Ormat Technologies (ORA) Investor presentation summary

Business segment overview

• Electricity segment contributed 70% of 2025 revenues, product 22%, and energy storage 8%.

• Operations span geothermal, solar, and recovered energy power plants, with EPC and equipment manufacturing capabilities.

• U.S. market leadership in energy storage, with expansion into Israel and international markets.

Recent financial and operational highlights

• Q1 2026 revenue grew 75.8% YoY, operating income up 57.6%, and adjusted EBITDA up 29.7%.

• $1 billion in convertible notes issued and $49 million collected from tax credit sales.

• Signed ~200MW of new PPAs, including agreements with Google and Switch.

• Energy storage revenue up 153% YoY, product segment revenue up 458% YoY.

• Product backlog at $239 million, with $56 million in new contracts in Asia.

Market dynamics and regulatory environment

• U.S. electricity demand projected to grow 64% from 2025 to 2040, driven by transportation and data centers.

• Geothermal PPA prices in the U.S. exceed $100/MWh, with long-term contracts signed with major tech firms.

• Tax credits for geothermal up to $33.75/MWh and 30-50% ITC for storage, with incentives extended to 2033.

• Regulatory reforms accelerate permitting and support for geothermal and storage projects.