Company Presentation September 2018 | | Legal Disclaimer This - - PowerPoint PPT Presentation

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Company Presentation

September 2018

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Legal Disclaimer

September 2018 2 Company Presentation

This presentation contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future

• perations, are forward-looking statements. In many cases, you can identify forward-

looking statements by terms such as “may,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar words. Forward- looking statements contained in this presentation include, but are not limited to, statements about (i) growth of the wind energy market and our addressable market; (ii) the potential impact of the increasing prevalence of auction-based tenders in the wind energy market and increased competition from solar energy on our gross margins and

• verall financial performance; (iii) our ability to successfully expand our transportation

business and execute upon our strategy of entering new markets outside of wind energy; (iv) our future financial performance, including our net sales, cost of goods sold, gross profit or gross margin, operating expenses, ability to generate positive cash flow, and ability to achieve or maintain profitability; (v) changes in domestic or international government or regulatory policy, including without limitation, changes in trade policy; (vi) the sufficiency of our cash and cash equivalents to meet our liquidity needs; (vii) our ability to attract and retain customers for our products, and to optimize product pricing; (viii) our ability to effectively manage our growth strategy and future expenses, including startup and transition costs; (ix) competition from

• ther

wind blade turbine manufacturers; (x) the discovery of defects in our products; (xi) our ability to successfully expand in our existing wind energy markets and into new international wind energy markets; (xii) worldwide economic conditions and their impact on customer demand; (xiii) our ability to maintain, protect and enhance our intellectual property; (xiv)

• ur ability to comply with existing, modified or new laws and regulations applying to our

business, including the imposition of new taxes, duties or similar assessments on our products; (xv) the attraction and retention of qualified employees and key personnel; and (xvi) the potential impact of GE’s acquisition of LM Wind Power upon our business. These forward-looking statements are only predictions. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, levels of activity, performance or achievements to materially differ from any future results, levels

• f activity, performance or achievements expressed or implied by these forward-looking
• statements. Because forward-looking statements are inherently subject to risks and

uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as guarantees of future events. Further information on the factors, risks and uncertainties that could affect our financial results and the forward- looking statements in this presentation are included in our filings with the Securities and Exchange Commission and will be included in subsequent periodic and current reports we make with the Securities and Exchange Commission from time to time, including in

• ur Annual Report on Form 10-K for the year ended December 31, 2017.

The forward-looking statements in this presentation represent our views as of the date

• f this presentation. We anticipate that subsequent events and developments will cause
• ur views to change. However, while we may elect to update these forward-looking

statements at some point in the future, we undertake no obligation to update any forward-looking statement to reflect events or developments after the date on which the statement is made or to reflect the occurrence of unanticipated events except to the extent required by applicable law. You should, therefore, not rely on these forward- looking statements as representing our views as of any date after the date of this

• presentation. Our forward-looking statements do not reflect the potential impact of any

future acquisitions, mergers, dispositions, joint ventures, or investments we may make. This presentation includes unaudited non-GAAP financial measures including total billings, EBITDA, adjusted EBITDA, net cash (debt) and free cash flow. We define total billings as the total amounts we have invoiced our customers for products and services for which we are entitled to payment under the terms of our long-term supply agreements or other contractual agreements. We define EBITDA as net income (loss) attributable to the Company plus interest expense (including losses

• n

the extinguishment of debt and net of interest income), income taxes and depreciation and amortization. We define Adjusted EBITDA as EBITDA plus any share-based compensation expense, plus or minus any gains or losses from foreign currency

• remeasurement. We define net cash (debt) as the total principal amount of debt
• utstanding less unrestricted cash and cash equivalents. We define free cash flow as

net cash flow generated from operating activities less capital expenditures. We present non-GAAP measures when we believe that the additional information is useful and meaningful to investors. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by

• ther companies. The presentation of non-GAAP financial measures is not intended to

be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. See the appendix for the reconciliations

• f certain non-GAAP financial measures to the comparable GAAP measures.

This presentation also contains estimates and other information concerning our industry that are based on industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information.

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Introduction to TPI Composites

Only independent manufacturer of composite wind blades for the high-growth wind energy market with a global footprint Provides wind blades to some of the industry’s leading OEMs such as: Vestas, GE, Siemens/Gamesa, Nordex, Senvion and ENERCON Operates nine wind blade manufacturing plants, with two more under construction, and three tooling and R&D facilities across four countries:

• United States
• Mexico
• China
• Turkey

Applying advanced composites technology to production of clean transportation solutions, including electric buses Long-term supply agreements with customers, providing contracted volumes that generate significant revenue visibility and drive capital efficiency Founded in 1968 and headquartered in Scottsdale, Arizona Approximately 9,000 employees globally

September 2018 3 Company Presentation

Business Overview Strong Historical Financial Results Revenue CAGR

44%

2013-2017

Adjusted EBITDA CAGR

86%

2013-2017

Adjusted EBITDA Margin Growth

10.5%

2013 - 2017

3.9%

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Investment Thesis

September 2018 4 Company Presentation

Capitalizing on Wind Market Growth, Blade Outsourcing and Improving Economics Only Independent Blade Manufacturer with a Global Footprint Advanced Composite Technology and Production Expertise Provide Barrier to Entry Collaborative Dedicated Supplier Model to Share Gain and Drive Down LCOE Long-Term Supply Agreements Provide Significant Revenue Visibility Compelling Return on Invested Capital Seasoned Management Team with Significant Global Growth Experience

• Renewables and wind energy are mainstream, large, growing, competitive and desired by customers.
• Emerging markets around the world are growing faster than mature markets.
• Blades are being outsourced to access emerging growth markets, drive cost and efficiently utilize capital.
• Same competitive dynamics in place today that put us in business.
• We’ve made good choices – customers, locations and markets.
• Our factories are low cost, world class hubs that serve large, diverse and growing addressable markets,

reducing the effect of individual market fluctuations.

