Ormat Technologies, Inc. · NYSE:ORA

Ormat Technologies — Investor Day (September 2026)

99 slides from Ormat Technologies's investor day presentation, Sep 8, 2026

Slide 1: Welcome: 2026 Investor & Analyst Day
WELCOME ORMAT TECHNOLOGIES, INC. 2026 INVESTOR & ANALYST DAY SEPTEMBER 8, 2026
Slide 2: Safe Harbor Statement and Non-GAAP Metrics
SAFE HARBOR STATEMENT AND NON-GAAP METRICS THIS PRESENTATION INCLUDES FORWARD-LOOKING STATEMENTS, AND THE DISCLAIMER SHOULD BE READ CAREFULLY FORWARD-LOOKING STATEMENTS These forward-looking statements are not intended to be a guarantee of future results, but instead constitute Ormat’s current expec
Slide 3: Today's Agenda
TODAY’S AGENDA 09:00 DORON BLACHAR, CEO 10:30 Q&A FOLLOW BY A BREAK THE NEW ENERGY REALITY & ORMAT’S GROWTH OPPORTUNITY LEVERAGING ORMAT’S POWERHOUSE TO DRIVE GROWTH AND CAPTURE MORE VALUE 11:00 MANAGEMENT PANEL IN THE ELECTRICITY SEGMENT EGS: THE NEXT CHAPTER OF GEOTHERMAL 09:45 OFER BEN YOSEF, EVP
Slide 4: Speakers and Management Participants
SPEAKERS MANAGEMENT PARTICIPANTS DORON BLACHAR ASSI GINZBURG OFER BEN YOSEF NIRIT GRUSHKO JESSICA WOELFEL ARON WILLIS CEO CFO EVP ENERGY EVP & CTO INNOVATION, GENERAL COUNSEL & CCO EVP ELECTRICITY SEGMENT STORAGE & BD R&D AND TECHNOLOGIES DANIEL MOELK PAUL THOMSEN SMADAR LAVI LIZA TAVORI ELAD ZALKIN
Slide 5: Leading Positions Across Three Business Segments
LEADING POSITIONS ACROSS THREE BUSINESS SEGMENTS ELECTRICITY ENERGY STORAGE PRODUCT 1.3GW 0.5GW / 1.4GWh LARGEST GLOBAL OPERATING PORTFOLIO BATTERY STORAGE PORTFOLIO BINARY GEOTHERMAL PRIMARILY GEOTHERMAL ASSETS IN THE U.S. TECHNOLOGY SUPPLIER IN THE U.S. GLOBAL EPC & EQUIPMENT SOLUTIONS LARGEST GEO
Slide 6: Execution at Scale
EXECUTION AT SCALE 565MW TOTAL NEW CAPACITY +44% PORTFOLIO GROWTH SINCE YE 2023 YE 2023 - H1 2026 +44% +22% +191% 240 , TOTAL PORTFOLIO GROWTH ELECTRICITY GROWTH ENERGY STORAGE MW GROWTH 565 42% 325 , (356% MWH GROWTH) 58% MW 1,850MW 495MW 1,355MW (1,358MWh) 1,115MW ELECTRICITY ENERGY STORAGE 1,285M
Slide 7: Execution at Scale
EXECUTION AT SCALE ADJUSTED EBITDA MIX IS BECOMING MORE DIVERSIFIED TRANSLATING SCALE INTO DOUBLE-DIGIT GROWTH SINCE LAST INVESTOR DAY 4% 2% +43% +32% $482M 2 REVENUE GROWTH ADJUSTED EBITDA GROWTH 2023 94% $1,189M $636M $482M 9% $830M 16% $636M LTM1 30.6.2026 75% YE 2023 LTM June 2026 1 YE 2023 LTM
Slide 8: Execution at Scale: Strong Development Momentum
EXECUTION AT SCALE: STRONG DEVELOPMENT MOMENTUM, BACKED BY ACTIVE COMMERCIAL EXECUTION SIGNED 11 NEW PPAS UNDER CONSTRUCTION & DEVELOPMENT PIPELINE1 TOTALING DEVELOPMENT 730MW SINCE THE LAST INVESTOR DAY 700MW 2.9-3.7GW ELECTRICITY: 334MW ELECTRICITY: 202MW 48 GEOTHERMAL SITES – 0.75-1.5GW STORAGE:
Slide 10: A New Era of Power Demand Is Taking Shape
A NEW ERA OF U.S. ELECTRICITY CONSUMPTION OUTLOOK BY SECTOR1 POWER DEMAND TWh IS TAKING SHAPE 39% GROWTH 1.3% 4x 13% GROWTH CAGR > 0.6% CAGR 5,367 5,995 DATA CENTERS DRIVING INCREASED 4,298 4,562 DEMAND 3,811 ~6.0% CAGR vs. ~1.3% overall ~ 40-85GW incremental demand by 2050 ~ 70% 2005 2025 2030 2040
Slide 11: 900GW of Expected New Capacity - Led by Renewables
900GW OF EXPECTED NEW CAPACITY - LED BY RENEWABLES Excluding EGS2 2025-2050 ELECTRICITY GENERATING CAPACITY1 CAPACITY ADDITIONS & RETIREMENTS1 2025-2050 (GW) 2025-2050 (GW) +515GW 5% 3% Net Renewable Capacity 7% 8% 35% 43% 1,990GW 2X 13% 1,250GW net, 2050 2025 Renewables 49% 37% Growth in GW NEW GW
Slide 12: Power Demand Growth Broadens Over Time
POWER DEMAND GROWTH DRIVERS OF U.S. ELECTRICITY DEMAND GROWTH1 SHARE OF INCREMENTAL DEMAND BY PERIOD BROADENS OVER TIME 8% Direct Use 16% 14% 11% 4% 14% DATA CENTERS LEAD TODAY’S Industrial 20% GROWTH, WHILE 28% 17% MULTIPLE SECTORS SUSTAIN Data centers LONG-TERM GROWTH 28% 28% 30% Commercial 32% 27
