INVESTOR PRESENTATION ORMAT TECHNOLOGIES, INC. March 2026 Mammoth Complex, USA 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, may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve estimates, expectations, ...

Financial Data and Key Metrics Changes - Revenue for 2025 increased by 12.5% to approximately $990 million, with adjusted EBITDA improving by 5.7% to $582 million, reflecting progress towards long-term targets [4][9] - Fourth quarter revenue was $276 million, up 19.6% year-over-year, driven by strength in product and energy storage segments [9] - Gross margin for the full year was 27.6%, down from 31% in the prior year, primarily due to curtailments in the electricity segment [10][15] - Net income for the fourth quarter was $31.4 million, or $0.50 per diluted share, compared to $40.8 million, or $0.67 per diluted share in the prior year [10][11] Business Line Data and Key Metrics Changes - Electricity segment revenue for Q4 increased by 3.6% to $186.6 million, while full year revenue decreased by 1.2% to $693.9 million due to curtailments [13] - Product segment revenue surged by 59.1% to $63.1 million in Q4 and grew by 55.2% to $216.7 million for the full year, driven by a strong backlog [14] - Energy storage segment revenue skyrocketed by 140.5% in Q4 and grew by 109.3% to $79 million for the full year, fueled by elevated energy rates [14] Market Data and Key Metrics Changes - The company secured approximately 200 MW of new Power Purchase Agreements (PPAs) at elevated prices, including significant contracts with Google and Switch [5][26] - The electricity portfolio now stands at approximately 1,340 megawatts globally, with 149 megawatts under construction and development through 2027 [22] Company Strategy and Development Direction - The company aims to achieve a portfolio capacity target of 2.6 GW to 2.8 GW by the end of 2028, supported by strong geothermal development and exploration efforts [28] - Strategic partnerships, such as with SLB and Sage Geosystems, are focused on advancing Enhanced Geothermal Systems (EGS) technologies [32] - The company plans to invest approximately $675 million in capital expenditures for 2026, with a focus on electricity segment construction and energy storage assets [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a strong start to 2026, anticipating revenue growth driven by new product segment revenues and improved market conditions [20][34] - The company expects to see a reduction in curtailments in 2026, with guidance indicating no more than $4 million to $5 million in curtailments [40] - Management highlighted the importance of securing long-term contracts and the favorable regulatory environment for future growth [34] Other Important Information - The company declared a quarterly dividend of $0.12 per share, payable on March 24, 2026, with expectations to maintain this dividend in the following quarters [20] - The company collected over $180 million in cash monetization from tax equity transactions in 2025, exceeding expectations [16] Q&A Session Summary Question: Update on PPAs and renewal opportunities - Management indicated that they are working on additional blend-and-extend contracts and expect to announce further updates soon [39] Question: Impact of curtailments in Q4 and expectations for 2026 - Management confirmed that curtailments in Q4 were around $3.5 million and expect minimal curtailments in 2026, with improvements anticipated [40] Question: Gross margin expectations for the electricity segment in 2026 - Management expects a 1%-2% increase in gross margin for the electricity segment in 2026, factoring in current market conditions [41] Question: Insights on the Google PPA structure - Management explained that the PPA structure aligns with Google's renewable energy goals and supports ongoing exploration efforts [45][46] Question: Future pilot activity in EGS - Management expressed optimism about potential additional pilot activities in 2026 and ongoing discussions with various developers [75][76]

