Toyo Co., Ltd · NASDAQ:TOYO
Toyo — Investor Presentation (March 2026)
21 slides from Toyo's investor presentation, Mar 24, 2026
Slide 1: March 2026 Investor Deck
March 2026 Investor Deck TOYO Co., Ltd (NASDAQ: TOYO) 1
Slide 2: Forward-Looking Statements
Forward - Looking Statements This presentation includes “forward - looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 . Forward - looking statements may be identified by the use of words such as “estimate,” “pl
Slide 3: Powering the world with green, clean energy through solar solutions
Powering the world with green, clean energy through high - quality solar solutions at a competitive scale and cost. 3
Slide 4: TOYO Solar at a Glance — A Non-FEOC Solar Solutions Company
TOYO Solar at a Glance — A Non - FEOC* Solar Solutions Company 2022 Founded in Vietnam 2024 Listed on Nasdaq as TOYO 6 GW Solar cell manufacturing capacity 1 GW Solar module capacity 3 Manufacturing bases 2 GW Solar cell facility in Vietnam catered for Non - U.S market 4 GW Solar cell facility in Et
Slide 5: Strategic Realignment Unlocking Growth
Strategic Realignment Unlocking Growth VSUN Co, has a track record of exponential growth s significant U.S. market share One of the major solar module suppliers to US market Historically, revenues grew from $20 million to $1.3 billion over seven years ($1.2B from U.S. market) Trusted by leading Nort
Slide 6: TOYO to Leverage Established VSUN Brand and Sales Channel
TOYO to Leverage Established VSUN Brand and Sales Channel VSUN Recognition from Reputable Financial Institutions Selected Major VSUN Customers 6
Slide 7: Preliminary unaudited FY 2025 results: Rapid Growth in Shipments and Profitability
Preliminary unaudited FY 2025 results: Rapid Growth in Shipments and Profitability 7 0.315 1.743 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2023 2024 2025E GWs 9.9 5.4 45 40 35 30 25 20 15 10 5 0 $ in million ~$38 • Net income in 2024 does not include a $35.1 million change in fair value of conting
Slide 8: Optimized Supply Chain for U.S. and Non-U.S. Market Access
Optimized Supply Chain for U.S. and Non - U.S. Market Access Cooperation agreement with OCI, a major Korean silicon material supplier to offer our customers trustworthy and verifiable photovoltaic products. Vietnam: 2 GW for non - U.S market Ethiopia: 4 GW for U.S market • Modules manufactured in th
Slide 9: Strategy for Vertical Integration & Expansion
Strategy for Vertical Integration & Expansion November 2022 TOYO Solar founded October 2024 Announced planned Ethiopian cell facility July 2024 Closed Business Combination and began trading on Nasdaq November 2024 Announced planned Texas Acquisition September 2025 Acquired VSUN Brand April 2025 Comm
Slide 10: Ethiopia’s N-Type Cell Line
Ethiopia’s N - Type Cell Line 4 GW Annual Capacity TOYO’s state - of - the - art solar cell manufacturing facility in Ethiopia now fully allocated • 4.0 GW annual solar cell production facility strategically located in Hawassa, Ethiopia. • Ethiopia offers favorable investment policies, competitive p
Slide 11: US Manufacturing Footprint - Fully FEOC compliant
US Manufacturing Footprint - Fully FEOC compliant TOYO acquired U.S. solar module manufacturing facility • 2.5 GW solar production facility in Texas • First 1 GW facility in commercial operations as of October 2025 • An additional 1 GW is expected to be added by 2026 , bringing the total capacity to
Slide 12: TOYO’s Global Manufacturing Footprint
TOYO’s Global Manufacturing Footprint 2 GW N - TYPE Cell Manufacturing in Vietnam Headquarters in Japan 1 GW Capacity Module Plant in Houston, Texas Additional 1 GW to be added to the current facility bringing it to a 2GW module facility by 2026 4.0 GW Capacity N - TYPE Solar Cell Manufacturing Faci
Slide 13: Award Winning Solar R&D
Accomplished engineers, Dr. Aihua Wang, Ph.D., the Chief Technical Officer, and Dr. Jianhua Zhao, Ph.D., as Chief Technical Advisor, lead the research and development efforts at TOYO. Dedicated to the research and development of higher efficiency and quality solar cells. TLM SEM PL Award Winning Sol
Slide 14: Management Team
Chief Executive Officer & Chairman Mr. Takahiko Onozuka brings over 40 years of expertise in international finance and energy infrastructure. Having held senior leadership roles at JBIC and Sumitomo Corporation, he has directed major cross - border renewable and power projects across Asia, Europe, a
Slide 15: Investment Highlights
Track record of rapid growth & profitability as one of the leading non - FEOC solar solutions provider Leveraging established relationships with U.S. utility - scale customers 1 2 4 Investment Highlights 3 Proven manufacturing excellence delivers world - class technology at a highly competitive cost
Slide 16: Track Record of Scalable Manufacturing
Track Record of Scalable Manufacturing TOYO is dedicated to adhering to the highest standards of quality manufacturing, while ensuring its components are efficiently priced to remain competitive in all regions. World Class Globally Competitive Rapid Efficient Expansion Entrenched controls ensure top
Slide 17: Advanced Automation Standards
17 Advanced Automation Standards Extensive use of robotics and Automated Guided Vehicles decreases labor content, allows faster expansion, reduces product defects, and mitigates risks from hiring and training laborers. Improves workplace safety Reduces utility costs Increases productivity Enhances c
Slide 18: U.S. PV Installation Historical and Forecast by Segment
U.S. PV Installation Historical and Forecast by Segment: 2014 - 2036 Neutral Demand Outlook • Projected utility scale solar installations for 2026 is appx. 43.4 GW compared to 34.7 GW in 2025 • Growth of AI, data centers, electric vehicles, and manufacturing drives demands on the grid, partially off
Slide 19: Our Strategy in a Dynamic Policy Environment
Our Strategy in a Dynamic Policy Environment Anti - dumping (AD) and countervailing duties (CVD) investigations disrupted imports from SE Asia in 2H 2024, as well as India, Indonesia and Laos as of Feb 2026 Inflation Reduction Act (IRA) currently offers attractive incentives for U.S. - based module
Slide 20: Committed to Environmental Stewardship
Committed to Environmental Stewardship TOYO is focused on further developing the clean energy industry, adhering to a responsible global supply chain strategy, and contributing to the sustainable development of human beings with more professional, efficient and cleaner products. Social Responsibilit
Slide 21: Summary
Summary Leveraging Established VSUN Brand & Sales Channel Substantial Market Opportunity Leading N - TYPE Technology Balanced Global Manufacturing Strategy Rapid Revenue Growth & Strong Margins 21