Slides
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Investor Presentation February 2026
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Safe harbor 2© 2026 Enphase Energy, Inc. Use of Forward-Looking StatementsThis presentation contains forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, Enphase Energy’s financial performance; its business strategies, including its operations and anticipated trends and developments in markets in which it operates and in the markets in which it plans to expand; the timing of market adoption and availability of Enphase Energy’s new products and technologies and the benefits to homeowners and installers;its manufacturing capability in the United States;globalization efforts on batteries; potential savings to consumers in certain jurisdictions; the capabilities and performance of its technology and products, including different product features;Enphase Energy’s ability to advance a sustainable future for all; and Enphase Energy’s performance in operations, including product quality, safety, reliability, costmanagement and customer service. Any statements that are not of historical fact, may be forward-looking statements. Words used such as “anticipates,” “believes,” “could,” “potential,” “predicts,”“continues,” “designed,” “estimates,” “expects,” “goal,” “intends,” “likely,” “may,” “ongoing,” “plans,” “projects,” “pursuing,” “seeks,” “should,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not allforward-looking statements contain these words. All forward-looking statements are based on Enphase Energy’s current assumptions, expectations and beliefs, and involve substantial risks and uncertainties that may cause results, performance or achievementto materially differ from those expressed or implied by these forward-looking statements. You are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. A detailed discussion of risk factors that affect Enphase Energy’s business is included in the filings it makes with the Securities and Exchange Commission (SEC) from time to time, including its most recent reports on Form 10-K and Form 10-Q, particularly under the heading “Risk Factors.” Copies of these filings are available on Enphase Energy’s website through its investor pageor on the SEC website.All forward-looking statements in this presentation are based on information currently available to Enphase Energy, and Enphase Energy assumes no obligation to update these forward-looking statements in light of new information or future events.Industry InformationInformation regarding market and industry statistics in this presentation is based on information available to Enphase Energy that Enphase Energy believe is accurate. It is generally based on publications that are not produced for purposes of economic analysis.Non-GAAP Financial Metrics Enphase Energy has presented certain non-GAAP financial measures in this presentation. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP). Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this presentation. Non-GAAP financial measures presented by Enphase Energy include non-GAAP gross profit, gross margin, operating expenses, income from operations, net income, and net income per share (basic and diluted).These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Enphase Energy’s results of operations as determined in accordance with GAAP. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Enphase Energy uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. Enphase Energy believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.As presented in the GAAP to NON-GAAP tables below, each of the non-GAAP financial measures excludes one or more of the following items for purposes of calculating non-GAAPfinancial measures to facilitate an evaluation of Enphase Energy’s current operating performance and a comparison to its past operating performance: •Stock-based compensation expense. Enphase Energy excludes stock-based compensation expense from its non-GAAP measures primarily because they are non-cash in nature. Moreover, the impact of this expense is significantly affected by Enphase Energy’s stock price at the time of an award over which management has limited to no control.•Acquisition related amortization. This item represents amortization of acquired intangible assets, which is a non-cash expense. Acquisition related amortization of acquired intangible assets are not reflective of Enphase Energy’s ongoing financial performance.•Restructuring and asset impairment charges. Enphase Energy excludes restructuring and asset impairment charges due to the nature of the expenses being unusual and arising outside the ordinary course of continuing operations. These costs primarily consist of fees paid for cash-based severance costs, accelerated stock-based compensation expense and asset write-downs of property and equipment and acquired intangible assets, and other contract termination costs resulting from restructuring initiatives.•Non-cash interest expense. This item consists primarily of amortization of debt issuance costs and accretion of debt discount because these expenses do not represent a cash outflow for Enphase Energy except in the period the financing was secured and such amortization expense is not reflective of Enphase Energy’s ongoing financial performance.•Non-GAAP income tax adjustment. This item represents the amount adjusted to Enphase Energy’s GAAP tax provision or benefit to present the non-GAAP tax amount based on cash tax expense and reserves for periods prior to 2023. Effective January 1, 2023, Enphase Energy updated its methodology of computing the non-GAAP income tax adjustment from reporting cash tax expense and reserves to the projected non-GAAP annualized effective tax rate as Enphase Energy utilized most of its net operating loss and tax credit carryforwards in the year ended December 31, 2022, and became a significant cash taxpayer in the United States. Going forward, Enphase Energy will exclude the income tax effects of GAAP adjustments such as stock-based compensation, amortization of purchased intangibles, and other non-recurring items that are not reflective of Enphase Energy ongoing financial performance.
