Enphase Energy Inc | North America 2Q26 Earnings

Research evidence excerpt

Enphase Energy Inc | North America 2Q26 Earnings

Update

July 29, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMEnphase Energy Inc | North America David Arcaro, CFA

Equity Analyst

2Q26 Earnings David.Arcaro@morganstanley.comJeremy Herring +1 212 761-1817

Research Associate

Jeremy.Herring@morganstanley.com +1 212 761-4182

AlphaSignals Earnings Reaction Alexandre Zimmermann

Unchanged In-line Largely unchanged Alexandre.Zimmermann@morganstanley.com +1 212 761-3617

Impact to our thesis Financial results versus consensus Direction of next 12-month Zhizhong Dong

consensus EPS

Source: Company data, Morgan Stanley Research Jonathan.Dong@morganstanley.com +1 212 761-5632

Amanda Huang

Key Takeaways Amanda.Huang@morganstanley.com +1 212 761-4197

2Q results and 3Q guidance came in broadly in-line with consensus estimates, Enphase Energy Inc (ENPH.O, ENPH US)

both quarters include material safe harboring ($84m and $75m, respectively). Clean Tech | United States of America

ENPH's safe harbor backlog now exceeds $1b, with the physical work test making Stock Rating Underweight

Industry View In-Line

up ~80% of these orders, which are set to be delivered in 2028-'30. Price target $27.00

Shr price, close (Jul 28, 2026) $36.32

ENPH continues to make progress with its SST offering for data centers and is Mkt cap, curr (mm) $4,786

now in RFP negotiations with multiple customers for multiple GWs each. 52-Week Range $73.74-25.78

US resi solar demand remains weak as the industry is on pace to be 30% lower y/

y, though ENPH expects its PPL platform to reach 500 originations/week by EoY.

In the EU, battery markets are driving growth as ENPH is leaning into key

markets: the Netherlands, France, and Germany.

Exhibit 1: ENPH 2Q26 Variance

VARIANCE TABLE - 2Q26 Results