Slide 1: Q4&YE 2024 Investor Presentation
Q4&YE 2024 ORMAT TECHNOLOGIES, INC. INVESTOR PRESENTATION MARCH 2025 COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 1
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 This presentation, and information provided during any discussion accompanying this presentation, These forward-looking statements
Slide 3: Introduction
INTRODUCTION COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 3 3
Slide 4: A Leading Renewable Energy Provider
A LEADING RENEWABLE CD4, Mammoth Complex, NV, USA, 65MW ENERGY PROVIDER WITH A PROVEN TRACK RECORD IN GEOTHERMAL AND ENERGY STORAGE With Own & operate 60 1.5GW ~ 1,500 Years of Geothermal, Storage, Employees experience Solar PV & REG1 $ 880M $ 550M $ 124M 2024 revenues 2024 adj. EBITDA2 2024 Net inc
Slide 5: Our Business Segments
OUR BUSINESS SEGMENTS 80% 16% 4% Of 2024 Of 2024 Of 2024 revenues revenues revenues ELECTRICITY PRODUCT ENERGY STORAGE Develop, build, own and operate Design, manufacture and sell Growing to establish geothermal, solar and recovered equipment for geothermal and leading position in the energy-based (
Slide 6: Business Highlights
BUSINESS HIGHLIGHTS Cove Fort, Utah, USA, 18MW SINCE THE BEGINNING OF 2024 Added 253MW of ELECTRICITY STORAGE PRODUCT new capacity since the beginning of 2024 Successful acquisition of Signed 2 new tolling Record backlog Enel assets agreements & one $340M including Resource Adequacy ~$210 million +6
Slide 7: Maintaining a Strong Capital Position
MAINTAINING A STRONG CAPITAL POSITION TO SUPPORT ACCELERATED GROWTH 4.0x Net debt to Access to multiple sources of liquid capital Adj. EBITDA2 $570M $667.1M Expected CapEx Total for FY 20251 liquidity3 46% Net debt to capitalization2 (1) For details on CapEx please see appendix slides (2) For key fi
Slide 8: Electricity
ELECTRICITY COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 8 8
Slide 9: Electricity Overview
OVERVIEW Generates firm & flexible power Diversified portfolio 2022 revenue geographic breakdown 1 954 MW U.S. 3 30 MW Honduras 5 150 MW Kenya 1,248MW 76% U.S. 24% International Geothermal, Solar PV & REG 2 40 MW 4 15 MW 6 59 MW1 Guatemala Guadeloupe Indonesia 86% Growing portfolio Geothermal assets
Slide 10: Geothermal Market
GEOTHERMAL MARKET 1st Largest geothermal owner & operator1 STAR ENERGY PERTAMINA ORMAT CALPINE² Reykjavik KENGEN ABOITIZ ENEL EDC CFE ~ 16.5GW Ring of fire Global installed geothermal capacity1 10x Global potential EU Africa ASIA Oceania U.S LATAM vs. installed 1 Installed 3.6 0.9 4.9 1.0 3.9 1.7 Po
Slide 11: Key Factors Driving Accelerated Geothermal Development in the U.S.
KEY FACTORS DRIVING ORMAT’S ACCELERATED GEOTHERMAL DEVELOPMENT IN THE U.S. INCREASED DEMAND PPAS IRA EXPLORATION For renewable high- Price increase Strong tailwind Extended drilling activity capacity factor power from tax benefits sources COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 11
Slide 12: Increased PPA Prices Support Long-Term Portfolio Growth
INCREASED PPA PRICES SUPPORT LONG-TERM PORTFOLIO GROWTH PORTFOLIO PPA APPROACH Over 250 MW TO STREAMLINE DEVELOPMENT portfolio PPA under $/MWh negotiation 110 100 Negotiating 150MW with Hyper-scalers at Up to 260 MW 90 portfolio rates over portfolio PPA 80 PPA signed signed $100/MWh 70 60 50 2017 20
Slide 13: Key Drivers - Demand
KEY DRIVERS - DEMAND 35GW-47GW incremental power demand expected by 20301,2 Data Centers Electrification EVs Reshoring AI and cloud-driven Homes and businesses sales were up Increase in construction data centers sparking use more electricity 50% to ~ 1.46 M of manufacturing facilities a surge in ene
Slide 14: Regulatory Boost: Financial Impact of IRA
