Slide 1: Q3 2025 Earnings Call
ORMAT TECHNOLOGIES, INC. Q3 2025 EARNINGS CALL FINANCIAL PERFORMANCE AND STRATEGIC UPDATES
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 This presentation, and informati
Slide 3: Agenda
AGENDA 01 Key Financial Results & Recent Developments 02 Business Performance by Segment 03 Strategic Growth Initiatives 04 Sustainability Progress COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 3
Slide 4: Third Quarter Highlights
THIRD QUARTER HIGHLIGHTS Q3’25 VS. Q3’24 ELECTRICITY ENERGY STORAGE PRODUCT + 17.9% Revenue increase + 9.3% Net income1 increase EGS Development Revenues grew year-over-year by • Partnered with SLB ~108% Revenues grew by ~67% + 0.6% • Signed a strategic agreement with Sage Geosystems 60MW/120MWh Low
Slide 5: Key Financial Results & Recent Developments
01 KEY FINANCIAL RESULTS & RECENT DEVELOPMENTS
Slide 6: Q3 2025 Financial Results
Q3 2025 FINANCIAL RESULTS Comparison vs Q3 2024 KEY HIGHLIGHTS Q3 2025 REVENUE BY SEGMENT Revenue Gross Margin 67% 25% $249.7M 25.6% Electricity Products +17.9% -220 bps 8% Storage Adjusted EBITDA(1) EPS/Adj. EPS(1),(2) $138.4M $0.39/$0.41 +0.6% +8.3% / (2.4)% 1. For key financial results and non –G
Slide 7: Q3 2025 Financial Results by Segment
Q3 2025 FINANCIAL RESULTS BY SEGMENT Comparison vs. Q3 2024 Total Electricity Products Storage REVENUE $249.7M $167.1M $62.2M $20.4M +17.9% +1.5% +66.6% +108.1% GROSS MARGIN 25.6% 25.4% 21.7% 39.4% -220 bp -480 bp +250 bp +1,920 bp ADJUSTED $138.4M $107.9M $13.9M $16.6M EBITDA1 +0.6% (4.3)% +4.9% +4
Slide 8: 9-Month 2025 Financial Results
9-MONTH 2025 FINANCIAL RESULTS Comparison vs 9-month 2024 KEY HIGHLIGHTS 9M 2025 REVENUE BY SEGMENT Revenue Gross Margin 71% 22% $713.5M 27.2% Electricity Products 10.0% -350 bps 7% Storage Adjusted EBITDA(1) EPS/Adj. EPS(1),(2) $423.3M $1.51/$1.56 +4.5% +10.2% / +4.7% 1. For key financial results a
Slide 9: 9-Month 2025 Financial Results by Segment
9-MONTH 2025 FINANCIAL RESULTS BY SEGMENT Comparison vs. 9-month 2024 Total Electricity Products Storage REVENUE $713.5M $507.3M $153.6M $52.6M +10.0% (2.8)% +53.6% +96.5% GROSS MARGIN 27.2% 27.9% 24.1% 28.9% -350 bp -660 bp +810 bp +1,740 bp ADJUSTED $423.3M $341.8M $39.5M $42.0M EBITDA1 +4.5% (4.7
Slide 10: One Big Beautiful Bill
ONE BIG BEAUTIFUL BILL Signed July 4, 2025 TAX INCENTIVES UPDATE FEOC RULES GEOTHERMAL & STORAGE FEOC DEFINITIONS • Broader scope includes SFEs and FIEs (material • 100% tax credit for projects starting construction by Dec 31, 2033 assistance, control) • Credit phases down: 75% (by 2034), 50% (by 20
Slide 11: Regulatory Boost
REGULATORY BOOST FINANCIAL IMPACT OF IRA Q3 2025 2025 OUTLOOK INCOME ATTRIBUTABLE TO SALE OF TAX BENEFITS ($M) $50.4 million benefit on an annual basis expected to be recorded proportionally throughout the year out of which $33.8 million is already recorded through Q3 2025 19.8 7.0 14.4 2.7 Expected
Slide 12: Cash Position
CASH POSITION CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS ($M) $ 254M Cash from project finance debt and tax credits Successfully raised 110 in Q3 2025 3 475 230 Non- Controlling & Others Tax equity 4.80% 463 transaction Cash from operating 203 activities Investment Weighted a
Slide 13: Strong Capital Position
STRONG CAPITAL POSITION $ 667 M $ 230 M $ 140 M Total liquidity1 9M 2025 cash Expected CapEx from operation Q4 20252 $ 2.5 B 4.4x 49% Net debt3 as of Net debt Net debt September 30 , 2025 to Adj. EBITDA3 to capitalization3 1. Cash, cash equivalents, restricted cash and available lines of credit as o
