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Welcome to SolarEdge’s Investor Day We are excited to share our next chapter Forward-Looking Statements Use of Non-GAAP Financial Measures September 10th , 2026
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Forward-Looking Statements 2 This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, including statements concerning: our three-phase financial framework (Turnaround, Profitable Growth, and Hyper Growth); expectations and targets for revenue growth; gross margin and EBITDA margin expansion; capital allocation; working capital; the development, validation, performance, cost, reliability, timing of commercial availability and potential adoption of our Solid-State Transformer (SST) and AI Factory opportunities; the Nexis platform; and the impact of tax credit including Section 45X. Forward-looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from our expectations include: changes in trade, tariff and tax policy; demand for solar and energy storage products; competitive dynamics; supply chain and manufacturing execution; macroeconomic and geopolitical conditions; and the other factors set forth under in Risk Factors section of our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. We undertake no duty or obligation to update any forward-looking statements contained in this presentation except as required by law. Use of Non-GAAP Financial Measures To provide additional information regarding SolarEdge’s past and future business, performance and financial condition, we provide non-GAAP financial measures in this presentation, including: non-GAAP revenue; non-GAAP gross margin; adjusted EBITDA; non-GAAP gross profit; and non-GAAP operating expenses. Our management uses these non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short- and long-term operating plans, to calculate bonus payments and to evaluate SolarEdge’s financial performance, the performance of its individual functional groups and the ability of operations to generate cash. Management believes these non-GAAP financial measures reflect SolarEdge’s ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in SolarEdge’s business, as they exclude charges and gains that are not reflective of ongoing operating results. Management also believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating SolarEdge’s operating results and future prospects from the same perspective as management and in comparing financial results across accounting periods. Reconciliations of historic non-GAAP financial measures to the most directly comparable GAAP financial measure is provided in the appendix to this presentation. We have not provided reconciliations of future non-GAAP financial measures because they are not available without unreasonable efforts.
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Powering 1 in 3 US solar homes* 65GW shipped worldwide Installed in >60% of Fortune 100 Companies** >4.6M monitored systems The only SST with >99% efficiency *** 3 150.4M Power Optimizers shipped Data as of 30th June 2026. * Sources: Wood Mackenzie, US Solar Market Insight Q22026 and Internal system monitoring data. The data provided by Wood Mackenzie should not be relied on for any purpose, copied, or used. Wood Mackenzie accepts no responsibility for use of this data. ** Have SolarEdge technology on their rooftops. ***Company findings based on testing done on preliminary product specifications, with system level validation underway. Subject to change. Comparison based on product and marketing information found, among others, on websites, brochures and similar marketing materials, including datasheets and other technical documentation, as of September 2026. Smart energy solutions leader maximizing every watt in an energy-constrained world
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Global scale 4 Local presence in key markets • Regional sales & support teams • 96K+ certified installers* R&D Centers of Excellence • 3 global locations • 600+ patents Data as of 30th June 2026. * Based on the number of installer accounts on our monitoring portal USA manufacturing • Texas, Florida & Utah • Advanced assembly lines
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5 01 SolarEdge’s next chapter: Turning strong foundations into profitable growth Shuki Nir, CEO 02 Meet SolarEdge Nexis: Powering residential growth Liron Einav, Director of Product Marketing 03 The Customer Voice: Prologis Alta Yen, Senior Vice President, Head of Energy, Americas, Prologis 04 SolarEdge SST: DC-native architecture for AI factories Meir Adest, Co-founder 05 Financial framework for profitable growth Maoz Sigron, CFO Agenda
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6 Shuki Nir Six quarters of consistent execution back to profitability CEO
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7.8% 13.1% 18.8% 23.3% 23.5% 28.6% 7 Non-GAAP Revenue Non-GAAP Gross Margin Non-GAAP Adj. EBITDA +63% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026* 3.7X ~$80M Six quarters of consistent execution back to profitability $212M $281M $340M $334M $310M $346M Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 ($61M) ($41M) ($14M) ($2M) ($17M) $18M Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026** *Q2 2026 results include a benefit of $13.3 million related to IEEPA tariff refund ** For reconciliation to the comparable GAAP measures, see the appendix. Reiterating Q3 non-gaap revenue guidance Q4 – not guidance – assuming slight decline Hence, today we will refer to 2026 estimated non-gaap revenue as $1.29B
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8 Reiterating Q3 non-GAAP revenue guidance Q4 – not guidance – assuming slight decline Hence, today we will refer to 2026 estimated non-GAAP revenue as $1.29B A word about H2 2026
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SolarEdge’s next chapter: Turning strong foundations into profitable growth 9 ACCELERATING growth in evolving core markets UNLOCKING a multi-billion dollar AI factories opportunity EXPANDING our margins
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Delivering more energy with higher efficiency * 10.5% vs. string inverters, SolarEdge analysis of residential systems on complex roofs. Source: VDE Renewables (2025) ** Have SolarEdge technology on their rooftops ***Company findings based on testing done on preliminary product specifications, with system level validation underway. Subject to change. Comparison based on product and marketing information found, among others, on websites, brochures and similar marketing materials, including datasheets and other technical documentation, as of September 2026. Residential 10.5% more energy, per home * C&I >60% of Fortune 100 Companies ** AI factories The only SST with >99% efficiency*** 10 Two profitable growth opportunities as core markets are shifting from PV-only to PV + storage
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11 Residential growth opportunities as core residential markets are shifting from PV only to PV + storage 11 Existing customer upsells >4M SolarEdge sites with storage upgrade opportunity** New customer offerings ~2.5X revenue per site with storage* Maximizing every watt SolarEdge Nexis * Comparing average revenue per system: PV-only vs. PV + Storage ** Based on SolarEdge internal installations data as of June 30th ,2026. $7K extra savings per home *
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$7K extra savings per home * SolarEdge Nexis 12 Maximizing every watt * All results are derived from publicly available data by the respective manufacturers and simulations and laboratory measurements- 7kW PV system with 10.5 kW/15kWh SolarEdge Nexis Battery Vs. 7kW PV system with 11.5 kW/13.5 kWh competitor battery over 15 years-actual field performance, will vary with site conditions and should not be taken as a performance guarantee. Financial projections are indicative only, based on 2026 California tariff data, and exclude inflation, price changes, and system degradation; independent financial and technical advice should be sought before any purchasing decision.
