#1Є ENPHASE Investor Presentation e ENPHASE. April 2024 ENPHASE.#2Safe 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 and outlook; 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 of Enphase Energy's new products and technologies and the benefits to homeowners and installers; additional manufacturing capability in the United States; 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 the Enphase Energy's website at http://investor.enphase.com/sec- filings, or on the SEC website at www.sec.gov. 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 press release. 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 press release. 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 "Reconciliation of Non-GAAP Financial Measures" page, 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 the Company'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 expenses and amortization. This item represents expenses incurred related to Enphase Energy's business acquisitions, which are non-recurring in nature, 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 ongoing financial performance. Restructuring and asset impairment charges. Enphase Energy excludes restructuring and asset impairment charges due to the nature of the expenses being unplanned and arising outside the ordinary course of continuing operations. These costs primarily consist of fees paid for cash-based severance costs and asset write-downs of property and equipment, and other contract termination costs resulting from restructuring initiatives. Non-cash interest expense. This item consists primarily of amortization of debt issuance costs, accretion of debt discount and non-recurring debt settlement costs, because these expenses do not represent a cash outflow for Enphase Energy except in the period the financing was secured or when the financing was settled, and such amortization expense or settlement of debt costs is not reflective of Enphase Energy 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. 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 plus deemed repayment of convertible notes attributable to accreted debt discount reported in operating activities less purchases of property and equipment. ENPHASE © 2024 Enphase Energy, Inc. 2#3Our Business ◇ ENPHASE e ENTRAR ENPHASE 8thmiast © 2024 Enphase Energy, Inc. 3#4(1) e A leading energy technology company in the world e Founded in 2006, with 2,846 employees as of March 31, 2024 More than 4.0 million systems¹ in over than 150 countries² Headquartered in Fremont, California with offices globally 1.24 GWh of energy storage systems shipped² Our customers are distributors, installers and homeowners 2023 Revenue was $2.3 billion 1,750 installers in the Enphase Installer Network (EIN) as of March 31, 2024 2023 Cash flow from operations was $696.8 million Approx. 75 million microinverters shipped, representing approx. 