ORA Q3 2025 Earnings Presentation

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Q3 2025 EARNINGS CALL ORMAT TECHNOLOGIES, INC. FINANCIAL PERFORMANCE AND STRATEGIC UPDATES

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2COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. SAFE HARBOR STATEMENT AND NON-GAAP METRICS FORWARD-LOOKING STATEMENTS This presentation, and information provided during any discussion accompanying this presentation, may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve estimates, expectations, projections, goals, objectives, assumptions and risks, and activities, events and developments that may or will occur in the future. When used in or during the course of this presentation, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “thinks”, “forecasts”, “guidance”, “continue”, “goal”, “outlook”, “potential,” “prospect” or “target”, or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. Such forward-looking statements include, but are not limited to: statements about Ormat Technologies, Inc.’s and its affiliates’ (“Ormat”) business strategy; statements about Ormat’s competitive strengths; statements about Ormat’s development and operation of electricity generation, storage and energy management assets, including distributed energy resources; statements about Ormat’s other plans, expectations, objectives and targets; statements about Ormat’s views on market and industry developments and economic conditions, and the growth of the markets in which Ormat conducts its business; and statements about the growth and diversification of Ormat’s customer base and Ormat’s future revenues, expenses, earnings, capital expenditures, regional market penetration, ability to capitalize on increased demand, electricity generation, and other operational performance metrics, including statements about “target” or “targeted” amounts for 2028 growth (MW) metrics such as growth (MW), adjusted EBITDA, portfolio growth and potential and planned capacity (MW), and statement regarding Ormat’s ESG plans, initiatives, projections, goals, commitments, expectations or prospects, among others. All of these and other forward-looking statements made in or during the course of this presentation are made only as of the date hereof and Ormat undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. Forward-looking statements about “target” or “targeted” amounts represent current goals of Ormat’s management and are neither estimates of Ormat’s actual results nor financial projections or forecasts that have been prepared in accordance with Securities and Exchange Commission (“SEC”) rules or guidelines adopted by the American Institute of Certified Public Accountants. These forward-looking statements are not intended to be a guarantee of future results, but instead constitute Ormat’s current expectations based on assumptions that Ormat currently believes are reasonable. You are cautioned not to place undue reliance on the expectations, projections and other forward-looking statements made in or during the course of this presentation as actual future results and developments may differ materially from such expectations, projections and forward-looking statements due to a number of risks, uncertainties and other factors, many of which are beyond Ormat’s control. These risks, uncertainties and other factors include, but are not limited to, the risks, uncertainties and other factors described in Ormat Technologies, Inc.'s most recent Form 10-K and in subsequent filings filed with the SEC. NON-GAAP METRICS RECONCILIATION TO US GAAP FINANCIAL INFORMATION This presentation includes certain “non-GAAP financial measures” within the meaning of Regulation G under the Securities Exchange Act of 1934, as amended, including EBITDA and Adjusted EBITDA. The presentation of these non-GAAP financial measures is not intended as a substitute for financial information prepared and presented in accordance with GAAP and such non-GAAP financial measures should not be considered as a measure of liquidity or as an alternative to cash flow from operating activities, net income or any other measures of performance prepared and presented in accordance with GAAP. Such non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. The appendix slides in this presentation reconcile the non-GAAP financial measures included in the presentation to the most directly comparable financial measures prepared and presented in accordance with U.S. GAAP. The Company is unable to provide a reconciliation for its Adjusted EBITDA projections range to net income without unreasonable efforts due to high variability and complexity with respect to estimating certain forward-looking amounts. These include impairments and disposition and acquisition of business interests, income tax expense, and other non-cash expenses and adjusting items that are excluded from the calculation of Adjusted EBITDA. Copyright © 2025 Ormat Technologies, Inc. All Rights Reserved. This document contains information proprietary to Ormat Technologies, Inc. Reproduction in any form without prior written permission is strictly prohibited THIS PRESENTATION INCLUDES FORWARD-LOOKING STATEMENTS, AND THE DISCLAIMER SHOULD BE READ CAREFULLY

