Slide 1: Q2 2025 Earnings Call
ORMAT TECHNOLOGIES, INC. Q2 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: Segments Highlights
SEGMENTS HIGHLIGHTS Q2’25 VS. Q2’24 ELECTRICITY ENERGY STORAGE PRODUCT + 9.9% Revenue increase + 26.1% Net income1 increase Completed the acquisition of 20MW Blue Mountain Revenues grew by ~63% Backlog stands at $263M geothermal acquisition -$88M + 6.7% $77M Tax Equity partnership transaction for: H
Slide 5: Key Financial Results & Recent Developments
01 KEY FINANCIAL RESULTS & RECENT DEVELOPMENTS
Slide 6: Q2 2025 Financial Results
Q2 2025 FINANCIAL RESULTS Comparison vs Q2 2024 KEY HIGHLIGHTS Q2 2025 REVENUE BY SEGMENT Revenue Gross Margin 68% 26% $234.0M 24.3% Electricity Products +9.9% -450 bps 6% Storage Adjusted EBITDA(1) EPS/Adj. EPS $134.6M $0.46/$0.48 +6.7% +24.3% / +20.0% 1. For key financial results and non –GAAP fin
Slide 7: Q2 2025 Financial Results by Segment
Q2 2025 FINANCIAL RESULTS BY SEGMENT Comparison vs. Q2 2024 Total Electricity Products Storage REVENUE $234.0M $159.9M $59.6M $14.5M +9.9% (3.8)% +57.6% +62.7% GROSS MARGIN 24.3% 24.2% 27.7% 11.9% -450 bp -930 bp +1,400 bp +620 bp ADJUSTED $134.6M $108.3M $15.4M $10.9M EBITDA1 +6.7% (6.0)% +121.4% +
Slide 8: H1 2025 Financial Results
H1 2025 FINANCIAL RESULTS Comparison vs H1 2024 KEY HIGHLIGHTS H1 2025 REVENUE BY SEGMENT Revenue Gross Margin 73% 20% $463.8M 28.0% Electricity Products +6.1% -410 bps 7% Storage Adjusted EBITDA(1) EPS/Adj. EPS $284.9M $1.12/$1.16 +6.5% +12.0% / +10.5% 1. For key financial results and non –GAAP fin
Slide 9: H1 2025 Financial Results by Segment
H1 2025 FINANCIAL RESULTS BY SEGMENT Comparison vs. H1 2024 Total Electricity Products Storage REVENUE $463.8M $340.2M $91.4M $32.2M +6.1% (4.8)% +45.8% +89.8% GROSS MARGIN 28.0% 29.1% 25.8% 22.2% -410 bp -730 bp +1,170 bp +1,560 bp ADJUSTED $284.9M $233.8M $25.6M $25.5M EBITDA1 +6.5% (4.9)% +85.2%
Slide 10: One Big Beautiful Bill
ONE BIG BEAUTIFUL BILL Signed July 4, 2025 TAX INCENTIVES UPDATE FEOC RULES GEOTHERMAL & STORAGE FEOC DEFINITIONS • Broader scope includes SFEs and FIEs (material • 100% tax credit for projects starting construction by Dec 31, 2033 assistance, control) • Credit phases down: 75% (by 2034), 50% (by 20
Slide 11: Regulatory Boost
REGULATORY BOOST FINANCIAL IMPACT OF IRA Q2 2025 2025 OUTLOOK INCOME ATTRIBUTABLE TO SALE OF TAX BENEFITS ($M) $47.7M benefit on an annual basis expected to be recorded proportionally throughout the year out of which $24.2 million is already 15.8 16.3 recorded in H1 2025 3.6 6.0 Expected to resulted
Slide 12: Cash Position
CASH POSITION $ 100M CASH AND CASH EQUIVALENTS AND RESTRICTED New Debt CASH AND CASH EQUIVALENTS ($M) Successfully raised in Q2 2025 185 7 327 396 Non- Controlling & Others 4.95% Cash from Weighted average operating 146 interest rate activities Investment on total debt in CapEx (2) 89 206 Debt Repay
Slide 13: Strong Capital Position
STRONG CAPITAL POSITION $ 551 M $ 185 M $ 295 M Total liquidity1 H1 2025 Cash Expected CapEx from Operation H2 20252 $ 2.5 B 4.4x 49% Net debt Net debt Net debt June 30 , 2025 to Adj. EBITDA3 to capitalization3 1. Cash, cash equivalents, restricted cash and available lines of credit as of June 30, 2