Slide 14: Business Performance by Segment
02 BUSINESS PERFORMANCE BY SEGMENT Electricity | Storage | Product
Slide 15: Electricity Segment
ELECTRICITY SEGMENT ~200MW 20 MW 1,268 Under development by Added from recent MW PORTFOLIO1,2 year end 2027 acquisition: • 121MW geothermal • Blue Mountain • 78MW solar PV ~250MW $ 77 million 974 U.S. 15 PPAs under negotiation Tax partnership 70 Guadeloupe with hyperscalers and data Heber 1 & 2 to m
Slide 16: Electricity Updates
ELECTRICITY UPDATES US OPERATIONAL UPDATE TOPP 2 BLUE MOUNTAIN ACQUISITION Acquired 20 MW Blue Mountain geothermal power plant• contributed $2.9 million to Q3 revenues Customer decided to exercise its option to buy the power plant once in operation DIXIE VALLEY, NV Plant was back to full operation a
Slide 17: Product Backlog
PRODUCT BACKLOG 3RD PARTY CONTRACTS ~$ 295M 79% Backlog1 Increase vs. Q3 2024 BACKLOG ($M) GEOGRAPHIC BREAKDOWN 3% 3% 3% $340 $314 $295 $263 31% $152 60% $148 $54 $31 Salak, Indonesia, 15MW Oceania Asia Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 Q1'25 Q2'25 Q3'25 North America Central America Europe Others 1. B
Slide 18: Energy Storage Operation
ENERGY STORAGE OPERATION STORAGE REVENUES BREAKDOWN 350MW/778MWh CURRENT OPERATING PORTFOLIO BY TYPE AND REGION ($M) 60MW/120MWh +108% +60% + 200% Lower Rio - COD Total increase PJM increase California increase 4 $20.4 2 1 39.4% $10.1 $9.6 Gross margin $10.1 increased by +1,920 bp vs. Q3 2024 3 $9.8
Slide 19: Strategic Growth Initiatives
03 STRATEGIC GROWTH INITIATIVES
Slide 20: Robust Growth Plan
1 ROBUST GROWTH PLAN 15%-17% CAGR 2024-2028E 2.6-2.8GW Energy Storage segment (MW) 950-1,050 +660-760 1.5GW 290 290 128 Electricity segment (MW) +402-502 1,360-1,460 1,120 2024 2028E YE CAPACITY (MW/GW) Geothermal Solar PV Storage 1. This growth plan is subject to obtaining all permits and regulator
Slide 21: Geothermal Development
GEOTHERMAL DEVELOPMENT Projected Expected Project PPA Capacity (MW) COD Indonesia – Ijen 17(1) Q1 2025 ✓ Blue Mountain – New M&A 20 Q2 2025 ✓ 121MW Still Water – upgrade 5 Q4 2025 ✓ New Zealand – Topp 22 50 Q1 2026 ✓ Dominica 10 Q1 2026 ✓ Under development across 9 projects Salt Wells – upgrade 5 Q2
Slide 22: Solar Development
SOLAR DEVELOPMENT 78MW Projected Expected Project PPA Capacity (MW) COD Under development U.S. – Beowawe Solar 6 Q1 2025 ✓ across 3 projects U.S. – Arrowleaf 42 Q4 2025 ✓ U.S. – McGinness Hills Solar 14 End of 2026 ✓ Heber Complex expansion – New 22 H2 2027 ✓ Commercial operation was completed COPYR
Slide 23: Energy Storage Development
ENERGY STORAGE DEVELOPMENT Projected Projected Expected Battery Project Capacity ITC%1 PPA MWh COD Status (MW) TX – Lower Rio 60 120 40% Q3 2025 Installed CA – Arrowleaf 35 140 30% Q4 2025 Full Tolling Installed Merchant CA – Shirk 80 320 40% Q1 2026 & RA Installed contract Already in TX – Bird Dog
Slide 24: Energy Storage Pipeline
ENERGY STORAGE PIPELINE 2.8GW / 10.2GWh 26 potential capacity of U.S. storage pipeline Named prospects GEOGRAPHICAL BREAKDOWN (MW) California 1,132 WECC 580 Others 442 Texas 400 Bottleneck storage facility, CA, USA East Coast1 200 1. East coast market includes PJM, ISO-NE, NYISO and SERC COPYRIGHT ©
Slide 25: EGS Technologies – Steps Forward
