Core Insights - ELITE Solar has secured the eighth position in Wood Mackenzie's Global Solar Module Manufacturer Ranking for the first half of 2025, reaffirming its competitiveness in the global market [1][3]. Group 1: Ranking and Evaluation - Wood Mackenzie's ranking is recognized as a rigorous evaluation system that assesses manufacturers based on capacity utilization, technology maturity, ESG performance, financial health, supply chain resilience, vertical integration, R&D capabilities, and manufacturing experience [2]. - Companies maintaining stable rankings typically demonstrate strong capabilities in serving both premium and mainstream markets, reliable global delivery systems, and sustainable operational strength [3]. Group 2: Company Developments - ELITE Solar has expanded its global manufacturing and supply chain presence by establishing integrated production facilities in Vietnam, Indonesia, and Egypt, enabling stable product delivery to key markets in Europe, the Middle East, and the Americas [4]. - The company is increasing investments in high-efficiency cell and module technologies to enhance product performance and reliability while advancing ESG initiatives for green manufacturing practices [4]. Group 3: Future Outlook - ELITE Solar is committed to its development philosophy of "Built on Quality. Driven by Excellence," focusing on strengthening technological capabilities and delivery performance to achieve long-term growth [5].

Financial Performance - The company reported a Net Income of $0.04 million and an Adjusted Net Income of $13.2 million[9] - Adjusted EBITDA reached $69 million[9] - The company declared a dividend of $0.05 per share[9] - The company's cash position is approximately $407 million[9] - Proforma Debt and lease obligations are $1,121 million[9] - Additional liquidity of $115 million is available through undrawn revolver facilities, resulting in proforma liquidity in excess of $520 million[9] - TCE per vessel was $13,624, while average daily OPEX per vessel was $4,928, and average daily net cash G&A expenses per vessel were $1,349, resulting in TCE less OPEX less G&A expenses of $7,347[8] Shareholder Value & Fleet Management - The company repurchased approximately 3.3 million SBLK shares for $54 million during Q2 2025[9] - The company sold 9 vessels with equity proceeds of approximately $82.1 million, with $50.6 million to be received in H2 2025[9] - The company renewed its Share Repurchase program of up to $100 million[9] - The company has twelve debt free vessels with an aggregate market value of $246 million[9] Eagle Bulk Integration & Cost Synergies - Over $53 million of Cumulative Cost Synergies have been achieved since closing of the Eagle Bulk transaction in April 2024[23] - Q2 2025 Synergies are around $13 million[24] Fleet & Coverage - Fleet wide coverage for Q3 2025 is 72% at a TCE of $16,326/day[59] - The company operates a fleet of 142 vessels with an average age of ~11.9 years[37] - The company expects to receive on aggregate net sale proceeds of $104 million in Q3 and Q4 2025 and make debt prepayments of approximately $18.9 million related to the sold ships[37] Dry Bulk Market - Dry bulk trade in 2025 is projected at -0.9% in tons and +0.2% ton-miles[52] - Orderbook is relatively low at ~10.8% of the fleet (~113.2 million dwt)[46] - Vessels above 15 years of age are at ~27.7% of the fleet (~291 million dwt)[46]

Financial Performance - The company reported approximately $12 billion of adjusted EBITDAX for 2Q25[8] - Capital expenditures totaled approximately $727 million in 2Q25[8] - The company expects to increase net debt paydown to $1 billion in 2025[9] - $585 million was returned to shareholders through dividends and share repurchases in 1H25[9] - The company anticipates approximately $425 million improvement in FCF for 2025[8, 14] Operational Highlights - The company is the largest domestic natural gas producer, with production of approximately 72 Bcfe/d[8] - The company achieved its fastest drilling quarter in company history during 2Q25[9] - The company's annual synergy outlook increased to $600 million, expected by YE26[8] Production and Capital Allocation - The company anticipates full year 2025 production of approximately 71 Bcfe/d[12, 21] - The company reduced FY25 D&C capex spend by approximately $100 million[22] - The company has approximately 19 million net acres and approximately 71 Bcfe/d in 2025[12]

