Investor Presentation

July 2024

• • • • • • • • • •

Management has deep semiconductor and solar expertise f Mehran Sedigh Badri Kothandaraman Hans Van Antwerpen Mandy Yang Raghu Belur Aaron Gordon Jayant Somani SVP, Chief Technology EVP, Chief Financial SVP, Co-founder, SVP, Digital SVP, Systems SVP, Sales President and CEO Chief Products Officer Officer Officer Business Unit Business Unit David Ranhoff Mike LaBouff Sunil Thamaran Lisan Hung Nitish Mathur Sabbas Daniel Ron Swenson Mary Erginsoy Commercial Advisor SVP, General Counsel, SVP, Quality and SVP, Operations SVP, Customer SVP, Chief People VP, Chief Accounting SVP, New Product Experience Sales Development and IT Officer Officer and Corp. Secretary

Enphase microinverter versus traditional string inverter Traditional solar energy system Enphase solar energy system Solar panels Contain photovoltaic (PV) cells which convert sunlight into direct current (DC) DC String inverter Converts the DC generated by the solar panels into alternating current (AC) AC

Solar Storage Grid Load control Generator Fuel cell AC EV

The power of semiconductors, software and Ensemble technology High quality Flexibility Safety No high-voltage DC Higher efficiency Modular design 1 LFP chemistry loTsystem AC marketplace Low Exceptional Supply chain efficiency cost value Power scaling Higher efficiency One hardware platform Configurable SKUs semiconductor integration loTsystem Great customer experience One-stop shop

Operational Gross margin management Customer experience Product innovation, maximizing value, Laser focus on quality and customer service excellence multi-sourcing Price Quality 1 Value Based Product 8x 500 dppm Pricing Segmentation Better than M-series Reliability target for microinverters TM ™ TM 108 OS + , 108M Performance and quality I A , , ™ 108H Customer service Cost 792 Supply Chain Product

Our resilient business model 1 No big factories Headcount 11111 India North America Europe South America Australia and New Zealand 1 Percentage of worldwide headcount as of June 30, 2024

Global Supply Chain Futian, Shenzhen, Long Beach, CA, USA China Microinverters Oostrum, Netherlands Fort Worth, TX, USA Currently, 5 manufacturing sites with • capacity at 7.25M micros/Otr. • Chennai. • • • India .. , • Columbia. Leveraging Inflation Reduction Act (IRA) to South Carolina Fuyong. • • Shenzhen. China Guadalapra. bring high-tech manufacturing and jobs to Miami, FL, USA Mexico Arlington. the U.S. Texas • Batteries Sydney, Australia 2 cell pack suppliers > 1 GWh a year Globalization efforts on batteries underway e Cell pack suppliers Manufacturing sites e Distribution centers e

Advancing 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 are actively decarbonizing operations through renewable energy generation and energy efficiency projects. Behaving as a responsible corporate citizen Our ESG and sustainability efforts have earned us a 'AA' MSCI ESG rating, ISS ESG 'Prime' rating, and placement on the 2023 Corporate Knights Global 100 most sustainable companies list. Building a world-class workforce We continue to hire the best and cultivate a workforce that celebrates diverse perspectives and experiences. Our diversity, equity, and inclusion council continues to foster an inclusive culture and 吀愀ble 1: 2023 GHG emissions• and emissions intensity mindset, ensuring that all employees feel appreciated and valued. Emissions type Units Supporting our people and communities Dir攀挀t emissions (匀挀ope 1) (MTC0 e) 0 2 We support our employees with programs that promote health, safety, wellbeing, development, and 15,529 Electrici琀礀-indirect emissions (匀挀ope 2) (MTC0 e) satisfaction at work, and are continuing our Corporate Social Responsibility (CSR) initiatives, such 2 as collaborating with GRID Alternatives. Other indirect emissions (Scope 3) (MTC0 49,077 e) 2 Total emissions (MTC0 e) 64,606 2 Ensuring transparency and accountability 6.78 Scope 1 + 2 emissions intensity (MTCO e/$M revenue) 2 With executive leadership, cross-functional team participation, and Board oversight, we provide * All emissi漀渀s 昀椀gures represent location- and market-b愀猀ed 挀愀lculation. annual ESG disclosures aligned with the TCFD, SASB, GRI, and UN SDG frameworks. 1 Estimate based on Enphase managed systems data as of December 31, 2023 grossed up for non-managed systems based on cumulative production records; CO,e calculations based on U.S. Environmental Protection A enc Greenhouse Gas E uivalencies Calculator 2 Annual running total estimate based on Enphase managed systems data as of December 31, 2023 grossed up for non-managed systems based on cumulative production records

The Enphase Energy System ENPHASE CLOUD 10 BATTERY

Bulgaria, Estonia, Slovakia, Croatia,

™ IOBP Microinverter Up to 480W AC Power Small commercial market North America, Latin America and the Caribbean, Europe, Asia Residential market Brazil, Mexico, South Africa, India, Spain, France, Philippines, Thailand, Columbia, Panama, Costa Rica, nine Caribbean countries