• TPI holds important IP that is difficult to replicate (materials, process, tooling, inspection and DFM)
• >300 engineers and growing, opening new Denmark office to attract even more talent
• 60-70 meter blades, larger than 787 wing span, with tolerances measured in millimeters
• Our business model helps TPI customers to gain market share in a cost effective and capital efficient

manner by sharing the investment, spreading overhead, driving down material cost, improving productivity and sharing a large portion of that benefit with our customers.

• Current agreements provide up to $6.4B in potential revenue through 2023
• Volume based pricing and shared investment motivate both parties to keep plants full
• Shared gain/pain protects our margins
• Shared capital investment results in a “capital-light” model for TPI and our customers
• New investments target an initial average five-year ROIC hurdle rate of 25%
• Consolidated ROIC continuing to trend up from ~18% in 2014 to 31% in 2017
• TPI has become a destination for top talent. Pleased with the exceptional leaders and managers that have

joined the TPI team

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TPI’s customers account for 99.8% of the U.S. onshore wind market and 54% of the global onshore market

Current Customer Mix – 50(3) Dedicated Lines

September 2018 5 Company Presentation

= TPI Customer

Global Onshore Wind Global Onshore Wind exc. China

Rank OEM 2015–2017 Share(1) Rank OEM 2015–2017 Share(1) 1 Vestas 15% Vestas 25% 2 SGRE(2) 13% SGRE(2) 21% 3 Goldwind 12% GE Wind 19% 4 GE Wind 11% Enercon 10% 5 Enercon 6% Nordex Group 10% 6 Nordex Group 6% Senvion 5% 7 United Power 5% Suzlon 3% 8 Envision 5% INOX 2% 9 Mingyang 4% Goldwind <1% Senvion 3% ReGen Powertech <1% TPI Customer Market Share ~54% TPI Customer Market Share ~90%

1 2 4 5 7 3 6 8 9

= Chinese Players

1 2 5 6 3 4 9 7 8 10

Source: MAKE (1) Figures are rounded to nearest whole percent (2) Figures for Siemens/Gamesa are pro forma for the April 2017 merger of Gamesa Corporatión Tecnológica and Siemens Wind P ower (3) Reflects the number of dedicated lines once the transitions for GE in Iowa and Mexico are completed.

40% 10% 14% 28% 4% 4%

Key Customers with Significant Market Share

10

Strong Customer Base of Industry Leaders

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Existing Contracts Provide for ~$6.4 Billion in Revenue through 2023(1)

Minimum Volume Visibility Mitigates Downside Risk  Minimum Volume Obligations (MVOs) in place requiring the customer to take an agreed upon percentage of total production capacity or pay TPI its equivalent gross margin and operating costs associated with the MVO Incentivized Maximum Customer Volume  Pricing mechanisms encourage customers to purchase 100% of the contract volume, as prices progressively increase as volumes decrease  Customers fund the molds for each production line incentivizing them to maximize TPI’s production capability to amortize their fixed cost Attractive Contract Negotiation Dynamic  TPI typically renegotiates and extends contracts more than a year in advance of expiration in conjunction with blade model transitions  Provisions allowing for reductions in lines generally provide for adequate time to replace a customer if a line reduction option is exercised  Demand in locations where TPI already has a foothold (China, Turkey, Mexico) provides a substantial opportunity for synergies in the construction of new facilities  TPI continues to expand its manufacturing facilities globally to meet increased demand 2017 2018 2019 2020 2021 2022 2023

Iowa Turkey Mexico China

Note: Our contracts with some of our customers are subject to termination or reduction on short notice, generally with substantial penalties, and contain liquidated damages provisions, which may require us to make unanticipated payments to our customers or our customers to make payments to us. (1) As of August 7, 2018. The chart depicts the term of the longest contract in each location.

Long-term supply agreements provide for estimated minimum aggregate volume commitments from our customers

• f ~$4.5 billion and encourage our customers to purchase

additional volume up to, in the aggregate, an estimated total contract value ~$6.4 billion through the end of 2023(1) Key Contract Terms Long-term Supply Agreements (1) Long-term contracts with minimum volume obligations provide strong revenue visibility

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Prioritized Pipeline

September 2018 7 Company Presentation

Annual Revenue Potential – Wind Only > $2.0 Billion Pipeline Opportunities Prioritized Pipeline represents those opportunities we have prioritized to close by the end of 2019 Prioritized Pipeline – 13 lines

• 60-70m+ blades, >$45M/yr/line
• New and Existing Customers
• New and Existing Geographies
• Onshore and Offshore

Long-term Revenue Potential Size of Total Addressable Market OEM(s) Share

(1) Annual revenue potential based on 50 lines under contract at the end of 2018 (assumes no more lines contracted during the balance of 2018t) at an revenue per year per line at full production of $36 million. (2) Annual revenue potential based on $45 million per line per year and that all lines are in full production.

$0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6 $1.8 $2.0

$ Billions

Lines Under Contract 48

Prioritized Pipeline 13 Lines Under Contract 50

(2) (1)

$1.80 $0.60

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TPI Financial Targets

September 2018 8 Company Presentation

20%-25%

Revenue Growth

2016 A – 2019 E

12+%

• Adj. EBITDA Margin

35+%

ROIC(1)

.

