Solaredge Technologies, Inc. · NASDAQ:SEDG
Solaredge Technologies — Investor Day (September 2026)
104 slides from Solaredge Technologies's investor day presentation, Sep 10, 2026
Slide 1: Welcome to SolarEdge's Investor Day
Welcome to SolarEdge’s Investor Day We are excited to share our next chapter September 10th , 2026
Slide 2: Forward-Looking Statements and Non-GAAP Measures
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, including statements concerning: our three-phase financial framework (T
Slide 3: Smart energy solutions leader maximizing every watt
Smart energy solutions leader maximizing every watt in an energy-constrained world >4.6M 65GW monitored systems shipped worldwide Powering 1 in 3 150.4M US solar homes* Power Optimizers shipped Installed in The only SST with >60% >99% of Fortune 100 efficiency *** Companies** 3 Data as of 30th June
Slide 4: Global scale
Global scale R&D Centers USA Local presence of Excellence manufacturing in key markets • 3 global locations • Texas, Florida & Utah • Regional sales & support teams • 600+ patents • Advanced assembly lines • 96K+ certified installers* 4 Data as of 30th June 2026. * Based on the number of installer a
Slide 5: Agenda
Agenda SolarEdge’s next chapter: 01 Turning strong foundations into profitable growth Shuki Nir, CEO 02 Meet SolarEdge Nexis: Powering residential growth Liron Einav, Director of Product Marketing Alta Yen, 03 The Customer Voice: Prologis Senior Vice President, Head of Energy, Americas, Prologis 04
Slide 6: Shuki Nir, CEO
Shuki Nir CEO 6
Slide 7: Six quarters of consistent execution back to profitability
Six quarters of consistent execution back to profitability Non-GAAP Non-GAAP Non-GAAP Revenue Gross Margin Adj. EBITDA +63% 3.7X ~$80M $18M ($2M) ($14M) ($17M) 28.6% ($41M) $340M $334M $346M 23.3% 23.5% ($61M) $310M 18.8% $281M 13.1% $212M 7.8% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q1 2025
Slide 8: A word about H2 2026
A word about H2 2026 Hence, today we will Reiterating Q3 Q4 – not guidance refer to 2026 estimated non-GAAP revenue – assuming slight non-GAAP revenue guidance decline as $1.29B 8
Slide 9: Turning strong foundations into profitable growth
SolarEdge’s next chapter: Turning strong foundations into profitable growth ACCELERATING UNLOCKING EXPANDING growth in evolving a multi-billion dollar our margins core markets AI factories opportunity 9
Slide 10: Delivering more energy with higher efficiency
Residential Delivering 10.5% more energy with more energy, per home* higher efficiency C&I >60% of Fortune 100 Companies** AI factories The only SST with >99% efficiency *** * 10.5% vs. string inverters, SolarEdge analysis of residential systems on complex roofs. Source: VDE Renewables (2025) 10 **
Slide 11: Residential growth opportunities
Residential growth opportunities as core residential markets are shifting from PV only to PV + storage New customer offerings Existing customer upsells ~2.5X revenue per site with storage* >4M SolarEdge sites with storage upgrade opportunity ** * Comparing average revenue per system: PV-only vs. PV
Slide 12: SolarEdge Nexis
SolarEdge Nexis Maximizing every watt $7K extra savings per home * * All results are derived from publicly available data by the respective manufacturers and simulations and laboratory measurements- 7kW PV system with 10.5 kW/15kWh SolarEdge Nexis Battery Vs. 7kW PV system 12 with 11.5 kW/13.5 kWh c
Slide 13: Winning in C&I rooftops with strong enterprise partnerships
We are winning in C&I SolarEdge market share U.S. C&I solar rooftop ** rooftops with strong enterprise partnerships 57% 56% and regulatory tailwinds 44% • Non-FEOC compliant* 40% 39% • FCC authorized 36% • Domestic Content eligible* 29% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 *Statem
Slide 14: Leading global enterprises choose SolarEdge
Leading global enterprises choose SolarEdge 14
Slide 15: Leading global enterprises choose SolarEdge
Leading global enterprises choose SolarEdge Property name: South Bay Dis Ctr 8 Location: 22351 South Wilmington Avenue, Carson, CA 90745 System size: 2.471MW 15
Slide 16: Safe harbor: future market share gains
Safe harbor: future market share gains $3.3B + *** $1.7B* $1.6B** Contracts Additional Residential Power Optimizers * Reflecting binding commitments, including contractual liquidated damages at a percentage of the transaction value in the event of customer cancelation. While all agreements are with
Slide 17: AI factories create a new DC-native infrastructure opportunity with SST
