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2026 INVESTOR & ANALYST DAY SEPTEMBER 8, 2026 ORMAT TECHNOLOGIES, INC. WELCOME
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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”, “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 2030 growth (MW) and 2028 operational performance 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, 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. TODAY’S AGENDA 09:00 DORON BLACHAR, CEO THE NEW ENERGY REALITY & ORMAT’S GROWTH OPPORTUNITY LEVERAGING ORMAT’S POWERHOUSE TO DRIVE GROWTH AND CAPTURE MORE VALUE IN THE ELECTRICITY SEGMENT 09:45 OFER BEN YOSEF, EVP ENERGY STORAGE & BD SCALING GROWTH AND CAPTURE MORE VALUE IN THE ENERGY STORAGE 10:05 ASSI GINZBURG, CFO FROM STRATEGY TO VALUE CREATION 10:30 Q&A FOLLOW BY A BREAK 11:00 MANAGEMENT PANEL EGS: THE NEXT CHAPTER OF GEOTHERMAL 12:15 DORON BLACHAR, CEO KEY TAKEAWAYS 12:30 LUNCH 3COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC.
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4COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. SPEAKERS MANAGEMENT PARTICIPANTS PAUL THOMSEN VP BUSINESS DEVELOPMENT SMADAR LAVI VP, HEAD OF IR & ESG PLANNING AND REPORTING DORON BLACHAR CEO ASSI GINZBURG CFO OFER BEN YOSEF EVP ENERGY STORAGE & BD ELAD ZALKIN EVP PROJECTS, ENGINEERING & QEHS NIRIT GRUSHKO EVP & CTO INNOVATION, R&D AND TECHNOLOGIES ARON WILLIS EVP ELECTRICITY SEGMENT LIZA TAVORI EVP HR JESSICA WOELFEL GENERAL COUNSEL & CCO DANIEL MOELK EVP, SUBSURFACE, WELLS & NEXTGEN 4COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC.
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5COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. LEADING POSITIONS ACROSS THREE BUSINESS SEGMENTS 1.3GW GLOBAL OPERATING PORTFOLIO PRIMARILY GEOTHERMAL ASSETS IN THE U.S. LARGEST BINARY GEOTHERMAL TECHNOLOGY SUPPLIER GLOBAL EPC & EQUIPMENT SOLUTIONS 0.5GW / 1.4GWh BATTERY STORAGE PORTFOLIO IN THE U.S. ELECTRICITY PRODUCTENERGY STORAGE 5COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. GEOTHERMAL OWNER & OPERATOR GLOBALLY LARGEST
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6COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. EXECUTION AT SCALE +44% TOTAL PORTFOLIO GROWTH 1,285MW 1,850MW YE 2023 H1 2026 +22% ELECTRICITY GROWTH 1,115MW 1,355MW YE 2023 H1 2026 ENERGY STORAGE MW GROWTH (356% MWH GROWTH) 170MW (298MWh) 495MW (1,358MWh) YE 2023 H1 2026 +191% 565MW TOTAL NEW CAPACITY YE 2023 - H1 2026 180MW OF TOTAL NEW CAPACITY FROM M&A 150MW ELECTRICITY, 30MW STORAGE +44% PORTFOLIO GROWTH SINCE YE 2023 240 , 42% 325 , 58% ELECTRICITY ENERGY STORAGE 565 MW 6COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. Since last Investor Day
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7COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. EXECUTION AT SCALE +43% REVENUE GROWTH $830M $1,189M YE 2023 LTM June 2026 +32% ADJUSTED EBITDA GROWTH 2 $482M $636M YE 2023 LTM June 2026 94% 4% 2% ADJUSTED EBITDA MIX IS BECOMING MORE DIVERSIFIED $482M 2023 75% 9% 16% ELECTRICITY PRODUCT ENERGY STORAGE $636M LTM1 30.6.2026 TRANSLATING SCALE INTO DOUBLE-DIGIT GROWTH SINCE LAST INVESTOR DAY 7COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 1. Adjusted EBITDA is non-GAAP; see the reconciliation in the Appendix slide. 2. Last Twelve Months 1 1
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8COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. EXECUTION AT SCALE: STRONG DEVELOPMENT MOMENTUM, BACKED BY ACTIVE COMMERCIAL EXECUTION 730MW ELECTRICITY: 202MW STORAGE: 497MW / 1,888MWh 700MW UNDER CONSTRUCTION & DEVELOPMENT SIGNED 11 NEW PPAS TOTALING 2.9-3.7GW DEVELOPMENT PIPELINE1 48 GEOTHERMAL SITES – 0.75-1.5GW 26 STORAGE PROSPECTS – 2.2GW/8.5GWH ELECTRICITY: 334MW STORAGE: 397MW / 1,588 MWh 1. Development Pipeline is forward-looking, reflects current assumptions and is not a guarantee of actual results. See “Forward-Looking Statements” for material risks and uncertainties SINCE THE LAST INVESTOR DAY
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9COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 9COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. WHAT HAS CHANGED IN THE ELECTRICITY MARKET?