(1) ROIC target is based on an estimate of tax effected income from operations plus implied interest on operating leases divided by beginning

• f the period capital which includes total stockholders’ equity less cash and cash equivalents plus total outstanding debt and the net present

value of operating leases. |

| | September 2018 9 Company Presentation Global Cumulative Installed Wind Capacity – 2000-2017 (GW)(1)

 Rapid growth driven by:

 Increasing cost competitiveness through technological advancement  Supportive global policy initiatives  Global population growth and electricity demand  Increasing C&I and utility demand  Coal/nuclear decommissioning  Repowering  EV trends From 2008 to 2017, the cumulative global power generating capacity of wind turbine installations has gone up more than 4.5 times, with compound annual growth in cumulative global installed wind capacity of 24% since 2000

Wind Power Generation Has Grown Rapidly and Expanded Globally in Recent Years

Source: Bloomberg New Energy Finance (1) Regional onshore and worldwide offshore figures presented for 2017 only

EMEA onshore Americas onshore Asia and rest of the world

• nshore

Offshore

166 122 232 18

15 22 29 36 44 54 69 89 116 155 191 232 279 312 361 423 477 538 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Wind energy is a large and rapidly growing worldwide business

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Global Market Growth

September 2018 Company Presentation 10

232

Wind energy is a large and rapidly growing worldwide business

49.5 60.6 62.9 60.7 57.4 54.9 57.6 58.2 58.7 60.1 4.2 5.0 6.3 6.8 10.0 9.7 11.3 13.7 12.8 13.8 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Source: MAKE Q2 2018 Global Wind Power Market Outlook Update

Annual Installed Global Wind Capacity (GW): 2018E – 2027E

Onshore

Offshore

CAGR 20%

(2017 – 2027)

CAGR 8%

(2017 – 2027)

Annual installed wind capacity growth is projected to average 67GW between 2018 and 2027 and is propelled by offshore – 20% CAGR – and Emerging Markets - 26.7% CAGR. TPI is well positioned to participate in this growth

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U.S. Onshore Market Growth

September 2018 Company Presentation 11

166 122 232 18

Wind energy is a large and rapidly growing worldwide business

8.4 11.0 12.9 6.7 3.2 2.9 3.2 3.5 11.0 12.5 12.8 8.0 7.7 8.0 8.5 9.0

2018 2019 2020 2021 2022 2023 2024 2025

UBS

Source: MAKE Q2 2018 Global Wind Power Market Outlook Update and UBS Securities LLC

• Economics of Onshore Wind
• Corporate and Industrial Buyers
• Utilities
• Decarbonization
• Economics of Offshore Wind
• Repowering
• Vehicle Electrification
• State RPS/Country Renewable

Goals

Key Demand Drivers

MAKE The U.S. wind market is expected to experience consistent near-term growth

U.S. Annual Installed Wind Capacity (GW): 2018E – 2025E

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Declining LCOE

Allows Wind Energy to be More Competitive with Conventional Power Generation

September 2018 Company Presentation

Source: Lazard Levelized Cost of Energy Analysis (version 11.0). (1) Costs are on an unsubsidized basis. Ranges reflect differences in resources, geography, fuel costs and cost of capital, among other factors. (2) U.S. Department of Energy National Renewable Energy Laboratory (NREL)

$169 $148 $92 $95 $95 $81 $77 $62 $60 $101 $99 $50 $48 $45 $37 $32 $32 $30 $0 $63 $125 $188 $250 2009 2010 2011 2012 2013 2014 2015 2016 2017 Onshore wind LCOE Mean Onshore wind LCOE Range

Global Onshore Wind LCOE Over Time(1)

— ($/MWh)

67%

Eight year percentage decrease

$0 $50 $100 $150 $200 $250

Onshore wind Solar PV utility CCGT gas Bioenergy Geo- thermal Coal Solar thermal w/storage

Fossil Fuels Onshore Wind Other Renewables

Global LCOE for onshore wind generation has become increasingly competitive and is now on par with new combined cycle gas turbines with an additional 50% decline expected by 2030(2)

Unsubsidized Global Levelized Cost of Power Generation Ranges by Technology(1)

— ($/MWh)

Global LCOE for onshore wind generation has become increasingly competitive and is now on par with new combined cycle gas turbines, unsubsidized, with an additional 50% decline expected by 2030(2)

12

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U.S. Policy Initiatives

Global Policy Support Coupled with Corporate Initiatives and Repowering Expected to Drive Additional Growth

U.S. policy expected to support continued domestic wind capacity installation

• Extension of the Wind Production Tax

Credit (PTC) through 2019 for both new turbines and repowering of existing turbines along with IRS clarifications that expand PTC eligibility allowing developers 100% PTC benefit as late as 2021

• Renewable Portfolio Standards
• Increased state programs/targets for
• ffshore wind

1

Increasing focus in board rooms regarding the economic and social benefits of adopting low-cost wind energy

• As of 2014 nearly 50% of Fortune 500

companies have set sustainability goals

• Furthermore, 140 leading multinationals such

as GM, Nike, Walmart, IKEA, BMW, Coca Cola and Proctor & Gamble have taken the RE100 pledge, organized by the Climate Group, to transition to 100% renewable energy

Corporate and Utility Procurement

2

International Policy Initiatives

Recent global initiatives aimed at promoting the growth of renewable energy including wind