Core Viewpoint - Enbridge has reaffirmed its 2026 guidance, projecting adjusted EBITDA between CAD 20.2 billion and CAD 20.8 billion, and DCF per share of 570 to 610, driven by new asset service and cost-saving initiatives [1][7]. Financial Performance - The company reported record fourth-quarter and full-year results for 2025, with adjusted EBITDA increasing by CAD 83 million compared to Q4 2024, DCF rising by CAD 0.06, and earnings per share up by CAD 0.13 [2][4]. - Enbridge exceeded the midpoint of its 2025 guidance for both EBITDA and DCF per share, marking its 20th consecutive year of meeting or exceeding financial guidance [3][7]. Operational Highlights - Enbridge's assets were highly utilized, with the liquids mainline averaging 3.1 million barrels per day and record gas flows on key systems [5][12]. - The company advanced major projects, including the sanctioning of Mainline Optimization Phase 1, which will add 150,000 barrels per day of capacity [5][16]. Growth and Investment Strategy - Enbridge has a secured project backlog of CAD 39 billion through 2033 and increased its annual investment capacity to CAD 10–11 billion, with plans for CAD 40–45 billion in distributions over the next five years [6][9]. - The company anticipates achieving 5% growth through the end of the decade, supported by its secured growth capital [27]. Project Developments - Enbridge is advancing over 50 potential data center opportunities that could require up to 10 Bcf per day of natural gas, with initial project sanctioning expected in 2026 [20]. - The company has sanctioned renewable projects, including Cowboy Phase One and Easter Wind, to support data center operations, with total capital expenditures of $1.6 billion [25][26]. Capital Allocation - Enbridge is committed to equity self-funding and maintaining a debt-to-EBITDA ratio of 4.5 to 5.0 times, with a current ratio of 4.8 times at year-end [8][9]. - The sanctioned 2025 organic projects are expected to average an 11% return on capital employed [10].

Leadership Change - Clenera announced a leadership transition with Jared McKee becoming CEO on October 1, 2025, succeeding Adam Pishl, who will take on the role of Vice Chair of the Board [1][2][5] - Adam Pishl has successfully led Clenera through a transformative growth period, evolving it into an integrated development platform and independent power producer [2][5] Leadership Contributions - Jared McKee has nearly a decade of leadership experience at Clenera, contributing significantly to the company's development momentum and guiding its growth trajectory as Chief Commercial Officer [4][5] - Pishl emphasized the importance of team building and culture in Clenera's success, highlighting McKee as a strong leader committed to the company's mission [5][6] Company Overview - Clenera, a subsidiary of Enlight Renewable Energy, focuses on developing, financing, constructing, owning, and operating utility-scale solar farms and energy storage facilities across the United States [6] - Enlight Renewable Energy operates in multiple renewable segments, including solar, wind, and energy storage, and has a global presence in the U.S., Israel, and 10 European countries [7]

Financial Data and Key Metrics Changes - The company achieved a 2.5% increase in revenue for Q1 2025, totaling $229.8 million compared to the same period last year [4][10] - Net income attributable to stockholders rose by 4.6% to $40.4 million, or $0.66 per diluted share [4][11] - Adjusted EBITDA grew by 6.4% to a record $150.3 million, driven by strong performance in the Energy Storage segment [4][11] Business Line Data and Key Metrics Changes - Electricity segment revenues decreased by 5.8% to $180.2 million due to curtailments in California and Nevada [12] - Product segment revenues increased by 27.9% to $31.8 million, supported by a strong backlog [12] - Energy Storage segment revenues surged nearly 120%, primarily due to new facilities and strong merchant prices [12][26] Market Data and Key Metrics Changes - The gross margin for the electricity segment fell to 33.5% from 39% year-over-year, while the product segment's gross margin improved to 22.3% from 14.8% [13] - The Energy Storage segment reported a gross margin of 30.6%, a significant increase from 7.5% in Q1 2024 [14] Company Strategy and Development Direction - The company plans to acquire the 20 megawatt Blue Mountain geothermal power plant for $88 million, with upgrades expected to add 3.5 megawatts by 2027 [6][7] - The company is focusing on securing safe harbor for projects and ensuring eligibility for tax credits to navigate tariff impacts [9][30] - The company aims to reach a portfolio capacity target of 2.6 to 2.8 gigawatts by the end of 2028, supported by geothermal development and energy storage expansion [28][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the geothermal business growth potential, citing easing project permitting timelines and strong demand for renewable energy [5][30] - The company is actively monitoring tariff impacts and is engaging with suppliers to mitigate risks [9][39] - Management believes that the demand for reliable renewable energy remains strong, positioning the company well for future growth [9][31] Other Important Information - The company declared a quarterly dividend of $0.12 per share, expected to be paid in the upcoming quarters [20] - Total expected capital expenditure for 2025 increased to $597 million, primarily due to geothermal and storage projects [19] Q&A Session Summary Question: Impact of storage project development pipeline on tariffs - Management indicated that they are exploring multiple alternatives for battery acquisition and are continuing business development efforts despite tariff uncertainties [35][39] Question: Tariff impact on geothermal costs - Management stated that the overall impact of tariffs on geothermal CapEx is not material, as a significant portion of costs is incurred in the U.S. [42][44] Question: EGS technology implementation timing - Management noted that EGS technology could enhance existing plants and is being developed with partners, though technological challenges remain [45][46] Question: Regulatory changes to expedite geothermal development - Management highlighted a new executive order aimed at speeding up the permitting process for geothermal projects on federal land [49][50] Question: Updated view on gross margins for segments - Management expects storage margins to be at the higher end of 20% and product segment margins to improve, while electricity segment margins may be lower due to curtailments [52] Question: Blue Mountain acquisition and expected EBITDA contribution - Management indicated that the Blue Mountain asset is expected to enhance growth and will provide more detailed information post-acquisition [55] Question: PPA pricing and contracting opportunities - Management confirmed that PPA pricing remains high, with ongoing negotiations for multiple PPAs [58][59] Question: Exploration and partnership with Schlumberger - Management discussed the cooperation with Schlumberger for new projects, emphasizing their superior technology in building power plants [66][67]

