Canadian Solar Inc. · NASDAQ:CSIQ
Canadian Solar — Investor Presentation (May 2026)
41 slides from Canadian Solar's investor presentation, May 2026
Slide 1: Investor Presentation May 2026
Investor Presentation May 2026 Canadian Solar Inc.
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation has been prepared by the Company solely to facilitate the understanding of the Company’s business model and growth strategy. The information contained in this presentation has not been independently verified. No representation, warranty or undertaking, express
Slide 3: Our Mission
Our Mission To power the world with solar energy and create a better and cleaner Earth for future generations
Slide 4: Our Business
Our Business Canadian Solar Inc. 4
Slide 5: Canadian Solar At a Glance
Canadian Solar At a Glance Tier 1 Global Solar and Energy With a Stellar Manufacturing and And World Class Brand Storage Company Project Development Track Record Tier 1 Cleantech Company 2001 Cumulative (2025) Founded in Ontario Canada ~177 GWp modules delivered globally(2) & Tier 1 Energy Storage C
Slide 6: A Global Solar and Storage Manufacturing and Project Development Business
A Global Solar and Storage Manufacturing and Project Development Business Canadian Solar (NASDAQ: CSIQ) $5.6B 18.3% $43M FY25 Revenue FY25 Gross Margin FY25 Operating Income Manufacturing(1) Recurrent Energy(2) Vertically Integrated Manufacturing Global Project Development and IPP Solar Battery Ener
Slide 7: Headroom for Solar Remains Massive
Headroom for Solar Remains Massive Highly Underpenetrated Source of Energy 18 TW Cumulative Solar Capacity Base by 2050 Electricity Generation by Fuel Type Global Solar PV Cumulative Installations, GW To achieve the 1.5ºC Paris Agreement goal, solar PV’s global installed capacity must reach 5.5 TW b
Slide 8: "Solar + Energy Storage" Will Lead the Terawatt Generation
“Solar + Energy Storage” Will Lead the Terawatt Generation Massive Growth in Both Solar and Energy Storage “Solar + Energy Storage” Key to Energy Transition Global Solar Cumulative Global Energy Storage Mean Unsubsidized Levelized Cost of Energy (LCOE) and Installations, GW Cumulative Installations,
Slide 9: Success Driven by Global-local Team and Culture of Diversity
Success Driven by Global-local Team and Culture of Diversity Europe Germany Spain Netherlands Asia Pacific Munich, EMEA CSIS HQ Madrid: EMEA RE HQ Amsterdam North America Frankfurt Sevilla, Barcelona, Badajoz P.R. China South Korea Suzhou: China HQ Seoul Canada U.K. Italy Yancheng Gwangju Kitchener:
Slide 10: Our Journey: Two Decades of Industry-leading Innovation and Performance
Our Journey: Two Decades of Industry-leading Innovation and Performance 2001 2006 2009 2011 2015 2016 2017 • Canadian Solar Inc. • Listing on • Canada module • Module shipment volume • Vietnam module • Brazil module production • CSIF listing on the founded NASDAQ production begins exceeds 1 GW produ
Slide 11: Led by a Global Strategically-minded Management Team
Led by a Global Strategically-minded Management Team Dr. Shawn Qu ❖ Founder, Chairman, and Chief Executive Officer of Canadian Solar Executive Chairman ❖ Director and Vice President at Photowatt International S.A. Chief Technology Officer ❖ Research Scientist at Ontario Hydro (Ontario Power Generati
Slide 12: Investment Highlights
Investment Highlights Canadian Solar Inc. 12
Slide 13: Compelling Investment Highlights
Compelling Investment Highlights 1 2 3 4 5 Differentiated Operationally Flexible project Cutting edge Industry global module excellent battery development technology backed leadership in business with focus energy storage business model by versatile sustainability on strategic business positioned wi
Slide 14: Solar Module Business Has Been an Industry Trailblazer for Over 20 Years
1 Solar Module Business Has Been an Industry Trailblazer for Over 20 Years Manufacturing Expertise Global Footprint Trusted Brand Scale + Vertical Integration Diversified Business Strong Customer Relationships U.S. Solar Manufacturing Roadmap Nameplate Capacity in GWp Cumulative Solar Module Shipmen
Slide 15: Supported by Strong Industry Fundamentals
1 Supported by Strong Industry Fundamentals Growth Outlook on a Much Larger Market Base New Clean Energy Demand Growth Drivers Global Solar PV Annual Installations, GW Data centers supercharged to power artificial Europe intelligence (AI) China India Japan Electrification of everything, including No
Slide 16: Compelling Investment Highlights
Compelling Investment Highlights 1 2 3 4 5 Differentiated Operationally Flexible project Cutting edge Industry global module excellent battery development technology backed leadership in business with focus energy storage business model by versatile sustainability on strategic business positioned wi
Slide 17: e-STORAGE Is Strategically Positioned in a Booming Market
2 e-STORAGE Is Strategically Positioned in a Booming Market Major Market Tailwinds Positioned to Capitalize on Outsized Market Growth Global Energy Storage Annual Installations, GWh(1) Massive Growing annually at 47%, total global global capacity additions are projected to exceed growth 1 TWh by 202
Slide 18: e-STORAGE Is Strategically Positioned in a Booming Market
2 e-STORAGE Is Strategically Positioned in a Booming Market Proven Global Track Differentiated Services Strong Financial Record Solution Performance 1. Deployment at scale: over 1. Versatile solution offering: from 1. High revenue visibility: $3.5B 20 GWh of battery energy storage planning to post-c
Slide 19: Robust Performance and Compelling Growth Trajectory
2 Robust Performance and Compelling Growth Trajectory e-STORAGE Shipment Volume and Capacity Turnkey Utility-Scale Battery Energy Storage Annual Revenue(3) $ in millions 2.1 GWh 383 million FY26Q1 Shipments(1) FY26Q1 Revenue(2) c. $3.5B(3) Transition year from white label to own self-manufactured 7.
