Slide 1: First Solar Q4'25 Earnings and 2026 Guidance Call
First Solar Q4’25 Earnings and 2026 Guidance Call February 24, 2026
Slide 2: Safe Harbor Statement
| Safe Harbor Statement Cautionary Note Regarding Forward Looking Statements This presentation contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in this presentation, other than statements of
Slide 3: Non-GAAP Measures
| Non-GAAP Measures This presentation includes earnings before interest, taxes, depreciation, amortization, and accretion (“EBITDA”) and Adjusted EBITDA, non-GAAP measures, to provide supplemental information to our GAAP results. These non-GAAP measures are not prepared in accordance with GAAP and s
Slide 4: 2025 Summary & Highlights
| 2025 Summary & Highlights • Record annual volume sold of 17.5 GW • Year-end backlog of 50.1 GW Commercial • 1.0 GW of domestic volume booked since prior earnings call at an ASP of 36.4 cents per watt, including applicable adjusters and excluding low bin volume • Record net sales of $5.2 billion Fi
Slide 5: Expected Module Volume Sold (GW DC)
| Expected Module Volume Sold (GW DC): © 2025 Copyright First Solar, Inc. The table above presents our expected module volume sold. 1. Backlog as of December 31, 2024 2. Volume sold from January 1, 2025, to December 31, 2025 3. Net De-bookings from January 1, 2025, to December 31, 2025 4. Backlog as
Slide 6: Income Statement Highlights
| Income Statement Highlights Q4 2025A 2025A (In millions, except per share amounts)(1) Q4 2025A QoQ Change YoY Change 2025A YoY Change Net sales $1,683 $88 $169 $5,219 $1,013 Gross profit % 39.5% 1.2% 2.0% 40.6% (3.6)% Selling, general and administrative 51 3 1 204 15 Research and development 66 5
Slide 7: Balance Sheet Highlights
| Balance Sheet Highlights Q4 2025A (In millions)(1) Q4 2025A Q3 2025A Q4 2024A QoQ Change YoY Change Cash and marketable securities(2) $2,866 $2,050 $1,810 $816 $1,056 Accounts receivable - current and noncurrent 1,310 1,458 1,355 (148) (45) Inventories - current and noncurrent 974 1,355 1,360 (381
Slide 8: US Market and Policy Environment
| US Market and Policy Environment U.S. Manufacturing • Policy and trade environment on balance net favorable for First Solar Policy Tailwinds… • Vertical Integration: 45X credit stackability (wafer, cell, module) retained under OBBBA • Domestic Manufacturing: Product enables ITC/PTC Domestic Conten
Slide 9: Thin-Film: Key to Unlocking Next-Gen Solar
| Thin-Film: Key to Unlocking Next-Gen Solar Next-Generation: Near-Term: Perovskite Efficiency and CuRe Phase-Gated Rollout Stability • Responsibly bringing this technology • Reliability results believed to be to market with proven laboratory comparable to best-in-class. Potential results and expand
Slide 10: Capacity and Expansion
| Capacity and Expansion(1) Nameplate Manufacturing Capacity (GW) Full-Year Production (GW) 18.9 - 20.5 16.1 16.5 - 17.5 1.6 - 1.8 0.9 - 1.4 2.4 - 2.6 2.6 - 2.8 14.9 - 16.1 13.0 - 13.3 © 2025 Copyright First Solar, Inc. U.S. capacity expansion in South Carolina and CuRe Phase-Gated Rollout 1 Note, w
Slide 11: 2026 Guidance Assumptions
| 2026 Guidance Assumptions • Global: 17.0 GW to 18.2 GW Volumes Sold • Includes U.S.: 12.6 GW to 13.1 GW Average Selling • Approximately 30.8 cents per watt U.S. ASP Prices • Approximately 28.7 cents per watt global ASP (includes domestic India sales) • CpW sold approximately flat year-over-year, i
Slide 12: 2026 Guidance as of February 24, 2026
| 2026 Guidance as of February 24, 2026 (1) FY 2026(1) Guidance includes impacts: Volume Sold 17.0GW to 18.2GW Tariff impacts Net Sales $4.9B to $5.2B • Assumes Section 122 tariffs at 15% for 150 days, Section 232 Aluminum / Steel tariff full year Gross Margin ($)(2) $2.4B to $2.6B • Imported bill o
Slide 13: Appendix
Appendix
Slide 14: About Non-GAAP Financial Measures
| About Non-GAAP Financial Measures This presentation includes EBITDA and Adjusted EBITDA, non-GAAP measures, to provide supplemental information to our GAAP results. These non-GAAP measures are not prepared in accordance with GAAP and should not be considered a substitute for, or superior to, the m
Slide 15: About Non-GAAP Financial Measures (continued)
| About Non-GAAP Financial Measures (continued) Management believes adjusting our GAAP results for the items described above to determine Adjusted EBITDA is useful to investors in assessing underlying operating performance and comparing period-to-period results, because these items (i) are largely n
Slide 16: Non-GAAP Reconciliation | Net Income to EBITDA and Adjusted EBITDA
| Non-GAAP Reconciliation | Net Income to EBITDA and Adjusted EBITDA (In millions(1)) FY 2025 Net income $ 1,528 Interest income (82) Interest expense, net 44 Income tax expense 53 Depreciation, amortization and accretion 529 EBITDA $ 2,072 Foreign currency loss, net 39 Other expense, net 15 Share-b
Slide 17: Copyright First Solar, Inc.
© 2025 Copyright First Solar, Inc. First Solar, the First Solar logo, and Leading the World’s Sustainable Energy Future are trademarks of First Solar, Inc., registered in the U.S. and other countries. Series 6, Series 6 Plus, CuRe, Series 6 CuRe, and the Series 6 CuRe logo are trademarks of First So