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10COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. Source: Year-on-year percent changes in electricity demand in selected regions, 2020-2030, IEA, Paris, Licence: CC BY 4.0 January 2026 IEA (2026), Year-on-year percent change in electricity demand in selected regions, 2019-2027, IEA, Paris, Licence: CC BY 4.0 July 2026 A NEW ERA OF POWER DEMAND IS TAKING SHAPE 7% CAGR 1. Source: U.S. Energy Information Administration, Annual Energy Outlook 2026, April 2026, Counterfactual Baseline scenario. Data Centers split out of Commercial, per EIA's AEO2026 narrative classification of data centers as commercial buildings. 2005 figures are based on EIA August 2026 Monthly Energy Review link . >4x DATA CENTERS DRIVING INCREASED DEMAND ~6.0% CAGR vs. ~1.3% overall ~ 40-85GW incremental demand by 2050 3,811 4,298 4,562 5,367 5,995 2005 2025 2030 2040 2050 Residential Commercial Data centers Industrial Transportation Direct Use ~70% OF NEW DEMAND EXPECTED TO BE MET BY RENEWABLES U.S. ELECTRICITY CONSUMPTION OUTLOOK BY SECTOR1 TWh 39% GROWTH 1.3% CAGR AVG. 13% GROWTH 0.6% CAGR
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11COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 900GW OF EXPECTED NEW CAPACITY - LED BY RENEWABLES 1. Data source:: U.S. Energy Information Administration (EIA), Short-Term Energy Outlook, November 2025, and EIA, Annual Energy Outlook 2026 2. Excludes EGS potential 43% 49% 5% 3% ELECTRICITY GENERATING CAPACITY 1 2025-2050 (GW) 1,990GW net, 2050 35% 37% 13% 8% 7% Natural Gas Renewable Coal Nuclear Other 1,250GW 2025 NEW GW 160GW Coal exits +515GW Net Renewable Capacity EXIT GW CAPACITY ADDITIONS & RETIREMENTS 1 2025-2050 (GW) 2X Renewables Growth in GW 2025-2050 Excluding EGS2
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12COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 22% 32% 27% 30% 28% 28% 28% 20% 17% 4% 11% 14% 16% 8% 14% 2025-2030 2030-2040 2040-2050 Direct Use Industrial Data centers Commercial Residential POWER DEMAND GROWTH BROADENS OVER TIME DRIVERS OF U.S. ELECTRICITY DEMAND GROWTH 1 SHARE OF INCREMENTAL DEMAND BY PERIOD DATA CENTERS LEAD TODAY’S GROWTH, WHILE MULTIPLE SECTORS SUSTAIN LONG-TERM GROWTH Transportation share is less than 1% +264 TWh +805 TWh +628 TWh 1. Data source:: U.S. Energy Information Administration (EIA), Short-Term Energy Outlook, November 2025, and EIA, Annual Energy Outlook 2026
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13COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. MID- NIGHT 6 AM NOON 6 PM AVERAGE HOURLY PROFILE OF INCREMENTAL DATA CENTER AND EV LOAD 1 DATA CENTER EV CHARGING RESIDENTIAL EV CHARGING COMMERCIAL NEW LOAD REQUIRES BOTH RELIABILITY AND FLEXIBILITY DATA CENTERS → raise the 24/7 load floor EV CHARGING → add time-varying demand 1. Source: EIA AEO2026. Chart isolates data center and EV charging components from EIA’s 2050 average hourly electricity demand profile. NEW DEMAND REQUIRES BASELOAD
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14COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. THE ORMAT POWERHOUSE TECHNICAL LEADERSHIP PROJECT DELIVERY FINANCIAL STRENGTH OWNER-OPERATOR DNA ORMAT SOLUTIONS – MARKET FIT 01 02 03 04 05 THE ORMAT POWERHOUSE THE ORMAT POWERHOUSE
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15COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. ORMAT DELIVERS WHAT THE GRID NEEDS ENERGY STORAGE STABILITY & RELIABILITY Renewable baseload: weather- independent, around the clock Enabling more renewables. Delivering the flexibility the grid needs GEOTHERMAL FIRM AND FLEXIBLE ORMAT SOLUTIONS - MARKET FIT 01 01
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16COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. TECHNICAL LEADERSHIP 60 years of industry-leading expertise across the entire geothermal value chain Manufacturing facility Proprietary technology and decades of manufacturing know-how Exploration, reservoir engineering and drilling expertise In-house engineering and R&D teams Binary Technology • Products • Ormega100 • EGS 02
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17COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. PROJECT DELIVERY One organization with proven record of execution BUSINESS DEVELOPMENT AT SCALE Build and advance large project pipelines across new markets, geographies and technologies FROM OPPORTUNITY TO OPERATION End-to-end capabilities to develop, engineer, manufacture, construct and operate projects GLOBAL EXECUTION Proven ability to replicate and scale execution across markets and geographies 03 PROVEN DEVELOPMENT KNOW-HOW Deep expertise across permitting, interconnection, utilities and local agencies
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18COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. OWNER-OPERATOR DNA Large operating portfolio generates knowledge and cash flow enabling future growth 04 ~1.8GW OPERATING PORTFOLIO Across geothermal, storage and solar In multiple geographies Share of knowledge between operation and manufacturing LONG-TERM PPAS Long-term contracted cash flows supporting future growth PROPRIETARY OPERATIONAL INSIGHT Strengthen engineering, performance and future development
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19COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. FINANCIAL STRENGTH Strong balance sheet and diversified financing capabilities enable long-term growth STRONG OPERATING CASH FLOW FROM CONTRACTED ASSETS DISCIPLINED CAPITAL ALLOCATION PROVEN ACCESS TO MULTIPLE FINANCING STRUCTURES FINANCIAL FLEXIBILITY TO PURSUE STRATEGIC M&A 05
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THREE GROWTH ENGINES ONE POWERHOUSE STEP UP GROWTH MOMENTUM CAPTURE MORE VALUE TRANSFORM EGS 20COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. STEP UP GROWTH MOMENTUM
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21COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. STEP UP GROWTH MOMENTUM IN THE ELECTRICITY SEGMENT
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22COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 1,355 MW PORTFOLIO 1 1,051 150 59 70 25U.S. Kenya Indonesia Guadeloupe & Dominica Guatemala & Honduras $705M LTM REVENUE 2 $477M LTM ADJ. EBITDA 2 LAND POSITION PERMITTING DRILLING INDONESIA US INTERNATIONAL 14 yrs. WEIGHTED AVG. PPA LIFE ELECTRICITY SEGMENT ORMAT’S PORTFOLIO (MW) 22COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 1. Portfolio as of August 2026. 2. 12 months ended 30.6.2026
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23COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. GEOTHERMAL SITES under exploration or development across 5 countries 481 ORMAT GLOBAL GROWTH PROSPECTS 23COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. ORMAT’S HYDROTHERMAL GEOTHERMAL PROSPECTS U.S. 35 Indonesia 9 New Zealand 1Honduras 1Guatemala 2 U.S. SITES 35 1. Site count reflects prospects under exploration or development as of September 8, 2026
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24COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. ORMAT’S DOMESTIC LAND POSITION 93% 6% 1% BLM Private State Acres 5 2 2 NM UT CA 22 NV OR 4 223k PROSPECTS FOR HYDROTHERMAL GEOTHERMAL DEVELOPMENT 24COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. REGULATORY TAILWINDS Faster permitting for geothermal projects 1 under new energy emergency executive order 1. Source: The White House National Energy Emergency Declaration, January 2025. Link. And, BLM Press Release DOI implements emergency permitting procedures to accelerate geothermal energy development, May 2025 Link .Permitting procedures do not eliminate substantive review requirements or assure approval. Tax benefits remain subject to applicable law and project eligibility U.S. SITES 35
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25COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 2020 2025 2030E HYDROTHERMAL GEOTHERMAL SOLAR PV 0.9 GW STEPPING UP THE PACE SURPASSING 2GW WITH ~2× THE CAPACITY ADDITIONS AHEAD 1 1.3 GW 2x More Capacity Added vs. 2020–2025 2.0-2.1 GW56% 41% 1. 690-790MW additions in 2025-2030 compared with 378MW additions in 2020-2025. Management targets excludes EGS and depends on resource confirmation, permitting, interconnection, contracting, financing, construction and final investment approvals. Management targets are forward- looking and depend on successful development, contracting, financing and construction.
