Slides
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Canadian Solar Inc. Canadian Solar 2Q26 Earnings Call August 27, 2026
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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. FY2026 Q2 Overview Key Financial Metrics Revenue Breakdown $1.2 billion Revenue 13.9% Gross margin $77 million Net loss to CSIQ $1.40 Diluted loss per share to CSIQ(2) (1) Of the total, 471 MWh were shipped to internal projects under execution, with associated revenue to be recognized in subseque nt quarters. (2) Net loss per diluted share includes the dilutive effect of convertible bonds, as applicable, and the Recurrent Energy redeema ble preferred shares dividends. 3.1 GW Total module shipments 3.7 GWh Total storage shipments(1) 49% 4% 19% 28% North America Latin America EMEA Asia Pacific 3.1 GW Shipment Breakdown $1,094M $114M Manufacturing Recurrent Energy
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4Canadian Solar Inc. Manufacturing FY2026 Q2 Overview Manufacturing Q2 2026 • Module shipments: 3.1 GW • Storage shipments: 3.7 GWh(1) • Revenue: $1,098 million • Gross profit: $131 million • Gross margin: 11.9% • Operating loss: $49 million (1) Including 471 MWh shipped to internal projects under execution. Excluding the impact of intracompany eliminations. 299 207 248 290 320 330 160 386 214 183 276 131 16.6% 12.1% 18.4% 16.7% 18.6% 19.8% 13.4% 22.3% 15.0% 14.5% 29.1% 11.9% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 Gross profit, $M Gross margin
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5Canadian Solar Inc. Jeffersonville Solar Cell Factory Opening Nameplate Capacity Timeline Phase I 2.1 GWp Commercially operational Phase II 4.2 GWp Start trial production in 27Q1 6.3 GWp – the largest crystalline silicon solar cell factory in North America Flagship HJT Solar Cell Factory in Jeffersonville, Indiana Official opening in July 2026
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6Canadian Solar Inc. Strong and Growing PV Modules Contracted Backlog in the U.S. 2026 2H 2027 + >13 GWp >$4.5 billion Contracted backlog volume and value(1) Customers include major utilities, IPPs, developers and EPCs across the U.S. (1) As of August 14, 2026. Bar chart is illustrative and not drawn to precise scale.
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7Canadian Solar Inc. 223 441 815 1,370 c. $3.5B(3) 2021 2022 2023 2024 2025 2026 + contracted backlog Transition year from white label to own self-manufactured e-STORAGE Performance Overview Contracted backlog(3) $3.5 billion Operating projects contracted under LTSA(3) 34 GWh Turnkey Utility-Scale Battery Energy Storage Annual Revenue(2) (1) Total quarterly volume includes 471 MWh shipped to internal projects under execution. Revenue includes the impact of intragroup elimination. (2) Bar chart is illustrative and not drawn to precise scale. (3) As of June 30, 2026. $ in millions Q2 2026 shipments and revenue(1) 3.7 GWh | $426 million
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8Canadian Solar Inc. Recurrent Energy FY2026 Q2 Overview Recurrent Energy Q2 2026 • Revenue: $117 million • Gross profit: $36 million • Gross profit margin: 30.7% • Operating loss: $19 million Excluding the impact of intracompany eliminations. 18 22 13 24 14 14 23 34 48 -23 -15 36 27.7% 40.5% 33.1% 47.4% 32.0% 7.5% 18.6% 32.4% 46.1% -33.9% -10.4% 30.7% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 Gross profit, $M Gross margin
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9Canadian Solar Inc. Recurrent Energy Global Project Development Pipeline Region Under Construction Backlog Advanced Pipeline Early-Stage Pipeline Total North America 558 226 293 4,573 5,650 EMEA 674 1,438** 1,012 3,169 6,293 Latin America - 488 352 5,906 6,746 Asia Pacific 492 56 572 1,858 2,978 Total 1,724 2,208 2,229 15,506 21,667 Solar Project Development Pipeline – MWp* Securing interconnection c.6 GW with interconnection Region Under Construction Backlog Advanced Pipeline Early-Stage Pipeline Total North America 600 - 600 21,840 23,040 EMEA - 2,665*** 2,640 26,965 32,270 Latin America - 93 1,320 10,753 12,166 Asia Pacific - 1,620 3,281 11,680 16,581 Total 600 4,378 7,841 71,238 84,057 Battery Energy Storage Project Development Pipeline – MWh* c.13 GWh with interconnection Securing interconnection *All numbers are gross MWp/MWh, as of June 30, 2026. **Including 392 MWp in backlog that are owned by or already sold to third parties. ***Including 1,496 MWh in backlog that are owned by or already sold to third parties.