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4COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. THIRD QUARTER HIGHLIGHTS ELECTRICITY PRODUCT ENERGY STORAGE Revenues grew year-over-year by ~108% 60MW/120MWh Lower Rio commenced commercial operation Higher East Coast merchant prices vs last year Improved revenue and margins for Q3 and 9 month +0.6% Adj. EBITDA Growth +9.3% Net income1 increase +17.9% Revenue increase Revenues grew by ~67% Signed new contract - $86.5 million Backlog stands at $295 million Strong revenue and margins for Q3 and 9 month 1. Attributable to the Company’s stockholders EGS Development • Partnered with SLB • Signed a strategic agreement with Sage Geosystems Signed a 25-year extension to the PPA for the 52MW Heber 1 facility with SCPPA Signed two agreements with PLN to develop two greenfield projects totaling 40MW for the local government in Indonesia Raised $150 million in project financing and received $104 million funds from the sale of tax credits Q3’25 VS. Q3’24

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01 KEY FINANCIAL RESULTS & RECENT DEVELOPMENTS

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6COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. Revenue $249.7M +17.9% Gross Margin 25.6% -220 bps Q3 2025 FINANCIAL RESULTS KEY HIGHLIGHTS 1. For key financial results and non –GAAP financial measures reconciliation please see the appendix slides. 2. EPS refers to earnings per diluted share Comparison vs Q3 2024 Adjusted EBITDA(1) $138.4M +0.6% EPS/Adj. EPS(1),(2) $0.39/$0.41 +8.3% / (2.4)% Q3 2025 REVENUE BY SEGMENT 67% Electricity 25% Products 8% Storage

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7COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. Total Electricity Products Storage Q3 2025 FINANCIAL RESULTS BY SEGMENT 1. For key financial results and non –GAAP financial measures reconciliation please see the appendix slides. Comparison vs. Q3 2024 REVENUE $249.7M +17.9% $167.1M +1.5% $62.2M +66.6% $20.4M +108.1% GROSS MARGIN 25.6% -220 bp 25.4% -480 bp 21.7% +250 bp 39.4% +1,920 bp ADJUSTED EBITDA 1 $138.4M +0.6% $107.9M (4.3)% $13.9M +4.9% $16.6M +42.4%

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8COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. Revenue $713.5M 10.0% Gross Margin 27.2% -350 bps 9-MONTH 2025 FINANCIAL RESULTS KEY HIGHLIGHTS 1. For key financial results and non –GAAP financial measures reconciliation please see the appendix slides. 2. EPS refers to earnings per diluted share Comparison vs 9-month 2024 Adjusted EBITDA(1) $423.3M +4.5% EPS/Adj. EPS(1),(2) $1.51/$1.56 +10.2% / +4.7% 9M 2025 REVENUE BY SEGMENT 71% Electricity 22% Products 7% Storage

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9COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. Total Electricity Products Storage 9-MONTH 2025 FINANCIAL RESULTS BY SEGMENT 1. For key financial results and non –GAAP financial measures reconciliation please see the appendix slides. Comparison vs. 9-month 2024 REVENUE $713.5M +10.0% $507.3M (2.8)% $153.6M +53.6% $52.6M +96.5% GROSS MARGIN 27.2% -350 bp 27.9% -660 bp 24.1% +810 bp 28.9% +1,740 bp ADJUSTED EBITDA 1 $423.3M +4.5% $341.8M (4.7)% $39.5M +45.9% $42.0M +117.5%

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10COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. ONE BIG BEAUTIFUL BILL TAX INCENTIVES UPDATE GEOTHERMAL & STORAGE • 100% tax credit for projects starting construction by Dec 31, 2033 • Credit phases down: 75% (by 2034), 50% (by 2035), 0% thereafter SOLAR PV • Projects starting within 12 months of enactment get full credit if placed in service within 4 years • Otherwise, must be in service by Dec 31, 2027 FEOC COMPLIANCE Project Type 2026 Requirement1 2029+ Requirement1 Geothermal ≥ 40% ≥ 60% Solar ≥ 40% ≥ 60% Storage ≥ 55% ≥ 75% 1. The % refers to minimum share of manufactured product costs not sourced from Foreign Entities of Concern (FEOC). Signed July 4, 2025 FEOC RULES FEOC DEFINITIONS • Broader scope includes SFEs and FIEs (material assistance, control) EFFECTIVE DATES • Material assistance rules apply post-Dec 2025; FEOC active 2026+