• European Union finalized new climate rules

targeting an uplift in the share of renewable energy to 32% by 2030

• China is targeting 210 GW of grid-

connected wind capacity by 2020

3

COP21 Paris Climate Talks

Paris Agreement is a landmark deal marking a significant commitment by the international community to further reduce fossil fuel consumption

• Effective in 2020, took effect on November 4,

2016, thirty days after the date on which at least 55 parties accounting in total for at least an estimated 55% of the total greenhouse gas ratified the agreement

• 170 countries have ratified the agreement

4

Source: Bloomberg New Energy Finance, China National Development and Reform Commission, RE100

Longer term policy visibility and an increase in corporate and utility procurement is expected to drive additional growth over the next decade

13

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The Industry is Shifting to a Predominantly Outsourced Wind Blade Manufacturing Model

(1) Source: MAKE – based on % of MW (2) TPI’s market share based on TPI MW relative to MAKE OEM total onshore MW for 2013, 2016 and 2017

38% 51% 62% 49%

0% 20% 40% 60% 80% 100% 2009 2017 Outsourced Insourced Vertically integrated OEMs have begun to outsource wind blade manufacturing due to:

• global talent constraints
• the need for efficient capital allocation
• the need to accelerate access to emerging markets
• the need for supply chain optimization

Some have sold or shuttered in-house tower and blade manufacturing facilities in favor of an outsourced manufacturer Geographically distributed, high precision blade manufacturing is more cost effective when performed by diversified, specialized manufacturers TPI is the only independent manufacturer of composite wind blades with a global footprint and is well positioned to capitalize on global industry trends Expected to continue to outsource a significant percentage of blade needs notwithstanding acquisition of LM Wind Power TPI selected as manufacturer of Vestas- designed blades in China, Mexico and Turkey Currently outsources to TPI in Mexico and Turkey 3% 9% 13% 2013 2016 2017 TPI Share Increase: ~4X Future market share increases expected to be driven by:  Continuation of

• utsourcing

 LM Wind Power customer attrition  Advantages from global footprint

Several of the wind industry’s largest participants have chosen TPI as their leading outsourced blade manufacturer

Outsourcing Trends Global Wind Blade Manufacturing: Outsourced vs. Insourced (1) TPI Global Wind Blade Market Share 2013 – 2017 (2)

| | September 2018 15 Company Presentation

Strong Barriers to Entry Will Allow TPI to Capture Additional Market Share

Wind blades are a critical component of our customers’ strategy and, along with supply chain optimization, plays an integral role bringing down LCOE We believe that our extensive experience and track-record in delivering high quality wind blades combined with our established global scale and strong customer relationships creates a significant barrier to entry and is the foundation of our leadership position Strong track record of delivering high quality wind blades to diverse, global markets, and of developing replicable and scalable manufacturing facilities and processes

Extensive Expertise



Reputation for Reliability Established Global Scale Customer Stickiness

Over 42,000 wind blades produced since 2001, with an excellent field performance record in a market where reliability is critical to our customers’ success We expand our manufacturing footprint in coordination with our customers’ needs, scaling our capacity to meet demand in markets across the globe Dedicated capacity and collaborative approach of manufacturing wind blades to meet customer specifications promotes significant customer loyalty and creates higher switching costs

  

TPI’s ability to capitalize on recent growth trends in the wind energy market and outsourcing trends has allowed it to grow its revenue by over 300% from 2013 to 2017 while expanding its global manufacturing footprint over the same period

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Multiple development programs in:

• Passenger automotive
• EVs
• Commercial vehicles

Growing with Proterra

Diversification Strategy

September 2018 Company Presentation 16

CLEAN TRANSPORTATION: In EVs, lighter weight equates to longer range or fewer batteries which drives cost By 2040, 55% of all new car sales and 33% of global fleet will be electric(1)

(1) BloombergNEF – New Energy Outlook 2018

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Asia ~ 2,100 US ~ 1,400 Mexico ~ 3,400 EMEA~ 2,100

High Quality Management Team, Board and Workforce

September 2018 Company Presentation

Steve Lockard President & Chief Executive Officer  Joined TPI in 1999. Prior to TPI, served as the Vice President of Satloc and was a founding officer of ADFlex solutions, a NASDAQ listed company  Chairman of the Board for the American Wind Energy Association (AWEA) Joe Kishkill Chief Commercial Officer  Joined TPI in 2017. Prior to TPI was President, International and Chief Commercial Officer of First Solar, Inc., President, Eastern Hemisphere and Latin America for Exterran Holdings Mark McFeely Chief Operating Officer  Joined TPI in 2015. Prior to TPI, was SVP and COO of Remy International, VP – Operations of Meggitt Safety Systems, Inc. and held various leadership positions with Danaher Corporation and Honeywell International, Inc. Bill Siwek Chief Financial Officer  Joined TPI in 2013. Prior to TPI, was CFO for T.W. Lewis Company, EVP