AI factories create a new DC-native infrastructure opportunity with SST The only SST with >99% efficiency* 17 * Company findings based on testing done on preliminary product specifications, with system level validation underway. Subject to change. Comparison based on product and marketing informatio
Slide 18: AI factories are growing at a very fast pace
AI factories are growing at a very fast pace U.S. AI factories annual added capacity Gigawatts 15.3 14.4 13.5 12.6 8.1 2026 2027 2028 2029 2030 SolarEdge model, based on the following sources and assumptions: 18 Bloomberg NEF US data center capacity forecast (1H 2026); Key assumptions: SolarEdge ana
Slide 19: 800 VDC expected to be 2/3 of 2030 additions
800 VDC expected to be 2/3 of 2030 additions U.S. AI factories annual added capacity: 800 VDC vs. non-800 VDC Gigawatts, % 15.3 14.4 13.5 12.6 1.9 15% 45% 6.1 8.5 59% 10.3 67% 8.1 10.7 7.4 5.9 5.0 2026 2027 2028 2029 2030 Non 800 VDC (legacy AC / 54 VDC) 800 VDC total (GW) 19 SolarEdge model, based
Slide 20: The value of 1% efficiency
The value of 1% efficiency Illustrative +1% efficiency +1MW +$20M revenue/year for GPUs ~$100,000,000 NPV 7 years 10% WACC 20 Company key assumptions: 100MW AI factory, 1.33× redundancy. Compute value based on GB200 NVL72 racks, 90% utilization, $5/GPU-hour, discounted over 7 years at a 10% WACC.
Slide 21: DC-native expected to reach 50% in 2030
DC-native expected to reach 50% in 2030 U.S. AI factories annual added capacity: DC-native vs. sidecar and non-800 VDC Gigawatts, % 15.3 14.4 13.5 12.6 3% 2.4 18% 1.5 5.1 35% 7.7 50% 8.1 3.6 3.4 2.6 10.7 7.4 5.9 5.0 2026 2027 2028 2029 2030 Non-800 VDC (legacy AC / 54 VDC) 800 VDC via sidecar (trans
Slide 22: A fast growing multi-billion-dollar TAM
A fast growing multi-billion-dollar TAM 800 VDC-native TAM estimate 4.1 Billions of $, ASP of $0.4/W assumed 2.7 1.3 0.2 2027 2028 2029 2030 SolarEdge model, based on the following sources and assumptions: BloombergNEF US data center capacity forecast (1H 2026); Reports from investment banks, select
Slide 23: The SolarEdge edge: Efficiency
The SolarEdge edge Competitors >99% >98% Efficiency * Efficiency ** * Company findings based on testing done on preliminary product specifications, with system level validation underway. Subject to change. **All information and comparisons mentioned herewith have been compiled based on product and m
Slide 24: The SolarEdge edge: Efficiency and Safety
The SolarEdge edge New SolarEdge white paper with Nvidia as >99% >98% ecosystem contributor and technical reviewer ”800 VDC Protection and Grounding for AI Data Centers” Efficiency * Safety 24 * Company findings based on testing done on preliminary product specifications, with system level validatio
Slide 25: The SolarEdge edge: Infineon collaboration
The SolarEdge edge New SolarEdge white SolarEdge paper with Nvidia as extends ecosystem contributor collaboration >99% and technical reviewer ” 800 VDC Protection and with Infineon to enable solid-state protection for 800 VDC Grounding for AI Data Centers” AI data centers Efficiency * Safety 25 * Co
Slide 26: Exponential growth in AI factories in line with Nvidia's roadmap
Exponential growth in AI factories in line with Nvidia’s roadmap Non-GAAP Revenue * ($M) 600 $M 2026 Target 2027 Target 2028 Target 2029 Target Based on NVIDIA's publicly disclosed roadmap. No partnership, endorsement, or affiliation with NVIDIA is implied. 26 * Based on company model for 2027-2029
Slide 27: Expanding revenue through core growth and AI factories
Expanding revenue through core growth and AI factories $2.4B wt h gro tial E xponen ~$0.6B 23% CAGR ~$1.8B $1.29B Non-GAAP Core revenue Non-GAAP AI factories revenue 2026 Target 2029 Target * Based on company model for 2027-2029 27
Slide 28: Structural gross margin expansion
Structural gross margin expansion 35% 2029 Target** 24% 2026 Target* 28 * Based on Non-GAAP Gross margin as a % of Non-GAAP revenue. 2026E excluded IEEPA refund impact of ~4% ** Based on company model for 2027-2029
Slide 29: Turning strong foundations into profitable growth
SolarEdge’s next chapter: Turning strong foundations into profitable growth $1.8B $0.6B 35% 2029 Target* 2029 Target* 2029 Target* ACCELERATING UNLOCKING EXPANDING growth in evolving a multi-billion dollar our margins core markets AI factories opportunity 29 * Based on company model for 2027-2029
Slide 30: Liron Einav
Liron Einav Director of Residential Product Marketing 30
Slide 31: Meet SolarEdge Nexis: Powering residential growth
Meet SolarEdge Nexis Powering ; residential growth 31
Slide 32: Where are we today?