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26COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 2030 GROWTH: CRITICAL MILESTONES ALREADY SECURED % OF DOMESTIC 2030 PROSPECTS WITH PPA, PERMITS & INTERCONNECTION ALREADY IN PLACE 1 26COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. Interconnection Permits PPA 79% EXECUTED GIA 2 21% Queue 79% 70% 1. Percentages are based on targeted capacity as of September 8, 2026. A PPA, permit or executed GIA does not assure project completion. 2. GIA – Generator Interconnection Agreement
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27COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 9 20 29 34 44 43 44 2024 2025 2026E 2027E 2028E 2029E 2030E Development Exploration Small-Diameter 39 AVERAGE WELLS COUNT TO BE DRILLED ANNUALLY 2026-2030 1 27COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 2.7x 2026–2030 DRILLING ACTIVITY 1 vs. 2024–2025 average SCALING DRILLING TO SUPPORT OUR GROWTH 1. Drilling plans are management targets and may change based on resource results, permitting, equipment and contractor availability, project schedules and investment decisions.
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28COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 1. Management targets are forward-looking, exclude EGS unless otherwise stated, and are subject to the assumptions and risks described under ‘Forward-Looking Statements. Management targets depend on successful development, contracting, financing and construction. 28COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. Excluding EGS 2.0-2.1GW ELECTRICITY SEGMENT YE2030 GROWTH TARGETS 1
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29COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. IN THE ELECTRICITY SEGMENTCAPTURE MORE VALUE
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30COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. REPRICING IS CAPTURING THE GEOTHERMAL PREMIUM 1. Source: 2017- BERKELEY LAB CapEx, LCOE, and PPA Prices by Region for CAISO and WEST NON ISO 2018-2026 PV MAGAZINE 2. Capacity, pricing, timing and commercial-operation dates remain subject to the applicable agreements and project-development conditions. PPA PRICING IN MAINLAND US 1,2 0 20 40 60 80 100 120 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Solar PV Industry Average > $100/MWh $/MWh PPAs signed at average $68/MWh 70% PREMIUM FOR GEOTHERMAL OVER 30COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC.
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31COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 31COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. PPA RECONTRACTING UNLOCKS REVENUE UPSIDE 40 50 60 70 80 90 100 110 120 130 140 150 200MW 420MW upside potential2 upside potential2 PPA Price $/MWh 60MW Signed and agreed 680MW TOTAL RECONTRACTING OPPORTUNITY $50M ESTIMATED ANNUAL REVENUE UPSIDE FROM 2027–2034 RECONTRACTING 1 1. Estimated annual revenue upside assumes full contribution from successfully recontracted PPAs at acceptable prices and terms. Actual timing, pricing, capacity and resulting revenue may differ. 2. PPAs in the mainland US Avg. upside potential assuming $20-$30 /MW. 2027-2030 2035-20552031-2034
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32COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. DECADES OF VISIBILITY Long-term contracts with a diversified mix of utilities and leading corporate customers 1 2025 2030 2035 2040 2045 2050 15-yr portfolio PPA · up to 150MW Salt Wells · 13MW · 20-yr PPA 3CE & SVCE CD4 15MW · 15-yr PPA long-term hybrid PPA · 67MW Heber 1 · 52MW · 25-yr PPA Blue Mountain 22MW · 20-yr PPA 32COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 1. Capacity, pricing, timing and commercial-operation dates remain subject to the applicable agreements and project-development conditions.
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33COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 33COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. REGULATORY TAILWINDS GEOTHERMAL WINS BIG IN U.S. ENERGY REFORM 1 Full tax credits extended to projects start construction in 2033 1. Tax benefits depend on applicable law, project eligibility, construction timing, sourcing, documentation, compliance and available monetization alternatives. The White House, July 4, 2025, Link 30–40% OF CAPEX Tax credit value, providing greater visibility into long-term project returns Strong bipartisan support THE ORMAT POWERHOUSE
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34COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 34COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. THE STARS ARE ALIGNED POWER DEMAND IS ACCELERATING REGULATORY SUPPORT IS STRENGTHENING POWER PRICES ARE RISING THE ORMAT POWERHOUSESTRONG LAND POSITION EXTENDED EXPLORATION AND DRILLING ACTIVITIES
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35COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. IN THE ELECTRICITY SEGMENT TRANSFORM EGS
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90GW POTENTIAL CAPACITY BY 20501 300GW POTENTIAL CAPACITY - ADVANCED DEPLOYMENT SCENARIOS BY 20501 EGS EXPANDS GEOTHERMAL’S ADDRESSABLE OPPORTUNITY 1. Source: Pathways to Commercial Liftoff: Next-Generation Geothermal Power report , DOE series 2024-2025. Third-party EGS figures represent potential deployment scenarios, not Ormat forecasts. Commercial deployment depends on technical validation, resource performance, permitting, interconnection, contracting, financing and other factors. 36COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC.
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IN THE STORAGE SEGMENT STEP UP GROWTH MOMENTUM 37COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC.
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38COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. $134M LTM REVENUE $101M LTM ADJ. EBITDA STORAGE SEGMENT ORMAT’S OPERATING PORTFOLIO 495MW 1,358MWh CAISO 250MW/960MWh PJM 122MW/125MWh ERCOT 93MW/153MWh HAWAII 30MW/120MWh 1 3 2 4 1 3 2 4 38COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC.