• f Talisker Inc., President & CFO of Lyle Anderson Company and was a

Partner at Arthur Andersen in both Audit and Business Consulting Steve Fishbach General Counsel  Joined TPI in 2015. Prior to TPI, was SVP, Deputy General Counsel of Global Cash Access Holdings, Inc. (NYSE: GCA) and various senior roles in the legal department of Fidelity National Information Services, Inc./eFunds Corporation (NYSE: FIS) T.J. Castle SVP – N.A. Wind and Global OpEx  Joined TPI in 2015. Prior to TPI, held a number of positions with Honeywell including most recently VP of Integrated Supply Chain and prior to that was Global VP of the Honeywell Operating System for Aerospace Ramesh Gopalakrishnan SVP – Technology & Industrialization  Joined TPI in 2016. Prior to TPI, was EVP of Global Manufacturing for Senvion Wind Energy. Prior to that he was COO of Suzlon Energy Composites, Inc. and has also spent time at Haliburton Corp. and GE Deane Ilukowicz SVP – Global Human Resources  Joined TPI in 2016. Prior to TPI, was VP of Organizational Effectiveness at TransUnion, Chief Human Resources Officer for Hypertherm, and held senior level roles at other financial services and manufacturing companies Joe Kerkhove SVP – Strategic Markets  Joined TPI in 2017. Prior to TPI, was Commercial Vice-President with Arconic (ALCOA) and has over 20 years of sales and marketing experience to TPI, including leadership positions in Aerospace, Defense and Automotive markets Name Affiliation Steve Lockard

• President, Chief Executive Officer and Director
• Chairman of the Board - AWEA

Stephen Bransfield

• Director
• Previously VP, General Electric

Michael L. DeRosa

• Director
• MD, Element Partners

Jayshree Desai

• Director
• President, ConnectGen, LLC

Philip J. Deutch

• Director
• MP, NGP Energy Technology Partners

Paul G. Giovacchini

• Director and Chairman of the Board
• Independent consulting advisor to Landmark Partners

Jack A. Henry

• Director
• MD, Sierra Blanca Ventures

James A. Hughes

• Director
• Former CEO and board member of First Solar, Inc.

Daniel G. Weiss

• Director
• MP, Angeleno Group

~9,000 employees worldwide

Management Team Board of Directors Employees at a Glance

17

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FINANCIAL SUMMARY

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Financial Results

September 2018 Company Presentation 19

$14 $39 $66 $100 ($0) $20 $40 $60 $80 $100 $120 2014 2015 2016 2017

$321 $586 $755 $955 $363 $600 $764 $942

$0 $200 $400 $600 $800 $1,000 $1,200 2014 2015 2016 2017 Sales Billings

1. Total billings refers to the total amounts we have invoiced our customers for products and services for which we are entitled to payment under the terms of our long-term supply agreements or other contractual agreements 2. See appendix for reconciliations of non-GAAP financial data 3. 2017 as restated per the Company’s retroactive adoption of ASC 606 and is unaudited.

GAAP Net Sales and Total Billings ($ in millions) (1) (2) (3) Adjusted EBITDA ($ in millions) (2) (3)

44%

’13–’17 CAGR

86%

’13–’17 CAGR

4.2% 6.7% 8.8% 10.5%

Margin

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Q2 2018 Highlights

September 2018 Company Presentation 20

Q2 2018 Highlights and Recent Company News

• Operating results and year-over-year increases compared to

2017

• Net sales were $230.6 million for the quarter down 3.7%

primarily due to startup and transition activity

• Net loss for the quarter of $4.1 million compared to net

income of $9.6 million in 2017 driven by startup and transition activity and the write-off of debt issuance costs

• Adjusted EBITDA for the quarter was $13.5 million or

5.8% of sales

• Vestas exercised options for 4 additional lines in our

manufacturing hub in Matamoros, Mexico bringing the total number of lines in that facility to 6

• ENERCON signed a multiyear supply agreement for 2

manufacturing lines in our Turkey location. Adding ENERCON means TPI customers now represent all of the top 6 turbine manufacturers on an ex-China basis

• GE has agreed to extend our supply agreement in one of
• ur Mexico plants by two years to 2022 and will increase the

number of lines in that facility to 5 from the current 3

• GE has agreed to transition to a larger blade model in our

Iowa plant in early 2019 and eliminate its option to terminate the Iowa supply agreement prior to its December 2020 expiration

• Set a new record high potential contract value of $6.4 billion

across 50 dedicated manufacturing lines

Net Sales and Adjusted EBITDA ($ in millions)

$240 $231 $26 $13 $0 $200 $400 Q2 '17 Q2 '18 Q2 '17 Q2 '18

Sets invoiced

692 576

• Est. MW

1,620 1,544

Dedicated lines(1)

46 52

Lines installed(2)

39 40

(1) Number of wind blade manufacturing lines dedicated to our customers under long-term supply agreements at the end of the quarter. (2) Number of wind blade manufacturing lines installed that are either in operation, startup or transition at the end of the quarter

Net Sales Adjusted EBITDA

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Q2 2018 Financial Highlights(1)

(unaudited)

September 2018 Company Presentation 21 (1) See pages 45 – 47 for reconciliations of non-GAAP financial data

($ in millions, except per share data and KPIs)

Q2 ’18 Q2 ’17 ∆ YTD ’18 YTD ’17 ∆ Select Financial Data Net Sales $ 230.6 $ 239.6

• 3.7%

$ 484.6 $ 448.2 8.1% Total Billings $ 237.4 $ 231.1 2.7% $ 461.1 $ 442.4 4.2% Net Income (Loss) $ (4.1) $ 9.6

• 142.3%

$ 4.6 $ 14.8

• 68.9%

Diluted Earnings (Loss) Per Share $ (0.12) $ 0.28 $ (0.40) $ 0.13 $ 0.44 $ (0.31) Adjusted EBITDA (1) $ 13.5 $ 26.2

