Ormat Technologies, Inc. · NYSE:ORA

Ormat Technologies — Q1 2026 Earnings Presentation

49 slides from Ormat Technologies's earnings presentation, May 2026

Slide 1: Ormat Technologies Investor Presentation May 2026
ORMAT TECHNOLOGIES, INC. INVESTOR PRESENTATION May 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 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: Q1 2026 and Recent Development Highlights
Q1 2026 AND RECENT DEVELOPMENT HIGHLIGHTS + 75.8% ELECTRICITY ENERGY STORAGE PRODUCT Revenue growth YoY + 57.6% Operating income growth YoY ~200MW of new PPAs ~153% Revenue growth YoY ~458% Revenue growth YoY • PPAs with Google & Switch + 29.7% • Blend-and-extend agreements Higher generation High me
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 67 MW 200 MW signed Up to PPAs PPAs 260 MW signed1 signed2 PPAs Signed up to 150MW $/MWh signed Portfolio PPA 15-Year above $100/MWh 110.0 100.0 Signed 13MW PPA 20-year term above $100/MWh
Slide 10: New PPAs Supporting Data Centers & Grid Demand
NEW PPAS SUPPORTING DATA CENTERS & GRID DEMAND ~200MW geothermal and 67MW hybrid (storage + solar) at attractive prices Google – Portfolio PPA Switch - PPA (Nevada) “Blend and Extend” NV Energy – Solar + (Nevada) • Signed 20-year PPA for PPAs Storage PPA (Nevada) • Signed 15-year portfolio PPA ~13MW
Slide 11: 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 ~$33.75/MWh) - required in early years (55%+ for equal to 35% to 40% of initial • Ph
Slide 12: Greenfield Era
GREENFIELD ERA Robust Exploration and Drilling Efforts Secures strategic land position in Nevada and Utah Expected 4.5x 30 25 Expending exploration 20 activities outside CA and NV 15 Impact of Permitting Delays and COVID-19 10 5 Progress from core holes to 0 full exploration wells 2017 2018 2019 202
Slide 13: Growth Plan by Segments
GROWTH PLAN BY SEGMENTS1 15%-18% CAGR 2025-2028E 2.6-2.8GW 950-1,050 Energy Storage segment (MW) ~1.7GW +565-665 385 290 170 Electricity segment (MW) +340-440 1,360-1,460 1,140 2025 2028E YE CAPACITY (MW/GW) Geothermal Solar PV Storage 1. This growth plan is subject to obtaining all permits and regu
Slide 14: Electricity Segment
ELECTRICITY SEGMENT North Valley complex, NV, USA
Slide 15: Delivering Consistent Growth with Cash Visibility
DELIVERING CONSISTENT GROWTH WITH CASH VISIBILITY SUSTAINABLE GROWTH ENGINE Revenue ($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 16: 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 10x REYKJAVIK ABOITIZ ~ ENEL EDC CFE Global ins
Slide 17: Geothermal Development
GEOTHERMAL DEVELOPMENT 101MW Under development Projected Expected Project PPA across 9 projects Capacity (MW) COD by end of 2028 Cove Fort - upgrade 7 Q2 2026 ✓ Dominica 10 Q2 2026 ✓ Salt Wells - upgrade 5 Q3 2026 ✓ Guadeloupe - Bouillante 10 Q4 2026 ✓ Still Water - upgrade 3 Q1 2027 ✓ Guatemala - Z
Slide 18: Solar Development
SOLAR DEVELOPMENT 115MW Projected Expected Under development Project PPA Capacity (MW) COD across 4 projects by end of 2028 U.S. – Hoku solar – NEW M&A 30 Q1 2026 ✓ U.S. – McGinness Hills Solar 14 Q1 2027 ✓ U.S. – Blue Mountain solar – NEW 12 2027 ✓ U.S. – Heber Complex expansion solar 22 H2 2027 ✓
Slide 19: 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 reform 2 34 Full tax credits extended to projects start 2 1 construction in 2033 4 8
Slide 20: Advancing Geothermal Development in Indonesia
ADVANCING GEOTHERMAL DEVELOPMENT IN INDONESIA NEW SARULLA 42MW TELAGA TOKA TINDUNG RANU 182MW ARE CURRENTLY in operation 12.75% ownership Under development: initial drilling Government- awarded concession UNDER DEVELOPMENT 75-100% 100% ownership ownership Awarded the SONGA Telaga Ranu concession GEE
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: PJM and California 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) 6x 128GW 6x Deployment growth 2023-2028 23GW 52% California & Texas 2023 2024 2025 2026E 2027E 2028E California Texas Nevada Arizona Hawaii New York PJM (& NJ) All Others Source: Wood Mackenzie U.S. ene
Slide 24: Energy Storage Development
ENERGY STORAGE DEVELOPMENT Projected Projected Expected Battery Project Capacity ITC%1 PPA MWh COD Status (MW) Full HI – Hoku – NEW M&A 30 120 - Q1 2026 Installed Tolling Merchant CA – Shirk 80 320 40% Q1 2026 & RA Installed contract TX – Bird Dog 60 120 40% Q3 2026 Merchant Installed End 2027/ NV -
Slide 25: Energy Storage Pipeline
ENERGY STORAGE PIPELINE 2.5GW / 9.4GWh 24 Potential capacity of U.S. storage pipeline Named prospects GEOGRAPHICAL BREAKDOWN (MW) California 968 Others 487 WECC 480 Texas 400 Bottleneck storage facility, CA, USA East Coast 1 200 1. East coast market includes PJM, ISO-NE, NYISO and SERC COPYRIGHT © 2
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 ~$ 239M $ 56M Backlog1,2 Contracts signed for two projects in Asia BACKLOG ($M) GEOGRAPHIC BREAKDOWN 1% 4% 2% $340 $352 $314 $295 $263 $239 40% 53% $152 $148 $54 $31 Salak, Indonesia, 15MW Asia Oceania Central America North America Europe 1) Backlog as of May 6th,