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39COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 39COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. U.S. UTILITY-SCALE STORAGE CUMULATIVE DEPLOYMENT OUTLOOK (GW)1 48 65 83 103 124 148 2025 2026E 2027E 2028E 2029E 2030E Wood Mackenzie US Energy Storage Monitor Q4 2021, Q4 2024 and Q2 2026 Past market outlook OUTGROWING A RAPIDLY EXPANDING STORAGE MARKET 21 31 48 2023 2024 2025 2.3x ORMAT PORTFOLIO GROWTH U.S. UTILITY-SCALE STORAGE CUMULATIVE DEPLOYMENT (GW)1 3X 2.3X >4x ORMAT TARGETED PORTFOLIO GROWTH format looks not like geo, also the % is missing. They prefer percentage 1. Source: Wood Mackenzie U.S. energy storage monitor Q1 2026
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40COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 4x TARGET GROWTH THE DRIVERS BEHIND OUR
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41COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. THREE MARKET FORCES ARE ACCELERATING U.S. STORAGE DEMAND GRID RELIABILITY NEEDS 01 2x RENEWABLE CAPACITY BY 20501 Increasing the need for flexibility and grid reliability 02 03 STRONG MARKET PRICES PJM auction clears at record $333/MW-day for 2027/2028 delivery year2 Tolling agreements SUPPORTIVE TAX INCENTIVES 30-50% ITC3 THROUGH 2033 1. Data source:: U.S. Energy Information Administration (EIA), Short-Term Energy Outlook, November 2025, and EIA, Annual Energy Outlook 2026 2. Data source: PR Newswire 3. Tax benefits depend on applicable law, project eligibility, construction timing, sourcing, documentation, compliance and available monetization alternatives. 41COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC.
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42COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 42COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. THE SUPPLY CHAIN IS ADAPTING TO NEW FEOC REQUIREMENTS FALLING BATTERY COSTS Providing flexibility to meet domestic-content requirements at higher cost U.S. CONTENT IS RAMPING UP New domestic battery manufacturing capacity is expanding supply options NON-CHINESE SUPPLY IS EXPANDING Growing manufacturing capacity across Korea, Mexico and Morocco
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43COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 43COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 2030 GROWTH: MILESTONES ALREADY IN HAND % OF DOMESTIC 2030 PROSPECTS WITH PPA, PERMITS, INTERCONNECTION & SAFE HARBOR SECURED Interconnection Permits PPA 56% SECURED 57% COMPLETED 89% EXECUTED GIA 24% MID/LATE STAGE 24% ADVANCED STAGE 11% QUEUE 19% EARLY STAGE 1. Percentages are based on targeted capacity as of September 8, 2026. Remaining development, financing and construction conditions continue to apply.
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44COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 44COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 6x 0.5 0.5 2025 2030E 1.4 1.9 2025 2030E 0.4 GW 1.5-1.6 GW 5.1-5.5 GWh 4x 0.9 GWh US - CAISO US- PJM US- ERCOT US -Other 2025 CAISO SPP ISRAEL ERCOT NV PJM GA HI ISO-NE 2030E 1 EXPANDING FROM 4 TO 9 MARKETS AND GEOGRAPHIES BY 2030SCALING OUR PORTFOLIO In operation Under construction Planned development AND EXPANDING INTO NEW MARKETS 1. Management targets are forward-looking, exclude EGS unless otherwise stated, and are subject to the assumptions and risks described under ‘Forward-Looking Statements. Capacity targets depend on permitting, interconnection, contracting, financing, procurement, construction and final investment approvals. 2030 TARGET 1
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45COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. STORAGE SEGMENT YE2030 GROWTH TARGETS 1 1.5-1.6GW / missing page number 5.1-5.5GWh 1. Management targets are forward-looking, exclude EGS unless otherwise stated, and are subject to the assumptions and risks described under ‘Forward-Looking Statements. Capacity targets depend on permitting, interconnection, contracting, financing, procurement, construction and final investment approvals.
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IN THE STORAGE SEGMENT CAPTURE MORE VALUE 46COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC.
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47COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. THE ORMAT POWERHOUSE DRIVES VALUE CREATION SPEED TO POWER Faster time-to-power, stronger project economics driven by in-house design, procurement, and construction. MAXIMUM AVAILABILITY Higher availability, protected long-term revenue driven by proprietary EMS/SCADA 1 and AI-driven predictive maintenance. MAXIMIZED REVENUE CAPTURE Stronger contract value and revenue capture driven by AI-powered dispatch and advanced forecasting. 1 2 3 47COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 1. Energy Management System (EMS) and Supervisory Control and Data Acquisition (SCADA)
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48COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. TURNING COMPETITIVE ADVANTAGE INTO RESULTS Combined PoP 79% 87% 90% 92% 88% 98% Steam CT Hydro DSR Other BESS Ormat Energy Storage PJM AVERAGE PERFORMANCE SCORE VS COMPETITORS ROLLING 12-MONTH “PERCENT OF PERFECT” 06-2025 12-2025 06-2026 88% 77% Design 1. Source: based on Ormat’s internal review as of September 8, 2026
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49COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. LONG-TERM VISIBILITY 2025 2030 2035 2040 2045 2050 ~14 YRS weighted avg PPA life across the fleet Jersey Valley · 67MW · 20-yr hybrid PPA Hoku 30MW/120MWh Hybrid plants · 25-yr PPA Denali 100MW/400MWh · 20-yr Tolling 1. Capacity, pricing, timing and commercial-operation dates remain subject to the applicable agreements and project-development conditions.
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50COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. SCALING GROWTH AND REDUCING RISK SITES 29 DOMESTIC PIPELINE 7 3 3 ERCOT CAISO NV 8 PJM 2 NM 2 SPP 2 AZ 1 GA 1 ISO-NE 1 TN 2.2GW/8.5GWh2025 POST-2030 PIPELINE 1 BREAKDOWN BY REGION (MW) 2030E BALANCED GROWTH THROUGH 2030 AND BEYOND 56%35% 9% Merchant PPA/TolI RA 42% 23% 8% 27% PPA & Toll Merchant RA To be Contracted 792 350 200 200 200 150 150 100 77 PJM CAISO ERCOT GA ISO-NE AZ NM TN NV Design MW 385 GW 1.5-1.6 50COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 1. Post-2030 pipeline represents preliminary development opportunities and is not included in the 2030 operating-capacity target.
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51COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 51COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. THE STARS ARE ALIGNED POWER DEMAND IS ACCELERATING REGULATORY SUPPORT IS STRENGTHENING STRONG PIPELINE BATTERY SUPPLY IS EVOLVING THE ORMAT POWERHOUSE
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PRODUCT SEGMENT AMPLIFY New Growth Frontiers 52COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC.