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We are winning in C&I rooftops with strong enterprise partnerships and regulatory tailwinds 13 SolarEdge market share U.S. C&I solar rooftop ** 29% 36% 39% 44% 40% 56% 57% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 • Non-FEOC compliant* • Domestic Content eligible* • FCC authorized *Statements regarding tax credit eligibility, including domestic content and FEOC compliance, are based on current interpretations of applicable laws and guidance. These are subject to change. SolarEdge does not provide tax or legal advice. Please consult your own tax and legal advisors for project-specific guidance. **SolarEdge analysis over Wood Mackenzie, Solar Market Insight Q2 2026 and Wood Mackenzie US distributed solar leaderboard Q2-2026, as well as on SolarEdge internal installations data as of Q2 2026. The data provided by Wood Mackenzie should not be relied on for any purpose, copied, or used. Wood Mackenzie accepts no responsibility for use of this data.
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14 SolarEdge market share US C&I solar rooftop (US) Leading global enterprises choose SolarEdge
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15 + $3.3B $1.7B $1.6B+ Contracts Additional Power Optimizers Safe harbor: securing future market share gains Leading global enterprises choose SolarEdge Property name: South Bay Dis Ctr 8 Location: 22351 South Wilmington Avenue, Carson, CA 90745 System size: 2.471MW
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* Reflecting binding commitments, including contractual liquidated damages at a percentage of the transaction value in the event of customer cancelation. While all agreements are with ongoing customers, there can be no assurance that the entirety of the contracts will be completed. ** Figures reflect PV only (inverters + optimizers) and exclude storage revenue that may attach to the system $3.3B Safe harbor: future market share gains $3.3B *** $1.7B* $1.6B** + Contracts Additional Residential Power Optimizers $2.9B $0.4B Residential C&I
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17 The only SST with >99% efficiency* AI factories create a new DC-native infrastructure opportunity with SST * Company findings based on testing done on preliminary product specifications, with system level validation underway. Subject to change. Comparison based on product and marketing information found, among others, on websites, brochures and similar marketing materials, including datasheets and other technical documentation, as of September 2026. US AI factories annual added capacity* Gigawatts AI factories grow at a very fast pace
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18 SolarEdge model, based on the following sources and assumptions: Bloomberg NEF US data center capacity forecast (1H 2026); Key assumptions: SolarEdge analysis on AI factories share of total data centers buildout U.S. AI factories annual added capacity Gigawatts AI factories are growing at a very fast pace 8.1 12.6 13.5 14.4 15.3 2026 2027 2028 2029 2030
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19 U.S. AI factories annual added capacity: 800 VDC vs. non-800 VDC 800 VDC expected to be 2/3 of 2030 additions Gigawatts, % SolarEdge model, based on the following sources and assumptions: BloombergNEF US data center capacity forecast (1H 2026); Reports from investment banks, selected hyperscalers and equipment providers and internal assumptions 15% 45% 59% 67% 10.7 7.4 5.9 5.0 1.9 6.1 8.5 10.3 8.1 12.6 13.5 14.4 15.3 2026 2027 2028 2029 2030 Non 800 VDC (legacy AC / 54 VDC) 800 VDC total (GW) The value of 1% efficiency Illustration ~$100,000,000 NPV 7 years 10% WACC +$20M revenue/year +1% efficiency +1MW for GPUs
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~$100,000,000 NPV 7 years 10% WACC +$20M revenue/year +1% efficiency +1MW for GPUs 20 The value of 1% efficiency Illustrative Company key assumptions: 100MW AI factory, 1.33× redundancy. Compute value based on GB200 NVL72 racks, 90% utilization, $5/GPU-hour, discounted over 7 years at a 10% WACC. 800 VDC will be 2/3 of new capacity in 2030DC-native reaches 50% in 2030 US AI factories annual added capacity: DC-native vs. sidecar and non-800 VDC Gigawatts, % 3% 18% 35% 50%
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21 U.S. AI factories annual added capacity: DC-native vs. sidecar and non-800 VDC DC-native expected to reach 50% in 2030 Gigawatts, % SolarEdge model, based on the following sources and assumptions: BloombergNEF US data center capacity forecast (1H 2026); Reports from investment banks, selected hyperscalers and equipment providers and internal assumptions 3% 18% 35% 50% 10.7 7.4 5.9 5.0 1.5 3.6 3.4 2.6 2.4 5.1 7.7 8.1 12.6 13.5 14.4 15.3 2026 2027 2028 2029 2030 Non-800 VDC (legacy AC / 54 VDC) 800 VDC via sidecar (transitional) 800 VDC-native The value of 1% efficiency Illustration Billions of $, ASP of $0.4/W assumed 800 VDC-native TAM estimate
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22 A fast growing multi-billion-dollar TAM Billions of $, ASP of $0.4/W assumed 0.2 1.3 2.7 4.1 2027 2028 2029 2030 SolarEdge model, based on the following sources and assumptions: BloombergNEF US data center capacity forecast (1H 2026); Reports from investment banks, selected hyperscalers and equipment providers and internal assumptions. Additional key assumptions: x1.33 redundancy factor for SST installations is assumed. 800 VDC-native TAM estimate >99% Efficiency >98% Efficiency CompetitorsThe SolarEdge edge
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>98%>99% 23 * Company findings based on testing done on preliminary product specifications, with system level validation underway. Subject to change. **All information and comparisons mentioned herewith have been compiled based on product and marketing information found, among others, on websites, brochures and similar marketing materials, including datasheets and other technical documentation, as of September 2026. CompetitorsThe SolarEdge edge Efficiency Efficiency >98% SolarEdge & NVIDIA co-authored a new white paper ”Protection and Grounding for 800 VDC Data Centers” Safety “SolarEdge Extends Collaboration with Infineon to Enable Solid-State Protection for 800 VDC AI Data Centers” * **
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>99% 24 Efficiency >98% The SolarEdge edge Efficiency New SolarEdge white paper with Nvidia as ecosystem contributor and technical reviewer Safety “SolarEdge Extends Collaboration with Infineon to Enable Solid-State Protection for 800 VDC AI Data Centers” * Company findings based on testing done on preliminary product specifications, with system level validation underway. Subject to change. * ”800 VDC Protection and Grounding for AI Data Centers”
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25 The SolarEdge edge New SolarEdge white paper with Nvidia as ecosystem contributor and technical reviewer ” 800 VDC Protection and Grounding for AI Data Centers” Safety SolarEdge extends collaboration with Infineon >99% Efficiency Exponential growth in AI factories in line with Nvidia’s roadmap Revenue ($M) to enable solid-state protection for 800 VDC AI data centers * Company findings based on testing done on preliminary product specifications, with system level validation underway. Subject to change. *