• 48.6%

$ 40.9 $ 43.8

• 6.8%

Adjusted EBITDA Margin 5.8% 11.0%

• 520 bps

8.4% 9.8%

• 140 bps

Net Cash (Debt) (1) $ (17.4) $ 0.5 $ (17.8) $ (17.4) $ 0.5 $ (17.8) Free Cash Flow (1) $ (25.0) $ 6.1 $ (31.2) $ (39.8) $ (0.9) $ (38.9) Capital Expenditures $ 30.6 $ 9.8 $ 20.8 $ 42.3 $ 26.7 $ 15.6 Key Performance Indicators (KPIs) Sets Invoiced 576 692 (116) 1,145 1,328 (183) Estimated Megawatts 1,544 1,620 (76) 3,008 3,080 (72) Dedicated Wind Blade Manufacturing Lines 52 46 6 lines 52 46 6 lines Wind Blade Manufacturing Lines Installed 40 39 1 line 40 39 1 line Wind Blade Manufacturing Lines in Startup 7 9 2 lines 7 9 2 lines Wind Blade Manufacturing Lines in Transition 7 — 7 lines 7 — 7 lines

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Income Statement Summary(1)

(unaudited)

September 2018 Company Presentation 22 (1) See pages 45 – 47 for reconciliations of Non-GAAP financial data

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Key Balance Sheet and Cash Flow Data(1)

(unaudited)

September 2018 Company Presentation 23 (1) See pages 46 - 47 for the reconciliations of net cash and free cash flow

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GUIDANCE FOR 2018

| | September 2018 Company Presentation

Note: All reference to lines is to wind blade manufacturing lines. (1) We have not reconciled our total expected billings for 2018 to expected net sales under GAAP because we have not yet finalized calculations necessary to provide the reconciliation and as such the reconciliation is not possible without unreasonable efforts.

Key Guidance Metrics

25

2018 Guidance Updated 2018 Guidance Previous

Total Billings (1)

$1.0B – $1.05B $1.0B – $1.05B

Net Sales

$1.0B – $1.05B $1.0B – $1.05B

Adjusted EBITDA

$65M – $70M $75M – $80M

Earnings per Share - FD

$0.10 – $0.14 $0.38 – $0.42

Sets

2,450 – 2,480 2,500 – 2,525

Average Selling Price per Blade

$125K – $130K $125K -– $130K

Non-Blade Billings

$80M – $85M $75M – $80M

G&A Costs as a % of Billings (incl. SBC)

4% – 5% 4% – 5%

Estimated MW

6,800 – 6,900 6,950 – 7,100

Dedicated Lines - EOY

51 – 55 51 – 55

Share-Based Compensation

$9M – $10M $10M -– $11M

Depreciation & Amortization

$30M – $32M $30M – $35M

Net Interest Expense

$14M – $14.5M $11.5M – $12.5M

Capital Expenditures

$85M – $90M $85M – $90M

Effective Tax Rate

47% – 49% 40% – 42%

| | September 2018 Company Presentation Note: References to “lines” relate to wind blade manufacturing lines

Sets and Startup & Transition Costs Guidance Metrics

26

| |

Total Billings(1) (2)

Strong Financial Performance and Outlook

September 2018 Company Presentation

22%

Three-year CAGR

$363 $600 $764 $942 $1,025 $1,400 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 2014A 2015A 2016A 2017A 2018E 2019E

Adjusted EBITDA(1) (2) (3)

$14 $39 $66 $100 $68 $145 $0 $20 $40 $60 $80 $100 $120 $140 $160 2014A 2015A 2016A 2017A 2018E 2019E

Note: Dollars in millions (1) Estimates for 2018 – 2019 are shown at the midpoint of ranges provided. See appendix for reconciliation of non-GAAP financial data. (2) We have not reconciled our total expected billings for 2018 - 2019 to expected net sales under GAAP or 2019 expected Adjusted EBITDA to expected Net Income because we have not yet finalized calculations necessary to provide the reconciliation and as such the reconciliations are not possible without unreasonable efforts. (3) 2017 as restated per the Company’s retroactive adoption of ASC 606 and is unaudited.

30%

Three-year CAGR

Margin % 4.2% 6.7% 8.8% 10.5% 6.6% 10.4%

27

| |

APPENDIX

| |

Balance Sheets

September 2018 Company Presentation

Source: Year end 2015 and 2016 audited financial statements. 2017, as restated per the Company’s retroactive adoption of ASC 606, and the 2018 interim period are unaudited.

29

June 30, ($ in thousands) 2015 2016 2017 2018 Assets Current assets: Cash and cash equivalents 45,917 $ 119,066 $ 148,113 $ 113,995 $ Restricted cash 1,760 2,259 3,849 4,431 Accounts receivable 72,913 67,842 121,576 119,479 Inventories 50,841 53,095 4,112 5,593 Inventories held for customer orders 49,594 52,308

—

• Contract assets

— —

105,619 131,371 Prepaid expenses and other current assets 31,337 30,657 27,507 26,622 Total current assets 252,362 325,227 410,776 401,491 Noncurrent assets: Property, plant, and equipment, net 67,732 91,166 123,480 145,348 Goodwill and other intangibles, net 3,226 3,072 3,915 5,085 Other noncurrent assets 6,600 17,741 18,391 19,960 Total assets 329,920 $ 437,206 $ 556,562 $ 571,884 $ Liabilities and Stockholders’ Equity Current liabilities: Accounts payable and accrued expenses 101,108 $ 112,281 $ 167,175 $ 167,314 $ Accrued warranty 13,596 19,912 30,419 33,979 Current maturities of long-term debt 52,065 33,403 35,506 39,528 Deferred revenue 65,520 69,568

