External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>1Q25 OP came in at W30.3bn, topping expectations of -60.7bn, thanks to strong renewables performance</li><li>Operating loss from module sales narrowed on improved ASP and SG&amp;A, despite reduced sales volume</li><li>’25-26 earnings estimates revised up on 1) rising North American ASP, 2) secured DCA eligibility, and 3) increased profit from residential energy segment</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

1Q25 OP came in at W30.3bn, topping expectations of -60.7bn, thanks to strong renewables performanceOperating loss from module sales narrowed on improved ASP and SG&amp;A, despite reduced sales volume’25-26 earnings estimates revised up on 1) rising North American ASP, 2) secured DCA eligibility, and 3) increased profit from residential energy segmentContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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