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11COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. REGULATORY BOOST FINANCIAL IMPACT OF IRA 1. Tax rate excludes any changes in law and/or one-time events 2. Heber complex tax equity transaction of approximately $77 million, cash ITC of approx. $74 million and PTC transfer of approx. $16 million. 12.8 11.7 7.0 2.7 Q3 2024 Q3 2025 Transferable PTC Tax benefits related to tax equity transaction 14.4 19.8 Q3 2025 INCOME ATTRIBUTABLE TO SALE OF TAX BENEFITS ($M) 2025 OUTLOOK $50.4 million benefit on an annual basis expected to be recorded proportionally throughout the year out of which $33.8 million is already recorded through Q3 2025 Expected to result in an annual tax rate1 benefit of 5% to 15% ~$167 million2 cash proceeds from tax benefits on annual basis for both tax equity transactions and PTC/ITC transfers INCOME TAX (PROVISION) BENEFIT $9.5 million ITC was recorded

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12COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. CASH POSITION Dec. 31, 2024 September 30, 2025 463 Tax equity transaction 203 89 Debt Repayment206 Proceeds from Debt raises, net 475 206 Dividend 230 Non- Controlling & Others 22 110 17 Others Investment in CapEx (1) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS ($M) $254M Cash from project finance debt and tax credits Successfully raised in Q3 2025 4.80% Weighted average interest rate on total debt M&A Cash from operating activities 3 (1) Includes $15 million for maintenance CapEx.

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13COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. STRONG CAPITAL POSITION 1. Cash, cash equivalents, restricted cash and available lines of credit as of September 30, 2025 2. For details on CapEx please see appendix slides 3. For key financial results and non–GAAP financial measures reconciliation please see the appendix slides 49% Net debt to capitalization3 4.4x Net debt to Adj. EBITDA3 $140M Expected CapEx Q4 20252 $667M Total liquidity1 $230M 9M 2025 cash from operation $2.5B Net debt3 as of September 30 , 2025

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02 BUSINESS PERFORMANCE BY SEGMENT Electricity | Storage | Product

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15COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 1,268 MW PORTFOLIO1,2 974 150 59 70 U.S. Kenya Indonesia Guadeloupe Guatemala & Honduras ELECTRICITY SEGMENT 1. Include Ormat’s 12.75% share in Sarulla complex and 49% share in Ijen complex 2. Includes 128MW of Solar PV and 50MW of REG 15 ~200MW Under development by year end 2027 • 121MW geothermal • 78MW solar PV 20MW Added from recent acquisition: • Blue Mountain ~250MW PPAs under negotiation with hyperscalers and data centers with energy rates above $100/MWh $77million Tax partnership Heber 1 & 2 to monetized tax credits

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16COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. ELECTRICITY UPDATES US OPERATIONAL UPDATE BLUE MOUNTAIN ACQUISITION Acquired 20 MW Blue Mountain geothermal power plant• contributed $2.9 million to Q3 revenues DIXIE VALLEY, NV Plant was back to full operation and contributed $4.0 million higher revenues vs Q3 2024 PUNA, HAWAII Lower energy rates due to lower oil prices caused to $3.2 million lower revenues vs last year CURTAILMENTS, NV Continued maintenance work on the NV Energy transmission line STILLWATER, NV Ongoing maintenance work as preparation for the upgrade IMPERIAL VALLEY, CA September storm-related grid failure negatively impacted Ormesa and Heber revenues and gross margins TOPP 2 Customer decided to exercise its option to buy the power plant once in operation If transfer of asset will be closed, revenue recognition will be under Product segment in Q1 2026 GEECA AGREEMENTS Signed two geothermal exploration licenses and PPAs with PLN in Indonesia 40 MW geothermal capacity • Ormat to undertake exploration drilling, finance, design, construct, install, and operate the power plant • BOT basis with 23-year operating term • PLN reimburses successful drilling costs • PLN has an option to acquire up to 30% equity

