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6 YEARS OF POWERING A SUSTAINABLE FUTURE ORMAT ORMAT TECHNOLOGIES , INC . Q2 2026 EARNINGS CALL FINANCIAL PERFORMANCE AND STRATEGIC UPDATES Dominica , geothermal power plant , Dominica
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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), revenue, 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 Heber geothermal complex, NV, USA
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4COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. Q2 2026 AND RECENT DEVELOPMENT HIGHLIGHTS ELECTRICITY ENERGY STORAGE Q2 revenue up 195.1% YoY H1 revenue up 172.0% YoY High asset availability, favorable PJM merchant pricing and new capacity additions drove revenue growth and margin expansion 497MW / 1,888 MWh under construction and development • Includes the 100MW / 400MWh Denali facility +20.8% Gross profit growth YoY +10.6% Revenue growth YoY Q2 revenue decreased 21.6% YoY • Driven by the timing of manufacturing and construction progress H1 revenue up 145.3% YoY • Driven by TOPP2 revenue recognition Backlog – approx. $203 million1 Next-generation geothermal & EGS • Introduced the Ormega100 surface binary generation unit 15MW of new capacity • Dominica COD – 10MW in July 2026 • Cove Fort upgrade – 5MW Improved generation at Olkaria and Puna, contribution from Blue Mountain and lower curtailments 202MW under construction and development with long-term PPAs Next-generation geothermal & EGS • Advanced the SLB Desert Peak and Sage pilots toward field execution • Desert Peak drilling is planned for Q4 2026 • Secured additional land for future EGS pipline 1. Backlog as of August 5th, 2026. The backlog Includes revenues for the period between July 1st, 2026, and August 4th, 2026 +6.9% Adj. EBITDA growth YoY PRODUCT 155 MW added to Portfolio since the beginning of the year Raised FY 2026 revenue and adjusted EBITDA guidance
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01 KEY FINANCIAL RESULTS & RECENT DEVELOPMENTS North Valley complex, NV, USA
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6COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. Revenue $258.8M +10.6% Gross Margin 26.5% +220 bp Q2 2026 FINANCIAL RESULTS KEY HIGHLIGHTS 1. For key financial results and non –GAAP financial measures reconciliation please see the appendix slides. 2. EPS refers to earnings per diluted share 3. Net income attributable to the Company's stockholders for Q2 2026 was $27.1M compared to $ 28.0M in Q2 2025. Adjusted net income attributable to the Company's stockholders for the Q2 2026 was $31.0M compared to $ 29.1M in Q2 2025 Comparison vs Q2 2025 Adjusted EBITDA(1) $143.9M +6.9% EPS/Adj. EPS(2) $0.43/$0.50 (6.5)% / +4.2% Q2 2026 REVENUE BY SEGMENT 65% Electricity 18% Product 17% Storage
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7COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. Total Electricity Product Storage Q2 2026 FINANCIAL RESULTS BY SEGMENT 1. For key financial results and non –GAAP financial measures reconciliation please see the appendix slides. Comparison vs. Q2 2025 REVENUE $258.8M +10.6% $169.3M +5.8% $46.7M (21.6)% $42.8M +195.1% GROSS MARGIN 26.5% +220 bp 23.7% (50) bp 9.7% (1,800) bp 56.2% +4,430 bp ADJUSTED EBITDA 1 $143.9M +6.9% $101.1M (6.6)% $3.9M (74.7)% $38.9M +256.9%
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8COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. Revenue $662.7M +42.9% Gross Margin 28.5% +50 bps H1 2026 FINANCIAL RESULTS KEY HIGHLIGHTS 1. For key financial results and non –GAAP financial measures reconciliation please see the appendix slides. 2. EPS refers to earnings per diluted share 3. Net income attributable to the Company's stockholders for H1 2026 was $71.2M compared to $ 68.4M in H1 2025. Adjusted net income attributable to the Company's stockholders for the H1 2026 was $111.3M compared to $70.6M in H1 2025. Comparison vs H1 2025 Adjusted EBITDA(1) $338.8M +18.9% EPS/Adj. EPS $1.14/$1.79 +1.8% / +54.3% H1 2026 REVENUE BY SEGMENT 53% Electricity 34% Product 13% Storage
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9COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. Total Electricity Product Storage H1 2026 FINANCIAL RESULTS BY SEGMENT 1. For key financial results and non –GAAP financial measures reconciliation please see the appendix slides. Comparison vs. H1 2025 REVENUE $662.7M +42.9% $350.9M +3.1% $224.1M +145.3% $87.7M +172.0% GROSS MARGIN 28.5% +50 bp 27.4% -170 bp 19.0% -680 bp 57.7% +3,550 bp ADJUSTED EBITDA 1 $338.8M +18.9% $242.4M +3.7% $34.2M +33.6% $62.2M +144.0%