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Our Business 3© 2026 Enphase Energy, Inc.
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Foundedin2006, with2,872 employeesasofDec. 31,2025 Headquartered in Fremont, California with offices globally Ourcustomersaredistributors, installers and homeowners 1,967 installersin the EnphaseInstaller Network (EIN)as of Dec. 31, 2025 Approx. 86.4 million microinverters shipped, representing approx. 30.90 GW2 Over 5.1 millionsystems1in more than160countries2 2.39 GWh of energy storage systems shipped2 2025 revenuewas$1.5 billion 2025 cash flow from operations was $136.5 million 2025 GAAP net income $172.1 million; 2025 non-GAAP net income $389.8 million3 1 Includes Enphase residential and commercial managed systems as of Dec. 31, 2025, grossed up for non-managed systems based on cumulative sales records2 As of Dec. 31 , 20253 Please reference Appendix for GAAP to Non-GAAP reconciliation A leading energy technologycompany in the world 4© 2026 Enphase Energy, Inc.
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Management has semiconductor and solar expertise Badri KothandaramanPresident and CEOMandy YangEVP, Chief Financial OfficerRaghu BelurSVP, Co-founder, Chief Products Officer Hans Van AntwerpenSVP, Chief Technology OfficerAaron GordonSVP, Systems Business Unit 5© 2026 Enphase Energy, Inc. Jayant SomaniSVP, Digital Business Unit Mike LaBouffSVP, New Product Development and IT Sunil ThamaranSVP, Chief PeopleOfficer Lisan HungSVP, General Counsel, and Corp. Secretary Nitish MathurSVP, Customer Experience Ron SwensonSVP, OperationsSabbas DanielSVP, Quality and Sales for Europe Mary ErginsoyVP, Chief Accounting Officer Ken FongSVP, Sales for Americas, APAC Gokul KrishnanSVP, Consumer Business Unit Ravi PervelaSVP, Cloud, Security, and HEMS Marco KrapelsSVP, Chief MarketingOfficer
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Enphase solar energy systemTraditional solar energy systemEnphase microinverter versus traditional string inverterDistributed architectureSemiconductor integrationEnphase® MicroinverterConverts DC to AC at each panel Solar panelsContain photovoltaic (PV) cells which convert sunlight into direct current (DC) Proprietary networking technologyEnphase IQ® GatewayCollects performance data Cloud-based energy managementEnphase EnlightenTM platformAnalytics ensure maximum productionString inverterConverts the DC generated by the solar panels into alternating current (AC) DC AC 6 © 2026 Enphase Energy, Inc.
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Semiconductor integration and predictive controlSoftware-defined architectureEnsemble™ energy management technology Our core differentiation 7© 2026 Enphase Energy, Inc. Solar Grid Generator EV Heat pump Load control Storage AC
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The power of semiconductors, software, and Ensemble technologyHigh qualityFewer componentsReduced thermalsSafetyNo high-voltage DCLFP battery chemistry1 FlexibilityModular designAC marketplace ExceptionalvalueHigher efficiencyAI-based HEMS2 Supply chain efficiencySingle hardware platform software-defined SKUs Low costPower scalingintegration Great customer experienceOne-stop shop 1 Lithium iron phosphate (LFP)2 Home energy management system 8© 2026 Enphase Energy, Inc.