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17COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 60% 31% 3% 3% 3% Oceania Asia North America Central America Europe Others $31 $54 $148 $152 $340 $$314 $263 $295 Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 Q1'25 Q2'25 Q3'25 PRODUCT BACKLOG BACKLOG ($M) 3RD PARTY CONTRACTS ~$295M Backlog1 79% Increase vs. Q3 2024 1. Backlog as of November 3rd, 2025. The backlog Includes revenues for the period between October 1st, 2025, and November 3rd, 2025 Salak, Indonesia, 15MW GEOGRAPHIC BREAKDOWN

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18COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. ENERGY STORAGE OPERATION $10.1 $6.3 $9.6 $3.2 $0.7 $0.3 Q3 2025 Q3 2024 $10.3 $7.4 $10.1 $2.4 Q3 2025Q3 2024 $20.4 $9.8 1 350MW/778MWh 3 2 CA 135MW/500MWh East Coast1 120MW/120MWh TX 93MW/153MWh VT 2MW/5MWh 4 1 3 2 4 STORAGE REVENUES BREAKDOWN BY TYPE AND REGION ($M) Merchant Fixed East Coast California Texas 1. East coast market includes PJM, ISO-NE, NYISO and SERC CURRENT OPERATING PORTFOLIO 39.4% Gross margin increased by +1,920 bp vs. Q3 2024 +60% PJM increase +108% Total increase +200% California increase 60MW/120MWh Lower Rio - COD $9.2 million Revenues from new facilities that came online in 2024 and 2025. 45% of Bottleneck’s annual revenues are recorded in the third quarter

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03 STRATEGIC GROWTH INITIATIVES

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20COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 1,120 1,360-1,460 128 290 290 950-1,050 2024 2028E YE ROBUST GROWTH PLAN1 1.5GW 2.6-2.8GW Geothermal Solar PV Storage CAPACITY (MW/GW) 1. This growth plan is subject to obtaining all permits and regulatory approvals required as well as completing the development and construction of these power plants as planned. 15%-17% CAGR 2024-2028E Electricity segment (MW) +402-502 Energy Storage segment (MW) +660-760

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21COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. GEOTHERMAL DEVELOPMENT Project Projected Capacity (MW) Expected COD PPA Indonesia – Ijen 17(1) Q1 2025 ✓ Blue Mountain – New M&A 20 Q2 2025 ✓ Still Water – upgrade 5 Q4 2025 ✓ New Zealand – Topp 22 50 Q1 2026 ✓ Dominica 10 Q1 2026 ✓ Salt Wells – upgrade 5 Q2 2026 ✓ Guadeloupe- Bouillante 10 Q2 2026 ✓ Cove Fort – upgrade 7 Q2 2026 ✓ Guatemala – Zunil 5 2026 ✓ Heber complex expansion – New 25 H2 2027 ✓ Blue Mountain expansion – New M&A 3.5 H1 2027 ✓ U.S – Dixie Meadows 12 Suspended ✓ 1. Ormat’s share 2. Ormat recently received an option exercise notice from the customer to acquire the power plant. We expect to sign the agreement in Q4 2025, or Q1 2026. Commercial operation was completed 121MW Under development across 9 projects

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22COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. SOLAR DEVELOPMENT Project Projected Capacity (MW) Expected COD PPA U.S. – Beowawe Solar 6 Q1 2025 ✓ U.S. – Arrowleaf 42 Q4 2025 ✓ U.S. – McGinness Hills Solar 14 End of 2026 ✓ Heber Complex expansion – New 22 H2 2027 ✓ Commercial operation was completed 78MW Under development across 3 projects

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23COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. ENERGY STORAGE DEVELOPMENT Arrowleaf Storage and Solar PV, CA, USA 325MW / 1,180MWh Under development across 5 projects 1. Based on current treasury guidance, expect to be transferred to third part at discount Project Projected Capacity (MW) Projected MWh ITC%1 Expected COD PPA Battery Status TX – Lower Rio 60 120 40% Q3 2025 Installed CA – Arrowleaf 35 140 30% Q4 2025 Full Tolling Installed CA – Shirk 80 320 40% Q1 2026 Merchant & RA contract Installed TX – Bird Dog 60 120 40% Q2 2026 Already in the U.S Israel – two high voltage projects 150(2) 600(2) - 2028 Full Tolling Commercial operation was completed Secured safe harbor for approx. 1.7 GWh. Progressing in securing additional approx. 1.5 GWh