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53COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 53COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. Revenues ($M) and Margin (%) Growth 2.2GW IN 5 years Expected release of geothermal binary capacity 2 1. Management guidance is forward-looking, reflects current assumptions and is not a guarantee of actual results. See ‘Forward-Looking Statements’ for material risks and uncertainties. 2. Source: Thinkgeoenergy.com and Ormat analysis 155MW USA 360MW NEW ZEALAND 157MW EAST ASIA 542MW TURKEY 134MW EUROPE 222MW LATAM & CARIBBEAN 470MW INDONESIA 202MW AFRICA Excluding EGS $47 $71 $134 $140 $217 $300-$320 12% 15% 13% 18% 21% 18% - 20% 2021 2022 2023 2024 2025 2026 GuidanceRevenues Gross Margin 1
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54COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. EGS OPENS A NEW OPPORTUNITY FOR PRODUCTS U.S. NEXT-GENERATION GEOTHERMAL POTENTIAL BY 2050 90GW 1 EGS COULD DRIVE A STEP CHANGE IN PRODUCT ORDERS IN THE GEOTHERMAL BINARY MARKET 70% market share 2 1. Source: U.S. Department of Energy, Pathways to Commercial Liftoff: Next-Generation Geothermal Power (2024). Figures represent potential deployment scenarios, not forecasts, and depend on technology, cost, policy, transmission, storage and market assumptions. 2. Source: ThinkGeoEnergy by Alexander Richter from August 2026; Data is presented at gross installed capacity and Ormat internal database, Gross MW. Market definitions and estimates may vary. 54COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC.
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55COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. HOW DOES THIS TRANSLATE INTO SHAREHOLDER VALUE 55COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC.
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SHAREHOLDER VALUE STEP UP GROWTH MOMENTUM CAPTURE MORE VALUE TRANSFORM EGS ENHANCED EARNINGS PROFILE HIGHER GROWTH RATE EXTENDED GROWTH RUNWAY 56COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC.
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57COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. FROM STRATEGY TO VALUE CREATION To discuss with Assi what information to include 57COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC.
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58COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. FROM STRATEGY TO TARGETS 1 1.7GW 2.6-2.8GW 3.5-3.7GW 2025 2028 2030 Electricity Solar Storage $990 $1,225- $1,275 $1,500- $1,600 2025 2028 2030 ORMAT PORTFOLIO GROWTH (GW) REVENUE GROWTH ($M) ADJUSTED EBITDA GROWTH ($M) $582 $750- $800 $1,000- $1,100 2025 2028 2030 Targets will be presented as a range RUN-RATE RUN-RATERUN-RATE 2.1x 57% 80% RUN-RATE RUN-RATERUN-RATE 1. Management targets are forward-looking, exclude EGS unless otherwise stated, and are subject to the assumptions and risks described under ‘Forward- Looking Statements.’ Adjusted EBITDA is non-GAAP; see the Appendix. Capacity targets depend on permitting, interconnection, contracting, financing, procurement, construction and final investment approvals. Excluding EGS
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59COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. ELECTRICITY SEGMENT REVENUE GROWTH $694M $1.0B-$1.1B 2025 2030E ADJUSTED EBITDA GROWTH $469M $750M-$825M 2025 2030E GROSS MARGIN GROWTH 29% 40% 2025 2030E RUN-RATE 1 Column1 Electricity Products Storage Total 2021 586 47 30 663 2022 632 71 31 734 2023 667 134 29 830 2024 702 140 38 880 2025 694 217 79 990 Column1 Electricity Products Storage Total 2021 381 10 10 401 2022 415 8 12 435 2023 452 20 10 482 2024 488 35 28 550 2025 468.0 49.0 65.0 582 APPROX. And scale the right part of slide. 1. Management targets are forward-looking, exclude EGS unless otherwise stated, and are subject to the assumptions and risks described under ‘Forward-Looking Statements.’ Adjusted EBITDA is non-GAAP; see the Appendix. Capacity targets depend on permitting, interconnection, contracting, financing, procurement, construction and final investment approvals. RUN-RATE 1 RUN-RATE 1 Excluding EGS
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60COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. STORAGE SEGMENT הכנסות+ EBITDA +MARGIN REVENUE GROWTH $79M $320M-340M 2025 2030E ADJUSTED EBITDA GROWTH GROSS MARGIN GROWTH 36% 40% 2025 2030E לא מעודכן Column1 Electricity Products Storage Total 2021 586 47 30 663 2022 632 71 31 734 2023 667 134 29 830 2024 702 140 38 880 2025 694 217 79 990 Column1 Electricity Products Storage Total 2021 381 10 10 401 2022 415 8 12 435 2023 452 20 10 482 2024 488 35 28 550 2025 468.0 49.0 65.0 582 $64M $210M-$235M 2025 2030E APPROX. 1. Management targets are forward-looking, exclude EGS unless otherwise stated, and are subject to the assumptions and risks described under ‘Forward-Looking Statements.’ Adjusted EBITDA is non-GAAP; see the Appendix. Capacity targets depend on permitting, interconnection, contracting, financing, procurement, construction and final investment approvals. RUN-RATE 1 RUN-RATE 1 RUN-RATE 1 Excluding EGS
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61COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 61COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. ATTRACTIVE RETURNS 1 STORAGE GEOTHERMAL HYDROTHERMAL 12% - 15% Post Tax Project IRR 12% - 13% Post Tax Project IRR 1. Target project returns are based on current assumptions and are not guarantees. Actual returns depend on costs, performance, pricing, financing, tax benefits and project timing.
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62COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. DISCIPLINED CAPITAL ALLOCATION 1 USES 2027-2030 SOURCES 2027-2030 $4.0B CAPEX & OTHERS USES $2.3B CASH FLOW FROM OPERATIONS $0.2B DIVIDEND $1.1B TAX BENEFITS & TAX MONETIZATION $0.8B ADDITIONAL DEBT $4.2B TOTAL USES $4.2B TOTAL SOURCES = Excluding EGS 1. Capital-allocation amounts are management estimates. Actual uses and sources depend on operating performance, project timing, financing availability, tax benefits, acquisitions and Board-approved capital-allocation decisions.
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63COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. ROBUST FINANCIAL POSITION SUPPORTING GROWTH PLAN AND M&A OPPORTUNITIES ATTRACTIVE RETURNS INCREASE PROFITABILITY THROUGH HIGHER ELECTRICITY & STORAGE MARGINS 01 03 02 KEY TAKEAWAYS
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64COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. THE 2030 PLAN IS VISIBLE 64COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC.
