Ormat Technologies, Inc. · NYSE:ORA
Ormat Technologies — Q2 2026 Earnings Presentation
38 slides from Ormat Technologies's earnings presentation, Aug 6, 2026
Slide 1: Q2 2026 Earnings Call
ORMAT TECHNOLOGIES, INC. Q2 2026 EARNINGS CALL Dominica, geothermal power plant, Dominica 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 Heber geothermal complex, NV, USA Sustainability Progress COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 3
Slide 4: Q2 2026 and Recent Development Highlights
Q2 2026 AND RECENT DEVELOPMENT HIGHLIGHTS + 10.6% ELECTRICITY ENERGY STORAGE PRODUCT Revenue growth YoY + 20.8% Gross profit growth YoY + 6.9% 15MW of new capacity • Dominica COD – 10MW in July 2026 Q2 revenue up 195.1% YoY H1 revenue up 172.0% YoY Q2 revenue decreased 21.6% YoY • Driven by the timi
Slide 5: Key Financial Results & Recent Developments
01 KEY FINANCIAL RESULTS & RECENT DEVELOPMENTS North Valley complex, NV, USA
Slide 6: Q2 2026 Financial Results
Q2 2026 FINANCIAL RESULTS Comparison vs Q2 2025 KEY HIGHLIGHTS Q2 2026 REVENUE BY SEGMENT Revenue Gross Margin 65% 18% $258.8M 26.5% Electricity Product +10.6% +220 bp 17% Storage Adjusted EBITDA(1) EPS/Adj. EPS(2) $143.9M $0.43/$0.50 +6.9% (6.5)% / +4.2% 1. For key financial results and non –GAAP f
Slide 7: Q2 2026 Financial Results by Segment
Q2 2026 FINANCIAL RESULTS BY SEGMENT Comparison vs. Q2 2025 Total Electricity Product Storage REVENUE $258.8M $169.3M $46.7M $42.8M +10.6% +5.8% (21.6)% +195.1% GROSS MARGIN 26.5% 23.7% 9.7% 56.2% +220 bp (50) bp (1,800) bp +4,430 bp ADJUSTED $143.9M $101.1M $3.9M $38.9M EBITDA1 +6.9% (6.6)% (74.7)%
Slide 8: H1 2026 Financial Results
H1 2026 FINANCIAL RESULTS Comparison vs H1 2025 KEY HIGHLIGHTS H1 2026 REVENUE BY SEGMENT Revenue Gross Margin 53% 34% $662.7M 28.5% Electricity Product +42.9% +50 bps Adjusted EBITDA(1) EPS/Adj. EPS $338.8M $1.14/$1.79 13% +18.9% +1.8% / +54.3% Storage 1. For key financial results and non –GAAP fin
Slide 9: H1 2026 Financial Results by Segment
H1 2026 FINANCIAL RESULTS BY SEGMENT Comparison vs. H1 2025 Total Electricity Product Storage REVENUE $662.7M $350.9M $224.1M $87.7M +42.9% +3.1% +145.3% +172.0% GROSS MARGIN 28.5% 27.4% 19.0% 57.7% +50 bp -170 bp -680 bp +3,550 bp ADJUSTED $338.8M $242.4M $34.2M $62.2M EBITDA1 +18.9% +3.7% +33.6% +
Slide 10: Regulatory Support
REGULATORY SUPPORT FINANCIAL IMPACT OF OBBBA TAX CREDITS MONETIZATION Q2 YoY COMPARISON H1 2026 Income attributable to sale of tax benefits ($M) $51.0 M of proceeds were collected 2026 outlook $16.3 $16.6 Approx. $ 90 M $1.3 proceeds are expected in full year 20262 $6.0 INCOME TAX BENEFIT $15.3 Q2 2
Slide 11: Cash Position
CASH POSITION 1.1B CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS ($M) ~$ of new debt raised in H1 20262 1 $ 51M 51 93 252 Cash from tax credits, net 129 successfully collected in H1 2026 1,060 Others Proceeds from 562 Tax Topp 2 sale Cash Investment equity from in CapEx (1) tran
Slide 12: Strong Capital Position
STRONG CAPITAL POSITION $ 1.1 B ~$ 273 M $ 449 M Total liquidity1 as of of June 30, 2026 Total Cash Generated4 Expected CapEx for H2 20262 UP TO $ 40M In H1 2026 Uniq exploration financing facility secured for the Wapsalit $ 2.7 B 4.3x 50% geothermal project Net debt3 as of Net debt Net debt of June
