Enphase Energy : 2026 CEO Presentation (cad01e)

Annual Meeting of Stockholders

May 13, 2026

CEO Presentation

Enphase Energy, Inc. May 13, 2026

Safe harbor

Use of Forward-Looking Statements

This 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, cost management 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 all forward-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 achievement to 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 page or 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 Information

Information 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, net income per share (basic and diluted) and free cash flow.

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-GAAP financial measures to facilitate an evaluation of Enphase Energy's current operating performance and a comparison to its past operating performance:

• AMPTC adjustment: In the first quarter of 2026, the Company decided to sell its Advanced Manufacturing Production Tax Credit ("AMPTC") generated in 2025 and going forward in the tax credit transfer market. The Company sold $235.0 million of AMPTC at 93% of face value, resulting in a discount of approximately $16.5 million. The Company also incurred approximately $2.5 million in transaction-related fees. Because these amounts relate to AMPTC generated in the prior fiscal year and do not reflect the Company's ongoing operating performance, the Company excluded them from its non-GAAP financial measures for the first quarter of 2026.

• 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 expenses and amortization. This item represents costs incurred in connection with acquisition related activities, which are not indicative of normal, recurring operating expenses, and amortization of acquired intangible assets, which is a non-cash expense. Acquisition related expenses and 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 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.

• Non-GAAP net income per share, diluted. Enphase Energy excludes the dilutive effect of in-the-money portion of convertible senior notes as they are covered by convertible note hedge transactions that reduce potential dilution to our common stock upon conversion of the Notes due 2025, Notes due 2026, and Notes due 2028, and includes the dilutive effect of employee's stock-based awards and the dilutive effect of warrants. Enphase Energy believes these adjustments provide useful supplemental information to the ongoing financial performance.

• Free cash flow. This item represents net cash flows from operating activities less purchases of property and equipment.

© 2026 Enphase Energy, Inc. 4

Our Business

© 2026 Enphase Energy, Inc. 5

A leading energy technology

company in the world

Founded in 2006, with 2,725

employees as of March 31, 2026

Headquartered in Fremont, California with offices globally

Our customers are distributors, installers and homeowners

1,865 installers in the Enphase Installer Network (EIN) as of March 31, 2026

Approx. 87.8 million microinverters shipped, representing approx. 31.52 GW2

Over 5.2 million systems1 in more than 165 countries2

2.50 GWh of energy storage systems shipped2

2025 revenue was approx. $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 March 31, 2026, grossed up

   for non-managed systems based on cumulative sales records

   
   
   

2. As of March 31, 2026

3. Please reference Appendix for GAAP to Non-GAAP reconciliation

© 2026 Enphase Energy, Inc. 6

Our core differentiation

Semiconductor integration and predictive control

Storage

Load control

Heat pump

AC

Solar

Grid

Generator

EV

Software-defined architecture

Ensemble energy management technology

© 2026 Enphase Energy, Inc. 7

The power of semiconductors, software, and Ensemble technology

High quality

Fewer components Reduced thermals

Exceptional value

Higher efficiency AI-based HEMS2

Great customer experience

One-stop shop

Safety

No high-voltage DC LFP battery chemistry1

Supply chain efficiency

Single hardware platform Software-defined SKUs

1 Lithium iron phosphate (LFP)

2 Home energy management system

Flexibility

Modular design AC marketplace

Low cost

Power scaling integration

© 2026 Enphase Energy, Inc. 8

Operational excellence

Customer experience

Gross margin management

Product innovation, maximizing value, multi-sourcing

Laser focus on quality and customer service

Quality

8x

1

Better than M-

series

500 dppm

Reliability target for microinverters

Customer service

82

2

Worldwide NPS

<1 min

Wait time target

Price

Value Pricing

Performance, Quality, Service

Segmentation

IQ8+ , IQ8X , IQ8MC , IQ8AC , IQ8HC , IQ8P ,

IQ9N

Innovation

ASIC, software, and

Cost

Supply Chain

Tariff, procurement,

~550 patents/applications and CMs

1 8X refers to actual failure rate results of IQ compared to M215 microinverters as of March 31, 2026

2 NPS refers to Net Promoter Score for quarter ended March 31, 2026

© 2026 Enphase Energy, Inc. 9

Our resilient business model

CAPEX lite

60%

27% INDIA

AMER

OPEX efficient

Capital Efficient Manufacturing Footprint

Headcount

1

25%

7%

62%

6%

AMER: Brazil, Canada, Mexico, U.S.

INDIA

APAC: Australia, China, New Zealand, Japan

EMEA: Austria, Belgium, France, Germany, Italy, the Netherlands, Poland, Spain, Sweden, U.K.