® 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

Bi-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 1010 Microinverters and Ensemble technology Enables homeowners to manage their solar, battery ENPHASE storage, and EV charging all from a single app Compatible with EVs that support CCS (Combined Charging System) https:/ / en phase.com/ av-chargers/bidirectional Coming in 2025

The Enphase Installer Platform . - . . System Estimator Installer Toolkit App R FGRAF SOLARGRAF 0 I - I - ,_ 0 0 ·- Enphase Store . • � � • ·*•· I . EV Charg攀爀s • 0 R' rⰀⰀ n ㄀ꌀ ⰀⰀ T n n v MyEnlighten Enlighten Enlighten Manager Enphase Store ,a so LA , 365 PRONTO Homeowner App AN ENPHASE COMPANY

Increasing Our 'Share of Wallet' Per Home 1 En phase internal data and approximate estimates 2 Refers to 107, 107+, I07X, I07A with 20 micros per home 3 Refers to 108, 108+, I08M, I08A, I08H with 20 micros per home 4 Assumes 10 kWh battery and system controller

Our financial performance Quarterly gross margin % by year Quarterly revenue by year 55.0% $800.0 2022 $726.0 $724.7 50.3% $711.1 48.4% 50.0% $700.0 47.1% $634.7 46.2% 46.2% 45.7% 2023 $600.0 - 45.0% $530. $500.0 40.0% 2024 - $400.0 35.0% 303.5 302.6 $300.0 30.0% $200.0 25.0% $100.0 I I I $0.0 20.0% 01 02 04 03 01 02 04 03 Quarterly operating expense % by year Quarterly operating income % by year 35.0% 35.0% 32.4% 32.2% 30.6% 31.7% 30.4% 31.4% 30.0% 28.6% 30.0% 26.9% 25.0% 25.0% 20.0% 15.0% 20.0% 18.0% 10.0% 15.0% 15.0% 12.1% 5.0% 1�1 l'i 'ii ■ 10.0% 0.0% 01 02 04 03 01 02 04 03 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

Enphase financials - GAAP P&L-GAAP ($ in MUSD) ■■■■■■■I■■■■ $441.3 $530.2 $634.7 $724.7 $2,330.9 $726.0 $711.1 $551.1 $302.6 $2,290.8 $263.3 $303.5 Revenues 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) (166.3) 177.0 310.7 267.9 974.6 326.4 323.3 262.0 146.7 1,058.4 115.5 137.2 219.0 Gross profit 41.8% 45.0% 45.5% 47.5% 48.5% 46.2% 43.9% 45.2% Gross Margin% 40.1% 41.3% 42.2% 42.9% Operating expenses (115.2) (125.0) (132.5) (153.7) (526.3) (158.7) (153.0) (144.0) (156.9) (612.6) (144.6) (135.4) 22% 26% 55% 24% 21% 21% 26% 45% %of Revenue 52% 22% 27% 23% 167.7 (10.2) 157.0 (29.1) 61.8 118.0 1.8 94.0 135.4 448.3 170.3 445.8 Operating income (loss) (11%) 1% 21% 22% 23% 24% 21% 14% 18% 19% 19% (3%) %of Revenue Cash flows from 200.7 127.0 102.4 246.2 269.2 253.7 49.2 744.8 188.0 35.5 696.8 145.8 operations Cash, cash equivalents 1,247.8 1,417.3 1,612.8 1,612.8 1,063.5 1,695.0 1,629.6 1,778.4 1,800.51,783.9 1,695.0 1,646.4 and marketable securities ,

Enphase financials - Non-GAAP P&L - Non-GAAP $ in MUSD) ( ···---······ $726.0 $441.3 $530.2 $634.7 $711.1 $551.1 $302.6 $2,290.8 $263.3 $303.5 $724.7 $2,330.9 Revenues (394.1) (382.5) (284.5) (150.5) (1,211.5) (141.7) (160.7) (260.5) (306.6) (362.2) (407.6) (1,336.9) Cost of revenues Gross profit 272.5 317.1 331.9 328.6 266.6 152.1 1,079.3 121.6 142.8 223.6 994.0 180.8 42.9% 42.6% 45.7% 46.2% 48.4% 50.3% 47.1% 46.2% Gross margin% 42.2% 47.1% 43.8% 41.0% (71.2) (87.7) (303.7) (81.7) (66.3) (78.6) (98.3) (98.1) (99.0) (86.5) (382.1) (82.6) Operating expenses 12% 13% 14% 14% 18% 29% 17% 31% 13% 27% %of Revenue 12% 15% 193.9 229.4 152.4 61.1 690.3 233.6 230.5 167.6 65.6 697.2 39.0 114.5 Operating income %of Revenue 31% 30% 32% 32% 30% 22% 30% 15% 29% 20% 32% 26% 223.8 122.0 15.4 41.8 Free cash flows 179.1 698.4 225.2 586.4 117.4 192.0 237.3 90.1 Cash, cash equivalents and marketable securities 1,646.4 1,612.8 1,612.8 1,063.5 1,247.8 1,417.3 1,778.4 1,629.6 1,783.9 1,695.0 1,695.0 1,800.5

