Enphase Energy, Inc. · NASDAQ:ENPH

Enphase Energy — Investor Presentation (October 2026)

53 slides from Enphase Energy's investor presentation, October 2026

Slide 1: Investor Presentation October 2026
Investor Presentation October 2026
Slide 2: Safe harbor
Safe harbor Use of Forward - Looking Statements This presentation contains forward - looking statements made pursuant to the Safe Harbor provisions of the Private Securities • Tariff refunds : This item represents refunds received for tariffs previously imposed under the International Emergency Econ
Slide 4: A leading energy technology company in the world
A leading energy technology company in the world Founded in 2006, with 2,647 Over 5.3 million systems 1 in more than employees as of Sept. 30, 2026 165 countries 2 Headquartered in Fremont, California 2.74 GWh of energy storage systems with offices globally shipped 2 Our customers are distributors,
Slide 5: Management has semiconductor and solar expertise
Management has semiconductor and solar expertise Badri Kothandaraman Mandy Yang Raghu Belur Hans Van Antwerpen Aaron Gordon Jayant Somani Ravi Pervela Nitish Mathur President and CEO EVP, Chief Financial SVP, Co - founder, SVP, Chief Technology SVP, Systems SVP, Digital SVP, Cloud, Security, SVP, Cu
Slide 6: Enphase microinverter versus traditional string inverter
Enphase microinverter versus traditional string inverter Enphase solar energy system Traditional solar energy system Distributed architecture Solar panels Semiconductor integration Contain photovoltaic (PV) cells which convert sunlight Enphase ® Microinverter into direct current (DC) Converts DC to
Slide 7: Our core differentiation
Our core differentiation Solar Storage Grid Load control Generator Heat pump AC EV Semiconductor integration Software - defined Ensemble energy and predictive control architecture management technology © 2026 Enphase Energy, Inc. 7
Slide 8: The power of semiconductors, software, and Ensemble technology
The power of semiconductors, software, and Ensemble technology High quality Safety Flexibility Fewer components No high - voltage DC Modular design Reduced thermals LFP battery chemistry 1 AC marketplace Exceptional Supply chain Low value efficiency cost Higher efficiency Single hardware platform Po
Slide 9: Operational excellence
Operational excellence Customer experience Gross margin management Laser focus on quality and customer service Product innovation, maximizing value, multi - sourcing Quality Price 1 8x 500 dppm Value Pricing Segmentation Better than Reliability target for Performance, Quality, IQ8+ , IQ8X , IQ8MC ,
Slide 10: Our resilient business model
Our resilient business model CAPEX lite OPEX efficient Capital Efficient Manufacturing 1 Headcount Footprint 62% 60 % 24 27%% 7% INDIA AMER 7% AMER : Canada, Mexico, U.S. INDIA: Bengaluru and Other APAC : Australia, China, New Zealand, Japan EMEA : Austria, Belgium, France, Germany, Italy, the Nethe
Slide 11: Global supply chain
Global supply chain Microinverters • Current capacity of 5M micros/Qtr. Hanoi, Vietnam • Manufacturing microinverters in the U.S. with domestic content • Majority of our global microinverter shipments are now from the U.S. factories Batteries • 2 cell suppliers in China > 1.2 GWh a year • Manufactur
Slide 12: Advancing a sustainable future for all
Advancing a sustainable future for all Advancing a sustainable Clean energy production future for all Reducing our carbon footprint 137 TWh 92 million of clean energy metric tons of CO2e prevented • Achieved 23.3% reduction in Scope 2 emissions in 2025, compared to 2024 production 1 from entering th
Slide 13: Our Strategy
Our Strategy Build the world’s most advanced energy systems — transforming how homes, small businesses, and data centers generate, store, and use energy. © 2026 Enphase Energy, Inc. 13
Slide 17: IQ8 Microinverter
IQ8 Microinverter IQ8P and IQ8P - 3P Microinverters IQ8P-3P MICROINVERTER • IQ8 Microinverter, the industry’s first grid - forming microinverter, supports 14 A panels and ships to 60 countries • Delivers up to 480 W AC power for residential and commercial applications with CEC efficiency of up to 97
Slide 18: IQ9 Microinverter
IQ9 Microinverter IQ9N-3P MICROINVERTER • 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 MICROINVERTER • Supports 480Y/ 277 V (wye) three - phase U.S. commercial
Slide 19: IQ Balcony Solar System
