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Q4 & YE 2025 EARNINGS CALL ORMAT TECHNOLOGIES, INC. FINANCIAL PERFORMANCE AND STRATEGIC UPDATES
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2COPYRIGHT © 2026 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”, “intends”, “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 © 2026 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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3COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. AGENDA Key Financial Results & Recent Developments01 Business Performance by Segment02 Strategic Growth Initiatives03 Sustainability Progress 04
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4COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 2025 AND RECENT DEVELOPMENT HIGHLIGHTS ELECTRICITY PRODUCT ENERGY STORAGE ~109% Revenues growth YoY 95 MW / 260 MWh of new capacity Lower Rio and Arrowleaf COD Higher revenue and improved margins for Q4 and FY 2025 High merchant prices in PJM Portfolio expansion (M&A( Hoku (solar + storage, HI) +5.7% Adj. EBITDA growth YoY +12.5% Revenue increase YoY ~55% revenues growth YoY Backlog - $352 million2 Strong revenue and margins Q4 and FY 2025 TOPP 2 ~$100 million revenue to be recognized in Q1 2026 under product revenues ~200MW of new PPAs • PPAs with Google & Switch • Blend and Extend structures in NV Indonesia development • Telaga Ranu award • Two GEECAs agreements with PLN • Ijen COD1 EGS development • SLB - pilot preparation • Sage - completed $25 million equity investment Portfolio expansion (M&A( • Blue Mountain (geothermal, NV) Raised $555 million of corporate debt and project financing Collected $181 million funds from the sale of tax credits 1. Ormat's share 17MW 2. Backlog as of February 25th, 2026. The backlog Includes revenues for the period between January 1st, 2026, and February 25th, 2026
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01 KEY FINANCIAL RESULTS & RECENT DEVELOPMENTS
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6COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. Revenue Gross Margin Adjusted EBITDA(1) EPS/Adj. EPS(1),(2) FINANCIAL RESULTS FY 20252 $989.6M +12.5% 27.6% (340) bps $2.02/$2.24 (1.0)% / +1.8% $582.0M +5.7% Q4 20252 $276.0M +19.6% 28.6% (330) bps $0.50/$0.67 (25.4)% / (6.9)% $158.7M +9.1% 1. For key financial results and non-GAAP financial measures reconciliation, please see the appendix slides. 2. Comparison vs the same period 2024 3. EPS refers to earnings per diluted share. 4. Net income attributable to the Company's stockholders for the fourth quarter and FY 2025 was $31.4M and $123.9M, respectively, compared to $40.8M and $123.7M in the fourth quarter and FY 2024, respectively. 5. Adjusted net income attributable to the Company's stockholders for the fourth quarter and FY 2025 was $41.8M and $137.3M, respectively, compared to $43.6M and $133.7M in the fourth quarter and FY 2024, respectively.
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7COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 67% Electricity 23% Products 10% Storage Total Electricity Products Storage FINANCIAL RESULTS BY SEGMENT FY 2025 REVENUE1 $989.5M +12.5% $693.9M (1.2)% $216.7M +55.2% $79.0M +109.3% 2025 REVENUE BY SEGMENT 70% Electricity 22% Products 8% Storage 1. Comparison vs the same period in 2024 Q4 2025 REVENUE1 $276.0M +19.6% $186.6M +3.6% $63.1M +59.1% $26.3M +140.5% Q4 2025 REVENUE BY SEGMENT
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8COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. Total Electricity Products Storage GROSS MARGIN BY SEGMENT 1. Comparison vs the same period in 2024 FY 2025 GROSS MARGIN1 27.6% (340) bps 28.5% (610) bps 21.2% +280 bps 36.4% +2,550 bps Q4 2025 GROSS MARGIN1 28.6% (330) Bps 30.2% (470) Bps 14.2% (1,030) bps 51.5% +4,200 bps