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24COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. ENERGY STORAGE PIPELINE 2.8GW / 10.2GWh potential capacity of U.S. storage pipeline 26 Named prospects 1,132 580 442 400 200 California WECC Others Texas East Coast1 GEOGRAPHICAL BREAKDOWN (MW) Bottleneck storage facility, CA, USA 1. East coast market includes PJM, ISO-NE, NYISO and SERC

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25COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. EGS TECHNOLOGIES – STEPS FORWARD ADDITIONAL RESOURCES Appointed senior management for exploration & drilling and EGS Restructure of exploration and drilling department TECHNOLOGY DEVELOPMENT Sage investment and pilot SLB - Pilot PRODUCT OPPORTUNITIES Ormat’s Binary technology solutions for EGS market Signed an agreement with SLB to jointly develop a pilot at an Ormat power plant, with the goal of scaling EGS solutions to enable wide-scale EGS adoption Signed a strategic agreement with Sage Geosystems to pilot next- generation geothermal technology in one of our existing power plants

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26COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. Total revenues $960-980 vs $880 actual in YE 2024 Electricity $700-705 vs $702 actual in YE 2024 Products $190-200 vs $140 actual in YE 2024 Storage $70-75 vs $38 actual in YE 2024 Adjusted EBITDA (2) $575-593 vs $550 actual in YE 2024 2025 GUIDANCE & 2028 GROWTH TARGETS1 1. This growth Subject to permits, regulatory approvals, and successful project completion 2. For key financial results and non–GAAP financial measures reconciliation please see the appendix slides. 2025 Guidance ($M) REVENUES ($M) 2024 2025 Guidance2028E Run Rate 1,200-1,250 880 960-980 2024 2025 Guidance 2028E Run Rate 550 775-825 575-593 ADJUSTED EBITDA ($M)2 9.8% CAGR 2024-2028E 8.6% CAGR 2024-2028E

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27COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. Q3 2025 ACCOMPLISHMENTS RECAP STRONG FINANCIAL RESULTS Driven by improved performance of the Product and Storage segments offset by several temporary negative impacts in the Electricity segments GROWTH TRAJECTORY Continued multi-year growth path with approx. 200MW under development in the Electricity segment and 325MW/1,180MWh in the Storage segment FUNDING FOR FUTURE DEVELOPMENT Secured in the third quarter $254 million from tax equity transactions and project financing to support development of new projects SUPPORTIVE NEW POLICY The OBBB extends PTC and ITC to receive a 100% tax credit for geothermal and energy storage projects starting construction by December 31, 2033 EGS Engaged in two strategic agreements, one with SLB and the second with Sage, to advance our EGS development in the US TRGETING IMPROVED PROFITABILITY Higher PPA pricing and tolling agreements, will improve profitability for Ormat. Signed one PPA in early 2025 and negotiating approx. 250MW at over $100 per MWh 01 02 03 04 05 06

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04 SUSTAINABILITY PROGRESS

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29COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. SUSTAINABILITY UPDATE 2024 SUSTAINABILITY REPORT REPORTING REQUIREMENTS Advancing alignment with the California Climate Rule and TCFD framework BOARD DIVERSITY Achieved 50% female representation on the Board AVOIDED EMISSIONS Ormat’s operations avoided approx. 2,488,811 tCO2e in 2024– More than 11 times our Scope 1 and 2 emissions CDP RATING Maintained a ‘B’- ‘Management’ score, reflecting ongoing climate risk management The 2024 Sustainability Report was published in early September

