Shoals Technologies Group, Inc. · NASDAQ:SHLS
Shoals Technologies — Merger or Acquisition (November 2026)
29 slides from Shoals Technologies's merger presentation, Nov 4, 2026
Slide 1: ARRAY and Shoals Announce Transformative Merger
ARRAY and Shoals Announce Transformative Merger, Creating Integrated Energy Infrastructure Platform November 4, 2026
Slide 2: Important Information and Disclaimers
Important Information and Disclaimers Non-GAAP Financial Measures This presentation includes certain financial measures that are not presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), including Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Margin, Net Debt,
Slide 3: Today's Presenters
Today’s Presenters Brad Forth Brandon Moss Kevin Hostetler Chairman of the Boards of Chief Executive Officer, Chief Executive Officer, Shoals Technologies Group Shoals Technologies Group ARRAY Technologies and ARRAY Technologies 3
Slide 4: Transaction Overview
Transaction Overview Structure and • ARRAY and Shoals are merging in an all-stock transaction Economics • ARRAY will be the surviving legal entity and ARRAY’s common stock will be the equity of the combined company • Shoals shareholders will receive 1.6931 ARRAY shares for each Shoals share that the
Slide 5: Expected Key Strategic and Financial Benefits of the Combination
Expected Key Strategic and Financial Benefits of the Combination WHAT THE MERGER ENABLES HOW WE EXPECT IT TO CREATE VALUE Greater product differentiation and Integrated SBOS/EBOS wins share by simplifying sourcing and vendor management, streamlining project customer value execution, lowering install
Slide 6: Combined Company Can Deliver "Full Stack" of Leading Solutions
Combined Company Can Deliver “Full Stack” of Leading Solutions Trackers EBOS Trackers 105 GW Sold Globally(1) Leading DC Wiring Solution in the U.S. OEM Fixed-tilt and Foundations Illustrative EBOS Combined Company Revenue Mix Components for #1 U.S. Module Manufacturer Leading Fixed-tilt & Eng. Foun
Slide 7: The Combination Expands Access to Attractive Profit Pools in Solar
The Combination Expands Access to Attractive Profit Pools in Solar Estimated U.S. SBOS and EBOS Profit Pool ($ in millions) $100 $1,770 $320 $1,050 Total 2027 U.S. SBOS / EBOS profit pool(1) ~$1.8B The same customer buys all of these products so we can $300 access these profit pools with minimal inc
Slide 8: Packaging SBOS and EBOS Creates Immediate Differentiation and Customer Value
Packaging SBOS and EBOS Creates Immediate Differentiation and Customer Value APA Foundations + ARRAY Trackers + Shoals EBOS + AWM Wire Management Expected Value for Developers & Operators Expected Value for EPCs • Lower total project cost through optimized, integrated • Simplified procurement with o
Slide 9: Product Integration Creates Opportunities for Innovation
Product Integration Creates Opportunities for Innovation ILLUSTRATIVE FEATURES THAT COULD BE ENABLED BY SBOS/EBOS INTEGRATION Integrated Site Harness Ready BLA Integrated BLA Enabled Automation Fully Integrated Design Torque Tubes Tracker Power Tracker Enabling SBOS / EBOS Cable Controls Design Sign
Slide 10: The Combined Company's Growth Opportunities Extend Beyond Solar
The Combined Company’s Growth Opportunities Extend Beyond Solar Existing Offerings Today and Combined Platform Opportunity COMBINED PLATFORM (NEAR-TERM) BESS • Battery-site wire management (AWM) • Foundations for battery enclosures (APA) + • Shoals Power Hub for DC aggregation • Wiring, disconnect a
Slide 11: Shoals and ARRAY Have Highly Complementary Capabilities and Values
Shoals and ARRAY Have Highly Complementary Capabilities and Values = Best-in-Class • Electrical infrastructure expertise • Product quality • Product • Integrated innovation solutions • Customer engagement • Engineering capability • Quality • Manufacturing • Custom engineered and • International foot
Slide 12: Combined Company Priorities
Combined Company Priorities Commercial Financial Strategic 1. Accelerate revenue growth by 1. Achieve $100+ million annual 1. Begin development of integrated selling the full product suite to every incremental EBITDA through cost SBOS-EBOS products project and commercial synergies 2. Benefit from bo
Slide 13: Commercial Priority #1: Sell the "Full Stack" Into Existing Customer Relationships
Commercial Priority #1: Sell the “Full Stack” Into Existing Customer Relationships Cross-sell today The opportunity Only ~20% Of combined project volume in 2025-26 used both ~$2.5B Shoals and ARRAY products(1) of incremental sales potential had each company sold its full product suite into every pro
Slide 14: Commercial Priority #2: Benefit from Both Companies' Customer Engagement Capabilities
