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Canadian Solar Inc. Canadian Solar 3Q25 Earnings Call November 13, 2025
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2Canadian Solar Inc. Safe Harbor Statement This presentation has been prepared by the Company solely to facilitate the understanding of the Company’s business model and growth strategy. The information contained in this presentation has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of its affiliates, advisers or representatives will be liable (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation. This presentation contains forward-looking statements, and management may make additional forward-looking statements in response to your questions. Such written and oral disclosures are made pursuant to the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to its future performance, consolidated results of operations and financial condition. These statements can be identified by the use of words such as “may”, “will”, “expect”, “anticipate”, “future”, “ongoing”, “continue”, “intend”, “plan”, “potential”, “prospect”, “guidance”, “believe”, “estimate”, “is/are likely to” or similar expressions, the negative of these terms, or other comparable terminology. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from expectations implied by these forward-looking statements as a result of various factors and assumptions. Although we believe our expectations expressed in such forward-looking statements are reasonable, we cannot assure you that they will be realized, and therefore we refer you to a more detailed discussion of the risks and uncertainties contained in the Company’s annual report on Form 20-F, as well as other documents filed with Securities & Exchange Commission. In addition, these forward-looking statements are made as of the current date, and the Company does not undertake to update forward-looking statements to reflect future events or circumstances, unless otherwise required by law.
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3Canadian Solar Inc. FY2025 Q3 Overview Key Financial Metrics Revenue Breakdown $1,382M $105M CSI Solar Recurrent Energy 44% 3% 24% 14% 15% North America Latin America EMEA China Asia ex. China 5.1 GW Shipment Breakdown $1.5 billion Revenue 17.2% Gross margin $9 million Net income to CSIQ(2) $0.07 Diluted loss per share to CSIQ(2) 5.1 GW Total module shipments(1) 2.7 GWh Total storage shipments(1) (1) Including shipments to the Company’s own projects. (2) Including $35 million and $0.51 positive HLBV impact to net income to CSIQ and diluted earnings per share to CSIQ, respective ly. Diluted EPS includes the dilutive effect of convertible bonds and Recurrent Energy redeemable preferred shares dividends, as applicable.
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4Canadian Solar Inc. Global Scale, Local Strength, Sustainable Growth • Solar industry stabilizing as anti-involution measures take effect and market enters a phase of rational competition • Challenges and opportunities presented by macro environment • Utility-scale energy storage business continues to grow volumes strongly, having already established a global track record AI-driven energy demand accelerating globally • Solar + storage positioned as the most scalable and cost-effective power solution U.S. manufacturing momentum • Indiana solar cell factory Phase I to begin production in Q1 2026 • Kentucky lithium battery cell, pack, and BESS factory Phase I on track to begin production in Q4 2026 Diversifying business with emerging profit drivers • Residential energy storage set to continue global expansion Long-term value creation through technology innovation, strategic positioning, and disciplined execution Today Tomorrow
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5Canadian Solar Inc. CSI Solar FY2025 Q3 Overview Excluding the impact of intracompany eliminations. 287 176 290 341 345 316 288 299 207 248 290 320 330 160 386 214 21.3% 14.5%15.9%17.3%17.4%18.5% 14.3% 16.6% 12.1% 18.4% 16.7% 18.6%19.8% 13.4% 22.3% 15.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 Gross Margin Gross profit, $M Gross margin 2021 CSI Solar Q3 2025 • Module shipments: 5.1 GW • Storage shipments: 2.7 GWh • Revenue: $1.4 billion • Gross profit: $214 million • Gross margin: 15.0% • Operating profit: $39 million
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6Canadian Solar Inc. e-STORAGE Performance Overview and Outlook Dec. 2025 BESS and battery cell capacity(3) 15 GWh | 3 GWh Contracted backlog(1) $3.1 billion Turnkey Utility-Scale Battery Energy Storage Annual Revenue(2) 223 441 815 ~$3.1B 2021 2022 2023 2024 2025/2026 + contracted backlog Transition year from white label to own self-manufactured $ in millions Dec. 2026 BESS and battery cell capacity(3) 24 GWh | 9 GWh (1) As of October 31, 2025. Includes volumes allocated to the Company’s own projects. (2) Bar chart is illustrative and not drawn to precise scale. (3) BESS and battery cell nameplate capacities shown on a single-shift and double-shift annualized basis, respectively.
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7Canadian Solar Inc. Recurrent Energy FY2025 Q3 Overview 8 18 80 48 16 7 157 18 22 13 24 14 14 23 34 48 3.5% 19.2%14.4% 47.1% 21.7% 36.0% 43.9% 27.7% 40.5% 33.1% 47.4% 32.0% 7.5% 18.6% 32.4% 46.1% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 Gross Margin Gross profit, $M Gross margin Excluding the impact of intra-group elimination. 2021 Recurrent Energy Q3 2025 • Project Sales: 585 MW • Revenue: $105 million • Gross profit: $48 million • Gross margin: 46.1% • Operating income: $3 million
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8Canadian Solar Inc. One of the Industry’s Largest and Most Mature Global Solar and Battery Energy Storage Project Development Pipelines Region Under Construction Backlog Advanced Dev. Early-Stage Dev. Total North America 276 556 427 4,341 5,600 EMEA 1,108 1,687** 785 4,616 8,196 Latin America 128** 374 352 5,866 6,720 Asia Pac ex. China & Japan 171 - 466 1,164 1,801 China 300 735** - 1,470 2,505 Japan 49 56 80 103 288 Total 2,032 3,408 2,110 17,560 25,110 Solar Project Development Pipeline – MWp(1) Securing interconnection c.8 GW with interconnection Region Under Construction Backlog Advanced Dev. Early-Stage Dev. Total North America 600 200 600 22,932 24,332 EMEA 43 2,590 3,829 30,590 37,052 Latin America - - 1,320 1,825 3,145 Asia Pac ex. China & Japan 440 240 500 2,580 3,760 China - 1,260 - 6,500 7,760 Japan 8 1,140 1,731 1,650 4,529 Total 1,091 5,430 7,980 66,077 80,578 Battery Energy Storage Project Development Pipeline – MWh(1) c.15 GWh with interconnection Securing interconnection (1) All numbers are gross MWp, as of September 30, 2025. (2) Including 63 MWp under construction and 483 MWp in backlog that are owned by or already sold to third parties.
