Array Technologies (ARRY) investor relations material

Deal rationale and strategic fit

• Acquisition expands share of wallet and product portfolio in wire management, cable management, and balance-of-system solutions for utility-scale solar, BESS, and data centers.

• Enhances platform with complementary technologies and innovation, supporting integrated, high-value solutions and improved customer value.

• Aligns with strategy to build a full stack, interoperable BOS platform, advancing entry into fast-growing BESS and data center markets.

• Expected to increase addressable global market by $200M–$250M, with significant international and adjacent market growth opportunities.

• Integration of tracker, foundations, and wire management delivers higher yield and lower installed cost.

Financial terms and conditions

• Total consideration is $203 million: $153 million base purchase price (cash at closing) and up to $50 million additional earn-out through 2028.

• Earn-out includes $10 million tied to founders' continued employment and up to $40 million based on EBITDA targets, payable in cash or stock.

• Implied multiple is approximately 8.8x trailing 12-month EBITDA, with expected tax benefits improving effective economics.

• Purchase price funded with cash on hand; closing expected in Q3 2026, subject to regulatory clearance and customary conditions.

• Transaction expected to be high single-digit accretive to adjusted EPS in year one before synergies.

Synergies and expected cost savings

• Cost synergies anticipated from procurement, application engineering, and system optimization.

• Revenue synergies expected via cross-selling, leveraging global channels for international expansion, and integrated product offerings.

• Integration of proprietary designs and engineering expected to simplify design, improve installation, and reduce costs.

• System optimization through product interoperability to reduce costs.

• Integration with APA enhances domestic fixed tilt market position and supports scalable foundation manufacturing.