25.85 GW2 2023 GAAP net income $438.9 million; 2023 non-GAAP net income $613.2 million³ ENPHASE 1 Includes Enphase residential and commercial managed systems as of March 31, 2024, grossed up for non-managed systems based on cumulative sales records 2 As of March 31, 2024 3 Please reference Appendix for GAAP to Non-GAAP reconciliation ATTENTION: 16V ENPHASE IQ8P-3P TLOVY Number of Phases: © 2024 Enphase Energy, Inc. 4#5Management has deep semiconductor and solar expertise Badri Kothandaraman President and CEO Mandy Yang David Ranhoff EVP, Chief Financial Officer EVP, Chief Commercial Officer Jayant Somani Mike LaBouff SVP, Digital Business Unit SVP, New Product Development and IT ENPHASE Raghu Belur SVP, Co-founder, Chief Products Officer Sunil Thamaran SVP, Chief People Officer Lisan Hung SVP, General Counsel, and Corp. Secretary Hans Van Antwerpen Aaron Gordon Mehran Sedigh SVP, Sales SVP, Chief Technology Officer SVP, Systems Business Unit Nitish Mathur Sabbas Daniel SVP, Customer Experience SVP, Quality and Sales Ron Swenson SVP, Operations 2024 Enphase Energy, Inc. 5#6Enphase microinverter versus traditional string inverter Enphase solar energy system Traditional solar energy system Distributed architecture Semiconductor integration EnphaseⓇ Microinverter Converts DC to AC at each panel Proprietary networking technology ENPHASE EnphaseⓇ IQ Gateway Collects performance data Cloud-based energy management Enphase Enlighten™ platform Analytics ensure maximum production ENPHASE. 21 Цей памя 10 Solar panels Contain photovoltaic (PV) cells which convert sunlight into direct current (DC) String inverter Converts the DC generated by the solar panels into alternating current (AC) 0 AC DC © 2024 Enphase Energy, Inc. 6#7Our core differentiation ENPHASE 1Q8+ WARNING WHOHO ATTENTION e (1) 9:41 Live status ● On Grid Profile D 77% Self-Consumption 0.829 Lapirsey 1.057 0.041 C 0.187 Cernering × Solar Storage ☆ Grid Load control 白 Fuel cell Generator AC EV Semiconductor integration and predictive control Software-defined architecture energy Ensemble T management technology ENPHASE © 2024 Enphase Energy, Inc. 7#8The power of semiconductors, software and Ensemble technology High quality Higher efficiency IoT system Safety No high-voltage DC LFP chemistry¹ Flexibility Modular design AC marketplace Great customer experience One-stop shop Exceptional value Higher efficiency IoT system Supply chain efficiency One hardware platform Configurable SKUs Low cost Power scaling semiconductor integration ENPHASE 1 Lithium iron phosphate (LFP) ATTENTION: BLE PARTS INSIDE REFER armful interferenc A Di © 2024 Enphase Energy, Inc. ENPHASE. 108P-3P Patent information Number of Phases: 30 UL1741d12 and C221-2015 Rule 54-218 8#9Operational excellence Customer experience Laser focus on quality and customer service Gross margin management Product innovation, maximizing value, multi-sourcing Quality 8x1 Better than M-series 500 dppm Reliability target for microinverters Price Value Based Pricing Performance and quality Product Segmentation IQ8+ TM, IQ8M™, IQ8A™, IQ8HTM Customer service 78%² <1 min Worldwide NPS Wait time target 18X refers to actual failure rate results of IQ 7TM and M215 TM microinverters as of March 31, 2024 ENPHASE 2 NPS refers to Net Promoter Score as of March 31, 2024 Cost Product Innovation ASIC, software designed system Supply Chain Optimization Tariff, procurement and CM 2024 Enphase Energy, Inc. 9#10Our resilient CAPEX lite OPEX efficient business