Slides
Page 1
JINKOSOLAR HOLDING CO., LTD. Q2 2026 EARNINGS CALL PRESENTATION AUGUST 26, 2026
Page 2
1 1 This presentation does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of JinkoSolar Holding Co., Ltd. (the “Company”) in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. The information herein has been prepared by the Company solely for use in this presentation. 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, advisors 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. By attending this presentation, participants agree not to remove this document, or any materials provided in connection herewith, from the conference room where such documents are provided. Participants agree further not to photograph, copy or otherwise reproduce these materials in any form or pass on these materials to any other person for any purpose, during the presentation or while in the conference room. Participants must return this presentation and all others materials provided in connection herewith to the Company at the completion of the presentation. This presentation may contain forward-looking statements and management may make additional forward-looking statements in response to your questions. These statements are made under the ''safe harbor'' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Statements that are not historical facts, including statements concerning our beliefs, forecasts, estimates and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the risk that our results of operations may fluctuate from period to period; the risk of PRC governmental policy changes; the risk that we face intense competition from other solar companies; the risk that PRC economic, political and social conditions as well as government policies can affect our business and other risks outlined in our public filings with the Securities and Exchange Commission, including our registration statement on Form F-1, as amended. The forward-looking statements made in this presentation relate only to events or information as of the date on which the statements are made in this presentation. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Disclaimer
Page 3
Q2 2026 financial highlights (1) Total revenues were US$1.82 billion, up 0.9% QoQ and down 31.3% YoY. Gross margin was 4.2%, compared with gross margin of 8.3% in Q1 2026 and gross profit margin of 2.9% in Q2 2025. Quarterly solar modules shipments were 15,961 MW, up 16.7% QoQ and down 34.4% YoY. Adjusted net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was US$134.2 million, compared with adj. net loss of US$79.6 million in Q1 2026 and adj. net loss of US$119.5 million in Q2 2025. Cash and short-term restricted cash totaled US$2.50 billion as of June 30, 2026 vs US$3.31 billion as of March 31, 2026. Net loss attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders was US$102.8 million, compared with net loss of US$67.2 million in Q1 2026 and net loss loss of US$122.3 million in Q2 2025. EBITDA was US$51.4 million, down 26.8% QoQ and down 4.5% YoY. 2 Notes: YoY and QoQ changes calculated on the RMB basis. (1) Excluding the impact from (i) the change in fair value of long-term investment, (ii) gain from disposal of a subsidiary, and (iii) share -based compensation expenses. (2) Please refer to slide 13 for adjusted net income reconciliation.
Page 4
Q2 Core Solar and Energy Storage Business Highlights 3 By the end of the second quarter, we became the first module manufacturer in the world to have delivered a total of over 420 GW of solar modules, with total shipments of the Tiger Neo series surpassing 250 GW, making it the best-selling module series in our history. 1 Total module shipments for H1 2026 were 29.6 GW, with approximately 70% shipped to overseas markets. 2 3 In June 2026, we set new performance benchmarks for our TOPCon modules with the launch of the next-generation Tiger Neo 5.0 module, featuring power output of over 700 W and module efficiency of up to 25.91%. Shipments of energy storage system for the first half of 2026 increased significantly year-over-year, accompanied by an expansion in gross margin. 4
Page 5
Q2 Strategic Investment Highlights 4 During the first half of 2026, the Company disposed of a substantial portion of its equity interest in LAPLACE Renewable Energy Technology Co., Ltd., generating over RMB300 million in cash proceeds. Since our initial investment, the cumulative realized gain on this disposal (net of cost and transaction fees) exceeded RMB250 million. This gain was recognized over multiple periods through fair value adjustments following its IPO in late 2024, with over RMB100 million recorded in change in fair value of long-term investment upon settlement in the first half of 2026. During the second quarter, the Company, together with investment funds in which it participates, completed strategic investments across 13 projects in renewable energy, advanced materials, AI, and other frontier technologies. Additionally, our portfolio company, Hangzhou Gold Electronic Equipment Co., Ltd., successfully completed its public listing during the second quarter, marking an important milestone in the development of our strategic investment portfolio. 1 2 3
Page 6