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10COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. REGULATORY SUPPORT $10.3 $15.3 $6.0 $1.3 Q2 2025 Q2 2026 $16.6$16.3 FINANCIAL IMPACT OF OBBBA 1. Tax rate excludes any changes in law and/or one-time events 2. ITC of approx. $70 million and PTC of approx. $20 million. Q2 2026 $9.5M ITC benefit was recorded 2026 outlook $59.9M ITC benefits are expected to be recorded in 2026 and are expected to result in an effective income tax benefit rate of approximately 15% in the second half of 20261 Income attributable to sale of tax benefits ($M) INCOME TAX BENEFIT Transferable PTC Tax benefits related to tax equity transaction Q2 YoY COMPARISON TAX CREDITS MONETIZATION H1 2026 $51.0M of proceeds were collected 2026 outlook Approx. $90M proceeds are expected in full year 20262
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11COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. Dec. 31, 2025 June 30, 2026 1,060 Tax equity transaction 562 78 Debt Repayment 281 Proceeds from Debt raises 252 658 Dividend 129 Proceeds from Topp 2 sale 15 51 CASH POSITION Investment in CapEx (1) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS ($M) M&A Cash from operating activities 93 (1) Includes $30 million for maintenance CapEx. (2) Includes $1.0 billion of convertible senior notes and $86.8 million of project financing. 24 $51M Cash from tax credits, net successfully collected in H1 2026 3.9% Weighted average interest rate of our $3.4 billion debt portfolio Stock purchase Others 26 Investment in unconsolidated companies ~$1.1B of new debt raised in H1 20262 1
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12COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. STRONG CAPITAL POSITION 1. Cash, cash equivalents, restricted cash and available lines of credit as of June 30, 2026 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 4. Cash from operations + power plant sale proceeds + tax credit proceeds 50% Net debt to capitalization3 4.3x Net debt to Adj. EBITDA3 $449M Expected CapEx for H2 20262 $1.1B Total liquidity1 as of of June 30, 2026 ~$273M Total Cash Generated4 In H1 2026 $2.7B Net debt3 as of of June 30, 2026 UP TO $40M Uniq exploration financing facility secured for the Wapsalit geothermal project
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02 BUSINESS PERFORMANCE BY SEGMENT Electricity | Storage | Product Hoku hybrid storage + solar facility, HI, USA
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14COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 25% 50% 19%6%78% 11% 5% 4% 2% 1,355MW 1 Geothermal, Solar PV & REG 495MW/1,358MWh Energy storage U.S. Kenya LATAM Indonesia Caribbeans East Coast2 California Texas OUR PORTFOLIO 1,850MW Hawaii 1. Includes Ormat’s 12.75% share in Sarulla complex and 49% share in Ijen complex. 2. East Coast market includes PJM, ISO-NE, NYISO and SERC.
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15COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 1,355 MW PORTFOLIO1,2 1,051 150 59 70 U.S. Kenya Indonesia Dominica3 & Guadeloupe Guatemala & Honduras ELECTRICITY SEGMENT 1. Includes 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. Dominica represents a new geographic market for Ormat, while Guadeloupe is already part of theexisting portfolio 25 202MW Under construction and development expected COD by end of 2028. All backed by long-term PPAs • 87 MW geothermal • 115 MW solar PV 15MW Of new capacity additions since the beginning of Q2 2026 • Dominica - COD in July 2026 - 10 MW • Cove Fort - upgrade - 5 MW NEW!
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16COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. ELECTRICITY OPERATIONAL UPDATES BLUE MOUNTAIN, NEVADA +$2.6M contribution to Q2 revenue acquired in June 2025 PUNA, HAWAII +$3.0M revenue increase, driven by higher energy rates and recovery from prior-year wellfield issues CURTAILMENTS, USA $4.2M lower curtailments, mainly at McGinness Hills, Dixie Valley and Tungsten OLKARIA, KENYA +$2.5M revenue increase from stronger generation following well field optimization and lower curtailments OVERALL POWER GENERATION INCREASED 3% YoY OPERATIONAL UPDATE 16COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC.
