Slide 1: ARRAY Technologies to Acquire APA Solar
ARRAY Technologies to Acquire APA Solar June 18, 2025
Slide 2: Disclaimer: Forward-Looking Statements and Other Information
DISCLAIMER Forward-Looking Statements and Other Information This presentation contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include statements that are not historical
Slide 3: Disclaimer: Non-GAAP Financial Information
DISCLAIMER Non-GAAP Financial Information This presentation includes certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including EBITDA. "EBITDA" means, with reference to any historical period of APA Solar, as net income (los
Slide 4: Transaction Overview
TRANSACTION OVERVIEW ARRAY is acquiring APA Solar, a leading U.S. provider of Engineered Foundation Solutions and Fixed-Tilt Mounting Systems ‒ Engineered Foundation Solutions – ground screw and helical pilings that are an alternative to conventional H-piles in regions with frost heave, hard soil,
Slide 5: APA Investment Thesis
APA INVESTMENT THESIS 1 CREATES COMPETITIVE ADVANTAGE 2 EXPANDS SHARE OF WALLET OPPORTUNITY 3 SIGNIFICANT COST & REVENUE SYNERGIES 4 FINANCIALLY COMPELLING Integrated tracker/foundation Expands our addressable market by Potential cost synergies in: Attractive valuation system that installs easier th
Slide 6: APA Solar Overview
APA SOLAR OVERVIEW Engineered Foundation Solutions Fixed-Tilt Mounting Systems Founded in 2008 by Engineered A-Frame Josh and Joe Von Deylen foundations ideal for difficult soil conditions Headquarters and principal 4-Rail design for areas with high snow loads manufacturing located in Ridgeville
Slide 7: Selected APA Solar Projects
SELECTED APA SOLAR PROJECTS Solar Tracker Engineered Foundation Solutions Fixed-Tilt Projects 3.3 MW, A-Frame 19.5 MW, A-Frame 85 MW, TITAN Duo 6.1 MW, Geoballast Middlebury, VT Clark County, IL Axton, VA Wells, ME 165 MW, A-Frame 4.7 MW, A-Frame 89 MW, TITAN Pile 3.7 MW, Ready Rack Jackson County,
Slide 8: "Foundations 101" – Growth of Alternatives
“FOUNDATIONS 101” – GROWTH OF ALTERNATIVES Traditional Approach Engineered Foundation Alternatives Single Subsurface & Subsurface Tracker Interface Tracker Interface • Ground Screws – Galvanized • Above ground support for the • H-Piles – Steel beams steel screws. Best suited for tracker, panels, and
Slide 9: Engineered Foundations for Trackers Are a Growing Segment
ENGINEERED FOUNDATIONS FOR TRACKERS ARE A GROWING SEGMENT Engineered foundations are a cost-effective solution for challenging soil conditions Frost Action Regions Hard Soil Regions Source: USDA and Enverus, ARRAY Analysis Source: USDA: Aridisols Engineered A-Frame foundations that address difficult
Slide 10: Creating Integrated Tracker/Foundation Solution That's Compelling to Customers
CREATING INTEGRATED TRACKER/FOUNDATION SOLUTION THAT’S COMPELLING TO CUSTOMERS Integrated offering brings deeper customer-focused solutions Foundation Leading Tracker Systems Product Portfolio Meet growing need for Provider of industry engineered systems leading passive stow to address soil and tech
Slide 11: Expanding ARRAY's Share of Wallet Opportunity
EXPANDING ARRAY’S SHARE OF WALLET OPPORTUNITY U.S. Utility-Scale Solar Industry ($ in Billions) Nearly 40% increase in ARRAY’s Share of Wallet Opportunity KEY KeyTAKEAWAYS Takeaways Fixed-tilt products provide access to non- $1.2 $4.4 tracker project segment, which carries attractive margins $3.2
Slide 12: Leveraging ARRAY's Core Strengths
LEVERAGING ARRAY’s CORE STRENGTHS APA will leverage ARRAY’s technology, manufacturing, supply chain leadership, commercial channels and customer relationships to bring additional value to shareholders Domestic & Global Technical & Manufacturing Strong Customer Supply Chain Engineering Expertise Opti
Slide 13: Overview of Key Transaction Terms
OVERVIEW OF KEY TRANSACTION TERMS • $210 million less indebtedness and other customary purchase price adjustments ‒ 80% of the purchase price payable in cash at closing, the "Closing Payment" ‒ 10% payable in cash or common stock on the first anniversary of the closing Purchase Price ‒ 10% payable i
Slide 14: APA Financial Snapshot
APA FINANCIAL SNAPSHOT REVENUE EBITDA ($ in millions) ($ in millions) $129.3 $63.0 $106.5 $53.0 $53.0 $47.0 $43.0 $48.0 Figures exclude 45X credits $37.0 $38.0 $25.0 $21.8 $30.0 Min/Max Threshold Target 2023 2024 2023 2024 T+1 T+2 T+3 % Growth +21.5% % Margin 20.5% 19.3% Earn-Out Thresholds The se
Slide 15: Strategic Rationale Summary
STRATEGIC RATIONALE SUMMARY Market Diversification Expanded Product Offerings Platform for Growth Engineered Foundation Solutions Address difficult subsurface needs in frost heave, hard, and mixed soil regions without requiring specialized equipment for installation Integration of the tracker an
Slide 16: 2025 Guidance
2025 GUIDANCE No change at this time in guidance on ARRAY standalone basis Will update 2025 full-year guidance for APA Q4 contribution following closing 16
Slide 17: ir.arraytechinc.com
ARRAY | «AFA. ir.arraytechinc.com