GAAP to Non-GAAP reconciliation $ in MUSD i•i欦⌀i•销툀i•퐀툀•⸀ⴀ■Đˆl•i䨦☀＠Ĝ⃷l•i䨦☀i픀l•i►111•*i11 Gross profit (GAAP) $115.5 $219.0 $146.7 $1,058.4 $137.2 $177.0 $267.9 $310.7 $974.6 $326.4 $323.3 $262.0 3.4 13.1 2.5 2.7 13.3 Stock-based compensation 3.2 3.5 3.1 3.7 3.7 4.3 4.2 1.4 1.8 1.9 1.9 1.9 1.9 Acquisition related amortization 2.1 1.5 1.9 6.3 7.6 1.3 272.5 152.1 121.6 Gross profit (Non-GAAP) 223.6 317.1 142.8 331.9 1,079.3 180.8 994.0 328.6 266.6 Gross margin (GAAP) 47.5% 45.2% 41.3% 42.2% 45.0% 48.5% 40.1% 42.9% 45.5% 46.2% 43.9% 41.8% Stock-based compensation 1.2% 1.6% 1.3% 0.6% 0.6% 0.5% 0.6% 0.5% 0.5% 0.5% 0.6% 0.6% Acquisition related amortization 0.2% 0.2% 0.2% 0.7% 0.3% 0.3% 0.3% 0.3% 0.3% 0.6% 0.3% 0.6% Gross margin (Non-GAAP) 48.4% 47.1% 47.1% 42.2% 42.9% 42.6% 45.7% 46.2% 46.2% 41.0% 43.8% 50.3% 132.5 115.2 153.7 135.4 526.3 158.7 125.0 144.0 144.6 Operating expenses (GAAP) 153.0 156.9 612.6 Stock-based compensation (203.7) (41.1) (51.7) (199.5) (56.0) (50.8) (56.6) (59.4) (49.0) (45.3) (49.9) (49.1) Acquisition related expenses and (15.3) (4.2) (16.5) (3.7) (3.9) (3.9) (3.9) (3.9) (3.5) (3.5) (3.6) (4.8) amortization Restructuring and asset impairment (1.2) (1.8) (14.8) (0.2) (1.9) (0.7) (15.7) (2.4) (0.6) charges 81.7 98.1 71.2 87.7 303.7 82.6 Operating expenses (Non-GAAP) 98.3 99.0 382.1 66.3 78.6 86.5 167.7 157.0 135.4 448.3 445.8 (29.1) Income (loss) from operations (GAAP) (10.2) 170.3 61.8 118.0 1.8 94.0 212.8 216.8 52.7 Stock-based compensation 53.1 59.7 55.2 52.3 47.8 63.6 54.2 60.8 43.8 Acquisition related expenses and 5.4 5.4 22.8 22.9 5.8 5.8 5.8 5.3 5.5 7.0 5.6 4.9 amortization Restructuring and asset impairment 15.7 1.8 0.2 1.9 1.2 0.7 0.6 14.8 2.4 charges 114.5 61.1 152.4 229.4 Income from operations (Non-GAAP) 697.2 167.6 193.9 690.3 233.6 230.5 65.6 39.0 49.2 200.7 744.8 127.0 102.4 253.7 246.2 269.2 35.5 Cash flows from operating activities 145.8 188.0 696.8 Purchases of property and equipment (20.1) (110.4) (12.3) (22.4) (8.7) (8.9) (7.4) (23.8) (9.6) (16.4) (46.4) (44.0) 179.1 117.4 15.4 90.1 225.2 122.0 41.8 192.0 237.3 223.8 698.4 586.4 Free cash flow

GAAP to Non-GAAP reconciliation (continued) $ in MUSD ■■■■■■■■■■■■ $114.0 $77.0 $114.8 $153.8 $397.4 $146.9 $20.9 $438.9 $(16.1) Net income (loss) (GAAP) $51.8 $157.1 10.8 212.8 216.8 47.8 43.8 Stock-based compensation 53.1 54.2 52.7 59.7 52.3 55.2 60.8 63.6 Acquisition related expenses and 4.9 7.0 22.8 22.9 5.8 5.8 5.8 5.6 5.5 5.4 5.4 amortization 5.3 Restructuring and asset impairment 1.2 2.4 15.7 1.8 0.2 14.8 0.7 1.9 0.6 charges 2.1 2.1 8.1 2.1 2.1 2.1 2.1 2.1 8.4 2.0 2.0 2.0 Non-cash interest expense 12.5 0.1 3.2 (0.1) (22.5) Non-GAAP income tax adjustment (15.9) (6.1) (13.4) (25.3) (13.8) (23.9) (85.5) $109.7 $149.9 $175.5 $212.4 $647.4 $192.3$205.6 Net income (Non-GAAP) $141.8 $73.5 $613.2 $48.0 $58.8