Where are we today? >4M 1 in 3 #1 MLPE homes homes provider powered by with PV in the US Globally by SolarEdge* runs on SolarEdge** shipments** *Based on SolarEdge internal installations data as of June 30th ,2026. . 32 **Sources: Wood Mackenzie, US distributed solar leaderboard Q2-2026; US Solar Ma
Slide 33: The residential market is changing
The residential market is changing From energy exports to Home energy systems are Go-to-market market-based ROI becoming more complex shifts 33
Slide 34: Redefining customer requirements
Redefining customer requirements Homeowners Energy independence and maximum returns from every kWh, automatically Installers More jobs per day, less complexity and O&M, easier upselling TPOs Fleet economics: maximum system ROI, reduced truck- rolls, portfolio visibility and control, VPP monetizatio
Slide 35: This shift creates two profitable growth opportunities
This shift creates two profitable growth opportunities Existing customer upsells: New customer offerings: ~10% with storage ~90% PV-only PV + Storage >4M battery potential More than SolarEdge residential sites* ~2.5X Revenue per site** 35 * Based on SolarEdge internal installations data as of June 3
Slide 36: SolarEdge Nexis
SolarEdge Nexis Maximizing every watt ; $7K extra savings per home* * All results are derived from publicly available data by the respective manufacturers and simulations and laboratory measurements- 7kW PV system with 10.5 kW/15kWh SolarEdge Nexis Battery Vs. 7kW PV system with 11.5 kW/13.5 kWh com
Slide 37: SolarEdge Nexis: Powerful, Flexible, Durable
SolarEdge Nexis Powerful Flexible Durable ; 37
Slide 38: Harvest more, Store more, Save more
Powerful Flexible Durable Harvest more Store more Save more 10.5% $7K $1K more energy / year lifetime savings additional savings/year VDE Renewables validated* vs. leading competitors** With Sera AI energy companion*** * 10.5% vs. string inverters, SolarEdge analysis of residential systems on comple
Slide 39: Harvest more
Powerful Flexible Durable 70% 70% 70% 70% String Inverter Technology The weakest panel reduces the performance of all panels in the string Harvest more 85% 85% 85% 70% With our unique DC Microinverter Optimization technology Technology Panel-level clipping due to microinverter output rating 99% 98%
Slide 40: Store more
Powerful Flexible Durable Store more With unique technologies in the inverters and batteries ; $7K extra savings over the system lifetime All results are derived from publicly available data by the respective manufacturers and simulations and laboratory 40 measurements- 7kW PV system with 10.5 kW/
Slide 41: The era of storage: attachment rate
Powerful Flexible Durable The era of storage CA and PR v. Rest of U.S. Forecasted Attach Rates 97% 98% 99% 99% 87% 78% 64% Attachment Rate 62% 61% 62% 58% 51% 42% 38% 41% 35% 31% 27% 25% 19% 9% 2024 2025 2026 (P) 2027 (P) 2028 (P) 2029 (P) 2030 (P) CA and PR Attach Rate National Attach Rate All Othe
Slide 42: From peak performance to real-world performance
Powerful Flexible Durable From peak performance to real-world performance 42
Slide 43: Real-world performance before storage
Powerful Flexible Durable From peak performance to real-world performance before storage 10% of time Low Power Low Power 8,000 7,000 6,000 High Power 5,000 90% 4,000 of time 3,000 2,000 1,000 0 00:00 06:00 12:00 18:00 23:59 PV Production (W) 43
Slide 44: Real-world performance with storage
Powerful Flexible Durable From peak performance to real-world performance with storage 70% of time Low power Low power 8,000 7,000 6,000 High power 5,000 30% of time 4,000 3,000 2,000 1,000 0 00:00 06:00 12:00 18:00 23:59 PV production (W) Battery power (W) Inverter AC power from PV and battery 44
Slide 45: Inverter innovation: Silicon carbide
Powerful Flexible Durable Inverter innovation: Silicon carbide unique design 45