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Customer experienceLaserfocuson quality and customerservice Operational excellence Quality8x500 dppm Gross margin managementProduct innovation, maximizing value, multi-sourcing Better than M-seriesReliability target for microinverters Customer service79<1 minWorldwide NPSWait time target PriceValue PricingPerformance, Quality, Service Cost SegmentationIQ8+™, IQ8X™, IQ8MC™, IQ8AC™, IQ8HC™, IQ8P™, IQ9N™ InnovationASIC, software designedsystemSupply ChainTariff, procurement, and CM1 8X refers to actual failure rate results of IQ™ and M215™ microinverters as of Dec. 31, 20252 NPS refers to Net Promoter Score for quarter ended Dec. 31, 2025 9© 2026 Enphase Energy, Inc. 1 2
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CAPEX liteOur resilient business modelCapital Efficient Manufacturing FootprintOPEX efficient 1 Percentage of worldwide headcount as of Dec. 31, 202510© 2026 Enphase Energy, Inc. AMER: Brazil, Canada, Mexico, U.S.INDIAAPAC: Australia, China, New Zealand, JapanEMEA: Austria, Belgium, France, Germany, Italy, the Netherlands, Poland, Spain, Sweden, U.K. Headcount1 AMER27% INDIA60%60% 61% 6% 7%26%
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Globalsupply chainMicroinverters•Currently, 4 manufacturing sites with capacity > 5M micros/Qtr.•Manufacturing microinverters in Texas and South Carolina with domestic content•Majority of our global microinverter shipments are now from the U.S. factoriesBatteries•2 cell pack suppliers in China > 1.2 GWh a year•Manufacturing batteries in Texas with domestic content•Globalization efforts on batteries underway on battery cell packs 11© 2026 Enphase Energy, Inc.
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Advancing a sustainable future for all 1 Cumulative estimate based on Enphase managed systems data from 2006 through December 31, 2024, grossed up for non-managed systems based on historical production records2 Estimate based on Enphase managed systems data as of December 31, 2024, grossed up for non-managed systems based on cumulative production records; CO₂e calculations based on U.S. Environmental Protection Agency Greenhouse Gas Equivalencies Calculator Clean energy production metric tons of CO2e prevented from entering the atmosphere, enough to power 14.9 million homes with energy for one year2 Reducing our carbon footprint•Achieved 13.4% reduction in Scope 2 emissions in 2024, compared to 2023•Operations run on 80% renewable energy, without relying on renewable energy certificatesLeading in sustainability•‘AA’ MSCI ESG and ISS ESG ‘Prime’ ratings •‘Low risk’ Sustainalytics rating•Ranked the 10th most sustainable company in the world under the 2025 Corporate Knights Global 100Building a responsible supply chain•Enhanced supplier onboarding and monitoring program helps ensure regulatory compliance; timely product deliveries; and sustainable behavior among upstream suppliers•U.S. contract manufacturing facilities unlocking additional value through IRA benefitsSupporting our people and communities•Providing programsthatpromote health, safety, wellbeing, development, and work satisfaction •Participating in philanthropic initiatives, such as collaborating with GRID AlternativesEnsuring transparency and accountability•Publishing annual sustainability reports aligned with prevailing disclosure frameworks (TCFD, GRI, SASB, UN SDGs)•Oversight by the Board of Directors, with executive leadership and cross-functional team participation 12 of clean energy production 1 gallons of gasoline not consumed2 miles not driven by an average gas-powered passenger vehicle2 © 2026 Enphase Energy, Inc. A responsible investment
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Our Strategy Build best-in-class home energy systems and deliverthem to homeowners through our installer and distributor partners, enabled bya comprehensive installer platform 13© 2026 Enphase Energy, Inc.
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The Enphase Energy System 14© 2026 Enphase Energy, Inc.