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17COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. ATTRACTIVE PPA PRICES SUPPORT GROWTH $63 $86 $81 0 20 40 60 80 100 120 140 160 193MW 425MW with upside potential with upside potential NEGOTIATING PPA WITH UPSIDE POTENTIAL PPA Price $/MWh 59MW Signed and agreed +~ $30 Signed 2027-2030 2031-2034 2035-2055 Signed ~200MW1 geothermal and 67MW2 hybrid (storage + solar) at attractive prices 1. Approximately 200 MW of geothermal PPAs signed in 2026, including a 13 MW PPA with Switch for the Salt Wells power plant, effective Q1 2030; up to 150 MW under the Google portfolio agreement; and approximately 40 MW under two blend-and-extend PPAs. 2. 67 MW solar plus 67 MW / 268 MWh of energy storage under a long-term PPA with NV Energy; expected COD in late 2027 or early 2028, subject to Nevada PUC approval. “Blend and Extend” PPAs • ~40 MW including CD4 and Blue Mountain, extending the existing PPA terms • Contract price increased by approximately $20–$30/MWh • Pending final approval Signed in Q2 2026 NV Energy – Solar + Storage PPA • 67 MW solar + 67 MW / 268 MWh storage • Long-term fixed-price PPA • Expected COD in late 2027 or early 2028 • Subject to Nevada PUC approval Total PPA renewals secured since 2024 will contribute approx. $14M in annual revenue as they become effective starting in 2026 and continuing through 2030
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18COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 56% 37% 5% 2% Asia Oceania Central America Europe 148 152 340 314 263 295 352 239 203 PRODUCT BACKLOG BACKLOG ($M) 3RD PARTY CONTRACTS ~$203M Backlog1 1) Backlog as of August 5th, 2026. The backlog Includes revenues for the period between July 1st, 2026, and August 4th, 2026 Top 2 Geothermal Power Plants, New Zealand GEOGRAPHIC BREAKDOWN
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19COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. $0.2 $0.5 $2.9$4.7 $10.3$9.6 $29.1 Q2 2025 Q2 2026 +202% PJM increase $30.3 $10.2 $12.5 $4.3 Q2 2026Q2 2025 $14.5 $42.8 ENERGY STORAGE OPERATIONS 1 495MW/1,358MWh 3 2 CA 250MW/960MWh East Coast1 122MW/125MWh TX 93MW/153MWh HI 30MW/120MWh 1 3 2 4 STORAGE REVENUE BREAKDOWN BY TYPE AND REGION ($M) Merchant Fixed California Texas 1. East coast market includes PJM, ISO-NE, NYISO and SERC CURRENT OPERATING PORTFOLIO +195% Total increase $19.5M higher revenues from existing PJM assets vs. Q2 2025 4 East Coast Hawaii $7.7M revenues generated from newly commissioned projects
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03 STRATEGIC GROWTH INITIATIVES Cove Fort geothermal power plant, UT, USA
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21COPYRIGHT © 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 CD4 geothermal power plant, NV, USA
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22COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. GEOTHERMAL DEVELOPMENT Project Projected Capacity (MW) Expected COD PPA U.S - Cove Fort - upgrade 5 Q2 2026 ✓ Dominica – Dominica 10 Q3 2026 ✓ U.S - Salt Wells - upgrade 5 Q3 2026 ✓ Guadeloupe - Bouillante 10 Q4 2026 ✓ U.S - Still Water - upgrade 3 Q1 2027 ✓ Guatemala – Zunil 5 2027 ✓ U.S - Blue Mountain expansion 3.5 H1 2027 ✓ U.S - Heber 2 - complex expansion 27 H2 2027 ✓ U.S - Lone Mountain - NEW 30 H1 2028 ✓ U.S - Puna expansion – NEW 3 2028 ✓ U.S - Dixie Meadows 12 Suspended ✓ North Valley complex, NV, USA 87MW Under development across 8 projects by end of 2028 Dominica geothermal power plant, Dominica Commercial operation completed
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23COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. SOLAR DEVELOPMENT Project Projected Capacity (MW) Expected COD PPA U.S. – Hoku solar – NEW M&A 30 Q1 2026 ✓ U.S. – McGinness Hills Solar 14 Q1 2027 ✓ U.S. – Blue Mountain solar 12 2027 ✓ U.S. – Heber Complex expansion solar 22 H2 2027 ✓ U.S. – Jersey Valley solar 67 End 2027/ early 2028 ✓ Commercial operation completed 115MW Under development across 4 projects by end of 2028 North Valley complex, NV, USA
