Ormat Technologies, Inc. · NYSE:ORA
Ormat Technologies — Investor Presentation (March 2026)
46 slides from Ormat Technologies's investor presentation, March 2026
Slide 1: Ormat Technologies Investor Presentation March 2026
ORMAT TECHNOLOGIES, INC. INVESTOR PRESENTATION March 2026 Mammoth Complex, USA
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 Cove Fort, UT, USA COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 3
Slide 4: Our Business Segments
OUR BUSINESS SEGMENTS 70% 22% 8% of 2025 of 2025 of 2025 revenues revenues revenues ELECTRICITY PRODUCT ENERGY STORAGE Develop and operate geothermal, Design and manufacture Establishing U.S. market leadership, solar and REG1 power plants geothermal and REG1 equipment expanding to Israel Serve utili
Slide 5: Six Decades of Integrated Expertise
SIX DECADES OF INTEGRATED EXPERTISE Exploration Development Engineering Manufacturing Construction Operation (Geothermal) (Geothermal) System Integration (Storage) COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 5
Slide 6: 2025 and Recent Development Highlights
2025 AND RECENT DEVELOPMENT HIGHLIGHTS 12.5% ELECTRICITY ENERGY STORAGE PRODUCT + Revenue increase YoY + 5.7% Adj. EBITDA1 growth YoY ~200MW of new PPAs ~109% Revenues growth YoY ~55% revenues growth YoY • PPAs with Google & Switch • Blend and Extend structures in NV March 2026 95 MW / 260 MWh of ne
Slide 7: Pillars of Scalable Growth
PILLARS OF SCALABLE GROWTH STRONG DEMAND 01 A NEW ERA OF U.S. ELECTRICITY DEMAND 02 ATTRACTIVE MARKET DYNAMICS RECORD HIGH PPA PRICES BATTERIES PRICE REDUCTION REGULATORY TAILWIND 03 TAX BENEFITS AND RISING SUPPORT FOR GEOTHERMAL AND STORAGE FROM OBBBA PERMITTING REFORM GREENFIELD ERA 04 EXTENDED EX
Slide 8: Strong Demand: A New Era of U.S. Electricity Demand
STRONG DEMAND A NEW ERA OF U.S. ELECTRICITY DEMAND US POWER DEMAND BY SECTOR1 terawatt-hours 7,000 +64% 2025-2040 CAGR: 6,000 21% TRANSPORTATION 5,000 11% DATA CENTERS 4,000 3,000 Hydrogen production 2,000 Transport Data centers 1,000 Industrial and conventional Buildings 0 2025 2030 2035 2040 1. Mc
Slide 9: Market Dynamics - Electricity Segment
MARKET DYNAMICS - ELECTRICITY SEGMENT ATTRACTIVE PPA PRICES SUPPORT NEAR AND LONG-TERM GROWTH 150 MW Up to PPAs signed Up to 67 MW PPAs 200 MW Signed up to 150 MW PPAs 260 MW signed1 signed2 Portfolio PPA with PPAs $/MWh signed 15-Year above $100/MWh 110.0 100.0 Signed 13 MW PPA with 90.0 20-Year ab
Slide 10: Regulatory Tailwinds
REGULATORY TAILWINDS Tax Credits - Stronger Longer Window to FEOC Rules Returns Capture Incentives for Geothermal & Storage • PTC boosted for geothermal • Deadlines extended to 2033 • 40%+ non-Chinese content (up to ~$33.75/MWh) - required in early years (55%+ for equal to 35% to 40% of initial • Ph
Slide 11: Greenfield Era
GREENFIELD ERA Robust Exploration and Drilling Efforts Secures strategic land position in Nevada and Utah Expected 4.5x 30 25 Expending exploration 20 activities outside CA and NV Impact of Permitting 15 Delays and COVID-19 10 5 Progress from core holes to 0 full exploration wells 2017 2018 2019 202
Slide 12: Growth Plan by Segments
GROWTH PLAN BY SEGMENTS1 15%-18% CAGR 2025-2028E 2.6-2.8GW Energy Storage segment (MW) 950-1,050 ~1.7GW +565-665 385 290 170 Electricity segment (MW) +340-440 1,360-1,460 1,140 2025 2028E YE CAPACITY (MW/GW) Geothermal Solar PV Storage 1. This growth plan is subject to obtaining all permits and regu
