Slide 1: Q4 & YE 2025 Earnings Call
ORMAT TECHNOLOGIES, INC. Q4 & YE 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 © 2026 ORMAT TECHNOLOGIES, INC. 3
Slide 4: 2025 and Recent Development Highlights
2025 AND RECENT DEVELOPMENT HIGHLIGHTS ELECTRICITY ENERGY STORAGE PRODUCT + 12.5% Revenue increase YoY + 5.7% ~200MW of new PPAs • PPAs with Google & Switch • Blend and Extend structures in NV ~109% Revenues growth YoY ~55% revenues growth YoY Adj. EBITDA growth YoY 95 MW / 260 MWh of new Backlog -
Slide 5: Key Financial Results & Recent Developments
01 KEY FINANCIAL RESULTS & RECENT DEVELOPMENTS
Slide 6: Financial Results
FINANCIAL RESULTS EPS/Adj. Adjusted Revenue Gross Margin EPS(1),(2) EBITDA(1) FY 20252 $989.6M 27.6% $2.02/$2.24 $582.0M +12.5% (340) bps (1.0)% / +1.8% +5.7% Q4 20252 $276.0M 28.6% $0.50/$0.67 $158.7M +19.6% (330) bps (25.4)% / (6.9)% +9.1% 1. For key financial results and non-GAAP financial measur
Slide 7: Financial Results by Segment
FINANCIAL RESULTS BY SEGMENT 2025 REVENUE BY SEGMENT Total Electricity Storage 70% 22% Products Electricity Products FY 2025 $989.5M $693.9M $216.7M $79.0M REVENUE1 +12.5% (1.2)% +55.2% +109.3% 8% Storage Q4 2025 REVENUE BY SEGMENT 67% 23% Electricity Products Q4 2025 $276.0M $186.6M $63.1M $26.3M R
Slide 8: Gross Margin by Segment
GROSS MARGIN BY SEGMENT Total Electricity Products Storage FY 2025 GROSS 27.6% 28.5% 21.2% 36.4% MARGIN1,2 (340) bps (610) bps +280 bps +2,550 bps Q4 2025 GROSS 28.6% 30.2% 14.2% 51.5% MARGIN1,2 (330) Bps (470) Bps (1,030) bps +4,200 bps 1. Comparison vs the same period in 2024 2. For key financial
Slide 9: Regulatory Boost
REGULATORY BOOST FINANCIAL IMPACT OF OBBBA 2025 TAX CREDITS Q4 and FY 2025 OUTLOOK MONETIZATION Income attributable to sale of tax benefits ($M) ~$ 181 million2 cash proceeds from tax benefits on $73.1 $66.7 annual basis for both tax equity $23.4 $7.3 transactions and PTC/ITC transfers $20.0 $18.5 $
Slide 10: Cash Position
CASH POSITION CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS ($M) $ 165M Cash from corporate and project finance 152 10 620 debt and tax credits 335 successfully raised Non- Tax equity Controlling & in Q4 2025 transaction Others 629 Cash from operating 286 4.8% activities Investm
Slide 11: Strong Capital Position
STRONG CAPITAL POSITION $ 680 M $ 335 $ 675 M Total liquidity1 as of Full year 2025 cash Expected CapEx of December 31, 2025 from operations FY 20262 $ 2.5 B 4.4x 49% Net debt3 as of Net debt Net debt of December 31, 2025 to Adj. EBITDA3 to capitalization3 1. Cash, cash equivalents, restricted cash
Slide 12: Business Performance by Segment
02 BUSINESS PERFORMANCE BY SEGMENT Electricity | Storage | Product
Slide 13: Electricity Segment MW
ELECTRICITY SEGMENT 149 MW Under construction and 72 MW Of new solar PV capacity 1,340 MW PORTFOLIO1,2 development – COD end of • Arrowleaf COD first hybrid 2027 facility in California – Q4/25 • 101 MW geothermal • Hoku acquired hybrid facility • 48 MW solar PV in Hawaii – Q1/26 ~200MW 1,046 U.S. 15
Slide 14: M&A Update
M&A UPDATE STRATEGIC GROWTH & STRATEGIC GROWTH & PORTFOLIO EXPANSION PORTFOLIO EXPANSION HOKU ACQUISITION – HAWAII BLUE MOUNTAIN, NEVADA • Acquired 30MW solar plus • Acquired in June 2025 30MW/120MWh storage facility - • $6.6 million revenue $80.5 million purchase price contribution in 2025 • Fully
Slide 15: Electricity Updates
ELECTRICITY UPDATES US OPERATIONAL UPDATE US OPERATIONAL UPDATE INDONESIA UPDATE BEOWAWE, NEVADA CURTAILMENTS IN THE U.S TELAGA RANU – CONCESSION • Repower project commenced • Continued transmission-related AWARD commercial operation in Q2 2024 curtailments in 2025 • Through competitive tender • $5.