• At SNEC 2026 in June, we launched our next-generation Tiger Neo 5.0 module, featuring power output above 700 W and module efficiency of up to 25.91%. We expect to have more than 40 GW of Tiger Neo 3.0 capacity by the end of 2026. Based on the current requirements, the relevant products are expected to meet Level 1 energy-efficiency standards. Shipments of high-power products increased sequentially during the second quarter, with Tiger Neo 3.0 maintaining a premium of approximately 1 US cent/w. ESS shipments reached approximately 3.1 GWh in the first half of 2026, up significantly YoY. Gross margin also expanded significantly YoY in the first half. 5 Leading the industry through technological innovation, product competitiveness, and integrated PV+ESS solutions Consistently enhancing product competitiveness Continuous technological breakthroughs Set 33 world records for PV efficiency and power output ~30GW capacity upgraded with base-metal metallization technology Steady progress in technology upgrades and product innovation Lab efficiency of TOPCon based perovskite tandem 34.82% TOPCon pioneer and emerging force in energy storage Tiger Neo 5.0
Page 7
• Continuing to participate in the long-term development of the North American market through minority equity investments and asset-light partnerships. • Deep integration of AI, cloud computing, big data and other technologies. • Our vertically integrated production model continues to improve production efficiency and cost competitiveness, providing replicable blueprint for our global manufacturing footprint. 100GW of integrated production capacity globally, including 14GW overseas from overseas facilities. Optimized global manufacturing and supply chain footprint to adapt to diverse market policies and customer needs. Saudi Arabia Global manufacturing 2.0 US Optimized global footprint and capabilities Shanxi N-type Super Factory 6 SEA • Partnered with PIF and VI to build the world’s largest overseas N-type production facility for cells and modules, our fourth overseas facility. • Project implementation with flexible timetable based on policy changes. • We maintain flexible overseas manufacturing and supply-chain capabilities to support compliant and resilient global delivery.
Page 8
01 China Overseas 2026 1H 29.6 GW PV+ESS solutions enhancing strategic competitiveness 7 ESS: Scaling Shipments and Improving Profitability Application Expansion and Scenario-based Product PortfolioPV: Strong Presence in High-value Overseas Markets Module shipments breakdown by region Approximately 1.5 GWh of ESS shipments were recognized as revenue for 1H 2026, including more than 1.0 GWh in Q2 2026. Strong Global Brand and Bankability Rating Approximately 70% of our modules were shipped to overseas markets in 1H’2026，mainly across Asia Pacific, Europe, and emerging markets. 90% 80% By the end of Q2’2026, our signed and high-potential orders exceeded 11GWh in total. Signed High-potential 2026 Orderbook visibility We recently received the highest “AAA” Bankability rating in the Q2 2026 Bankability Ratings Report for module manufacturers released by PV Tech. Since first participating in the evaluation in 2014, we have maintained an A-grade rating for 12 consecutive years. 2026 Q1 2026 Q2 1GWh+ ESS Shipments Recognized as Revenue Launched Sunny 365 Smart PV+ESS Solutions We were recognized as a Tier 1 energy storage provider by BNEF for the tenth consecutive quarter, reinforcing our bankability, project implementation capabilities, and long-term delivery capabilities for the international market. AIDC module + SunTera ESS Tiger Neo 3.0 module + SunGiga ESS AIDC Manufacturing Retail We are also extending our technology into scenario-based applications, most recently through Sunny 365, a suite of integrated solar-plus-storage solutions designed for retail, AIDC and manufacturing scenarios.
Page 9
Strategic investment and portfolio progress 8 Core solar and energy storage remain our foundation, while strategic investments complement the Company’s long-term value creation. Portfolio Overview and Q2 Activity 40+ Investments Cumulative investments completed, including exited projects Renewable energy, Advanced materials, AI · Other frontier technologies 13 Projects in Q2 2026 Strategic investments completed by the Company and participating investment funds Key Investment Areas 1H 2026 value realization Divesting a substantial portion of our equity interest in Laplace Hangzhou Gold Completed Its ChiNext Listing in Q2 2026 • An important portfolio milestone providing an additional pathway for future value realization. • RMB300 million+ in cash proceeds in 1H 2026. • *RMB250 million+ in cumulative realized gain, net of cost and transaction fees. • RMB100 million+ recognized in change in fair value of long-term investment upon settlement in 1H 2026. Investment approach and capital discipline Strategic focus Solar and energy storage remain our foundation, with selective investments in value-chain synergies, AI and other frontier technologies. Flexible investment model Direct investments and fund platforms, with participation from third-party limited partners. Disciplined capital allocation Selective deployment with stage-gated decisions on follow-on investments, holding periods and value realization. Selective investments support industrial synergy, technology innovation and long -term returns. Note: The cumulative gain was recognized over multiple reporting periods through fair value adjustments following LAPLACE’s IPO in late 2024.