REGULATORY FINANCIAL IMPACT OF IRA BOOST Q4 2024 2025 outlook Income attributable to sale of tax Benefit under Income tax (provision) benefits ($M) Expecting $49 million benefit $20.0 $18.7 on an annual basis that will be $4.0 $8.4 recorded proportionally throughout the year and is expected to resul
Slide 15: Trump's Executive Orders
TRUMP’S EXECUTIVE ORDERS Declaring a National Energy Unleashing American Tariffs on Steel and Emergency Executive Order Energy Executive Order Aluminum Prioritizes oil and gas production and The order cancels a number of the Imposes a 25% tariff on imports of grid infrastructure investments, Biden a
Slide 16: Accelerated Exploration Supported by Increasing Land Position
ACCELERATED EXPLORATION SUPPORTED BY INCREASING LAND POSITION Secures strategic land position in Nevada Extensive exploration and Utah and drilling campaigns Expected ~4x 30 Expending exploration activities outside CA 25 and NV 20 Impact of Permitting 15 Delays and COVID-19 10 Process from core hole
Slide 17: Electricity Segment - Summary
ELECTRICITY SEGMENT - SUMMARY GROWTH DRIVERS: & NEW ZEALAND TARGETED GROWTH (MW): 1,650-,1,750 1,248 1,012 1,070 +17% +32% - 40% 914 +11% +6% 2019 2021 2022 2024 2028E Geothermal Solar PV COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 17 Note: Please see appendix for detailed list of projects including M
Slide 18: Storage
STORAGE COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 18 18
Slide 19: Steep Growth Trajectory
Bottleneck storage facility, CA, USA 80MW/320MWh STEEP GROWTH TRAJECTORY California & Texas continue to lead the growth U.S. FTM cumulative storage deployment forecast (MW) 4x 84GW 20GW 51% California & Texas 2022 2023 2024 2025E 2026E 2027E 2028E California Texas Nevada Arizona Hawaii New York PJM
Slide 20: Energy Storage Target
ENERGY STORAGE 4 01 TARGET THE LARGEST AND MOST LUCRATIVE MARKETS: California, Texas, and PJM 1 3 02 FOCUS ON STANDALONE ENERGY STORAGE 2 Providing ancillary service, energy and capacity to the grid 290MW/658MWh 03 EXPANSION TO NEW REGIONS Short-term: additional markets in the U.S. Mid-term: interna
Slide 21: Key Factors Driving Accelerated Energy Storage Development
KEY FACTORS DRIVING ORMAT’S ACCELERATED ENERGY STORAGE DEVELOPMENT 23% DECREASE IN LITHIUM PRICES YTD1 YTD Lithium Carbonate Price (CNY/T) 120,000 100,000 98,500 80,000 IRA Batteries Increased demand Strong pipeline 75,750 70,000 Tax benefits price reduction for RA and tolling in CA with secured May
Slide 22: Ormat's Storage Pipeline
ORMAT’S STORAGE PIPELINE Montague storage facility, NJ, USA 20MW/20MWh 385 MW/ 1,300MWh 6 under development projects ~2.9GW / 10.7GWh 26 potential capacity prospects of total pipeline Others 195 U.S. storage WECC 275 pipeline Texas 380 GEOGRAPHIC East Coast1 580 BREAKDOWN IN GW California 1,432 1) E
Slide 23: Ormat Energy Storage Development
ORMAT ENERGY STORAGE DEVELOPMENT Energy storage by MW Energy storage by MWh 3,000 2,500-2,900 2,500 982 2,000 1,060 1,500 950-1,050 56% - 58% 41% - 42% 1,000 2019-2028E CAGR 2019-2028E 325 CAGR 658 385 360 290 500 83 88 170 196 298 43 73 136 176 658 10 5 82 120 290 46 40 20 102 298 30 83 88 170 45 9
Slide 24: Products
PRODUCTS COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 24 2
Slide 25: Product Segment Overview
PRODUCT SEGMENT Primary provider of geothermal binary plants Suppliers of geothermal power plants 2018 – 2023 capacity (MW) OVERVIEW 61% 74% Binary Ormat A market leader 1,939 BINARY MW TOTAL Built approximately 190 power plants and installed approx. 3,400 MW of Kaishan 13% geothermal & REG over the
Slide 26: Focusing on Strategic Territories