Financial Performance - Net Income was $42 million and Adjusted Net Income was $41 million[10] - Adjusted EBITDA reached $104 million[10] - A dividend of $009 per share was declared, with a record date of March 4th, 2025[10] - TCE per vessel was $16,129, while average daily OPEX per vessel was $5,056[9] - Average daily net cash G&A expenses per vessel were $1,264, resulting in TCE less OPEX less G&A expenses of $9,809[9] Eagle Bulk Merger & Synergies - Synergies achieved from the Eagle Bulk integration have resulted in more than $22 million in savings to date[10] - Q4 2024 synergies from the Eagle Bulk integration amounted to $126 million, implying an annualized run-rate of $50 million[26] Capital Allocation & Liquidity - Proforma cash was approximately $452 million, and proforma debt and lease obligations were $1266 million as of February 17th, 2025[10] - Additional liquidity of $50 million is available through an undrawn Revolver Facility, bringing proforma liquidity to almost $05 billion[10] - Thirteen debt-free vessels have an aggregate market value of $250 million[10] - Total actions of $26 billion in shareholder value creation since 2021[12] Fleet & Coverage - The company has one of the largest dry bulk fleets among U S and European listed peers, with 155 vessels on a fully delivered basis[39] - Fleet-wide coverage for Q1 2025 is 801% at a TCE of $12,305 per day[63] Market Dynamics - Dry bulk NET fleet growth was +30% in 2024, compared to +31% in 2023[48] - Total dry bulk trade in 2024 is estimated at +33% in tons and +50% in ton-miles[49]

Financial Performance - Total net revenues for 1Q25 reached RMB 2,246 million, an increase of 18.3% year-over-year and 3.5% quarter-over-quarter[8] - Wholesale IDC revenue for 1Q25 reached RMB 673 million, representing a significant increase of 86.5% year-over-year and 14.1% quarter-over-quarter[8] - Adjusted EBITDA for 1Q25 reached RMB 682 million, up 26.4% year-over-year and 18.1% quarter-over-quarter[8] - Adjusted cash gross profit reached RMB 968 million in 1Q25, with an adjusted cash gross margin of 43.1%[39] IDC Business Growth - Wholesale IDC business capacity in service increased to 573MW, with a quarter-over-quarter increase of 88MW, representing an 18.1% growth[8] - Wholesale IDC business capacity utilized increased to 437MW, a quarter-over-quarter increase of 84MW, representing a 23.9% growth[8] - The retail IDC business maintained a stable utilization rate of 63.7% in 1Q25[8] - The company secured a total of 129MW in new orders, including 55MW from a cloud computing customer, 64MW from an Internet customer, and 6MW from an intelligent driving customer for the wholesale IDC business[8, 9] Capacity and Infrastructure - Wholesale capacity in service is primarily located in the Yangtze River Delta (52.1%) and Greater Beijing Area (47.9%)[18] - Wholesale capacity under construction is heavily concentrated in the Greater Beijing Area (89.5%)[19] - The company expects FY2025 capital expenditure to be between RMB 10 billion and RMB 12 billion to support delivery plans[59, 62] Future Outlook - The company anticipates revenues between RMB 9,100 million and RMB 9,300 million for FY2025, implying a year-over-year growth of 10% to 13%[62] - Adjusted EBITDA is projected to be between RMB 2,700 million and RMB 2,760 million for FY2025, indicating a year-over-year growth of 15% to 18%[62] - The company plans to deliver between 400MW and 450MW in FY2025, a significant increase compared to the 153MW delivered in FY2024[62]

FINANCIAL RESULTS Q1 2025 May 2025 Forward-Looking Statements This presentation contains certain forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may include statements concerning the Company's plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, identified by words such as "be ...

Financial Performance - Total net revenues for 4Q24 reached RMB 2,246 million, and RMB 8,259 million for FY2024[7] - Wholesale IDC revenue for 4Q24 reached RMB 665 million, a 125.4% year-over-year increase, and RMB 1,951 million for FY2024, a 90.4% year-over-year increase[7] - Adjusted EBITDA for 4Q24 reached RMB 721 million, a 63.8% year-over-year increase, and RMB 2,430 million for FY2024, a 19.1% year-over-year increase[7] - Adjusted EBITDA margin reached 32.1% in 4Q24 and 29.4% for FY2024[13, 17] IDC Business Growth - Wholesale IDC capacity in service increased to 486 MW, with capacity utilized increasing to 353 MW in 4Q24[7] - Self-built retail cabinets increased by 189R quarter-over-quarter[7] - The company plans to deliver 400-450 MW of capacity over the next 12 months, a 161%-194% year-over-year increase[7] - 406MW of data center capacity is under construction, with a pre-commitment rate of 82.9%[35] Future Guidance - The company projects FY2025 revenues to be between RMB 9,100 million and RMB 9,300 million, implying a 10%-13% year-over-year increase[21] - Adjusted EBITDA for FY2025 is guided to be between RMB 2,700 million and RMB 2,760 million, a 15%-18% year-over-year increase[21] - FY2025 capital expenditure is expected to be between RMB 10,000 million and RMB 12,000 million, a 101%-141% year-over-year increase[21]