Financial Data and Key Metrics Changes - Net income attributable to stockholders was $24.2 million or $0.40 per diluted share in Q2 2023, compared to $11.3 million or $0.20 per diluted share in the same quarter last year, reflecting substantial growth driven by the Inflation Reduction Act [11] - Total revenue for Q2 2023 was $194.8 million, up 15.2% year-over-year, with adjusted EBITDA increasing by 0.2% to $100.9 million [17][18] - Gross profit for Q2 2023 was $49.5 million, resulting in a gross margin of 25.4%, down from 34.1% in Q2 2022 [97] Business Segment Data and Key Metrics Changes - Electricity segment revenue increased by 2.7% to $155.3 million, driven by portfolio expansion at CD4 and North Valley sites, despite lower revenues from Puna due to temporary lower generation and energy prices [12] - Energy Storage segment revenues decreased to $6 million from $7.5 million in Q2 2022, primarily due to lower merchant energy prices [13] - Products segment revenue surged by 222% to $33.5 million, representing 17.2% of consolidated revenues, attributed to higher backlog and improved margin capture [19] Market Data and Key Metrics Changes - The Energy Storage segment recorded a gross margin of 1.9%, an improvement from the negative margin in Q1 2023 but lower than the previous year's gross margin [14] - The gross margin for the Electricity segment was 29.6%, down from 36.8% in the same quarter last year, impacted by lower generation at Puna and absence of business interruption insurance proceeds [20] Company Strategy and Development Direction - The company plans to increase its medium-term growth target by approximately 7% to a capacity of 1.9 gigawatts to 2 gigawatts by year-end 2025, reflecting confidence in growth plans [16] - The company is focusing on expanding its Energy Storage portfolio, with three new battery storage facilities expected to be operational by the end of 2025 [9] - The company is actively exploring new geothermal projects and enhancing existing ones, with significant exploration efforts underway [54][58] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improved project economics due to recent IRA guidance and increased demand for renewable energy assets [16] - The company anticipates continued benefits from PTC and ITC under the IRA, supporting growth and profitability [39] - Management acknowledged challenges in the geothermal sector but remains committed to exploring innovative technologies to enhance geothermal energy development [50] Other Important Information - The company declared a quarterly dividend of $0.12 per share, payable on August 30, 2023, and expects to maintain this dividend in the next quarter [30] - As of June 30, 2023, net debt was approximately $1.6 billion, with cash and cash equivalents totaling around $395 million [25] Q&A Session Summary Question: What drove the lower Puna generation? - Management explained that lower generation was due to ongoing drilling campaigns and reduced flow rates from one well, alongside lower energy prices compared to last year [42] Question: What are the drivers for increasing the storage outlook? - Management highlighted improved project returns due to reduced battery prices and enhanced ITC guidance, which has allowed for the release of more projects [45] Question: Can you provide insights on the development pipeline for geothermal projects? - Management indicated that significant demand in the U.S. has led to increased exploration efforts, with multiple locations being drilled simultaneously [54] Question: How do you see margins trending in the Storage segment? - Management expects margins to improve in Q3 and Q4, with new contracted PPAs expected to kick in next year, potentially reaching 15% to 25% gross margin [61] Question: How will tax credits impact the P&L in the second half of the year? - Management noted that ITC credits related to Storage assets will positively impact earnings, with expectations of significant contributions from upcoming projects [75]

Electricity $218.9M +10.0% Products $3.4M +53.5% Energy Storage $2.1M (71.1)% 97.5% Electricity 1.5% Products 1% Storage (1) For key financial results and non –GAAP financial measures reconciliation please see the appendix slides. COPYRIGHT © 2023 ORMAT TECHNOLOGIES, INC. 8 REGULATORY ENVIRONMENT Contribution of IRA U.S PTC - $27.5/MWh Claimed for geothermal Impacts Adj. EBITDA Income attribute to signed tax equity transactions in Q2 2023 - $12.3 million +28% growth vs Q2 2022 Mainly due to CD4 Transferable ...

Ormat Technologies, Inc. (NYSE:ORA) Q1 2023 Results Conference Call May 23, 2023 9:00 AM ET Company Participants Alec Steinberg - Alpha IR Doron Blachar - CEO Assi Ginzburg - CFO Smadar Lavi - VP, IR and ESG Planning and Reporting Conference Call Participants Noah Kaye - Oppenheimer Justin Clare - ROTH MKM Julien Dumoulin-Smith - Bank of America Jeffrey Osborne - TD Cowen Operator Good morning and welcome to the Ormat Technologies’ First Quarter 2023 Earnings Conference Call. All participants will be in a l ...