Slide 13: New Demand Requires Baseload
NEW DEMAND REQUIRES BASELOAD AVERAGE HOURLY PROFILE OF INCREMENTAL DATA CENTER AND EV LOAD1 NEW LOAD REQUIRES BOTH RELIABILITY AND DATA CENTER FLEXIBILITY EV CHARGING DATA CENTERS RESIDENTIAL → raise the 24/7 load floor EV CHARGING → add time-varying demand EV CHARGING COMMERCIAL MID- 6 AM NOON 6 PM
Slide 14: The Ormat Powerhouse
THE ORMAT POWERHOUSE 01 ORMAT SOLUTIONS – MARKET FIT 02 TECHNICAL LEADERSHIP 03 PROJECT DELIVERY THE ORMAT 04 OWNER-OPERATOR DNA POWERHOUSE 05 FINANCIAL STRENGTH COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 14
Slide 15: Ormat Delivers What the Grid Needs
01 ORMAT SOLUTIONS - MARKET FIT ORMAT DELIVERS WHAT THE GRID NEEDS GEOTHERMAL ENERGY STORAGE FIRM AND FLEXIBLE STABILITY & RELIABILITY Renewable baseload: weather- Enabling more renewables. independent, around the clock Delivering the flexibility the grid needs COPYRIGHT © 2026 ORMAT TECHNOLOGIES, I
Slide 16: Technical Leadership
02 TECHNICAL LEADERSHIP 60 years of industry-leading expertise across the entire geothermal value chain Exploration, reservoir engineering and drilling expertise In-house engineering and R&D teams Binary Technology • Products • Ormega100 • EGS Manufacturing facility Proprietary technology and decade
Slide 17: Project Delivery
03 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 PROVEN DEVELOPMENT KNOW-HOW Deep expertise across permitting, interconnection, utilities and local agencies FR
Slide 18: Owner-Operator DNA
04 OWNER-OPERATOR DNA Large operating portfolio generates knowledge and cash flow enabling future growth ~1.8GW OPERATING PORTFOLIO Across geothermal, storage and solar In multiple geographies Share of knowledge between operation and manufacturing PROPRIETARY OPERATIONAL INSIGHT Strengthen engineeri
Slide 19: Financial Strength
05 FINANCIAL STRENGTH Strong balance sheet and diversified financing capabilities enable long-term growth STRONG OPERATING CASH FLOW FROM CONTRACTED ASSETS FINANCIAL FLEXIBILITY TO PURSUE STRATEGIC M&A PROVEN ACCESS TO MULTIPLE FINANCING STRUCTURES DISCIPLINED CAPITAL ALLOCATION COPYRIGHT © 2026 ORM
Slide 22: Electricity Segment
ELECTRICITY SEGMENT ORMAT’S PORTFOLIO (MW) 1,355 $705M MW PORTFOLIO1 LTM REVENUE2 1,051 U.S. Guadeloupe 25 & Dominica $477M 14 70 150 59 yrs. Guatemala & Honduras Indonesia LTM ADJ. EBITDA2 WEIGHTED AVG. PPA LIFE Kenya 1. Portfolio as of August 2026. 2. 12 months ended 30.6.2026 COPYRIGHT © 2026 ORM
Slide 23: Ormat Global Growth Prospects
ORMAT GLOBAL GROWTH PROSPECTS ORMAT’S HYDROTHERMAL GEOTHERMAL PROSPECTS 48 1 35 GEOTHERMAL SITES U.S. 9 2 under exploration or 1 Guatemala development Indonesia Honduras 1 across 5 countries New Zealand 1. Site count reflects prospects under exploration or development as of September 8, 2026 COPYRIG
Slide 24: Ormat's Domestic Land Position
ORMAT’S DOMESTIC LAND POSITION PROSPECTS FOR HYDROTHERMAL REGULATORY GEOTHERMAL DEVELOPMENT TAILWINDS 6% 1% Faster permitting 2 for geothermal 35 projects 1 OR 5 22 NV 223k under new energy emergency 4 Acres executive order CA UT U.S. SITES 2 93% NM BLM Private State 1. Source: The White House Natio
Slide 25: Surpassing 2GW
2.0-2.1 STEPPING UP THE PACE 56% GW SURPASSING 2GW WITH ~2× THE CAPACITY ADDITIONS AHEAD1 41% 1.3 GW 0.9 GW 2x 2020 2025 2030E HYDROTHERMAL GEOTHERMAL SOLAR PV More Capacity Added vs. 2020–2025 1. 690-790MW additions in 2025-2030 compared with 378MW additions in 2020-2025. Management targets exclude
Slide 26: 2030 Growth: Critical Milestones Already Secured