Slide 46: Battery innovation: Battery Optimizer
Powerful Flexible Durable Battery innovation: Battery Optimizer 46
Slide 47: Nexis delivers higher efficiency at high and low power
Powerful Flexible Durable SolarEdge Nexis delivers higher efficiency in both high and low power levels Efficiency vs discharge power: SolarEdge Nexis vs. leading competitor (estimated)* 100% 90% SolarEdge Nexis 80% Leading 70% competitor Efficiency (%) 60% 50% 40% 30% 20% 10% 0% 120 205 320 500 1000
Slide 48: Save more: Sera AI energy optimization
Powerful Flexible Durable Save more Sera: an AI-powered automatic energy optimization ; SAVE $1,000 every year* 48 * Based on SolarEdge's annual analysis of a 7 kW PV system paired with a 9.7 kWh battery and ONE EV charger, featuring over 120% DC oversizing and a dynamic tariff contract, in Germany.
Slide 49: Scalable by design
Powerful Flexible Durable Scalable by design No re-wiring. Field-expandable at any time Every visit = upsell opportunity Each installer return is a potential for incremental revenue Grows with the home More EV chargers. More loads. Same platform 49
Slide 50: Simplified operations
Powerful Flexible Durable Simplified operations Less complexity, better margins Single SKU 3.8-13 kW. No wrong-inverter callbacks <30 min for a typical installation More jobs every day 50
Slide 51: Tough build for a longer system lifetime
Powerful Flexible Durable Tough build for a longer system lifetime 51
Slide 52: Built to rigorous Western quality and safety standards
Powerful Flexible Durable Built to rigorous Western quality and safety standards 52
Slide 53: SolarEdge Nexis
SolarEdge Nexis Powerful Flexible Durable ; DC-native optimized A future-ready, Durable materials with architecture with scalable solution, built-in safety and intelligent management adapted for any home cybersecurity protections 53
Slide 54: Tailored go-to-market for the U.S. & Europe
Tailored go-to-market for the U.S. & Europe Winning the U.S. TPO shift Built for TPO economics, enabling faster deployment, better lifetime value and strong adoption Europe: scaling through installers The DC Bus: a full suite of B2B2C solutions to help our installer network win 54
Slide 55: The perfect win
The perfect win Happier Increased installer Improved TPO homeowners capacity economics More usable energy, backup More jobs per day, less Fleet economics: Maximum system and savings, easy management complexity and O&M, ROI, reduced truck-rolls, portfolio and sleek design easier upselling visibility
Slide 56: Meir Adest, Co-founder
Meir Adest Co-founder 56
Slide 57: SST: DC-native architecture for AI factories
SST DC-native architecture for AI factories 57
Slide 58: Maximizing every watt in an energy-constrained world
Maximizing every watt in an energy- constrained world Every incremental watt unlocks more AI tokens 58
Slide 59: The path to DC-native AI factories
The path to DC-native AI factories 01 02 03 DC-native architecture Getting there means solving SolarEdge is positioned is the key to the AI two physical barriers: MV to lead this transition with 20 power bottleneck isolation and DC safety years of DC leadership at scale and an MV head start 59
Slide 60: AI factories are driving demand growth and grid pressure
AI factories are driving demand growth & grid pressure Global data center capacity is projected to double by 2030 Global supply forecast by region, Gigawatts +100GW 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Americas Asia Pacific EMEA 60 Guardian graphic. Source: JLL 2026 Global Data Cen
Slide 61: Power is the new bottleneck for AI factories growth
Power is the new bottleneck for AI factories growth Data centers are rushing to secure grid connection 80,000 92% 60,000 of data center operators cite 40,000 utility capacity or transmission constraints as their most 20,000 significant obstacle 0 October 2024 January 2025 April 2025 July 2025 Longer
