Investor Presentation October 2025 Use of Forward-Looking Statements Safe harbor Information regarding market and industry statistics in this presentation is based on information available to Enphase Energy that Enphase Energy believe is accurate. It is generally based on publications that are not produced for purposes of economic analysis. Non-GAAP Financial Metrics Enphase Energy has presented certain non-GAAP financial measures in this presentation. Generally, a non-GAAP financial measure is a numerical ...

Core Insights - Stardust Solar Energy Inc. reported record quarterly results for Q3 2025, achieving its first-ever EBITDA-positive quarter with revenue of $1.78 million, a 99% increase year-over-year [1][5] - The company secured $2.55 million in new signed contracts during Q3, marking a 206% increase year-over-year, which increased the total backlog to $4.4 million [1][5] Q3 2025 Highlights - Revenue reached $1.78 million, the strongest quarter in the company's history, with a gross margin of 44%, up from 31% in Q3 2024 [5] - The company achieved its first-ever EBITDA of $16,293, with a net loss narrowed to $25,000, significantly improved from a net loss of $475,000 in Q2 2025 [5] - Operating expenses increased by 14% year-over-year to $812,628, attributed to higher costs related to advertising, promotion, and compliance [5] Year-to-Date and Trailing Twelve-Month Growth - For the nine months ended September 30, 2025, revenue totaled $3.99 million, a 40% increase from $2.85 million in the prior-year period [5] - The trailing twelve-month revenue was approximately $4.8 million, reflecting a 32% increase from around $3.6 million in the comparable prior-12-month period [5] Management Commentary - The CEO emphasized that Q3 results demonstrate the company's scalable model and progress towards consistent profitability, with a focus on converting backlog into revenue and managing working capital effectively [3] Outlook - The company plans to continue expanding its franchise and direct product sales across Canada, the U.S., and internationally through 2026, with an emphasis on working-capital optimization and supply-chain efficiency [4]

Core Insights - Nextracker Inc. (NASDAQ: NXT) has experienced a significant stock price increase of 250% since the last analysis, indicating strong market performance and investor interest [1]. Company Performance - The stock's substantial gain suggests that the company's fundamentals or market conditions have positively influenced investor sentiment [1]. Analyst Perspective - A Buy rating was previously issued for Nextracker Inc., reflecting confidence in the company's growth potential, although the extent of the returns was unexpected [1].

Core Insights - PowerBank Corporation is advancing the 2.6 MW Elmira solar power project in Upstate New York, which has received necessary municipal approvals and is expected to begin construction by the end of the year, pending financing [1][4] - The project will operate as a community solar initiative, allowing homeowners to benefit from solar energy without installing panels on their properties, thus reducing their electricity costs [2][4] - PowerBank has a strong track record with over 100 MW of completed projects and a development pipeline exceeding 1 GW, positioning the company as a leader in renewable energy solutions [3][4] Project Details - The Elmira project aims to contribute to New York's goal of achieving 6 GW of solar capacity by 2025, with New York currently holding nearly one-third of the U.S.'s installed solar capacity [4] - The project is expected to be eligible for incentives under the NYSERDA NY-Sun Program, enhancing its economic viability [1][4] Company Overview - PowerBank Corporation focuses on developing and owning renewable energy projects, particularly distributed and community solar projects across North America [6] - The company maximizes returns through a diverse portfolio, including projects with utilities and community solar initiatives, and has a potential development pipeline of over 1 GW [6]