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9COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. ~$181 million2 cash proceeds from tax benefits on annual basis for both tax equity transactions and PTC/ITC transfers REGULATORY BOOST FINANCIAL IMPACT OF OBBBA 1. Tax rate excludes any changes in law and/or one-time events 2. Heber complex tax equity transaction of approximately $81 million, cash ITC of approx. $82 million and PTC transfer of approx. $18 million. $11.6 $16.7 Q4 2024 Q4 2025 $18.5$20.0 Q4 and FY 2025 OUTLOOK 2026 TAX CREDITS MONETIZATION $90 million proceeds are expected in full year 2026 $10.5 million ITC was recorded in Q4 $44.2 million ITC was recorded in FY 2025 $65 million ITC benefit is expected to be recorded proportionally throughout 2026 and is expected to result in an annual positive (income) tax rate1 of 15% to 20%. 2025 TAX CREDITS MONETIZATION $49.6 $59.4 $23.4 $7.3 FY 2024 FY 2025 $66.7$73.1 Income attributable to sale of tax benefits ($M) Income tax benefit Transferable PTC Tax benefits related to tax equity transaction
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10COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. CASH POSITION Dec. 31, 2024 December 31, 2025 629 Tax equity transaction 286 89 Debt Repayment206 Proceeds from Debt raises, net 620 281 Dividend 335 Non- Controlling & Others 29 152 27 Others Investment in CapEx (1) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS ($M) $165M Cash from corporate and project finance debt and tax credits successfully raised in Q4 2025 4.8% Weighted average interest rate on our portfolio debtM&A Cash from operating activities 10 (1) Includes $105 million for maintenance CapEx.
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11COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. STRONG CAPITAL POSITION 1. Cash, cash equivalents, restricted cash and available lines of credit as of December 31, 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 $675M Expected CapEx FY 20262 $680M Total liquidity1 as of of December 31, 2025 $335 Full year 2025 cash from operations $2.5B Net debt3 as of of December 31, 2025
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02 BUSINESS PERFORMANCE BY SEGMENT Electricity | Storage | Product
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13COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 1,340 MW PORTFOLIO1,2 1,046 150 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 200MW of Solar PV and 50MW of REG 3. Pending final approvals 15 149MW Under construction and development – COD end of 2027 • 101 MW geothermal • 48 MW solar PV 72MW Of new solar PV capacity • Arrowleaf COD first hybrid facility in California – Q4/25 • Hoku acquired hybrid facility in Hawaii – Q1/26 ~200MW 163MW Signed PPAs with hyperscalers and data centers, and 40MW “blend & extend” PPAs, commercially agreed³ at attractive PPA prices
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14COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. M&A UPDATE 14COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. HOKU ACQUISITION – HAWAII • Acquired 30MW solar plus 30MW/120MWh storage facility - $80.5 million purchase price • Fully operational - COD in March 2025 • 25-year PPA with HECO at fixed- price BLUE MOUNTAIN, NEVADA • Acquired in June 2025 • $6.6 million revenue contribution in 2025 • Geothermal upgrade and Solar PV addition are expected in 2027 STRATEGIC GROWTH & PORTFOLIO EXPANSION STRATEGIC GROWTH & PORTFOLIO EXPANSION
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15COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. ELECTRICITY UPDATES INDONESIA UPDATE TELAGA RANU – CONCESSION AWARD • Through competitive tender • Located in high feed-in tariff zone • 40 MW geothermal capacity GEECA AGREEMENTS (PLN) • Signed two GEECA agreements (Songa Wayaua & Atadei) • Up to 40MW total geothermal capacity (2×20MW) • BOT structure with 23-year term • PLN reimburses successful drilling costs • PLN option to acquire up to 30% equity 182MW ARE CURRENTLY UNDER DEVELOPMENT IN INDONESIA BEOWAWE, NEVADA • Repower project commenced commercial operation in Q2 2024 • $5.4 million full-year revenue increase DIXIE VALLEY, NEVADA • Returned to full operation • ~$8.9M higher annual revenue (net of curtailments) PUNA, HAWAII • Temporary generation reduction due to wellfield challenges • Lower energy rates in 2025 • $13.9 million full-year revenue reduction vs 2024 US OPERATIONAL UPDATE 15COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. CURTAILMENTS IN THE U.S • Continued transmission-related curtailments in 2025 • ~$18.6M full-year revenue impact • Expected to lessen in 2026 US OPERATIONAL UPDATE