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10Canadian Solar Inc. Quarterly Income Statement Highlights $ in millions except per share data 2Q25 3Q25 4Q25 1Q26 2Q26 qoq yoy Net revenues 1,694 1,487 1,217 1,078 1,208 +12% -29% -Manufacturing 1,732 1,426 1,264 950 1,098 +16% -37% -Recurrent Energy 106 105 67 139 117 -16% +11% -Elimination (144) (44) (114) (11) (7) Gross margin 29.8% 17.2% 10.2% 25.1% 13.9% -1,120 bp -1,590 bp -Manufacturing margin 22.3% 15.0% 14.5% 29.1% 11.9% -1,720 bp -1,040 bp -Recurrent Energy margin 32.4% 46.1% (33.9)% (10.4)% 30.7% Selling and distribution expenses 109 101 81 54 75 +38% -32% General and admin expenses 253 117 107 135 152 +12% -40% R&D expenses 25 20 22 21 21 - -16% Other operating income (9) (16) (21) (13) (8) Total operating expenses 378 222 188 198 240 +21% -37% Operating income (loss) 127 35 (64) 73 71 Net interest expense (35) (29) (39) (36) (43) Net FX gain (loss) (13) (17) (15) (29) (9) Investment income 2 5 - - 55 Income tax benefit (expense) (34) (7) 4 (17) (16) Net income (loss) 45 (21) (131) (14) (86) Net income (loss) attributable to Canadian Solar Inc. 7 9 (86) (32) (77) Diluted Earnings (loss) per Share (0.08) (0.07) (1.66) (0.71) (1.40)(1) Note: Elimination effect from inter-segment sales not included in segment margin. Please refer to 6 -K for further details. (1) Diluted EPS includes the effect of convertible bonds and Recurrent Energy redeemable preferred shares dividends. $1.40/share is calculated from total loss of $95M (including Recurrent Energy redeemable preferred shares dividends of $18M) divided by diluted shares of 67.9 million shares.
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11Canadian 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 2Q25 3Q25 4Q25 1Q26 2Q26 Working capital days 14 38 19 108 99 Operating cash inflow (outflow) 189 (112) (65) (209) (181) Purchase of property, plant and equipment and intangible assets (173) (267) (266) (173) (172) Cash and equivalents 1,856 1,763 1,370 1,441 1,461 Restricted cash 408 417 570 442 389 Property, plant and equipment, net 3,308 3,310 3,376 3,470 3,554 Solar power and battery energy storage systems, net 1,981 2,031 2,065 2,099 2,003 Project Assets 1,719 1,936 2,031 1,980 2,119 Total assets 14,812 15,157 15,172 15,535 16,105 Short-term borrowings(1) 2,275 2,428 2,389 2,602 3,089 Convertible notes – current - - - - - Financing liabilities – current - - - - - Long-term borrowings 3,455 3,500 3,621 3,538 3,289 Green bonds and convertible notes – current and non- current 438 355 348 570 568 Financing liabilities – non-current 82 98 100 101 199 Total debt 6,250 6,381 6,458 6,811 7,145 Net debt(2) 3,986 4,201 4,518 4,928 5,295
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12Canadian Solar Inc. 2025 Corporate Sustainability Report Reduction in Environmental Footprint (2017 vs. 2025) Science-Validated Climate Commitments Responsible Supply Chain Management Recognitions and Initiatives 60% 45% 79% 58% GHG emissions intensity Energy intensity Water intensity Waste intensity 121 supplier ESG audits, including 47 on- site audits – no presence of forced labor 59 Energy conservation projects 17 Water- saving initiatives 101 GWh Energy savings 1.46M tons Water savings SBTi Targets: • Overall Net-Zero Target: commits to achieve net-zero greenhouse gas emissions across the value chain by 2050. • Near-Term Targets: commits to reduce absolute scope 1 and 2 GHG emissions 64.9% by 2035 from a 2023 base year and to reduce scope 3 GHG emissions from purchased goods and services 66.3% per MW of solar related product produced within the same timeframe. • Long-Term Targets: commits to reduce absolute scope 1 and 2 GHG emissions 90.0% by 2050 from a 2023 base year, and to reduce scope 3 GHG emissions 97.0% per MW of solar related product produced within the same timeframe. Source: Canadian Solar 2025 Sustainability Report.