2030 GROWTH: CRITICAL MILESTONES ALREADY SECURED % OF DOMESTIC 2030 PROSPECTS WITH PPA, PERMITS & INTERCONNECTION ALREADY IN PLACE 1 PPA 70% Permits 79% Interconnection 79% EXECUTED GIA2 21% Queue 1. Percentages are based on targeted capacity as of September 8, 2026. A PPA, permit or executed GIA do
Slide 27: Scaling Drilling to Support Our Growth
SCALING DRILLING TO SUPPORT OUR GROWTH 44 43 44 39 AVERAGE WELLS 34 COUNT TO BE DRILLED ANNUALLY 29 2026-20301 20 9 2.7x 2026–2030 DRILLING ACTIVITY1 2024 2025 2026E 2027E 2028E 2029E 2030E vs. 2024–2025 average Development Exploration Small-Diameter 1. Drilling plans are management targets and may
Slide 28: Electricity Segment YE2030 Growth Targets
Excluding EGS ELECTRICITY SEGMENT YE2030 GROWTH TARGETS1 2.0-2.1GW 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, contractin
Slide 30: Repricing Is Capturing the Geothermal Premium
REPRICING IS CAPTURING THE GEOTHERMAL PREMIUM PPA PRICING IN MAINLAND US1,2 PPAs signed at average $68/MWh > $100/MWh $/MWh OVER 120 100 80 70% PREMIUM FOR 60 GEOTHERMAL 40 20 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Solar PV Industry Average 1. Source: 2017- BERKELEY LAB CapEx, LCOE, and
Slide 31: PPA Recontracting Unlocks Revenue Upside
PPA RECONTRACTING UNLOCKS REVENUE UPSIDE PPA Price 50M $/MWh 150 140 $ ESTIMATED ANNUAL 130 REVENUE UPSIDE 1 FROM 2027–2034 RECONTRACTING 120 680MW 110 100 200MW 420MW 90 upside potential2 upside potential2 TOTAL RECONTRACTING 80 60MW OPPORTUNITY 70 Signed and agreed 60 50 2027-2030 2031-2034 2035-2
Slide 32: Decades of Visibility
DECADES OF VISIBILITY Long-term contracts with a diversified mix of utilities and leading corporate customers 1 15-yr portfolio PPA · up to 150MW Salt Wells · 13MW · 20-yr PPA CD4 15MW · 15-yr PPA long-term Blue Mountain hybrid 22MW PPAPPA · 20-yr · 67MW Heber 1 · 52MW · 25-yr PPA 2025 2030 2035 204
Slide 33: Regulatory Tailwinds
REGULATORY TAILWINDS GEOTHERMAL WINS BIG IN U.S. ENERGY REFORM1 Full tax credits extended to projects start construction in 2033 30–40% OF CAPEX Tax credit value, providing greater visibility into long-term project returns Strong bipartisan support 1. Tax benefits depend on applicable law, project e
Slide 34: The Stars Are Aligned
THE STARS ARE ALIGNED POWER REGULATORY POWER DEMAND IS SUPPORT IS PRICES ARE ACCELERATING STRENGTHENING RISING THE ORMAT POWERHOUSE STRONG LAND EXTENDED POSITION EXPLORATION AND DRILLING ACTIVITIES COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 34
Slide 36: EGS Expands Geothermal's Addressable Opportunity
EGS EXPANDS GEOTHERMAL’S ADDRESSABLE OPPORTUNITY 90GW POTENTIAL CAPACITY BY 20501 300GW POTENTIAL CAPACITY - ADVANCED DEPLOYMENT SCENARIOS BY 20501 1. Source: Pathways to Commercial Liftoff: Next-Generation Geothermal Power report , DOE series 2024-2025. Third-party EGS figures represent potential d
Slide 38: Storage Segment
STORAGE SEGMENT ORMAT’S OPERATING PORTFOLIO 495MW 1,358MWh 2 1 3 4 1 CAISO 250MW/960MWh 2 PJM 122MW/125MWh 3 ERCOT 93MW/153MWh $134M $101M 4 HAWAII 30MW/120MWh LTM REVENUE LTM ADJ. EBITDA COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 38
Slide 39: Outgrowing a Rapidly Expanding Storage Market
OUTGROWING A RAPIDLY EXPANDING STORAGE MARKET U.S. UTILITY-SCALE STORAGE U.S. UTILITY-SCALE STORAGE CUMULATIVE DEPLOYMENT (GW)1 CUMULATIVE DEPLOYMENT OUTLOOK (GW)1 3X 148 124 >4x 48 2.3X 2.3x 103 ORMAT PORTFOLIO GROWTH 83 ORMAT TARGETED PORTFOLIO GROWTH 31 65 48 21 Past market outlook 2023 2024 2025
Slide 41: Three Market Forces Accelerating U.S. Storage Demand
THREE MARKET FORCES ARE ACCELERATING U.S. STORAGE DEMAND 01 02 03 GRID RELIABILITY STRONG MARKET SUPPORTIVE TAX NEEDS PRICES INCENTIVES 2x RENEWABLE CAPACITY PJM auction clears at 30-50% ITC3 BY 20501 record $333/MW-day for THROUGH 2033 Increasing the need for 2027/2028 delivery year2 flexibility an