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24COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. ENERGY STORAGE DEVELOPMENT Shirk Storage facility, CA, USA 497MW / 1,888MWh Under development Across 7 projects Project Projected Capacity (MW) Projected MWh ITC%1 Expected COD PPA Battery Status HI – Hoku 30 120 - Q1 2026 PPA Installed CA – Shirk 80 320 40% Q1 2026 Merchant & RA contract Installed TX – Bird Dog 60 120 40% Q3 2026 Merchant Installed NV - Jersey Valley 67 268 40% End 2027/ early 2028 PPA Negotiations Israel – Rosh Pina & Bet Alpha 1502 6002 - 2028 Full Tolling Negotiations Israel – Bror Hail 202 1002 - 2028 Merchant Negotiations CA – Griffith 100 400 50% 2028 TBD Negotiations CA – Denali – NEW 100 400 30% 2028 Full tolling Negotiations 1. Based on current treasury guidance, expect to be transferred to third part at discount 2. Ormat’s share Commercial operation completed Secured safe harbor for approx. 3.1 GWh of projects under construction & future development
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25COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. ENERGY STORAGE PIPELINE 2.5GW / 9.8GWh Potential capacity of U.S. storage pipeline 25 Named prospects 1,092 655 300 287 200 East Coast California WECC Others Texas1 GEOGRAPHICAL BREAKDOWN (MW) Bottleneck storage facility, CA, USA 1. East coast market includes PJM, ISO-NE, NYISO and SERC
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26COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. EGS DEVELOPMENT - MULTIPLE PATHS TO SUCCESS SLB Partnership – Desert Peak Project • Completed the analysis of geophysical seismic data and incorporated the results into an updated subsurface model • Submitted drilling permit applications and progressed procurement of long-lead items • In final stages of vendor selection ahead of planned drilling in Q4 2026 Sage Geosystems Pilot • Selected the project location in Nevada and advanced permitting activities • Reached final stages of procuring drilling equipment and services • Progressed engineering to integrate the two-well EGS facility into the selcted Ormat power plant COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. Surface Technology • Introduced Ormega100 , Ormat’s modular 100 MW ORC unit for large-scale conventional geothermal and EGS applications • Evaluating manufacturing readiness and cost structure BD initiatives • Expanding the EGS development footprint across the western U.S., including resource evaluation, land acquisition, water rights and interconnection opportunities • Awarded a federal lease covering 10,642 acres in New Mexico • Negotiating multiple large private land positions for EGS in Idaho and Oregon • Two prospects identified within our existing portfolio that could support large-scale EGS development
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27COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. Total revenues $1,150-1,200M vs $990 actual in FY 2025 Electricity $710-725M vs $694 actual in FY 2025 Product $300-320M vs $217 actual in FY 2025 Storage $140-155M vs $79 actual in FY 2025 Adjusted EBITDA (2) $630-650M vs $582 actual in FY 2025 2026 GUIDANCE & 2028 GROWTH TARGETS1 1. This growth is subject to permits, regulatory approvals, and successful project completion 2. For key financial results and non–GAAP financial measures reconciliation please see the appendix slides. 2026 Guidance ($M) REVENUES ($M) 2025 2026 Guidance 2028E Run Rate $1,200-1,250 $990 $1,150-1,200 2025 2026 Guidance 2028E Run Rate $582 $775-825 $630-650 ADJUSTED EBITDA ($M)2 11.2% CAGR 2025-2028E 7.4% CAGR 2025-2028E +18.7% +42.9%+3.4% +86.7% +10.0%