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13Canadian Solar Inc. PV Technology Roadmap • Mass production • 2026 → 2028 • Module Efficiency: 23.2% 24.4% • Ag: 6.5 3 mg/W • Market: Utility, C&I, Residential • 2028: Mass production • Module Efficiency: 24.8% to 25.2% • Ag: 1 to 2 mg/W • Market: Residential with premium HJT & TOPCon (Gen 3) 1 2 3 4 Single-junction Space & Tandem mc-Si N-Si mc-Si Metal finger QBC Poly-Si N-Si P-Si P-SiN-Si N-Si Space PV • Space PV: Shipment in 2029 for deployment in space • Tandem: Shipments in 203X with module efficiency >30% More stringent requirements for radiation and thermal cycling Bottom Cell TOP Cell HJT Cell TOPCon Cell QBC Cell Tandem Cell Tandem
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14Canadian Solar Inc. Energy Storage and Power Electrics Roadmap 2026 2028 • 5.0 MWh, 20ft • 314 Ah LFP, 8,000-10,000 cycles / 20 years 2027 2029 SolBank3.0 Lifecycle 2030 Cost Effective High ED Long Duration • 6.25 MWh, 20ft • 588 Ah LFP, 8,000-10,000 cycles / 20 years SolBank 4.0 • 3.7 MWh, 20ft • 180 Ah Sodium-ion Battery, 15000+ cycles SolBank Na Low LCOS Extreme Temperature MV SKID 1.0 MV SKID 2.0 215 kW 450 kW • 215 kW x 24, 5.16 MW, IEC/UL • Air Cooling, IGBT • 450 kW x 32, 14.4 MW, IEC/UL • Liquid Cooling, 40ft • 2.5 MW SST, 34.5 kV / 800 V DC • Efficiency > 98.5% Solid-State Transformer
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15Canadian Solar Inc. Guidance as of August 27, 2026 FY2026 Q2 Actual FY2026 Q3 Guidance FY2026 Guidance Global Solar Module Shipments (DC) 3.1 GW 3.5 – 3.8 GW U.S. Solar Module Shipments 6.5 – 7.0 GW Global Utility Scale Battery Energy Storage Shipments (DC) 3.7 GWh(1) 3.4 – 3.8 GWh U.S. Utility Scale Battery Energy Storage Shipments 4.5 – 5.5 GWh Revenue $1.2B $1.3B – $1.5B Gross Margin 13.9% 13.5% – 15.5% • U.S. solar and storage shipments expected to accelerate in the second half • U.S. modules made with domestically produced cells to scale in the second half, with near-term ramp-up costs • Recurrent Energy’s Q2 deferred project sales expected to be realized in Q3 (1) Of the total, 471 MWh were shipped to internal projects under execution, with associated revenue to be recognized in subseque nt quarters.
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Canadian Solar Inc. Let's Connect Thank You Wina Huang Investor Relations Canadian Solar Inc. investor@canadiansolar.com