[玫瑰]订单情况：在手订单充足，美国需求持续增长。公司在手订单55亿美元，26FYQ1新增订单7.57亿美元，其 中美国订单5.5亿美元（占比72%）。目前推进中项目金额达301亿美元（环比增长28.6%）。 Fluence FY26Q1业绩追踪 Investor Relations | Fluence [玫瑰]FY26Q1业绩表现：收入4.75亿美元，同比+154%，调整后毛利润0.27亿美元，毛利率同比下降6.9ppt至 5.6%，调整后EBITDA为-0.52亿美元，收入增长显著，利润率低于预期。 毛利率偏低主要受两方面影响：（1）两个海外项目带来约2,000万美元额外成本（预计后续可回收） （2）FY26Q1收入规模较低，固定成本分摊压力较大。 [玫瑰]FY26业绩指引：2026财年收入预计32-36亿美元，年度经常性收入预计1.8亿美元；目标毛利率11%-13%，调 整后EBITDA预计为0.4-0.6亿美元。目前在手订单已覆盖2026财年收入指引，未来订单增长将提升2027财年的业绩 可见性。 Fluence FY26Q1业绩追踪 Investor Relations | Fluence [玫瑰] ...

Financial Data and Key Metrics Changes - The company's backlog reached a record of $5.5 billion, reflecting a significant increase in U.S. contracting activity driven by the One Big Beautiful Bill Act and rising demand forecasts [7] - Q1 2026 revenue was $475 million, representing 14% of the full-year guidance and nearly double the 18% of full-year 2025 revenue earned during Q1 2025 [16] - Adjusted gross profit for the quarter was $27 million, with an adjusted gross margin of 5.6%, below the full-year expectation of 11%-13% [16][17] - Total liquidity at the end of the quarter was approximately $1.1 billion, including $477 million in cash and $617 million available through credit facilities [19] Business Line Data and Key Metrics Changes - The company signed over $750 million in new orders globally during Q1, with more than $500 million from the U.S., indicating strong growth from prior quarters [8] - The pipeline increased by approximately $7 billion, or 30%, with the majority of growth coming from the U.S. market [9][22] - The company is engaged in discussions covering 36 GWh of projects with data centers, which are not yet included in the pipeline, representing a significant upside opportunity [10] Market Data and Key Metrics Changes - The U.S. market is expected to represent about half of the total order growth for the year, consistent with previous patterns [9] - The company is seeing growing demand from developers, independent power producers (IPPs), utilities, and data centers [9] Company Strategy and Development Direction - The company is focused on expanding its domestic content strategy and enhancing its supply chain to support growth [12][14] - The management emphasized the importance of converting the growing pipeline into signed orders and is concentrating efforts on this conversion [9] - The company is optimistic about the future of the battery storage market in the U.S., driven by changing dynamics and increasing demand [31] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed the fiscal 2026 guidance, supported by greater revenue visibility and confidence in execution [8] - The company expects continued margin improvement driven by strong execution, supply chain-enabled cost advantages, and innovation as energy storage demand grows [18] - Management expressed confidence in meeting commitments to customers and delivering long-term value for shareholders [22] Other Important Information - The company resolved two pending legal matters, including a settlement related to the Moss Landing incident and a court dismissal of a $230 million claim related to the Diablo Canyon project [15] - The domestic supply chain is performing well, with cell and module production ahead of schedule [12] Q&A Session Summary Question: Clarification on ASC ownership resolution - Management stated that the main objective is to ensure access to PFE-compliant cells at competitive terms and that they expect ASC to resolve ownership issues without company involvement [28] Question: Competitive environment in data centers - Management acknowledged increased competition but emphasized that the competitive landscape has not fundamentally changed, with a diversification of battery cell suppliers [33] Question: Data center pipeline conversion - Management indicated that none of the new data center projects have been converted to backlog yet, but they expect some conversion in the second half of the year [44] Question: Incremental costs related to projects - Management explained that the $20 million impact is due to changes in project scope and schedule, and they plan to recover these costs through contracts with customers [50] Question: Margin pressures and competitive landscape - Management confirmed that they do not foresee major changes in competitiveness or tariffs affecting their outlook [56] Question: Vertical integration and M&A opportunities - Management expressed that they do not see a strong need for vertical integration and are comfortable working with contracted manufacturers [114]