Commercial Priority #2: Benefit from Both Companies’ Customer Engagement Capabilities to Increase Tracker Sales ARRAY Customer Engagement Initiatives + Shoals Customer Engagement Strengths • Formation of ARRAY Academy with targeted training on • Commercial pod structure for end-to-end customer insta
Slide 15: Significant Upside from Tracker Share Gains
Significant Upside from Tracker Share Gains U.S. Tracker Share Gain 1% 2% 3% 4% 5% Implied Incremental Gains (MWdc)(1) 360 720 1,080 1,440 1,800 Representative Number of Projects(2) ~1 ~2 ~4 ~5 ~6 Implied Incremental Revenue ($MM) $32 $65 $97 $130 $162 Illustrative Contribution Margin (%) 30% Implie
Slide 16: Commercial Priority #3: Accelerate Shoals' International Expansion
Commercial Priority #3: Accelerate Shoals’ International Expansion Through ARRAY’s Established Global Footprint GLOBAL COMMERCIAL REACH Portland, TN Madrid Albuquerque, NM North America Muscle Shoals, AL Pamplona Albuquerque, NM, Chandler, AZ and Ridgeville Corners, OH Chandler, AZ Ridgeville Corner
Slide 17: Financial Priority #1: Achieve $100+ Million Annual Incremental EBITDA
Financial Priority #1: Achieve $100+ Million Annual Incremental EBITDA Expected Near-Term Synergies ($ in millions) Cost Synergies Revenue Synergies Synergies ramping to $100M by Year 3 • C-Suite redundancies • Cross-sell EBOS $100 + • Organizational • Cross-sell trackers consolidation • Cross-sell
Slide 18: Financial Priority #2: Reduce Preferred Stock Outstanding
Financial Priority #2: Reduce Preferred Stock Outstanding Overview of Agreement with Preferred shareholders Key Term Expected Shareholder Benefits Commitment to redeem $161.3 million of Preferred Stock at a price • Captures 7 points of discount (~$11.3 million) equal to 93% of the liquidation prefer
Slide 19: Financial Priority #3: Maintain Balance Sheet Flexibility
Financial Priority #3: Maintain Balance Sheet Flexibility Combined Company Pro Forma Capitalization(1) Estimated Initial Estimated Pro Forma ARRAY Shoals Q4 Estimated Transaction Redemption of Combined at ($mm) (9/30/26) (9/30/26) Change in Cash Expenses(2) Preferred Stock December 31, 2026 Cash and
Slide 20: Key Combined Company Figures and Preliminary 2027 Outlook
Key Combined Company Figures and Preliminary 2027 Outlook Selected 2026 Pro Forma Year-End Balance Sheet Items(1) Indicative 2027 Pro Forma Full Year Outlook(1) Basic Shares Outstanding(2) 439.5M Revenues $2.2B – $2.4B Combined Company Diluted Shares Outstanding(2) 442.1M Adj. EBITDA $410M – $480M C
Slide 21: Q3 Earnings
Q3 Earnings 21
Slide 22: Q3 Earnings – Shoals
Q3 Earnings – Shoals Q3 2026 Results Key Takeaways $ in millions. Backlog + Awarded Orders $792 • Achieved record revenue from meaningful sequential Revenue $195.3 production improvement, growing at 44% YoY Y/Y Growth 43.8% • Delivered 160bps of sequential gross profit margin Gross Profit $62.4 expa
Slide 23: Q3 Earnings – ARRAY
Q3 Earnings – ARRAY Q3 2026 Results Key Takeaways $ in millions. Backlog + Awarded Orders $2.6 billion • Fourth consecutive record orderbook of $2.6 billion, a 42% Revenue $330.2 increase year-over-year Y/Y Growth (16.1%) • Fifth consecutive quarter >$400M new bookings Gross Profit $69.2 Gross Margi
Slide 24: Shoals | ARRAY
&A shoals | ARRAY , Ss
Slide 25: Appendix
Appendix 25
Slide 26: Adjusted EBITDA Reconciliations
Adjusted EBITDA Reconciliations Shoals Technologies Group, Inc. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) (Unaudited) 2026 2025 2026 2025 Net income $ 17,870 $ 11,879 $ 29,711 $ 25,452 Interest expense 3,894 2,832 10,271 7,483 Interest income — (38) (327) (232)
Slide 27: Adjusted Gross Profit Reconciliation
Adjusted Gross Profit Reconciliation Array Technologies, Inc. Three Months Ended (in thousands, except percentages) (Unaudited) September 30, 2026 June 30, 2026 September 30, 2025 Revenue $ 330,212 $ 342,065 $ 393,491 Cost of revenue 260,993 242,461 287,820 Gross profit 69,219 99,604 105,671 Gross m
Slide 28: Adjusted G&A Reconciliation
Adjusted G&A Reconciliation Array Technologies, Inc. Three Months Ended (in thousands) (Unaudited) September 30, 2026 June 30, 2026 September 30, 2025 General and administrative expense $ 58,783 $ 54,325 $ 52,248 Equity-based compensation (2,491) (4,579) (4,647) Acquisition-related expenses(1) (10,4
Slide 29: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Array Technologies, Inc. Three Months Ended (in thousands) (Unaudited) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Net income (loss) $ 8,197 $ 24,346 $ 1,997 $ (145,746) $ 33,503 Preferred dividends and accretion 16,113 15,908 1
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