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15© 2026 Enphase Energy, Inc. Our Products
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IQ8™ Microinverter•IQ8 Microinverter, the industry’s first grid-forming microinverter, support 14 A panels and ships to 58 countries•Delivers up to 480 W AC power for residential and commercial applications with CEC efficiency of up to 97.5% •IQ8HC (384 W AC) and IQ8P Microinverter (480 W AC) support 240 V/230 V/220 V/208 V residential installations worldwide•IQ8P-3P™(480 W AC) Microinverter supports 208 V/220 V three-phase commercial installations in the U.S. •Select product variants manufactured in the U.S. help meet domestic content, “FEOC compliance”, BAA and BABA regulations IQ8P and IQ8P-3P Microinverters IQ8HC MICROINVERTER IQ8P-3P MICROINVERTER 16© 2026 Enphase Energy, Inc.
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•IQ9N™Microinverter is Enphase’s first GaN-based grid-forming microinverter•427 W AC power for residential and commercial applications with CEC efficiency of 97.5%; handles up to 16 A panel current•IQ9N-3P™Microinverter supports 480Y/277 V (wye) three-phase U.S. commercial installations without the need for an external transformer •IQ9N Microinverter supports 240 V/ 230 V/ 220 V/ 208 V residential installations•Backward compatible with previous generations of IQ™ Microinverters •Select product variants manufactured in the U.S. help meet domestic content, “FEOC compliance”, BAA and BABA regulations•IQ9N-3P Microinverter started shipping in Q4’25 to commercial customers in the U.S. and is expected to ship in Q1’26 for residential applications IQ9™ Microinverter 17© 2026 Enphase Energy, Inc. IQ9N MICROINVERTER IQ9N-3P MICROINVERTER
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IQ® Balcony Solar SystemWatch the video here•Shipping IQ Balcony Solar Kit (two IQ8HC Microinverters, one Gateway, and IQ Cables) to Germany and Belgium •Kit is bundled with panels and racking and sold by retailers. The system can be scaled up to seven panels•Balcony solar systems are popular in Europe with nearly 435,0001 systems installed in 2024 in Germany•Consumers in Europe can feed up to 800 W into a wall socket and power an auxiliary load with excess solar energy•Installation and monitoring is simple with the Enphase® App•IQ8 microinverters allow appliances plugged into the built-in auxiliary socket to stay powered even during a daytime grid outage•Available in Germany and select European countries 1 Based on balcony solar registration data from Germany’s Federal Network Agency (BNetzA)18© 2026 Enphase Energy, Inc. IQ BALCONY GATEWAY
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IQ® Battery •One-stop-shop, reliable, scalable, simple, safe IQ® Battery 10/10T and 3/3T (1st and 2nd Gen)•Shipping to U.S., Puerto Rico, Canada, Mexico, Australia, New Zealand, Germany, Belgium, U.K., Italy, Austria, France, the Netherlands, Spain, Portugal, Luxembourg, Finland, Switzerland, Sweden, Denmark, and Greece •Shipping IQ Battery 5P with FlexPhase capable of 3-phase backup to 20 countries in Europe, Australia, New Zealand, and India•2X Continuous and 3X Peak power per kWh Configuration: 10.1kWh and 3.4kWhConfiguration: 5.0kWh 19© 2026 Enphase Energy, Inc. IQ® Battery 5P (3rd Gen)•Shipping to U.S., Puerto Rico, Mexico, Canada, Australia, New Zealand, U.K., Italy, France, the Netherlands, Luxembourg, Belgium, Romania, and India
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IQ® Battery IQ® Battery 10C (4th Gen)•Backup is made simple with the 4th gen battery•Paired with IQ® Combiner 6C and IQ® Meter Collar•10 kWh battery capacity; 7 kW of continuous power•Neutral-forming; no IQ® System Controller required•30% more energy density than prior generation•62% less wall space than prior generation•LFP Chemistry, No dangerous high-voltage DC•15-year limited warranty •IQ Meter Collar now approved by 52 U.S. utilities•Shipping to the U.S., including Puerto Rico 10 kWh battery system shown consisting of two 5 kWh batteries stacked front-to-back shrouded by a single cover 20© 2026 Enphase Energy, Inc.