Slide 62: The industry is making a once-in-a-generation shift
“The industry is making a once-in-a “ generation shift 62
Slide 63: This is a DC world served by an AC delivery system
This is a DC world served by an AC delivery system Thomas Edison 1880 Nikola Tesla 63
Slide 64: This is a DC world served by an AC delivery system
This is a DC world served by an AC delivery system LED light Chips, consumer Industrial motors electronics Home and business Regional T&D EV’s Solar, wind Appliances Data centers and batteries 64
Slide 65: AC first mile power chains lose ~12% to conversions
AC first mile power chains Capacity AI factories lose ~12% to conversions can’t afford to waste F I R S T M I L E Approx. -1-2.5% -1% 12% total power lost -5-8% -1-2% -2-4% Transformer Rack PSU 34.5kV AC LV AC UPS AC PDU MV to 480 AC to 54V distribution AC-DC-AC 480V AC AC DC
Slide 66: Integrated DC-native solution delivers more usable power
SolarEdge’s integrated DC-native solution delivers more usable power 100% 1% LESS than -2-4% total power lost DC UPS (parallel) Integrated SST In-rack DC-DC MVAC to 800 VDC iPDU 800V to 54V DC 34.5kV AC 66 * Company findings based on testing done on preliminary product specifications, with system le
Slide 67: Data center power infrastructure maturity levels
Data center power infrastructure maturity levels 800V Integrated High efficiency DC DC-native >98% iPDU DC DC/DC integrated SST UPS Rack LV DC 800V Basic DC 94-97% Basic SST dist. DC DC/DC DC-native UPS unit Rack LV DC 800V Hybrid power Traditional LV DC 91-96% dist. DC DC/AC distribution transforme
Slide 68: The challenge in medium voltage conversion
The challenge in medium voltage conversion: More power with harder isolation MV grid Partial-discharge model Stress vs. voltage Conductor PD stress Transmission ≥110 kV 34.5 kV C1 34.5kV - AI Factories C2 Void 20kV 10 kV 10kV -Edge Data Centers C3 Voltage 800V Data Center Ground C2 breaks down first
Slide 69: Reaching Level 4: Solving two massive physical barriers
Reaching Level 4: Solving two massive physical barriers Direct MV-to-800 DC 800 VDC conversion safety by design Medium-voltage Materials built for DC fault protection Coordinated isolation under voltage, heat and without natural zero- control across the extreme electrical aging crossing full system
Slide 70: SolarEdge is best suited to the challenge
SolarEdge is best suited to the challenge Proven SST 20 years of DC The scale MV isolation * architecture & safety to execute Partial discharge below 1 pC at 150% From materials and topology to 65GW shipped systems, with global R&D, rated voltage, approximately 10X optimization, protection and contr
Slide 71: Inside our DC-native AI architecture
Inside our DC-native AI architecture 71 Product design subject to change
Slide 72: AC first mile power chains lose ~12% to conversions
AC first mile power chains Capacity AI factories lose ~12% to conversions can’t afford to waste F I R S T M I L E Approx. -1-2.5% -1% 12% total power lost -5-8% -1-2% -2-4% Transformer Rack PSU 34.5kV AC LV AC UPS AC PDU MV to 480 AC to 54V distribution AC-DC-AC 480V AC AC DC 72 Information provided
Slide 73: Integrated DC-native solution delivers more usable power
SolarEdge’s integrated DC-native solution delivers more usable power 100% 1% LESS than -2-4% total power lost In-rack DC-DC DC UPS (parallel) 800V to 54V DC Integrated SST iPDU 34.5kV AC MVAC to 800 VDC 73 * Company findings based on testing done on preliminary product specifications, with system le
Slide 74: A unified solution from utility to rack
A unified solution MV AC 34.5 kV 800 V DC — SST to DC-UPS from utility to rack SST feed Compute feed — 125 A Support BUS feed — 400 A SUPPLY SCOPE SolarEdge system Third party — DC Block (BESS) One conversion IT Block Medium voltage to 800 VDC in one +99% stage. The AC chain needs five. One protecti