Slide 14: Business Performance by Segment
02 BUSINESS PERFORMANCE BY SEGMENT Electricity | Storage | Product
Slide 15: Electricity Segment
ELECTRICITY SEGMENT ~ 200 MW 20 MW 1,268 Under development Added from recent MW PORTFOLIO1,2 • 148MW by 2026 acquisition: • 50MW recently released • Blue Mountain for construction ~ 250 MW PTC 974 U.S. 15 PPAs under negotiation Signed a Tax partnership 70 Guadeloupe Heber 1 & 2 to monetized tax with
Slide 16: Electricity Operation Updates
ELECTRICITY OPERATION UPDATES 01 02 04 BLUE MOUNTAIN ACQUISITION PUNA, HAWAII LEADERSHIP CHANGES Injection limitation due to permitting delay and well field maintenance caused Completed the acquisition of the 20MW a reduction in revenues Aron Willin as Executive Vice President, Blue Mountain Geother
Slide 17: Product Backlog
PRODUCT BACKLOG 3RD PARTY CONTRACTS ~$ 263M 59% Backlog1 Increase vs. Q2 2024 BACKLOG ($M) GEOGRAPHIC BREAKDOWN2 7%4% $340 3% $314 6% $263 $152 $148 80% $54 New Zealand Dominica Guatemala $31 Portugal Others Salak, Indonesia, 15MW Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 Q1'25 Q2'25 1. Backlog as of August 6t
Slide 18: Energy Storage Operation
ENERGY STORAGE OPERATION STORAGE REVENUES BREAKDOWN 290MW/658MWh CURRENT OPERATING PORTFOLIO BY TYPE AND REGION ($M) +63% $14.5 +79% 11.9% 4 Total increase PJM increase Gross margin 1 2 $4.3 $9.6 increased by +620 bp vs. Q2 2024 $8.9 $2.3 $5.3 3 $4.7 $10.2 $2.9 $6.6 $0.7 $0.2 $ 62 million 1 CA 135MW
Slide 19: Strategic Growth Initiatives
03 STRATEGIC GROWTH INITIATIVES
Slide 20: Robust Growth Plan
1 ROBUST GROWTH PLAN 15%-17% 8%-9% 9%-11% CAGR CAGR CAGR 2024-2028E 2024-2028E 2024-2028E 2.6-2.8 1,200-1,250 775-825 880 550 1.5 2024 2028E 2024 2028E 2024 2028E CAPACITY (GW) REVENUE ($M) ADJ. EBITDA ($M) Geothermal Solar PV Storage Geothermal Product Storage 1. This growth plan is subject to obta
Slide 21: ITC Safe Harbor Secured for All Storage Projects
ITC SAFE HARBOR SECURED FOR ALL STORAGE PROJECTS THROUGH 2028 AND BEYOND Strategic procurement processes ensure ITC eligibility for entire storage portfolio by 2028 Safe Harbor Secured for Safe Harbor Secured for 4 projects in 2024 2 Projects in 2025 With total capacity: TX – Lower Rio 200 MW / 600
Slide 22: 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 ✓ New Zealand – Topp 2 50 Q4 2025 ✓ Still Water – upgrade Dominica 5 10 H2 2025 Q1 2026 ✓ ✓ 121MW Under development Salt Wells – upgrade 5 Q1 2026 ✓ across 9 pr
Slide 23: Solar Development
SOLAR DEVELOPMENT Project Projected Capacity (MW) Expected COD PPA 78MW Under development across 3 projects U.S. – Beowawe Solar 6 Q1 2025 ✓ U.S. – Arrowleaf 42 Q4 2025 ✓ U.S. – McGinness Hills Solar 14 End of 2026 ✓ Heber Complex expansion – New 22 2027 ✓ Commercial operation was completed COPYRIGH
Slide 24: 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 Full Tolling Installed CA – Arrowleaf 35 140 30% Q4 2025 Full Tolling Installed Merchant CA – Shirk 80 320 40% Q1 2026 & RA Installed contract Already in T
Slide 25: Energy Storage Pipeline