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28COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 2026 KEY HIGHLIGHTS STRONG FINANCIAL RESULTS • Q2 revenue increased 10.6% YoY • Gross profit increased 20.8%; Adjusted EBITDA increased 6.9% • Raised FY 2026 revenue and Adjusted EBITDA guidance GROWTH TRAJECTORY • Continued multi-year growth path with approx. 202MW under development in the Electricity segment • 497MW / 1,888MWh under development 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 3.1GWh of total energy storage capacity EGS • Introduced Ormega100 in June • Advanced the SLB Desert Peak and Sage pilots toward field execution • Awarded land in NM • Negotiating multiple large private land positions for EGS in Idaho and Oregon • identified two prospects within our existing portfolio for EGS development 01 02 FUNDING FOR FUTURE DEVELOPMENT • Raised $1.1 billion in new debt, including $1.0 billion of convertible notes • Collected $51 million of tax credits 0604 05 EXECUTION MILESTONES • 10 MW Dominica geothermal plant achieved COD • Approved development of 100 MW / 400 MWh Denali energy storage facility was released for construction under a 20-year tolling agreement 03
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04 ESG PROGRESS Olkaria geothermal complex, Kenya
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30COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. SUSTAINABILITY UPDATE 2024 SUSTAINABILITY REPORT REPORTING REQUIREMENTS Advancing alignment with the California Climate Rule and TCFD framework BOARD DIVERSITY Achieved 50% female representation on the Board AVOIDED EMISSIONS Ormat’s operations avoided approx. 2,488,811 tCO2e in 2024 - More than 11 times our Scope 1 and 2 emissions CDP RATING Maintained a ‘B’- ‘Management’ score, reflecting ongoing climate risk management The 2025 Sustainability Report will be published in Q3’26
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SUMMARY AND Q&A
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THANK YOU COMMITTED TO CONTINUED PROFITABLE GROWTH IR@ORMAT.COM Don A. Campbell geothermal power plant, NV, USA
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33COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. PAYMENT OF PRINCIPAL DUE BY PERIOD ($M)1,2,3 AVERAGE INTEREST RATE: 3.9% 1. Deferred financing costs in the amount of $42.3 million 2. We assume lines of credit are renewed 3. Not including short –term and LOC commercial papers ($ millions) Q3-2026 Q4-2026 Year 2026 Long-Term non-recourse & limited recourse debt 16.9 26.2 43.1 Long Term Loans Full Recourse 51.3 40.1 91.4 Finance Liability 7.1 - 7.1 Total $75.3 $66.3 $141.6 Remaining Total 2026 2027 2028 2029 2030 Thereafter Long-Term non-recourse & limited recourse debt 788.6 43.1 89.5 93.6 94.7 86.4 381.3 Long Term Loans Full Recourse 1,115.7 91.4 216.3 243.6 217.9 126.7 219.9 Finance liability 213.8 7.1 8.5 8.7 11.9 9.3 168.3 Convertible senior notes 1,190.6 - 365.6 - - - 825.0 Total $3,308.7 $141.6 $679.8 $345.9 $324.5 $222.4 $1,594.5
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34COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. CAPEX ($M) ACTUAL INVESTED IN H1 2026 TOTAL CAPEX FOR H2 2026 Electricity Segment 180 281 Construction & Enhancements – fully released 87 178 Development enhancement, drillings and Exploration 63 78 Maintenance CapEx 30 25 Storage Segment 58 129 Product Segment 4 9 EGS activities 1 20 BD 8 10 Total 251 449 1. Excludes non-cash items, assets retirement obligation and exchange rate
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35COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. P&L HIGHLIGHTS Q2 2026 Q2 2025 Change (%) H1 2026 H1 2025 Change (%) GAAP MEASURES Revenues ($M) Electricity 169.3 159.9 5.8 % 350.9 340.2 3.1 % Product 46.7 59.6 (21.6) % 224.1 91.4 145.3 % Energy Storage 42.8 14.5 195.1 % 87.7 32.2 172.0 % Total Revenues 258.8 234.0 10.6 % 662.7 463.8 42.9 % Gross Profit ($ millions) 68.7 56.9 20.8 % 189.1 129.8 45.6 % Gross margin (%) Electricity 23.7% 24.2% -50 bp 27.4% 29.1% -170 bp Product 9.7% 27.7% -1,800 bp 19.0% 25.8% -680 bp Energy Storage 56.2% 11.9% +4,430 bp 57.7% 22.2% +3,550 bp Gross margin (%) 26.5% 24.3% +220 bp 28.5% 28.0% +50 bp Operating income ($M) 34.2 35.3 (3.2) % 114.5 86.2 32.7 % Net income attributable to the Company’s stockholders 27.1 28.0 (3.4) % 71.2 68.4 4.0 % Diluted EPS ($) 0.43 0.46 (6.5) % 1.14 1.12 1.8 NON-GAAP MEASURES(1) Adjusted Net income attributable to the Company’s stockholders 31.0 29.1 6.5 % 111.3 70.6 57.6 % Adjusted Diluted EPS ($) 0.50 0.48 4.2 % 1.79 1.16 54.3 % Adjusted EBITDA1 ($M) 143.9 134.6 6.9 % 338.8 284.9 18.9 %
