Canadian Solar Inc. · NASDAQ:CSIQ
Canadian Solar — Q4 2025 Earnings Presentation
12 slides from Canadian Solar's earnings presentation, Mar 19, 2026
Slide 1: Canadian Solar 4Q25 Earnings Call
Canadian Solar 4Q25 Earnings Call March 19, 2026 Canadian Solar Inc.
Slide 2: Safe Harbor Statement
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
Slide 3: FY2025 Q4 and Full Year Overview
FY2025 Q4 and Full Year Overview Key Financial Metrics Revenue and Module Shipment Breakdown FY2025 Q4 Full Year 2025 FY2025 Q4 Full Year 2025 Recurrent $1.2 billion Recurrent $5.6 billion Energy, Energy, Revenue Revenue $65M $394M 10.2% 18.3% Gross margin Gross margin Manufacturing, Manufacturing,
Slide 4: Reshoring Manufacturing to North America
Reshoring Manufacturing to North America Expanding U.S. manufacturing footprint to strengthen U.S. clean energy supply, securing comprehensive supply chain and reinforcing long-term commitment to the U.S. market Battery Cell & BESS Production Facility Solar Cell Production Facility Location Shelbyvi
Slide 5: Manufacturing FY2025 Q4 and Full Year Performance Overview
Manufacturing FY2025 Q4 and Full Year Performance Overview Manufacturing FY2025 Gross Margin • Module shipments: 24.3 GW 22.3% • Storage shipments: 7.8 GWh 19.8% 18.5% 18.4% 18.6% • Revenue: $5.6 billion 16.6% 16.7% 14.3% 15.0% 14.5% • Gross profit: $943 million 13.4% 12.1% • Gross margin: 16.8% 386
Slide 6: e-STORAGE Performance Overview
e-STORAGE Performance Overview Q4 2025 shipments and revenue(1) Turnkey Utility-Scale Battery Energy Storage 2 GWh | $297 million Annual Revenue(2) $ in millions FY2025 shipments and revenue(1) 7.8 GWh | $1.4 billion c. $3.6B(3) Transition year from white label to own self-manufactured Contracted ba
Slide 7: Recurrent Energy FY2025 Q4 and Full Year Performance Overview
Recurrent Energy FY2025 Q4 and Full Year Performance Overview Gross Margin Recurrent Energy FY2025 • Revenue: $404 million 47.4% 46.1% • Gross profit: $83 million 43.9% 40.5% 36.0% • Gross margin: 20.7% 33.1% 32.0% 32.4% 27.7% • Operating loss: $153 million 18.6% 157 7.5% Recurrent Energy Q4 2025 48
Slide 8: Recurrent Energy Global Project Development Pipeline
Recurrent Energy Global Project Development Pipeline Solar Development Project Pipeline – MWp* Battery Energy Storage Development Project Pipeline – MWh* Under Advanced Early-Stage Under Advanced Early-Stage Region Backlog Total Region Backlog Total Construction Pipeline Pipeline Construction Pipeli
Slide 9: Quarterly Income Statement Highlights
Quarterly Income Statement Highlights $ in millions except per share data 4Q24 1Q25 2Q25 3Q25 4Q25 qoq yoy Net revenues 1,521 1,197 1,694 1,487 1,217 -18% -20% -Manufacturing 1,670 1,190 1,732 1,426 1,264 -11% -24% -Recurrent Energy 188 125 106 105 67 -36% -64% -Elimination (337) (118) (144) (44) (1
Slide 10: Quarterly Cash Flow and Balance Sheet Highlights
Quarterly Cash Flow and Balance Sheet Highlights $ in millions 4Q24 1Q25 2Q25 3Q25 4Q25 Working capital days 45 102 14 38 19 Operating cash inflow (outflow) 66 (264) 189 (112) (65) Purchase of property, plant and equipment and (212) (256) (173) (267) (266) intangible assets Cash and equivalents 1,70
Slide 11: Guidance as of March 19, 2026
Guidance as of March 19, 2026 FY2025 Q4 FY2026 Q1 FY2026 Actual Guidance Guidance Global Solar Module U.S. Solar Module 4.3 GW 2.2 – 2.4 GW 6.5 – 7.0 GW Shipments (DC) Shipments Global Utility Scale U.S. Utility Scale Battery Energy Storage 2.0 GWh 1.7 – 1.9 GWh Battery Energy 4.5 – 5.5 GWh Shipment
Slide 12: Thank You
Thank You Let's Connect Wina Huang Investor Relations Canadian Solar Inc. investor@canadiansolar.com Canadian Solar Inc.