Page 10
Module Shipments • FY2026 module shipments to be 60~70GW. • 3Q2026 modules shipments to be 15~17GW. • High-efficiency products expected to account for over 60% of shipments. 60~ 70GW* 3Q and FY2026 Guidance Production Capacity FY2026 integrated production capacity to reach approximately 100 GW, including 14 GW overseas, by the end of 2026. Continue to drive Technology Innovation, Efficient Management and Global Expansion. 40GW+ High-efficiency products • Production capacity for Tiger Neo 3.0 expected to reach 40GW+, by the end of 2026. • Tiger Neo 3.0 is expected to demonstrate a cost advantage over Tiger Neo 2.0, by the end of 2026. ~100 GW ESS Shipments • FY2026 ESS shipments to more than doubled YoY. More than Double 9 Notes： (1) Guidance reflects demand dynamics in certain markets, as well as the Company’s greater emphasis on balancing shipment volume with profitability, cash flow and order quality.
Page 11
Quarterly financial highlights 10 10 Revenue and total module shipments Gross profit (loss) and gross (loss) margin Adjusted net income（loss) and adjusted net(loss) margin 2,511 2,270 2,503 1,776 1,821 24,334 20,014 24,954 13,679 15,961 – 5,000 10,000 15,000 20,000 25,000 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Revenue (US$mn) Module shipments GAAP net income(loss) and net (loss)margin (122) (105) (215) (67) (103) -4.9% -4.6% -8.6% -3.8% -5.6% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 GAAP net income(loss) (US$mn) Net (loss)margin (1) Notes： (1) Adjusted net loss in Q2 2026 excludes the impact from: (i) the change in fair value of long-term investment, (ii) gain from disposal of a subsidiary, and (iii) share-based compensation expenses. (120) (52) (120) (80) (134) -4.8% -2.3% -4.8% -4.5% -7.4%Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Adjusted Net Income(loss) (US$mn) Adjusted Net(loss)margin 74 166 8 148 76 2.9% 7.3% 0.3% 8.3% 4.2% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Gross profit (US$mn) Gross margin
Page 12
Income statement summary 11 11 Notes: Unaudited quarterly financials. YoY and QoQ changes calculated on the RMB basis. (1) Excluding the impact from (i) the change in fair value of long-term investment, (ii) gain from disposal of a subsidiary, and (iii) share -based compensation expenses. Quarterly (US$mn) Change by RMB Q2 2025 Q1 2026 Q2 2026 QoQ change YoY change Total module shipments 24,334 MW 13,679MW 15,961MW 16.7% (34.4%) Revenue 2,511 1,776 1,821 0.9% (31.3%) Gross profit(loss) 74 148 76 (49.6%) (2.5%) Gross (loss) margin 2.9% 8.3% 4.2% (4.1pct) 1.3pct Adjusted Net Income(loss) (1) (120) (80) (134) / / Adjusted Net (loss) margin (4.8%) (4.5%) (7.4%) (2.9pct) (2.6pct) GAAP net income(loss) (122) (67) (103) / / GAAP net (loss) margin (4.9%) (3.8%) (5.6%) (1.8pct) (0.7pct)
Page 13
Balance sheet summary 12 12 (US$mn) Q2 2025 Q1 2026 Q2 2026 Cash and restricted cash 3,395 3,307 2,497 Accounts and notes receivable 2,572 2,388 2,120 Inventories 1,799 2,567 2,428 Net PPE 5,865 5,271 5,271 Total assets 16,978 18,194 17,467 Total debt (1) 6,717 6,853 6,617 Short-term debt (2) 1,574 1,719 2,014 Long-term debt (3) 5,143 5,134 4,603 Net debt (4) 3,323 3,546 4,120 Total liabilities 12,829 13,823 13,218 Mezzanine Equity (5) 209 446 522 Total shareholders’ equity 3,940 3,925 3,727 Notes: Unaudited quarterly financials. (1) Interest-bearing debt. (2) Short-term debt includes short-term borrowings, current lease liabilities and current convertible senior notes. (3) Long-term debt includes long-term borrowings, convertible senior notes, noncurrent lease liabilities and interest bearing long-term payable. (4) Total debt minus cash and restricted cash. (5) The non-controlling interest with redemption equity related to two subsidiaries of Jiangxi Jinko.
Page 14
13 Appendix—Adjusted net income reconciliation (RMB in thousands) Q1 2026 Q2 2026 Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders -463,515 -697,252 Change in fair value of Long-term Investment 124,426 188,311 gain on disposal of a subsidiary, after tax - 63,971 Share-based compensation expenses -38,685 -38,687 Adjusted net income attributable to JinkoSolar Holding Co., Ltd’s ordinary shareholders -549,256 -910,848 Notes: Unaudited quarterly financials.
Page 15
www.jinkosolar.com