IQ ® Balcony Solar System IQ BALCONY GATEWAY Watch the video here • Shipping IQ Balcony Solar Kit ( two IQ8HC Microinverters, one IQ Balcony Gateway, and IQ Cables) to Germany and Belgium • Kit is bundled with panels and racking and sold by retailers. The system can be scaled up to seven panels • Ba
Slide 21: IQ Battery (Residential)
IQ ® Battery (Residential) IQ ® Battery 10/10T and 3/3T (1 st and 2 nd Gen) IQ ® Battery 5P (3 rd Gen) • Shipping to U.S., Puerto Rico, Canada, Mexico, • Shipping to U.S., Puerto Rico, Cayman Islands, Australia, New Zealand, Germany, Belgium, U.K., Mexico, Canada, Australia, New Zealand, U.K., Italy
Slide 22: IQ Battery (Residential)
IQ ® Battery (Residential) IQ ® Battery 10C ( 4 th Gen) • Backup is made simple with the 4 th - 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 densit
Slide 23: IQ Battery (Residential)
IQ ® Battery (Residential) IQ ® Battery G5 (5 th Gen) • Stackable design with 5 kWh to 30 KWh capacity • Neutral - forming; able to serve various types of grid supplies • 90%+ higher density than prior generation (20 kWh or higher) • 44 % less wall space than prior generation for 20 kWh system • Sup
Slide 24: IQ Battery (Commercial)
IQ ® Battery (Commercial) IQ BATTERY C80 IQ ® Battery C80: Energy storage built for businesses • 80 kWh of energy capacity; 40 kVA of continuous power • 208 V and 480 V configurations • Compatible with IQ8P - 3P, IQ8H - 3P (120Y/208 V), IQ9N - 3P (277Y/ 480 V) Microinverters and third - party commer
Slide 25: IQ PowerPack 1500 (Residential)
IQ ® PowerPack 1500 (Residential) Energy security for the home and Energy - On - The - Go • 1,500 Wh Battery LFP, 2500 cycles IQ PORTABLE PANEL • 1,500 W Continuous power and 2X peak power • Smart, Connected Wi- Fi, BLE, Cellular plus Enlighten App (iOS, Android) • 120 V AC, Solar and 12 V DC Charge
Slide 26: Enphase VPP (Residential)
Enphase VPP (Residential) Utilities need Flex capacity • 73+ VPP programs underway and accelerating • Extensive API portfolio enables low - friction utility onboarding • PowerMatch leads to better dispatch accuracy and lower costs U.S. utilities are embracing Enphase as VPP enabler • San Diego Commu
Slide 27: PowerMatch Technology
PowerMatch Technology Microinverter status during low consumption Watch the video here Microinverter 1 • Only the power you need – Exactly when you need it ACTIVE Microinverter 2 • Most homes operate at very low load for much of the day ACTIVE Microinverter 4 STANDBY • Traditional inverters waste po
Slide 28: Power Control Software
Power Control Software Certified, s oftware - driven capability that dynamically manages PV, battery, and EV resources to reduce installation costs and Avoid Main Simplify non- export Enable Battery maximize savings Panel Upgrades expansion systems Export to grid • Install up to 4x more PV and batte
Slide 30: IQ EV Charger
IQ ® EV Charger • Shipping the second - generation IQ EV1 Charger 2 into the U.S., 18 countries in Europe, Australia and New Zealand, with: • 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 comm
Slide 31: IQ Bi-Di EV Charger (V2X)
IQ ® Bi- Di EV Charger (V2X) • Provides vehicle - to - home (V2H) and vehicle - to - grid (V2G) IQ METER COLLAR IQ BI-DI EV CHARGER functionality and green charging • Charger taps into the DC port of the car –upto 800 V DC. Inverter is located inside the charger • Capable of providing simple backup
Slide 33: Enphase Air
Enphase Air Only thermostat that brings an Enphase system inside the home • Integrates seamlessly with the Enphase ecosystem • Compatible with nearly all 24 V HVAC systems • Supports forced air, heat pumps, dual - fuel, multi - stage systems • Humidity and ventilation control for better indoor air q
Slide 34: IQ Energy Management
IQ ® Energy Management IQ ENERGY ROUTER + CONNECTIVITY AND CONTROL • Launched the IQ ® Energy Router family of devices in Austria, Belgium, France, Germany, Italy, Luxemburg, the Netherlands, Spain, Switzerland, Australia, and New Zealand • Enables Enphase solar and battery systems to work with thir
Slide 35: IQ Energy Management
IQ ® Energy Management Example: Maximizing savings in a dynamic rate environment • Launched to manage dynamic electricity rates in Austria, Belgium, Denmark, France, Germany, Luxemburg, the Netherlands, Poland, Spain, Sweden, and Norway • AI engine optimizes energy utilization based on tariff, produ
Slide 36: IQ Energy Management