Slide 20: Compelling Investment Highlights
Compelling Investment Highlights 1 2 3 4 5 Differentiated Operationally Flexible project Cutting edge Industry global module excellent battery development technology backed leadership in business with focus energy storage business model by versatile sustainability on strategic business positioned wi
Slide 21: Recurrent Energy: Leading Global Project Developer and Owner
3 Recurrent Energy: Leading Global Project Developer and Owner 16 Years of Global Project Development Experience Track Record(1) Europe, Middle • Vertically integrated expertise across greenfield origination, East, and Africa development, financing, execution, operations and maintenance, (EMEA) and
Slide 22: Balanced Business Model to Manage Cash Flow and Leverage
3 Balanced Business Model to Manage Cash Flow and Leverage Recurring cash revenues from electricity Recurring revenue sales and O&M, and selective sales of with stable margins Revenue from electricity operating / in construction assets and battery energy Solar power and storage operations battery en
Slide 23: Compelling Investment Highlights
Compelling Investment Highlights 1 2 3 4 5 Differentiated Operationally Flexible project Cutting edge Industry global module excellent battery development technology backed leadership in business with focus energy storage business model by versatile sustainability on strategic business positioned wi
Slide 24: Solar PV: Leadership Characterized by Versatility
4 Solar PV: Leadership Characterized by Versatility Leading Innovation Cutting-edge Technology Technology Agnostic • Ranked among the industry leaders in Among the first in the industry to • Product technologies: successfully patent filings commercialize the following technologies: commercialized PE
Slide 25: Energy Storage: SolBank 3.0 Plus with Enhanced Lifetime & Energy Density
4 Energy Storage: SolBank 3.0 Plus with Enhanced Lifetime & Energy Density SolBank 3.0 SolBank 3.0 Plus Power: 1.2 - 2.35 MW Capacity: 5 MWh Power: 1.2 - 2.35 MW High Energy Density ~ Optimized Mirror Design ~ Advanced Safety Design ~ Installation and Service Efficiency Capacity:5 MWh Enhanced Lifet
Slide 26: Compelling Investment Highlights
Compelling Investment Highlights 1 2 3 4 5 Differentiated Operationally Flexible project Cutting edge Industry global module excellent battery development technology backed leadership in business with focus energy storage business model by versatile sustainability on strategic business positioned wi
Slide 27: 2024 Sustainability Report
5 2024 Sustainability Report Reduction in Environmental Footprint (2017 vs. 2024) Responsible Supply Chain Management 54% 37% 75% 53% 94% 100% GHG Energy Water Waste Waste Packaging emissions intensity intensity intensity recycle or materials 147 supplier ESG audits, including 31 on-site intensity r
Slide 28: FY26Q1 Financial Overview
FY26Q1 Financial Overview Canadian Solar Inc. 28
Slide 29: Quarterly Income Statement Highlights
Quarterly Income Statement Highlights $ in millions except per share data 1Q25 2Q25 3Q25 4Q25 1Q26 qoq yoy Net revenues 1,197 1,694 1,487 1,217 1,078 -11% -10% -Manufacturing 1,190 1,732 1,426 1,264 950 -25% -20% -Recurrent Energy 125 106 105 67 139 +108% +11% -Elimination (118) (144) (44) (114) (11
Slide 30: Performance Overview by Division
Performance Overview by Division $ in millions except shipment data(1) 1Q26 yoy qoq FY25 yoy HIGHLIGHTS Module shipments (GW) 2.5 -42% -64% 24.3 -22% • The Manufacturing segment recognized revenue on 2.5 GW of solar Storage shipments (GWh) 2.1 +5% +142% 7.8 +19% modules and 2.1 GWh of energy storage