Slide 42: The Supply Chain Is Adapting to New FEOC Requirements
THE SUPPLY CHAIN IS ADAPTING TO NEW FEOC REQUIREMENTS FALLING BATTERY U.S. CONTENT IS NON-CHINESE SUPPLY COSTS RAMPING UP IS EXPANDING Providing flexibility to New domestic battery Growing manufacturing meet domestic-content manufacturing capacity capacity across Korea, requirements at higher is exp
Slide 43: 2030 Growth: Milestones Already in Hand
2030 GROWTH: MILESTONES ALREADY IN HAND % OF DOMESTIC 2030 PROSPECTS WITH PPA, PERMITS, INTERCONNECTION & SAFE HARBOR SECURED PPA 56% SECURED Permits 57% COMPLETED 24% ADVANCED STAGE 19% EARLY STAGE 24% MID/LATE STAGE Interconnection 89% EXECUTED GIA 11% QUEUE 1. Percentages are based on targeted ca
Slide 44: Scaling Our Portfolio and Expanding Into New Markets
EXPANDING FROM 4 TO 9 MARKETS AND GEOGRAPHIES SCALING OUR PORTFOLIO BY 2030 AND EXPANDING INTO NEW MARKETS 2030 TARGET1 2025 5.1-5.5 6x GWh 1.5-1.6 US - CAISO US- PJM US- ERCOT US -Other 4x GW 2030E1 1.9 0.4 0.5 0.9 GW GWh Planned development Under construction 0.5 1.4 CAISO SPP ISRAEL In operation
Slide 45: Storage Segment YE2030 Growth Targets
STORAGE SEGMENT YE2030 GROWTH TARGETS1 1.5-1.6GW / 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,
Slide 47: The Ormat Powerhouse Drives Value Creation
THE ORMAT POWERHOUSE DRIVES VALUE CREATION 1 2 3 SPEED TO POWER MAXIMUM AVAILABILITY MAXIMIZED REVENUE CAPTURE Faster time-to-power, Higher availability, Stronger contract value stronger project economics protected long-term revenue and revenue capture driven by in-house design, driven by proprietar
Slide 48: Turning Competitive Advantage Into Results
TURNING COMPETITIVE ADVANTAGE INTO RESULTS ROLLING 12-MONTH PJM AVERAGE PERFORMANCE SCORE “PERCENT OF PERFECT” VS COMPETITORS 88% 98% 92% 90% 88% 87% 77% 79% 06-2025 12-2025 06-2026 Steam CT Hydro DSR Other Ormat BESS Energy Storage 1. Source: based on Ormat’s internal review as of September 8, 2026
Slide 49: Long-Term Visibility
LONG-TERM VISIBILITY Hoku 30MW/120MWh Hybrid plants · 25-yr PPA Denali 100MW/400MWh · 20-yr Tolling Jersey Valley · 67MW · 20-yr hybrid PPA 2025 2030 2035 2040 2045 2050 1. Capacity, pricing, timing and commercial-operation dates remain subject to the applicable agreements and project-development co
Slide 50: Scaling Growth and Reducing Risk
SCALING GROWTH AND REDUCING RISK BALANCED GROWTH THROUGH 2030 AND BEYOND 2025 2030E 2.2GW/8.5GWh POST-2030 PIPELINE1 BREAKDOWN BY REGION (MW) PJM 792 9% 27% CAISO 350 42% 35% 385 MW 56% 1.5-1.6 ERCOT 200 GW GA 200 8% ISO-NE 200 AZ 150 23% NM 150 TN 100 Merchant PPA/TolI RA PPA & Toll Merchant RA To
Slide 51: The Stars Are Aligned
THE STARS ARE ALIGNED POWER DEMAND REGULATORY SUPPORT IS ACCELERATING IS STRENGTHENING BATTERY SUPPLY STRONG PIPELINE IS EVOLVING THE ORMAT POWERHOUSE COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 51
Slide 53: Product Segment Revenues and Margin
Excluding EGS Revenues ($M) and 2.2 GW IN 5 years Margin (%) Growth Expected release of geothermal binary capacity 2 $300-$320 155MW 134MW 542MW 157MW USA EUROPE TURKEY EAST ASIA $217 $134 $140 $71 18% - 21% 20% $47 18% 15% 13% 222MW 202MW 470MW 360MW 12% NEW ZEALAND LATAM & CARIBBEAN AFRICA INDONES
Slide 54: EGS Opens a New Opportunity for Products
EGS OPENS A NEW OPPORTUNITY FOR PRODUCTS EGS COULD DRIVE A STEP CHANGE IN PRODUCT ORDERS 90GW 1 70% market share 2 U.S. NEXT-GENERATION IN THE GEOTHERMAL GEOTHERMAL POTENTIAL BINARY MARKET BY 2050 1. Source: U.S. Department of Energy, Pathways to Commercial Liftoff: Next-Generation Geothermal Power
