Canadian Solar : Investor Presentation - May 2021

Investor Presentation

May 2021

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 the 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.

2

Q1 2021

UPDATES

3

Quarterly income statement summary

USD millions except per share data	1Q20	4Q20	1Q21	qoq	yoy		FY19	FY20	yoy
Net revenues	826	1,041	1,089	5%	32%		3,201	3,476	9%
Gross margin	27.0%	13.6%	17.9%	431 bp	-917 bp	22.4%	19.8%	-260 bp
Selling expenses	53	64	84			180	224
General and admin expenses	53	70	67			243	226
R&D expenses	10	10	12			47	45

Operating income

Net interest expense

Net FX gain or (loss)

Income tax

Net income attributable to Canadian Solar Inc.

Diluted EPS

113	2	43	n/m	-62%		259	220	-15%
-16	-16	-11			-69	-63
-1	4	-7			-12	-15
29	2	-14			-42	2
111	7	23	243%	-79%	172	147	-15%
1.84	0.11	0.36	227%	-80%		2.83	2.38	-16%

4

Results summary by divisions

USD millions except shipment data(1)	1Q21	yoy	qoq		FY20	yoy
	Total shipments (MW)	3,139	42%	5%		11,286	32%
	Revenues	695	1%	-11%		3,105	20%
CSI Solar	Gross profit	67	-58%	-36%		609	-1%
	Income from operations	-53	n/m	n/m	253	0%
	Revenues	471	94%	26%		726	-5%
Global
Gross profit	113	28%	251%	149	31%
Energy
	Income from operations	85	40%	n/m		53	184%

CSI Solar Revenue (1)

23.7%	19.6%	23.5%		22.2%	19.9%	13.5%	9.7%
		3,105
2,591					%	Gross margin		USD mn
							709	921	785
					690		695
	FY19		FY20	1Q20		2Q20	3Q20	4Q20	1Q21

HIGHLIGHTS

Total module shipments grew 42% yoy in Q1 to 3.1 GW, the highest Q1 in record despite a difficult quarter due to cost pressures. Shipments recognized as revenues were 2.7 GW due to timing with

some shipments to be recognized as revenues in Q2.

ASPs in Q1 increased near double digit qoq, which was offset by the significant increase in input costs (higher raw material costs, higher shipping costs and unfavorable FX).

Global Energy revenues and profits improved significantly in Q1 with

approximately 500 MW of projects sales in Japan, the U.S. and India.

Global Energy Revenue

	15.8%	20.5%	36.5%	10.3%	31.7%	8.6%	24.0%
	719	726						USD mn
								373	471
					242
						32	79
	FY19		FY20	1Q20	2Q20	3Q20	4Q20	1Q21

1. Includes effects of both sales to third party customers and to the Company's Global Energy business to reflect the real underlying performance.

Please refer to the financial tables in the quarterly press release for the intercompany transaction elimination information. Income from	5
operation amounts reflect management's allocation and estimate as some services are shared by the two segments of the Company.