Core Insights - REFI Sun, owned by INVL Renewable Energy Fund I, successfully raised over EUR 5 million through a public bond offering aimed at financing renewable energy projects and optimizing its loan portfolio [1][2] - The bonds have a maturity of 2 years and 4 months with an annual yield of 8.5%, and interest payments will be made quarterly [2] - The offering attracted significant interest, with 5,180 bond purchase orders received, resulting in the allocation of 5,000 bonds for EUR 5.08 million [3] Investment Details - The majority of the proceeds (89.5%) were raised in Lithuania, with smaller contributions from Latvia (7.3%) and Estonia (3.2%) [3] - A total of 331 investors participated, with 11.4% being institutional investors and 88.6% retail investors [3] - The bond offering is part of a EUR 25 million bond program approved by the Bank of Lithuania [5] Market Context - The success of the bond offering indicates a growing interest among Baltic investors in renewable energy projects, which are increasingly viewed as a mature investment avenue [4] - The fund is focusing on the Polish and Romanian markets, where it sees significant growth potential, with a total project capacity of 389 MW [6][7] - Investments in Romania and Poland are projected to exceed EUR 250 million, with over EUR 100 million already invested in project acquisition and construction as of October 2025 [7] Fund Overview - INVL Renewable Energy Fund I was established on July 20, 2021, by INVL Asset Management, focusing on early- and mid-stage renewable energy projects in the EU [9] - The fund has raised a total of EUR 93.98 million from investors through investment units and bonds issued by its controlled companies [8]

Core Insights - Daqo New Energy's stock surged by 11.3% following the release of its strong third-quarter results, outperforming the broader market indices [1][2][4] Financial Performance - Daqo reported non-GAAP adjusted earnings per American depositary share (ADR) of $0.05 for Q3, with revenue reaching $244.6 million, exceeding Wall Street's expectations by approximately $67.8 million [4][8] - The company's sales increased by roughly 23% year-over-year, driven by strong polysilicon production and sales volumes, along with reduced cash costs [4] Market Context - The stock's performance was further supported by positive developments in U.S.-China trade relations, including a preliminary framework for a trade deal that may alleviate concerns regarding Daqo's ADRs being delisted from the New York Stock Exchange [5][6]

Core Insights - First Solar (FSLR) is set to release its third-quarter 2025 results on October 30, with an earnings surprise of 18.7% in the previous quarter [1] Factors Impacting Q3 Performance - The demand for solar energy is increasing globally, driven by rising energy consumption, decreasing installation costs, and greater awareness of sustainable energy, positively influencing First Solar's sales [2] - The company is expected to benefit from the Section 45X advanced manufacturing production tax credit, which will reduce production costs for U.S.-made solar components, with anticipated credits of $390-$425 million enhancing profitability and cash flow [3] - Tariffs are expected to modestly impact results by increasing import costs and slightly pressuring margins due to tariff-related expenses on imported goods [4] - A shift in sales mix towards the lower-priced Indian market, influenced by tariff constraints on Southeast Asia production, is likely to adversely affect earnings [5] - High production costs for U.S. modules and underutilization charges from lower production capacity in Malaysia and Vietnam are expected to impact overall performance [6] Q3 Earnings Expectations - First Solar anticipates earnings between $3.30 and $4.70 per share, with a Zacks Consensus Estimate of $4.31 per share, reflecting a year-over-year increase of 48.1% [7] - Revenue expectations are set at $1.53 billion, indicating a 72.4% year-over-year increase [7] - Module sales are projected to be between 5,000 and 6,000 megawatts (MW), with a Zacks Consensus Estimate of 5,185.97 MW compared to 2,956 MW in the same quarter last year [8] Earnings Prediction - The earnings model predicts a potential earnings beat for First Solar, supported by a positive Earnings ESP of +1.59% and a Zacks Rank of 3 (Hold) [9] Summary of Market Conditions - Strong global solar demand is likely to support product sales growth for First Solar, while Section 45X tax credits may lower costs and boost profitability [10] - However, tariffs, shifts in sales mix, and factory underutilization are expected to pressure margins [10]