PART I — FINANCIAL INFORMATION [Financial Statements](index=5&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) Ormat Technologies reported **$185.2 million** in Q1 2023 total revenues, with net income attributable to stockholders rising to **$29.0 million**, total assets increasing to **$5.02 billion**, and financing activities providing **$350.4 million** in net cash inflow Condensed Consolidated Balance Sheet Data (Unaudited) | | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | | (In millions) | (In millions) | | **Total current assets** | $811.0 | $456.7 | | **Total assets** | $5,015.3 | $4,611.6 | | **Total current liabilities** | $391.0 | $343.9 | | **Total liabilities** | $2,668.9 | $2,581.0 | | **Total equity** | $2,337.0 | $2,021.0 | Condensed Consolidated Statements of Operations (Unaudited) | | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | | (In millions, except per share data) | (In millions, except per share data) | | **Total revenues** | $185.2 | $183.7 | | **Gross profit** | $76.1 | $69.9 | | **Operating income** | $53.2 | $45.1 | | **Net income attributable to the Company's stockholders** | $29.0 | $18.4 | | **Diluted EPS** | $0.51 | $0.33 | Condensed Consolidated Statements of Cash Flow (Unaudited) | | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | | (In millions) | (In millions) | | **Net cash provided by operating activities** | $56.5 | $81.8 | | **Net cash used in investing activities** | ($111.2) | ($139.3) | | **Net cash provided by (used in) financing activities** | $350.4 | ($44.7) | - In March 2023, the company completed a public offering of **3.6 million** shares of common stock, with net proceeds of approximately **$341.7 million**[26](index=26&type=chunk)[81](index=81&type=chunk) - The company secured a **$100 million** loan agreement in February 2023, featuring a 10-year term and a fixed interest rate of **6.45%**[25](index=25&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management reported a **0.8%** increase in Q1 2023 total revenues, primarily driven by **4.8%** growth in the Electricity segment, with gross margin improving to **41.1%** and Adjusted EBITDA increasing to **$123.5 million**, while maintaining strong liquidity and estimating **$494.0 million** in capital expenditures for the rest of 2023 Revenues by Segment (Q1 2023 vs Q1 2022) | Segment | Q1 2023 Revenue | Q1 2022 Revenue | Change (%) | | :--- | :--- | :--- | :--- | | Electricity | $170.3 million | $162.5 million | 4.8% | | Product | $10.0 million | $14.6 million | (31.4)% | | Energy Storage | $4.9 million | $6.6 million | (25.6)% | | **Total** | **$185.2 million** | **$183.7 million** | **0.8%** | - The increase in Electricity segment revenue was mainly due to the CD4 facility (**$5.4 million**) and Tungsten Mountain 2 (**$3.9 million**) starting commercial operations in 2022[122](index=122&type=chunk) - The decrease in Energy Storage segment revenue was mainly due to lower energy rates at PJM and CAISO facilities compared to the prior year[125](index=125&type=chunk) - The company's liquidity as of March 31, 2023, includes **$414.9 million** in cash and cash equivalents and **$391.0 million** of unused corporate borrowing capacity[147](index=147&type=chunk) - Estimated capital expenditures for the last three quarters of 2023 total approximately **$494.0 million**, allocated to new construction, enhancements, exploration, and maintenance[189](index=189&type=chunk) Adjusted EBITDA Reconciliation | | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | | (In millions) | (In millions) | | **Net income** | $33.5 | $22.8 | | **EBITDA** | $119.5 | $102.6 | | **Adjusted EBITDA** | $123.5 | $107.9 | [Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company faces limited electricity price volatility due to fixed-rate PPAs, minimal interest rate risk with **98.8%** fixed-rate long-term debt, and manages foreign currency exposure to the U.S. dollar, NIS, and Euro using derivatives, with a **10%** rate change impacting forward contracts by **$4.6 million** to **$5.6 million** - Exposure to electricity price volatility is limited because the majority of long-term PPAs have fixed or escalating rate provisions, though energy storage projects are exposed to merchant market prices[191](index=191&type=chunk) - As of March 31, 2023, **98.8%** of the company's consolidated long-term debt was fixed-rate, minimizing exposure to interest rate volatility[193](index=193&type=chunk) - The company is exposed to foreign currency risk, particularly the fluctuation of the U.S. dollar versus the New Israeli Shekel (NIS) and the Euro, mitigated by using forward and cross-currency swap contracts[195](index=195&type=chunk) Sensitivity Analysis of Foreign Currency Forward Contracts (as of March 31, 2023) | Scenario | Change in Fair Value | | :--- | :--- | | Assuming a 10% Increase in Rates | ($4.61 million) | | Assuming a 10% Decrease in Rates | $5.63 million | [Controls and Procedures](index=50&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal controls over financial reporting during the first quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2023[215](index=215&type=chunk) - No changes in internal controls over financial reporting occurred in the first quarter of 2023 that have materially affected or are reasonably likely to materially affect internal control over financial reporting[216](index=216&type=chunk) PART II — OTHER INFORMATION [Legal Proceedings](index=51&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is involved in a stayed lawsuit regarding its Dixie Meadows project, is in ongoing discussions with Kenya's KPLC concerning PPA tariff reductions, and a special committee is investigating short seller claims related to anti-corruption compliance, with cooperation extended to the SEC and DOJ - A lawsuit regarding the Dixie Meadows project, alleging violations of environmental laws and threats to the Dixie Valley Toad, was stayed on February 14, 2023, with the company working with the BLM and FWS on the matter[75](index=75&type=chunk) - Discussions are ongoing with Kenya Power and Lighting Co. Ltd. (KPLC) regarding a presidential task force's recommendation to renegotiate PPA tariffs to secure reductions[77](index=77&type=chunk) - A special committee of independent directors is investigating claims from a short seller's report concerning compliance with anti-corruption laws, and the company is providing information to the SEC and DOJ[76](index=76&type=chunk) [Risk Factors](index=51&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes to the company's risk factors were disclosed in its 2022 Annual Report on Form 10-K, except for a new risk factor concerning recent financial services industry events that could impact the company's cash access and the financial stability of its customers and suppliers - A new risk factor has been added regarding the potential adverse impact of recent events in the financial services industry, such as bank closures, on the company's business and financial condition[221](index=221&type=chunk) - The financial industry instability could threaten the company's access to its cash and cash equivalents and affect the ability of customers and suppliers to meet their obligations[222](index=222&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=51&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) None - None[223](index=223&type=chunk) [Defaults Upon Senior Securities](index=51&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) None - None[224](index=224&type=chunk) [Mine Safety Disclosures](index=51&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) None - None[225](index=225&type=chunk) [Other Information](index=51&type=section&id=ITEM%205.%20OTHER%20INFORMATION) None - None[226](index=226&type=chunk) [Exhibits](index=52&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed with the quarterly report, including employment agreements, compensation plan documents, and certifications by the CEO and CFO - The report includes an index of all exhibits filed, such as management contracts, compensation plans, and Sarbanes-Oxley certifications[228](index=228&type=chunk)[230](index=230&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-32347 ORMAT TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Delaware 88-0326081 (State or other jurisdiction of incorporation or orga ...

