Canadian Solar Inc.

Ladies and gentlemen, thank you for standing by. Welcome to Canadian Solar's fourth quarter 2025 earnings conference call. My name is Melissa, and I will be your operator for today. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. As a reminder, this conference is being recorded for replay purposes. I would now like to turn the call over to Winna Wang, Head of Investor Relations at Canadian Solar. Please go ahead.

Thank you, Operator, and welcome everyone to Canadian Solar's fourth quarter 2025 conference call. Please note that today's conference call is accompanied with slides which are available on Canadian Solar's Investor Relations website within the events and presentation section. Joining us today are Dr. Sean Chu, Chairman and CEO, Colin Parkin, President of Canadian Solar and President of eStorage, Ismael Guerrero, Corporate VP and President of Canadian Solar Subsidiary Recurrent Energy, and Simbo Zhu, Senior VP and CFO. All company executives will participate in the Q&A session after management's formal remarks. On this call, Sean will go over some key messages for the quarter. Colin and Ismael will review business highlights for manufacturing and recurrent energy, respectively, and Simbo will go through the financial results. Colin will conclude the prepared remarks with the business outlook. after which we will have time for questions. Before we begin, I would like to remind listeners that management's prepared remarks today, as well as their answers to questions, will contain forward-looking statements that are subject to risks and uncertainties. The company claims protection under the Safe Harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ from management's current expectations. Any projections of the company's future performance represent management's estimates as of today. Canadian Solar assumes no obligation to update these projections in the future unless otherwise required by applicable law. A more detailed discussion of risks and uncertainties can be found in the company's annual report on Form 20F, filed with the Securities and Exchange Commission. Management's prepared remarks will be presented within the requirements of SEC Regulation G regarding generally accepted accounting principles or GAAP. Some financial information presented during the call will be provided on both a GAAP and non-GAAP basis. By disclosing certain non-GAAP information, management intends to provide investors with additional information to enable further analysis of the company's performance and underlying trends. Management uses non-GAAP measures to better assess operating performance and to establish operational goals. Non-GAAP information should not be viewed by investors as a substitute for data prepared in accordance with GAAP. And now I would like to turn the call over to Canadian Solar's Chairman and CEO, Dr. Sean Chu. Sean, please go ahead.

Thank you, Wina, and thank you all for joining our fourth quarter earnings call. 2025 was another challenging year marked by persistent market headwinds and a shifting regulatory landscape. Through these turbulent conditions, We demonstrated strategic resilience and operational discipline. We prioritized the margin and diversified our profit drivers, particularly in energy storage. Now let's review our operating and financial results. Please turn to slide three. In the fourth quarter, we shipped 4.3 gigawatts of solar modules, bringing total shipment to global customers to 24.3 gigawatts for the year. In response to the prolonged solar downturn, we have pivoted away from industry's traditional focus on shipment volumes. Instead, we are concentrating on strategic high-value markets. Notably, in U.S. market, we continue to build on our historically strong track record. In 2025, we delivered a record 8.1 GW to the United States. In energy storage, the volatile tariff environment shifted some shipment volumes into 2026. Even so, we ended the year with a record 7.8 gigawatt hours of global shipments, including 3.9 gigawatt hours delivered to the United States. Given downward adjustments in both solar modules and energy storage volumes, along with lighter project sales from recurrent energy, our total revenue of 2025 was $5.6 billion. Growth margin improved by 160 basis points year over year. This was driven by a higher mix of module shipments to high value regions and a larger share of storage volumes delivered under third-party contracts. We maintained tight control over operating expenses and achieved operating income of $43 million for the full year. However, our volatile macroenvironment increased FX losses and interest costs grew as we increased the debt to support our IPP build out. As a result, we recorded a net loss attributable to Canadian solar of $104 million or $2.5 per diluted share. Canadian solar has continuously evolved over more than two decades in the renewable industry. Global opportunities have shifted over time, and we have built a strong global track record across solar manufacturing, storage manufacturing, and project development. Today, we see a compelling opportunity to create value by returning to our home base in North America. In December 2025, we announced a strategic initiative to resume direct oversight of our U.S. operations by forming our new U.S. manufacturing platform, ES PowerTech. For an update on our U.S. manufacturing roadmap, please turn to slide four. Canadian solar is spearheading the effort to reshore manufacturing to North America. In Mesquite taxes, we have successfully ramped our solar module factory to an annual production run rate exceeding 5 gigawatts, supported by 1500 local employees. As we have previously noted, we believe the United States is best served by resilient domestic supply chain. Consistent with this view, we are doubling our nameplate capacity to 10 gigawatt peak by the end of 2026. This expansion is expected to increase our local workforce to 1,700 employees. This will make us the largest crystalline silicon solar module manufacturer in the country. We are also pleased to report progress at our flagship solar cell factory in Jeffersonville, Indiana. In response to strong customer demand, we're expanding our initial nameplate capacity beyond the originally planned five gigawatt peak as we install and commission additional production lines. through 2026. Phase I will have a nameplate capacity of 2.1 gigawatt peak and will use state-of-art hydrojunction technology, or HJT. Trial production is scheduled to begin next month. Phase 1 will represent the only commercially operational HJT solar cell facility in the United States. Phase 2 will add 4.2 gigawatt of capacity, bringing our total US solar cell nameplate capacity to 6.3 gigawatt peak. This will make us the largest crystalline silicon solar cell manufacturer in the country. We expect the trial production of Phase II to begin by the end of 2026. We recognize the significant value of adding Phase II to our solar cell facility, and we believe the market does as well. This was demonstrated by our recently completed $230 million convertible bond issuing. Demand for storage in US also continues to grow strongly. The rapid build out of data centers to support AI growth is driving increasing power demand for data center infrastructure. Our OBBBA-compliant storage solutions produced in Southeast Asia have seen very strong demand. As a result, we plan to scale the resources there to increase both system and battery cell capacity throughout 2026. Hence, we'll be both expanding our salt East Asia and the storage manufacturing capacity and advancing phase two of our U.S. solar cell factory in tandem. Given the commercial priority of these two significant investments, we are strategically delaying progress at our battery cell and batch production facility in Shelbyville, Kentucky. Given our long-term commitment to U.S. manufacturing, Recurrent Energy will proactively rebalance its business towards monetizing in construction and operating assets in order to optimize cash flow and manage leverage. In conclusion, I am proud of our team for delivering strong performance this year And I look forward to continue the momentum we are building in our U.S. manufacturing initiatives. With that, I will now turn the call over to Colin, who will provide more details on our manufacturing business. Colin, please go ahead.