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Exponential growth in AI factories in line with Nvidia’s roadmap 600 2026 Target 2027 Target 2028 Target 2029 Target $M Non-GAAP Revenue ($M) 26 SolarEdge & NVIDIA co-authored a new white paper ”Protection and Grounding for 800 VDC Data Centers” Safety “SolarEdge Extends Collaboration with Infineon to Enable Solid-State Protection for 800 VDC AI Data Centers” >99% Efficiency 2026E 2029 AI factories revenue Core revenue ~$1.8B ~$0.6B $2.4B 23% CAGR $1.29B Expanding revenue through core growth and AI factories Based on NVIDIA's publicly disclosed roadmap. No partnership, endorsement, or affiliation with NVIDIA is implied. * Based on company model for 2027-2029 *
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27 Expanding revenue through core growth and AI factories Exponential growth 2026 Target 2029 Target Non-GAAP AI factories revenue Non-GAAP Core revenue ~$1.8B ~$0.6B $2.4B 23% CAGR $1.29B Exponential growth in AI factories in line with Nvidia’s roadmap Structural margin expansion 35% 2029 Target 24% 2026E* * Based on company model for 2027-2029
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28 Structural gross margin expansion 35% 2029 Target** 24% 2026 Target* * Based on Non-GAAP Gross margin as a % of Non-GAAP revenue. 2026E excluded IEEPA refund impact of ~4% Expanding revenue through core growth and AI factories ** Based on company model for 2027-2029
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SolarEdge’s next chapter: Turning strong foundations into profitable growth 29 ACCELERATING growth in evolving core markets UNLOCKING a multi-billion dollar AI factories opportunity EXPANDING our margins 35% 2029 Target* $1.8B 2029 Target* $0.6B 2029 Target* * Based on company model for 2027-2029
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30 Liron Einav Six quarters of consistent execution back to profitability Director of Residential Product Marketing
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; Meet SolarEdge Nexis Powering residential growth 31
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32 Where are we today? *Based on SolarEdge internal installations data as of June 30th ,2026. . **Sources: Wood Mackenzie, US distributed solar leaderboard Q2-2026; US Solar Market Insight – Q2-2026; Wood Mackenzie Inverter Market Share report June 2026; various industry estimates for amount of PV installed in Europe; Internal system monitoring data. | The data provided by Wood Mackenzie should not be relied on for any purpose, copied, or used. Wood Mackenzie accepts no responsibility for use of this data >4M homes powered by SolarEdge* 1 in 3 with PV in the US runs on SolarEdge** homes #1 Globally by shipments** MLPE provider
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33 The residential market is changing From energy exports to market-based ROI Home energy systems are becoming more complex Go-to-market shifts Energy independence and maximum returns from every kWh, automatically Homeowners More jobs per day, less complexity and O&M, easier upselling Installers Fleet economics: Maximal system ROI, reduced truck- rolls, portfolio visibility and control, VPP monetization TPOs
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34 Redefining customer requirements Energy independence and maximum returns from every kWh, automatically Homeowners More jobs per day, less complexity and O&M, easier upselling Installers Fleet economics: maximum system ROI, reduced truck- rolls, portfolio visibility and control, VPP monetization TPOs >4M Residential sites Existing customer upgrades: ~10% with storage battery potential ~90% PV-only New customers: PV + Storage ~2.5X Revenue per site More than
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3535 >4M SolarEdge residential sites* Existing customer upsells: ~10% with storage battery potential ~90% PV-only New customer offerings: PV + Storage ~2.5X Revenue per site** More than This shift creates two profitable growth opportunities * Based on SolarEdge internal installations data as of June 30th ,2026. ** Comparing average revenue per system: PV-only vs. PV + Storage
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; Maximizing every watt $7K extra savings per home* SolarEdge Nexis 36 * All results are derived from publicly available data by the respective manufacturers and simulations and laboratory measurements- 7kW PV system with 10.5 kW/15kWh SolarEdge Nexis Battery Vs. 7kW PV system with 11.5 kW/13.5 kWh competitor battery over 15 years-actual field performance will vary with site conditions and should not be taken as a performance guarantee. Financial projections are indicative only, based on 2026 California tariff data, and exclude inflation, price changes, and system degradation; independent financial and technical advice should be sought before any purchasing decision. Powerful Flexible Durable SolarEdge Nexis
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37 ; Powerful Flexible Durable SolarEdge Nexis
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38 * 10.5% vs. string inverters, SolarEdge analysis of residential systems on complex roofs, VDE Renewables (2025) ** All results are derived from publicly available data by the respective manufacturers and simulations and laboratory measurements- 7kW PV system with 10.5 kW/15kWh SolarEdge Nexis Battery Vs. 7kW PV system with 11.5 kW/13.5 kWh competitor battery over 15 years-actual field performance will vary with site conditions and should not be taken as a performance guarantee. Financial projections are indicative only, based on 2026 California tariff data, and exclude inflation, price changes, and system degradation; independent financial and technical advice should be sought before any purchasing decision. *** Based on SolarEdge's annual analysis of a 7 kW PV system paired with a 9.7 kWh battery and ONE EV charger, featuring over 120% DC oversizing and a dynamic tariff contract, in Germany. more energy / year VDE Renewables validated* 10.5% Harvest more lifetime savings vs. leading competitors** $7K Store more additional savings/year With Sera AI energy companion*** $1K Save more Powerful Flexible Durable Harvest More With our unique DC Optimization technology
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Microinverter Technology String Inverter Technology SolarEdge Technology Panel-level clipping due to microinverter output rating The weakest panel reduces the performance of all panels in the string Each panel produces maximum power independently 70% 70% 70% 70% 85% 85% 85% 70% 99% 98% 100% 70% 39 Powerful Flexible Durable Powerful Flexible Durable Harvest more With our unique DC Optimization technology Store More With unique Inverter SiC technology and the smart Battery Optimizer $7K extra savings over the system lifetime * 10.5% vs. string inverters, SolarEdge analysis of residential systems on complex roofs. Source: VDE Renewables (2025)
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; Store more With unique technologies in the inverters and batteries 40 Powerful Flexible Durable $7K extra savings over the system lifetime All results are derived from publicly available data by the respective manufacturers and simulations and laboratory measurements- 7kW PV system with 10.5 kW/15kWh SolarEdge Nexis Battery Vs. 7kW PV system with 11.5 kW/13.5 kWh competitor battery over 15 years-actual field performance will vary with site conditions and should not be taken as a performance guarantee. Financial projections are indicative
