Slide 1: Q1 2026 Earnings Call
ORMAT TECHNOLOGIES, INC. Q1 2026 EARNINGS CALL North Valley complex, NV, USA 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: 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 5: Key Financial Results & Recent Developments
01 KEY FINANCIAL RESULTS & RECENT DEVELOPMENTS Ijen geothermal power plant, Indonesia
Slide 6: Q1 2026 Financial Results
Q1 2026 FINANCIAL RESULTS Comparison vs Q1 2025 KEY HIGHLIGHTS Q1 2026 REVENUE BY SEGMENT Revenue Gross Margin 45% 11% $403.9M 29.8% Electricity Storage +75.8% -190 bps 44% Adjusted EBITDA(1) EPS/Adj. EPS Products $194.9M $0.71/$1.30 +29.7% +7.6% / +91.2% 1. For key financial results and non –GAAP f
Slide 7: Q1 2026 Financial Results by Segment
Q1 2026 FINANCIAL RESULTS BY SEGMENT Comparison vs. Q1 2025 Total Electricity Products Storage REVENUE $403.9M $181.6M $177.4M $44.9M +75.8% +0.8% +458.4% +153.1% GROSS MARGIN 29.8% 30.8% 21.4% 59.1% -190 bp -270 bp -90 bp +2,850 bp ADJUSTED $194.9M $141.3M $30.3M $23.3M EBITDA1 +29.7% +12.5% +199.5
Slide 8: Regulatory Boost
REGULATORY BOOST FINANCIAL IMPACT OF OBBBA Q1 2026 TAX CREDITS MONETIZATION Q1 2026 Income attributable to sale of tax benefits ($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 $15.
Slide 9: Cash Position
CASH POSITION CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS ($M) 1 $ B Convertible notes issuance $ 49M Cash from tax credits, net successfully collected in Q1 52 93 114 461 2026 79 982 Proceeds from Investment Tax Topp 2 sale Cash equity in CapEx (1) 3.9% from transaction opera
Slide 10: 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 11: Business Performance by Segment
02 BUSINESS PERFORMANCE Hoku hybrid storage + solar facility, HI, USA BY SEGMENT Electricity | Storage | Product
Slide 12: Our Portfolio
OUR PORTFOLIO 1,835MW 1,340MW 1 495MW/1,358MWh Geothermal, Solar PV & REG Energy storage Kenya 11% LATAM California 50% 5% 5% Indonesia 1% Guadeloupe 25% U.S. East Coast2 78% 6% 19% Hawaii Texas COPYRIGHT © 2026 ORMAT TECHNOLOGIES, INC. 12
Slide 13: ~200 MW of new PPAs signed
ELECTRICITY SEGMENT 216 MW Under construction and 30 MW of new solar capacity added 1,340 MW PORTFOLIO1,2 development – COD end of in Q1 2028 • Hoku Acquisition • 101 MW geothermal • Approx. $80 million • 115 MW solar PV purchase price ~200MW of new PPAs signed 1,046 3 U.S. 15 70 Guadeloupe • PPAs w
Slide 14: Electricity Updates
ELECTRICITY UPDATES US OPERATIONAL UPDATE INTERNATIONAL OPERATIONAL UPDATE BLUE MOUNTAIN, NEVADA OLKARIA, KENYA +$3.2M contribution to Q1 revenue. Asset was acquired in June 2025 +$4.3M increase in Q1 revenue from PUNA, HAWAII stronger generation and higher efficiency $3.7M decline at Puna revenue d
Slide 15: New PPAs Supporting Data Centers & Grid Demand
NEW PPAS SUPPORTING DATA CENTERS & GRID DEMAND ~200MW geothermal and 67MW hybrid (storage + solar) at attractive prices Google – Portfolio PPA Switch - PPA (Nevada) “Blend and Extend” NV Energy – Solar + (Nevada) • Signed 20-year PPA for PPAs Storage PPA (Nevada) • Signed 15-year portfolio PPA ~13MW
Slide 16: Product Backlog
PRODUCT BACKLOG 3RD PARTY CONTRACTS ~$ 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% $152 53% $148 $54 $31 Salak, Indonesia, 15MW Asia Oceania Central America North America Europe 1) Backlog as of May 6th,