Slide 13: Electricity Segment
ELECTRICITY SEGMENT North Valley complex, NV, USA
Slide 14: Delivering Consistent Growth with Cash Visibility
DELIVERING CONSISTENT GROWTH WITH CASH VISIBILITY SUSTAINABLE GROWTH ENGINE Revenue ($M) APPROX. 18 % 1,046 1,340 REVENUE GROWTH U.S. 15 $702 $694 70 Guadeloupe $667 MW PORTFOLIO1 150 59 $632 Guatemala& Honduras Kenya Indonesia $586 DIVERSE, CASH MW by Technology Type 2025 revenue by geography GENER
Slide 15: Geothermal Market Position and Potential
GEOTHERMAL MARKET POSITION POTENTIAL Ring of fire 1st Largest global geothermal owner & 1 operator EU Africa ASIA Oceania U.S LATAM Installed 3.6 0.9 4.9 1.0 3.9 1.7 Potential 7.2 5.1 74.3 3.6 35.0 36.4 STAR ENERGY ORMAT PERTAMINA CALPINE 16.5GW KENGEN REYKJAVIK 10x ABOITIZ ~ ENEL EDC CFE Global ins
Slide 16: Geothermal Development MW
GEOTHERMAL DEVELOPMENT 101 MW Projected Expected Under development Project PPA Capacity (MW) COD across 9 projects by end of 2027 Indonesia – Ijen 17(1) Q1 2025 ✓ Blue Mountain – M&A 22 Q2 2025 ✓ Dominica 10 Q1 2026 ✓ Salt Wells – upgrade 5 Q2 2026 ✓ Cove Fort – upgrade 7 Q2 2026 ✓ Guadeloupe- Bouil
Slide 17: Solar Development MW
SOLAR DEVELOPMENT 48 MW Projected Expected Under development Project PPA Capacity (MW) COD across 3 projects by end of 2027 U.S. – Beowawe Solar 6 Q1 2025 ✓ U.S. – Arrowleaf solar 42 Q4 2025 ✓ U.S. – Hoku solar – NEW M&A 30 Q1 2026 ✓ U.S. – McGinness Hills Solar 14 Q4 2026 ✓ U.S. – Blue Mountain sol
Slide 18: Long Term View: Pipeline and Regulation
LONG TERM VIEW: PIPELINE AND REGULATION ACCELERATED EXPLORATION TO MAINTAIN A ROBUST PIPELINE Faster permitting for geothermal projects under new energy emergency executive order1 Geothermal wins big in U.S. energy reform2 34 Full tax credits extended to projects start 2 1 construction in 2033 4 8 1
Slide 19: Long Term View: EGS Technologies
LONG TERM VIEW: EGS TECHNOLOGIES DEDICATED LEADERSHIP Appointed senior management for exploration & drilling GROWTH CATALYST: EGS TECHNOLOGIES and EGS 20x TECHNOLOGY DEVELOPMENT • Advanced drilling techniques for asset optimization • Strategic investments in EGS companies • Signed an agreement with
Slide 20: Advancing Geothermal Development in Indonesia
ADVANCING GEOTHERMAL DEVELOPMENT IN INDONESIA NEW SARULLA 42MW TELAGA 182 MW ARE CURRENTLY in operation TOKA TINDUNG RANU Under development: UNDER DEVELOPMENT 12.75% Government- ownership initial drilling awarded concession 75-100% 100% TELAGA RANU CONCESSION ownership ownership AWARDED - NEW Up to
Slide 21: Energy Storage Segment
ENERGY STORAGE SEGMENT Arrowleaf, CA, USA
Slide 22: Driving Profitable Growth Through Strategic Market Expansion
DRIVING PROFITABLE GROWTH THROUGH STRATEGIC MARKET EXPANSION TARGET THE LARGEST AND MOST LUCRATIVE MARKETS: California and PJM 495MW/1,358MWh CURRENT OPERATING PORTFOLIO FOCUS ON STANDALONE AND SOLAR PLUS STORAGE FACILITIES Providing ancillary service, energy and capacity to the grid 1 2 EXPANSION T
Slide 23: U.S. Market: Steep Storage Growth Trajectory