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Source: Ohm Analytics, Q1-26 DG solar & storage report, June 2026 The era of storage 62% 78% 87% 97% 98% 99% 99% 27% 42% 51% 58% 61% 62% 64% 9% 19% 25% 31% 35% 38% 41% 2024 2025 2026 (P) 2027 (P) 2028 (P) 2029 (P) 2030 (P) Attachment Rate CA and PR v. Rest of U.S. Forecasted Attach Rates CA and PR Attach Rate National Attach Rate All Other (Ex. CA and PR) 41 Powerful Flexible Durable From peak performance to real-world performance
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42 From peak performance to real-world performance Powerful Flexible Durable
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43 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Low Power 90% Low Power High Power PV Production (W) 10% of time of time 00:00 06:00 23:5912:00 18:00 From peak performance to real-world performance before storage Powerful Flexible Durable with storage
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44 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 00:00 06:00 23:59 Low powerLow power PV production (W) Battery power (W) Inverter AC power from PV and battery 70% of time 12:00 18:00 30% High power of time Powerful Flexible Durable From peak performance to real-world performance with storage before storage Silicon Carbide unique design Inverter Innovation:
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45 Silicon carbide unique design Powerful Flexible Durable Inverter innovation: Battery Optimizer Battery Innovation:
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46 46 Powerful Flexible Durable Battery Optimizer Battery innovation: SolarEdge Nexis delivers higher efficiency in both high and low power levels SolarEdge Nexis Leading competitor Leading competitors Efficiency % (AC out / DC in) SolarEdge Nexis equivalent efficiency % (charge x discharge x inverter)
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SolarEdge Nexis delivers higher efficiency in both high and low power levels 47 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 120 205 320 500 1000 1500 2000 Efficiency (%) Discharge Power (W) Efficiency vs discharge power: SolarEdge Nexis vs. leading competitor (estimated)* SolarEdge Nexis Leading competitor Powerful Flexible Durable Leading competitor Efficiency % (AC out / DC in) SolarEdge Nexis equivalent efficiency % (charge x discharge x inverter) * Based on SolarEdge internal analysis, July 2026 Save More Sera: an AI-powered automatic energy optimization SAVE every year $1,000
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; Save more Sera: an AI-powered automatic energy optimization 48 $1,000 SAVE every year Powerful Flexible Durable SAVE every year* $1,000 48 Every visit = upsell Each installer return is a potential incremental revenue Grows with the home More EV chargers. More loads. Same platform Scalable by design No wiring. Field-expandable at any time * Based on SolarEdge's annual analysis of a 7 kW PV system paired with a 9.7 kWh battery and ONE EV charger, featuring over 120% DC oversizing and a dynamic tariff contract, in Germany.
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49 Every visit = upsell opportunity Each installer return is a potential for incremental revenue Grows with the home More EV chargers. More loads. Same platform Powerful Flexible Durable Scalable by design No re-wiring. Field-expandable at any time Simplified operations Less complexity, better margins Single SKU 3.8-13 kW. No wrong-inverter callbacks <30 min for a typical installation More jobs every day
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50 Powerful Flexible Durable Simplified operations Less complexity, better margins Single SKU 3.8-13 kW. No wrong-inverter callbacks <30 min for a typical installation More jobs every day
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Tough build for a longer system lifetime 51 Powerful Flexible Durable Built to rigorous Western quality and safety standards
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Built to rigorous Western quality and safety standards 52 Powerful Flexible Durable SolarEdge Nexis Powerful DC-native optimized architecture with intelligent management Flexible A future-ready, scalable solution, adapted for any home Durable Durable materials with built-in safety and cybersecurity protections
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53 ; Powerful DC-native optimized architecture with intelligent management Flexible A future-ready, scalable solution, adapted for any home Durable Durable materials with built-in safety and cybersecurity protections 53 The DC Bus: a full suite of B2B2C solutions to help our installer network win Europe: scaling through installers Built for TPO economics, enabling faster deployment, better lifetime value and strong adoption Winning the U.S. TPO shift SolarEdge Nexis
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54 Tailored go-to-market for the U.S. & Europe The DC Bus: a full suite of B2B2C solutions to help our installer network win Europe: scaling through installers Built for TPO economics, enabling faster deployment, better lifetime value and strong adoption Winning the U.S. TPO shift
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55 The perfect win Expand SolarEdge's revenue per site Modular platform, stronger attach opportunities, data-driven installed base and improved margin potential More usable energy, backup and savings, easy management and sleek design Happier homeowners More jobs per day, less complexity and O&M, easier upselling Increased installer capacity Fleet economics: Maximum system ROI, reduced truck-rolls, portfolio visibility and control, VPP monetization Improved TPO economics
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56 Meir Adest Co-founder
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57 DC-native architecture for AI factories SST Maximizing every watt in an energy- constrained world
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58 Every incremental watt unlocks more AI tokens Maximizing every watt in an energy- constrained world DC-native architecture is the key to the AI power bottleneck 01 Getting there means solving 2 physical barriers: MV isolation and DC safety 02 SolarEdge is positioned to lead this transition with 20 years of DC leadership at scale and an MV head start 03 The path to DC-native AI factories DC-native architecture is the key to the AI power bottleneck 01 Getting there means solving two physical barriers: MV isolation and DC safety 02 SolarEdge is positioned to lead this transition with 20 years of DC leadership at scale and an MV head start 03
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59 DC-native architecture is the key to the AI power bottleneck 01 Getting there means solving two physical barriers: MV isolation and DC safety 02 SolarEdge is positioned to lead this transition with 20 years of DC leadership at scale and an MV head start 03 The path to DC-native AI factories +100GW Global supply forecast by region, Gigawatts Global data center capacity is projected to double by 2030
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60 demand growth & grid pressure Guardian graphic. Source: JLL 2026 Global Data Center Market Outlook 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Americas Asia Pacific EMEA +100GW Global supply forecast by region, Gigawatts Global data center capacity is projected to double by 2030 AI factories are driving
