Solar Morning Spotlight (7/1): FSLR, ENPH & RUN Pre-Q Check Ins, Domestic PV Premium

Research evidence excerpt

Solar Morning Spotlight (7/1): FSLR, ENPH & RUN Pre-Q Check Ins, Domestic PV Premium

Equity Research

Industry Update — July 1, 2026

Clean Energy

Solar Morning Spotlight (7/1): FSLR, ENPH &

RUN Pre-Q Check Ins, Domestic PV Premium

Our Call Praneeth Satish

We spoke with FSLR, ENPH & RUN ahead of Q2'26 earnings. Also, domestic PV prices Equity Analyst | Wells Fargo Securities, LLC

Praneeth.Satish@wellsfargo.com | 212-214-8056

were +61% higher y/y in Q1'26 with +67% premium vs. imports.

Ned Baramov, CFA

Equity Analyst | Wells Fargo Securities, LLC

FSLR Pre Q2'26 Check-In: Ned.Baramov@wellsfargo.com | 212-214-8021

• With no update on Section 232 poly, we expect another soft booking quarter in Q2. Eric Shiu

• On perovskites, FSLR aims to deploy initial product in the field by 2027, targeting ~1 AssociateEric.Shiu@wellsfargo.comEquity Analyst | |Wells212-214-5038Fargo Securities, LLC

GW of output from existing Southeast Asia capacity.

Jack Farrell, CFA

• India appears capable of generating ~20-30% gross margins at current ASPs, while Associate Equity Analyst | Wells Fargo Securities, LLC

Southeast Asia remains margin-destructive absent policy relief. Jack.L.Farrell@wellsfargo.com | 212-214-8012

• Underutilization headwinds should rise as South Carolina ramps in 2H26 before easing

sharply in 2027-28.

ENPH Pre Q2'26 Check-In:

• While we had viewed a potential Chinese inverter ban as having limited impact on

ENPH, ENPH mgt was notably more constructive, arguing it would significantly narrow

competition & improve pricing power into 2027, given that there's been less safe

harboring activity in C&I.

• On resi solar, mgmt described US demand as largely stable and EU strong due to

batteries. Given flat US demand, we continue to view Propel as the key driver of