FOCUSING ON STRATEGIC TERRITORIES(MW) 2.5 GW IN 5 years Expected release of geothermal binary capacity 80 MW 159 MW 655 MW 177 MW USA EUROPE TURKEY EAST ASIA 246 MW 202 MW 505 MW 432 MW LATAM & CARIBBEANS AFRICA INDONESIA NEW ZEALAND Source: Thinkgeoenergy.com and Ormat analysis COPYRIGHT © 2025 ORM
Slide 27: Product Backlog
PRODUCT BACKLOG TAOM, NZ 28MW 3RD PARTIES’ CONTRACTS ~$ 340M 98% ~$210 M Record 1 Geothermal Of new contract backlog contracts added in Q4 2024 Record Backlog ($M) Geographic Breakdown $340 1 14% 2% 7% 4% $148 $152 $54 74% $31 Q4/20 Q4/21 Q4/22 Q4/23 Q4/24 New Zealand Dominica Salak, Indonesia, 15MW
Slide 28: Growth
GROWTH COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 28 2
Slide 29: Robust Growth Plan
ROBUST GROWTH PLAN1 2.6GW – 2.8GW 69% - 82% 2028 portfolio target Expected MW growth driven by successful vs 2024 expansion efforts Significantly Accelerate increase solar storage capacity & geothermal to establish leading position in the U.S. capacity storage sector Cove Fort, Utah, USA, 18MW 1) Th
Slide 30: 2028 Growth Target by Segments
2028 GROWTH TARGET1 CD4 part of Mammoth complex, CA, USA 65MW BY SEGMENTS GEOTHERMAL & ENERGY SOLAR ENERGY STORAGE YE 2028 TARGET 1,650MW-1,750MW 950MW-1,050MW/ 2.5 GWh-2.9 GWh MW ADDITION (VS END OF 2024) 402MW-502MW 660MW-760MW MW GROWTH 32%-40% 227%-262% Note: Change in MW growth is compared to a
Slide 31: Geothermal Development
GEOTHERMAL DEVELOPMENT Ijen, Indonesia 17 MW1 Projected Expected Project PPA Capacity (MW) COD Indonesia – Ijen 17(1) Feb. 2025 ✓ NEW Dominica 10 Q4 2025 ✓ Under development: New Zealand – Topp 2 50 Q4 2025 ✓ 102MW Cove Fort – upgrade 7 End of 2025 ✓ from Still Water – upgrade 5 End of 2025 ✓ 8 proj
Slide 32: Solar Development
SOLAR DEVELOPMENT Projected Expected Project PPA Capacity (MW) COD U.S. – Beowawe Solar 6 Jan. 2025 ✓ NEW U.S. – Arrowleaf 42 Q4 2025 ✓ Under development: U.S. – McGinness Hills Solar 14 H2 2026 ✓ 56MW from 2 projects Commercial operation was completed COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 32
Slide 33: Energy Storage Development
ENERGY STORAGE DEVELOPMENT Bottleneck storage facility, CA, USA 80MW/320MWh Projected Projected Expected Project Capacity ITC%1 PPA MWh COD (MW) TX – Lower Rio 60 120 40% Q2 2025 Full Tolling Under development: CA – Arrowleaf 35 140 30% Q4 2025 Full Tolling 385 MW/ TX – Bird Dog 60 120 40% Q1 2026 F
Slide 34: 2025 Guidance ($M)
2025 GUIDANCE ($M) (1) Total revenues Electricity Products Storage Adjusted EBITDA $935-975 $710-725 $172-187 $53-63 $563-593 TRANSITIONING TO 2.6GW-2.8GW ACCELERATED GROWTH IN STORAGE & ELECTRICITY 1.5GW + 14%-16% CAGR SEGMENTS 2024-2028E Storage Solar Geothermal 2024 2028E (1) For key financial re
Slide 35: Investment Highlights
INVESTMENT HIGHLIGHTS COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 35 3
Slide 36: Strong Financial Positioning
STRONG FINANCIAL POSITIONING Installed capacity growth (MW) Revenues growth ($m) 1.538 $880M 1,285 290 $829M 1,158 $705M $734M 1,095 170 128 $663M 1,005 88 70 50 83 7 37 53 53 73 7 53 53 980 992 1,070 872 952 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Geothermal REG Solar Storage Electricity
Slide 37: Strong Financial Positioning
STRONG FINANCIAL POSITIONING Total Debt ($M) Net Debt ($M)1 $2,422 $2,088 $2,027 $2,217 $1,908 $1,800 $1,801 $1,456 $1,521 $919 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Project Finance Finance liability Corporate Debt Net Debt to Capitalization (Total Equity)1 Net Debt to Adjusted EBITDA1 4
Slide 38: ESG
ESG COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 38
Slide 39: Environmental and Social Highlights
HIGHLIGHTS Environmental 2.2 M tCO2e AVOIDED emissions compared to the local grid, only in 2023 28% Reduction in GHG emissions intensity (tCO2e/MWh) compared with 2019 baseline 17% Absolute reduction in Scope 1 and 2 GHG emissions compared with 2019 baseline CDP - achieved a “Management” (B) score r