ENERGY STORAGE PIPELINE 3.0GW / 11.0GWh 28 potential capacity of U.S. storage pipeline Named prospects GEOGRAPHICAL BREAKDOWN (MW) California 1,132 WECC 580 Others 445 Texas 400 Bottleneck storage facility, CA, USA East Coast1 395 1. East coast market includes PJM, ISO-NE, NYISO and SERC COPYRIGHT ©
Slide 26: Guidance & Growth Targets
GUIDANCE & GROWTH TARGETS1 REVENUES ($M) ADJUSTED EBITDA ($M)2 1,200-1,250 775-825 935-975 880 8.6% 9.8% CAGR CAGR 2024-2028E 563-593 2024-2028E 550 2024 2025 Guidance 2028E 2024 2025 Guidance 2028E Revenues 2024 Actual ($M) 2028 Guidance ($M) • Electricity 702 710-725 • Product 140 172-187 • Storag
Slide 27: Q2 2025 Accomplishments Recap
Q2 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 are under development in Secured $300 million from tax equity curta
Slide 28: ESG Progress
04 ESG PROGRESS
Slide 29: Sustainability Update
SUSTAINABILITY UPDATE AVOIDED EMISSIONS BOARD DIVERSITY SUSTAINABILITY REPORT 2023 Ormat’s operations avoided approx. Achieved 50% female representation 2,212,518 tCO2e in 2023 on the Board CDP RATING REPORTING REQUIREMENTS Maintained a ‘B’- ‘Management’ Advancing alignment with the score, reflectin
Slide 30: Summary and Q&A
a i ORMAT SUMMARY AND Q&A
Slide 31: Committed to Continued Profitable Growth - Thank You
COMMITTED TO CONTINUED PROFITABLE GROWTH THANK YOU IR@ORMAT.COM
Slide 32: Payment of Principal Due by Period
PAYMENT OF PRINCIPAL DUE BY PERIOD ($M)1,2,3 AVERAGE INTEREST RATE: 4.95% ($ millions) Q3-2025 Q4-2025 Year 2025 Long-Term non-recourse & limited recourse debt 13.6 21.6 35.2 Long Term Loans Full Recourse 46.9 38.9 85.8 Finance Liability 3.2 - 3.2 Total $63.8 $60.5 $124.3 Remaining 2025 2026 2027 20
Slide 33: CapEx for 2025
CAPEX FOR 2025 ACTUAL INVESTED TOTAL CAPEX TOTAL CAPEX ($M) IN H1 2025 FOR H2 2025 FOR 2025 Electricity Segment 172 190 362 Construction & Enhancements – fully released 99 85 184 Development enhancement, drillings and Exploration 28 85 113 Maintenance CapEx 45 20 65 Storage Segment 143 95 238 Produc
Slide 34: P&L Highlights
P&L HIGHLIGHTS Q2 2025 Q2 2024 Change (%) H1 2025 H1 2024 Change (%) GAAP MEASURES Revenues ($M) Electricity 159.9 166.2 (3.8) % 340.2 357.5 (4.8) % Product 59.6 37.8 57.6 % 91.4 62.7 45.8 % Energy Storage 14.5 8.9 62.7 % 32.2 17.0 89.8 % Total Revenues 234.0 213.0 9.9 % 463.8 437.1 6.1 % Gross Prof
Slide 35: Reconciliation of EBITDA and Adjusted EBITDA
RECONCILIATION OF EBITDA AND ADJUSTED EBITDA (DOLLARS IN THOUSANDS) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Net income 28,199 23,965 69,233 64,315 Adjusted for: Interest expense, net (including amortization of deferred financing costs) 34,753 31,112 67,913 60,241 In
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 Six Months Ended June 30, June 30, 2025 2024 2025 2024 (in millions, except for EPS) GAAP Net income attributable to the Company's stockholders 28.0 22.2 68.4 60.8 Impairment of long-
Slide 37: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES June 30, 2025 Cash and cash equivalents, marketable securities and Restricted cash (in millions $) Cash and cash equivalents 88 Restricted cash and cash equivalents 118 Total cash and cash equivalents, marketable securities and Restricted cash (in millio