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16COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. NEW CONTRACTS DRIVEN BY DATA CENTERS DEMAND Switch - PPA (Nevada) • Signed 20-year PPA for ~13MW from Salt Wells • Deliveries expected to begin in 2030 following major facility upgrade • Optional ~7MW solar PV addition to support auxiliary load • Planned major upgrade to the Salt Wells facility Google – Portfolio PPA (Nevada) • Signed 15-year portfolio PPA for up to 150MW of new geothermal capacity • Multi-project structure supporting data center growth • Energy deliveries expected from new power plants commencing operations between 2028–2030 • Subject to Nevada PUC approval PPAs for ~200MW at attractive prices “Blend and Extend” PPAs (Nevada) • Agreed on two PPAs with approximately 40MW • Extend the original PPAs expiration date • Improve revenues by $20 - $30 per MWh beginning 2027. • PPAs are pending final approvals
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17COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 68% 26% 1% 4% 1% Oceania Asia North America Central America Europe Others $31 $54 $148 $152 $340 $314 $263 $295 $352 PRODUCT BACKLOG BACKLOG ($M) 3RD PARTY CONTRACTS ~$352M Backlog1,2 19% Increase vs. Q3 2025 1) Backlog as of February 25th, 2026. The backlog Includes revenues for the period between January 1st, 2026, and February 25th, 2026 2) Includes Topp 2 that its revenues will be recorded in Q1 Salak, Indonesia, 15MW GEOGRAPHIC BREAKDOWN
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18COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. $11.0 $26.3 ENERGY STORAGE OPERATIONS $0.3 $0.9 $4.0 $5.3 $6.7 $20.1 Q4 2024 Q4 2025 $20.2 $7.1 $6.1 $3.9 Q4 2025Q4 2024 1 415MW/1,038MWh 3 2 CA 170MW/640MWh East Coast1 122MW/125MWh TX 93MW/153MWh HI 30MW/120MWh 1 3 2 4 STORAGE REVENUES BREAKDOWN BY TYPE AND REGION ($M) Merchant Fixed East Coast California Texas 1. East coast market includes PJM, ISO-NE, NYISO and SERC CURRENT OPERATING PORTFOLIO 51.5% Q4 gross margin Driven by high merchant prices at the PJM market +140% Total increase 35MW/140MWh Arrowleaf COD Ormat’s first solar-plus-storage facility $22.3million Additional revenues in 2025 from new facilities that came online in 2024 and 2025. +199% PJM increase 30MW/120MWh Hoku acquisition Ormat’s second solar-plus- storage facility — first in Hawaii 4
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03 STRATEGIC GROWTH INITIATIVES
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20COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 1,140 1,360-1,460 170 290 385 950-1,050 2025 2028E YE ROBUST GROWTH PLAN1 ~1.7GW 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%-18% CAGR 2025-2028E Electricity segment (MW) +340-440 Energy Storage segment (MW) +565-665
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21COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. GEOTHERMAL DEVELOPMENT Project Projected Capacity (MW) Expected COD PPA Indonesia – Ijen 17(1) Q1 2025 ✓ Blue Mountain – M&A 22 Q2 2025 ✓ Dominica 10 Q1 2026 ✓ Salt Wells – upgrade 5 Q2 2026 ✓ Cove Fort – upgrade 7 Q2 2026 ✓ Guadeloupe- Bouillante 10 Q3 2026 ✓ Still Water – upgrade 3 Q4 2026 ✓ Guatemala – Zunil 5 2027 ✓ Blue Mountain expansion 3.5 H1 2027 ✓ Heber 2 -complex expansion 27 H2 2027 ✓ Greenfield – NEW 30 End of 2027 ✓ U.S – Dixie Meadows 12 Suspended ✓ 1. Ormat’s share Commercial operation was completed North Valley complex, NV, USA 101 MW Under development across 9 projects by end of 2027 Amatitlan, Guatemala