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PowerMatch™ TechnologyWatch the video here•Only the power you need – Exactly when you need it•Most homes operate at very low load for much of the day•Traditional inverters waste power at low loads•PowerMatch activates only the microinverters needed•Battery output is matched precisely to real-time demand•Batteries operate at higher efficiency during low load•Stored energy can last up to ~40% longer versus competition•Available now, with over-the-air software upgrade•Works with both 3rd-generation and 4th-generation batteries Microinverter status during low consumptionMicroinverter 1 Microinverter 3STANDBY Microinverter 2ACTIVE ACTIVE Microinverter 4STANDBYMicroinverter 5STANDBYMicroinverter 6STANDBY 21© 2026 Enphase Energy, Inc.
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•Shipping the second-generation IQ EV Charger 2 into the U.S., 18 countries in Europe, Australia and New Zealand, with features: •22 kW 3-phase, green charging, dynamic phase switching, dynamic load balancing, MID meter, OCPP 2.0.1, ISO 15118•Shipping the CS-100 EV Charger for commercial customers in the U.S. and Canada•Wi-Fi-enabled charger with smart control and monitoring capabilities•Seamless integration into Enphase’s solar and battery system to help homeowners maximize savings IQ® EV Charger1 22© 2026 Enphase Energy, Inc. IQ EV CHARGER 2
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•Provides Vehicle-to-home (V2H) and vehicle-to-grid (V2G) functionality and green charging•Charger taps into the DC port of the car – compatible to 400 or 800 V DC. Inverter is located inside the charger•Capable of providing simple backup to the home when integrated with the IQ Meter Collar •Seamlessly integrates into Enphase home energy systems with grid-forming IQ10™ Microinverters in the charger, powered by Ensemble technology•Enables homeowners to manage their solar, battery storage, and EV charging all from a single app•Compatible with EVs that support NACS and CCS (Combined Charging System) https://enphase.com/ev-chargers/bidirectionalComing in second half of 2026 23 IQ Bi-Di EV Charger (V2X) © 2026 Enphase Energy, Inc. IQ BI-DI EV CHARGERIQ METER COLLAR
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•Launched the IQ®Energy Router™ family of devices inGermany, Austria, Switzerland, France, Belgium, and the Netherlands•Enables Enphase solar and battery systems to work with third-party EV chargers, heat pumps, and hot water heaters•Maximizing self-consumption via charging from solar – green charging, green heating, hybrid heating, etc.•AI-based optimization modes available to maximize savings taking advantage of Dynamic Tariffs Coming to more countries in Europe IQ® Energy Management IQ ENERGY ROUTER+CONNECTIVITY AND CONTROL WATER HEATER 24© 2026 Enphase Energy, Inc.
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0.276 €/kWhHigh TariffExport PV to the grid-0.087 €/kWh Negative TariffCurtail PV, charge battery from grid 0.312 €/kWh Highest TariffDischarge battery to grid Example: Maximizing savings in a dynamic rate environment•Launched to manage Dynamic Electricity rates in the Netherlands, Belgium, and Germany•AI engine optimizes energy utilization based on tariff, production, and consumption •AI engine automatically curtails solar PV and increases grid import to take advantage of negative tariffComing to more countries in Europe IQ® Energy Management 25© 2026 Enphase Energy, Inc. Net Earned with AI Optimization = 8.7 €/day,Net Earned with Self-consumption = 1.36 €/dayAI Optimization results in higher savingsActual savings varies by customer and day