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 © 20 26 ORMAT
Slide 31: Building Foundations Today, Leading EGS Tomorrow
BUILDING FOUNDATIONS TODAY LEADING EGS TOMORROW SLB PARTNERSHIP • Completed initial geoscience groundwork STRATEGIC BUILDING BLOCKS FOR SCALABLE EGS DEPLOYMENT • Advancing well planning appraisal IN BOTH ELECTRICITY & PRODUCT SEGMENTS SAGE COLLABORATION • Engineering and testing underway • Advancing
Slide 32: Investment Highlights
INVESTMENT HIGHLIGHTS Heber, NV, USA
Slide 33: Strong Capital Position
STRONG CAPITAL POSITION $ 1.2 B ~$ 79 M $ 587 M Total liquidity1 as of Q1 2026 cash Expected CapEx for of March 31, 2026 from operations Q2-Q4 20262 $ 2.6 B 4.2x 49% Net debt3 as of Net debt Net debt of March 31, 2026 to Adj. EBITDA3 to capitalization3 1. Cash, cash equivalents, restricted cash and
Slide 34: 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 $663M 1,095 88 122 50 50 83 37 70 50 7 53 53 53 980 992 1,059 1,090 1,090 952 2021 2022 2023 2024 2
Slide 35: Strong Financial Positioning
STRONG FINANCIAL POSITIONING TOTAL DEBT ($M) NET DEBT ($M)1 As of December 31, As of December 31, $3,365 $2,818 $2,538 $2,602 $2,422 $2,217 $2,027 $2,088 $1,908 $1,800 $1,801 $1,521 2021 2022 2023 2024 2025 March 31, 2021 2022 2023 2024 2025 March 31, 2026 2026 Project Finance Finance liability Corp
Slide 36: 2026 Guidance & 2028 Growth Targets
2026 GUIDANCE & 2028 GROWTH TARGETS1 2026 Guidance ($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 FY 2025 vs $694 actual in FY 2025 vs $217 actual in FY 2025 vs $79 actual in FY 2025 vs $582 actual in FY 2025 +14
Slide 37: Why Ormat: Attractive Investment Thesis
ATTRACTIVE WHY ORMAT INVESTMENT THESIS STRONG FINANCIAL 01 ROBUST GROWTH 02 ATTRACTIVE 03 POSITIONING POTENTIAL MARKET DYNAMICS Strong balance sheet and favorable Solid, consistent domestic growth Record high PPA prices leverage profile International geothermal growth Batteries price reduction Long-
Slide 39: Sustainability Update
SUSTAINABILITY UPDATE AVOIDED EMISSIONS BOARD DIVERSITY 2024 SUSTAINABILITY REPORT Ormat’s operations avoided approx. Achieved 50% female representation 2,488,811 tCO2e in 2024 - More than 11 on the Board times our Scope 1 and 2 emissions CDP RATING REPORTING REQUIREMENTS Maintained a ‘B’- ‘Manageme
Slide 40: Committed to Continued Profitable Growth - Thank You
COMMITTED TO CONTINUED PROFITABLE GROWTH THANK YOU IR@ORMAT.COM Don A. Campbell, NV, USA COPYRIGHT © 20 26 ORMAT TECHNOLOGIES, INC. 40
Slide 41: Payment of Principal Due by Period
PAYMENT OF PRINCIPAL DUE BY PERIOD ($M)1,2,3 AVERAGE INTEREST RATE: 3.9% ($ millions) Q2-2026 Q3-2026 Q4-2026 Year 2026 Long-Term non-recourse & limited recourse debt 20.5 15.3 25.2 60.9 Long Term Loans Full Recourse 71.7 51.3 40.1 163.0 Finance Liability - 7.1 - 7.1 Total $92.2 $73.7 $65.3 $231.1 R
Slide 42: CapEx
CAPEX ACTUAL INVESTED TOTAL CAPEX ($M) IN Q1 2026 FOR Q2-Q4 2026 Electricity Segment 74 436 Construction & Enhancements – fully released 30 260 Development enhancement, drillings and Exploration 26 139 Maintenance CapEx 19 36 Storage Segment 34 111 Product Segment 1 9 EGS activitys 0 20 BD 10 11 Tot
Slide 43: P&L Highlights
P&L HIGHLIGHTS Q1 2026 Q1 2025 Change (%) GAAP MEASURES Revenues ($M) Electricity 181.6 180.2 0.8 % Product 177.4 31.8 458.4 % Energy Storage 44.9 17.8 153.1 % Total Revenues 403.9 229.8 75.8 % Gross Profit ($ millions) 120.4 72.9 65.1 % Gross margin (%) Electricity 30.8% 33.5% Product 21.4% 22.3% E
Slide 44: Reconciliation of EBITDA and Adjusted EBITDA
RECONCILIATION OF EBITDA AND ADJUSTED EBITDA (DOLLARS IN THOUSANDS) Three Months Ended March 31, 2026 2025 Net income 44,613 41,034 Adjusted for: Interest expense, net (including interest income and amortization of deferred financing costs) 43,563 33,160 Income tax provision (benefit) (15,470) (3,79
Slide 45: 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 March 31, 2026 2026 (in millions, except for EPS) GAAP Net income attributable to the Company's stockholders 44.1 40.4 Induced conversion expense in connection with the issuance of t
Slide 46: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Q1 2026 2025 2024 2023 2022 2021 Cash and cash equivalents, marketable securities and Restricted cash (in millions $) Cash and cash equivalents 655 147 94 196 96 240 Marketable Securities at fair value - - - - - 43 Restricted cash and cash equivalents 10
Slide 49: Regulatory Boost: Financial Impact of OBBBA
REGULATORY BOOST FINANCIAL IMPACT OF OBBBA Q1 2026 TAX CREDITS MONETIZATION Q1 2026 Income attributable to sale of tax benefits ($M) $48.6 million of proceeds were collected 2026 OUTLOOK 2026 outlook $90 million proceeds are expected in $17.6 full year 20262 $16.6 $1.6 $7.3 INCOME TAX BENEFIT $15.0