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SUMMARY AND Q&A

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THANK YOU COMMITTED TO CONTINUED PROFITABLE GROWTH IR@ORMAT.COM

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32COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. PAYMENT OF PRINCIPAL DUE BY PERIOD ($M)1,2,3 AVERAGE INTEREST RATE: 4.79% 1. Before classification of deferred financing costs in the amount of $21.3 2. We assume lines of credit are renewed 3. Not including short –term LOC and commercial papers ($ millions) Q4-2025 Year 2025 Long-Term non-recourse & limited recourse debt 24.2 24.2 Long Term Loans Full Recourse 37.3 37.3 Finance Liability - - Total $61.5 $61.5 Remaining Total 2025 2026 2027 2028 2029 Thereafter Long-Term non-recourse & limited recourse debt 758.7 24.2 79.5 81.6 84.7 85.4 403.3 Long Term Loans Full Recourse 1,158.0 37.3 201.8 201.8 229.2 203.4 284.4 Finance liability 216.4 - 9.7 8.5 8.7 11.9 177.6 Convertible senior notes 476.4 - - 476.4 - - - Total $2,609.5 $61.5 $291.0 $768.3 $322.6 $300.7 $865.3

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33COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. CAPEX FOR 2025 ($M) ACTUAL INVESTED IN 9M 2025 TOTAL CAPEX FOR Q4 2025 TOTAL CAPEX FOR 2025 Electricity Segment 266 100 366 Construction & Enhancements – fully released 130 30 160 Development enhancement, drillings and Exploration 57 55 112 Maintenance CapEx 79 15 94 Storage Segment 197 34 231 Product Segment 14 6 20 Total 478 140 622 1. Excludes BD investments 2. Excludes non-cash items, assets retirement obligation and exchange rate

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34COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. P&L HIGHLIGHTS Q3 2025 Q3 2024 Change (%) 9M 2025 9M 2024 Change (%) GAAP MEASURES Revenues ($M) Electricity 167.1 164.6 1.5 % 507.3 522.1 (2.8) % Product 62.2 37.4 66.6 % 153.6 100.0 53.6 % Energy Storage 20.4 9.8 108.1 % 52.6 26.8 96.5 % Total Revenues 249.7 211.8 17.9 % 713.5 648.9 10.0 % Gross Profit ($ millions) 64.0 58.9 8.8 % 193.9 199.1 (2.6) % Gross margin (%) Electricity 25.4% 30.2% -480 bp 27.9% 34.5% -660 bp Product 21.7% 19.2% +250 bp 24.1% 16.0% +810 bp Energy Storage 39.4% 20.2% +1,920 bp 28.9% 11.5% +1,740 bp Gross margin (%) 25.6% 27.8% -220 bp 27.2% 30.7% -350 bp Operating income ($M) 40.4 35.7 13.3 % 126.7 123.4 2.7 % Net income attributable to the Company’s stockholders 24.1 22.1 9.3 % 92.5 82.9 11.6 % Diluted EPS ($) 0.39 0.36 8.3 % 1.51 1.37 10.2 % NON-GAAP MEASURES(1) Adjusted Net income attributable to the Company’s stockholders 24.9 26.3 (5.3) % 95.5 90.2 5.9 % Adjusted Diluted EPS ($) 0.41 0.42 (2.4) % 1.56 1.49 4.7 % Adjusted EBITDA1 ($M) 138.4 137.7 0.6 % 423.3 405.0 4.5 %

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35COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. RECONCILIATION OF EBITDA AND ADJUSTED EBITDA (DOLLARS IN THOUSANDS) We calculate EBITDA as net income before interest, taxes, depreciation, amortization and accretion. We calculate Adjusted EBITDA as net income before interest, taxes, depreciation, amortization and accretion, adjusted for (i) mark-to-market gains or losses from accounting for derivatives not designated as hedging instruments; (ii) stock-based compensation; (iii) merger and acquisition transaction costs; (iv) gain or loss from extinguishment of liabilities; (v) costs related to a settlement agreement; (vi) non-cash impairment charges; (vii) write-off of unsuccessful exploration and storage activities; and (viii) other unusual or non-recurring items. We adjust for these factors as they may be non-cash, unusual in nature and/or are not factors used by management for evaluating operating performance. We believe that presentation of these measures will enhance an investor’s ability to evaluate our financial and operating performance. EBITDA and Adjusted EBITDA are not measurements of financial performance or liquidity under accounting principles generally accepted in the United States, or U.S. GAAP, and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net earnings as indicators of our operating performance or any other measures of performance derived in accordance with U.S. GAAP. Our Board of Directors and senior management use EBITDA and Adjusted EBITDA to evaluate our financial performance. However, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do. The table above reconciles net income to EBITDA and Adjusted EBITDA for the for the three and nine-month periods ended September 30, 2025, and 2024. Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net income 24,708 24,301 93,941 88,616 Adjusted for: Interest expense, net (including interest income and amortization of deferred financing costs 34,051 32,771 101,964 93,012 Income tax provision (benefit) (4,283) (1,193) (13,544) (4,518) Adjustment to investment in unconsolidated companies: our proportionate share in interest expense, tax and depreciation and amortization in Sarulla and Ijen 3,580 5,903 10,857 12,673 Depreciation, amortization and accretion 73,239 65,885 213,071 190,244 EBITDA 131,295 127,667 406,289 380,027 Mark-to-market (gains) or losses of derivative instruments 1,198 (409) (1,206) 870 Stock-based compensation 4,941 5,042 14,473 14,887 Allowance for bad debt 158 121 210 342 Impairment of long-lived assets — 323 — 1,280 Merger and acquisition transaction costs 479 80 1,488 1,379 Settlement agreement — 4,750 900 4,750 Write-off of unsuccessful exploration and storage activities 377 77 1,144 1,456 Adjusted EBITDA 138,448 137,651 423,298 404,992