IQ ® Energy Management Example: Maximizing savings via hot water heater steering + / • Launched the IQ ® Energy Router family of devices with IQ Energy Router 1 phase 3 phase support for water heater in Australia, New Zealand, Austria, Belgium, France, Italy, Luxemburg, the Netherlands, Spain, and S
Slide 38: The Enphase Installer Platform
The Enphase Installer Platform • Reduce installation soft costs • Integrate all services for installers 1 Lead Management Provide solar appointments to Installers with the SolarLeadFactory acquisition • Focus on ease of doing business for installers 2 Design and Proposal Solargraf makes state - of -
Slide 39: Solargraf
Solargraf Design and Financing and Permit Plan Proposal Contract Sets Over 1,300 installers. Available in U.S, Canada, Brazil, Direct Integration with Fintech partners – Covers all 50 states and AHJs Germany, Austria, the Netherlands, Australia, France, India Goodleap, Enfin, LightReach, Sunstone, S
Slide 40: The Enphase Installer Platform - Components
The Enphase Installer Platform - Components System Estimator Installer Toolkit App Enlighten Manager Enphase Store Enlighten MyEnlighten Homeowner App © 2026 Enphase Energy, Inc. 40
Slide 41: Intelligent power for AI
Intelligent power for AI IQ SST: Distributed, solid - state transformers for AI data centers
Slide 42: The Shift to 800 VDC architecture
The Shift to 800 VDC architecture Source: NVIDIA white paper "800 VDC Architecture for Next-Generation AI Infrastructure" by Jared Huntington and Mike Tu – OCP October 2025 Opportunity • Convert MV AC to 800 VDC and deliver directly to GPU rack • Reduce complexity by eliminating multi-stage power co
Slide 43: IQ SST 5 MW Rack @ 34.5 kV
IQ SST 5 MW Rack @ 34.5 kV Key specifications • Power: 5 MW, ambient-air cooled • Will support 35 kV utility interconnection class • Designed for 99.999% availability • 10-year limited warranty • Modular hot-swap design—service with a cobot • U.S.-based manufacturing • “FEOC-compliant” supply chain
Slide 44: IQ SST Roadmap
IQ SST Roadmap From functioning power modules to volume shipments 12+ Months of active 130+ Dedicated 50+ Prospective customers development IQ SST engineers and partner engagements Product roadmap Q2 2026 Q4 2026 2027 2028 Functioning powerModules Functioning Power modules Full system demonstration
Slide 45: Intelligent power for AI
IQ SST Intelligent power for AI Distributed by design. Backed by 20 years of Enphase. Learn more at enphase.com/iq-sst
Slide 47: Our financial performance
Our financial performance Quarterly revenue by year Quarterly gross margin % by year $450.0 $410.4 55.0% 53.2% 2024 $400.0 $380.9 $382.7 49.2% $363.2 48.9% 48.6% $356.1 $343.3 50.0% 47.1% 48.1% 46.8% $350.0 $303.5 46.2% 43.9% 45.00% 46.1% 2025 $282.9 $291.9 $293.3 45.0% $300.0 $263.3 $250.0 40.0% 20
Slide 48: Just the beginning
Just the beginning Great Technology Approximately 400 patents globally Innovative Products Home Energy Systems and installer platform Addressable Market $ 19 Billion 1 SAM in 2026 climbing to over $25 Billion in 2028 with the addition of new products and markets 1 Q4 2025 Wood Mackenzie, S&P Global
Slide 50: GAAP to Non-GAAP reconciliation
GAAP to Non - GAAP reconciliation $ in MUSD Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Gross profit (GAAP) $115.5 $137.2 $178.2 $198.3 $168.2 $170.5 $196.2 $152.0 $100.4 175.0 127.1 Tariff refunds - - - - - - - - - (43.4) 0.1 AMPTC adjustment - - - - - - - - 18.9 - - Stock - b
Slide 51: GAAP to Non-GAAP reconciliation (continued)
GAAP to Non - GAAP reconciliation (continued) $ in MUSD Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Income (loss) from operations (GAAP) (29.1) 1.8 49.8 54.8 31.9 37.0 66.2 22.4 (29.6) 51.5 6.5 Tariff refunds - - - - - - - - - (43.4) 0.1 AMPTC adjustment - - - - - - - - 18.9 -
Slide 52: Acquisition history
Acquisition history CLOSED ON CLOSED ON CLOSED ON CLOSED ON JANUARY 25, 2021 MARCH 31, 2021 DECEMBER 13, 2021 DECEMBER 31, 2021 Solargraf ® offers a simple platform A leading provider of outsourced Provides a platform to match Offers electric vehicle (EV) to accelerate the end - to- end proposal dra
Slide 53: Trademark notice
© 2026 Enphase Energy . All rights reserved. Ephase, the Enphase logo, Ensemble, IQ, IQ7, IQ7+, IQ7X, IQ7A, IQ8 , IQ8+, IQ8A, IQ8H, IQ8HC, IQ8M, IQ8P, IQ8P - 3P, IQ9, IQ9N, IQ9N - 3P, IQ9S - 3P, IQ10 , IQ Balcony Solar, IQ Battery, IQ Battery 5P, IQ Battery 10C , IQ Battery C80, IQ Battery G5, Power

