Array Technologies (ARRY) Earnings Call Presentation

Transaction Overview - ARRAY Technologies is acquiring APA Solar for approximately $179 million, representing about 7.6x trailing 12 months EBITDA excluding 45X credits[14] - The acquisition is expected to be high single-digit-percentage accretive to Adjusted EPS in year 1 before synergies[14,19] - Closing is expected in the third quarter of 2025, funded with cash on hand[14] APA Solar Overview - APA Solar's 2024 revenues and EBITDA were approximately $129 million and $25 million, respectively[29] - APA Solar is a leading U S provider of Engineered Foundation Solutions and Fixed-Tilt Mounting Systems[14] - APA Solar has approximately 250 employees with headquarters and principal manufacturing located in Ridgeville Corners, Ohio[29] Strategic Rationale - The acquisition expands ARRAY's addressable market by nearly 40%[16] - The transaction is expected to create up to $49 million of undiscounted cash tax savings ($31 million on an NPV basis using a 10% discount rate)[21,63] - U S Utility-Scale tracker foundations are a $1 2 billion market that ARRAY has not historically participated in[24] - The acquisition provides access to the fixed-tilt market, which ARRAY has not historically participated in[24]