Canadian Solar Inc. · NASDAQ:CSIQ
Canadian Solar — Investor Presentation (November 2025)
43 slides from Canadian Solar's investor presentation, November 2025
Slide 1: Investor Presentation November 2025
Investor Presentation November 2025 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 2001 Cumulative Tier 1 Cleantech Company Founded in Ontario Canada (2025) ~170 GW modules delivered globally(2) 2006 & Tier 1 Energy Stora
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) $6.0B 16.7% $456M FY24 Revenue FY24 Gross Margin FY24 EBITDA $36M $0.54 FY24 Net Income FY24 Diluted EPS(1) 64% 80%(2) CSI Solar Recurrent Energy Vertically Integrated Manufacturing Global Project
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 Munich, EMEA CSIS HQ Madrid: EMEA RE HQ Amsterdam Asia Pacific Frankfurt, Berlin Sevilla, Barcelona, Badajoz North America P.R. China South Korea U.K. Italy Suzhou: China HQ Seoul Canada London Milan Yanche
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 ❖ Founded Canadian Solar in 2001 with NASDAQ IPO in 2006 Chairman ❖ Director and Vice President at Photowatt International S.A. Chief Executive Officer ❖ Research Scientist at Ontario Hydro (Ontario Power Generation) Yan Zhuang ❖ Head
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 Long-term upside Cutting edge Industry global module excellent battery from project technology backed leadership in business with focus energy storage development by versatile sustainability on strategic business positioned busi
Slide 14: CSI Solar Has Been an Industry Trailblazer for Over 20 Years
1 CSI Solar Has Been an Industry Trailblazer for Over 20 Years Manufacturing Expertise Global Footprint Trusted Brand Scale + Vertical Integration Diversified Business Strong Customer Relationships Capacity in GW Cumulative Solar Module Shipments 51 North America Dec 32 Latin America 23% 22% Module
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 intelligence (AI) Europe China India Electrification of everything, including Japan No
Slide 16: Compelling Investment Highlights
Compelling Investment Highlights 1 2 3 4 5 Differentiated Operationally Long-term upside Cutting edge Industry global module excellent battery from project technology backed leadership in business with focus energy storage development by versatile sustainability on strategic business positioned busi
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 41%, 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: $3.1B 16 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(4) 2.7 GWh 6.6 GWh FY25Q3 Shipments(1) FY24 Shipments(1) ~$3.1B(1) Transition year from white label to own self-manufactured product 2.1-2.3 GWh 14
Slide 20: Compelling Investment Highlights
Compelling Investment Highlights 1 2 3 4 5 Differentiated Operationally Long-term upside Cutting edge Industry global module excellent battery from project technology backed leadership in business with focus energy storage development by versatile sustainability on strategic business positioned busi
Slide 21: Recurrent Energy: Leading Global Project Developer and Owner
3 Recurrent Energy: Leading Global Project Developer and Owner 15 Years of Global Project Development Experience Stellar Track Record(1) Europe, Middle • Vertically integrated expertise across greenfield origination, Asia Pacific East, and Africa ex. China and development, financing, execution, oper
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: Leading Presence in Key Markets
3 Leading Presence in Key Markets • Business model shift from develop-and-flip to partial IPP model, with selective project ownership sales to manage cash flow and leverage • IPP markets currently have 1.8 GWp of solar PV + 2.4 GWh of battery storage in operation/construction North America • Diversi
Slide 24: Compelling Investment Highlights
Compelling Investment Highlights 1 2 3 4 5 Differentiated Operationally Long-term upside Cutting edge Industry global module excellent battery from project technology backed leadership in business with focus energy storage development by versatile sustainability on strategic business positioned busi
