Slide 1: Q1 2025 Ormat Technologies, Inc. Earnings Call
Q1 2025 ORMAT TECHNOLOGIES, INC. EARNINGS CALL MAY 8, 2025 COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 1
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: Q1 2025 Earnings Call Agenda
Q1 2025 EARNINGS CALL AGENDA 01 02 03 04 Delivering strong Increasing our Advancing profitable Remaining committed financial performance portfolio growth to a sustainable future COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 3
Slide 4: Business Highlights
BUSINESS HIGHLIGHTS Ijen, Indonesia 17MW1 +2.5% +4.6% +6.4% Revenues Net income Record attributable to quarterly the Company’s EBITDA ELECTRICITY STORAGE PRODUCT stockholders 23MW was added in the Revenues grew by Backlog stands at first quarter 2025 approx. 120% $314 million Signed an agreement to
Slide 5: Financial Performance
01 FINANCIAL PERFORMANCE COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 5
Slide 6: Solid Financial Performance
SOLID FINANCIAL PERFORMANCE Q1 2025 Comparison vs Q1 2024 Q1 2025 Highlights Revenues Gross Margin Adjusted EBITDA(1) EPS/Adj. EPS $229.8M 31.7% $150.3M $0.66/$0.68 +2.5% -350 bps +6.4% +3.1% / +4.6% Revenue by segment Electricity Products Storage 78% 14% $180.2M $31.8M $17.8M Electricity Products (
Slide 7: Solid Financial Performance (by segment)
SOLID FINANCIAL PERFORMANCE Q1 2025 Comparison vs Q1 2024 Gross Margin by segment Total Electricity Products Energy Storage 31.7% 33.5% 22.3% 30.6% -350 bps -550 bps +750 bps +2,310 bps Adjusted EBITDA1 by segment Total Electricity Products Energy Storage 83% 7% $150.3M $125.6M $10.1M $14.6M Electri
Slide 8: Regulatory Boost: Financial Impact of IRA
REGULATORY FINANCIAL IMPACT OF IRA BOOST Q1 2025 2025 outlook Income attributable to sale of tax Benefit under Income tax (provision) benefits ($M) Expecting $46 million benefit on an annual basis that will be recorded $17.5 $17.6 proportionally throughout the year and 4.4 is expected to resulted in
Slide 9: Cash and Net Debt
CASH AND NET DEBT Cash and cash equivalents and restricted cash Net debt1 ($M) Successfully and cash equivalents ($M) raised $ 200M 3 of new debt in Q1 2025 $ 10 $192 $ 88 Non- $ 200 Controlling & Others $2,338 Cash from operating $15 $58 4.79% activities Investment Weighted $7 $7 $2,217 in CapEx (2
Slide 10: Maintaining a Strong Capital Position
MAINTAINING A STRONG CAPITAL POSITION TO SUPPORT ACCELERATED GROWTH 4.2x Net debt to Access to multiple sources of liquid capital Adj. EBITDA2 $419M $690.6M Expected CapEx Total for Q2-Q4 20251 liquidity3 47% Net debt to capitalization2 (1) For details on CapEx please see appendix slides (2) For key
Slide 11: Operational and Business Update
02 OPERATIONAL AND BUSINESS UPDATE Electricity update Product backlog Energy storage COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 11
Slide 12: Electricity Operation
ELECTRICITY OPERATION Global portfolio reached 1,248MW 1,2 Robust and balanced portfolio 1 954MW2 3 30MW 5 150MW U.S. Honduras Kenya 168MW 23MW 15MW 2 40MW 4 15MW 6 59MW1 Expected COD by Commenced operation: signed a 10-year new PPA Guatemala Guadeloupe Indonesia Year-End 2026 • Ijen- 17MW(3) with C
Slide 13: Electricity Operation Updates
Puna, Hawaii, 38MW ELECTRICITY OPERATION UPDATES 01 02 03 Puna, Hawaii Blue Mountain Continued acquisition curtailment Maintenance work on one of Signed an agreement to Due to maintenance work on the wells acquire 20MW Blue the NV Energy transmission Mountain geothermal power line plant from Cyrq En
Slide 14: Product Backlog
Salak, Indonesia, 15MW PRODUCT BACKLOG 3RD PARTY CONTRACTS Backlog ($M) $340 6% 3% 314 3% 10% $152 $148 ~$ 314M 142% $31 $54 Backlog1 Increase vs. Q1 2024 Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 Q1'25 78% Geographic Breakdown 2 New Zealand Dominica Guatemala Portugal Others (1) Backlog as of May 6th, 2025. Th
Slide 15: Energy Storage Operation
ENERGY STORAGE OPERATION Current operating portfolio Storage revenues breakdown ($M) by type and region 290MW/658MWh + 120% + 148% Total increase $17.8 PJM increase $11.9 $5.2 $8.1 $5.7 $4.8 $2.3 $12.6 $3.1 $5.8 $0.2 $0.2 Q1 2024 Q1 2025 Q1 2024 Q1 2025 1 Merchant Fixed East Coast California Texas 3
Slide 16: Advancing Profitable Growth
03 ADVANCING PROFITABLE GROWTH COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 16
Slide 17: Robust Growth Plan
1 ROBUST GROWTH PLAN INSTALLED CAPACITY GROWTH Significantly 14%-16% CAGR increase geothermal & 2.6GW-2.8GW solar capacity Storage (MW) +660-7602 1.3GW 1.5GW Storage (MW) Electricity (MW) +120 + 20% Electricity (MW) +402-5022 Accelerate +133 storage capacity Additional capacity to establish leading
Slide 18: Geothermal Development
