Ormat Technologies, Inc. · NYSE:ORA
Ormat Technologies — Investor Presentation (December 2025)
46 slides from Ormat Technologies's investor presentation, December 2025
Slide 1: Ormat Technologies, Inc. Investor Presentation
ORMAT TECHNOLOGIES, INC. INVESTOR PRESENTATION December 2025 CD4 Geothermal 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 80% 16% 4% of 2024 of 2024 of 2024 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 © 2025 ORMAT TECHNOLOGIES, INC. 5
Slide 6: Recent Development
RECENT DEVELOPMENT ELECTRICITY ENERGY STORAGE PRODUCT + 17.9% Revenue increase VS. Q3’24 + 9.3% Net income1 increase VS. Q3’24 EGS Development Revenues grew year-over-year by • Partnered with SLB ~108% Revenues grew by ~67% + 0.6% • Signed a strategic agreement with Sage Geosystems 60MW/120MWh Lower
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 UPDATES 03 TAX BENEFITS AND RISING SUPPORT FOR GEOTHERMAL AND STORAGE FROM OBBB AND PERMITTING REFORM COPYRIGHT © 2025 ORMAT TE
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: Attractive Market Dynamics: Electricity Segment
ATTRACTIVE MARKET DYNAMICS: ELECTRICITY SEGMENT PPA PRICES ABOVE $100 /MWh SUPPORT NEAR AND LONG-TERM GROWTH Up to 67 MW 150 MW Under 250 MW+ 260 MW PPAs PPAs negotiation signed PPAs signed signed $/MWh 110 Negotiating Portfolio PPA 100 90 80 Negotiating 70 with Hyper-scalers 60 at rates over $100/M
Slide 10: Market Dynamics – Energy Storage
MARKET DYNAMICS – ENERGY STORAGE BATTERY COSTS AND POWER PRICES SUPPORT PROFITABLE GROWTH IN KEY MARKETS Utility-Scale Standalone (100 MW, 4-Hour) Utility-Scale Standalone (100 MW, 4-Hour) 2020 – 2025 Decrease/CAGR: (5%)1/(1%)2 LCOS ($/MWh) $330 $296 $280 Notable declines in LCOS $257 $254 for utili
Slide 11: Regulatory Update - One Big Beautiful Bill
REGULATORY UPDATE - ONE BIG BEAUTIFUL BILL Signed July 4, 20251 TAX INCENTIVES UPDATE FEOC COMPLIANCE Max content sourced from FEOC GEOTHERMAL & STORAGE TAX BENEFITS ELIGABILITY 2026 2029+ • ITC – 30% to 50% claimed for energy storage assets Project Type Requirement1 Requirement2 • PTC - $30/MWh (up
Slide 12: Growth Plan by Segments
GROWTH PLAN BY SEGMENTS1 Nearly doubling 2024 generating capacity 1.1 GW - 1.3 GW 2.6GW - 2.8GW 15%-17% CAGR 2024-2028E 950-1,050 660MW - 760MW Energy Storage segment 1.5 GW 290 290 128 402MW - 502MW 1,360-1,460 Electricity segment 1,120 2024 2028E YE Geothermal Solar PV Storage 1. This growth plan
Slide 13: Electricity Segment
ELECTRICITY . 5, SEGMENT Zz '
Slide 14: Delivering Consistent Growth with Cash Visibility
DELIVERING CONSISTENT GROWTH WITH CASH VISIBILITY SUSTAINABLE GROWTH ENGINE Revenue ($M) APPROX. 30 % 1,268 974 REVENUE GROWTH U.S. 15 $702 70 Guadeloupe $667 MW PORTFOLIO1 150 59 $632 Guatemala& Honduras Kenya Indonesia $586 DIVERSE, CASH $541 MW by Technology Type 2024 revenue by geography GENERAT
Slide 15: 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 REYKJAVIK 10x ABOITIZ ~ ENEL EDC CFE Global ins
Slide 16: Geothermal Development
GEOTHERMAL DEVELOPMENT Projected Expected Project PPA Capacity (MW) COD Indonesia – Ijen 17(1) Q1 2025 ✓ Blue Mountain – New M&A 20 Q2 2025 ✓ 121MW Still Water – upgrade 5 Q4 2025 ✓ New Zealand – Topp 22 50 Q1 2026 ✓ Dominica 10 Q1 2026 ✓ Under development across 9 projects Salt Wells – upgrade 5 Q2
Slide 17: Solar Development
SOLAR DEVELOPMENT 78MW Projected Expected Project PPA Capacity (MW) COD Under development U.S. – Beowawe Solar 6 Q1 2025 ✓ across 3 projects U.S. – Arrowleaf 42 Q4 2025 ✓ U.S. – McGinness Hills Solar 14 End of 2026 ✓ Heber Complex expansion – New 22 H2 2027 ✓ Commercial operation was completed COPYR
Slide 18: Long Term View: Pipeline and PPA Recontracting
