17 December 2025 | 5:55PM EST Equity Research AMERICAS CLEAN TECHNOLOGY: SOLAR 2026 Outlook: Potential re-rating on back of US power trends favors utility-scale fundamentals; ENPH up to Neutral as resi resets While solar/storage equities were plagued by policy uncertainty through the beginning of 2025, fundamentals appear to be back on a more stable growth trajectory heading into 2026 on the back of strong large-scale power demand trends in the US and one of the cleaner policy backdrops in some time. To tha ...

1Q 2 5 E A R N I N G S P RE S E N TA T IO DISCLAIMER 1Q25 EARNINGS PRESENTATION Forward Looking Statements May 6, 2025 Thi s presentation contains forward-looking statements that are based on our management's beli efs and assumptions and on informati on currently available to our management. Forward-looking statements inclu de informati on concerning our possible or assumed future results of operations, business strategies, financing and investment plans, competitive position, indu stry and regulatory envir ...