Ormat Technologies, Inc. (NYSE:ORA) Q4 2022 Earnings Conference Call February 23, 2023 10:00 AM ET Company Participants Sam Cohen - Alpha IR Doron Blachar - CEO Assaf Ginzburg - CFO Conference Call Participants Noah Kaye - Oppenheimer Justin Clare - ROTH MKM Jeffrey Osborne - Cowen and Company Julien Dumoulin-Smith - Bank of America Merrill Lynch Ryan Levine - Citigroup Operator Good morning, everyone, and welcome to the Ormat Technologies' Fourth Quarter and Full Year 2022 Earnings Conference Call. [Operat ...

Ormat Technologies, Inc. (NYSE:ORA) Q3 2022 Earnings Conference Call November 3, 2022 9:00 AM ET Company Participants Sam Cohen - IR, Alpha IR Group Doron Blachar - CEO Assi Ginzburg - CFO Smadar Lavi - VP, IR & ESG Planning & Reporting Conference Call Participants Noah Kaye - Oppenheimer Mark Strouse - J.P. Morgan Ryan Levine - Citi Jeff Osborne - Cowen and Company Justin Clare - ROTH Capital Partners Julien Dumoulin-Smith - Bank of America Operator Good morning, and welcome to the Ormat Technologies Third ...

Ormat Technologies, Inc. (NYSE:ORA) Q2 2022 Earnings Conference Call August 4, 2022 10:00 AM ET Company Participants Sam Cohen - Investor Relations Doron Blachar - Chief Executive Officer Assi Ginzburg - Chief Financial Officer Smadar Lavi - Vice President, Investor Relations and ESG Planning & Reporting Conference Call Participants Noah Kaye - Oppenheimer Mark Strouse - JPMorgan Operator Good morning and welcome to the Ormat Technologies Second Quarter 2022 Earnings Conference Call. [Operator Instructions] ...

| --- | --- | --- | |----------------------------------------|-------|---------------------------------------------------------------------------------------| | | | | | | | | | ORMAT TECHNOLOGIES, INC. EARNINGS CALL | | | | DORON BLACHAR, CEO ASSI GINZBURG, CFO | | | | AUGUST 4, 2022 | | Copyright © 2022 Ormat Technologies, Inc. Copyright © 202 2 Ormat Technologies, Inc. | SAFE HARBOR STATEMENT AND NON-GAAP METRICS THIS PRESENTATION INCLUDES FORWARD-LOOKING STATEMENTS, AND THE DISCLAIMER SHOULD BE READ CARE ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to 6140 Plumas Street, Reno, Nevada 89519-6075 (Address of principal executive of ices) (Zip Code) (775) 356-9029 (Registrant's telephone number, includ ...