Slide 31: Guidance as of May 14, 2026
Guidance as of May 14, 2026 FY2026 Q1 FY2026 Q2 FY2026 Actual Guidance Guidance Global Solar Module U.S. Solar Module 2.5 GW 3.1 – 3.3 GW 6.5 – 7.0 GW Shipments (DC) Shipments Global Utility Scale U.S. Utility Scale Battery Energy Storage 2.1 GWh 2.8 – 3.2 GWh(1) Battery Energy 4.5 – 5.5 GWh Shipmen
Slide 32: Disciplined Management of OpEx, Working Capital, and CapEx
Disciplined Management of OpEx, Working Capital, and CapEx Operating Expenses as % of Revenue Working Capital Days (1) Total operating Days 2024 2025 2Q25 3Q25 4Q25 1Q26 12.1% 10.9% 17.2% 17.6% 19.5% expenses Inventory turnover 96 111 107 95 102 153 7.5% 8.1% Accounts receivable 6.8% 70 94 62 70 84
Slide 33: Consolidated Income Statement
Consolidated Income Statement $ in millions except per share data 2023 2024 2025 yoy 1Q25 2Q25 3Q25 4Q25 1Q26 qoq yoy Net Revenue 7,613 5,993 5,595 -7% 1,197 1,694 1,487 1,217 1,078 -11% -10% Cost of revenues -6,333 -4,994 -4,569 -9% -1,057 -1,189 -1,231 -1,093 -807 -26% -24% Gross profit 1,280 999
Slide 34: Consolidated Balance Sheet
Consolidated Balance Sheet $ in millions 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Cash and cash equivalents 2,011 1,921 1,939 2,077 1,620 2,169 1,701 1,577 1,856 1,763 1,370 1,441 Restricted cash - current 1,234 1,065 1,000 812 562 648 551 437 388 406 542 421 Accounts receivable 1
Slide 35: Appendix
Appendix Canadian Solar Inc. 35
Slide 36: Recurrent Energy: Pipeline Breakdown and Definitions
Recurrent Energy: Pipeline Breakdown and Definitions Plants in • Projects in construction that have not yet reached commercial operation Construction • Late-stage projects that have passed the Risk Cliff Date and are expected to be built in the next 1-4 years • Risk Cliff Date is the date on which t
Slide 37: Recurrent Energy: Overview of Project Development Process
Recurrent Energy: Overview of Project Development Process Development Execution Operation+ ation • Origination, site selection, M&A • Financing and structuring of debt and • Operations and maintenance (O&M): (greenfield and brownfield opportunities) equity ➢ Maximize performance • Environmental stud
Slide 38: 24 GWp Canadian Solar Global Solar Power Project Pipeline
Canadian Solar Global Solar Power Project Pipeline EMEA MWp 4,111 Early-stage Pipeline TOTAL MWp 1,134 Advanced Pipeline MWp 1,418 Backlog(1) 24 GWp MWp 674 in Construction Amsterdam Plants in Construction London Warsaw 1.8 GWp Guelph Colchester Frankfurt Milan Seoul， Madrid Biarritz Rome Gwangju Ne
Slide 39: 81 GWh Canadian Solar Global Battery Energy Storage Project Pipeline
Canadian Solar Global Battery Energy Storage Project Pipeline EMEA MWh 30,322 Early-stage Pipeline TOTAL MWh 3,925 Advanced Pipeline MWh 1,350 Backlog(1) 81 GWh MWh 0 in Construction Amsterdam Plants in Construction London Warsaw 1.8 GWh Guelph Colchester Frankfurt Milan Seoul， Madrid Biarritz Rome
Slide 40: CSIF, Japan's Largest Publicly Listed Solar Infrastructure Fund
CSIF, Japan’s Largest Publicly Listed Solar Infrastructure Fund Canadian Solar Infrastructure Fund (TSE: 9284.T) 15% owned by CSIQ Map of CSIF and Sponsor (CSIQ) Assets Valuation(1) ￥82 bn (~$520 mn) Market capitalization(2) ￥38 bn (~$240 mn) No. of power plants 35 Capacity 248 MWp Sponsor portfolio
Slide 41: Thank You
Thank You Let's Connect Wina Huang Investor Relations Canadian Solar Inc. investor@canadiansolar.com Canadian Solar Inc.