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#D51400 #FF5340 #2DCCD3 #B1E4E3 #78564A #FF5340 #002855 #002855 NEXT-GENERATION GEOTHERMAL ENERGY READY TODAY POSITIONED TO LEAD TOMORROW 1
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66COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. SAFE HARBOR STATEMENT AND NON-GAAP METRICS FORWARD-LOOKING STATEMENTS This presentation and accompanying discussions contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning Ormat’s Enhanced Geothermal Systems (“EGS”) strategy; pilot programs; technology development; strategic collaborations; land and water positions; interconnection requests; power purchase agreement discussions; Ormega100 design, performance and manufacturing targets; project costs and development timelines; potential tax benefits; expected capacity and development pipeline; market opportunities; and illustrative portfolio economics. Words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “forecast,” “target,” “potential,” “goal,” and similar expressions may identify forward- looking statements. Forward-looking statements reflect management’s current expectations, estimates and assumptions. They are not guarantees of future performance, and investors should not place undue reliance on them. Actual results may differ materially due to risks and uncertainties, including: unsuccessful pilot results; inability to achieve expected well productivity, reservoir performance, generation output, efficiency, reliability, useful life or cost reductions; subsurface and resource uncertainty; drilling, stimulation or construction failures; induced seismicity; water availability, water loss and water- right limitations; permitting, environmental and community-acceptance requirements; interconnection delays, upgrade costs and capacity constraints; inability to execute power purchase agreements or obtain acceptable pricing; financing availability and cost; procurement, supply-chain and contractor risks; inability to scale Ormega100 manufacturing; dependence on partners, vendors and third-party technology; intellectual property and licensing limitations; changes in tax credits, domestic-content requirements, energy policy or other government incentives; and changes in market demand, competition, technology or economic conditions. Land, water, interconnection, capacity, cost, schedule and economic estimates remain subject to resource confirmation, technical validation, regulatory approvals, commercial agreements, financing, final investment decisions and other conditions. Additional risks appear under “Risk Factors” in Ormat’s Annual Report on Form 10-K filed with the SEC on February 26, 2026, and in Ormat’s subsequent SEC filings. Forward-looking statements speak only as of the date of this presentation. Ormat undertakes no obligation to update them except as required by law. .NON-GAAP METRICS RECONCILIATION TO US GAAP FINANCIAL INFORMATION Non-GAAP Financial Measures This presentation includes EBITDA and Adjusted EBITDA, which are non-GAAP financial measures. EBITDA means net income before interest, income taxes, depreciation and amortization. Adjusted EBITDA further adjusts EBITDA as described in the appendix. Management uses these measures to assess operating performance and believes they provide useful supplemental information to investors. These measures should not be considered substitutes for, or superior to, financial measures prepared under U.S. GAAP and may differ from similarly titled measures used by other companies. See the appendix for definitions, the most directly comparable GAAP measures and applicable reconciliations. Ormat cannot reconcile forward-looking EBITDA or Adjusted EBITDA to projected net income without unreasonable efforts because certain future amounts cannot be reasonably estimated. These include impairments, acquisitions and dispositions, income tax expense, and other non-cash or adjusting items. These unavailable items could be material and could cause projected GAAP results to differ materially from the presented non-GAAP measures. 2
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67COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. THE EGS INFLECTION: 4 FORCES, ONE MOMENT OIL & GAS TECHNOLOGY HAS TRANSFORMED EGS DRILLING 1 RAPID COST DECLINES ARE MAKING EGS ECONOMICAL 1 POLICY SUPPORT EXTENDS INTO THE 2030s 2 DEMAND FOR 24/7 CLEAN POWER PPAs IS SURGING 01 02 03 04 67COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 1. Source: U.S. Department of Energy, Pathways to Commercial Liftoff: Next-Generation Geothermal Power (2024) Report, and Ormat internal market analysis. Industry trends and cost estimates may not continue. 2. Government incentives remain subject to applicable law, eligibility requirements, construction timing, funding availability, administrative guidance and future legislative or regulatory changes. 3
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69COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 20x POTENTIAL INCREASE IN U.S. GEOTHERMAL CAPACITY BY 2050 UP FROM ~4 GW TODAY 1 90-300GW OF POTENTIAL U.S. CAPACITY ADDITIONS THROUGH 2050 1 EGS COULD TRANSFORM THE SCALE OF U.S. GEOTHERMAL 1. Source: U.S. Department of Energy, Pathways to Commercial Liftoff: Next-Generation Geothermal Power (2024). Figures represent potential deployment scenarios, not forecasts, and depend on technology, cost, policy, transmission, storage and market assumptions. 69COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 5
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70COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. SIX DECADES OF INTEGRATED EXPERTISE POWERING EGS DEVELOPMENT FROM RESOURCE TO RELIABLE ENERGY Development Engineering Manufacturing Construction OperationExploration 70COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 6
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71COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. ORMAT IS BUILT TO LEAD IN EGS LAND, WATER , I/C, PERMITS & PPA ENGINEERING MANUFACTURING CONSTRUCTIONFINANCING SUBSURFACE OPERATION THE ORMAT POWERHOUSE 71COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 7
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72COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. Source: Both pathways remain under development and require successful pilot testing before commercial deployment HYDROTHERMAL SYSTEM 1 ENHANCED GEOTHERMAL SYSTEM (EGS) 1 SAGE HUFF AND PUFF SYSTEM 1 Naturally occurring permeable reservoir in hot rock Engineered reservoir using two parallel horizontal wells in stimulated rock Two independent pressurized reservoirs (huff and puff) in separate rock volumes Injection well Production well NATURAL HYDROTHERMAL RESERVOIR Injection well (cold water) Production well (Hot water) HYDRAULICALLY STIMULATED (FRACTURED) RESERVOIR PUFF RESERVOIR (pressurized) FROM NATURAL RESERVOIRS TO ENGINEERED SYSTEMS Injection (Huff) well Production (Puff) well SAGE Puff SAGE Huff GEO-PRESSURED SYSTEMS 1. Illustrative conceptual diagrams only; not to scale. Actual well design, depth, reservoir configuration and performance will vary by site and remain subject to technical validation. HUFF RESERVOIR (pressurized) 8
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73COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. SUBSURFACE PATHWAY: SLB-ORMAT ALLIANCE 1 Deep drilling with horizontal well sections Engineered injection-to-production connectivity Applying unconventional Oil & Gas expertise to geothermal Evaluates a scalable commercial well architecture Pilot underway at Desert Peak, Nevada 73COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 4 PLANNING DRILLING WELL #1 PERMITS, EPC & TESTING2026 Early 2027 2027 2027 TESTING & FACILITIES During 2028 DRILLING WELL #2 1. The SLB-Ormat pathway remains under development and evaluation. Commercial deployment depends on successful technical results, required approvals, project economics and future investment decisions. Timelines are current management targets and remain subject to technical results, permitting, procurement, partner performance and project approvals. 9