Core Insights - Turbo Energy S.A. has appointed Lucia Tamarit as the new Chief Financial Officer, effective immediately, succeeding Alejandro Morangues who has left the company for new opportunities [1][5] Company Overview - Turbo Energy is a global provider of AI-optimized solar energy storage technologies, founded in 2013, and is recognized for its innovative solutions that help reduce dependence on traditional energy sources [5] - The company offers scalable, modular energy storage systems aimed at residential, commercial, and industrial users across Europe, North America, and South America [5] - Turbo Energy's flagship product, the SUNBOX, is one of the first high-performance, competitively priced all-in-one home solar energy storage systems, featuring patented EV charging capability and AI processes for solar energy management [5] New CFO Profile - Lucia Tamarit brings over a decade of international finance, audit, and operations experience, having held leadership roles in multinational environments and private-equity reporting structures [2][3] - Prior to joining Turbo Energy, Tamarit served as Financial Manager at CSP Spain, overseeing financial management and accounting across subsidiaries, and has experience in external audits and international accounting standards from her time at Ernst & Young [3][4] - Tamarit holds a Licentiate in Business Administration and Management and has completed executive training programs, enhancing her qualifications for the CFO role [4] Leadership Statement - CEO Mariano Soria expressed confidence in Tamarit's strategic finance leadership, highlighting her experience in building finance teams and implementing ERP systems as crucial for the company's growth [3]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported positive EBITDA of USD 45.8 million, compared to negative USD 48 million in Q3 2024 and negative USD 34 million in Q2 2025 [7][19] - Revenue increased to USD 244.6 million from USD 75.2 million in Q2 2025 and USD 198.5 million in Q3 2024, primarily due to increased sales volume and average selling price [16] - Gross profit was USD 9.7 million, a significant improvement from a gross loss of USD 81 million in Q2 2025 and a gross loss of USD 60 million in Q3 2024 [17] - Cash balance as of September 30, 2025, was USD 552 million, down from USD 599 million at the end of Q2 2025 [20] Business Line Data and Key Metrics Changes - Total polysilicon production for Q3 2025 was 30,650 metric tons, slightly above the guidance range of 27,000 to 30,000 metric tons [9] - Sales volume surged to 42,406 metric tons from 18,126 metric tons in the previous quarter, reflecting strong customer confidence [9] - Production costs declined by 12% to USD 6.38 per kilogram from USD 7.26 in Q2 2025, with cash costs decreasing by 11% to USD 4.54 per kilogram, the lowest in the company's history [10][19] Market Data and Key Metrics Changes - The polysilicon market is recovering, with prices rebounding significantly, driven by supply constraints and government regulations [7][12] - China's effective capacity for polysilicon production is expected to decline to 2.4 million metric tons per year, a decrease of 16.4% from 2024 [13] - The average selling price of polysilicon increased to RMB 49-55 per kilogram by the end of Q3 2025, up from RMB 32-35 in June [13] Company Strategy and Development Direction - The company aims to enhance its competitive edge through higher efficiency N-type technology and digital transformation [14] - The management believes that the combination of industry self-discipline and government regulations will foster a healthier solar PV industry [14] - The company is well-positioned to capitalize on market recovery and long-term growth opportunities in the global solar PV market [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the solar PV market, citing improved industry fundamentals and government support for renewable energy [7][12] - The company expects to maintain positive gross margins in Q4 2025, driven by stable average selling prices and continued cost reductions [27] - The management anticipates that production volume in 2026 could exceed 50% utilization, reflecting a more favorable demand outlook [61] Other Important Information - The company has a strong balance sheet with no bank loans, providing strategic flexibility to navigate market conditions [8][14] - The management is monitoring the market closely regarding share repurchase plans, pending clarity on consolidation efforts [48] Q&A Session Summary Question: Expectations for gross margins in Q3 and Q4 - Management expects positive gross margins to continue in Q4, driven by increased selling prices and reduced costs [26][27] Question: Industry overcapacity and actions to address it - Management acknowledged ongoing overcapacity but emphasized balancing production volume with demand rather than operating at full capacity [31] Question: Consolidation agreement timeline and mechanisms - Conversations regarding consolidation are ongoing, with management hopeful for a consensus soon to support price recovery [40] Question: ASP expectations post-consolidation - Management anticipates ASPs to remain stable in Q4, with potential increases following consolidation efforts [46] Question: Share repurchase program progress - The company is waiting for clarity on consolidation costs before resuming share repurchases [48] Question: Production cost and electricity consumption - Current unit electricity consumption is between 52 to 55 kilowatt-hours per kilogram [57] Question: Production plan adjustments and demand outlook - The company raised its production plan for Q4, expecting to capitalize on improved market conditions [59] Question: Solar installation expectations for 2026 - Management forecasts stable installation growth in China, with additional installations expected to be in the range of 270 to 280 gigawatts [71]

