Core Insights - Ormat Technologies is recognized as the leading geothermal energy developer and operator in the US, highlighting its significant position in the industry [1] - Recent legislation, specifically the OBBBA, acknowledges the potential of geothermal energy and continues to provide incentives for its development [1] Company Overview - Ormat Technologies operates primarily in the geothermal energy sector, which currently contributes a small share to overall energy production in the US [1] - The company has a long-standing reputation and is supported by a growing interest in renewable energy sources [1]

Core Insights - Ormat Technologies reported revenue of $234.02 million for the quarter ended June 2025, reflecting a year-over-year increase of 9.9% and exceeding the Zacks Consensus Estimate of $220.79 million by 5.99% [1] - The company's EPS for the quarter was $0.48, up from $0.40 in the same quarter last year, representing an EPS surprise of 29.73% against the consensus estimate of $0.37 [1] Revenue Breakdown - Product revenue reached $59.61 million, significantly higher than the estimated $44.34 million, marking a year-over-year increase of 57.7% [4] - Energy storage revenue was reported at $14.49 million, surpassing the average estimate of $12.48 million, with a year-over-year growth of 62.9% [4] - Electricity revenue was $159.91 million, slightly below the average estimate of $164.54 million, indicating a year-over-year decline of 3.8% [4] Profitability Metrics - Gross profit from product sales was $16.49 million, exceeding the average estimate of $8.97 million [4] - Gross profit from energy storage was $1.73 million, which fell short of the average estimate of $2.31 million [4] - Gross profit from electricity was reported at $38.68 million, significantly lower than the average estimate of $54.17 million [4] Stock Performance - Over the past month, Ormat Technologies' shares have returned -1.4%, contrasting with the Zacks S&P 500 composite's increase of 0.5% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Ormat Technologies Q2 2025 Earnings Release [Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) Ormat reported record Q2 revenue and Adjusted EBITDA, driven by strong Product and Energy Storage growth, despite a temporary decline in the Electricity segment [Key Financial Results](index=1&type=section&id=Key%20Financial%20Results) Total revenues increased 9.9% to $234.0 million, driven by strong Product and Energy Storage segment growth, with net income up 26.1% and Adjusted EBITDA rising 6.7% | | Q2 2025 (millions) | Q2 2024 (millions) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Revenues** | 234.0 | 213.0 | 9.9% | | Electricity | 159.9 | 166.2 | (3.8)% | | Product | 59.6 | 37.8 | 57.6% | | Energy Storage | 14.5 | 8.9 | 62.7% | | **Gross Profit** | 56.9 | 61.4 | (7.3)% | | **Net income attributable to stockholders** | 28.0 | 22.2 | 26.1% | | **Diluted EPS** | 0.46 | 0.37 | 24.3% | | **Adjusted EBITDA** | 134.6 | 126.1 | 6.7% | [CEO Commentary](index=2&type=section&id=CEO%20Commentary) CEO attributes record Q2 to Product and Energy Storage recovery, acknowledges Electricity segment impacts, and expresses confidence in future growth driven by demand and favorable regulations - The Electricity segment's revenue and EBITDA were negatively impacted by approximately **$13 million** and **$12 million**, respectively, due to planned well field work at the Puna Power plant and third-party curtailments in the U.S. These curtailments are expected to decrease in the second half of 2025[4](index=4&type=chunk) - The company foresees strong growth in its geothermal and storage businesses, driven by favorable regulatory developments, increased demand for baseload renewable energy (partially from AI data centers), and higher PPA pricing[5](index=5&type=chunk) [Segment Performance Analysis](index=2&type=section&id=Segment%20Performance%20Analysis) Electricity segment revenue declined 3.8% due to maintenance, while Product segment revenue surged 57.6% with improved margins, and Energy Storage grew 62.7% from new assets - Electricity segment revenues decreased by **3.8%** due to well-field work at Puna, energy curtailments at McGinness Hills and Tungsten, and a planned outage at the Stillwater plant[6](index=6&type=chunk) - Product segment revenues increased by **57.6%**, with gross margin expanding from **13.7% to 27.7%** YoY. The segment backlog stands at approximately **$263.0 million**[6](index=6&type=chunk) - Energy Storage segment revenues grew **62.7%**, driven by contributions from new assets and strong merchant pricing in the PJM market[6](index=6&type=chunk) [Business Developments and Strategic Initiatives](index=3&type=section&id=Business%20Developments%20and%20Strategic%20Initiatives) Ormat completed the Blue Mountain acquisition, secured $300 million in funding, released 50 MW of new projects, and