Slide 1: 4Q and FY25 Earnings Presentation
4Q25 EARNNINGS PRESENTATION February 25, 2026 4Q and FY25 EARNINGS PRESENTATION 0
Slide 2: Disclaimer
DISCLAIMER 4Q25 EARNNINGS PRESENTATION FORWARD LOOKING STATEMENTS NON-GAAP FINANCIAL INFORMATION This presentation contains forward-looking statements that are based on our management’s beliefs and assumptions and on information This presentation includes certain financial measures that are not pres
Slide 3: Generating Energy with Integrity
GENERATING ENERGY WITH INTEGRITY 4Q25 EARNNINGS PRESENTATION FOR A SUSTAINABLE WORLD ARRAY TECHNOLOGIES Demonstrated track record of delivering Leading the way to a brighter, smarter future power across the globe for 30+ years A global leader advancing the future of clean energy Headquartered in Alb
Slide 4: Business Update
4Q25 EARNNINGS PRESENTATION BUSINESS UPDATE Kevin G. Hostetler Chief Executive Officer — Neil Manning President & Chief Operating Officer 3
Slide 5: 2025 Financial Highlights
2025 FINANCIAL HIGHLIGHTS 4Q25 EARNNINGS PRESENTATION �1.3B �298.6M �346.8M REVENUE GROSS PROFIT(1) ADJUSTED GROSS PROFIT(2) �50.0M of revenue from APA 23.2% Gross Margin +11% from FY24 +40% vs FY24 $19.3M in 4Q25, 8.6% Gross Margin 27.0% Adj. Gross Margin(2) +35% volume growth vs FY24 $55.4M
Slide 6: 2025 Business Highlights
2025 BUSINESS HIGHLIGHTS 4Q25 EARNNINGS PRESENTATION Accelerated growth and strengthened market position STRATEGIC EXPANSION Completed acquisition of APA, adding a leading provider of advanced engineered foundations and fixed-tilt racking to our portfolio. Expanded share of wallet opportunity, and r
Slide 7: 2026 Strategic Imperatives
2026 STRATEGIC IMPERATIVES 4Q25 EARNNINGS PRESENTATION Supported by an agile, diverse supply chain, flexible capital structure, and technology-based platform • Execute Balance of Systems (BOS) strategy 1 • Expand product & technology roadmap • Drive recurring revenue through software and services pl
Slide 8: Innovate Our Future
INNOVATE OUR FUTURE 4Q25 EARNNINGS PRESENTATION Building tomorrow’s value Today STRENGTHEN OUR CORE EXECUTE BOS STRATEGY SOFTWARE & SERVICES EXPANSION 1 Expand DuraTrack® technology globally 1 Execute successful APA integration & 1 Expand SmarTrack® software suite integrated tracker + engineered f
Slide 9: Elevate International Business
ELEVATE INTERNATIONAL BUSINESS 4Q25 EARNNINGS PRESENTATION Domestic Strength Global Opportunity INTRODUCTION OF DuraTrack® GLOBALLY THROUGH SMART GEOGRAPHIC EXPANSION Customer economics: Among the lowest LCOE to operators Targeted pursuit of global expansion where returns with enhanced energy opti
Slide 10: Advance Customer-First Culture
ADVANCE CUSTOMER-FIRST CULTURE 4Q25 EARNNINGS PRESENTATION ENHANCED ORDERBOOK AND PIPELINE MOMENTUM Technology Built to endure Continue to grow orderbook and expand opportunities in pipeline Record Orderbook ending 4Q25 ~2x book-to-bill for both APA and total ARRAY in 4Q25 Highest quarterly new bo
Slide 11: Financial Update
4Q25 EARNNINGS PRESENTATION FINANCIAL UPDATE H. Keith Jennings Chief Financial Officer 10
Slide 12: Leverage & Liquidity
LEVERAGE & LIQUIDITY 4Q25 EARNNINGS PRESENTATION Total available liquidity nearly �600M with Net Debt leverage of 2.3X LEVERAGE LIQUIDITY Corporate Ratings: B1 (Stable) / B+ (stable) As of December 31, 2025 As of December 31, Proforma w/ RCF ($ millions) ($ millions) Amount xEBITDA (1) 2025 Renewal
Slide 13: 2025 Financial Highlights
2025 FINANCIAL HIGHLIGHTS 4Q25 EARNNINGS PRESENTATION Performance driven by strong volume growth from focused commercial execution (1) Gross Profit (GAAP) Adj. Gross Profit FULL YEAR 2025 Revenue (1) Gross Margin (GAAP) Adj. Gross Margin $1.3 $346.8 $0.9 34.1% 27.0% Revenue +40% YoY ($ millions) $31
Slide 14: 2025 Financial Results