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61 Power is the new bottleneck for AI factories growth Source: S&P Global Energy. © 2025 S&P Global. September 2025. Note: "Long-term ambition" reflects the maximum data center capacity that a site could eventually support as indicated by the developer 0 20,000 40,000 60,000 80,000 October 2024 January 2025 April 2025 July 2025 Longer-term ambition Texas PJM Alberta Other Data centers are rushing to secure grid connection 92% of data center operators cite utility capacity or transmission constraints as their most significant obstacle The industry” is making a once-in-a generation shift
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62 The industry is making a once-in-a generation shift “ “ This is a DC world served by an AC delivery system Thomas Edison Nikola Tesla 1880
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63 1880 This is a DC world served by an AC delivery system Thomas Edison Nikola Tesla Ev’s Solar, wind and batteries Whitegoods Industrial motorsChips, consumer electonics Home and business Regional T&D LED light Data centers
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64 1880 ACDC EV’s Solar, wind and batteries Appliances Industrial motors Chips, consumer electronics Home and business Regional T&D LED light Data centers Modern energy is increasingly generated, stored and consumed in DC, but still routed through an AC conversion chain that adds unnecessary waste served by an This is a DC world AC delivery system -1-2.5% -1% -5-8% -1-2% F I R S T M I L E Transformer MV to 480 AC 34.5kV AC LV AC distribution UPS AC-DC-AC AC PDU 480V AC -2-4% Rack PSU AC to 54V DC Approx. total power lost
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65 AC first mile power chains lose ~12% to conversions Capacity AI factories can’t afford to waste Information provided herein is based on publicly available information as of September 2026 -1-2.5% -1% -5-8% -1-2% F I R S T M I L E Transformer MV to 480 AC 34.5kV AC LV AC distribution UPS AC-DC-AC AC PDU 480V AC -2-4% Rack PSU AC to 54V DC Approx. 12% total power lost -2-4% 100% LESS than 1% total power lost 34.5kV AC Integrated SST MVAC to 800 DC iPDU In-rack DC-DC 800V to 54V DC DC UPS (parallel)
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66 SolarEdge’s integrated DC-native solution delivers more usable power -2-4% 100% LESS than 1% total power lost 34.5kV AC Integrated SST MVAC to 800 VDC iPDU In-rack DC-DC 800V to 54V DC DC UPS (parallel) * Company findings based on testing done on preliminary product specifications, with system level validation underway. Subject to change.
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67 Traditional transformer LV AC dist. unit AC UPS AC PDU 415/ 480V AC Rack AC/DC Traditional transformer LV AC dist. unit AC UPS AC/DC Sidecar 415/48 0V AC Rack AC/DC Traditional transformer LV AC/DC LV DC dist. unit DC UPS 800V DC Rack DC/AC System efficiency Legacy AC architecture 84-91% White-space retrofit 85-93% Hybrid power distribution 91-96% >98%Integrated DC-native Basic DC-native 94-97% DC UPS 800V DC Rack DC/DC LV DC dist. unit Basic SST 800V DC Rack DC/DCDC UPS High efficiency integrated SST iPDU Data center power infrastructure maturity levels Partial-discharge model Stress vs. voltageMV grid 35kW - AI Factories 20kW 10kW -Edge Data Centers Transmission ≥110 kV 800 V Data Center Ground Conductor Void C1 C2 C3 C2 breaks down first → PD PD stress 10 kV 35 kV Voltage Erosion Treeing Degradation
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68 Note: Modeled 400MW AI data center, GB200 NVL72 racks, 90% utilization, $3/GPU-hour. 1% efficiency gain reflects recovered electrical-chain losses routed to compute within the same grid envelope. The challenge in medium voltage conversion: More power with harder isolation Partial-discharge model Stress vs. voltageMV grid 34.5kV - AI Factories 20kV 10kV -Edge Data Centers Transmission ≥110 kV 800V Data Center Ground Conductor Void C1 C2 C3 C2 breaks down first → PD Voltage PD stress 10 kV 34.5 kV Voltage Erosion Treeing Degradation 800V DC safety by design Direct MV-to-800 DC conversion Coordinated control across the full system Commercial safety and certification requirements DC fault protection without natural zero- crossing Real-time fault detection and isolation Materials built for voltage, heat and aging Thermal stability at megawatt scale Medium-voltage isolation under extreme electrical stress Partial discharge management before insulation failure
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69 Note: Modeled 400MW AI data center, GB200 NVL72 racks, 90% utilization, $3/GPU-hour. 1% efficiency gain reflects recovered electrical-chain losses routed to compute within the same grid envelope. Reaching Level 4: Solving two massive physical barriers Voltage 800 VDC safety by design Direct MV-to-800 DC conversion Coordinated control across the full system Commercial safety and certification requirements DC fault protection without natural zero- crossing Real-time fault detection and isolation Materials built for voltage, heat and aging Thermal stability at megawatt scale Medium-voltage isolation under extreme electrical stress Partial discharge management before insulation failure
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Proven SST MV isolation Partial discharge below 1 pC at 150% rated voltage, approximately 10X below the standard limit 20 years of DC architecture & safety From materials and topology to optimization, protection and control, with proven safety across 150M+ units The scale to execute 65GW shipped systems, with global R&D, manufacturing and operations already running complex systems worldwide SolarEdge is best suited to the challenge 70 Inside our DC-native AI architecture * Company findings based on testing done on preliminary product specifications, with system level validation underway. Subject to change. *
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71 -1-2.5% -1% -5-8% -1-2% F I R S T M I L E Transformer MV to 480 AC 34.5kV AC LV AC distribution UPS AC-DC-AC AC PDU 480V AC -2-4% Rack PSU AC to 54V DC Approx. total power lost Inside our DC-native AI architecture Product design subject to change
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72 AC first mile power chains lose ~12% to conversions Capacity AI factories can’t afford to waste -1-2.5% -1% -5-8% -1-2% F I R S T M I L E Transformer MV to 480 AC 34.5kV AC LV AC distribution UPS AC-DC-AC AC PDU 480V AC -2-4% Rack PSU AC to 54V DC Approx. 12% total power lost -2-4% 100% LESS than 1% total power lost 34.5kV AC Integrated SST MVAC to 800 DC iPDU DC UPS(parallel) In-rack DC-DC 800V to 54V DC Information provided herein is based on publicly available information as of September 2026
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73 SolarEdge’s integrated DC-native solution delivers more usable power -2-4% 100% LESS than 1% total power lost 34.5kV AC Integrated SST MVAC to 800 VDC iPDU DC UPS(parallel) In-rack DC-DC 800V to 54V DC One conversion Medium voltage to 800 VDC in one +99% stage. The AC chain needs five. One protection scheme Solid-state interruption in tens of microseconds, per channel, from SST to rack. No coordination gaps. One control loop Source and buffer share one bus, co-controlled by us. Stability engineered, not integrated. * Company findings based on testing done on preliminary product specifications, with system level validation underway. Subject to change.