Slide 16: New Contracts Driven by Data Centers Demand
NEW CONTRACTS DRIVEN BY DATA CENTERS DEMAND PPAs for ~ 200MW at attractive prices Google – Portfolio PPA (Nevada) Switch - PPA (Nevada) “Blend and Extend” PPAs (Nevada) • Signed 15-year portfolio PPA for up • Signed 20-year PPA for ~13MW from • Agreed on two PPAs with to 150MW of new geothermal Salt
Slide 17: Product Backlog
PRODUCT BACKLOG 3RD PARTY CONTRACTS ~$ 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 $31 Salak, Indonesia, 15MW Oceania Asia North America Central America Europe Others 1) Backlog as of February 25th, 2026. The back
Slide 18: Energy Storage Operations
ENERGY STORAGE OPERATIONS STORAGE REVENUES BREAKDOWN BY TYPE AND REGION ($M) 35MW/140MWh 415MW/1,038MWh CURRENT OPERATING PORTFOLIO $20.1 Arrowleaf COD Ormat’s first solar-plus-storage $26.3 + 199% facility PJM increase +140% $6.1 Total increase 30MW/120MWh 1 2 Hoku acquisition Ormat’s second solar-
Slide 19: Strategic Growth Initiatives
03 STRATEGIC GROWTH INITIATIVES
Slide 20: 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) Geothermal Solar PV Storage 1. This growth plan is subject to obtaining all permits and regulato
Slide 21: 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 22: 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 23: 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 24: 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 25: EGS Development - Multiple Paths to Success
EGS DEVELOPMENT - MULTIPLE PATHS TO SUCCESS TECHNOLOGY-AGNOSTIC STRATEGY ENGAGING WITH MULTIPLE NEXT-GEN SOLUTIONS SLB Collaboration Sage Strategic Product segment Partnership opportunities • Strategic agreement to • Commercial pilot at an • Competitive advantage in fast-track integrated existing Or
Slide 26: 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 $582 actual in YE 2025 +14
Slide 27: 2026 Accomplishments Recap
2026 ACCOMPLISHMENTS RECAP 01 02 03 STRONG FINANCIAL RESULTS GROWTH TRAJECTORY LONG-TERM CONTRACTED GROWTH Driven by improved performance of the Continued multi-year growth path with ~200MW of long-term PPAs with Google, Product and Storage segments offset by approx. 149MW under development in the S
Slide 28: Sustainability Progress
04 - SUSTAINABILITY PROGRESS
Slide 29: Sustainability Update
SUSTAINABILITY UPDATE AVOIDED EMISSIONS BOARD DIVERSITY 2024 SUSTAINABILITY REPORT Ormat’s operations avoided approx. Achieved 50% female representation 2,488,811 tCO2e in 2024 - More than 11 on the Board times our Scope 1 and 2 emissions CDP RATING REPORTING REQUIREMENTS Maintained a ‘B’- ‘Manageme
Slide 30: Summary and Q&A
a i ORMAT SUMMARY AND Q&A
Slide 31: Committed to Continued Profitable Growth
COMMITTED TO CONTINUED PROFITABLE GROWTH THANK YOU IR@ORMAT.COM
Slide 32: Payment of Principal Due by Period
PAYMENT OF PRINCIPAL DUE BY PERIOD ($M)1,2,3 AVERAGE INTEREST RATE: 4.8% ($ 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 $72.
Slide 33: CapEx
CAPEX ACTUAL INVESTED TOTAL CAPEX ($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 34: 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 35: Adjusted EBITDA by Segment
ADJUSTED EBITDA BY SEGMENT Total Electricity Products Storage FY 2025 ADJUSTED $582.0M $469.0M $49.2M $63.8M EBITDA1 +5.7% (3.9)% +40.9% +129.9% Q4 2025 ADJUSTED $158.7M $127.2M $9.7M $21.8M EBITDA1 +9.1% (1.6)% +23.8% +158.5% 1. Comparison vs the same period in 2024 . COPYRIGHT © 2026 ORMAT TECHNOL
Slide 36: 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 37: 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 38: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES December 31, 2025 Cash and cash equivalents, marketable securities and Restricted cash (in millions $) Cash and cash equivalents 147 Restricted cash and cash equivalents 133 Total cash and cash equivalents, marketable securities and Restricted cash (in m