EGS TECHNOLOGIES – STEPS FORWARD ADDITIONAL RESOURCES Appointed senior management for exploration & drilling and EGS Signed an agreement with SLB to Restructure of exploration and drilling jointly develop a pilot at an Ormat department power plant, with the goal of scaling EGS solutions to enable wi
Slide 26: 2025 Guidance & 2028 Growth Targets
2025 GUIDANCE & 2028 GROWTH TARGETS1 2025 Guidance ($M) (2) Total revenues Electricity Products Storage Adjusted EBITDA $960-980 $700-705 $190-200 $70-75 $575-593 vs $880 actual in YE 2024 vs $702 actual in YE 2024 vs $140 actual in YE 2024 vs $38 actual in YE 2024 vs $550 actual in YE 2024 REVENUES
Slide 27: Q3 2025 Accomplishments Recap
Q3 2025 ACCOMPLISHMENTS RECAP STRONG FINANCIAL RESULTS GROWTH TRAJECTORY FUNDING FOR FUTURE Driven by improved performance of the DEVELOPMENT Continued multi-year growth path with Product and Storage segments offset by approx. 200MW under development in the Secured in the third quarter $254 several
Slide 28: Sustainability Progress
04 - SUSTAINABILITY PROGRESS
Slide 29: Sustainability Update
SUSTAINABILITY UPDATE AVOIDED EMISSIONS BOARD DIVERSITY 2024 SUSTAINABILITY REPORT Ormat’s operations avoided approx. Achieved 50% female representation 2,488,811 tCO2e in 2024– on the Board More than 11 times our Scope 1 and 2 emissions CDP RATING REPORTING REQUIREMENTS Maintained a ‘B’- ‘Managemen
Slide 30: Summary and Q&A
a i ORMAT SUMMARY AND Q&A
Slide 31: Committed to Continued Profitable Growth
COMMITTED TO CONTINUED PROFITABLE GROWTH THANK YOU IR@ORMAT.COM
Slide 32: Payment of Principal Due by Period
PAYMENT OF PRINCIPAL DUE BY PERIOD ($M)1,2,3 AVERAGE INTEREST RATE: 4.79% ($ millions) Q4-2025 Year 2025 Long-Term non-recourse & limited recourse debt 24.2 24.2 Long Term Loans Full Recourse 37.3 37.3 Finance Liability - - Total $61.5 $61.5 Remaining 2025 2026 2027 2028 2029 Thereafter Total Long-T
Slide 33: Capex for 2025
CAPEX FOR 2025 ACTUAL INVESTED TOTAL CAPEX TOTAL CAPEX ($M) IN 9M 2025 FOR Q4 2025 FOR 2025 Electricity Segment 266 100 366 Construction & Enhancements – fully released 130 30 160 Development enhancement, drillings and Exploration 57 55 112 Maintenance CapEx 79 15 94 Storage Segment 197 34 231 Produ
Slide 34: P&L Highlights
P&L HIGHLIGHTS Q3 2025 Q3 2024 Change (%) 9M 2025 9M 2024 Change (%) GAAP MEASURES Revenues ($M) Electricity 167.1 164.6 1.5 % 507.3 522.1 (2.8) % Product 62.2 37.4 66.6 % 153.6 100.0 53.6 % Energy Storage 20.4 9.8 108.1 % 52.6 26.8 96.5 % Total Revenues 249.7 211.8 17.9 % 713.5 648.9 10.0 % Gross P
Slide 35: Reconciliation of EBITDA and Adjusted EBITDA
RECONCILIATION OF EBITDA AND ADJUSTED EBITDA (DOLLARS IN THOUSANDS) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Net income 24,708 24,301 93,941 88,616 Adjusted for: Interest expense, net (including interest income and amortization of deferred financing costs
Slide 36: Reconciliation of Adjusted Net Income and Adjusted EPS
RECONCILIATION OF ADJUSTED NET INCOME ATTRIBUTABLE TO THE COMPANY’S STOCKHOLDERS AND ADJUSTED EPS Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (in millions, except for EPS) GAAP Net income attributable to the Company's stockholders 24.1 22.1 92.5 82.9 Write-of
Slide 37: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES September 30, 2025 Cash and cash equivalents, marketable securities and Restricted cash (in millions $) Cash and cash equivalents 80 Restricted cash and cash equivalents 126 Total cash and cash equivalents, marketable securities and Restricted cash (in m