Slide 75: One architecture, multiple configurations
One architecture, multiple configurations Scales from a single hall to a gigawatt campus, without redesign SolarEdge supply scope per-channel protection SST | medium voltage to 800 VDC, single stage iPDU | and isolation Current-limiting fuse • filter 800 VDC IT Racks Utility MV 13.8-34.5 kV 800 V DC
Slide 76: SolarEdge white paper with NVIDIA as ecosystem contributor
SolarEdge white paper - with NVIDIA as ecosystem contributor and technical reviewer “800 VDC Protection and Grounding for AI Data Centers” 76
Slide 77: Extending the collaboration with Infineon
Safety by design for High-Voltage DC Extending the collaboration with Infineon To advance solid-state circuit breaker (SSCB) technology for high-voltage DC distribution In line with leading industry framework for 800 VDC architecture 77
Slide 78: On track for commercialization with NVIDIA's next-gen rollout
On track for commercialization with NVIDIA’s next-gen rollout Scientific validation MV A working Pilot Commercial Transformer product in lab installations deployment testing aligned with 800 VDC 2020 2021 2022 2023 2024 2025 2026 2027 2028 78 Expected - subject to change Based on NVIDIA's publicly d
Slide 79: Addressing the needs of key players across the AI infrastructure ecosystem
Addressing the needs of key players across the AI infrastructure ecosystem Hyperscalers Neoclouds Facility Operators & Energy Providers Building AI infrastructure GPU providers Strategic Partnerships for their own platforms & System Integration 79
Slide 80: Takeaways
Takeaways 01 The world is moving to 800 VDC 02 Efficiency = tokens = revenue 03 34.5 kV → 800 VDC at <99% 04 20 years of distributed DC architecture 05 Executing, not promising 80
Slide 81: Maoz Sigron, Chief Financial Officer
Maoz Sigron Chief Financial Officer 81
Slide 82: Our path to profitable growth
Our path to profitable growth Turnaround Targeted 23% CAGR (26-29) Profitable Growth $2,400M AI Factory $600M Core markets $1,800M $1,290M $1,167M 18% 2% -10% 2025 Actual 2026 Target 2027 Target 2028 Target 2029 Target Core markets AI Factory Non-GAAP Adj. EBITDA % 82
Slide 83: Turnaround 2024-2026
Turnaround 2024–2026 83
Slide 84: Rebuilding the foundation
Rebuilding the foundation $1,400 28% 40% 17% 20% $1,200 $1,290 $1,167 0% 2% $1,000 -20% -10% $800 $900 -40% -60% $600 -80% -90% $400 -100% -120% $200 -140% -134% $0 -160% 2024 Actual 2025 Actual 2026 Target Non-GAAP Revenue ($M) Non-GAAP Gross Profit % Non-GAAP Adj. EBITDA % 84 2026 including IEEPA
Slide 85: Targeted non-GAAP gross margin expansion
Targeted non-GAAP gross margin expansion 24% 2026 Target (ex-IEEPA)* Refocus on Profitable Countries & Business Single SKU Offshore 8% Business Scale Q1 2025 US Manufactured (45X) 85 * Based on Non-GAAP Gross margin as a % of Non-GAAP revenue. 2026E excluded IEEPA refund impact of ~4%
Slide 86: Cost discipline enabling growth
Cost discipline enabling growth Core markets Focus on core, profitable country markets $1,400 $1,200 $1,290 Core business 50% $1,167 Focus on core, profitable $1,000 business lines $800 $900 30% 28% Offshore Optimizing spend across our $600 global footprint. $447 $400 $351 $367 Headcount $200 Realig
Slide 87: Balance sheet & FCF
Balance sheet & FCF Disciplined collections $300 $265 $244 Receivables managed proactively $200 $100 $82 $77 Inventory aligned to footprint $24 Inventory tightly aligned to $0 footprint and demand Dec 31 Dec 31 Jun 30 -$100 Payment terms Vendors Payment terms -$200 managed proactively -$300 Net cash
Slide 88: Profitable Growth 2027-2029
Profitable Growth 2027–2029 88
Slide 89: Assumptions & process
Assumptions & process Bottom-up build by Historical SolarEdge Third-party PV and Product price, volume, and country, with market data, including our storage market data mix build based on market share assumptions share in each country used, including Wood share gains Mackenzie, Ohm Analytics, and So
