Slide 1: First Solar Q2'26 Earnings Call
First Solar Q2’26 Earnings Call July 30, 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 and amortization (“EBITDA”), EBITDA Margin, Adjusted EBITDA and Adjusted EBITDA Margin, non-GAAP measures, to provide supplemental information to our GAAP results. These non-GAAP measures are not prepared in
Slide 4: Q2'26 Executive Highlights
| Q2’26 | Executive Highlights $1.06B 57% $644M Net Sales Gross Margin Adj. EBITDA1 (4)% YoY +12 pp YoY +15% YoY High-end of sales cadence Margin Expansion 61% Adj. EBITDA Margin1 EXECUTION COMMERCIAL POSITION COMPETITIVE POSITION ■ Surpassed 100 GW cumulative sold ■ Market demand for certainty ■ Un
Slide 5: Backlog: 45.1 GW, ~$13.6B, Through 2030
| Backlog | 45.1 GW | ~$13.6B | Through 2030 © 2026 Copyright First Solar, Inc. INDIA ACTIVITY INCLUDED IN YTD BOOKINGS SINCE Apr. 30 CALL2 | U.S. BOOKINGS EX-INDIA India gross bookings: 1.1 GW · India bookings ASP: ~$20 c/w U.S. gross bookings: 1.9 GW · ASP with adjusters: ~$36 c/w Volumes are roun
Slide 6: Q2'26 Financial Performance
| Q2’26 Financial Performance1 Net Sales Gross Margin Financial Execution Highlights $1.06B 57% ✓ Higher module volumes sold (4)% YoY +12 pp YoY ✓ Expanded 45X-eligible U.S. module mix 3.4 GW U.S. / 0.3 GW India Global fleet utilization: 86% U.S. 98% and India 86% ✓ Lower logistics, detention and de
Slide 7: Q2'26 Balance Sheet and Financial Resiliency
| Q2’26 Balance Sheet and Financial Resiliency $1.7B $360M $280M Net Cash1 1H Operating Cash Outflow 1H Capital Expenditures Liquidity, Q2’26 ending Working capital seasonality South Carolina expansion 2026 INVESTMENT PRIORITIES BALANCE SHEET RESILIENCE CapEx investment: $0.8B to $1.0B Gross cash: $
Slide 8: FY 2026 Guidance Reaffirmed
| FY 2026 Guidance REAFFIRMED Reaffirmed from February 24, 2026 outlook | As of July 30, 2026 F Y 2 0 2 6 G U I D A N C E (1) KEY ASSUMPTIONS | UPDATED Volume sold 17.0 GW to 18.2 GW Section 45X tax credits $2.10B to $2.19B U.S. component 12.6 GW to 13.1 GW Underutilization costs $115M to $135M Net
Slide 9: Appendix
Appendix
Slide 10: Summarized Income Statement
| Summarized Income Statement (In millions, except per share amounts)(1) Q2 2026A Q2 2025A YoY YTD YTD YoY Change Q2 2026A Q2 2025A Change Net sales $ 1,056 $ 1,097 $ (41) $ 2,100 $ 1,942 $ 158 Gross Profit 605 500 105 1,091 844 247 Gross profit % 57 46 12 52 44 8 Underutilization costs 29 15 14 55
Slide 11: Summarized Balance Sheet
| Summarized Balance Sheet (In millions)(1) Q2 2026A Q4 2025A Change Cash and marketable securities(2) $ 1,741 $ 2,866 $ (1,125) Accounts receivable - current and noncurrent 1,476 1,310 166 Inventories - current and noncurrent 1,274 974 300 Government grants receivable - current and noncurrent 1,263
Slide 12: About Non-GAAP Financial Measures
| About Non-GAAP Financial Measures This presentation includes EBITDA, EBITDA Margin, Adjusted EBITDA, and Adjusted EBITDA Margin, 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
Slide 13: 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 14: Non-GAAP Reconciliation
| Non-GAAP Reconciliation1 (In millions) Q2’26 Q2’25 YTD Q2’26 YTD Q2’25 Net income and net income margin(2) $ 423 40 % $ 342 31 % $ 769 37 % $ 551 28 % Interest income (30) (12) (59) (31) Interest expense, net 6 9 13 19 Income tax expense 37 10 45 18 Depreciation and amortization 148 123 295 248 EB
Slide 15: Corporate Responsibility Report: 2025 Highlights
| Corporate Responsibility Report: 2025 Highlights © 2026 Copyright First Solar, Inc. 15 First Solar - Public
Slide 16: Copyright and trademarks
© 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