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9Canadian Solar Inc. Quarterly Income Statement Highlights $ in millions except per share data 3Q24 4Q24 1Q25 2Q25 3Q25 qoq yoy Net revenues 1,508 1,521 1,197 1,694 1,487 -12% -1% -CSI Solar 1,716 1,670 1,190 1,732 1,426 -18% -17% -Recurrent Energy 45 188 125 106 105 -1% +133% -Elimination (253) (337) (118) (144) (44) Gross margin 16.4% 14.3% 11.7% 29.8% 17.2% -1260 bp +80 bp -CSI Solar margin 18.6% 19.8% 13.4% 22.3% 15.0% -730 bp -360 bp -Recurrent Energy margin 32.0% 7.5% 18.6% 32.4% 46.1% Selling and distribution expenses 136 132 91 109 101 -7% -26% General and admin expenses 100 220 106 253 117 -54% +17% R&D expenses 30 30 24 25 20 -20% -33% Other operating income (19) (38) (26) (9) (16) Total operating expenses 247 344 195 378 222 -41% -10% Operating income (loss) 0 (127) (55) 127 35 Net interest expense (20) (9) (28) (35) (29) Net FX gain or (loss) (4) (10) (14) (13) (17) Income tax (expense) or benefit 20 12 23 (34) (7) Net income (loss) (6) (135) (77) 45 (21) Net income (loss) attributable to Canadian Solar Inc. (14) 34 (34) 7 9 Diluted Earnings (loss) per Share (0.31) 0.48 (0.69) (0.08) (0.07)(1) Note: Elimination effect from intracompany sales not included in segment margin. Please refer to 6-K for further details. (1) Diluted EPS excludes the effect of convertible bonds, as they were anti -dilutive. -$0.07/share is calculated from total loss of $5M (includes Recurrent Energy redeemable preferred shares dividends of $14M, or an EPS effect of 20 cents) divided by 67.6 million diluted shares.
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10Canadian Solar Inc. Quarterly Cash Flow and Balance Sheet Highlights (1) Includes current portion of long-term borrowings on project assets (2) Net debt includes cash and equivalents and restricted cash $ in millions 3Q24 4Q24 1Q25 2Q25 3Q25 Working capital days 56 45 102 14 38 Operating cash inflow (outflow) (231) 66 (264) 189 (112) Cash and equivalents 2,169 1,701 1,577 1,856 1,763 Restricted cash 659 563 457 408 417 Property, plant and equipment, net 3,334 3,175 3,220 3,308 3,310 Solar power and battery energy storage systems, net 1,722 1,977 2,189 1,981 2,031 Project Assets 1,355 1,284 1,373 1,719 1,936 Total assets 13,780 13,512 13,896 14,812 15,157 Short-term borrowings(1) 2,503 1,873 2,121 2,275 2,428 Convertible notes – current - 229 229 - - Financing liabilities – current - - - - - Long-term borrowings 2,244 2,732 3,023 3,455 3,500 Green bonds and convertible notes – current and non- current 389 147 199 438 355 Financing liabilities – non-current 79 77 81 82 98 Total debt 5,215 5,058 5,653 6,250 6,381 Net debt(2) 2,387 2,794 3,619 3,986 4,201 Non-GAAP EBITDA 129 (3) 72 260 148 Net debt / EBITDA (trailing 12 months) 4.3x 6.1x 9.7x 8.7x 8.8x Net interest expense 20 9 28 35 29 EBITDA / net interest coverage (trailing 12 months) 9.7x 9.2x 4.9x 5.0x 4.7x
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11Canadian Solar Inc. Guidance as of November 13, 2025 FY2025 Q3 Actual FY2025 Q4 Guidance FY2024 Actual FY2025 Guidance FY2026 Guidance Solar Module Shipments (DC) 5.1 GW 4.6 – 4.8 GW 31.1 GW 24.5 – 24.7 GW 25 – 30 GW(2) Utility Scale Battery Energy Storage Shipments (DC) 2.7 GWh 2.1 – 2.3 GWh(1) 6.6 GWh(3) 7.8 – 8.0 GWh 14 – 17 GWh Revenue $1.5B $1.3B – $1.5B $6.0B $5.7B – $5.9B n/a Gross Margin 17.2% 14% – 16% 16.7% n/a n/a • Q4 margin decrease driven by shifted energy storage shipments and lower U.S. modules mix • Implied full year forecast at the low end driven by volume management to ensure profitability and delayed project sales • Pressures in solar module market expected to continue in 2026, while storage demand grows strongly (1) Including around 600 MWh to the Company’s own projects. (2) Including around 1 GW to the Company’s own projects.
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Canadian Solar Inc. Let's Connect Thank You Wina Huang Investor Relations Canadian Solar Inc. investor@canadiansolar.com