benefits from extended tax credit eligibility - Completed the acquisition of the **20MW Blue Mountain** geothermal power plant in June, which offers potential for value creation through PPA renewal and asset upgrades[10](index=10&type=chunk) - Secured **$300 million** in funding from tax equity partnerships and project finance loans to support future development, with most cash proceeds expected in the second half of the year[4](index=4&type=chunk)[10](index=10&type=chunk) - Released **50 MW** of new projects for construction: **28 MW** of geothermal capacity (including a 3.5 MW addition at Blue Mountain) and **22 MW** of Solar PV capacity at the Heber Complex[4](index=4&type=chunk)[10](index=10&type=chunk) - The signed OBBB has created a longer runway for Production Tax Credits (PTC) and Investment Tax Credits (ITC) for geothermal and energy storage projects, extending eligibility for **100% of tax credits** for projects starting construction by December 31, 2033[10](index=10&type=chunk) [Full-Year 2025 Guidance](index=3&type=section&id=2025%20GUIDANCE) Ormat reiterated full-year 2025 guidance, projecting total revenues between $935 million and $975 million and Adjusted EBITDA between $563 million and $593 million | Metric | 2025 Guidance (in millions) | | :--- | :--- | | Total Revenues | $935 - $975 | | Electricity Segment Revenues | $710 - $725 | | Product Segment Revenues | $172 - $187 | | Energy Storage Revenues | $53 - $63 | | Adjusted EBITDA | $563 - $593 | - The company is unable to provide a reconciliation for its Adjusted EBITDA guidance to net income without unreasonable efforts due to high variability in estimating items like impairments, acquisition costs, and income tax expense[9](index=9&type=chunk) [Shareholder Returns](index=4&type=section&id=DIVIDEND) The Board declared a quarterly dividend of $0.12 per share, payable September 3, 2025, with intentions to maintain this level for the next two quarters - A quarterly dividend of **$0.12 per share** was declared, to be paid on September 3, 2025, to stockholders of record as of August 20, 2025[11](index=11&type=chunk) - The company expects to continue paying a quarterly dividend of **$0.12 per share** for the next two quarters[11](index=11&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) [Condensed Consolidated Statement of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations) Q2 2025 total revenues reached $234.0 million, with operating income stable at $35.3 million and net income attributable to stockholders increasing 26.1% to $28.0 million | (In thousands) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total revenues | $234,018 | $212,963 | | Gross profit | $56,895 | $61,386 | | Operating income | $35,318 | $35,127 | | Net income attributable to the Company's stockholders | $28,046 | $22,243 | | Diluted EPS | $0.46 | $0.37 | [Condensed Consolidated Balance Sheet](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) As of June 30, 2025, total assets increased to $6.02 billion, driven by construction-in-process, with total liabilities rising to $3.39 billion and stockholders' equity reaching $2.49 billion | (In thousands) | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total current assets | $508,909 | $547,122 | | Property, plant and equipment, net | $3,544,564 | $3,501,886 | | Construction-in-process | $1,024,241 | $755,589 | | **Total assets** | **$6,015,612** | **$5,666,224** | | Total current liabilities | $730,676 | $598,078 | | Total long-term debt (net) | $2,010,557 | $1,870,649 | | **Total liabilities** | **$3,385,839** | **$3,105,844** | | **Total stockholders' equity** | **$2,492,948** | **$2,425,129** | [Non-GAAP Financial Measures Reconciliation](index=8&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) [Reconciliation of EBITDA and Adjusted EBITDA](index=8&type=section&id=Reconciliation%20of%20EBITDA%20and%20Adjusted%20EBITDA) Q2 2025 GAAP Net Income of $28.2 million was reconciled to an EBITDA of $132.0 million and an Adjusted EBITDA of $134.6 million, reflecting non-GAAP adjustments | (In thousands) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net income | $28,199 | $23,965 | | EBITDA | $132,018 | $118,000 | | Adjusted EBITDA | $134,581 | $126,100 | [Reconciliation of Adjusted Net Income and Adjusted EPS](index=9&type=section&id=Reconciliation%20of%20Adjusted%20Net%20Income%20attributable%20to%20the%20Company%27s%20stockholders%20and%20Adjusted%20EPS) Q2 2025 GAAP Net Income of $28.0 million was adjusted to an Adjusted Net Income of $29.1 million, resulting in an Adjusted Diluted EPS of $0.48 | (in millions, except for EPS) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | GAAP Net income attributable to the Company's stockholders | $28.0 | $22.2 | | Adjusted Net income attributable to the Company's stockholders | $29.1 | $24.3 | | GAAP diluted EPS | $0.46 | $0.37 | | Adjusted Diluted EPS | $0.48 | $0.40 |