Slide 13: Business Performance by Segment
02 BUSINESS PERFORMANCE Hoku hybrid storage + solar facility, HI, USA BY SEGMENT Electricity | Storage | Product
Slide 14: Our Portfolio
OUR PORTFOLIO 1,850MW 1,355MW 1 495MW/1,358MWh Geothermal, Solar PV & REG Energy storage Kenya 11% LATAM 50% California 5% 4% Indonesia 2% Caribbeans 25% U.S. East Coast2 78% 6% 19% Hawaii Texas 1. Includes Ormat’s 12.75% share in Sarulla complex and 49% share in Ijen complex. 2. East Coast market i
Slide 15: Electricity Segment
ELECTRICITY SEGMENT 202 MW 1,355 Under construction and development expected COD by end of MW PORTFOLIO1,2 2028. All backed by long-term PPAs • 87 MW geothermal • 115 MW solar PV 15 MW 1,051 U.S. NEW! 25 Of new capacity additions since the beginning of Q2 2026 70 Dominica3 & • Dominica - COD in July
Slide 16: Electricity Operational Updates
ELECTRICITY OPERATIONAL UPDATES OPERATIONAL UPDATE 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 $4.2M lower curtailments, mainly at McG
Slide 17: Attractive PPA Prices Support Growth
ATTRACTIVE PPA PRICES SUPPORT GROWTH Signed ~200MW1 geothermal and 67MW2 hybrid (storage + solar) at attractive prices “Blend and Extend” PPAs NEGOTIATING PPA • ~40 MW including CD4 and Blue Mountain, extending the existing WITH UPSIDE POTENTIAL PPA terms PPA Price • Contract price increased by appr
Slide 18: Product Backlog
PRODUCT BACKLOG 3RD PARTY CONTRACTS ~$ 203M Backlog1 BACKLOG ($M) GEOGRAPHIC BREAKDOWN 5% 2% 340 352 314 295 263 239 203 37% 152 56% 148 Top 2 Geothermal Power Plants, New Zealand Asia Oceania Central America Europe 1) Backlog as of August 5th, 2026. The backlog Includes revenues for the period betw
Slide 19: Energy Storage Operations
ENERGY STORAGE OPERATIONS STORAGE REVENUE BREAKDOWN 495MW/1,358MWh BY TYPE AND REGION ($M) CURRENT OPERATING PORTFOLIO +195% + 202% $ 19.5M Total increase PJM increase higher revenues from $42.8 existing PJM assets vs. Q2 2 $29.1 1 2025 $12.5 4 3 $ 7.7M revenues generated from $14.5 $10.3 $30.3 $9.6
Slide 20: Strategic Growth Initiatives
03 STRATEGIC GROWTH INITIATIVES Cove Fort geothermal power plant, UT, USA
Slide 21: Robust Growth Plan
1 ROBUST GROWTH PLAN 15%-18% CAGR 2025-2028E 2.6-2.8GW Energy Storage segment (MW) 950-1,050 ~1.7GW +565-665 385 290 170 Electricity segment (MW) +340-440 1,360-1,460 1,140 2025 2028E YE CAPACITY (MW/GW) CD4 geothermal power plant, NV, USA Geothermal Solar PV Storage 1. This growth plan is subject t
Slide 22: Geothermal Development
GEOTHERMAL DEVELOPMENT Project Projected Capacity (MW) Expected COD PPA 87MW Under development U.S - Cove Fort - upgrade 5 Q2 2026 ✓ across 8 projects by end of 2028 Dominica – Dominica 10 Q3 2026 ✓ U.S - Salt Wells - upgrade 5 Q3 2026 ✓ Guadeloupe - Bouillante 10 Q4 2026 ✓ U.S - Still Water - upgra
Slide 23: Solar Development
SOLAR DEVELOPMENT Project Projected Capacity (MW) Expected COD PPA 115MW Under development across 4 projects U.S. – Hoku solar – NEW M&A 30 Q1 2026 ✓ by end of 2028 U.S. – McGinness Hills Solar 14 Q1 2027 ✓ U.S. – Blue Mountain solar 12 2027 ✓ U.S. – Heber Complex expansion solar 22 H2 2027 ✓ End 20