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74 A unified solution from utility to rack One conversion Medium voltage to 800 VDC in one +99% stage. The AC chain needs five. One protection scheme Solid-state interruption in tens of microseconds, per channel, from SST to rack. No coordination gaps. One control loop Source and buffer share one bus, co-controlled by us. Stability engineered, not integrated. MV AC 34.5 kV 800 V DC — SST to DC-UPS SST feed Compute feed — 125 A Support BUS feed — 400 A SUPPLY SCOPE SolarEdge system Third party — DC Block (BESS) IT Block
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75 800 V DC BUS Controller Galvanic isolation Galvanic isolation sits inside the DC-DC stage MV fault energy cannot reach the 800 V bus SST CELL • AC-DC plus isolated DC-DC DC/DC AC/DC DC-UPS | parallel on the bus no series conversion loss DC Block parallel on the bus no series conversion loss Per-channel isolation and monitoring on every rack feed iPDU | per-channel protection and isolation 800 VDC IT Racks 2 800V to 54V, in the rack Utility MV 13.8-34.5 kV SST | medium voltage to 800 VDC, single stage Current-limiting fuse • filter SolarEdge supply scope 1 MV to 800 VDC Up to 10 cells in series per phase series on MV, parallel on DC One architecture, multiple configurations Scales from a single hall to a gigawatt campus, without redesign
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76 SolarEdge white paper - with NVIDIA as ecosystem contributor and technical reviewer “800 VDC Protection and Grounding for AI Data Centers” to advance solid-state circuit breaker (SSCB) technology for high-voltage DC distribution In line with leading industry framework for 800 VDC architecture
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Extending the collaboration with Infineon 77 To advance solid-state circuit breaker (SSCB) technology for high-voltage DC distribution In line with leading industry framework for 800 VDC architecture Safety by design for High-Voltage DC Scientific validation First working SST prototype Commercial deployment aligned with 800V DC Field trials Customer pilots Q1 2023 Q3 2023 Q1 2024 Q3 2025 Q4 2026 Q2 2027 2028 MV Transformer testing Q1 2022Q1 2021Q1 2020 Today
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78 On track for commercialization with NVIDIA’s next-gen rollout Scientific validation Commercial deployment aligned with 800 VDC A working product in lab Pilot installations 2023 2026 2027 2028 MV Transformer testing 202220212020 Expected - subject to change Based on NVIDIA's publicly disclosed roadmap. No partnership, endorsement, or affiliation with NVIDIA is implied. 2024 2025
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79 Building AI infrastructure for their own platforms Hyperscalers GPU providers Neoclouds Strategic Partnerships & System Integration Facility Operators & Energy Providers Addressing the needs of key players across the AI infrastructure ecosystem The world is moving to 800 VDC01 Efficiency = tokens = revenue02 34.5 kV → 800 VDC at <99%03 20 years of distributed DC architecture04 Executing, not promising05
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80 The world is moving to 800 VDC01 Efficiency = tokens = revenue02 34.5 kV → 800 VDC at <99%03 20 years of distributed DC architecture04 Executing, not promising05 Takeaways
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81 Maoz Sigron Six quarters of consistent execution back to profitability Chief Financial Officer
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82 Our path to profitable growth $1,167M $1,290M Core markets $1,800M AI Factory $600M -10% 2% 18% 2025 Actual 2026 Target 2027 Target 2028 Target 2029 Target Core markets AI Factory Non-GAAP Adj. EBITDA % Turnaround Targeted Profitable Growth 23% CAGR (26-29) $2,400M
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83 Turnaround 2024–2026
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84 Rebuilding the foundation $900 $1,167 $1,290 -90% 17% 28% -134% -10% 2% -160% -140% -120% -100% -80% -60% -40% -20% 0% 20% 40% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 2024 Actual 2025 Actual 2026 Target Non-GAAP Revenue ($M) Non-GAAP Gross Profit % Non-GAAP Adj. EBITDA % 2026 including IEEPA refund impact of ~4% 8% Q1 2025 (ex-IEEPA) 24% 2026 Target Single SKU Focus on Profitable Countries & Business Offshore Business Scale US Manufactured (45X)
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85 Targeted non-GAAP gross margin expansion 8% Q1 2025 (ex-IEEPA)* 24% 2026 Target Single SKU Refocus on Profitable Countries & Business Offshore Business Scale US Manufactured (45X) Core markets Focus on core, profitable country markets Core business Focus on core, profitable business lines Offshore Shifted support and operational functions offshore Headcount Realigned company HC to the new revenue base * Based on Non-GAAP Gross margin as a % of Non-GAAP revenue. 2026E excluded IEEPA refund impact of ~4%
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86 Cost discipline enabling growth Core markets Focus on core, profitable country markets Core business Focus on core, profitable business lines Offshore Optimizing spend across our global footprint. Headcount Realigned company HC to the new revenue base $900 $1,167 $1,290 $447 $351 $367 50% 30% 28% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 2024 Actual 2025 Actual 2026 Target Non-GAAP Revenue ($M) Non-GAAP OpEx ($M) OpEx % of Revenue Non-GAAP OPEX excluded depreciation & amortization Disciplined collections Receivables managed proactively Inventory aligned to footprint Inventory tightly aligned to footprint and demand Payment terms Payment terms managed proactively Net cash position building consistently Net cash growing, moving to positive free cash flow Dec 31 Dec 31 Jun 30
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87 Balance sheet & FCF $82 $244 $265 -$422 $77 $24 -$500 -$400 -$300 -$200 -$100 $0 $100 $200 $300 2024A 2025A H1'26 Net Cash, net of debt ($M) Free Cash Flow ($M) 2026 reflects H1 ’26 (latest available balance sheet); no year-end 2026 balance sheet exists yet. Disciplined collections Receivables managed proactively Inventory aligned to footprint Inventory tightly aligned to footprint and demand Payment terms Vendors Payment terms managed proactively Net cash position building consistently Net cash growing, moving to positive free cash flow Dec 31 Dec 31 Jun 30
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88 Profitable Growth 2027–2029 Historical SolarEdge data, including our share in each country Bottom-up build by country, with market share assumptions Third-party market data used, including Wood Mackenzie, Ohm Analytics, and SolarPower Europe Product price, volume, and mix build based on market share gains SST assumptions built separately, based on Wood Mackenzie and our discussions with potential customers IRA assumption tied to bottom-up product mix Indirect COGS expenses based on revenue level and economies of scale. OPEX plan: moderate growth vs. revenue, R&D Focused.