Slide 56: Shareholder Value
SHAREHOLDER VALUE STEP UP CAPTURE TRANSFORM GROWTH MOMENTUM MORE VALUE EGS HIGHER ENHANCED EXTENDED GROWTH GROWTH RATE EARNINGS PROFILE RUNWAY COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 56
Slide 58: From Strategy to Targets
FROM STRATEGY TO TARGETS1 Excluding EGS ORMAT PORTFOLIO GROWTH (GW) REVENUE GROWTH ($M) ADJUSTED EBITDA GROWTH ($M) 2.1x 3.5-3.7GW 57% $1,500- $1,600 80% $1,000- $1,225- $1,275 $1,100 2.6-2.8GW $750- $990 $800 1.7GW $582 2025 2028 2030 2025 2028 2030 2025 2028 2030 RUN-RATE RUN-RATE RUN-RATE RUN-RAT
Slide 59: Electricity Segment Targets
ELECTRICITY SEGMENT Excluding EGS REVENUE GROWTH ADJUSTED EBITDA GROWTH GROSS MARGIN GROWTH $1.0B-$1.1B $750M-$825M $694M $469M APPROX. 40% 29% 2025 2030E 2025 2030E 2025 2030E 1 1 1 RUN-RATE RUN-RATE RUN-RATE 1. Management targets are forward-looking, exclude EGS unless otherwise stated, and are su
Slide 60: Storage Segment Targets
STORAGE SEGMENT Excluding EGS REVENUE GROWTH ADJUSTED EBITDA GROWTH GROSS MARGIN GROWTH $320M-340M $210M-$235M APPROX. 36% 40% $79M $64M 2025 2030E 2025 2030E 2025 2030E 1 1 1 RUN-RATE RUN-RATE RUN-RATE 1. Management targets are forward-looking, exclude EGS unless otherwise stated, and are subject t
Slide 61: Attractive Returns
ATTRACTIVE RETURNS1 GEOTHERMAL STORAGE HYDROTHERMAL 12% - 15% 12% - 13% Post Tax Project IRR 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. COPYR
Slide 62: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION1 Excluding EGS USES SOURCES 2027-2030 2027-2030 CASH FLOW FROM $4.0B CAPEX & OTHERS USES $2.3B OPERATIONS TAX BENEFITS & TAX $0.2B DIVIDEND $1.1B MONETIZATION $0.8B ADDITIONAL DEBT = $4.2B TOTAL USES $4.2B TOTAL SOURCES 1. Capital-allocation amounts are management esti
Slide 63: Key Takeaways
ROBUST FINANCIAL KEY 01 POSITION SUPPORTING GROWTH PLAN AND M&A OPPORTUNITIES TAKEAWAYS INCREASE PROFITABILITY 02 THROUGH HIGHER ELECTRICITY & STORAGE MARGINS 03 ATTRACTIVE RETURNS COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 63
Slide 65: Ready Today, Positioned to Lead Tomorrow: Next-Generation Geothermal Energy
READY TODAY POSITIONED TO LEAD TOMORROW NEXT-GENERATION GEOTHERMAL ENERGY
Slide 66: Safe Harbor Statement and Non-GAAP Metrics
SAFE HARBOR STATEMENT AND NON-GAAP METRICS FORWARD-LOOKING STATEMENTS .NON-GAAP METRICS RECONCILIATION TO US GAAP FINANCIAL INFORMATION This presentation and accompanying discussions contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forw
Slide 67: The EGS Inflection: 4 Forces, One Moment
THE EGS INFLECTION: 4 FORCES, ONE MOMENT 01 OIL & GAS TECHNOLOGY HAS TRANSFORMED EGS DRILLING1 02 RAPID COST DECLINES ARE MAKING EGS ECONOMICAL1 03 DEMAND FOR 24/7 CLEAN POWER PPAs IS SURGING 04 POLICY SUPPORT EXTENDS INTO THE 2030s2 1. Source: U.S. Department of Energy, Pathways to Commercial Lifto
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Slide 69: EGS Could Transform the Scale of U.S. Geothermal
EGS COULD TRANSFORM THE SCALE OF U.S. GEOTHERMAL 20x POTENTIAL INCREASE IN U.S. GEOTHERMAL CAPACITY BY 2050 UP FROM ~4 GW TODAY1 90-300GW OF POTENTIAL U.S. CAPACITY ADDITIONS THROUGH 20501 1. Source: U.S. Department of Energy, Pathways to Commercial Liftoff: Next-Generation Geothermal Power (2024).
Slide 70: Six Decades of Integrated Expertise
SIX DECADES OF INTEGRATED EXPERTISE POWERING EGS DEVELOPMENT FROM RESOURCE TO RELIABLE ENERGY Exploration Development Engineering Manufacturing Construction Operation COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 70
Slide 71: Ormat Is Built to Lead in EGS