Core Viewpoint - Aura Minerals Inc. has successfully closed the sale of 897,134 common shares at a public offering price of US$24.25 per share, aiming to enhance liquidity and diversify its shareholder base through a U.S. listing [1][2][4]. Group 1: Offering Details - The offering was part of a strategy to transfer Aura's principal listing to a U.S. stock exchange, which is expected to increase the liquidity of its common shares [2]. - The net proceeds from the offering will be utilized for various purposes, including funding the acquisition of Mineração Serra Grande S.A. and supporting strategic growth initiatives such as advancing development projects and exploration initiatives [3]. - The common shares began trading on the Nasdaq Global Select Market under the ticker symbol "AUGO" on July 16, 2025 [4]. Group 2: Underwriters and Regulatory Aspects - BofA Securities and Goldman Sachs & Co. LLC acted as Global Coordinators, while BTG Pactual and Itaú BBA served as Joint Bookrunners for the offering [4]. - The offering was conducted in compliance with U.S. regulations, and a registration statement was filed with the SEC [6]. - The offering was not made available to the public in Canada and was conducted as a private placement for accredited investors only [9]. Group 3: Company Overview - Aura Minerals is focused on the development and operation of gold and base metal projects in the Americas, with several operating assets and development projects across multiple countries [12]. - The company emphasizes a holistic approach to mining, considering the impacts on all stakeholders involved [11].

Core Insights - Ormat Technologies reported record financial results for Q2 2025, with a 9.9% increase in total revenues and a 26.1% rise in net income compared to the previous year [4][5][10] - The growth was driven by strong performance in the Product and Energy Storage segments, despite challenges in the Electricity segment due to planned maintenance and curtailments [4][10] Financial Performance - Total revenues for Q2 2025 reached $234.0 million, up from $213.0 million in Q2 2024, marking a 9.9% increase [2] - Net income attributable to the Company's stockholders was $28.0 million, a 26.1% increase from $22.2 million in the same quarter last year [2][10] - Adjusted EBITDA for Q2 2025 was $134.6 million, reflecting a 6.7% increase from $126.1 million in Q2 2024 [2][10] Segment Performance - Electricity segment revenues decreased by 3.8% to $159.9 million due to well-field maintenance and curtailments, impacting revenue by approximately $13 million [2][10] - Product segment revenues surged by 57.6% to $59.6 million, driven by improved revenue recognition and better margin contracts [2][10] - Energy Storage segment revenues increased by 62.7% to $14.5 million, benefiting from new assets and higher merchant prices in the PJM market [2][10] Strategic Developments - The Company completed the acquisition of the 20MW Blue Mountain geothermal power plant and secured $300 million in funding for future development projects [5][6] - Ormat released for construction 50 MW of new projects, including geothermal and solar projects, and expects to benefit from recent federal permitting reforms [6][10] - The Company anticipates strong growth in its geothermal and storage business driven by favorable regulatory developments and rising demand for renewable energy [7][10] Guidance and Future Outlook - Ormat reiterated its full-year revenue guidance of between $935 million and $975 million and adjusted EBITDA guidance of between $563 million and $593 million [11][12] - The Company expects continued growth in the Energy Storage segment and plans to leverage its expertise to drive long-term value for shareholders [7][10] Dividend Announcement - The Board of Directors declared a quarterly dividend of $0.12 per share, to be paid on September 3, 2025, with expectations for similar dividends in the next two quarters [13]

Financial Performance - Q2 2025 production totaled 64,000 GEO, a 7% increase compared to Q1 2025[10] - Adjusted EBITDA reached a record high of $106 million in Q2 2025, with LTM Adjusted EBITDA reaching $344 million[10] - Net income was $8 million, but adjusted net income, excluding non-cash losses, was $37 million[10] Operational Highlights - Borborema produced 2,577 GEO and is expected to achieve commercial production by the end of Q3 2025[10, 21] - The company maintained a strong safety record with zero lost time incidents (LTIs) across all operations and projects during Q2 2025[12] - AISC in Q2 2025 reached $1,449/GEO, a 1% decrease compared to Q1 2025[10] Strategic Initiatives - The company closed its U S Initial Public Offering (IPO) of 8,100,510 common shares, raising gross proceeds of $196 million[10] - Aura exercised its options to acquire 100% ownership of the Pé Quente and Carajás Projects in Brazil[10] - A dividend of $0 33 per share was declared based on Q2 2025 results, resulting in a LTM yield of 7 4% including share buyback[10] Era Dorada Project - The PEA of Era Dorada was released with an average yearly production of 95,000 ounces per year (first 4 years), 2 million ounces in M&I, capex $265 million and unleveraged IRR 24% and NPV of $485 million @ $2,410/Oz[10]

