[SCHEDULE 13G] Enphase Energy, Inc. SEC Filing

Rhea-AI Filing Summary

Baillie Gifford & Co, a U.K.–based investment adviser, has filed a Schedule 13G reporting a passive stake in Enphase Energy, Inc. (ENPH) as of 30 Jun 2025.

• Beneficial ownership: 8,977,315 ordinary shares, equating to 6.84 % of ENPH’s outstanding stock.
• Sole voting power: 4,959,099 shares; sole dispositive power: the full 8,977,315 shares; no shared voting or dispositive power.
• The shares are held by Baillie Gifford and/or its investment-adviser subsidiaries on behalf of multiple institutional clients.
• The filing is made under Rule 13d-1(b) as the firm is classified as an Investment Adviser (IA); it certifies the stake is held in the ordinary course of business and not for control purposes.

This disclosure moves Baillie Gifford above the 5 % threshold, signalling a sizable but passive position that could enhance market perception of institutional support while not indicating activist intent.

Positive

• Institutional confidence: A respected global growth manager now holds 6.8 % of ENPH, potentially boosting investor sentiment and lending credibility.

Negative

• None.

Insights

Portfolio Manager

TL;DR Baillie Gifford reveals 6.8 % passive stake in Enphase, confirming solid institutional backing without control intentions.

Baillie Gifford’s 8.98 million-share position makes it one of Enphase’s largest shareholders, adding long-term, fundamentally driven ownership. Because the form is 13G (not 13D), the firm affirms a non-activist stance, reducing governance friction risks. The split between voting (4.96 M) and dispositive (8.98 M) rights is typical of global mandates where some funds lack voting authority. While the filing does not disclose purchase price or timing, surpassing the 5 % threshold can tighten float and may be viewed positively by the market as a vote of confidence from a respected growth manager. However, without evidence of additional buying or strategic intent, the disclosure is largely informational.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Enphase Energy, Inc.

(Name of Issuer)

Ordinary Shares

(Title of Class of Securities)

29355A107

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 29355A107

1

Names of Reporting Persons

BAILLIE GIFFORD & CO

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 4,959,099.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 8,977,315.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,977,315.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.8 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Enphase Energy, Inc.
(b)	Address of issuer's principal executive offices: 47281 BAYSIDE PARKWAY, FREMONT, CALIFORNIA, 94538
Item 2.
(a)	Name of person filing: Baillie Gifford & Co
(b)	Address or principal business office or, if none, residence: Calton Square 1 Greenside Row Edinburgh EH1 3AN Scotland UK
(c)	Citizenship: Scotland
(d)	Title of class of securities: Ordinary Shares
(e)	CUSIP No.: 29355A107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	Investment Adviser
Item 4.	Ownership
(a)	Amount beneficially owned: 8,977,315
(b)	Percent of class: 6.84 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 4,959,099
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 8,977,315
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Securities reported on this Schedule 13G as being beneficially owned by Baillie Gifford & Co. are held by Baillie Gifford & Co. and/or one or more of its investment adviser subsidiaries, which may include Baillie Gifford Overseas Limited, on behalf of investment advisory clients, which may include investment companies registered under the Investment Company Act, employee benefit plans, pension funds or other institutional clients.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BAILLIE GIFFORD & CO

Signature:	Grant Meikle
Name/Title:	Manager
Date:	08/08/2025

FAQ

How many Enphase Energy (ENPH) shares does Baillie Gifford own?

8,977,315 ordinary shares are beneficially owned, according to the Schedule 13G.

What percentage of Enphase’s outstanding shares does this stake represent?

The filing states a 6.84 % ownership of the company’s ordinary shares.

Does Baillie Gifford have voting control over all of its ENPH shares?

No. It has sole voting power over 4,959,099 shares; the remainder lack voting authority.

Is Baillie Gifford seeking to influence Enphase’s management?

The 13G filing classifies the stake as passive; the firm certifies no intent to influence control.

Under which SEC rule was this Schedule 13G filed?

It was filed under Rule 13d-1(b) as Baillie Gifford is an investment adviser.