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Example: Maximizing savings via hot water heater steering•Launched the IQ® Energy Router™ family of devices with support for water heater in France, Switzerland, Belgium, and the Netherlands•Key features: Green heating, scheduled heating, smart heating, hybrid heating, and on-demand heating•AI-based forecasting and optimization modes available to maximize savings•Legionella compliance and 5-year warrantyComing to Australia and more countries in Europe IQ® Energy Management 26© 2026 Enphase Energy, Inc. + Electric Water HeaterEVSEs / +PV + Battery + Electric Water Heater Annual Savings225 CHF -191 CHF 34 CHF Referenzkosten (Ungesteuerter Boiler) EinsparungenStromkosten mit IQ Energy Router und PV-Überschussheizen -CHF 50.0 CHF 100.0 CHF 150.0 CHF 200.0 CHF 250.0 CHF •Numbers for the calculation:•3267 kWh Durchschnittsverbrauch (exkl. WH)•10 kWp AC; 9087 kWh Erzeugung•10 kWh Batteriegröße•Boiler mit 3 kW Nennleistung und 7,12 kWh Verbrauch pro Tag (2598 kWh)•300 l EWH-Speichervolumen •Preise: •Nebenzeiten 20 rp/kWh•Hauptzeiten 32 rp/kWh•PV-Einspeisung 8 rp/kWhSavingsElec. cost with IQ ER and Green HeatingReference cost (Uncontrolled Water Heater) A Swiss home can save up to anaddtitional 191 CHF per year through IQ Energy Management IQ Energy Router1 phase3 phase
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Enphase VPPUtilities need Flex capacity •50+ VPP programs underway and accelerating•Extensive API portfolio enables low-friction utility onboarding•PowerMatch leads to better dispatch accuracy and lower costsU.S. utilities are embracing Enphase as VPP enabler•San Diego Community Power; Green Mountain Power•Wholesale capacity pricing signals growing value for flex resources •Ability to deliver bundled flex portfolios⁃Solar, battery, smart thermostat, EVSEFlexible interconnection•UL 3141 (power control system) adoption across utilities 27© 2026 Enphase Energy, Inc.
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IQ® PowerPack 1500Energy security for the home and Energy-On-The-Go•1,500 Wh BatteryLFP, 2500 cycles•1,500 WContinuous power and 2X peak power•Smart, ConnectedWi-Fi, BLE, Cellular plus Enlighten App (iOS, Android)•120 V AC, Solar and 12 V DCCharges via 3 sources of power•4 AC, 4 USB-A, 2 USB-C, 12 V DCProvides versatile power outputsCurrently shipping to the U.S. and Canada 28© 2026 Enphase Energy, Inc. IQ PORTABLE PANEL IQ POWERPACK 1500IQ CART
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456 The Enphase Installer PlatformLead Management Design and Proposal Installation and Commissioning Financing and Contract Permit Plan Sets 1Provide solar appointments to Installers with the SolarLeadFactory acquisition Solargraf makes state-of-the-art design and proposal software Solargraf brings financing partners to our installers to close sales Solargraf helps installers with fast turn-around on their permits Enphase® Installer Toolkit App allows for seamless installation of products Helps installers with their O&M services by providing them with the 365 Pronto tech platform •Reduce installation soft costs•Integrate all services for installers•Focus on ease of doing business for installers Operations and Maintenance 23 29© 2026 Enphase Energy, Inc.
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Design and Proposal Information based on Enphase internal data Financing and ContractPermit Plan Sets Solargraf 30© 2025 Enphase Energy, Inc. More than 1,300 installers. Available in U.S, Canada, Brazil, Germany, Austria, the Netherlands, Australia, France, India Features: New UI/UX, Auto Roof Detection, Smart Designer, NEM 3.0 support, Power Control System (PCS), System expansion/Battery only designs, Single/Three Line Diagrams, AHJ database, Electrical and racking Bill of Material (BOM) calculator, Racking integrationAcceptance: NREL shading and production validation, California Energy Commission (CEC) approved solar assessment tool, NYSERDA and TPO validated Direct Integration with Fintech partnersTPO partner acceptance and integrationsCustom C&I Financing Cash, loan, leases and PPA optionsStreamlined loan approval process at point of saleE-signing of contracts via DocuSignMulti-language customizable proposals/contractsGrid services incentives Covers all 50 states and AHJsSupports solar, storage, generator, EVsTarget 24-hour turnaround time to installerAHJ and Utility learning database for qualityDIY plan set capabilities Wall elevation canvas Stamping for structural and electrical engineering Commercial proposal and permit services
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The Enphase Installer Platform - Components Enlighten Homeowner AppMyEnlightenEnlighten Manager Installer Toolkit App System Estimator Enphase Store 31 © 2026 Enphase Energy, Inc.