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22COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. SOLAR DEVELOPMENT Project Projected Capacity (MW) Expected COD PPA U.S. – Beowawe Solar 6 Q1 2025 ✓ U.S. – Arrowleaf solar 42 Q4 2025 ✓ U.S. – Hoku solar – NEW M&A 30 Q1 2026 ✓ U.S. – McGinness Hills Solar 14 Q4 2026 ✓ U.S. – Blue Mountain solar – NEW 12 2027 ✓ U.S. – Heber Complex expansion solar 22 H2 2027 ✓ Commercial operation was completed 48 MW Under development across 3 projects by end of 2027 North Valley complex, NV, USA
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23COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. ENERGY STORAGE DEVELOPMENT Shirk Storage facility, CA, USA410MW / 1,540MWh Under development Across 6 projects Project Projected Capacity (MW) Projected MWh ITC%1 Expected COD PPA Battery Status TX – Lower Rio 60 120 40% Q3 2025 Merchant Installed CA – Arrowleaf 35 140 30% Q4 2025 Full Tolling Installed HI – Hoku – NEW M&A 30 120 - Q1 2026 Full Tolling Installed CA – Shirk 80 320 40% Q1 2026 Merchant & RA contract Installed TX – Bird Dog 60 120 40% Q3 2026 Merchant Installed CA - Griffith 100 400 50% 2027 TBD Negotiations Israel – Rosh Pina & Bet Alpha 1502 6002 - 2028 Full Tolling Negotiations Israel – Bror Hail 202 1002 - 2028 Merchant Negotiations 1. Based on current treasury guidance, expect to be transferred to third part at discount 2. Ormat’s share Commercial operation was completed Secured safe harbor for approximately 3.1 GWh of future development
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24COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. ENERGY STORAGE PIPELINE 2.7GW / 10.0GWh potential capacity of U.S. storage pipeline 26 Named prospects 1,068 554 480 400 200 California Others WECC 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 © 2026 ORMAT TECHNOLOGIES, INC. EGS DEVELOPMENT - MULTIPLE PATHS TO SUCCESS TECHNOLOGY-AGNOSTIC STRATEGY ENGAGING WITH MULTIPLE NEXT-GEN SOLUTIONS SLB Collaboration • Strategic agreement to fast-track integrated geothermal & EGS • EGS pilot – site was selected; in preparation to start • Joint scale-up toward commercial EGS deployment Sage Strategic Partnership • Commercial pilot at an existing Ormat facility • $25M equity investment (Series B co-lead) • Advancing next-generation geothermal commercialization • Expanding Ormat’s EGS portfolio and technology capabilities 25COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. Product segment opportunities • Competitive advantage in the emerging EGS market with the proprietary binary on- surface plant technology • Equipment sales to 3rd party developers
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26COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. Total revenues $1,110-1,160 vs $990 actual in YE 2025 Electricity $715-730 vs $694 actual in YE 2025 Products $300-320 vs $217 actual in YE 2025 Storage $95-110 vs $79 actual in YE 2025 Adjusted EBITDA (2) $615-645 vs $582 actual in YE 2025 2026 GUIDANCE & 2028 GROWTH TARGETS1 1. This growth is subject to permits, regulatory approvals, and successful project completion 2. For key financial results and non–GAAP financial measures reconciliation please see the appendix slides. 2026 Guidance ($M) REVENUES ($M) 2025 2026 Guidance 2028E Run Rate $1,200-1,250 $990 $1,110-1,160 2025 2026 Guidance 2028E Run Rate $582 $775-825 $615-645 ADJUSTED EBITDA ($M)2 11.2% CAGR 2025-2028E 7.4% CAGR 2025-2028E +14.6% +42.8%+4.1% +29.7% +8.2%
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27COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 2026 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. 149MW under development in the Electricity segment and 410MW / 1,540MWh in the Storage segment SUPPORTIVE POLICY The OBBBA extends PTC and ITC to receive a 100% tax credit for geothermal and energy storage projects starting construction by December 31, 2033 Secured ITC Safe Harbor covering 995 MW/ 3,080 MWh of total energy storage capacity. EGS Engaged in two strategic agreements, with SLB and Sage, to advance our EGS development in the U.S., and completed a $25 million equity investment in Sage to support further EGS expansion. 01 02 FUNDING FOR FUTURE DEVELOPMENT Raised $555 million of corporate and project debt and collected $181 million from tax equity transactions and ITC/PTC transfers 0604 05 LONG-TERM CONTRACTED GROWTH ~200MW of long-term PPAs with Google, Switch and “blend and extend” PPAs, reflecting market demand and enhancing long-term contracted revenue visibility. 03