Enphase Energy — Investor Presentation (October 2026) on 6ix

Enphase Energy — Investor Presentation (October 2026)

Slide 1: Investor Presentation October 2026

Slide 2: Safe harbor

Slide 3: Our Business

Slide 4: A leading energy technology company in the world

Slide 5: Management has semiconductor and solar expertise

Slide 6: Enphase microinverter versus traditional string inverter

Slide 7: Our core differentiation

Slide 8: The power of semiconductors, software, and Ensemble technology

Slide 9: Operational excellence

Slide 10: Our resilient business model

Slide 11: Global supply chain

Slide 12: Advancing a sustainable future for all

Slide 13: Our Strategy

Slide 14: The Enphase Home Energy System

Slide 15: Our Products

Slide 16: Residential and Commercial Solar

Slide 17: IQ8 Microinverter

Slide 18: IQ9 Microinverter

Slide 19: IQ Balcony Solar System

Slide 20: Residential and Commercial Batteries

Slide 21: IQ Battery (Residential)

Slide 22: IQ Battery (Residential)

Slide 23: IQ Battery (Residential)

Slide 24: IQ Battery (Commercial)

Slide 25: IQ PowerPack 1500 (Residential)

Slide 26: Enphase VPP (Residential)

Slide 27: PowerMatch Technology

Slide 28: Power Control Software

Slide 29: EV Chargers

Slide 30: IQ EV Charger

Slide 31: IQ Bi-Di EV Charger (V2X)

Slide 32: Residential Energy Management

Slide 33: Enphase Air

Slide 34: IQ Energy Management

Slide 35: IQ Energy Management

Slide 36: IQ Energy Management

Slide 37: Enphase Installer Platform

Slide 38: The Enphase Installer Platform

Slide 39: Solargraf

Slide 40: The Enphase Installer Platform - Components

Slide 41: Intelligent power for AI

Slide 42: The Shift to 800 VDC architecture

Slide 43: IQ SST 5 MW Rack @ 34.5 kV

Slide 44: IQ SST Roadmap

Slide 45: Intelligent power for AI

Slide 46: Financial Overview

Slide 47: Our financial performance

Slide 48: Just the beginning

Slide 49: Appendix

Slide 50: GAAP to Non-GAAP reconciliation

Slide 51: GAAP to Non-GAAP reconciliation (continued)

Slide 52: Acquisition history

Slide 53: Trademark notice