— —

Contract liabilities

— —

2,763 1,820 Customer deposits and customer advances 8,905 1,390

• —

Total current liabilities 241,194 236,554 235,863 242,641 Noncurrent liabilities: Long-term debt 77,281 89,752 85,879 90,332 Other noncurrent liabilities 3,812 4,393 4,938 4,818 Total liabilities 322,287 330,699 326,680 337,791 Convertible and senior redeemable preferred shares and warrants 198,830

— — —

Total stockholders’ equity (deficit) (191,197) 106,507 229,882 234,093 Total liabilities and stockholders’ equity 329,920 $ 437,206 $ 556,562 $ 571,884 $ Non-GAAP Metric: Net cash (debt) (90,667) $ (6,379) $ 24,557 $ (17,380) $ December 31,

| |

Income Statements

September 2018 Company Presentation

Source: Year end 2015 and 2016 audited financial statements. 2017 periods, as restated per the Company’s retroactive adoption of ASC 606, and the 2018 interim periods are unaudited.

30

($ in thousands) 2015 2016 2017 2017 2018 2017 2018 Net sales 585,852 $ 754,877 $ 955,199 $ 239,582 $ 230,610 $ 448,197 $ 484,591 $ Cost of sales 528,247 659,745 804,099 199,117 198,235 381,655 409,223 Startup and transition costs 15,860 18,127 40,628 10,540 17,324 16,699 32,059 Total cost of goods sold 544,107 677,872 844,727 209,657 215,559 398,354 441,282 Gross profit 41,745 77,005 110,472 29,925 15,051 49,843 43,309 General and administrative expenses 14,126 33,892 40,373 10,752 10,989 19,058 22,152 Income from operations 27,619 43,113 70,099 19,173 4,062 30,785 21,157 Other income (expense) Interest income 161 344 95 11 43 30 84 Interest expense (14,565) (17,614) (12,381) (2,935) (2,715) (5,961) (6,053) Loss on extinguishment of debt

• (4,487)
• (3,397)
• (3,397)

Realized loss on foreign currency remeasurement (1,802) (757) (4,471) (1,233) (765) (2,614) (4,776) Miscellaneous income 246 238 1,191 258 674 578 1,492 Total other expense (15,960) (22,276) (15,566) (3,899) (6,160) (7,967) (12,650) Income (loss) before income taxes 11,659 20,837 54,533 15,274 (2,098) 22,818 8,507 Income tax provision (3,977) (6,995) (15,019) (5,697) (1,955) (8,028) (3,912) Net income (loss) 7,682 13,842 39,514 9,577 (4,053) 14,790 4,595 Net income attributable to preferred shareholders 9,423 5,471

• Net income (loss) attributable to common shareholders

(1,741) $ 8,371 $ 39,514 $ 9,577 $ (4,053) $ 14,790 $ 4,595 $ Non-GAAP Metrics: Total billings 600,107 $ 764,424 $ 941,565 $ 231,069 $ 237,355 $ 442,429 $ 461,056 $ Adjusted EBITDA 39,281 $ 66,150 $ 100,111 $ 26,240 $ 13,477 $ 43,830 $ 40,850 $ Year Ended December 31, Three Months Ended June 30, Six Months Ended June 30,

| |

Cash Flow Statements

September 2018 Company Presentation

Source: Year end 2015 and 2016 audited financial statements. 2017 periods, as restated per the Company’s retroactive adoption of ASC 606, and the 2018 interim periods are unaudited

31

($ in thousands) 2015 2016 2017 2017 2018 Cash flows from operating activities Net income 7,682 $ 13,842 $ 39,514 $ 14,790 $ 4,595 $ Depreciation and amortization 11,416 12,897 21,697 8,716 13,202 Share-based compensation expense

• 9,902

7,124 3,751 4,999 Amortization of debt issuance costs and debt discount 4,319 4,681 573 286 260 Loss on extinguishment of debt

• 4,487
• 3,397

Loss on disposal of property and equipment 187 2 334

• Deferred income taxes

(765) (2,782) (1,068)

• Changes in assets and liabilities

8,454 10,812 6,426 (1,673) (23,918) Net cash provided by operating activities 31,293 53,841 74,600 25,870 2,535 Cash flows from investing activities Purchase of property and equipment (26,361) (30,507) (44,828) (26,727) (42,310) Proceeds from sale of assets 146

• 850
• Net cash used in investing activities

(26,215) (30,507) (43,978) (26,727) (42,310) Cash flows from financing activities Proceeds from issuance of common stock sold in initial public

• ffering, net of underwriters discount and offering costs
• 67,199
• Net proceeds from (repayment of) debt

1,554 (15,370) (8,095) 4,922 5,938 Debt issuance costs (1,113)

• (454)
• (281)

Payment on acquisition of noncontrolling interest (1,875)

• Proceeds from exercise of stock options
• 1,430
• 1,307

Repurchase of common stock including shares withheld in lieu

• f income taxes
• (1,264)
• (272)

Restricted cash (989) (499)

• Net cash provided by (used in) financing activities

(2,423) 51,330 (8,383) 4,922 6,692 Impact of foreign exchange rates on cash and cash equivalents (330) (1,515) 335 164 (453) Net change in cash and cash equivalents 2,325 73,149 22,574 4,229 (33,536) Cash and cash equivalents, beginning of year 43,592 45,917 129,863 129,863 152,437 Cash and cash equivalents, end of period 45,917 $ 119,066 $ 152,437 $ 134,092 $ 118,901 $ Non-GAAP Metric: Free cash flow 4,932 $ 23,334 $ 29,772 $ (857) $ (39,775) $ Year Ended December 31, Six Months Ended June 30,

| |

Non-GAAP Reconciliations

Net sales is reconciled to total billings as follows:

September 2018 Company Presentation

Source: Year end 2015 and 2016 audited financial statements. 2017 periods, as restated per the Company’s retroactive adoption of ASC 606, and the 2018 interim periods are unaudited. Note: Footnote references are on the following page.