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74COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. SUBSURFACE PATHWAY: SAGE COLLABORATION 74COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. PLANNING DRILLING WELL #1 PERMITS, EPC & TESTING2026 Early 2027 2027 2028 TESTING & FACILITIES During 2028 DRILLING WELL #2 Two independent pressurized reservoirs (IP technology) Cyclic “huff-and-puff” operation Distinct reservoir architecture from the Alliance pathway Alternative pathway for potential commercial EGS applications 1. The Sage pathway remains under development and evaluation. Commercial deployment depends on successful technical results, required approvals, project economics and future investment decisions. Timelines are current management targets and remain subject to technical results, permitting, procurement, partner performance and project approvals. 10
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75COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. BOTH PILOTS ARE DESIGNED TO EVALUATE KEY COMMERCIAL QUESTIONS: • SAFETY AND SCALABILITY OF WELL EXECUTION • MW PER WELL • RESERVOIR PERFORMANCE • WATER MANAGEMENT • COST PER MW AT COMMERCIAL SCALE 75COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 11
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76COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. MAPPING THE NEXT EGS OPPORTUNITIES Only 2% OF IDENTIFIED 2 EGS ACREAGE ACROSS 6 STATES IS CURRENTLY HELD BY GEOTHERMAL DEVELOPERS NM CO NV OR ID UT SYSTEMATIC STATE-BY-STATE SCREENING 1 with third party consultant 6 STATES COMPLETED Oregon · Idaho · Nevada · Utah · Colorado · New Mexico MORE WESTERN STATES UNDERWAY 76COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 1. Source: Ormat potential mapping analysis as of September 2026. 2. ‘Identified EGS acreage’ means areas of interest for potential EGS development subject to further exploration; ‘held’ means acreage means ownership of exploration or mining rights on public or private lands 3. MAP source: nrl.gov 12
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77COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. LAND POSITIONS 1 SUPPORTING EGS PIPELINE NM UTNV OR ACRES 70k ID GW 2 3-4 1. Land positions include interests at different stages, including existing rights, awarded leases and nonbinding letters of intent. An auction award or letter of intent may not result in an issued or executed lease. 2. Capacity estimates are preliminary and subject to resource confirmation, land rights, water, permitting, interconnection and project economics. Recently won lease auction Signed letter of intent with private land owner Existing land 77COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 13
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78COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. GRID ACCESS: 1GW EGS INTERCONNECTION 1 REQUESTS SUBMITTED ACROSS 6 SITES IN 2 STATES 78COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. Interconnection requests do not represent awarded capacity or assurance of interconnection 1. Submitted interconnection requests do not constitute executed interconnection agreements or assure capacity, deliverability, study results, upgrade costs, timing or project completion. 14
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CUSTOMER ACCESS NEGOTIATING EGS PPAS 1 79COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. Utilities Hyperscalers Data Centers In front of the meter Behind the meter 1. Discussions are preliminary and nonbinding. There can be no assurance that they will result in executed PPAs or agreements on acceptable pricing, capacity, timing or other terms. 15
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80COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. Resource Land Water Permitting Interconnection Customer Economics 80COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. FROM RESOURCE TO COMMERCIAL-READY PROJECTS ORMAT BRINGS ALL THE PIECES TOGETHER 16
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81COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 106 72-80 90% ORMEGA100 ENGINEERING DESIGN TARGET 1 TARGET EPC COST $3–4M/MW < $1.5M/MW TARGET EPC TIME 24–28 months <18 months MW GROSS DESIGN OUTPUT MW NET DESIGN OUTPUT TURBINE EFFICIENCY DESIGN OUTPUT 1. Engineering design targets, not guaranteed performance. Actual results depend on resource temperature, flow, ambient conditions, parasitic loads, site design, procurement, construction conditions and validation testing. 17
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82COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 82COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. • Ormega100 • EPC • O&M • SLB-Ormat alliance FROM FIRST UNIT TO INDUSTRIAL SCALE Current internal capacity ORMEGA100 ANNUALLY (~300MW) 4 ORMEGA100 UNITS ANNUALLY 10 Expected to be supported primarily through qualified outsourcing and limited incremental internal investment TARGETING TO MEET LOCAL CONTENT TAX REQUIREMENTS 2 TARGET PRODUCTION CAPACITY1: 1. Manufacturing target depends on demand, outsourcing availability, supplier performance, capital requirements and successful product validation. Domestic-content qualification depends on applicable law, sourcing, documentation and certification. 2. Manufacturing strategy designed to support potential domestic-content qualification, subject to applicable sourcing, documentation and certification requirements. 18
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83COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. EGS OPENS A NEW OPPORTUNITY FOR PRODUCTS U.S. NEXT-GENERATION GEOTHERMAL POTENTIAL BY 2050 90GW EGS COULD DRIVE A STEP CHANGE IN PRODUCT ORDERS POTENTIAL FOR ORMAT PRODUCT SEGMENT IN THE U.S. >1GW / YEAR 2 TARGETING TO MEET LOCAL CONTENT TAX REQUIREMENTS 70% MARKET SHARE HELD BY ORMAT IN THE BINARY GEOTHERMAL INDUSTRY1 1. ThinkGeoEnergy by Alexander Richter from August 2026; Data is presented at gross installed capacity and Ormat internal database, Gross MW. Market definitions and estimates may vary. 2. Illustrative addressable-market scenario, not an Ormat sales forecast. Actual orders depend on industry deployment, customer demand, competition, pricing, manufacturing capacity and project financing.. 19
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84COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. EGS CREATES TWO WAYS FOR ORMAT TO LEAD •Develop •Build •Own •Operate • Ormega100 • EPC • O&M • SLB-Ormat alliance OWN & OPERATE SERVE THE INDUSTRY 20
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86COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. DIXIE VALLEY 1 : ORMAT’S FIRST COMMERCIAL EGS PROJECT IS UNDERWAY 86COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 1. Dixie Valley remains a planned commercial-scale development. Full development depends on pilot results, resource confirmation, approvals, interconnection, PPAs, financing and final investment decisions. 22
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DIXIE VALLEY: ORMAT’S FIRST COMMERCIAL EGS PROJECT 1 280MW Planned EGS capacity 3 PHASES Phased development and commissioning YE2029-YE2032 Targeted COD Phase 1 by YE2029-2030 87COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 1. Planned capacity and COD dates are management targets. They depend on successful drilling and testing, permitting, water, interconnection, PPAs, financing, procurement, construction and final investment approvals. 23