model No big factories Headcount' 53% ENPHASE 1 Percentage of worldwide headcount as of March 31, 2024 34% North America <1% 7% Europe India 1% China 5% South America Australia and New Zealand 2024 Enphase Energy, Inc. 10#11| Long Beach, CA, USA Global Supply Chain Microinverters Currently, 5 manufacturing sites with capacity at 7.25M micros/Qtr. Leveraging Inflation Reduction Act (IRA) to bring high-tech manufacturing and jobs to the U.S. Guadalajara, Mexico Batteries 2 cell pack suppliers > 1 GWh a year | Oostrum, Netherlands Fort Worth, TX, USA Columbia, South Carolina Miami, FL, USA Arlington, Texas Futian, Shenzhen, China Xiaoshan, Hangzhou, China Chennai, India Fuyong, Shenzhen, China Dongguan, Guangdong, China Sydney, Australia Globalization efforts on batteries underway Manufacturing sites Distribution centers Cell pack suppliers ENPHASE. © 2024 Enphase Energy, Inc. 11#12Advancing a sustainable future for all Reducing our carbon footprint We have set a target to reduce Scope 1 & 2 greenhouse gas (GHG) economic emissions intensity by 30% by 2030 and continue to evaluate opportunities to achieve further emissions reductions across the broader value chain. Behaving as a responsible corporate citizen We have updated our Supplier Code of Conduct and published global environmental, occupational health and safety, and human rights policies to protect and preserve the natural capital supporting our business. Building a world-class workforce We continue to hire the best and cultivate a workforce that celebrates diverse perspectives and experiences. Our newly formed diversity, equity, and inclusion (DEI) council is charged with fostering an inclusive culture and mindset, ensuring that all employees feel appreciated and valued. Supporting our people and communities We support our employees with programs that promote health, safety, wellbeing, and satisfaction at work, and are continuing our Corporate Social Responsibility (CSR) initiatives, such as collaborating with GRID Alternatives. Ensuring transparency and accountability With executive leadership, cross-functional team participation, and Board oversight, we provide annual ESG disclosures aligned with the TCFD, SASB, GRI, and UN SDG frameworks. Environmental Impact 64.2 TWh of clean energy production 2 调 5.1 billion gallons of gasoline not consumed¹ CO₂ 45 million metric tons of CO2e prevented from entering the atmosphere, enough to power 5.7 million homes with energy for one year¹ 115 billion miles not driven by an average gas-powered passenger vehicle¹ Table 2: GHG emissions* and emissions intensity Emissions type Direct emissions (Scope 1) (MTCO₂e) Electricity-indirect emissions (Scope 2) (MTCO2e) Other indirect emissions (Scope 3) (MTCO₂e) Total emissions (MTCO₂e) Scope 1+ 2 emissions intensity (MTCO₂e/$M revenue) *All emissions figures represent location- and market-based calculation. Units O 10,603 53,542 64,145 4.55 1 Estimate based on Enphase managed systems data as of December 31, 2022 grossed up for non-managed systems based on cumulative production records; CO₂e calculations based on EPA GHG calculator 2 Annual running total estimate based on Enphase managed systems data as of