1 Percentage of worldwide headcount as of March 31, 2026

© 2026 Enphase Energy, Inc. 10

Global supply chain

Microinverters

• 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. factories

  Batteries

• 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

© 2026 Enphase Energy, Inc. 11

Advancing a sustainable future for all

Reducing our carbon footprint

• Achieved 23.3% reduction in Scope 2 emissions in 2025, compared to 2024

• Operations run on 84% renewable energy, without relying on renewable energy certificates

  Leading in sustainability

• 'AA' MSCI ESG and ISS ESG 'Prime' ratings

• 'Low risk' Sustainalytics rating

• Listed among most sustainable companies in the world under Corporate Knights Global 100 for third consecutive year

  Building a responsible supply chain

• Over 1,000 suppliers screened for ESG risks under our strengthened due diligence program

• Corrective actions issued to and tracked for all suppliers flagged for potential ESG risks

• Structured our supply chain to comply with FEOC regulations and help meet U.S. domestic content

  Supporting our people and communities

• Providing programs that promote health, safety, wellbeing, development, and work satisfaction

• Participating in philanthropic initiatives, such as collaborating with GRID Alternatives

  Ensuring transparency and accountability

• Publishing annual sustainability report aligned with prevailing disclosure frameworks (TCFD, GRI, SASB)

• Oversight by the Board of Directors, with executive leadership and cross-functional team participation

© 2026 Enphase Energy, Inc. 12

Clean energy production

137 TWh

of clean energy production 1

92 million

metric tons of CO2e prevented from entering the atmosphere2

10.4 billion

gallons of gasoline not consumed2

102 billion

pounds of coal

not burned2

A responsible investment

1 Cumulative estimate based on Enphase managed systems data as of December 31, 2025,

grossed up for non-managed systems based on historical production records

2 CO₂e calculations based on 137 TWh of clean energy production under the

U.S. Environmental Protection Agency Greenhouse Gas Equivalencies Calculator

Our Strategy

Build best-in-class distributed energy systems and deliver them to homes and businesses through our installer and distributor partners, enabled by a comprehensive installer platform

© 2026 Enphase Energy, Inc. 13

The Enphase Energy System

© 2026 Enphase Energy, Inc. 14

Our Products

© 2026 Enphase Energy, Inc. 15

IQ® Microinverter

• IQ8 ‒ the industry's first grid-forming microinverter ‒ supports 14 A panel current and ships to 58 countries

  
  
  

• IQ9N 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 prior 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.

• Expect to ship the IQ9N Microinverter in Q2'26 for residential customers worldwide and the higher power IQ9S-3P 548 W Microinverter in Q3'26 for commercial customers in U.S.

  
  
  

  IQ9N- 3P COMMERCIAL

  MICROINVERTER

  IQ9N RESIDENTIAL

  MICROINVERTER

  © 2026 Enphase Energy, Inc.

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  IQ® Battery

  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

• One-stop-shop, reliable, scalable, simple, safe

  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

  
  
  

• Shipping IQ Battery 5P with FlexPhase capable of 3-phase backup to 26 countries in Europe, Australia, New Zealand, and India

• 2X Continuous and

  3X Peak power per kWh

  
  
  

  Configuration: 10.1kWh and

  3.4kWh

  Configuration: 5.0kWh

  © 2026 Enphase Energy, Inc. 17

  IQ® Battery

  IQ® Battery 10C (4th Gen)

• Backup is made simple with the 4th-generation 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, 62% less wall space than prior generation

• LFP Chemistry, No dangerous high-voltage DC

• 15-year limited warranty

• IQ Meter Collar now approved by 64 U.S. utilities

• Shipping to the U.S., including Puerto Rico, Bermuda

  Expect to pilot our 5th-generation Battery in Q4'26 for residential customers worldwide

  
  
  

  10 kWh battery system shown consisting of two 5 kWh

  batteries stacked front-to-back shrouded by a single cover

  © 2026 Enphase Energy, Inc.

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  PowerMatch Technology

  Watch 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 an over-the-air software upgrade

• Works with both 3rd-generation and 4th-generation batteries

  
  
  

  Microinverter status

  during low consumption

  Microinverter 1

  ACTIVE

  Microinverter 2

  ACTIVE

  Microinverter 4

  STANDBY

  Microinverter 3

  STANDBY

  Microinverter 5

  STANDBY

  Microinverter 6

  STANDBY

  © 2026 Enphase Energy, Inc.

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  IQ® Vault -Commercial Battery

  A 3-phase small commercial battery compatible 208 V and 480 V grids

• 80-kWh cabinet with fully integrated battery packs and inverters

• Scalable up to 2 MWh with 25 units; supports 2-hour and 4-hour configurations

• 480Y/277 V, 40 kW continuous power; 96 A peak output for 3 seconds

• Modular, distributed architecture designed for efficiency and reliability

• Operating modes: self-consumption, backup, peak shaving, TOU, VPP

• LFP with module-level smoke sensing and aerosol-based fire suppression

• Outdoor NEMA 3R design; module-level heater and active cooling

• Compatible with IQ8/IQ9 3-phase microinverters and 3rd-party PV inverters

• 15-year limited warranty, up to 7,000 cycles and 70% SOH

  Expect to pilot IQ Vault in Q1'27 for commercial customers in the U.S.

  
  
  
  
  

  © 2026 Enphase Energy, Inc. 20

  
  
  

  IQ® EV Charger

• Shipping the second-generation IQ E1 V 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 CHARGER 2

© 2026 Enphase Energy, Inc.

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