Canadian Solar : Q4 2023 Conference Call

Canadian Solar 4Q23 Earnings Call

March 14, 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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FY2023 Overview

Key Financial Metrics

$7.6 billion

Revenue

16.8%

Gross margin

$793 million

EBITDA

$274 million

Net income

$3.87

Diluted earnings per share to CSIQ

*As of January 31, 2024.

Revenue Breakdown

Recurrent

Energy,

$498M

CSI Solar, $7,116M

North America,

China,22%

28%

Asia ex.	Latin
America,
China,
13%
12%
EMEA,
	25%

Solar and Storage Scale

Solar Module Shipments, GW	42-47
								31
								21
				7	7	9	12 15
2	3	5	5

Turnkey Utility-Scale Storage
Contracted Backlog, $M	c.2,600*

0	223	440
2020	2021	2022	Contracted
			backlog

3

A Global Solar and Storage Manufacturing and Project Development Business

62%

Canadian Solar (NASDAQ: CSIQ)

$7.61B 16.8% $793M

FY23 Revenue FY23 Gross Margin FY23 EBITDA

$274M	$3.87
FY23 Net Income	FY23 Diluted EPS(1)

80%(2)

CSI Solar (SSE: 688472)

Vertically Integrated Manufacturing

Solar

Battery Energy Storage

Recurrent Energy

Global Project Development

Solar

Battery Energy Storage

30.7 GW

FY23 Shipments

>118 GW

Cumulative Shipments

1.9 GWh(3)	10 GWp
FY23 Shipments	Track Record(4)

$2.6B	27 GWp
Contracted Backlog(4)	Pipeline(4)

>3 GWh

Track Record(4)

55 GWh

Pipeline(4)

1. Diluted EPS includes the dilutive effect of convertible bonds. $3.87/share is calculated from total earnings of $279M (including 2.5% coupon of $5.3M) divided by diluted shares 72.2 million shares (including 6.3 million shares issuable upon the conversion of convertible bonds).
2. In January 2024, Recurrent Energy secured a $500 million preferred equity investment commitment, convertible into common equity, from BlackRock, representing 20% of the outstanding fully diluted shares of Recurrent Energy on an as-converted basis.

(3)	Including approx. 760 MWh expected to be recognized as revenues in 2024 due to being shipments in late Q4 2023.	4
(4)	Developed, built, and connected as of January 31, 2024; pipeline as of the same date.

Massive Growth in Clean Energy Demand Over the Next Decade

Data centers to power AI transformation

Electric vehicle charging and autonomous driving

Watt-hours per request

Google search

ChatGPT

BLOOM

AI-powered Google search (New State Research)

AI-powered Google search (SemiAnalysis)

0

2

4

6

8

10

Data center electricity usage in the U.S.

7.5%

Cryptocurrency mining

2.5%

In 2022

In 2030

Source: Nathaniel Bullard, Boston Consulting Group (BCG).

Equivalent to

providing

electricity to

40M

U.S. homes in a

year

AI to drive massive increase in demand

for clean energy

5

Well-Positioned to Excel in the U.S.

Long-Term Investments

Strong Track Record with a Leading Brand

6

CSI Solar: Record Full Year Revenue and Solar Module Shipments in FY2023

CSI Solar FY2023

Module shipments: 30.7 GW

Storage shipments: 1.9 GWh

Revenue: $7.2 billion

Gross profit: $1.1 billion

Gross margin: 15.3%

Operating profit: $456 million

CSI Solar Q4 2023

Module shipments: 8.2 GW

Storage shipments: 879 MWh

Revenue: $1.7 billion

Gross profit: $207 million

Gross margin: 12.1%

Operating profit: $40 million

Gross Margin

23.5%
	22.2%						21.3%
		19.9%									18.5%
										17.4%
								15.9%17.3%	16.6%
	19.3%				15.1%
				19.4%	14.5%					14.3%
		13.5%	13.1%
													12.1%
				9.7%		13.4%			341	345
						290	316	288	299
							287
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
	2020			2021			2022			2023

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

Excluding the impact of intercompany elimination.

7

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

Solar Cell Manufacturing Capacity Breakdown, GW

56

50 48

39

26

20

December	June	September December June 2024 December
2022	2023	2023	2023	2024
				PERC		TOPCon

Manufacturing Capacity Expansion Roadmap

Capacity, GW	Country	Dec 2023A	Jun 2024E	Dec 2024E
Ingot	Total	20	20	50
	China	21	23	45
Wafer	Thailand	-	5	5
	Total	21	28	50
	China	38	36	44
Cell	Thailand	12	12	12
U.S.*	-	-	-
	Total	50	48	56
	China	44	45	45
Module	Thailand	11	11	11
U.S.	2	4	5
	Total	57	60	61

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

8

e-STORAGE FY2023 Performance Overview

Contracted backlog*

$2.6 billion

2024 shipments guidance

6.0 - 6.5 GWh

2024 year-end capacity

20 GWh

Total pipeline*

63 GWh

*As of January 31, 2024

Turnkey Utility-Scale Battery Energy Storage Revenue, $M

Transition year (white label to own

self-manufactured product)

c.2,600

440

223

0

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

9

$500 Million Investment By BlackRock to Drive Business Model Transformation

"We are excited to partner on behalf of our clients with

Recurrent Energy. We believe this partnership will help unlock the full potential of Recurrent Energy's impressive renewable energy project development platform. Recurrent Energy is emblematic of our strategy of investing in leading renewable power generation assets and transition-enabling infrastructure, and we are

pleased to make this first investment commitment from the fourth vintage of BlackRock's Climate Infrastructure fund franchise."

David Giordano, Global Head of Climate

Infrastructure and Chief Investment Officer of

Transition Capital, BlackRock

Empowering our transition from a pure developer to a developer plus long-term owner and operator in select

markets, enabling a more diversified portfolio and stable, long-term earnings

10