December 31, 2022 grossed up for non-managed systems lative production records → ENPHASE © 2024 Enphase Energy, Inc. 12#13Our strategy Build best-in-class home energy systems and deliver them to homeowners through our installer and distributor partners, enabled by a comprehensive installer platform → ENPHASE EBINE BENPHASE 2024 Enphase Energy, Inc. 13#14The Enphase Energy System キ Є ENPHASE. UTILITY METER IQ SYSTEM CONTROLLER ENPHASE CLOUD IQ MICROINVERTERS ENPHASE APP IQ COMBINER IQ BATTERY 5P IQ EV CHARGER 2024 Enphase Energy, Inc. 14#15TM IQ8™ Microinverter World's first grid-forming microinverter Up to 384W AC Power handling 14A panel current Residential market Shipping to U.S., Canada, Mexico, France, the Netherlands, Germany, Spain, Portugal, Poland, Switzerland, United Kingdom, Ireland, Austria, Sweden, Denmark, Greece, Belgium, Italy, Luxembourg, Romania, South Africa, Australia, New Zealand, India Coming soon to rest of Europe ENPHASE. IQ8HC Grid Support Unity Interactive Inverter Multimode inverter Patent information: http://enphase.com/patents Off-gid Powe Far Grd-d Powe Factor Dinge 18-v Max push-ul curent: 25A You coucnet 144 This device comples with part 15 of the FCC Rules. Operation is subject to the following two conditions: (1) This device may not cause tarmful interference. (2) This device must accept any interference received, including interference that may cause undesired operation CAUTION: RISK OF SHOCK UL CERTIFIED REMOVED NO USER SERVICEARRANTY VOID IF COVER SERVICING TO QUALIFIED SERVICE PARTS INSIDE, REFER WARNING: PERSONNEL OC CONDUCTORS ELECTRICS UNGROUNDED OF THIS PHOTOVIC SHOCK HAZARD VOLTAGE DED AND MAY BE ENERGIZE SYSTEM ARE DISCONNECES TERMINATE NSAC AND DC THIS EQUIPMENT AC 24V/220V 200 LAT SUBY COTHREE SERVICING PHOTOVOLTAIC ACoutu Cspt fragm Conduc Operating temper Photo NEC 19012 17, cy ADARA NEMA Type 6 down Equipment Complant Assenedin Med 21-2015 4-28 THE RISK DOCACES TO RED 3 ATTENTION: Bouton DE GEROCUTION ENSION DES SOURCES DE ET PEUVENT ETREUE SEESA CET APPRENSION CA ET COUS ANT TOUTE INTERVE ISOLER LESIDENT CONTINU SONT SOUVENTION LES CABLES SOURCES PHOTOVOLTAIQUE ESTENSION LORSQUE CURANT LURE, NE PASTO EXPOSE ALALUMIERE RISOLE DE ENPHASE © 2024 Enphase Energy, Inc. 15#16IQ8PTM Microinverter Up to 480W AC Power Small commercial market North America and Europe Residential market Brazil, Mexico, South Africa, India, Vietnam, Spain, France, Philippines, Thailand, Columbia, Panama, Costa Rica ENPHASE WARNING: SHOUTINES & THE S NIKE SHIRING SUMMA VOLTAGE TO THE SUPERT 14 RASF KANE & NOT TOUCH ATTENTION: ANT SERRATUR AADI ENPHASE ARE IQ8P-3P © 2024 Enphase Energy, Inc. 16#17IQⓇ Battery IQⓇ Battery 10 and 3 (1st and 2nd Gen) Shipping to U.S., Canada, Mexico, Germany, Belgium, Austria, France, the Netherlands, Spain, Portugal, Switzerland, Sweden, Denmark, Greece IQ® Battery 5P (3rd Gen) Shipping to Australia, U.S., Puerto Rico, U.K., Italy One-stop-shop, reliable, scalable, simple, safe Configuration: 10.1kWh and 3.4kWh ENPHASE ENPHASE ENPHASE 2X Continuous and 3X Peak power per kWh Configuration: 5.OkWh ENPHASE. 