ORMAT IS BUILT TO LEAD IN EGS ENGINEERING FINANCING CONSTRUCTION LAND, WATER , I/C, MANUFACTURING PERMITS & PPA SUBSURFACE OPERATION THE ORMAT POWERHOUSE COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 71
Slide 72: From Natural Reservoirs to Engineered Systems
HYDROTHERMAL ENHANCED GEOTHERMAL SAGE FROM NATURAL SYSTEM1 SYSTEM (EGS)1 HUFF AND PUFF SYSTEM1 RESERVOIRS 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
Slide 73: Subsurface Pathway: SLB-Ormat Alliance
SUBSURFACE PATHWAY: SLB-ORMAT ALLIANCE1 Deep drilling with horizontal well sections Engineered injection-to-production connectivity Applying unconventional Oil & Gas expertise to geothermal Evaluates a scalable commercial well architecture PLANNING DRILLING PERMITS, 4DRILLING TESTING & WELL #1 EPC &
Slide 74: Subsurface Pathway: Sage Collaboration
SUBSURFACE PATHWAY: SAGE COLLABORATION 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 PLANNING DRILLING PERMITS, DRILLING TESTING & WELL #1
Slide 75: Both Pilots Are Designed to Evaluate Key Commercial Questions
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 COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 75
Slide 76: Mapping the Next EGS Opportunities
MAPPING THE NEXT Only 2% EGS OPPORTUNITIES OF IDENTIFIED2 EGS ACREAGE ACROSS 6 STATES IS CURRENTLY HELD BY GEOTHERMAL DEVELOPERS SYSTEMATIC STATE-BY-STATE OR ID SCREENING1 with third party consultant NV UT CO 6 STATES COMPLETED Oregon · Idaho · Nevada · Utah · Colorado · New Mexico NM MORE WESTERN S
Slide 77: Land Positions
OR ID LAND POSITIONS 1 NV UT SUPPORTING EGS PIPELINE NM 70k 3-4 ACRES GW2 Recently won lease auction Signed letter of intent with private land owner Existing land 1. Land positions include interests at different stages, including existing rights, awarded leases and nonbinding letters of intent. An a
Slide 78: Grid Access: EGS Interconnection
GRID ACCESS: 1 GW EGS INTERCONNECTION1 REQUESTS SUBMITTED ACROSS 6 SITES IN 2 STATES 1. Submitted interconnection requests do not constitute executed interconnection agreements or Interconnection requests dostudy assure capacity, deliverability, not represent awarded results, upgrade costs,capacity
Slide 79: Customer Access
CUSTOMER ACCESS NEGOTIATING EGS PPAS1 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. COPYR
Slide 80: From Resource to Commercial-Ready Projects
FROM RESOURCE TO COMMERCIAL-READY PROJECTS ORMAT BRINGS ALL THE PIECES TOGETHER Resource Land Water Permitting Interconnection Customer Economics COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 80
Slide 81: Ormega100 Engineering Design Target
ORMEGA100 ENGINEERING DESIGN TARGET 1 106 72-80 90% MW GROSS MW NET TURBINE EFFICIENCY DESIGN OUTPUT DESIGN OUTPUT DESIGN OUTPUT TARGET EPC COST TARGET EPC TIME $3–4M/MW < $1.5M/MW 24–28 months <18 months 1. Engineering design targets, not guaranteed performance. Actual results depend on resource te
Slide 82: From First Unit to Industrial Scale
FROM FIRST UNIT TO INDUSTRIAL SCALE TARGET PRODUCTION CAPACITY1: 4 ORMEGA100 10 ORMEGA100 • Ormega100 • EPC ANNUALLY (~300MW) UNITS ANNUALLY • O&M Current internal capacity Expected to be supported primarily through qualified • SLB-Ormat alliance outsourcing and limited incremental internal investme
Slide 83: EGS Opens a New Opportunity for Products
EGS OPENS A NEW OPPORTUNITY 70% FOR PRODUCTS MARKET SHARE HELD BY ORMAT IN THE BINARY GEOTHERMAL EGS COULD DRIVE A STEP INDUSTRY1 CHANGE IN PRODUCT ORDERS 90GW >1GW / YEAR 2 U.S. NEXT-GENERATION POTENTIAL FOR ORMAT GEOTHERMAL POTENTIAL PRODUCT SEGMENT IN THE U.S. BY 2050 TARGETING TO MEET LOCAL CONT
Slide 84: EGS Creates Two Ways for Ormat to Lead