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04 SUSTAINABILITY PROGRESS
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29COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. SUSTAINABILITY UPDATE 2024 SUSTAINABILITY REPORT REPORTING REQUIREMENTS Advancing alignment with the California Climate Rule and TCFD framework BOARD DIVERSITY Achieved 50% female representation on the Board AVOIDED EMISSIONS Ormat’s operations avoided approx. 2,488,811 tCO2e in 2024 - More than 11 times our Scope 1 and 2 emissions CDP RATING Maintained a ‘B’- ‘Management’ score, reflecting ongoing climate risk management The 2025 Sustainability Report will be published in Q3’26
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SUMMARY AND Q&A
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THANK YOU COMMITTED TO CONTINUED PROFITABLE GROWTH IR@ORMAT.COM
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32COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. PAYMENT OF PRINCIPAL DUE BY PERIOD ($M)1,2,3 AVERAGE INTEREST RATE: 4.8% 1. Before classification of deferred financing costs in the amount of $28.1 2. We assume lines of credit are renewed 3. Not including short –term and LOC commercial papers ($ millions) Q1-2026 Q2-2026 Q3-2026 Q4-2026 Year 2026 Long-Term non-recourse & limited recourse debt 18.3 20.5 16.7 24.5 79.9 Long Term Loans Full Recourse 51.4 71.4 51.3 40.1 214.2 Finance Liability 2.6 - 7.1 - 9.7 Total $72.3 $91.9 $75.1 $64.6 $303.8 Remaining Total 2026 2027 2028 2029 2030 Thereafter Long-Term non-recourse & limited recourse debt 740.9 79.9 82.0 85.1 85.7 78.0 330.2 Long Term Loans Full Recourse 1,227.4 214.2 214.1 241.4 215.6 124.4 217.7 Finance liability 216.4 9.7 8.5 8.7 11.9 9.3 168.3 Convertible senior notes 476.4 - 476.4 - - - - Total $2,661.1 $303.8 $780.9 $335.1 $313.3 $211.7 $716.2
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33COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. CAPEX ($M) ACTUAL INVESTED IN 2025 TOTAL CAPEX FOR 2026 Electricity Segment 392 465 Construction & Enhancements – fully released 183 240 Development enhancement, drillings and Exploration 105 170 Maintenance CapEx 105 55 Storage Segment 203 180 Product Segment 20 10 EGS pilot - 10 BD 10 10 Total 625 675 1. Excludes non-cash items, assets retirement obligation and exchange rate
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34COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. P&L HIGHLIGHTS Q4 2025 Q4 2024 Change (%) 2025 2024 Change (%) GAAP MEASURES Revenues ($M) Electricity 186.6 180.1 3.6 % 693.9 702.3 (1.2) % Product 63.1 39.6 59.1 % 216.7 139.7 55.2 % Energy Storage 26.3 11.0 140.5 % 79.0 37.7 109.3 % Total Revenues 276.0 230.7 19.6 % 989.6 879.7 12.5 % Gross Profit ($ millions) 78.8 73.6 7.2 % 272.7 272.7 0.0 % Gross margin (%) Electricity 30.2% 34.9% 28.5% 34.6% Product 14.2% 24.5% 21.2% 18.4% Energy Storage 51.5% 9.5% 36.4% 10.9% Gross margin (%) 28.6% 31.9% 27.6% 31.0% Operating income ($M) 42.6 49.1 (13.3) % 169.2 172.5 (1.9) % Net income attributable to the Company’s stockholders 31.4 40.8 (23.2) % 123.9 123.7 0.1 % Diluted EPS ($) 0.50 0.67 (25.4) % 2.02 2.04 (1.0) % NON-GAAP MEASURES(1) Adjusted Net income attributable to the Company’s stockholders 41.8 43.6 (4.1) % 137.3 133.7 2.7 % Adjusted Diluted EPS ($) 0.67 0.72 (6.9) % 2.24 2.20 1.8 % Adjusted EBITDA1 ($M) 158.7 145.5 9.1 % 582.0 550.5 5.7 %