2024 Enphase Energy, Inc. 17#18IQ® EV Charger EVs in U.S. growing at CAGR of 40% 1 Shipping to U.S. and Canada from our contract manufacturing facility in Mexico ENPHASE POWER CHARGING POWER FAULT CHARGING FAULT Wi-Fi-enabled and includes smart control and monitoring capabilities Integrates into Enphase's solar and battery system to help. homeowners maximize electricity cost savings Coming soon to Europe IQ EV Charger 12:45 ENPHASE 47 LIVE STATUS LO T-Communion 10.3 52.4 Rodent - A 97 162m WW 25.9 Commed 10 27.6 Export 9.3im Charge # O!!" ENPHASE 1 U.S. data for all EVs calculated from S&P Global Platts in 2021 © 2024 Enphase Energy, Inc. 18#19Bi-directional EV Charger (V2X) Vehicle-to-home (V2H) and vehicle-to-grid (V2G) functionality and Green Charging Seamlessly integrates into Enphase home energy systems with grid-forming IQ10 Microinverters and Ensemble technology Enables homeowners to manage their solar, battery storage, and EV charging all from a single app Compatible with EVs that support CCS (Combined Charging System) https://enphase.com/ev-chargers/bidirectional Coming in 2025 ENPHASE ENPHASE 2024 Enphase Energy, Inc. 19#20Home Energy Management Maximizing savings via self-consumption Launched the IQⓇ Energy Router ™ family of devices in Germany, Austria, and Switzerland Enables Enphase solar and battery systems to work with third-party EV chargers and heat pumps Uses Al-based forecasting and optimization; Enables green charging, green heating etc. Coming soon to U.S., Australia, and more countries in Europe ENPHASE. HEAT PUMP IQ ENERGY ROUTER + CONNECTIVITY AND CONTROL ENPHASE CLOUD EV CHARGER 2024 Enphase Energy, Inc. 20#21Acquisitions SOFDESK CLOSED ON JANUARY 25, 2021 SolargrafⓇ offers a simple platform to accelerate the end-to-end sales process across the residential solar industry. הוֹם ENGINEERING SERVICES CLOSED ON MARCH 31, 2021 A leading provider of outsourced proposal drawings and permit plan sets for residential solar installers in North America. 365 PRONTO CLOSED ON DECEMBER 13, 2021 Provides a platform to match cleantech asset owners with a local and on-demand installation and service workforce. □ CLIPPERCREEK CLOSED ON RELIABLE. POWERFUL MADE IN AMERICA. DECEMBER 31, 2021 Offers electric vehicle (EV) charging solutions for residential and commercial customers in the U.S. SOLARLEADFACTORY itl Independent Test Laboratories GREENCƠM NETWORKS CLOSED ON MARCH 14, 2022 Provides consistent high-quality leads to solar and storage installers, resulting in lower customer acquisition costs. CLOSED ON JUNE 03, 2022 Provides a range of testing capabilities including EMC testing, product testing, product safety testing, environment testing, and high-power testing. CLOSED ON OCTOBER 10, 2022 Provides Internet of Things (IoT) software solutions to connect and manage a wide range of distributed energy devices within the home. ENPHASE. © 2024 Enphase Energy, Inc. 21 221#22The Enphase Installer Platform Reduce installation soft costs Integrate all services for installers Focus on ease of doing business for installers 1 Lead Management Provide leads into the Installer Platform with the SolarLeadFactory acquisition 4 Permit Plan Sets Solargraf helps installers with fast turn-around on their permits 2 Design and Proposal 3 Financing