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Assumptions & process Historical SolarEdge data, including our share in each country 89 Bottom-up build by country, with market share assumptions Third-party PV and storage market data used, including Wood Mackenzie, Ohm Analytics, and SolarPower Europe Product price, volume, and mix build based on market share gains SST assumptions built separately, based on market research reports and our discussions with potential customers IRA assumption tied to bottom-up product mix Indirect COGS expenses based on revenue level and economies of scale OPEX plan: moderate growth vs. revenue, R&D focused
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The model: P&L summary, 2026E to 2029E Metric Non-GAAP Revenue Non-GAAP COGS Non-GAAP Gross Profit Non-GAAP Gross Margin % Non-GAAP OPEX OPEX % of Revenue Adj EBITDA Adj EBITDA Margin % 2026 Target* $1,290M $923M $367M 28% $367M 28% $20M 2% 2029 Target $2,400M $1,566M $840M 35% $480M 20% $432M 18% 3-Yr CAGR / Δ +23% +19% +32% +7pt +9% -8pt +174% +16pt 90 * 2026 including IEEPA refund impact of approximately 4% EBIT $0M $360M N/A% EBIT % 0% 15% +15pt
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91 Growth drivers SolarEdge Nexis Expands our addressable opportunity per household and installer by pairing our inverter with high-value storage in one platform - capturing the industry’s fastest-growing segment with better ROI and domestic content Safe Harbor Contracted volume secured through safe-harbor agreements, providing visibility and durability to the growth trajectory AI Factories Solid-state transformer opportunity, an early-stage vector expected to scale later in the period $1,167M $1,290M Core markets $1,800M AI factory $600M 2025 Actual 2026 Target 2027 Target 2028 Target 2029 Target Core markets AI factory 23% CAGR (26-29) * Statements regarding tax credit eligibility, including domestic content and FEOC compliance, are based on current interpretations of applicable laws and guidance. These are subject to change. SolarEdge does not provide tax or legal advice. Please consult your own tax and legal advisors for project-specific guidance. $2,400M C&I rooftops Winning on product and regulatory positioning, FEOC compliant, FCC authorized, domestic-content eligible and US Made*
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92 Growth drivers SolarEdge Nexis Expands our addressable opportunity per household and installer by pairing our inverter with high-value storage in one platform - capturing the industry’s fastest-growing segment with better ROI and domestic content Safe Harbor Contracted volume secured through safe-harbor agreements, providing visibility and durability to the growth trajectory AI Factories Solid-state transformer opportunity, an early-stage vector expected to scale later in the period $1,167M $1,290M Core markets $1,800M AI factory $600M 2025 Actual 2026 Target 2027 Target 2028 Target 2029 Target Core markets AI factory 23% CAGR (26-29) C&I rooftops Winning on product and regulatory positioning, FEOC compliant, FCC authorized, domestic-content eligible and US Made* * Statements regarding tax credit eligibility, including domestic content and FEOC compliance, are based on current interpretations of applicable laws and guidance. These are subject to change. SolarEdge does not provide tax or legal advice. Please consult your own tax and legal advisors for project-specific guidance. $2,400M
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93 Exponential growth in AI factories in line with Nvidia’s roadmap 600 2026 Target 2027 Target 2028 Target 2029 Target $M Non-GAAP Revenue ($M)
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94 Margin expansion 24% 2026 Target* (ex-IEEPA) 35% 2029 Target Operation excellence SolarEdge Nexis Business Scale AI factories US Manufactured (45X) * Based on Non-GAAP Gross margin as a % of Non-GAAP revenue. 2026E excluded IEEPA refund impact of ~4%
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95 OPEX discipline enabling scale Operating Leverage Revenue scaling faster than OpEx as the business grows Offshore Leveraging lower-cost locations, building on two years of progress R&D Discipline R&D investment grows moderately, focused on core growth drivers Automation Process automation and tooling reducing overhead per dollar of revenue $1,290 $2,400 $367 $480 28% 20% $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 2026 Target 2027 Target 2028 Target 2029 Target Non-GAAP Revenue ($M) Non-GAAP OpEx ($M) OpEx % of Revenue Non-GAAP OPEX excluded depreciation & amortization
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– SolarEdge Nexis – Safe Harbor – AI Factories - C&I Rooftoops – US Manufactured (45X) – SolarEdge Nexis – AI Factories – Operational excellence – Business Scale – Operating leverage – Offshore – R&D discipline – Automation – Disciplined collections – Inventory aligned to footprint – Payment terms managed proactively – Net cash growing Growth Drivers Margin Expansion OpEx Discipline Balance Sheet Our path to profitable growth 96
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Q&A 97
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SolarEdge’s next chapter: Turning strong foundations into profitable growth 98 ACCELERATING growth in evolving core markets UNLOCKING a multi-billion dollar AI factories opportunity EXPANDING our margins
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Thank you 99
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100 Appendix A