U.S. MARKET: STEEP STORAGE GROWTH TRAJECTORY U.S. FTM CUMULATIVE STORAGE DEPLOYMENT FORECAST (MW) 5x 106GW 5x Deployment growth 2023-2028 23GW 50% California & Texas 2023 2024 2025E 2026E 2027E 2028E California Texas Nevada Arizona Hawaii New York PJM (& NJ) All Others Source: Wood Mackenzie U.S. en
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 Merchant Installed Full CA – Arrowleaf 35 140 30% Q4 2025 Installed Tolling Full HI – Hoku – NEW M&A 30 120 - Q1 2026 Installed Tolling Merchant CA – Shirk
Slide 25: Energy Storage Pipeline
ENERGY STORAGE PIPELINE 2.7GW / 10.0GWh 26 potential capacity of U.S. storage pipeline Named prospects GEOGRAPHICAL BREAKDOWN (MW) California 1,068 Others 554 WECC 480 Texas 400 Bottleneck storage facility, CA, USA East Coast1 200 1. East coast market includes PJM, ISO-NE, NYISO and SERC COPYRIGHT ©
Slide 26: Products Segment
PRODUCTS SEGMENT
Slide 27: Product Segment Overview
PRODUCT SEGMENT Primary provider of geothermal binary plants Suppliers of geothermal power plants 2020 – 2025 capacity (MW) OVERVIEW 58% 57% Binary Ormat A market leader BINARY 1,418 MW 826 MW TOTAL Built approximately 200 power plants and installed approx. 3,600 MW¹ of geothermal & REG over the yea
Slide 28: Product Backlog
PRODUCT BACKLOG 3RD PARTY CONTRACTS ~$ 352M 19% Backlog1,2 Increase vs. Q3 2025 BACKLOG ($M) GEOGRAPHIC BREAKDOWN 1% 1% 4% $340 $352 $314 $295 26% $263 $152 $148 68% $54 $31 TOPP 2, New Zealand Oceania Asia North America Central America Europe Others 1) Backlog as of February 25th, 2026. The backlog
Slide 29: Focusing on Strategic Territories
FOCUSING ON STRATEGIC TERRITORIES 2.2 GW IN 5 years Expected release of geothermal binary capacity 155 MW 134 MW 542 MW 157 MW USA EUROPE TURKEY EAST ASIA 222 MW 202 MW 470 MW 360 MW LATAM & CARIBBEANS AFRICA INDONESIA NEW ZEALAND Source: Thinkgeoenergy.com and Ormat analysis COPYRIGHT © 2026 ORMAT
Slide 30: Investment Highlights
INVESTMENT HIGHLIGHTS
Slide 31: Strong Capital Position
STRONG CAPITAL POSITION $ 680 M $ 333 M $ 675 M Total liquidity1 as of Full year 2025 cash Expected CapEx December 31, 2025 from operations FY 20262 $ 2.5 B 4.4x 49% Net debt3 as of Net debt Net debt December 31, 2025 to Adj. EBITDA3 as to capitalization3 as of December 31, 2025 of December 31, 2025
Slide 32: Strong Financial Positioning
STRONG FINANCIAL POSITIONING INSTALLED CAPACITY GROWTH (MW) REVENUES GROWTH ($M) 11.5% 10.5% 1,835 CAGR CAGR 1,695 2021-2025 2021-2025 $990M 1,521 495 385 $829M $880M 1,285 290 $734M 1,158 170 170 200 $663M 1,095 88 122 50 50 83 37 70 50 7 53 53 53 980 992 1,059 1,090 1,090 952 2021 2022 2023 2024 2
Slide 33: Strong Financial Positioning
STRONG FINANCIAL POSITIONING TOTAL DEBT ($M) NET DEBT ($M)1 As of December 31, As of December 31, $2,818 $2,422 $2,538 $2,088 $2,217 $2,027 $1,908 $1,800 $1,801 $1,521 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Project Finance Finance liability Corporate Debt NET DEBT TO CAPITALIZATION (TOTAL
Slide 34: 2026 Guidance & 2028 Growth Targets
2026 GUIDANCE & 2028 GROWTH TARGETS1 2026 Guidance ($M) (2) Total revenues Electricity Products Storage Adjusted EBITDA $1,110-1,160 $715-730 $300-320 $95-110 $615-645 vs $990 actual in YE 2025 vs $694 actual in YE 2025 vs $217 actual in YE 2025 vs $79 actual in YE 2025 vs $582 actual in YE 2025 +14
Slide 35: Why Ormat Investment Thesis