Slide 24: Energy Storage Development
ENERGY STORAGE DEVELOPMENT Projected Projected Expected Battery Project Capacity ITC%1 PPA MWh COD Status (MW) HI – Hoku 30 120 - Q1 2026 PPA Installed Merchant & CA – Shirk 80 320 40% Q1 2026 Installed RA contract TX – Bird Dog 60 120 40% Q3 2026 Merchant Installed End 2027/ NV - Jersey Valley 67 2
Slide 25: Energy Storage Pipeline
ENERGY STORAGE PIPELINE 2.5GW / 9.8GWh 25 Potential capacity of U.S. storage pipeline Named prospects GEOGRAPHICAL BREAKDOWN (MW) East Coast 1,092 California 655 WECC 300 Others 287 Bottleneck storage facility, CA, USA Texas1 200 1. East coast market includes PJM, ISO-NE, NYISO and SERC COPYRIGHT ©
Slide 26: EGS Development - Multiple Paths to Success
EGS DEVELOPMENT - MULTIPLE PATHS TO SUCCESS SLB Partnership – Desert Peak Project Surface Technology • Completed the analysis of geophysical seismic data • Introduced Ormega100 , Ormat’s modular 100 MW and incorporated the results into an updated ORC unit for large-scale conventional geothermal and
Slide 27: 2026 Guidance & 2028 Growth Targets
2026 GUIDANCE & 2028 GROWTH TARGETS1 2026 Guidance ($M) (2) Total revenues Electricity Product Storage Adjusted EBITDA $1,150-1,200M $710-725M $300-320M $140-155M $630-650M vs $990 actual in FY 2025 vs $694 actual in FY 2025 vs $217 actual in FY 2025 vs $79 actual in FY 2025 vs $582 actual in FY 202
Slide 28: 2026 Key Highlights
2026 KEY HIGHLIGHTS 01 02 03 STRONG FINANCIAL RESULTS GROWTH TRAJECTORY EXECUTION MILESTONES • Q2 revenue increased 10.6% YoY • Continued multi-year growth path with • 10 MW Dominica geothermal plant • Gross profit increased 20.8%; Adjusted approx. 202MW under development in the achieved COD Electri
Slide 29: ESG Progress
04 ESG PROGRESS Olkaria geothermal complex, Kenya
Slide 30: Sustainability Update
SUSTAINABILITY UPDATE AVOIDED EMISSIONS BOARD DIVERSITY 2024 SUSTAINABILITY REPORT Ormat’s operations avoided approx. Achieved 50% female representation 2,488,811 tCO2e in 2024 - More than 11 on the Board times our Scope 1 and 2 emissions CDP RATING REPORTING REQUIREMENTS Maintained a ‘B’- ‘Manageme
Slide 31: Summary and Q&A
a i ORMAT SUMMARY AND Q&A
Slide 32: Committed to Continued Profitable Growth
COMMITTED TO CONTINUED PROFITABLE GROWTH THANK YOU IR@ORMAT.COM Don A. Campbell geothermal power plant, NV, USA
Slide 33: Payment of Principal Due by Period
PAYMENT OF PRINCIPAL DUE BY PERIOD ($M)1,2,3 AVERAGE INTEREST RATE: 3.9% ($ 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 $141.6 Remaining 2026 2027 2028 202
Slide 34: Capex
CAPEX ACTUAL INVESTED TOTAL CAPEX ($M) IN H1 2026 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
Slide 35: P&L Highlights
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
Slide 36: 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, 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
Slide 37: 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, 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
Slide 38: Reconciliation of Non-GAAP Financial Measures
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 milli