Financial Data and Key Metrics Changes - The company reported Q1 2026 revenue of $475 million, which is 14% of the full-year guidance and nearly double the 18% of full-year 2025 revenue earned during Q1 2025 [15] - Adjusted gross profit for the quarter was $27 million, representing an adjusted gross margin of 5.6%, below the full-year expectation of 11%-13% [15][16] - The company ended the quarter with total liquidity of approximately $1.1 billion, including $477 million in cash and $617 million available through credit facilities [18] Business Line Data and Key Metrics Changes - The backlog reached a record of $5.5 billion, driven by increased U.S. contracting activity and demand forecasts [5] - During Q1, the company signed over $750 million of new orders globally, with more than $500 million from the U.S., reflecting strong growth from prior quarters [6][20] - The pipeline grew by approximately $7 billion, or 30%, with the majority of growth coming from the U.S. market [8][20] Market Data and Key Metrics Changes - The U.S. market is expected to represent about half of the total order growth for the year, consistent with previous years [6] - The company is seeing growing demand from developers, independent power producers (IPPs), utilities, and data centers [7] Company Strategy and Development Direction - The company is focusing on expanding its sales efforts and diversifying its supplier base to enhance flexibility and cost competitiveness [12] - The domestic content supply chain is performing at levels necessary to meet delivery schedules, with production running ahead of plan [11] - The company is optimistic about the future of the battery storage market in the U.S., driven by the conversion of EV battery lines into battery energy storage systems (BESS) [29][30] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed fiscal 2026 guidance, supported by greater revenue visibility and confidence in execution [6][19] - The company expects continued margin improvement driven by strong execution, supply chain-enabled cost advantages, and innovation as energy storage demand grows [17] - Management expressed confidence in meeting commitments to customers and delivering long-term value for shareholders [22] Other Important Information - The company resolved two pending legal matters, including a settlement related to the Moss Landing incident and a court dismissal of a $230 million claim related to the Diablo Canyon project [13] Q&A Session Summary Question: Clarification on ASC ownership resolution - The company aims to ensure access to PFE-compliant cells at competitive terms and is confident that ASC will resolve ownership issues without the company's involvement [26][28] Question: Competitive environment in data centers - The competitive landscape has diversified, but the company does not see significant changes in competition affecting its position [31][34] Question: Data center pipeline conversion - The company has not yet converted any of the new data center projects into backlog, but expects some conversion in the second half of the year [41][43] Question: Incremental costs related to projects - The $20 million in additional costs is associated with two non-U.S. projects, and the company plans to recover these costs through contracts with customers [46][49] Question: Margin pressures and competitive landscape - The company does not anticipate major changes in competitiveness or tariffs affecting its outlook for 2026 [55][57] Question: Domestic supply chain mix - The mix of U.S.-made versus imported cells is roughly half and half, with 100% of supply secured for the year [90] Question: Volume and capital constraints - The company has a long-term plan for volume and believes it has the supply chain flexibility to meet growth targets [97] Question: Vertical integration and M&A opportunities - The company does not see a strong need for vertical integration and prefers to work with contracted manufacturers for agility [110]

Q1 FY2026 Earnings Presentation February 5, 2026 © Fluence Energy Inc. All rights reserved. | Disclaimer Forward - Looking Statements The statements herein and referenced on the Company's earnings call that are not historical facts are forward - looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward - looking statements include, with ...

FY2025 Earnings Presentation November 25, 2025 Disclaimer Forward-Looking Statements The statements herein and referenced on the Company's earnings call that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In particular, these forward-looking statements include, without limitation, statements regarding t ...