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36COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. RECONCILIATION OF ADJUSTED NET INCOME ATTRIBUTABLE TO THE COMPANY’S STOCKHOLDERS AND ADJUSTED EPS Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (in millions, except for EPS) GAAP Net income attributable to the Company's stockholders 24.1 22.1 92.5 82.9 Write-off of unsuccessful exploration and storage activities 0.3 0.26 0.9 1.15 Impairment of long-lived assets - 0.06 - 1.01 Merger and acquisition transaction costs 0.4 0.06 1.18 1.09 Allowance for bad debts 0.1 0.10 0.17 0.27 Legal fees related to a settlement agreement - 3.75 0.71 3.75 Adjusted Net income attributable to the Company's stockholders $24.9 $26.3 $95.5 $90.2 GAAP diluted EPS 0.39 0.36 1.51 1.37 Write-off of unsuccessful exploration and storage activities 0.01 0.00 0.02 0.02 Impairment of long-lived assets - - - 0.02 Merger and acquisition transaction costs 0.01 0.00 0.02 0.02 Allowance for bad debts 0.00 0.00 0.00 0.00 Legal fees related to a settlement agreement - 0.06 0.01 0.06 Adjusted Diluted EPS $0.41 $0.42 $1.56 $1.49 We calculate Adjusted Net Income and Adjusted Diluted EPS as Net Income Attributable to the Company's Stockholders and Diluted EPS, respectively, adjusted for costs that are unusual or non-recurring in nature. We adjust for these factors as they may be non-cash or unusual in nature and/or are not factors used by management for evaluating operating performance. We believe that presentation of these measures will enhance an investor’s ability to evaluate our financial and operating performance. The use of Adjusted Net income attributable to the Company's stockholders and Adjusted EPS is intended to enhance the usefulness of our financial information by providing measures to assess the overall performance of our ongoing business. The tables reconciles Net income attributable to the Company's stockholders and Adjusted EPS for the three- and nine-month periods ended September 30, 2025, and 2024.

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37COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES September 30, 2025 Cash and cash equivalents, marketable securities and Restricted cash (in millions $) Cash and cash equivalents 80 Restricted cash and cash equivalents 126 Total cash and cash equivalents, marketable securities and Restricted cash (in millions $) 206 current portion: Short term revolving credit lines with banks (full recourse) 35 Commercial paper 100 Limited and non-recourse 79 Full recourse 202 Financing liabilities 10 Total current portion of long-term debt: 426 Long-term debt, net of current portion: Limited and non-recourse: 664 Full recourse 952 Convertible senior notes 472 Financing liabilities 207 Total long-term debt, net of current portion: 2,295 Total Debt 2,721 Full recourse 1,761 Limited and non-recourse 743 Financing liabilities 217 Total Debt 2,721 Net Debt (in millions) 2,515 Total Equity 2,643 Net Debt to Capitalization (Total Equity) (%) 49% Net Debt (in millions) 2,515 LTM Adjusted EBITDA (in millions) 569 Net Debt to Adjusted EBITDA1 (x) 4.4x

Slides