Enphase Energy is on track to double down its expansion to Europe, where energy independence has become more important, and to other countries like Brazil and India, where the residential solar market is growing rapidly • There’s a negative market sentiment toward potential solar financings shifting from loans to Power Purchase Agreement due to the high prevailing interest rates. However, any shift from one type of financing to another has an almost negligible impact on Enphase Energy’s business because its installer base is very diverse, with both small and large installers that offer different financing options to homeowners • Enphase Energy will see stable growth in storage in California under Net Meeting 3.0, which is a solar credit program finalized on Dec 15, 2022, and aims to incentivize homeowners to adopt storage • Enphase Energy is expanding its manufacturing capacity when the Inflation Reduction Act is bringing high-tech manufacturing to the U.S; it’s on track to contract with new manufacturing partner(s) and open 6 manufacturing lines by end of 2023

High momentum.