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35COPYRIGHT © 2026 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 settlement agreements; (vi) non-cash impairment charges; (vii) write-off of unsuccessful exploration and storage activities; (viii) allowance for bad debts; and (ix) 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 U.S., 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 following table reconciles net income to EBITDA and Adjusted EBITDA for the three and twelve months ended December 31, 2025, and 2024: Three Months Ended December 31, Twelve-Months Ended December 31, 2025 2024 2025 2024 Net income 33,049 42,625 126,990 131,241 Adjusted for: Interest expense, net (including amortization of deferred financing costs) 33,872 33,136 135,836 126,148 Income tax provision (benefit) (6,738) (11,771) (20,282) (16,289) Adjustment to investment in unconsolidated companies: our proportionate share in interest expense, tax and depreciation and amortization in Sarulla and Ijen 4,229 4,964 15,086 17,637 Depreciation, amortization and accretion 74,434 68,907 287,505 259,151 EBITDA 138,846 137,861 545,135 517,888 Mark-to-market on derivative instruments 1,756 (14) 550 856 Stock-based compensation 4,917 5,310 19,390 20,197 Allowance for bad debt 18 13 228 355 Impairment of long-lived assets 12,064 - 12,064 1,280 Write-off of unsuccessful exploration and storage activities 302 2,474 1,446 3,930 Merger and acquisition transaction costs 784 570 2,272 1,949 Settlement agreements — (750) 900 4,000 Adjusted EBITDA 158,687 145,464 581,985 550,455
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36COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. RECONCILIATION OF ADJUSTED NET INCOME ATTRIBUTABLE TO THE COMPANY’S STOCKHOLDERS AND ADJUSTED EPS1 Three Months Ended December 31, Twelve-Months Ended December 31, 2025 2024 2025 2024 (in millions, except for EPS) GAAP Net income attributable to the Company's stockholders 31.4 40.8 123.9 123.7 Tax asset write-off in Sarulla, our unconsolidated company - 0.9 - 0.9 Impairment of long-lived assets 9.5 - 9.5 1.0 Write-off of unsuccessful exploration and Storage activities 0.24 2.0 1.14 3.1 Merger and acquisition transaction costs 0.62 0.5 1.79 1.5 Allowance for bad debts 0.01 0.0 0.18 0.3 Settlement agreements - (0.6) 0.71 3.2 Adjusted Net income attributable to the Company's stockholders $41.8 $43.6 $137.3 $133.7 GAAP diluted EPS 0.50 0.67 2.02 2.04 Tax asset write-off in Sarulla, our unconsolidated company - 0.01 - 0.01 Impairment of long-lived assets 0.15 - 0.16 0.02 Write-off of unsuccessful exploration and Storage activities 0.00 0.03 0.02 0.05 Merger and acquisition transaction costs 0.01 0.01 0.03 0.03 Allowance for bad debts 0.00 0.00 0.00 0.00 Settlement agreements - (0.01) 0.01 0.05 Adjusted Diluted EPS $0.67 $0.72 $2.24 $2.20 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 twelve- month periods ended December 31, 2025, and 2024. Adjusted diluted EPS is computed based on adjusted net income attributable to the Company’s stockholders and diluted weighted-average shares outstanding before rounding. The individual components in the table are rounded to the nearest applicable unit; therefore, recalculation using the rounded amounts may not result in the adjusted diluted EPS presented.
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37COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES December 31, 2025 Cash and cash equivalents, marketable securities and Restricted cash (in millions $) Cash and cash equivalents 147 Restricted cash and cash equivalents 133 Total cash and cash equivalents, marketable securities and Restricted cash (in millions $) 280 current portion: Short term revolving credit lines with banks (full recourse) 80 Commercial paper 100 Limited and non-recourse 80 Full recourse 214 Financing Liability 10 Total current portion of long-term debt: 484 Long-term debt, net of current portion: Limited and non-recourse: 646 Full recourse 1,009 Convertible senior notes 472 Financing Liability 207 Total long-term debt, net of current portion: 2,334 Total Debt 2,818 Full recourse 1,875 Limited and non-recourse 726 Financing liabilities 217 Total Debt 2,818 Net Debt (in millions) 2,538 Total Equity 2,681 Net Debt to Capitalization (Total Equity) (%) 49% Net Debt (in millions) 2,538 LTM Adjusted EBITDA (in millions) 582 Net Debt to Adjusted EBITDA1 (x) 4.4x