Net income (loss) is reconciled to adjusted EBITDA as follows:

32

($ in thousands) 2015 2016 2017 2017 2018 2017 2018 Net income (loss) 7,682 $ 13,842 $ 39,514 $ 9,577 $ (4,053) $ 14,790 $ 4,595 $ Adjustments: Depreciation and amortization 11,416 12,897 21,697 4,765 6,130 8,716 13,202 Interest expense (net of interest income) 14,404 17,270 12,286 2,924 2,672 5,931 5,969 Loss on extinguishment of debt

• 4,487
• 3,397
• 3,397

Income tax provision 3,977 6,995 15,019 5,697 1,955 8,028 3,912 Share-based compensation expense

• 9,902

7,124 2,044 2,611 3,751 4,999 Realized loss on foreign currency remeasurement 1,802 757 4,471 1,233 765 2,614 4,776 Adjusted EBITDA 39,281 $ 66,150 $ 100,111 $ 26,240 $ 13,477 $ 43,830 $ 40,850 $ Six Months Ended June 30, Year Ended December 31, Three Months Ended June 30, ($ in thousands) 2015 2016 2017 2017 2018 2017 2018 Net sales 585,852 $ 754,877 $ 955,199 $ 239,582 $ 230,610 $ 448,197 $ 484,591 $ Blade-related deferred revenue at beginning of period (1) (59,476) (65,520)

• Blade-related deferred revenue at end of period (1)

65,520 69,568

• Change in contract assets
• (6,499)

(6,460) (1,356) (3,722) (25,752) Foreign exchange impact (2) 8,211 5,499 (7,135) (2,053) 8,101 (2,046) 2,217 Total billings 600,107 $ 764,424 $ 941,565 $ 231,069 $ 237,355 $ 442,429 $ 461,056 $ Three Months Ended June 30, Six Months Ended June 30, Year Ended December 31,

| |

Non-GAAP Reconciliations

(Continued)

September 2018 Company Presentation

1. Total billings is reconciled using the blade-related deferred revenue amounts at the beginning and the end of the year as follows:

Source: Year end 2015 and 2016 audited financial statements. 2017 periods, as restated per the Company’s retroactive adoption of ASC 606, and the 2018 interim periods are unaudited

2. Represents the effect of the difference between the exchange rate used by our various foreign subsidiaries on the invoice dat e versus the exchange rate used at the period-end balance sheet date.

Net cash (debt) is reconciled as follows:

33 ($ in thousands) 2015 2016 2017 2017 2018 Cash and cash equivalents 45,917 $ 119,066 $ 148,113 $ 130,834 $ 113,995 $ Less total debt, net of debt issuance costs & discount (129,346) (123,155) (121,385) (128,363) (129,860) Less debt issuance costs & discount (7,238) (2,290) (2,171) (2,004) (1,515) Net cash (debt) (90,667) $ (6,379) $ 24,557 $ 467 $ (17,380) $ December 31, June 30, ($ in thousands) 2015 2016 Blade-related deferred revenue at beginning of year 59,476 $ 65,520 $ Non-blade related deferred revenue at beginning of year

• Total current and noncurrent deferred revenue at beginning of period

59,476 $ 65,520 $ Blade-related deferred revenue at end of year 65,520 $ 69,568 $ Non-blade related deferred revenue at end of year

• Total current and noncurrent deferred revenue at end of year

65,520 $ 69,568 $ Year Ended December 31,

| |

Non-GAAP Reconciliations

(Continued)

September 2018 Company Presentation

(1) Source: Year end 2015 through 2016 audited financial statements. 2017 as restated per the Company’s retroactive adopti on of ASC 606 and the 2018 period are unaudited. (2) Figures presented are projected estimates for the full year ending December 31, 2018.

Free cash flow is reconciled as follows(1): A reconciliation of the low end and high end ranges of projected net income under ASC 606 to projected adjusted EBITDA is as follows(2):

34 ($ in thousands) 2015 2016 2017 2017 2018 Net cash provided by operating activities 31,293 $ 53,841 $ 74,600 $ 25,870 $ 2,535 $ Purchase of property and equipment (26,361) (30,507) (44,828) (26,727) (42,310) Free cash flow 4,932 $ 23,334 $ 29,772 $ (857) $ (39,775) $ Year Ended December 31, Six Months Ended June 30, ($ in thousands) Low End High End Projected net income 3,350 $ 4,910 $ Adjustments: Projected depreciation and amortization 30,000 32,000 Projected interest expense (net of interest income) 10,850 10,850 Projected loss on extinguishment of debt 3,400 3,400 Projected income tax provision 3,100 4,540 Projected share-based compensation expense 9,500 9,500 Projected realized loss on foreign currency remeasurement 4,800 4,800 Projected Adjusted EBITDA 65,000 $ 70,000 $ 2018 Adjusted EBITDA Guidance Range