JinkoSolar (JKS) investor relations material

Executive summary

• Q1 2026 module shipments totaled 13.7 GW, with over 80% shipped overseas, maintaining industry leadership and surpassing 400 GW in cumulative deliveries; Tiger Neo series contributed significantly.

• Energy storage system (ESS) shipments surged over 350% year-over-year to 1.42 GWh, mainly to overseas markets, supporting margin improvement.

• Despite lower revenues and shipments, gross profit and margin improved sharply due to higher average selling prices, premium product mix, and cost controls.

• Regulatory changes in China and global geopolitical disruptions increased shipping costs but also heightened energy security focus, boosting demand for solar-plus-storage.

• Continued PV technology leadership, setting 32 world records and advancing silver-coated copper and space solar panel R&D.

Financial highlights

• Q1 2026 revenues were $1.78 billion (RMB12.25 billion), down 30.0% sequentially and 11.5% year-over-year, mainly due to lower shipment volumes.

• Gross profit increased 17x sequentially and four-fold year-over-year; gross margin rose to 8.3% from 0.3% in Q4 2025 and -2.5% in Q1 2025.

• Adjusted net loss attributable to shareholders was $79.6 million (RMB549.3 million), a significant improvement from prior periods.

• Net loss attributable to shareholders was $67.2 million (RMB463.5 million), compared to $214.5 million in Q4 2025 and $181.7 million in Q1 2025.

• EBITDA reached $69.1 million, up significantly both sequentially and year-over-year.

Outlook and guidance

• Annual integrated production capacity expected to reach 100 GW by year-end 2026, including 14 GW overseas.

• Q2 2026 module shipments guided at 14–16 GW; full-year 2026 shipments expected at 75–85 GW, with high-efficiency products over 60%.

• ESS shipments projected to more than double year-over-year in 2026, enhancing profitability.

• Gross margin expected to remain stable in Q2 and improve in the second half as new capacity and cost optimizations take effect.