Canadian Solar : Q1 2024 Conference Call

Canadian Solar 1Q24 Earnings Call

May 9, 2024

Safe Harbor Statement

This presentation has been prepared by the Company solely to facilitate the understanding of the Company's business model and growth strategy. The information contained in this presentation has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of its affiliates, advisers or representatives will be liable (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation.

This presentation contains forward-looking statements and management may make additional forward-looking

statements in response to your questions. Such written and oral disclosures are made pursuant to the Safe Harbor

provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to its future performance, consolidated results of operations and financial condition. These statements can be identified by the use of words such as "expects," "plans," "will," "estimates," "projects," or words of similar meaning. Such forward-looking

statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ

materially from expectations implied by these forward-looking statements as a result of various factors and assumptions. Although we believe our expectations expressed in such forward-looking statements are reasonable, we cannot assure you that they will be realized, and therefore we refer you to a more detailed discussion of the risks and uncertainties contained in the Company's annual report on Form 20-F, as well as other documents filed with Securities & Exchange Commission. In addition, these forward-looking statements are made as of the current date, and the Company does not

undertake to update forward-looking statements to reflect future events or circumstances, unless otherwise required by

law.

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FY2024 Q1 Overview

Key Quarterly

Financial Metrics

$1.3 billion

Revenue

19.0%

Gross margin

$156 million

EBITDA

Revenue and Shipment

Breakdown

Recurrent

Energy,

$39M

CSI Solar, $1,290M

China,	North America,
31%
23%

Solar and Battery Energy

Storage Scale

Solar Module Shipments, GW	35-40
								31
								21
				7	7	9	12 15
2	3	5	5

Utility-scale Battery Energy Storage
Revenue and Contracted Backlog	$2.5B

$12 million

Net income

$0.19

Diluted earnings per share to CSIQ

*As of March 31, 2024.

	Latin
Asia ex.	America,
EMEA, 7%
China,
19%	20%

$245M	$251M
FY2023	FY2024 Q1	Contracted
		backlog

3

Recognition of Our Industry-leading ESG Standards

Top 3%

Environment*

Top 4%

Sustainable

Procurement*

Top 5%

Overall*

Lead Manager

Issuer	Canadian Solar
Size	JPY 18.5 billions ($120 million)
Maturity	September 2026
Use of proceeds	Solar and battery storage
External reviewer	Japan Credit Rating Agency ('A-' and 'Green 1')

*Among companies rated by EcoVadis within Canadian Solar's industry.

4

CSI Solar FY2024 Q1 Performance Overview

CSI Solar FY2024 Q1

Module shipments: 6.3 GW

Storage shipments: 1.1 GWh

Revenue: $1.3 billion

Gross profit: $248 million

Gross margin: 18.4%

Operating profit: $82 million

Gross Margin

23.5%
	22.2%						21.3%
		19.9%							17.4% 18.5%
								15.9%17.3%	16.6%	18.4%
	19.3%				15.1%
									14.3%
		13.5%	13.1%		19.4%	14.5%				12.1%
				9.7%	13.4%		290	341	345	316	288	299
							287					248
162	157	183			155	173		176							207
106
			67
Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
	2020			2021			2022			2023		2024

Gross profit, $M		Gross margin		Gross margin ex.AD/CVD

Excluding the impact of intercompany elimination.

5

N-type TOPCon to Comprise Near 80% of Total Cell Capacity by Year End

Solar Cell Manufacturing Capacity Breakdown, GW

56

50 48 48

39

26

20

Dec 2022 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Dec 2024

PERC TOPCon

Manufacturing Capacity Expansion Roadmap

Capacity, GW	Country	Mar 2024A	Jun 2024E	Dec 2024E
Ingot	Total	20	20	50
	China	23	23	45
Wafer	Thailand	1	5	5
	Total	24	28	50
	China	36	36	44
Cell	Thailand	12	12	12
U.S.*	-	-	-
	Total	48	48	56
	China	45	45	45
Module	Thailand	11	11	11
U.S.	2	4	5
	Total	58	60	61

*U.S. cell production expected to commence by the end of 2025.

6

e-STORAGE FY2024 Q1 Performance Overview

Contracted backlog*

$2.5 billion

Turnkey Utility-scale Battery Energy Storage Revenue, $M

2024 shipments guidance

6.0 - 6.5 GWh

2025 year-end capacity

30 GWh

Total pipeline*

56 GWh

Operating projects contracted under LTSA*

3 GWh

Transition year (white label to own

self-manufactured product)

c.$2.5B

440

223

0

2020	2021	2022	2023	2024E	2025+
				contracted	contracted
				backlog	backlog

*As of March 31, 2024

7

Focus on Closing BlackRock Transaction and Achieving Strategic Targets

Regulatory Clearances*

Targets and Ongoing Tasks

In operation by
2026	4 GW
	Solar

Execute on NTP	Drive ESG
and COD	strategy

2 GWh

BESS

Capture AI

opportunity

Transition to hybrid business model as developer plus long-term owner and operator of solar and energy storage assets

*Select geographies.

8

Recurrent Energy FY2024 Q1 Performance Overview

Gross Margin

Recurrent Energy FY2024 Q1

Project sales: 5 MW

Revenue: $39 million

Gross profit: $13 million

Gross margin: 33.1%

Operating loss: $21 million

36.5%						43.7%					47.1%	36.0%43.9%		40.5% 33.1%
31.7%
			24.0%				19.2%			21.7%	157 27.7%
	10.3%	8.6%				14.4%
			4.2%		3.5%
				113
89											80
							61
												48
		25	32															22
					12			18			16				18	13
	3						8			7
Q1	Q2	Q3	Q4		Q1	Q2	Q3	Q4		Q1	Q2	Q3	Q4		Q1	Q2	Q3	Q4		Q1
	2020				2021				2022				2023		2024

Gross profit, $M		Gross margin

9

One of the Largest and Most Mature Global Solar and Storage Project Pipelines

Solar Development Project Pipeline - MWp*

Region	In	Backlog	Advanced	Early-Stage	Total
Construction	Pipeline	Pipeline
North
424	212	1,432	4,281	6,349
America
EMEA	47**	2,377	2,408	5,110	9,942
Latin America	896**	867	83	2,832	4,678
Asia Pac ex.
-	173	718	1,418	2,309
China & Japan
China	100	1,220**	-	1,460	2,780
Japan	32	164	14	30	240
Total	1,499	5,013	4,655	15,131	26,298

Battery Energy Storage Development Project Pipeline - MWh

Region	In	Backlog	Advanced	Early-Stage	Total
Construction	Pipeline	Pipeline
North	-	1,600	2,180	15,084	18,864
America
EMEA	-	150	6,057	18,174	24,381
Latin America	-	1,725	800	-	2,525
Asia Pac ex.	8	440	400	1,240	2,088
China & Japan
China	400	-	-	6,000	6,400
Japan	-	8	767	900	1,675
Total	408	3,923	10,204	41,398	55,933

c.11 GW with	Securing	c.15 GWh with	Securing
interconnection	interconnection	interconnection	interconnection

*All numbers are gross MWp

• Including 388 MWp in construction and 159 MWp in backlog that are owned by or already sold to third parties As of March 31, 2024

10