Core Viewpoint - The new energy storage market is experiencing strong demand, with over 230 GWh of storage orders disclosed by companies in November alone, driving rapid capacity expansion both domestically and internationally [1]. Domestic Market Developments - Domestic new energy storage companies are focusing on expanding production capacity for storage cells and PCS, as well as scaling up advanced storage technologies like sodium-ion batteries [2]. - The production capacity of storage PCS is expected to see a price increase of 10%-20% by the end of 2025, with delivery times extending to 2026 due to demand outpacing supply [5]. Company-Specific Updates - **Sungrow Power Supply Co., Ltd.**: Announced a fundraising plan to issue up to 107,866,570 A-shares, raising approximately 1.65 billion yuan, primarily for the production of 25 GW string inverters and 15 GW storage inverters [3][4]. - **Qingna Technology**: Signed a contract for a 20 GWh sodium-ion battery production project in Suining, with a total investment of 6 billion yuan, aiming to produce batteries for various applications [6][7]. - **Fluence Energy**: Plans to establish a battery storage system manufacturing base in India, aiming to produce key storage system components for both the Indian and broader Asia-Pacific markets [8][9]. - **NeoVolta**: Collaborated with Infinite Grid Capital to secure $13 million in private financing for a 2 GWh battery storage system manufacturing project in Georgia, expected to commence production in 2026 [10][11].

Core Viewpoint - Fluence has officially launched an automated battery storage manufacturing plant in Vietnam's Bắc Ninh Province, with an annual production capacity of 35 GWh, aimed at meeting the growing global demand for battery storage solutions [2][4]. Group 1: Manufacturing and Production Capacity - The new plant's annual capacity can meet the deployment needs of approximately 8.75 GW/4-hour storage systems [3]. - Fluence's Gridstack Pro and Smartstack series products will be produced at this facility, which are the company's latest generation of large-scale storage solutions [4]. - The Gridstack Pro system is designed for utility companies and independent power producers, featuring enhanced safety certifications and optimized design for deployment in capacity-constrained areas [4]. - The Smartstack system is more compact and integrates energy management functions, with a capacity of 7.5 MWh using 314 Ah cells [4]. Group 2: Financial Performance - In the third quarter of FY2025, Fluence reported revenues of $602.5 million, a year-on-year increase of 24.7% [5]. - The company reaffirmed its annual revenue target of $2.6 billion to $2.8 billion but indicated that due to slower-than-expected expansion at its new U.S. plant, revenues are likely to be at the lower end of this range [5]. - Despite delays in expansion affecting some expected revenues, Fluence anticipates that these facilities will reach target capacity by the end of the year, ensuring timely delivery to customers [6]. - As of June 30, 2025, Fluence has deployed 6.3 GW/16.7 GWh of storage systems, with signed pending orders totaling 8.2 GW and a total reserve of planned and under-construction projects amounting to 35.7 GW/114.3 GWh [6]. Group 3: Industry Trends and Expansion - Southeast Asia is increasingly interested in energy storage technology, prompting Fluence to establish a manufacturing facility in Thailand to tap into this emerging market [7]. - Several Chinese energy storage companies are also expanding their manufacturing capacities in Southeast Asia, with notable investments such as CATL's $6 billion integrated battery project in Indonesia [7]. - Other companies like EVE Energy and Guoxuan High-Tech are also making significant strides in establishing production bases in the region, indicating a growing trend of global energy storage manufacturing centers [8][9].

Core Viewpoint - The article discusses the rapid advancements in large-capacity energy storage systems, highlighting the competitive landscape among leading companies in the industry, particularly focusing on the latest innovations and market entries from both domestic and international players [2][13]. Group 1: Industry Developments - The energy storage capacity competition is intensifying, with major companies like CATL, Envision, and Fluence introducing systems with capacities exceeding 6MWh, reflecting a trend towards larger energy storage solutions [2][13]. - The average price of turnkey energy storage systems has decreased by 40% year-on-year, reaching $165 per kWh, marking the highest annual decline since 2017 [13]. - The introduction of modular designs, such as CATL's TENER Stack, allows for better transportability and cost savings, with potential reductions in transportation costs by up to 35% [14]. Group 2: Company Innovations - Nidec launched an 8.47MWh energy storage system at The Smarter E Europe 2025, featuring a modular design that supports various market applications [4][5]. - IPS presented the EXERON X-BESS 8 with a capacity of 8.1MWh, emphasizing its compact design and high power density [6][8]. - Powin introduced the Pod Max 6.26MWh containerized battery system, which boasts a 25% higher energy density compared to its previous models [10][11]. Group 3: Competitive Landscape - Over 30 energy storage companies have launched systems with capacities above 6MWh since 2025, indicating a significant shift in the market towards larger and more efficient systems [13]. - The article lists various companies and their respective energy storage systems, highlighting specifications such as capacity, cell size, and unique features, showcasing the diversity and innovation within the industry [16][17].