Ormat Technologies, Inc. · NYSE:ORA
Ormat Technologies — Investor Presentation (December 2025)
26 slides from Ormat Technologies's investor presentation, December 2025
Slide 1: Ormat Technologies, Inc. North Valley
ORMAT TECHNOLOGIES, INC. NORTH VALLEY December 2025 North Valley Power Plant, 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 COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 3
Slide 4: Our Business Segments
OUR BUSINESS SEGMENTS 73% 20% 7% of LTM of LTM of LTM revenues revenues revenues ELECTRICITY PRODUCT ENERGY STORAGE Develop and operate geothermal, Design and manufacture Establishing U.S. market solar and REG1 power plants geothermal and REG1 equipment leadership, expanding to Israel Serve utilitie
Slide 5: 2025 Development
2025 DEVELOPMENT + 10.0% ELECTRICITY ENERGY STORAGE PRODUCT Revenue increase 9-month 2025 vs 2024 + 11.6% Net income1 increase 9-month 2025 vs 2024 4.5% 9-month revenues grew by 9-month revenues grew by EGS Development ~96% - 2025 vs 2024 ~54% - 2025 vs 2024 + Adj. EBITDA Growth 9-month 2025 vs 2024
Slide 6: Our Growth Story
OUR GROWTH STORY COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 6
Slide 7: Strong Growth Ahead: 2.6 GW - 2.8 GW
STRONG GROWTH AHEAD Today’s Proven Growth Trajectory 2.6GW - 2.8GW Total capacity by YE 2028 1.1 GW - 1.3 GW Total capacity additions1,2 15%-17% CAGR 2024-2028E (1) This growth plan is subject to obtaining all permits and regulatory approvals required as well as completing the development and constr
Slide 8: Pillars of Scalable Growth
PILLARS OF SCALABLE GROWTH 01 STRONG DEMAND A new era of U.S. electricity demand ATTRACTIVE MARKET DYNAMICS 02 Record high PPA prices Battery price reduction 03 REGULATORY SUPPORT OBBB & permitting reform COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 8
Slide 9: 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 5,000 600 771 11% DATA CENTERS 400 4,000 170 3,000 Hydrogen production 2,000 Transport Data centers 1,000 Industrial and conventional Buildings 0 2025 2030
Slide 10: Attractive Market Dynamics: Electricity Segment
ATTRACTIVE MARKET DYNAMICS: ELECTRICITY SEGMENT PPA PRICES ABOVE $100 /MWh SUPPORT NEAR AND LONG-TERM GROWTH Up to 150 MW 671 MW Under PPAs 260 MW PPAs PPAs negotiation Negotiating signed 250 MW signed signed $/MWh 110 ~ Portfolio PPAs 100 90 80 Negotiating 70 pricing above 60 $100/MWh with hyper-sc
Slide 11: Market Dynamics – Energy Storage
MARKET DYNAMICS – ENERGY STORAGE BATTERY COSTS AND POWER PRICES SUPPORT PROFITABLE GROWTH IN KEY MARKETS Utility-Scale Standalone (100 MW, 4-Hour)1 Utility-Scale Standalone (100 MW, 4-Hour) 2020 – 2025 Decrease/CAGR: (5%)2/(1%)3 LCOS ($/MWh) $330 $296 $280 Notable declines in LCOS $257 $254 for util
Slide 12: Major Regulatory Tailwinds
MAJOR REGULATORY TAILWINDS Extended Tax Credits - Longer Window to FEOC Rules Stronger Returns Capture Incentives for Geothermal & Storage • 30-50% ITC for storage • Deadlines extended to 2033 • 40%+ non-Chinees content required in early years (55%+ for • PTC boosted for geothermal • Phasedown 2034–
Slide 13: Greenfield Era
GREENFIELD ERA Robust Exploration and Drilling Efforts Secures strategic land position in Nevada and Utah Expected 4.5x 30 25 Expending exploration 20 activities outside CA and NV Impact of Permitting 15 Delays and COVID-19 10 5 Progress from core holes to 0 full exploration wells 2017 2018 2019 202
Slide 14: Energy Storage Pipeline
ENERGY STORAGE PIPELINE 2.8GW / 10.2GWh 26 potential capacity of U.S. storage pipeline Named prospects GEOGRAPHICAL BREAKDOWN (MW) California 1,132 WECC 580 Others 442 Texas 400 Bottleneck storage facility, CA, USA East Coast1 200 1. East coast market includes PJM, ISO-NE, NYISO and SERC COPYRIGHT ©
Slide 15: ITC Safe Harbor Secured for All Storage Projects