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88COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. LAND SECURED INTERCONNECTION SECURED 60MW GIA executed Additional requests provide a pathway toward 100MW by 2030 and 280 by 2032 2 WATER RIGHTS SECURED Secure sufficient water for commercial-scale deployment PPA UNDER NEGOTIATIONS Negotiating with existing customers on long-term EGS agreements DIXIE VALLEY DEVELOPMENT STATUS 1 Creates the land position to support large-scale EGS development 88COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 1. Status as of September 8, 2026. Rights may remain subject to term limits, conditions, approvals, priority, transfer restrictions and other requirements. Secured rights may not support the full planned 280MW. 2. An executed GIA covers 60MW. Additional capacity remains subject to pending requests, studies, network upgrades, costs, approvals and execution of additional agreements. 24
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89COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. DIXIE VALLEY - THE PATH TO 280MW COMMERCIAL EGS Drilling and testing programs Commercial drilling decision Phase 1 manufacturing & construction Phase 1 COD 25MW Appraisal information Phase 2 COD 75MW Phase 3 COD 180MW 2026-2028 Mid 2028 2026-2029 YE 2029-2030 YE 2030-2031H2 2027 2032, Subject to interconnection 1. Planned capacity and targets dates are management targets. They depend on successful drilling and testing, permitting, water, interconnection, PPAs, financing, procurement, construction and final investment approvals. 25
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90COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 100MW EGS OPERATING CAPACITY TARGET 2030-2031 1GW EGS OPERATING CAPACITY TARGET 2033-2035 EGS GROWTH 1 3-4GW EXISTING DEVELOPMENT PIPELINE FOR FUTURE DEVELOPMENT 1. Forward-looking management targets, not guarantees or forecasts of actual results. Subject to the assumptions, risks and uncertainties described on Slide 2. 26
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91COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. ILLUSTRATIVE 1 GW EGS PORTFOLIO ECONOMICS 1 CUMULATIVE CAPEX $5.5-6.5B $1B ANNUAL REVENUE PPA@120/MWh $0.8 / 1.1B ANNUAL EBITDA WITH/WITHOUT TAX BENEFITS 2 ANNUAL O&M $175M 1. Forward-looking management targets, not guarantees or forecasts of actual results. Subject to the assumptions, risks and uncertainties described on Slide 2. Illustrative scenario only; not guidance or a forecast of actual results. The figures reflect management assumptions concerning portfolio performance, development costs, operating expenses, power pricing, project timing and tax benefits. Tax benefits depend on eligibility, compliance and applicable law. EBITDA is a non-GAAP measure; see Slide 2 and the Appendix for definitions and reconciliation information. Actual results could differ materially. 2. EBITDA is a non-GAAP measure. See Slide 2 and the Appendix for its definition, comparable GAAP measure and reconciliation information, including unavailable items and their potential significance. 27
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92COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. EGS COULD EXPAND ORMAT’S GROWTH RUNWAY WELL BEYOND 2030 1,2 100MW EGS OPERATING CAPACITY TARGET 2030-2031 1GW EGS OPERATING CAPACITY TARGET 2033-2035 U.S. NEXT-GENERATION GEOTHERMAL POTENTIAL 90GW-100GW POTENTIAL FOR ORMAT PRODUCT SALE >1GW /YEAR DEVELOP, OWN & OPERATE SERVE THE INDUSTRY 1. Illustrative addressable-market scenario, not an Ormat sales forecast. See Slide 17 for assumptions and qualifications. 2. Forward-looking management targets, not guarantees or forecasts of actual results. Subject to the assumptions, risks and uncertainties described on Slide 2. 28
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93COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. READY TODAY POSITIONED TO LEAD TOMORROW 93COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 29
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KEY TAKEAWAYS 94COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 30
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95COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. (1) 2030E figures are forward-looking management targets and exclude EGS. Adjusted EBITDA is non-GAAP. See Slide 2 and the Appendix for assumptions, risks, definitions and reconciliation information. STRONG GROWTH BY 2030 1 PROVEN GROWTH TRAJECTORY 3.5-3.7GW BY YE 2030 $1.5-1.6B 2030E TOTAL REVENUES $1-1.1B 2030E ADJ. EBITDA 1.8-1.9GW TOTAL CAPACITY ADDITIONS 16% CAGR (2025-2030) Excluding EGS 95COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 31
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96COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. EGS CAN TAKE US TO NEW HEIGHTS 20x MORE GEOTHERMAL CAPACITY UNLOCKED IN THE U.S BY 20501 1GW EGS OPERATING CAPACITY TARGET 2033-20351 3-4GW EGS DEVELOPMENT PIPELINE TARGET FOR FUTURE DEVELOPMENT1 1. Management targets are forward-looking, exclude EGS unless otherwise stated, and are subject to the assumptions and risks described on Slide 2. Adjusted EBITDA is non-GAAP; see the Appendix. The 20x figure is a U.S. Department of Energy potential-deployment scenario, not an Ormat forecast. The EGS pipeline is preliminary and subject to resource confirmation, pilot results, land and water rights, permitting, interconnection, PPAs, financing and final investment decisions. 96COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 32
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97COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. ORMAT IS BUILT TO LEAD IN EGS 97 LAND, WATER , I/C, PERMITS & PPA ENGINEERING MANUFACTURING CONSTRUCTIONFINANCING SUBSURFACE OPERATION THE ORMAT POWERHOUSE COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 33
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98COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. APPENDIX
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99COPYRIGHT © 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) cost related to a settlement agreement; (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 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 periods ended December 31, 2023, 2025 and last twelve month as of June 30, 2026 . Last twelve months Twelve-Months Ended December 31, (LTM) 2025 2023 Net income 128,384 126,990 133,137 Adjusted for: Interest expense, net (including interest income and amortization of deferred financing costs) 148,353 135,836 86,898 Income tax provision (benefit) (36,157) (20,282) 5,983 Adjustment to investment in unconsolidated companies: our proportionate share in interest expense, tax and depreciation and amortization in Sarulla and Ijen 14,870 15,086 16,069 Depreciation, amortization and accretion 299,174 287,505 221,415 EBITDA 554,624 545,135 463,502 Mark-to-market (gains) or losses of derivative instruments 2,163 550 (2,206) Stock-based compensation 20,825 19,390 15,478 Allowance for bad debts 844 228 - Induced conversion expense in connection with the issuance of the 2031 Convertible Notes 34,413 - - Impairment of long-lived assets 20,492 12,064 - Write-off of unsuccessful exploration and storage activities 9,372 1,446 3,733 Merger and acquisition transaction costs 2,695 2,272 1,234 Bargain purchase gain (9,616) - - Settlement agreement expenses and other 168 900 - Adjusted EBITDA 635,981 581,985 481,741