The power of Final thoughts the sun at your In summary, 2023 was a challenging year for the solar industry given the macroeconomic conditions. Despite these challenges, we managed to hold our ground compared to our industry peers. We maintained our market share and focused on supporting our customers. Notably, we started manufacturing our microinverters in the United States. We ngertips were protable in 2023, but the highlight of the year was our introduction of new products in many new countries – IQ8 Microinverters, IQ8P small commercial microinverters, IQ Batteries, and IQ Smart EV chargers. Make, use, save, and sell your own powerWe are optimistic about what 2024 will bring. We expect that our worldwide channel inventory will return to normal levels as we enter the second half of the year. We also foresee potential relief as the Federal Reserve Board begins lowering interest rates within the same timeframe, easing pressure on solar economics for consumers. We expect utility rates to be on the rise around the world. While EVs appear out of favor today, we strongly believe that full home electrication is inevitable. Our strategy is to build best-in-class home energy systems to enable full home electrication while positively impacting climate change. Our home energy systems, comprising of IQ Microinverters, IQ Batteries, IQ Smart EV chargers, and software, have seen remarkable adoption, with over 73 million solar microinverters and 1.2 GWh of IQ Batteries shipped at the end of 2023 since our company’s inception. Approximately 4.0 million Enphase-based systems have been deployed in 1 more than 150 countries, preventing 56 million metric tons of carbon dioxide equivalent. We are laser focused on innovation, quality, and customer experience to make our systems provide high value to consumers at lower cost. I extend my sincere gratitude to our employees for their dedication and hard work, and our customers, partners, and shareholders for their continued support. To be continued, Badri Kothandaraman President and CEO May 20, 2024 1 Estimate based on Enphase managed systems data as of December 31, 2023 grossed up for non-managed systems based on cumulative production records; CO₂e calculations based on U.S. Environmental Protection Agency (U.S. EPA) GHG calculator The Enphase App 40 ENPHASE CEO LETTER TO SHAREHOLDERS 2023 41