Slide 90: The model: P&L summary, 2026E to 2029E
The model: P&L summary, 2026E to 2029E Metric 2026 Target* 2029 Target 3-Yr CAGR / Δ Non-GAAP Revenue $1,290M $2,400M +23% Non-GAAP COGS $923M $1,566M +19% Non-GAAP Gross Profit $367M $840M +32% Non-GAAP Gross Margin % 28% 35% +7pt Non-GAAP OPEX $367M $480M +9% OPEX % of Revenue 28% 20% -8pt EBIT $0
Slide 91: Growth drivers
Growth drivers SolarEdge Nexis Expands our addressable opportunity per household and installer 23% CAGR (26-29) by pairing our inverter with high-value storage in one platform - capturing the industry’s fastest-growing segment with better ROI $2,400M and domestic content AI factory C&I rooftops $600
Slide 92: Growth drivers
Growth drivers SolarEdge Nexis Expands our addressable opportunity per household and installer 23% CAGR (26-29) by pairing our inverter with high-value storage in one platform - capturing the industry’s fastest-growing segment with better ROI $2,400M and domestic content AI factory C&I rooftops $600
Slide 93: Exponential growth in AI factories in line with Nvidia's roadmap
Exponential growth in AI factories in line with Nvidia’s roadmap Non-GAAP Revenue ($M) 600 $M 2026 Target 2027 Target 2028 Target 2029 Target 93
Slide 94: Margin expansion
Margin expansion 35% 2029 Target SolarEdge Nexis AI factories Operation excellence Business Scale 24% US Manufactured (45X) 2026 Target* (ex-IEEPA) 94 * Based on Non-GAAP Gross margin as a % of Non-GAAP revenue. 2026E excluded IEEPA refund impact of ~4%
Slide 95: OPEX discipline enabling scale
OPEX discipline enabling scale Operating Leverage $3,000 Revenue scaling faster than OpEx as the business grows $2,500 $2,400 Offshore Leveraging lower-cost locations, $2,000 building on two years of progress $1,500 28% R&D Discipline R&D investment grows moderately, $1,290 focused on core growth dr
Slide 96: Our path to profitable growth
Our path to profitable growth Growth Margin OpEx Balance Drivers Expansion Discipline Sheet – SolarEdge Nexis – US Manufactured (45X) – Operating leverage – Disciplined collections – Safe Harbor – SolarEdge Nexis – Offshore – Inventory aligned to footprint – AI Factories – AI Factories – R&D discipl
Slide 97: Q&A
Q&A 97
Slide 98: Turning strong foundations into profitable growth
SolarEdge’s next chapter: Turning strong foundations into profitable growth ACCELERATING UNLOCKING EXPANDING growth in evolving a multi-billion dollar our margins core markets AI factories opportunity 98
Slide 99: Thank you
solareee Thank you
Slide 100: Appendix A
Appendix A
Slide 101: Appendix A: Reconciliations GAAP to Non-GAAP
Appendix A : Reconciliations GAAP to Non-GAAP Revenues GAAP to Revenues Non-GAAP: Three months ended Year ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 Revenues (GAAP) 346,245 310,501 335,358 340,177 289,429 2
Slide 102: Appendix A: Reconciliations GAAP to Non-GAAP
Appendix A : Reconciliations GAAP to Non-GAAP Operating expenses (GAAP) to Operating expenses (Non-GAAP): Three months ended Year ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 Operating expenses (GAAP) 111,198
Slide 103: Appendix A: Reconciliations GAAP to Non-GAAP
Appendix A : Reconciliations GAAP to Non-GAAP Operating income (loss) (GAAP) to Adjusted EBITDA: Three months ended Year ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31, 2024 Operating income (loss) (GAAP) (16,046) (5
Slide 104: Appendix A: Reconciliations GAAP to Non-GAAP
Appendix A : Reconciliations GAAP to Non-GAAP Net cash provided by (used in) operating activities (GAAP) to Free cash flow (deficit) (Non-GAAP): Three months ended Year ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2025 December 31,
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