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Financial Overview 32© 2026 Enphase Energy, Inc.
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32.2%32.4%30.4% 21.7% 14.8%20.1% 26.6%31.5%26.6%27.2%30.1% 23.1% 0.0%5. 0%10.0%15.0%20.0%25.0%30. 0%35 .0% Q1Q2Q3Q4 13.5%13.80%18.0% 28.6%31.4% 26.9% 21.4%21.8%22.3%21.4%19.1%22.9% 10.0% 15.0% 20.0% 25.0% 30. 0% 35 .0% Q1Q2Q3Q4 45.7%46.2%48.4%50.3%46.2%47.1%48.1%53.2%48.9%48.6%49.2%46.1% 20.0%25.0%30. 0%35 .0%40.0%45.0%50. 0%55 .0% Q1Q2Q3Q4 $726.0$711.1 $551.1 $302.6$263.3$303.5$380.9$382.7$356.1$363.2$410.4$343.3 $0. 0$100. 0$2 00.0$3 00.0$4 00.0$5 00.0$6 00.0$700. 0$8 00.0 Q1Q2Q3Q4 Our financial performance Quarterly revenue by year is in millions; Gross Margin, Operating Expenses and Operating Income are as a percentage of revenueAll numbers reflected other than revenue are on a non-GAAP basis. Please reference Appendix for GAAP to non-GAAP reconciliation 2025 20232024 Quarterly revenue by yearQuarterly gross margin % by year Quarterly operating expense % by yearQuarterly operating income % by year 33© 2026 Enphase Energy, Inc.
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Just the beginningApproximately 400 patents globallyGreat Technology Home Energy Systems and installer platformInnovative Products $19 Billion1 SAM in 2025Massive Market 1Q4 2025 Wood Mackenzie, S&P Global , LCP Delta, and Enphase internal data 34© 2026 Enphase Energy, Inc.
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Appendix 35© 2026 Enphase Energy, Inc.
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GAAP to Non-GAAP reconciliation The sum of quarterly figures may not reconcile to the annual total due to rounding, as amounts are presented in millions, except percentages. $ in MUSDQ1’23Q2’23Q3’23Q4’23Q1’24Q2’24Q3’24Q4’24Q1’25Q2’25Q3’25Q4’25Gross profit (GAAP)$326.4$323.3$262.0$146.7$115.5$137.2$178.2$198.3$168.2$170.5$196.2$152.0Stock-based compensation3.73.42.73.54.23.72.93.74.24.34.14.5Acquisition related amortization1.81.91.91.91.91.91.91.71.61.61.61.6Gross profit (Non-GAAP)331.9328.6266.6152.1121.6142.8183.0203.7174.0176.4201.9158.1 Gross margin (GAAP)45.0%45.5%47.5%48.5%43.9%45.2%46.8%51.8%47.2%46.9%47.8%44.3%Stock-based compensation0.5%0.5%0.6%1.2%1.6%1.3%0.8%0.9%1.2%1.3%1.0%1.3%Acquisition related amortization0.2%0.2%0.3%0.6%0.7%0.6%0.5%0.5%0.5%0.4%0.4%0.5%Gross margin (Non-GAAP)45.7%46.2%48.4%50.3%46.2%47.1%48.1%53.2%48.9%48.6%49.2%46.1% Operating expenses (GAAP)158.7153.0144.0156.9144.6135.4128.4143.5136.3133.5130.1129.6Stock-based compensation(56.0)(50.8)(41.1)(51.7)(56.6)(49.0)(43.0)(47.9)(50.9)(49.5)(47.3)(48.6)Acquisition related amortization(3.7)(3.9)(3.9)(3.9)(3.5)(3.5)(3.1)(2.9)(2.8)(2.9)(2.9)(2.8)Restructuring and asset impairment charges (0.7)(0.2)-(14.8)(1.9)(1.2)(0.7)(9.4)(3.2)(3.3)(1.3)0.6Operating expenses (Non-GAAP)98.398.199.086.582.681.781.683.379.477.878.578.8% of Revenue13.5%13.8%18.0%28.6%31.4%26.9%21.4%21.8%22.3%21.4%19.1%23.0% Income (loss) from operations (GAAP)167.7170.3118.0(10.2)(29.1)1.849.854.831.937.066.222.4Stock-based compensation59.754.243.855.260.852.745.951.655.153.851.453.1Acquisition related amortization5.55.85.85.85.45.45.04.64.44.54.54.5Restructuring and asset impairment charges 0.70.2-14.81.91.20.79.43.23.31.3(0.6)Income from operations (Non-GAAP)233.6230.5167.665.639.061.1101.4120.494.698.6123.479.4% of Revenue32.2%32.4%30.4%21.7%14.8%20.1%26.6%31.5%26.6%27.2%30.1%23.1% 36© 2026 Enphase Energy, Inc.