2025 FINANCIAL RESULTS 4Q25 EARNNINGS PRESENTATION Strong results underpinned by an enhanced product portfolio and commercial momentum expected to support sustainable growth in 2026 ($ in millions, except EPS Data) 4Q24 4Q25 2024 2025 Financial Revenue $275.2 $226.0 $915.8 $1,284.1 Performance Gross
Slide 15: 2026 Full Year Guidance
2026 FULL YEAR GUIDANCE 4Q25 EARNNINGS PRESENTATION FULL YEAR ENDING DECEMBER 31, 2026 1Q26 ENDING MARCH 31, 2026 Revenue $1.4B - $1.5B Revenue Approx. $200M Adjusted EBITDA(1) $200M - $230M Adjusted EBITDA(1) Down slightly vs. 4Q25 Adjusted Net Income Per Common Share(1) $0.65 - $0.75 Assumptions:
Slide 16: Investment Highlights
INVESTMENT HIGHLIGHTS 4Q25 EARNNINGS PRESENTATION Leading solution in high demand market Well-positioned to capture accelerating demand, supported by AI datacenter expansion and U.S. manufacturing onshoring Solar leads the industry as the quickest and least expensive way to deploy energy development
Slide 17: Appendix
APPENDIX 4Q25 EARNNINGS PRESENTATION 16
Slide 18: Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS 4Q25 EARNNINGS PRESENTATION Array Technologies, Inc. As of (in thousands, except per share and share amounts) (Unaudited) December 31, 2025 December 31, 2024 Assets Current Assets Cash and cash equivalents $ 244,388 $ 362,992 Restricted cash 1,596 1,149 Accounts
Slide 19: Condensed Consolidated Statement of Operations
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS 4Q25 EARNNINGS PRESENTATION Array Technologies, Inc. Three Months Ended December 31, Twelve Months Ended December 31, (in thousands, except per share amounts) (Unaudited) 2025 2024 2025 2024 Revenue $ 226,044 $ 275,232 $ 1,284,141 $ 915,807 Cost of reve
Slide 20: Condensed Consolidated Statement of Cash Flows
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 4Q25 EARNNINGS PRESENTATION Array Technologies, Inc. Twelve Months Ended December 31, (in thousands) (Unaudited) 2025 2024 Operating activities Net loss $ (52,235) $ (240,394) Adjustments to net loss: Goodwill impairment 102,560 236,000 Impairment of lo
Slide 21: Adjusted Gross Profit Reconciliation
ADJUSTED GROSS PROFIT RECONCILIATION 4Q25 EARNNINGS PRESENTATION Array Technologies, Inc. Three Months Ended Twelve Months Ended (in thousands, except percentages) (Unaudited) December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Revenue $ 226,044 $ 393,491 $ 275
Slide 22: Adjusted G&A Reconciliation
ADJUSTED G&A RECONCILIATION 4Q25 EARNNINGS PRESENTATION Array Technologies, Inc. Three Months Ended Twelve Months Ended (in thousands) (Unaudited) December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 General and administrative expense $ 57,465 $ 52,248 $ 45,663
Slide 23: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION 4Q25 EARNNINGS PRESENTATION Array Technologies, Inc. Three Months Ended Twelve Months Ended (in thousands) (Unaudited) December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net (loss) income $ (145,746) $ 33,503 $ (126,903) $ (52,23
Slide 24: Adjusted Net Income Reconciliation
ADJUSTED NET INCOME RECONCILIATION 4Q25 EARNNINGS PRESENTATION Array Technologies, Inc. Three Months Ended Twelve Months Ended (in thousands, except per share amounts) (Unaudited) December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net (loss) income $ (145,746)
Slide 25: Free Cash Flow Reconciliation
FREE CASH FLOW RECONCILIATION 4Q25 EARNNINGS PRESENTATION Array Technologies, Inc. Three Months Ended Twelve Months Ended (in thousands) (Unaudited) December 31, 2025 September 30, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net cash provided by operating activities $ 43,640 $ 27,363
Slide 26: Thank You
4Q25 EARNNINGS PRESENTATION THANK YOU investors@arraytechinc.com 25