UBS Clean Energy The Refresh Sep 2026 Week 1 04 September 2026

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The Refresh: Sep-2026 Week 1 North America Electric Utilities

Jon Windham, CFA The Weekly Refresh Analyst The Refresh, more than just a summary of weekly events, The Refresh provides updated fundamental sector data, trading dynamics and valuation metrics. No more hunting for current industry data, we provide a consolidated set of sector data points and valuations David Choe refreshed in your inbox every Friday. Associate Analyst Upcoming UBS Events ˜ Wed Sep 9 at 9:00am ET: UBS Energy Technology Call - RWE AG – RWE

Americas (Access link). RWE is a leading renewable developer. We will host Andrew Flanagan, CEO of RWE Americas to cover the key opportunities and challenges for U.S. renewable development. ˜ Thu Sep 10 at 8:00am ET: UBS Clean Energy Office Hours (Access link) - UBS Clean Energy Analysts provide a market update, investor bull/bear debates, top investor questions and take any questions from the audience.

Upcoming Sector Events ˜ Mon Sep 7: U.S. Labor Day - Market Closed

˜ Tue Sep 8 at 8:00am ET: Ormat (ORA) Analyst Day ˜ Thu Sep 10 at 9:00am ET: Newcleo / SPAC Presentation ˜ Thu Sep 10 at 9:30am ET : Solaredge (SEDG) Analyst Day

The Weekly Chatter CA DG Solar update: We now include UBS Evidence Lab CA Distributed Generation (DG) Solar industry market share data in The Refresh (see fig 50-63). We highlight SEDG's opportunity to take share against Chinese suppliers in the C&I market and TSLA continuing share gains is residential solar+storage. ˜ Clean Energy ETFs experienced large outflows in Jul & Aug while Nuclear ETFs had Aug inflows, not surprising given the stock performance over the summer, in our view. ˜ Recent filings indicate solar developers including ~10% contingencies post recent U.S. solar related trade restrictions (link). On 26-Aug-2026, President Trump signed an Executive Order (EO) declaring a national emergency to secure the U.S. bulk-power system: Another "Buy American" Policy ˜ SEDG Upgrade: Positioned for Share Gains - U/G to Buy ˜ AI Jon: UBS: Video: SolarEdge: Positioned for Share Gains - U/G to Buy ˜ We hosted a call with Radiant Industries (STDN customer) which was awarded a $750mn order on 26-Aug-2025 for micro reactors as part of the U.S. Army's Janus Program. STDN Model Update, PT to $20 ˜ Outside of the U.S., the solar module manufacturing industry continues to struggle with overcapacity. CSI Solar: Weak 2Q26 results missed market's expectation

This report has been prepared by UBS Securities LLC. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitative Research Review published by UBS, begin on page 30.

Stock Performance Figure 1: Clean Energy & Related Stock Performance

Stock performance (%) Company Ticker Price 1W 1M 3M 1Y YTD ChargePoint Holdings, Inc. CHPT Fervo Energy Company Class A FRVO ) - - Wallbox N.V. Class A WBX Tesla, Inc. TSLA ) FTC Solar, Inc. FTCI ) Vistra Corp. VST ) Standard Nuclear, Inc. Class A STDN 14.70 3 91 - - - SolarEdge Technologies, Inc. SEDG NextEra Energy, Inc. NEE EVgo, Inc. Class A EVGO ) Talen Energy Corp TLN ) S&P 500 SP50 7, NuScale Power Corporation Class A SMR ) Ameresco, Inc. Class A AMRC ) Ormat Technologies, Inc. ORA ) HA Sustainable Infrastructure Capital, Inc. HASI iShares Global Clean Energy ETF ICLN First Solar, Inc. FSLR ) Sunrun Inc. RUN ) Defiance AI & Power Infrastructure ETF AIPO Array Technologies Inc ARRY ) Clearway Energy, Inc. Class C CWEN ) X-Energy, Inc. Class A XE 17.88 (3) 3 (32) - - Canadian Solar Inc. CSIQ ) Stem Inc STEM ) Enlight Renewable Energy Ltd ENLT Invesco Solar ETF TAN ) Brookfield Renewable Partners LP BEP Shoals Technologies Group, Inc. Class A SHLS ) Global X Uranium ETF URA Oklo Inc. Class A OKLO ) Nextpower Inc. NXT ) Generac Holdings Inc. GNRC Enphase Energy, Inc. ENPH JinkoSolar Holding Co., Ltd. Sponsored ADR JKS ) Fluence Energy, Inc. Class A FLNC ) SOLV Energy Inc Class A MWH ) - - Centrus Energy Corp. Class A LEU )

Source: FactSet, UBS. Note: pricing as of 03-Sep-2026.

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