Slide 1: First Solar Q2'25 Earnings Call
First Solar Q2’25 Earnings Call July 31, 2025
Slide 2: Important Information
| Important Information Cautionary Note Regarding Forward Looking Statements This presentation contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in this presentation, other than statements of
Slide 3: Second Quarter 2025 Update
| Second Quarter 2025 Update ▪ 3.6 GW of modules sold, above mid-point of previous earnings call forecast Financial ▪ Q2 2025 diluted EPS of $3.18, above high end of previous earnings call forecast ▪ 4.2 GW Total Production(1): U.S. 2.4 GW / International 1.8 GW Manufacturing ▪ Alabama factory ramp-
Slide 4: Utility Scale Solar | One Big Beautiful Bill Act H.R. 1
| Utility Scale Solar | One Big Beautiful Bill Act H.R. 1 OBBB: Continuity of Mid-Term Demand Drivers OBBB: Catalyst for American Manufacturing Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 2024 2025 2026 2027 2028 2029 2030 2031 Passed 2022 Passed 2025 Solar ITC/PTC Key Provisions IRA OBBB Safe H
Slide 5: Market Conditions & Policy Environment
| Market Conditions & Policy Environment Unprecedented US Load Growth Speed of Deployment is Critical 5-Year Nationwide Growth Forecast 2025 2026 2028 2030 2035 2040 2029 Summer Peak Demand Growth (GW) Available New Utility-Scale Solar 228% Immediately New Utility-Scale Energy Storage Increase New N
Slide 6: Expected Module Volume Sold (GWDC)
| Expected Module Volume Sold (GWDC): 85.0 80.0 [6.7] GW 75.0 68.5 GW 6.5 GW 9.9 GW 70.0 0.2 GW 61.9 GW 2.1 GW 64.0 GW 65.0 60.0 48.3 GW 55.0 50.0 45.0 40.0 35.0 (9.3) GW 30.0 25.0 20.0 15.0 10.0 5.0 - Dec 31, 2024 (1) YTD Volume Sold as of YTD Net Debookings as of Jun 30, 2025 (4) QTD Net-Bookings
Slide 7: Potential Booking Opportunities
| Potential Booking Opportunities Total booking opportunities Mid-to-Late stage opportunities 0.4 0.2 12.6 5.8 14.1 70.3 © 2025 Copyright First Solar, Inc. 3.9 GW of opportunities confirmed, but not booked 83.3 GW Opportunity 20.1 GW Opportunity Note: Volumes are rounded to the nearest hundred megaw
Slide 8: Income Statement Highlights
| Income Statement Highlights (In millions, except per share amounts)(1) Q2 2025A Q1 2025A Q2 2024A QoQ Change YoY Change Net sales $1,097 $845 $1,010 $252 $87 Gross profit % 45.6% 40.8% 49.4% 4.8% (3.8)% Selling, general and administrative 53 53 47 — 6 Research and development 54 52 52 2 2 Producti
Slide 9: Balance Sheet Highlights
| Balance Sheet Highlights Q2 2025A (In millions)(1) Q2 2025A Q1 2025A Q2 2024A QoQ Change YoY Change Cash and marketable securities(2) $1,209 $897 $1,754 $312 $(545) Accounts receivable 1,731 1,606 648 125 1,083 Inventories - current and noncurrent 1,684 1,563 1,302 121 382 Government grants receiv
Slide 10: 2025 Guidance Assumptions as of July 31, 2025
| 2025 Guidance Assumptions as of July 31, 2025 Prior Current Tariff impact on full • Section 232 tariffs on aluminum and steel imports into • Section 232 tariffs on aluminum and steel imports into year guidance the U.S. at a rate of 25% the U.S. at a rate of 50% range • Upper end: Assumed “universa
Slide 11: 2025 Guidance as of July 31, 2025
| 2025 Guidance as of July 31, 2025 (1) April 29, 2025 Current Expected Earnings Cadence Net Sales $4.5B to $5.5B $4.9B to $5.7B Gross Margin ($)(2) $1.96B to $2.47B $2.05B to $2.35B “From a third quarter earnings cadence perspective, we anticipate our module Operating Expenses(3) $470M to $510M $48
Slide 12: Summary and Highlights
| Summary and Highlights ▪ 2.1 GW booked in July 2025 Demand ▪ Total bookings backlog of 64.0 GW extending through 2030 ▪ Total booking opportunities of 83.3 GW; 20.1 GW mid-to-late stage ▪ Q2 2025 diluted EPS of $3.18, above high end of previous earnings call forecast Financial ▪ Q2 2025 gross cash
Slide 13: © 2025 Copyright First Solar, Inc.
© 2025 Copyright First Solar, Inc. First Solar, the First Solar logo, and Leading the World’s Sustainable Energy Future are trademarks of First Solar, Inc., registered in the U.S. and other countries. Series 6, Series 6 Plus, CuRe, Series 6 CuRe, and the Series 6 CuRe logo are trademarks of First So