Summary of China Solar Profitability Tracker Conference Call Industry Overview - The conference call focuses on the solar industry in China, particularly the dynamics of upstream and downstream pricing, inventory levels, and profitability trends for companies in the sector [1][2]. Key Highlights - **Upstream Price Dynamics**: - Upstream price hikes paused in October, contrasting with a 5% month-over-month increase in September. This pause is attributed to weaker downstream price acceptance, exacerbated by a significant rise in silver paste prices, which increased by 18% month-to-date and constitutes 30%-40% of non-silicon cell processing costs [6][7]. - **Inventory Levels**: - Total poly inventory rose by 7% month-over-month to 275GW in October, with approximately 150GW at poly factory sites, 110GW at wafer factory sites, and 15GW through future contracts [6]. - Glass producer-side inventory days surged by 63% compared to the end of September, reaching 25 days in October, indicating muted shipment activity [6]. - **Production Estimates**: - Monthly poly production is expected to decline by 6% in November and December compared to October, primarily due to capacity suspensions in Central Western China [6]. - New solar glass capacity continues to increase, with one line of 1.2k tons/day launched and multiple new lines scheduled for the near future [6]. - **Export Volumes**: - Cell and module export volumes decreased by 10% and 4% month-over-month, respectively, to 11GW and 28GW. This decline is mainly due to reduced restocking activities as the overseas peak demand season in Europe and the Middle East concludes [6]. Profitability Insights - **Valuation Metrics**: - The market is currently pricing in 2026 prices for poly, wafer, module, and glass at Rmb58/kg, Rmb1.8/pc, Rmb0.66/w, and Rmb13/sqm, respectively. This contrasts with Goldman Sachs' estimates of Rmb42/kg, Rmb1.3/pc, Rmb0.67/w, and Rmb10/sqm, indicating an average downside risk of 34% for the covered companies [3][16]. - **Cash Profitability Trends**: - Spot price implied cash profitability remained largely flat in the upstream sector while deteriorating in the downstream sector [10]. - The average cash gross profit margin (GPM) for poly-tier 1 was reported at 37%, with a notable decrease in margins for cell and module segments [10]. Sector Outlook - The ongoing anti-involution campaign and newly imposed restrictions on below-cost pricing are expected to only mildly improve the pricing outlook for poly. Downstream players may still need to reduce selling prices to gain market share amid weak demand [7]. - The long-term profitability outlook remains low without a reduction in Tier 1 capacity [7]. Investment Preferences - The analysis indicates a preference for specific segments within the solar value chain: - **Buy Recommendations**: Film (Hangzhou First), High-efficiency Module (Longi) - **Neutral Recommendations**: Granular Poly (GCL Tech) - **Sell Recommendations**: Glass (Flat A/H, Xinyi Solar), Rod Poly (Daqo ADR/A, Tongwei), Wafer (TZE), and Equipment (Shenzhen S.C. and Maxwell) [7]. Additional Insights - The production-to-demand ratio for the sub-sector is projected to increase to 116% in October from 113% in September, indicating a potential oversupply situation [11]. - Producer-side inventory days are likely to rise to 34 days in October from 30 days in September, further highlighting inventory concerns [13]. This summary encapsulates the critical insights and data points from the conference call, providing a comprehensive overview of the current state and outlook of the solar industry in China.