EGS CREATES TWO WAYS FOR ORMAT TO LEAD Develop • • Ormega100 Build • OWN & SERVE THE • EPC Own • OPERATE INDUSTRY • O&M Operate • • SLB-Ormat alliance COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 84
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Slide 86: Dixie Valley: Ormat's First Commercial EGS Project Is Underway
DIXIE VALLEY : 1 ORMAT’S FIRST COMMERCIAL EGS PROJECT IS UNDERWAY 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. COPYRIGHT © 2026 ORMAT TECHN
Slide 87: Dixie Valley: Ormat's First Commercial EGS Project
DIXIE VALLEY: ORMAT’S FIRST COMMERCIAL EGS PROJECT 1 280MW 3 PHASES YE2029-YE2032 Planned EGS Phased development Targeted COD capacity and commissioning Phase 1 by YE2029-2030 1. Planned capacity and COD dates are management targets. They depend on successful drilling and testing, permitting, water,
Slide 88: Dixie Valley Development Status
DIXIE VALLEY DEVELOPMENT STATUS1 LAND INTERCONNECTION WATER RIGHTS PPA UNDER SECURED SECURED SECURED NEGOTIATIONS Creates the land 60MW GIA executed Secure sufficient water Negotiating with existing position to support for commercial-scale customers on long-term large-scale EGS Additional requests d
Slide 89: Dixie Valley - The Path to 280MW Commercial EGS
DIXIE VALLEY - THE PATH TO 280MW COMMERCIAL EGS Drilling and Appraisal Commercial Phase 1 Phase 1 Phase 2 Phase 3 testing information drilling manufacturing & COD COD COD programs decision construction 25MW 75MW 180MW 2026-2028 H2 2027 Mid 2028 2026-2029 YE 2029-2030 YE 2030-2031 2032, Subject to in
Slide 90: EGS Growth
EGS GROWTH1 100MW 1GW 3-4GW EGS OPERATING EGS OPERATING EXISTING DEVELOPMENT CAPACITY TARGET CAPACITY TARGET PIPELINE 2030-2031 2033-2035 FOR FUTURE DEVELOPMENT 1. Forward-looking management targets, not guarantees or forecasts of actual results. Subject to the assumptions, risks and uncertainties d
Slide 91: Illustrative 1 GW EGS Portfolio Economics
ILLUSTRATIVE 1 GW EGS PORTFOLIO ECONOMICS1 $ 5.5-6.5B $ B1 $ 0.8 / 1.1B $ 175M CUMULATIVE ANNUAL REVENUE ANNUAL EBITDA ANNUAL O&M CAPEX PPA@120/MWh WITH/WITHOUT TAX BENEFITS2 1. Forward-looking management targets, not guarantees or forecasts of actual results. Subject to the assumptions, risks and u
Slide 92: EGS Could Expand Ormat's Growth Runway Well Beyond 2030
EGS COULD EXPAND ORMAT’S GROWTH RUNWAY WELL BEYOND 2030 1,2 DEVELOP, OWN & 100 MW 1 GW EGS OPERATING EGS OPERATING OPERATE CAPACITY TARGET CAPACITY TARGET 2030-2031 2033-2035 SERVE THE INDUSTRY 90GW-100GW >1GW /YEAR U.S. NEXT-GENERATION POTENTIAL FOR ORMAT GEOTHERMAL POTENTIAL PRODUCT SALE 1. Illust
Slide 95: Strong Growth by 2030
Excluding EGS STRONG GROWTH BY 2030 1 PROVEN GROWTH TRAJECTORY 3.5-3.7GW 1.8-1.9GW BY YE 2030 TOTAL CAPACITY ADDITIONS 16% CAGR (2025-2030) $ 1.5-1.6B $1-1.1B 2030E TOTAL REVENUES 2030E ADJ. EBITDA (1) 2030E figures are forward-looking management targets and exclude EGS. Adjusted EBITDA is non-GAAP.
Slide 96: EGS Can Take Us to New Heights
EGS CAN TAKE US TO NEW HEIGHTS 20x MORE GEOTHERMAL 1 GW EGS OPERATING 3-4 EGS DEVELOPMENT GW CAPACITY UNLOCKED CAPACITY TARGET PIPELINE TARGET IN THE U.S BY 20501 2033-20351 FOR FUTURE DEVELOPMENT1 1. Management targets are forward-looking, exclude EGS unless otherwise stated, and are subject to the
Slide 97: Ormat Is Built to Lead in EGS
ORMAT IS BUILT TO LEAD IN EGS ENGINEERING FINANCING CONSTRUCTION LAND, WATER , I/C, MANUFACTURING PERMITS & PPA SUBSURFACE OPERATION THE ORMAT POWERHOUSE COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 97
Slide 99: Reconciliation of EBITDA and Adjusted EBITDA
RECONCILIATION OF EBITDA AND ADJUSTED EBITDA (DOLLARS IN THOUSANDS) Last twelve Twelve-Months Ended months 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 86,8