Core Insights - Aura Minerals Inc. reported record-high Adjusted EBITDA of US$106 million in Q2 2025, driven by increased production and higher gold prices [2][3] - The company achieved significant milestones, including the publication of the Preliminary Economic Assessment for the Era Dorada project and the signing of a purchase agreement for the MSG mine [2][5] - Aura approved a quarterly dividend payment, yielding a 7.4% return to shareholders over the last twelve months [2] Financial Performance - Total production in Q2 2025 reached 64,033 gold equivalent ounces (GEO), a 7% increase from Q1 2025 and consistent with Q2 2024 [3][14] - Net revenue for Q2 2025 was US$190.4 million, an 18% increase from Q1 2025 and a 42% increase year-over-year [3][19] - Gross profit for Q2 2025 was US$103.9 million, with a gross margin of 55%, compared to 48% in Q1 2025 [3][22] Cost Metrics - Cash cost per GEO in Q2 2025 was US$1,146, slightly up from US$1,149 in Q1 2025, and a 6% increase from Q2 2024 [20][21] - All-in sustaining cost (AISC) for Q2 2025 was US$1,449 per GEO, a 1% decrease from Q1 2025 and a 9% increase year-over-year [20][21] Operational Highlights - The Borborema project commenced operations, producing 2,577 GEO in Q2 2025, and is expected to declare commercial production by the end of Q3 2025 [6][14] - The MSG acquisition is expected to close by Q3 2025, enhancing Aura's operational footprint in Brazil [9] Market Dynamics - Average realized gold prices increased to US$3,185 per ounce in Q2 2025, a 44% increase compared to Q2 2024 [19] - Average copper prices also saw a 5% increase, reaching US$4.46 per pound in Q2 2025 [19] Strategic Initiatives - Aura exercised options to acquire 100% ownership of the Pé Quente and Carajás projects, reinforcing its resource base [11] - The company invested in Altamira Gold Corp. through a private placement, acquiring additional shares to enhance its exploration potential [12]

Core Viewpoint - Aura Minerals Inc. has declared a quarterly dividend of US$0.33 per common share, totaling approximately US$27.3 million, which exceeds the minimum outlined in the company's Dividend Policy [1][4]. Dividend Details - The dividend will be paid in US dollars on August 26, 2025, to shareholders of record as of the close of business on August 18, 2025 [2]. - Holders of Brazilian Depositary Receipts (BDRs) will receive US$0.11 per BDR, with payment expected around September 5, 2025 [3][9]. Financial Performance - The declared dividend represents a 7.4% dividend yield, including share buybacks, over the last twelve months, positioning Aura among the top dividend-yielding companies in the global gold mining industry [4]. - The company’s strategy focuses on developing greenfield projects, expanding mineral resources, and pursuing strategic acquisitions while consistently paying dividends [4]. Company Overview - Aura Minerals is engaged in the development and operation of gold and base metal projects in the Americas, with five operating assets including gold mines in Honduras and Brazil, and a copper, gold, and silver mine in Mexico [6]. - The company also owns several projects in Guatemala, Colombia, and Brazil, indicating a diverse portfolio in the mining sector [6].

Core Viewpoint - Aura Minerals Inc. has declared a quarterly dividend of US$0.33 per common share, totaling approximately US$27.32 million, which exceeds the minimum outlined in the company's Dividend Policy [1][4]. Dividend Details - The dividend will be paid in US dollars on August 26, 2025, to shareholders of record as of the close of business on August 18, 2025 [2]. - Holders of Brazilian Depositary Receipts (BDRs) will receive US$0.11 per BDR, with payment expected around September 5, 2025 [3][8]. Financial Performance - The declared dividend represents a 7.4% dividend yield, including share buybacks, over the last twelve months, positioning Aura among the top dividend-yielding companies in the global gold mining industry [4]. - The company’s strategy focuses on developing greenfield projects, expanding mineral resources, and pursuing strategic acquisitions while consistently paying dividends [4]. Company Overview - Aura Minerals is engaged in the development and operation of gold and base metal projects in the Americas, with five operating assets including gold mines in Honduras and Brazil, and a copper, gold, and silver mine in Mexico [6]. - The company also owns several projects in Guatemala, Colombia, and Brazil, with varying stages of development [6]. Additional Information - The company emphasizes a holistic approach to mining, considering the impacts and benefits to all stakeholders involved [5]. - As of August 5, 2025, the company had 82,629,872 common shares issued and outstanding [11].

Group 1 - The article discusses the total number of shares and voting rights of Orange, in compliance with French commercial regulations [1] - As of January 31, 2025, Orange has a total of 2,660,056,599 shares, with 3,835,000 treasury shares without voting rights [2] - The theoretical number of voting rights as of January 31, 2025, is 3,172,669,760, while the number of exercisable voting rights is 3,169,834,760 [2] Group 2 - The number of treasury shares without voting rights has varied over the months, with a notable decrease to 1,456,848 by June 30, 2025 [2] - The total number of shares remains constant at 2,660,056,599 throughout the reported months [2] - The voting rights are calculated based on all shares to which voting rights are attached, including shares without voting rights [2]