ATTRACTIVE WHY ORMAT INVESTMENT THESIS 01 02 03 STRONG FINANCIAL ROBUST GROWTH ATTRACTIVE POSITIONING POTENTIAL MARKET DYNAMICS Strong balance sheet and Solid, consistent domestic growth Record high PPA prices favorable leverage profile International geothermal growth Long-term contracted to displac
Slide 36: ESG Progress
04 ESG PROGRESS COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 36
Slide 37: Sustainability Update
SUSTAINABILITY UPDATE AVOIDED EMISSIONS BOARD DIVERSITY 2024 SUSTAINABILITY REPORT Ormat’s operations avoided approx. Achieved 50% female representation 2,488,811 tCO2e in 2024 - More than 11 on the Board times our Scope 1 and 2 emissions CDP RATING REPORTING REQUIREMENTS Maintained a ‘B’- ‘Manageme
Slide 38: Committed to Continued Profitable Growth - Thank You
COMMITTED TO CONTINUED PROFITABLE GROWTH THANK YOU IR@ORMAT.COM COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 38
Slide 39: Payment of Principal Due by Period
PAYMENT OF PRINCIPAL DUE BY PERIOD ($M)1,2,3 AVERAGE INTEREST RATE: 4.8% ($ millions) Q1-2026 Q2-2026 Q3-2026 Q4-2026 Year 2026 Long-Term non-recourse & limited recourse debt 18.3 20.5 16.7 24.5 79.9 Long Term Loans Full Recourse 51.4 71.4 51.3 40.1 214.2 Finance Liability 2.6 - 7.1 - 9.7 Total $72.
Slide 40: Capex
CAPEX ACTUAL INVESTED TOTAL CAPEX ($M) IN 2025 FOR 2026 Electricity Segment 392 465 Construction & Enhancements – fully released 183 240 Development enhancement, drillings and Exploration 105 170 Maintenance CapEx 105 55 Storage Segment 203 180 Product Segment 20 10 EGS pilot - 10 BD 10 10 Total 625
Slide 41: P&L Highlights
P&L HIGHLIGHTS Q4 2025 Q4 2024 Change (%) 2025 2024 Change (%) GAAP MEASURES Revenues ($M) Electricity 186.6 180.1 3.6 % 693.9 702.3 (1.2) % Product 63.1 39.6 59.1 % 216.7 139.7 55.2 % Energy Storage 26.3 11.0 140.5 % 79.0 37.7 109.3 % Total Revenues 276.0 230.7 19.6 % 989.6 879.7 12.5 % Gross Profi
Slide 42: Reconciliation of EBITDA and Adjusted EBITDA
RECONCILIATION OF EBITDA AND ADJUSTED EBITDA (DOLLARS IN THOUSANDS) Three Months Ended Twelve-Months December 31, Ended December 31, 2025 2024 2025 2024 Net income 33,049 42,625 126,990 131,241 Adjusted for: Interest expense, net (including amortization of deferred financing costs) 33,872 33,136 135
Slide 43: Reconciliation of Adjusted Net Income and Adjusted EPS
RECONCILIATION OF ADJUSTED NET INCOME ATTRIBUTABLE TO THE COMPANY’S STOCKHOLDERS AND ADJUSTED EPS1 Three Months Ended Twelve-Months Ended December 31, December 31, 2025 2024 2025 2024 (in millions, except for EPS) GAAP Net income attributable to the Company's stockholders 31.4 40.8 123.9 123.7 Tax a
Slide 44: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 2025 2024 2023 2022 2021 2020 Cash and cash equivalents, marketable securities and Restricted cash (in millions $) Cash and cash equivalents 147 94 196 96 240 448 Marketable Securities at fair value - - - - 43 - Restricted cash and cash equivalents 133 1
Slide 45: Air-Cooled Binary Geothermal Power Plant
AIR-COOLED BINARY GEOTHERMAL POWER PLANT COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 45
Slide 46: Types of Geothermal Energy Systems
TYPES OF GEOTHERMAL ENERGY SYSTEMS CONVENTIONAL NEXT-GENERATION CONVENTIONAL & NEXT-GENERATION GEOTHERMAL COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 46
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