  GW
• Long-termservices Cumulative Deployed Attachment Rate6 remains >90% as of 12/31/23

Note 1: Total cash includes Cash and cash equivalents + Restricted Cash + Short term investments.

Note 2: Solutions are defined as or have been historically referred to as energy storage products; we believe solutions is more representative of the offering.

Note 3: Calculated in line with revenue recognition basis in $ for energy storage solutions, based on projects data as of December 31, 2023.

Note 4: Refer to Pipeline definition and Contracted Backlog definition within appendix.

Note 5: Non-GAAP figure. Refer to reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure in our appendix.

Q1'24 Order Intake		Q1'24 Revenue Recognized
$1.1B		$364M
2.7 GWh Solutions2, 2.3 GWh Services,		~1.0 GWh Energy
~0.4 GW Digital		Storage Solutions3

Contracted Backlog4 at 12/31		Q1'24 Adjusted EBITDA5
$3.7B		-$18M
$13.4B Pipeline4 as of 12/31		Q1'24 GAAP Net Loss $25.6M

Annual Recurring Revenue (ARR)		Digital AUM at 12/31
$64M		17.0 GW
as of 12/31		9/30 Digital AUM 15.5 GW

© Fluence Energy, Inc. All rights reserved. | 3

Note 6: Orders attachment rate and Cumulative Deployed attachment rate based on MWh; refer to supplemental metric sheet for definition of attachment rates.

1 Investment Thesis

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Fluence Investment Thesis

1. Massive total addressable market: Global utility-scale storage capacity additions expected to grow ~670 GWh through 2030E1 vs FLNC cumulative contracted + deployed of ~20 GWh as of January 2024
2. Fluence is the leader in the energy storage sector: Ranked #1 for market share2 both globally and in the United States (deployed and contracted projects)
3. Fluence's competitive advantage:
4. 1. Offering comprehensive solutions and full wrap to integrate and optimize energy storage
   2. Ranked #1 for bankability for storage providers and integrators5
   3. Trusted supplier for leading energy companies, both globally and in the US
   4. Established relationships with multiple battery manufacturers; already secured battery supply through 2025
   5. Robust development pipeline of $13.4bn
   6. Contracted backlog of $3.7bn3 with no remaining exposure to battery prices
   7. Strong balance sheet, ended Q1 FY'24 with >$600mm in liquidity
   8. Well positioned to take advantage of IRA's domestic content tax benefits
   9. Management team's track record of delivering on strong revenue growth and improving margins
5. On track to deliver annual revenue growth of 35% for FY'246 and 35-40% for FY'25
6. Expect FY'24 Adjusted EBITDA7 to be between $50 million and $80 million
7. Growing base of annual recurring revenue from services and digital businesses; expect ~$80 million ARR by end of FY'24

Fluence is the market leader in a fast growing space with specific competitive advantages and a robust backlog

and pipeline that provides visibility to future revenue growth; strong liquidity, and improving results

Note 1: BloombergNEF 2H 2023 Energy Storage Market Outlook Global Utility Scale Base Case Excluding China; Note 2: S&P Global Battery Energy Storage System Integrator Report 2023. ;Note 3: Includes Contracted Backlog as of September 30, 2023. Refer to Appendix C for definition of Contracted Backlog.

Note 4: Non-GAAP figure. Refer to reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure in Appendix B.; Note 5: BloombergNEF Energy Storage System Cost Survey 2023 published December 26, 2023.; Note 6: Based on FY'24 revenue guidance of $2.7-3.3 billion. Note 7: We are unable to provide a quantitative reconciliation of Adjusted EBITDA guidance for fiscal year 2024 without unreasonable efforts. See "Non-GAAP Financial Measures" on slide 2.

© Fluence Energy, Inc. All rights reserved. | 5

FLNC is the Preferred Choice for Utility Scale BESS Integration

Services

Safety &

Cybersecurity

Bankability

Digital software

Power electronic engineering and innovation

Scale and supply chain management

Global BESS capacity by top 10 integrators (MW)

Installed		Contracted

8000

7000

6000

5000

4000

3000

2000

1000

0

FLNC's competitive advantage is fortified by the collective offering of these features

Source: S&P Global Battery Energy Storage System Integrator Report 2023

© Fluence Energy, Inc. All rights reserved. | 6

Sustainable Supply Chain Strategy

Diversity of Component and Battery Suppliers

• Five battery suppliers: China, South Korea, Sweden, USA.

Capacity Agreements

• Multi-yearcapacity agreements in place to ensure adequate supply and timely deliveries.
• Capacity agreement prices subject to market adjustments.
• Price discovery mechanism in place across multiple suppliers to deliver competitive prices to our customers.
• Minimal take or pay obligations.

Integrated Battery Module Manufacturing

• Expect production of integrated battery module to begin in summer 2024 at Utah facility.
• Expect to qualify for 'Domestic Content' tax credit under IRA Section 45X.

Asset-lite Regional Manufacturing Approach

• 2 contract manufacturers: 1 in Vietnam, 1 in U.S. (Utah).
• Opportunity to open additional contract manufacturing facilities in Europe and India.
• Provides more flexibility and agility in scaling; and increases speed to market.
• Improves return on invested capital.

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2 About Us

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OUR MISSION

Transform the way we power our world to create a more sustainable future.

PURPOSE-BUILTPURPOSE-DRIVEN

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What does our mission mean for the world?

IMPACTING CLIMATE CHANGE

• As of 2022, power generation accounted for roughly a quarter of all global CO2 emissions.

CAPITAL EFFICIENCY

• The Power Grid is designed to meet peak demand.
• Global annual investment in the grid amount to around $280 billion.
• In the USA alone, grid congestion leads to waste and costs consumers approximately $6 billion annually in higher energy bills.

ACCESS TO ELECTRICITY

• According to the International Energy Agency, nearly 775 million people around the world live without electricity.
• The Electricity Journal estimates more than 3.5 billion lack reasonably reliable access to electricity.

© Fluence Energy, Inc., All rights reserved.| 10