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36COPYRIGHT © 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 three and six-month periods ended June 30, 2026, and 2025. Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income $ 26,014 $ 28,199 $ 70,627 $ 69,233 Adjusted for: Interest expense, net (including interest income and amortization of deferred financing costs) 36,867 34,753 80,430 67,913 Income tax provision (benefit) (9,666) (5,466) (25,136) (9,261) Adjustment to investment in unconsolidated companies: our proportionate share in interest expense, tax and depreciation and amortization in Sarulla and Ijen 3,570 3,856 7,060 7,277 Depreciation, amortization and accretion 77,158 70,676 151,501 139,832 EBITDA $133,943 $132,018 $284,483 $274,994 Mark-to-market (gains) or losses of derivative instruments (977) (3,343) (791) (2,404) Stock-based compensation 6,244 4,621 10,968 9,533 Allowance for bad debts 1 25 668 51 Induced conversion expense in connection with the issuance of the 2031 Convertible Notes 761 — 34,413 — Impairment of long-lived assets 316 — 8,428 — Merger and acquisition transaction costs 669 1,009 1,432 1,009 Bargain purchase gain — — (9,616) — Settlement agreement expenses and other (3,618) — 168 900 Write-off of unsuccessful exploration and storage activities 6,611 251 8,693 767 Adjusted EBITDA $143,950 $134,581 $338,846 $284,850
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37COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. RECONCILIATION OF ADJUSTED NET INCOME ATTRIBUTABLE TO THE COMPANY’S STOCKHOLDERS AND ADJUSTED EPS Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions, except for EPS) GAAP Net income attributable to the Company's stockholders 27.1 28.0 71.2 68.4 Induced conversion expense 0.76 — 34.4 — Bargain purchase price — — (9.6) — Impairment of long-lived assets 0.24 — 6.7 — Write-off of unsuccessful exploration and storage activities 5.22 0.2 6.87 0.6 Merger and acquisition transaction costs 0.53 0.8 1.13 0.8 Allowance for bad debts — 0.0 0.53 0.1 Settlement agreement expenses and other (2.86) — 0.13 0.7 Adjusted Net income attributable to the Company's stockholders $31.0 $29.1 $111.3 $70.6 GAAP diluted EPS 0.43 0.46 1.14 1.12 Induced conversion expense 0.01 — 0.55 — Bargain purchase price — — (0.15) — Impairment of long-lived assets 0.00 — 0.11 — Write-off of unsuccessful exploration and storage activities 0.09 0.00 0.11 0.01 Merger and acquisition transaction costs 0.01 0.02 0.02 0.02 Allowance for bad debts — 0.00 0.01 0.00 Settlement agreement expenses and other (0.04) — 0.00 0.01 Adjusted Diluted EPS $0.50 $0.48 $1.79 $1.16 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 thatpresentation 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 the three and six-month periods ended June 30, 2026, and 2025. 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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38COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES June 30, 2026 Cash and cash equivalents, marketable securities and Restricted cash (in millions $) Cash and cash equivalents 514 Restricted cash and cash equivalents 144 Total cash and cash equivalents, marketable securities and Restricted cash (in millions $) 658 current portion: Commercial paper 100 Convertible senior notes 361 Limited and non-recourse 88 Full recourse 216 Financing Liability 10 Total current portion of long-term debt: 775 Long-term debt, net of current portion: Limited and non-recourse: 684 Full recourse 896 Convertible senior notes 806 Financing Liability 204 Total long-term debt, net of current portion: 2,590 Total Debt 3,365 Full recourse 1,112 Limited and non-recourse 772 Financing liabilities 214 Convertible senior notes 1,167 Commercial paper 100 Total Debt 3,365 Net Debt (in millions) 2,707 Total Equity 2,734 Net Debt to Capitalization (Total Equity) (%) 50% Net Debt (in millions) 2,707 LTM Adjusted EBITDA (in millions) 636 Net Debt to Adjusted EBITDA1 (x) 4.3x