LONG TERM VIEW: PIPELINE AND PPA RECONTACTING ACCELERATED EXPLORATION NEGOTIATING PPA TO MAINTAIN A ROBUST PIPELINE WITH UPSIDE POTENTIAL PPA Price $/MWh 160 229MW 426MW with upside with upside potential potential 140 33 120 2 1 4 100 5 1 80 $88 $81 60 +40 40 geothermal sites under exploration & 20
Slide 19: Long Term View: Regulation
LONG TERM VIEW: REGULATION Faster permitting for geothermal projects under new energy emergency executive order1 Geothermal wins big in U.S. energy reform2 Full tax credits extended to projects start construction in 2033 BLM land actions Successfully secured BLM lands in Utah, Nevada, and Oregon; ex
Slide 20: Long Term View: EGS Technologies
LONG TERM VIEW: EGS TECHNOLOGIES DEDICATED LEADERSHIP Appointed senior management for exploration & drilling GROWTH CATALYST: EGS TECHNOLOGIES and EGS 20x TECHNOLOGY DEVELOPMENT • Advanced drilling techniques for asset optimization • Strategic investments in EGS companies • Signed an agreement with
Slide 21: GEECA Agreements in Indonesia
GEECA AGREEMENTS IN INDONESIA SARULLA TOKA TINDUNG 42MW Under development: in operation initial drilling Signed two geothermal with 40 12.75% 75-100% ownership ownership MW geothermal capacity exploration licenses and PPAs with SONGA PLN in Indonesia GEECA agreements were • Ormat to undertake explor
Slide 22: Energy Storage Segment
ENERGY STORAGE SEGMENT
Slide 23: Driving Profitable Growth Through Strategic Market Expansion
DRIVING PROFITABLE GROWTH THROUGH STRATEGIC MARKET EXPANSION TARGET THE LARGEST AND MOST LUCRATIVE MARKETS: California and PJM 350MW/778MWh CURRENT OPERATING PORTFOLIO FOCUS ON STANDALONE ENERGY STORAGE Providing ancillary service, energy and capacity to the grid 4 1 2 EXPANSION TO NEW REGIONS New m
Slide 24: U.S. Market: Steep Growth Trajectory
U.S. MARKET: STEEP GROWTH TRAJECTORY U.S. FTM CUMULATIVE STORAGE DEPLOYMENT FORECAST (MW) 5x 106GW 5x Deployment growth 2023-2028 23GW 44% California & Texas 2023 2024 2025E 2026E 2027E 2028E California Texas Nevada Arizona Hawaii New York PJM (& NJ) All Others Source: Wood Mackenzie U.S. energy sto
Slide 25: 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 Installed CA – Arrowleaf 35 140 30% Q4 2025 Full Tolling Installed Merchant CA – Shirk 80 320 40% Q1 2026 & RA Installed contract Already in TX – Bird Dog
Slide 26: 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 27: Products Segment
PRODUCTS SEGMENT
Slide 28: Product Segment Overview
PRODUCT SEGMENT Primary provider of geothermal binary plants Suppliers of geothermal power plants 2019 – 2024 capacity (MW) OVERVIEW 54% 58% Binary Ormat A market leader BINARY 1,740 MW 936 MW TOTAL Built approximately 190 power plants and installed approx. 3,400 MW¹ of geothermal & REG over the yea
Slide 29: 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 30: Focusing on Strategic Territories
FOCUSING ON STRATEGIC TERRITORIES 2.5 GW IN 5 years Expected release of geothermal binary capacity 80 MW 159 MW 655 MW 177 MW USA EUROPE TURKEY EAST ASIA 246 MW 202 MW 505 MW 432 MW LATAM & CARIBBEANS AFRICA INDONESIA NEW ZEALAND Source: Thinkgeoenergy.com and Ormat analysis COPYRIGHT © 2025 ORMAT T
Slide 31: Investment Highlights
INVESTMENT HIGHLIGHTS
Slide 32: Strong Capital Position
STRONG CAPITAL POSITION $ 667 M $ 230 M $ 140 M Total liquidity1 9M 2025 Cash Expected CapEx from Operation Q4 20252 $ 2.5 B 4.4x 49% Net debt Net debt Net debt September 30 , 2025 to Adj. EBITDA3 to capitalization3 1. Cash, cash equivalents, restricted cash and available lines of credit as of Septe
Slide 33: Strong Financial Positioning
STRONG FINANCIAL POSITIONING INSTALLED CAPACITY GROWTH (MW) REVENUES GROWTH ($M) 1,618 1,521 350 $880M $944M 1,285 290 $829M 1,095 1,158 $705M $734M 170 122 128 $663M 1,005 88 70 50 50 83 7 37 53 53 73 7 53 53 992 1,059 1,090 952 980 872 2020 2021 2022 2023 2024 September 2020 2021 2022 2023 2024 LT
Slide 34: Strong Financial Positioning: Debt and Leverage