Slide 17: Energy Storage Operations
ENERGY STORAGE OPERATIONS STORAGE REVENUE BREAKDOWN BY TYPE AND REGION ($M) 495MW/1,358MWh 110MW/440MWh CURRENT OPERATING PORTFOLIO Of new capacity was added Shirk COD 80MW/320MWh $44.9 $35.5 Hoku acquisition + 153% +198% 30MW/120MWh 2 $8.9 1 Total increase PJM increase Ormat’s second solar-plus- st
Slide 18: Strategic Growth Initiatives
03 STRATEGIC GROWTH INITIATIVES Cove Fort geothermal power plant, UT, USA
Slide 19: 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 20: Geothermal Development
GEOTHERMAL DEVELOPMENT 101MW Under development Projected Expected Project PPA across 9 projects Capacity (MW) COD by end of 2028 Indonesia – Ijen 17(1) Q1 2025 ✓ Blue Mountain – M&A 22 Q2 2025 ✓ Cove Fort - upgrade 7 Q2 2026 ✓ Dominica 10 Q2 2026 ✓ Salt Wells - upgrade 5 Q3 2026 ✓ Guadeloupe - Bouil
Slide 21: Solar Development
SOLAR DEVELOPMENT 115MW Projected Expected Under development Project PPA Capacity (MW) COD across 4 projects by end of 2028 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 Q1 2027 ✓ U.S. – Blue Mountain sol
Slide 22: 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 23: 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 Coast1 200 1. East coast market includes PJM, ISO-NE, NYISO and SERC COPYRIGHT © 20
Slide 24: EGS Development - Multiple Paths to Success
EGS DEVELOPMENT - MULTIPLE PATHS TO SUCCESS Internal initiatives SLB Partnership Sage Collaboration Funding Support • Advancing above- • Completed initial • Planning and early- • DOE funding ground systems and geoscience groundwork stage engineering opportunities to support OEC optimization • Advanc
Slide 25: 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 $582 actual in FY 2025 +14
Slide 26: 2026 Key Highlights
2026 KEY HIGHLIGHTS 01 02 03 STRONG FINANCIAL RESULTS GROWTH TRAJECTORY LONG-TERM CONTRACTED GROWTH • Record quarter with 75.8% year-over- • Continued multi-year growth path with • ~200MW of long-term PPAs with Google, year revenue growth approx. 216MW under development in the Switch and “blend and
Slide 27: ESG Progress
04 ESG PROGRESS Olkaria geothermal complex, Kenya
Slide 28: Sustainability Update
SUSTAINABILITY UPDATE AVOIDED EMISSIONS BOARD DIVERSITY 2024 SUSTAINABILITY REPORT Ormat’s operations avoided approx. Achieved 50% female representation 2,488,811 tCO2e in 2024 - More than 11 on the Board times our Scope 1 and 2 emissions CDP RATING REPORTING REQUIREMENTS Maintained a ‘B’- ‘Manageme
Slide 29: Summary and Q&A
a i ORMAT SUMMARY AND Q&A
Slide 30: Committed to Continued Profitable Growth - Thank You
COMMITTED TO CONTINUED PROFITABLE GROWTH THANK YOU IR@ORMAT.COM Don A. Campbell geothermal power plant, NV, USA
Slide 31: Payment of Principal Due by Period ($M)
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 $231.1 R
Slide 32: CapEx
CAPEX ACTUAL INVESTED TOTAL CAPEX ($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 activities 0 20 BD 10 11 To
Slide 33: 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 34: 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 35: 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 36: 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 655 Restricted cash and cash equivalents 108 Total cash and cash equivalents, marketable securities and Restricted cash (in m