and Contract Solargraf makes state-of-the-art design and proposal software Solargraf brings Fintech partners to our installers to close sales Installation and Commissioning EnphaseⓇ Installer App allows for seamless installation of products 6 Operations and Maintenance Helps installers with their O&M services by providing them with the 365 Pronto tech platform ENPHASE © 2024 Enphase Energy, Inc. 22 22#23The Enphase Installer Platform ENPHASE ENPHASE 572 What happens next? System Estimator SAMPLE SOLARLEADFACTORY Softwar Oggest ROOFGRAF SOLARGRAF Enlighten Manager Enphase Store הוֹם ENGINEERING SERVICES Installer Toolkit App 44 EV Chargers Enphase Store ง HO Enlighten Homeowner App 11 HO வ MyEnlighten 365 FRONTO Seg 365 PRONTO AN ENPHASE COMPANY © 2024 Enphase Energy, Inc. 23#24Solargraf Design and Proposal Financing and Contract Option 1 Орто 49 Violet Ave MOSAIC goudleap DIVIDEND GreenSky Apply For Financing Option Settings Fri Permit Plan Sets GET PERMIT SET RESIDENTIAL SOLAR PHOTOVOLTAIC SYSTEM 1614 Diamond St. San Francisco, CA 94131 7 MCDULES-ROCF MOUNTED-280 KW DC, 2.44 KW AC 1 OPAS A VOMITY M ne -B VICINITYNE ro DANTES PAU 5733 FLFEN AVE LUS, CA 1004 US More than 1,000 installers today Launched: Basic NEM 3.0, DocuSign, battery design tool, consumption modeling, BOM integration, automation for permit plan sets Comprehensive tariffs and incentives Roadmap: Full NEM 3.0, 3D, Shading, SLDs, AHJ design rule checks Brings Fintech partners into proposals through APIs Provides choices for diverse consumer needs Enables easy loan approval process at point of sale Allows for e-signing of contracts Covers all 50 states and AHJs Supports solar, storage, generator, EVs Target 24-hour turnaround time to installer AHJ learning database for quality Increased Automation and self-service ENPHASE Enphase internal data 2024 Enphase Energy, Inc. 24#25Financial Overview DEL CENPHASE Sistema Inteligente de Gerenciamento de Energia Enphase ENPHASE DYNAM viation Metal 68 Milhões Micros enviados no mundo todo WAMIS Comurionic © 2024 Enphase Energy, Inc. 25#26FINANCIALS Increasing Our 'Share of Wallet' Per Home 2019 2021 IQ7TM family of microinverters² $2.000 IQ7TM family of microinverters² $2,300 +IQTM Battery 4 $6,700 2022+ IQ8™ family of microinverters³ Premium for grid-forming +IQ Battery $6,500* +IQTM Load Controller, EV Charger, Grid Services, Al Software Enphase potential per home¹ Enphase potential per home1 Enphase potential per home¹ $2,000 $9,000 $12,000 ENPHASE. 1 Enphase internal data and approximate estimates 2 Refers to IQ7, IQ7+, IQ7X, IQ7A with 20 micros per home 3Refers to IQ8, IQ8+, IQ8M, IQ8A, IQ8H with 20 micros per home 4Assumes 10 kWh battery and system controller 2024 Enphase Energy, Inc. 26 26#27Our financial performance Quarterly revenue by year $800.0 $700.0 $726.0 $600.0 $500.0 $441.3 $400.0 $300.0 $200.0 $100.0 $0.0 $263.3 $711.1 $634.7 $551.1 $530.2 Quarterly gross margin % by year 55.0% 2022 $724.7 50.3% 50.0% 48.4% 46.2% 46.2% 45.7% 42.9% 43.8% 2023 45.0% 42.2% 41.0% 40.0% 2024 $302.6 35.0% 30.0% 25.0% 20.0% Q3 Q4 Q1 Quarterly operating income % by year Q2 Q3 64 Q4 Q1 Q2 Quarterly operating expense % by year 35.0% 31.4% 30.0% 