Ormat Technologies — Investor Day (September 2026) on 6ix

Ormat Technologies — Investor Day (September 2026)

Slide 1: Welcome: 2026 Investor & Analyst Day

Slide 2: Safe Harbor Statement and Non-GAAP Metrics

Slide 3: Today's Agenda

Slide 4: Speakers and Management Participants

Slide 5: Leading Positions Across Three Business Segments

Slide 6: Execution at Scale

Slide 7: Execution at Scale

Slide 8: Execution at Scale: Strong Development Momentum

Slide 9: What Has Changed in the Electricity Market?

Slide 10: A New Era of Power Demand Is Taking Shape

Slide 11: 900GW of Expected New Capacity - Led by Renewables

Slide 12: Power Demand Growth Broadens Over Time

Slide 13: New Demand Requires Baseload

Slide 14: The Ormat Powerhouse

Slide 15: Ormat Delivers What the Grid Needs

Slide 16: Technical Leadership

Slide 17: Project Delivery

Slide 18: Owner-Operator DNA

Slide 19: Financial Strength

Slide 20: Three Growth Engines, One Powerhouse

Slide 21: Step Up Growth Momentum in the Electricity Segment

Slide 22: Electricity Segment

Slide 23: Ormat Global Growth Prospects

Slide 24: Ormat's Domestic Land Position

Slide 25: Surpassing 2GW

Slide 26: 2030 Growth: Critical Milestones Already Secured

Slide 27: Scaling Drilling to Support Our Growth

Slide 28: Electricity Segment YE2030 Growth Targets

Slide 29: Capture More Value in the Electricity Segment

Slide 30: Repricing Is Capturing the Geothermal Premium

Slide 31: PPA Recontracting Unlocks Revenue Upside

Slide 32: Decades of Visibility

Slide 33: Regulatory Tailwinds

Slide 34: The Stars Are Aligned

Slide 35: Transform the Electricity Segment with EGS

Slide 36: EGS Expands Geothermal's Addressable Opportunity

Slide 37: Step Up Growth Momentum in the Storage Segment

Slide 38: Storage Segment

Slide 39: Outgrowing a Rapidly Expanding Storage Market

Slide 40: The Drivers Behind Our 4x Target Growth

Slide 41: Three Market Forces Accelerating U.S. Storage Demand

Slide 42: The Supply Chain Is Adapting to New FEOC Requirements

Slide 43: 2030 Growth: Milestones Already in Hand

Slide 44: Scaling Our Portfolio and Expanding Into New Markets

Slide 45: Storage Segment YE2030 Growth Targets

Slide 46: Capture More Value in the Storage Segment

Slide 47: The Ormat Powerhouse Drives Value Creation

Slide 48: Turning Competitive Advantage Into Results

Slide 49: Long-Term Visibility

Slide 50: Scaling Growth and Reducing Risk

Slide 51: The Stars Are Aligned

Slide 52: Product Segment

Slide 53: Product Segment Revenues and Margin

Slide 54: EGS Opens a New Opportunity for Products

Slide 55: How Does This Translate Into Shareholder Value

Slide 56: Shareholder Value

Slide 57: From Strategy to Value Creation

Slide 58: From Strategy to Targets

Slide 59: Electricity Segment Targets

Slide 60: Storage Segment Targets

Slide 61: Attractive Returns

Slide 62: Disciplined Capital Allocation

Slide 63: Key Takeaways

Slide 64: The 2030 Plan Is Visible

Slide 65: Ready Today, Positioned to Lead Tomorrow: Next-Generation Geothermal Energy

Slide 66: Safe Harbor Statement and Non-GAAP Metrics

Slide 67: The EGS Inflection: 4 Forces, One Moment

Slide 68: Slide 68

Slide 69: EGS Could Transform the Scale of U.S. Geothermal

Slide 70: Six Decades of Integrated Expertise

Slide 71: Ormat Is Built to Lead in EGS

Slide 72: From Natural Reservoirs to Engineered Systems

Slide 73: Subsurface Pathway: SLB-Ormat Alliance

Slide 74: Subsurface Pathway: Sage Collaboration

Slide 75: Both Pilots Are Designed to Evaluate Key Commercial Questions

Slide 76: Mapping the Next EGS Opportunities

Slide 77: Land Positions

Slide 78: Grid Access: EGS Interconnection

Slide 79: Customer Access