Slide 25: 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: commercialized patent filings according to China PV Industry commercialize the followin
Slide 26: 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 27: Compelling Investment Highlights
Compelling Investment Highlights 1 2 3 4 5 Differentiated Operationally Long-term upside Cutting edge Industry global module excellent battery from project technology backed leadership in business with focus energy storage development by versatile sustainability on strategic business positioned busi
Slide 28: 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 29: FY25Q3 Financial Overview
FY25Q3 Financial Overview Canadian Solar Inc. 29
Slide 30: Quarterly Income Statement Highlights
Quarterly Income Statement Highlights $ in millions except per share data 3Q24 4Q24 1Q25 2Q25 3Q25 qoq yoy Net revenues 1,508 1,521 1,197 1,694 1,487 -12% -1% -CSI Solar 1,716 1,670 1,190 1,732 1,426 -18% -17% -Recurrent Energy 45 188 125 106 105 -1% +133% -Elimination (253) (337) (118) (144) (44) G
Slide 31: Performance Overview by Division
Performance Overview by Division $ in millions except shipment data(1) 3Q25 yoy qoq FY24 yoy HIGHLIGHTS Module shipments (GW) 5.1 -38% -35% 31.1 1% • CSI Solar shipped 5.1 GW of solar modules, with strong demand Storage shipments (GWh) 2.7 +48% +27% 6.6 +499% from North America, and delivered a reco
Slide 32: Guidance as of November 13, 2025
Guidance as of November 13, 2025 FY2025 Q3 FY2025 Q4 FY2024 FY2025 FY2026 Actual Guidance Actual Guidance Guidance Solar Module 5.1 GW 4.6 – 4.8 GW 31.1 GW 24.5 – 24.7 GW 25 – 30 GW(2) Shipments (DC) Utility Scale Battery Energy Storage 2.7 GWh 2.1 – 2.3 GWh(1) 6.6 GWh 7.8 – 8.0 GWh 14 – 17 GWh Ship
Slide 33: 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 2023 2024 4Q24 1Q25 2Q25 3Q25 13.6% 12.1% 10.9% 17.2% 19.3% expenses Inventory turnover 80 96 89 119 107 95 8.1% Accounts receivable 7.5% 7.3% 51 70 74 93 62 70
Slide 34: Consolidated Income Statement
Consolidated Income Statement $ in millions except per share data 2022 2023 2024 yoy 3Q24 4Q24 1Q25 2Q25 3Q25 qoq yoy Net Revenue 7,469 7,613 5,993 -21% 1,508 1,521 1,197 1,694 1,487 -12% -1% Cost of revenues -6,206 -6,333 -4,994 -21% -1,261 -1,304 -1,057 -1,189 -1,231 +4% -2% Gross profit 1,263 1,2
Slide 35: Consolidated Balance Sheet
Consolidated Balance Sheet $ in millions 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Cash and cash equivalents 981 848 2,011 1,921 1,939 2,077 1,620 2,169 1,701 1,577 1,856 1,763 Restricted cash - current 978 1,208 1,234 1,065 1,000 812 562 648 551 437 388 406 Accounts receivable 971
Slide 36: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation $ and shares in millions, except per share amounts FY23 FY24 2Q25 3Q25 GAAP net income (loss) attributable to Canadian Solar Inc. 274 36 7 9 HLBV effects - (164) (30) (35) HLBV effects attributable to redeemable non-controlling interests - 32 - - Non-GAAP adjusted net
Slide 37: Appendix
Appendix Canadian Solar Inc. 37
Slide 38: 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 39: 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 40: Canadian Solar Global Solar Power Project Pipeline
Canadian Solar Global Solar Power Project Pipeline EMEA China MWp 4,616 Early-stage Pipeline MWp 1,470 Early-stage Pipeline TOTAL MWp 785 Advanced Pipeline MWp 1,687 Backlog(2) MWp 0 Advanced Pipeline MWp 735 Backlog(2) 25 GWp MWp 1,108 in Construction MWp 300 in Construction Amsterdam Plants in Con
Slide 41: Canadian Solar Global Battery Energy Storage Project Pipeline
Canadian Solar Global Battery Energy Storage Project Pipeline EMEA China MWh 30,590 Early-stage Pipeline MWh 6,500 Early-stage Pipeline TOTAL MWh 3,829 Advanced Pipeline MWh 2,590 Backlog(2) MWh 0 Advanced Pipeline MWh 1,260 Backlog(2) 81 GWh MWh 43 in Construction MWh 0 in Construction Amsterdam Pl
Slide 42: 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) ￥86 bn (~$585 mn) Market capitalization(2) ￥41 bn (~$270 mn) No. of power plants 34 Capacity 246 MWp Sponsor portfolio
Slide 43: Thank You
Thank You Let's Connect Wina Huang Investor Relations Canadian Solar Inc. investor@canadiansolar.com Canadian Solar Inc.
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