Slide 40: Governance Highlights
HIGHLIGHTS Governance COMMITMENT TO UPHOLDING THE HIGHEST STANDARDS ACROSS THE ORGANIZATION Our corporate governance practice is defined by honesty, openness and fairness We are constantly improving our governance and our level of disclosure on related topics, such as anti-corruption, executive remu
Slide 41: Attractive Investment Thesis
ATTRACTIVE INVESTMENT THESIS 01 02 03 Strong financial positioning Robust growth potential ESG Strong balance sheet and favorable Significant, consistent Renewable asset growth leverage profile domestic growth in the U.S. supported by favorable regulation Long-term contracted International geotherma
Slide 42: Thank You
THANK YOU COMMITTED TO CONTINUED PROFITABLE GROWTH IR@ORMAT.COM COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 42
Slide 43: Air-Cooled Binary Geothermal Power Plant
AIR-COOLED BINARY GEOTHERMAL POWER PLANT COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 43
Slide 44: Payment of Principal Due by Period ($M)
PAYMENT OF PRINCIPAL DUE BY PERIOD ($M)1,2,3 AVERAGE INTEREST RATE: 4.66% ($ millions) Q1-2025 Q2-2025 Q3-2025 Q4-2025 Year 2025 Long-Term non-recourse & limited recourse debt 17.8 17.4 13.5 21.5 70.2 Long Term Loans Full Recourse 40.6 53.7 40.6 26.3 161.3 Finance Liability 0.9 - 3.3 - 4.2 Total $59
Slide 45: CapEx for 2025
CAPEX FOR 2025 Actual invested Total CapEx ($M) in 12-month 2024 for 2025 Electricity Segment 309 355 Construction & Enhancements – fully released 168 160 Development enhancement, drillings and Exploration 70 140 Maintenance CapEx 71 55 Storage Segment 168 200 Product Segment 11 15 Total 488 570 (1)
Slide 46: P&L Highlights
P&L HIGHLIGHTS Q4 2024 Q4 2023 YTD 2024 YTD 2023 GAAP MEASURES Revenues ($M) Electricity 180.1 183.9 702.3 666.8 Product 39.6 50.4 139.7 133.8 Energy Storage 11.0 7.0 37.7 28.9 Total Revenues 230.7 241.3 879.7 829.4 Gross Profit ($ millions) 73.6 78.5 272.6 264.0 Gross margin (%) Electricity 34.9% 3
Slide 47: Reconciliation of EBITDA and Adjusted EBITDA
RECONCILIATION OF EBITDA AND ADJUSTED EBITDA (DOLLARS IN THOUSANDS) Three Months Twelve-Months Ended December 31, Ended December 31, 2024 2023 2024 2023 Net income 42,625 38,833 131,241 133,137 Adjusted for: Interest expense, net (including amortization of deferred financing costs) 33,136 23,440 126
Slide 48: 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 Twelve-Months Ended December 31, December 31, 2024 2023 2024 2023 (in millions, except for EPS) GAAP Net income attributable to the Company's stockholders 40.8 35.7 123.7 124.4 Impact
Slide 49: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES December 2023 2022 2021 2020 2019 31, 2024 Cash and cash equivalents, marketable securities and Restricted cash (in millions $) Cash and cash equivalents 94 196 96 240 448 71 Marketable Securities at fair value - - - 43 - - Restricted cash and cash equiv
Slide 50: Mainland U.S. - Geothermal PPA Expirations
MAINLAND U.S. - GEOTHERMAL PPA EXPIRATIONS Capacity with expiring PPA (MW) 88MW 229MW 426MW PPA Price 430 $/MWh of PPA capacity expiring with upside with upside and expected to renew potential potential 130 120 at higher prices 120 110 100 100 $90 $88 90 $81 80 80 70 51 MW $62 60 60 $50 50 40 40 25
Slide 51: Geothermal Development
GEOTHERMAL DEVELOPMENT Ormat's geologists during exploration activity Region Location # of sites Nevada 21 44 California 4 prospects U.S. Oregon 2 Utah 3 New Mexico 1 Guatemala 2 CENTRAL AMERICA Honduras 1 AFRICA Ethiopia 4 New Zealand 1 ASIA PACIFIC Indonesia 5 COPYRIGHT © 2025 ORMAT TECHNOLOGIES,