STRONG FINANCIAL POSITIONING TOTAL DEBT ($M) NET DEBT ($M)1 $2,721 $2,422 $2,515 $2,217 $2,027 $2,088 $1,908 $1,800 $1,801 $1,456 $1,521 $919 2020 2021 2022 2023 2024 Septemer 2020 2021 2022 2023 2024 September 30, 2025 30, 2025 Project Finance Finance liability Corporate Debt NET DEBT TO CAPITALIZA
Slide 35: 2025 Guidance & 2028 Growth Targets
2025 GUIDANCE & 2028 GROWTH TARGETS1 2025 Guidance ($M) (2) Total revenues Electricity Products Storage Adjusted EBITDA $960-980 $700-705 $190-200 $70-75 $575-593 vs $880 actual in YE 2024 vs $702 actual in YE 2024 vs $140 actual in YE 2024 vs $38 actual in YE 2024 vs $550 actual in YE 2024 REVENUES
Slide 36: Why Ormat: Attractive Investment Thesis
ATTRACTIVE WHY ORMAT INVESTMENT THESIS 01 02 03 STRONG FINANCIAL ROBUST GROWTH ESG POSITIONING POTENTIAL Strong balance sheet and Solid, consistent domestic growth Renewable asset growth in favorable leverage profile the U.S. supported by International geothermal growth favorable regulation Long-ter
Slide 37: ESG Progress
04 ESG PROGRESS COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 37
Slide 38: Sustainability Update
SUSTAINABILITY UPDATE AVOIDED EMISSIONS BOARD DIVERSITY 2024 SUSTAINABILITY REPORT Ormat’s operations avoided approx. Achieved 50% female representation 2,488,811 tCO2e in 2024– on the Board More than 11 times our Scope 1 and 2 emissions CDP RATING REPORTING REQUIREMENTS Maintained a ‘B’- ‘Managemen
Slide 39: Committed to Continued Profitable Growth – Thank You
COMMITTED TO CONTINUED PROFITABLE GROWTH THANK YOU [email protected] COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 39
Slide 40: Payment of Principal Due by Period
PAYMENT OF PRINCIPAL DUE BY PERIOD ($M)1,2,3 AVERAGE INTEREST RATE: 4.79% ($ millions) Q4-2025 Year 2025 Long-Term non-recourse & limited recourse debt 24.2 24.2 Long Term Loans Full Recourse 37.3 37.3 Finance Liability - - Total $61.5 $61.5 Remaining 2025 2026 2027 2028 2029 Thereafter Total Long-T
Slide 41: Capex for 2025
CAPEX FOR 2025 ACTUAL INVESTED TOTAL CAPEX TOTAL CAPEX ($M) IN 9M 2025 FOR Q4 2025 FOR 2025 Electricity Segment 266 100 366 Construction & Enhancements – fully released 130 30 160 Development enhancement, drillings and Exploration 57 55 112 Maintenance CapEx 79 15 94 Storage Segment 197 34 231 Produ
Slide 42: P&L Highlights
P&L HIGHLIGHTS Q3 2025 Q3 2024 Change (%) 9M 2025 9M 2024 Change (%) GAAP MEASURES Revenues ($M) Electricity 167.1 164.6 1.5 % 507.3 522.1 (2.8) % Product 62.2 37.4 66.6 % 153.6 100.0 53.6 % Energy Storage 20.4 9.8 108.1 % 52.6 26.8 96.5 % Total Revenues 249.7 211.8 17.9 % 713.5 648.9 10.0 % Gross P
Slide 43: Reconciliation of EBITDA and Adjusted EBITDA
RECONCILIATION OF EBITDA AND ADJUSTED EBITDA (DOLLARS IN THOUSANDS) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Net income 24,708 24,301 93,941 88,616 Adjusted for: Interest expense, net (including interest income and amortization of deferred financing costs
Slide 44: Reconciliation of Adjusted Net Income and Adjusted EPS
RECONCILIATION OF ADJUSTED NET INCOME ATTRIBUTABLE TO THE COMPANY’S STOCKHOLDERS AND ADJUSTED EPS Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (in millions, except for EPS) GAAP Net income attributable to the Company's stockholders 24.1 22.1 92.5 82.9 Write-of
Slide 45: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Q3 2025 2024 2023 2022 2021 2020 Cash and cash equivalents, marketable securities and Restricted cash (in millions $) Cash and cash equivalents 80 94 196 96 240 448 Marketable Securities at fair value - - - - 43 - Restricted cash and cash equivalents 126
Slide 46: Air-Cooled Binary Geothermal Power Plant
AIR-COOLED BINARY GEOTHERMAL POWER PLANT COPYRIGHT © 2025 ORMAT TECHNOLOGIES, INC. 46
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