Core Insights - T1 Energy Inc. reported significant advancements in 2025, including the establishment of a vertically integrated solar platform and securing over $440 million in strategic capital to enhance its competitive position [3][6] - The company achieved record production and sales at its G1_Dallas facility, producing 1.13 GW and generating net sales of $358.5 million in Q4 2025 [6][11] - T1 Energy is on track to start production at its G2_Austin facility in Q4 2026, with an estimated capital spending requirement of approximately $350 million for Phase 1 [6][10] Financial Performance - T1 Energy reported a net loss attributable to common stockholders of $190.0 million, or $(0.87) per share, for Q4 2025, a decrease from a net loss of $367.2 million, or $(2.59) per share, in Q4 2024 [16][27] - For the full year 2025, the net loss attributable to stockholders was $380.8 million, or $2.19 per diluted share, compared to a net loss of $450.2 million, or $3.20 per diluted share, in 2024 [16][27] - The company had cash, cash equivalents, and restricted cash of $270.8 million as of December 31, 2025, with $182.5 million being unrestricted cash [16][27] Operational Highlights - T1 Energy's G1_Dallas facility produced a total of 2.79 GW in 2025, aligning with previous guidance of 2.6 – 3.0 GW [6][11] - The company has contracted 3 GW of production for 2026, with a production and sales guidance of 3.1 – 4.2 GW [9][10] - T1 Energy commenced construction on the 2.1 GW Phase 1 of the G2_Austin facility, with steel erection planned to start in April 2026 [6][10] Strategic Developments - T1 Energy executed a long-term offtake agreement with Treaty Oak Clean Energy for a minimum of 900 MW of solar modules [9][10] - The company successfully sold $160 million in Section 45X production tax credits at a price of $0.91 per dollar generated [9][10] - T1 Energy's board appointed Robert Hammond as an independent director, bringing over 40 years of energy industry experience [4][5]

First Solar Q4'25 Earnings and 2026 Guidance Call February 24, 2026 | Safe Harbor Statement 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 historical fact, are forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning: demand ...

Market Position and Production - T1 Energy represents >50% of the American-made silicon-based solar module market[9] - T1 Energy has a capacity of 50 GW, making it the largest American silicon-based solar module manufacturer[9] - G1_Dallas produced 2,128 MW of solar modules in 2025 through November 2nd, 2025[36] - T1 is maintaining its 2025 production plan of 26 – 30 GW[36] Financial Performance and Guidance - T1 generated Q3 2025 total net sales of $2105 million[36] - T1 is maintaining its 2025 full-year EBITDA guidance of $25 - $50 million[38] - T1 has accrued $93 million of Section 45X credits as of September 30, 2025[43] Strategic Initiatives and Expansion - T1 is building a U S silicon-based solar supply chain aligned with emerging macro trends[13] - T1 expects U S data centers to consume more than 600 TWh of electricity by 2030[14] - Phase 1 capital expenditure of G2_Austin is estimated at $400 - $425 million[30] - October offerings raised $122 million of gross proceeds expected to trigger start of construction of G2_Austin[30]

Financial Data and Key Metrics Changes - In Q3 2025, consolidated shipments totaled approximately 162,000 tons, a decrease from the prior quarter due to operational instability at Mount Holly and transformer failures at Grundartangi [16] - Net sales for the quarter were $632 million, a $4 million increase primarily due to higher realized Midwest premium, partially offset by lower shipments [16] - The company reported net income of $15 million, or $0.15 per share, with adjusted net income of $58 million, or $0.56 per share, excluding exceptional items [16] - Adjusted EBITDA was $101 million for the quarter, driven by increased Midwest premium price, partially offset by lower volumes and product premiums at Mount Holly [16][18] - Liquidity increased to $488 million, up $125 million quarter over quarter, with a cash balance of $151 million [17] Business Line Data and Key Metrics Changes - Mount Holly experienced production instability in Q3, resulting in production falling below expectations by approximately 4,000 tons [9] - Grundartangi smelter faced a temporary production halt due to transformer failures, with a timeline for restart expected to take 11-12 months [6][8] - Sebree plant achieved near-record performance across operational and financial KPIs [10] Market Data and Key Metrics Changes - Q3 saw aluminum prices rise, with realized LME prices at $2,508 per ton and spot aluminum prices around $2,850 [13] - U.S. and European regional premiums strengthened, with realized Midwest and European premiums averaging $1,425 and $193 per ton, respectively [14] - The market is experiencing a shortage of aluminum units, leading to a contraction of global inventories to post-financial crisis lows [13] Company Strategy and Development Direction - The company is focused on the Mount Holly expansion project, with plans to restart production of over 50,000 metric tons per year by Q2 2026 [9][12] - A strategic review process for the Hawesville site is ongoing, with significant interest from new parties [10][11] - The company is exploring a new greenfield aluminum smelter project, which is expected to double the size of the existing U.S. industry and create over 1,000 full-time jobs [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong market conditions persisting into 2026, driven by global demand growth and supply challenges [13] - The company anticipates an approximately $0.05 year-over-year increase across its 2026 bill of sales, generating an additional $30 million of EBITDA [15] - Management is optimistic about achieving net debt targets of $300 million early in 2026, supported by strong cash flows and Section 45X receivables [26] Other Important Information - The company received a fiscal year 2024 45X payment of approximately $75 million from the IRS in October, which will help lower net debt [17][21] - The company is assessing options for capital returns, with a preference for share buybacks as indicated by shareholder feedback [28] Q&A Session Summary Question: Mount Holly Restart EBITDA potential and CapEx - Management indicated that the Mount Holly Restart could generate over $60 million in EBITDA at spot prices, with total project spend expected to be around $50 million [31][32] Question: Capital allocation and returns - Management noted that there is a clear preference for buybacks among shareholders, and they are considering this as the most likely form of capital return once net debt targets are met [33][34] Question: Transformer repairs and insurance coverage - Management confirmed that repairs could potentially accelerate the restart timeline, and insurance is expected to cover losses during the outage period [38][39] Question: Hawesville strategic review timeline - Management stated that there is no specific timeline for the final decision on the Hawesville site, but positive interest has been received [40][41] Question: Impact of tariffs and market conditions - Management emphasized that Section 232 tariffs are driving U.S. aluminum production and are expected to remain in place, supporting domestic industry growth [53][54]