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GAAP to Non-GAAP reconciliation (continued) The sum of quarterly figures may not reconcile to the annual total due to rounding, as amounts are presented in millions, except percentages. $ in MUSDFY’24FY’25ACTACTNet income (GAAP)$102.7$172.1Stock-based compensation211.0213.5Acquisition related amortization20.417.9Restructuring and asset impairment charges 13.27.1Non-cash interest expense8.64.2Non-GAAP income tax adjustment(34.9)(25.0)Net income (Non-GAAP) $321.0$389.8 37© 2026 Enphase Energy, Inc.
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Increasing Our ‘Share of Wallet’ Per Home (a U.S. example) 1 Enphase internal data and approximate estimates2 Refers to IQ7 family with 20 micros per home 3Refers to IQ8 family with 20 micros per home4Assumes 10 kWh battery, Combiner and Backup 201920212022+IQ7TM family of microinverters2 $2,000IQ7TMfamily of microinverters2 +IQTM Battery $2,300 $6,7004 IQ8TM family of microinverters3 + IQTM EV ChargerGrid Services, AI Software Premium for grid-forming+IQTM Battery$6,5004 Enphase potential per home1 Enphase potential per home1 $2,000$9,000Enphase potential per home1 $12,000 1 38© 2026 Enphase Energy, Inc.
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Acquisition history CLOSED ONMARCH 31, 2021 DECEMBER 31, 2021DECEMBER 13, 2021Solargraf® offers a simple platform to accelerate the end-to-end sales process across the residential solar industry. A leading provider of outsourced proposal drawings and permit plan sets for residential solar installers in North America. Offers electric vehicle (EV) charging solutions for residential and commercial customers in the U.S. Provides a platform to match cleantech asset owners with a local and on-demand installation and service workforce. JANUARY 25, 2021CLOSED ON CLOSED ONCLOSED ON 39 CLOSED ONProvides consistent high-quality leads to solar and storage installers, resulting in lower customer acquisition costs. MARCH 14, 2022Provides a range of testing capabilities including EMC testing, product testing, product safety testing, environment testing, and high-power testing. CLOSED ONJUNE 03, 2022CLOSED ONOCTOBER 10, 2022Provides Internet of Things (IoT) software solutions to connect and manage a wide range of distributed energy devices within the home. © 2026 Enphase Energy, Inc.
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© 2026 Enphase Energy. All rights reserved. Enphase, the Enphase logo, Ensemble, IQ, IQ7, IQ7+, IQ7X, IQ7A, IQ8, IQ8+, IQ8A, IQ8H, IQ8HC, IQ8M, IQ8P, IQ8P-3P, IQ9, IQ9N, IQ9N-3P, IQ10, IQ Balcony Solar, IQ Battery, IQ Battery 5P, IQ Battery 10C, PowerMatch, IQ Meter Collar, IQ PowerPack 1500, IQ EV Charger, IQ EV Charger 2, Enlighten, IQ Load Controller, IQ System Controller, IQ Energy Management, IQ Energy Router, Enphase App, Enphase Installer App, Solargraf, and certain other names are trademarks or service marks of Enphase Energy, Inc.