ITC SAFE HARBOR SECURED FOR ALL STORAGE PROJECTS THROUGH 2028 AND BEYOND Strategic procurement processes ensure ITC eligibility for entire storage portfolio by 2028 Safe Harbor Secured for 4 projects in 2024 Safe Harbor Secured for Additional 5 Projects 5 Projects in 2025 TX – Lower Rio - Operating
Slide 16: Product Backlog
PRODUCT BACKLOG 3RD PARTY CONTRACTS ~$ 295M 79% Backlog1 Increase vs. Q3 2024 BACKLOG ($M) GEOGRAPHIC BREAKDOWN 3% 3% 3% $340 $$314 $295 $263 31% $152 60% $148 $54 $31 Salak, Indonesia, 15MW Oceania Asia Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 Q1'25 Q2'25 Q3'25 North America Central America Europe Others 1. B
Slide 17: Growth Plan by Segments
GROWTH PLAN BY SEGMENTS1 Nearly doubling 2024 generating capacity 1.1 GW - 1.3 GW 2.6GW - 2.8GW 15%-17% CAGR 2024-2028E 950-1,050 660MW - 760MW Energy Storage segment 1.5 GW 290 290 128 402MW - 502MW 1,360-1,460 Electricity segment 1,120 2024 2028E YE Geothermal Solar PV Storage 1. This growth plan
Slide 18: Next Generation Geothermal
NEXT GENERATION GEOTHERMAL TOMORROW’S TRANSFORMATIONAL UPSIDE WITH NEXT GENERATION GEOTHERMAL COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 18
Slide 19: Next-Generation Can Take Us to New Heights
NEXT-GENERATION CAN TAKE US TO NEW HEIGHTS ENHANCED BY INNOVATION, NOT DEPENDENT ON IT Tomorrow’s Transformational Upside with EGS 20x more geothermal capacity unlocked in the U.S by 20501 1. Berkeley Lab link to source COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 19
Slide 20: Our Strategy: Next Generation Geothermal Strategic Framework
OUR STRATEGY NEXT GENERATION GEOTHERMAL STRATEGIC FRAMEWORK MULTIPLE LEVERAGING ORMAT’S EXPERTISE PATHS TO SUCCESS THROUGH COLLABORATION COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 20
Slide 21: Multiple Paths to Success
MULTIPLE PATHS TO SUCCESS TECHNOLOGY-OPEN STRATEGY ENGAGING WITH MULTIPLE NEXT-GEN SOLUTIONS Diversified partnerships Accelerated time-to-market and a broad innovation as a developer through portfolio collaboration Priority access to Creating multiple winners that leading technologies can scale with
Slide 22: Types of Geothermal Energy Systems
TYPES OF GEOTHERMAL ENERGY SYSTEMS CONVENTIONAL NEXT-GENERATION CONVENTIONAL & NEXT-GENERATION GEOTHERMAL COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 22
Slide 23: Strategic Synergy: Crossing the Chasm
STRATEGIC SYNERGY: “CROSSING THE CHASM” STRUCTURAL SYNERGY BETWEEN ORMAT AND NEXT-GEN TECHNOLOGY STARTUPS The Innovation Gap: Ormat's Unmatched Value Creation: Next-gen startups have new Partnerships give Ormat early access 360° Advantage solution but limited capital to breakthrough tech while start
Slide 24: Ormat / SLB Consortium
ORMAT / SLB CONSORTIUM COMBINING COMPLEMENTARY STRENGTHS TO ACCELERATE EGS COMMERCIALIZATION 60+ years powering sustainable energy Cutting-edge downhole technologies World-class power plant expertise Best-in-class reservoir stimulation Global project development capability Worldwide infrastructure &
Slide 25: Our Path to Commercialization: From Pilot to Global Scale
OUR PATH TO COMMERCIALIZATION: FROM PILOT TO GLOBAL SCALE Deploy EGS Pilot Fast Optimize in Real-Time Develop pilot at existing Ormat Implement innovative facility to achieve generation technologies and continuously quickly improve EGS design Scale to Mass Market Monitor for Sustainability Ramp to m
Slide 26: Attractive Investment Thesis
ATTRACTIVE INVESTMENT THESIS 01 02 03 ATTRACTIVE MARKET STRONG GROWTH ROBUST GROWTH DYNAMICS CAPABILITIES POTENTIAL Rising demand for firm, Fully vertically Significant Growth flexible clean power integrated platform Trajectory based on existing technology Strong regulatory and Largest global and ca
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