25.0% 20.0% 15.0% 13.80% 15.0% 13.5% 12.4% 13.4% 10.0% Q1 Q2 ENPHASE 18.0% Q3 35.0% 32.2% 32.4% 28.7% 30.0% 26.0% 28.6% 25.0% 20.0% 14.8% 15.0% 10.0% 12.1% 5.0% 0.0% Q4 Q1 30.6% 31.7% 30.4% 21.7% Q2 Q3 Q4 Quarterly revenue by year is in millions; Gross Margin, Operating Expenses and Operating Income are as a percentage of revenue All numbers reflected other than revenue are on a non-GAAP basis. Please reference Appendix for GAAP to non-GAAP reconciliation © 2024 Enphase Energy, Inc. 27 22#28Just the beginning Great Technology Over 405 Innovative Products Home Energy systems patents globally and installer platform Massive Market $23 Billion SAM' by 2025 ENPHASE Wood Mackenzie and Enphase internal data as of 2021 O ENPHASE. ENPHASE. ENPHASE 0 ENPHASE ENPHASE 2024 Enphase Energy, Inc. 28#29ENPHASE Appendix 10 Battery ENPHASE Enphase Energy Management It's more than a system. it's a game changer. 2024 Enphase Energy, Inc. 29 29 NPH#30Enphase financials - GAAP P&L-GAAP ($ in MUSD) Q1'22 ACT Q2'22 Q3'22 Q4'22 ACT ACT ACT FY'22 ACT Revenues $441.3 $530.2 $634.7 $724.7 Q1'23 Q2'23 Q3'23 Q4'23 FY'23 Q1'24 ACT ACT ACT ACT ACT ACT $2,330.9 $726.0 $711.1 $551.1 $302.6 $2,290.8 $263.3 Cost of revenues (264.3) (311.2) (366.8) (414.0) (1,356.3) (399.6) (387.8) (289.1) (155.9) (1,232.4) (147.8) Gross profit 177.0 219.0 267.9 310.7 974.6 326.4 323.3 262.0 146.7 1,058.4 115.5 Gross Margin % 40.1% 41.3% 42.2% 42.9% 41.8% 45.0% 45.5% 47.5% 48.5% 46.2% 43.9% Operating expenses (115.2) (125.0) (132.5) (153.7) (526.3) (158.7) (153.0) (144.0) (156.9) (612.6) (144.6) % of Revenue 26% 24% 21% 21% 23% 22% 22% 26% 52% 27% 55% Operating income (loss) 61.8 % of Revenue 14% 94.0 135.4 157.0 18% 21% 22% 448.3 167.7 170.3 118.0 19% 23% 24% 21% (10.2) (3%) 445.8 (29.1) 19% (11%) Cash flows from operations 102.4 200.7 188.0 253.7 744.8 246.2 269.2 145.8 35.5 696.8 49.2 Cash, cash equivalents and marketable securities 1,063.5 1,247.8 1,417.3 1,612.8 1,612.8 1,778.4 1,800.5 1,783.9 1,695.0 1,695.0 1,629.6 ENPHASE © 2024 Enphase Energy, Inc. 30#31Enphase financials - Non-GAAP P&L Non-GAAP ($ in MUSD) Q1'22 ACT Q2'22 Q3'22 Q4'22 FY'22 Q1'23 Q2'23 Q3'23 Q4'23 FY'23 Q1'24 ACT ACT ACT ACT ACT ACT ACT ACT ACT ACT Revenues $441.3 $530.2 $634.7 $724.7 $2,330.9 $726.0 $711.1 $551.1 $302.6 $2,290.8 $263.3 Cost of revenues (260.5) (306.6) (362.2) (407.6) (1,336.9) (394.1) (382.5) (284.5) (150.5) (1,211.5) (141.7) Gross profit 180.8 223.6 272.5 317.1 994.0 331.9 328.6 266.6 152.1 1,079.3 121.6 Gross margin % 41.0% 42.2% 42.9% 43.8% 42.6% 45.7% 46.2% 48.4% 50.3% 47.1% 46.2% Operating expenses (66.3) (71.2) % of Revenue 15% 13% (78.6) 12% (87.7) 12% (303.7) 13% (98.3) 14% (98.1) (99.0) (86.5) (382.1) (82.6) 14% 18% 29% 17% 31% Operating income 114.5 152.4 193.9 % of Revenue 26% 29% 31% 229.4 32% 690.3 30% 233.6 32% 230.5 167.6 65.6 697.2 39.0 32% 30% 22% 30% 15% Free cash flows 90.1 192.0 179.1 237.3 698.4 223.8 225.2 122.0 15.4 586.4 41.8 Cash, cash equivalents and marketable securities 1,063.5 1,247.8 1,417.3 1,612.8 1,612.8 1,778.4 1,800.5 1,783.9 1,695.0 1,695.0 1,629.6 → ENPHASE © 2024 Enphase Energy, Inc. 31#32GAAP to Non-GAAP reconciliation Acquisition related amortization Gross profit (Non-GAAP) Gross margin (GAAP) Stock-based compensation Acquisition related amortization $ in MUSD Q1'22 Gross profit (GAAP) Q2'22 Q3'22 $177.0 $219.0 $267.9 Q4'22 FY'22 Q1'23 Q2'23 Q3'23 $310.7 $974.6 $326.4 $323.3 $262.0 Q4'23 FY'23 $146.7 $1,058.4 Q1'24 $115.5 Stock-based compensation 2.5 3.1 3.2 4.3 13.1 3.7 3.4 2.7 3.5 13.3 4.2 1.3 180.8 1.5 223.6 1.4 272.5 2.1 317.1 6.3 994.0 1.8 331.9 1.9 328.6 1.9 266.6 1.9 152.1 7.6 1,079.3 1.9 121.6 40.1% 41.3% 42.2% 42.9% 41.8% 45.0% 45.5% 47.5% 48.5% 46.2% 43.9% Gross margin (Non-GAAP) 0.6% 0.6% 0.3% 0.3% 41.0% 42.2% 42.9% 43.8% 0.5% 0.2% 0.6% 0.5% 0.3% 0.3% 42.6% 0.5% 0.2% 45.7% 0.5% 0.2% 46.2% 0.6% 1.2% 0.3% 0.6% 48.4% 50.3% 0.6% 1.6% 0.3% 0.7% 47.1% 46.2% Operating expenses (GAAP) Stock-based compensation 115.2 125.0 132.5 (45.3) (49.9) (49.1) 153.7 (59.4) 526.3 (203.7) 158.7 153.0 (56.0) (50.8) 144.0 156.9 (41.1) (51.7) 612.6 144.6 (199.5) (56.6) Acquisition related expenses and amortization (3.6) (3.9) (4.2) (4.8) (16.5) (3.7) (3.9) (3.9) (3.9) (15.3) (3.5) Restructuring and asset impairment (0.6) (1.8) (2.4) (0.7) (0.2) (14.8) (15.7) (1.9) charges Operating expenses (Non-GAAP) 66.3 71.2 78.6 87.7 303.7 98.3 98.1 99.0 86.5 382.1 82.6 Income (loss) from operations 61.8 94.0 135.4 157.0 448.3 167.7 170.3 118.0 (10.2) 445.8 (29.1) (GAAP) Stock-based compensation 47.8 53.1 52.3 63.6 216.8 59.7 54.2 43.8 55.2 212.8 60.8 Acquisition related expenses and 4.9 5.3 5.6 7.0 22.8 5.5 5.8 5.8 5.8 22.9 5.4 amortization Restructuring and asset impairment 0.6 1.8 2.4 0.7 0.2 14.8 15.7 1.9 charges Income from operations (Non- GAAP) 114.5 152.4 193.9 229.4 690.3 233.6 230.5 167.6 65.6 697.2 39.0 Cash flows from operating activities 102.4 188.0 253.7 744.8 246.2 269.2 145.8 35.5 696.8 49.2 Purchases of property and equipment Free cash flow (12.3) 90.1 200.7 (8.7) 192.0 (8.9) (16.4) 179.1 (46.4) 237.3 698.4 (22.4) (44.0) 223.8 225.2 (23.8) (20.1) (110.4) 122.0 15.4 586.4 (7.4) 41.8 ENPHASE © 2024 Enphase Energy, Inc. 32 52#33GAAP to Non-GAAP reconciliation (continued) $ in MUSD Net income (loss) (GAAP) Q1'22 Q2'22 Q3'22 Q4'22 FY'22 Q1'23 Q2'23 Q3'23 Q4'23 FY'23 Q1'24 ACT ACT ACT ACT ACT ACT ACT ACT ACT ACT ACT $51.8 $77.0 $114.8 $153.8 $397.4 $146.9 $157.1 $114.0 $20.9 $438.9 $(16.1) Stock-based compensation 47.8 53.1 52.3 63.6 216.8 59.7 54.2 43.8 55.2 212.8 60.8 Acquisition related expenses and 4.9 5.3 5.6 7.0 22.8 5.5 5.8 5.8 5.8 22.9 5.4 amortization Restructuring and asset impairment charges 0.6 1.8 2.4 0.7 0.2 14.8 15.7 1.9 Non-cash interest expense 2.0 2.0 2.1 21 2.1 8.1 2.0 2.1 2.1 2.1 8.4 21 2.1 Non-GAAP income tax adjustment 3.2 12.5 0.1 (15.9) (0.1) (22.5) (13.8) (23.9) (25.3) (85.5) (6.1) Net income (Non-GAAP) ENPHASE $109.7 $149.9 $175.5 $212.4 $647.4 $192.3 $205.6 $141.8 $73.5 $613.2 $48.0 © 2024 Enphase Energy, Inc. 33 33#34ENPHASE 2024 Enphase Energy. All rights reserved. Enphase, the Enphase logo, Ensemble OS, IQ, IQ7, IQ7+, IQ7X, IQ7A, IQ8, IQ8+, IQ8A, IQ8H, IQ8M, IQ8P, IQ Battery, IQ Battery 5P, IQ EV Charger, Enlighten, IQ Load Controller, IQ System Controller, IQ Energy Router, Enphase Installer App, Solargraf, and certain other names are trademarks or service marks of Enphase Energy, Inc.