GEOTHERMAL DEVELOPMENT Projected Expected Project Capacity PPA COD (MW) Indonesia – Ijen 17(1) Q1 2025 ✓ Under Blue Mountain – New M&A 20 End of Q2 2025 ✓ development: New Zealand – Topp 2 50 Q4 2025 ✓ 116 MW Still Water – upgrade 5 H2 2025 ✓ from Dominica 10 End of 2025 ✓ 8 projects Salt Wells 5 Q1
Slide 19: Solar Development
SOLAR DEVELOPMENT Projected Expected Project PPA Capacity (MW) COD U.S. – Beowawe Solar 6 Q1 2025 ✓ Under U.S. – Arrowleaf 42 Q4 2025 ✓ development: 56 MW U.S. – McGinness Hills Solar 14 End of 2026 ✓ from 2 projects Commercial operation was completed COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 19 COP
Slide 20: Energy Storage Development
ENERGY STORAGE DEVELOPMENT Arrowleaf Storage and Solar PV Facility Under Construction, CA, USA - Featuring 35MW/140MWh Storage Capacity and 42MW Solar Output Projecte Projected Expected Battery Project Capacity ITC%1 PPA MWh COD Status (MW) Full Already in Under TX – Lower Rio 60 120 40% Q3 2025 Tol
Slide 21: Energy Storage Pipeline
ENERGY STORAGE PIPELINE ~3.2GW/12.0GWh 31 potential capacity of named U.S. storage pipeline prospects GEOGRAPHICAL BREAKDOWN (MW) California 1,132 East Coast 595 WECC 580 Texas 480 Bottleneck storage facility, CA, USA Others1 445 80MW/320MWh (1) East coast market includes PJM, ISO-NE, NYISO and SERC
Slide 22: 2025 Guidance
2025 GUIDANCE ($M) (1) Total revenues Electricity Products Storage Adjusted EBITDA $935-975 $710-725 $172-187 $53-63 $563-593 TRANSITIONING TO 2.6GW-2.8GW ACCELERATED GROWTH2,3 IN STORAGE & ELECTRICITY 1.5GW + 14%-16% CAGR SEGMENTS 2024-2028E Storage Solar Geothermal 2024 2028E (1) For key financial
Slide 23: Summary: Strengthening the Foundation, Driving Growth and Profitability
SUMMARY: STRENGTHENING THE FOUNDATION, DRIVING GROWTH AND PROFITABILITY Q1 2025 Accomplishments Policy navigation 01 Strong financial results driven by improved performance of the Storage 04 Limited short-term exposure to recent Reciprocal Import Tariffs in all segments. and Product segments offset
Slide 24: Remaining Committed to a Sustainable Future
04 REMAINING COMMITTED TO A SUSTAINABLE FUTURE COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 24
Slide 25: ESG Update
ESG UPDATE Sustainability Avoided CDP Board Reporting Report 2023 Emissions Rating Diversity Requirements Released and Ormat’s Maintained a ‘B’- Achieved 50% Advancing alignment published on Ormat’s operations ‘Management’ female with the California website avoided score, reflecting representation C
Slide 26: Summary and Q&A
SUMMARY AND Q&A COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 26
Slide 27: Thank You
THANK YOU COMMITTED TO CONTINUED PROFITABLE GROWTH IR@ORMAT.COM COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 27
Slide 28: Payment of Principal Due by Period
PAYMENT OF PRINCIPAL DUE BY PERIOD ($M)1,2,3 AVERAGE INTEREST RATE: 4.79% ($ millions) Q2-2025 Q3-2025 Q4-2025 Year 2025 Long-Term non-recourse & limited recourse debt 17.5 13.5 21.5 52.6 Long Term Loans Full Recourse 59.5 45.3 34.1 138.9 Finance Liability - 3.2 - 3.2 Total $76.9 $62.1 $55.7 $194.7
Slide 29: Capex for 2025
CAPEX FOR 2025 ACTUAL INVESTED TOTAL CAPEX TOTAL CAPEX ($M) IN Q1 2025 FOR Q2-Q4 2025 FOR 2025 Electricity Segment 75 275 350 Construction & Enhancements – fully released 47 125 172 Development enhancement, drillings and Exploration 4 120 124 Maintenance CapEx 24 30 54 Storage Segment 94 130 224 Pro
Slide 30: P&L Highlights
P&L HIGHLIGHTS Q1 2025 Q1 2024 Change (%) GAAP MEASURES Revenues ($M) Electricity 180.2 191.3 (5.8) % Product 31.8 24.8 27.9 % Energy Storage 17.8 8.1 119.7 % Total Revenues 229.8 224.2 2.5 % Gross Profit ($ millions) 72.9 78.8 (7.5) % Gross margin (%) Electricity 33.5% 39.0% -550 bps Product 22.3%
Slide 31: Reconciliation of EBITDA and Adjusted EBITDA
RECONCILIATION OF EBITDA AND ADJUSTED EBITDA (DOLLARS IN THOUSANDS) Three Months Ended March 31, 2025 2024 Net income 41,034 40,350 Adjusted for: Interest expense, net (including amortization of deferred financing costs) 33,160 29,129 Income tax provision (benefit) (3,795) (147) Adjustment to invest
Slide 32: Reconciliation of Adjusted Net Income and EPS
RECONCILIATION OF ADJUSTED NET INCOME ATTRIBUTABLE TO THE COMPANY’S STOCKHOLDERS AND ADJUSTED EPS Three Months Ended March 31, 2025 2024 (in millions, except for EPS) GAAP Net income attributable to the Company's stockholders 40.4 38.6 Write-off of unsuccessful exploration and storage activities 0.4
Slide 33: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES March 31, 2025 Cash and cash equivalents, marketable securities and Restricted cash (in millions $) Cash and cash equivalents 113 Restricted cash and cash equivalents 112 Total cash and cash equivalents, marketable securities and Restricted cash (in mill