ARRY: Model Update

Research evidence excerpt

ARRY: Model Update

ENERGY TECHNOLOGY

ARRAY TECHNOLOGIES, INC. May 21, 2026

Valuation

We continue to apply a ~13x multiple to our 2026 EBITDA estimate for ARRY, which supports our $13 price target and Buy recommendation per Figure 3

below. We note that at our target multiple, ARRY would be trading slightly below current average valuation for comparable stocks, again per Figure 3, and

would additionally be well below valuation for competitor NXT. At $13, ARRY would also be trading on ~11x our 2027 estimate, which is similarly below

the average for comparable firms per Figure 3. We acknowledge NXT’s superior record of execution but believe that a 13x multiple for ARRY is merited

given the company’s current growth profile, EBITDA outlook and valuation for comparable companies. The results of our analysis support our Buy

recommendation and $13 price target.

Figure 3. ARRY: Summary Valuation Analysis

2026E 2027E 2028E '25-27E

Company Ticker EV/EBITDA EV/EBITDA EV/EBITDA Revenue CAGR

Amphenol Corporation Class A APH 16.4x 14.5x 13.2x 23.6%

Enphase Energy, Inc. ENPH 21.0x 16.7x 14.7x 0.0%

First Solar, Inc. FSLR 8.9x 7.3x 6.5x 5.7%

Hubbell Incorporated HUBB 16.7x 15.7x 14.8x 6.8%

Nextpower Inc. NXT 18.2x 16.3x 14.6x 6.8%

Shoals Technologies Group, Inc. Class A SHLS 16.1x 14.3x 12.4x 19.8%

Average 16.2x 14.1x 12.7x 10.5%

Array Technologies Inc ARRY 9.6x 8.4x 8.1x 12.2%

ARRY @ $13 Price Target ARRY 12.8x 11.2x 10.8x 12.2%

Source: Guggenheim Securities, LLC estimates and Factset

Note: Valuations multiples for APH and HUBB are based on FactSet estimates. ENPH, FSLR, NXT, SHLS and ARRY valuation multiples are based on GS estimates.

Investment Risks

• Growth depends on the continued adoption of large-scale, ground-mounted solar energy projects.