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Appendix A : Reconciliations GAAP to Non-GAAP 101 Revenues GAAP to Revenues Non-GAAP: Three months ended Year ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 Revenues (GAAP) 346,245 310,501 335,358 340,177 289,429 219,480 1,184,444 901,456 Revenues from finance component (572) (498) (456) (351) (304) (264) (1,375) (984) Discontinued operation revenues (152) (64) (1,107) (85) (8,132) (7,098) (16,422) - Revenues (Non-GAAP) 345,521 309,939 333,795 339,741 280,993 212,118 1,166,647 900,472 Gross profit (loss) (GAAP) to Gross profit (loss) (Non-GAAP): Three months ended Year ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 Gross profit (loss) (GAAP) 95,152 68,281 74,471 72,143 32,131 17,536 196,281 (877,204) Revenues from finance component (572) (498) (456) (351) (304) (264) (1,375) (984) Discontinued operation revenues (152) (64) (1,107) (85) (8,132) (7,098) (16,422) - Discontinued operation cost of revenues (240) 573 (331) (13,101) 7,834 792 (4,806) 24,921 Stock-based compensation 3,693 3,607 3,687 3,959 4,004 4,372 16,022 21,952 Amortization of stock-based compensation capitalized in inventories 320 313 613 825 882 381 2,701 3,138 Amortization and depreciation of acquired asset 499 500 495 501 483 491 1,970 5,412 Restructuring charges - 278 344 31 10 430 815 15,327 Gross profit (loss) (Non-GAAP) 98,700 72,990 77,716 63,922 36,908 16,640 195,186 (807,438) % from Revenues (Non-GAAP) 28.6% 23.5% 23.3% 18.8% 13.1% 7.8% 16.7% -89.6%
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102 Appendix A : Reconciliations GAAP to Non-GAAP Operating expenses (GAAP) to Operating expenses (Non-GAAP): Three months ended Year ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 Operating expenses (GAAP) 111,198 123,324 122,781 107,293 147,624 120,262 497,960 831,084 Stock-based compensation - R&D (8,403) (8,061) (8,442) (10,681) (9,856) (15,911) (44,890) (62,546) Stock-based compensation - S&M (3,996) (4,151) (4,298) (4,348) (4,342) (4,742) (17,730) (27,328) Stock-based compensation - G&A (3,605) (4,033) (3,546) (2,897) (1,059) (6,401) (13,903) (25,425) Amortization and depreciation of acquired assets - R&D - - - - - - - (1,000) Amortization and depreciation of acquired assets - S&M (116) (116) (116) (116) (116) (424) (772) (1,599) Amortization and depreciation of acquired assets - G&A - - - - - - - (6) Amortization of stock-based compensation capitalized in assets (109) (110) - - - - - - Discontinued operation 176 556 (6,989) (316) (27,069) (1,522) (35,896) (3,293) Restructuring charges 18 (371) (423) (426) (867) (2,613) (4,329) (5,607) Assets impairment and disposal by abandonment (6,646) (970) (3,135) (672) (1,967) (224) (5,998) (251,823) Gain (loss) from assets sales - (8,327) (7,117) (158) (17,108) 662 (23,721) (5,746) Certain litigation and other contingencies - - - - - - - 399 Acquisition costs - - - - - - - (9) Operating expenses (Non-GAAP) 88,517 97,741 88,715 87,679 85,240 89,087 350,721 447,101 % from Revenues (Non-GAAP) 25.6% 31.5% 26.6% 25.8% 30.3% 42.0% 30.1% 49.7%
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103 * Depreciation for purposes of this reconciliation reflects an adjustment for both [direct depreciation expense and management’s estimate of the portion of inventory expense attributable to depreciation expenses. Appendix A : Reconciliations GAAP to Non-GAAP Operating income (loss) (GAAP) to Adjusted EBITDA: Three months ended Year ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 Operating income (loss) (GAAP) (16,046) (55,043) (48,310) (35,150) (115,493) (102,726) (301,679) (1,708,288) Revenues from finance component (572) (498) (456) (351) (304) (264) (1,375) (984) Discontinued operation (568) (47) 5,551 (12,870) 26,771 (4,784) 14,668 28,214 Stock-based compensation 19,697 19,852 19,973 21,885 19,261 31,426 92,545 137,251 Amortization of stock-based compensation capitalized in inventories 320 313 613 825 882 381 2,701 3,138 Amortization and depreciation of acquired assets 615 616 611 617 599 915 2,742 8,017 Amortization of stock-based compensation capitalized in assets 109 110 - - - - - - Restructuring charges (18) 649 767 457 877 3,043 5,144 20,934 Assets impairment and disposal by abandonment 6,646 970 3,135 672 1,967 224 5,998 251,823 Loss (gain) from assets sales - 8,327 7,117 158 17,108 (662) 23,721 5,746 Certain litigation and other contingencies - - - - - - - (399) Acquisition costs - - - - - - - 9 Operating income (loss) (Non-GAAP) 10,183 (24,751) (10,999) (23,757) (48,332) (72,447) (155,535) (1,254,539) % from Revenues (Non-GAAP) 2.9% -8.0% -3.3% -7.0% -17.2% -34.2% -13.3% -139.3% Excluding: Depreciation Non-GAAP* 8,068 7,488 8,840 9,671 7,329 11,070 36,911 51,966 Adjusted EBITDA (Non-GAAP) 18,251 (17,263) (2,159) (14,086) (41,003) (61,377) (118,624) (1,202,573) % from Revenues (Non-GAAP) 5.3% -5.6% -0.6% -4.1% -14.6% -28.9% -10.2% -133.5%
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Appendix A : Reconciliations GAAP to Non-GAAP 104 Appendix A : Reconciliations GAAP to Non-GAAP Net cash provided by (used in) operating activities (GAAP) to Free cash flow (deficit) (Non-GAAP): Three months ended Year ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 Net cash provided by (used in) operating activities (GAAP) 11,416 24,428 52,629 25,608 (7,799) 33,823 104,261 (313,319) Purchases of property and equipment (8,282) (3,701) (9,293) (2,809) (1,256) (10,109) (23,467) (108,163) Discontinued operation - - - - - (3,867) (3,867) - Free cash flow (deficit) (Non-GAAP) 3,134 20,727 43,336 22,799 (9,055) 19,847 76,927 (421,482) Period ended June 30, 2026 December 31, 2025 December 31, 2024 Cash, Cash equivalents and restricted cash at the end of the period 581,918 539,848 409,939 Marketable Securities & bank deposits 19,722 41,332 357,521 Gross Cash, Cash equivalents and investments (A) 601,640 581,180 767,460 Convertible debt (337,000) (337,000) (684,500) Loan - (15) (1,070) Total debt (B) (337,000) (337,015) (685,570) Total Net Cash equivalents and investments (A+B) 264,640 244,165 81,890