Ormat Technologies — Q1 2026 Earnings Presentation on 6ix

Ormat Technologies — Q1 2026 Earnings Presentation

Slide 1: Ormat Technologies Investor Presentation May 2026

Slide 2: Safe Harbor Statement and Non-GAAP Metrics

Slide 3: Introduction

Slide 4: Our Business Segments

Slide 5: Six Decades of Integrated Expertise

Slide 6: Q1 2026 and Recent Development Highlights

Slide 7: Pillars of Scalable Growth

Slide 8: Strong Demand: A New Era of U.S. Electricity Demand

Slide 9: Market Dynamics - Electricity Segment

Slide 10: New PPAs Supporting Data Centers & Grid Demand

Slide 11: Regulatory Tailwinds

Slide 12: Greenfield Era

Slide 13: Growth Plan by Segments

Slide 14: Electricity Segment

Slide 15: Delivering Consistent Growth with Cash Visibility

Slide 16: Geothermal Market Position and Potential

Slide 17: Geothermal Development

Slide 18: Solar Development

Slide 19: Long Term View: Pipeline and Regulation

Slide 20: Advancing Geothermal Development in Indonesia

Slide 21: Energy Storage Segment

Slide 22: Driving Profitable Growth Through Strategic Market Expansion

Slide 23: U.S. Market: Steep Storage Growth Trajectory

Slide 24: Energy Storage Development

Slide 25: Energy Storage Pipeline

Slide 26: Products Segment

Slide 27: Product Segment Overview

Slide 28: Product Backlog

Slide 29: Focusing on Strategic Territories

Slide 30: EGS Initiatives

Slide 31: Building Foundations Today, Leading EGS Tomorrow

Slide 32: Investment Highlights

Slide 33: Strong Capital Position

Slide 34: Strong Financial Positioning

Slide 35: Strong Financial Positioning

Slide 36: 2026 Guidance & 2028 Growth Targets

Slide 37: Why Ormat: Attractive Investment Thesis

Slide 38: ESG

Slide 39: Sustainability Update

Slide 40: Committed to Continued Profitable Growth - Thank You

Slide 41: Payment of Principal Due by Period

Slide 42: CapEx

Slide 43: P&L Highlights

Slide 44: Reconciliation of EBITDA and Adjusted EBITDA

Slide 45: Reconciliation of Adjusted Net Income and Adjusted EPS

Slide 46: Reconciliation of Non-GAAP Financial Measures

Slide 47: Air-Cooled Binary Geothermal Power Plant

Slide 48: Types of Geothermal Energy Systems

Slide 49: Regulatory Boost: Financial Impact of OBBBA