Financial Data and Key Metrics Changes - Total revenues for 2024 were $879.7 million, marking growth of 6.1% year over year, while revenue for the fourth quarter was $230.7 million, down 4.4% year over year [13][14] - Adjusted EBITDA for the full year 2024 was $550.5 million, an increase of 14.3% compared to 2023, with fourth quarter adjusted EBITDA results at $145.5 million, an increase of 4.6% year over year [16][17] - Net income attributable to stockholders for the full year 2024 was $123.7 million or $2.04 per diluted share, compared to $124.4 million or $2.08 per diluted share in the previous year [15][16] Business Segment Data and Key Metrics Changes - Electricity segment revenue for the fourth quarter decreased by 2.1% to $180.1 million, while for the full year, it increased by 5.3% to $702.3 million [18][19] - Product segment revenue declined by 21.4% to $39.6 million during the fourth quarter, but grew by 4.4% to $139.7 million for the full year [19] - Energy Storage segment revenue increased by 56.7% in the fourth quarter and by 30.6% to $37.7 million for the full year [19] Market Data and Key Metrics Changes - The gross margin for the Electricity segment was 34.9% in the fourth quarter and 34.6% for the full year, impacted by curtailments in the U.S. and Kenya [20] - The Energy Storage segment reported gross margin of 9.5% and 10.9% during the fourth quarter and full year respectively, marking significant improvement [22] Company Strategy and Development Direction - The company aims to reach a portfolio capacity target of 2.6 to 2.8 gigawatts by the end of 2028, with a capacity CAGR of 14% to 16% driven by strong U.S. market demand [39][45] - The company is focusing on securing new PPAs and transitioning its Storage segment to a more predictable portfolio with stronger profitability [38][45] Management's Comments on Operating Environment and Future Outlook - Management expects total revenue in 2025 to be negatively impacted by $10 million to $15 million in the U.S. due to ongoing curtailments [21] - The company anticipates growing demand for renewable energy, particularly for AI data centers, and is confident in achieving improved project returns through higher PPA pricing [46][45] Other Important Information - The company plans to invest approximately $570 million in capital expenditures for 2025, with $355 million allocated to the electricity segment and $200 million for storage assets [29][30] - The company has approximately $667.1 million of total available liquidity as of the end of 2024 [29] Q&A Session Summary Question: How should we think about electricity generation expectations for the Electricity segment in the portfolio embedded in the '25 guide? - Management indicated that generation expectations for 2025 may see a modest increase, with potential for double-digit growth in 2026 as new projects come online [50][52] Question: Can you comment on the increase in exploration and preliminary drilling activities? - Management explained that they are focusing on increasing exploration activities and have changed their approach to drilling, which is expected to accelerate portfolio growth over the next few years [57][58] Question: What is the expected contribution from the $210 million contract for the New Zealand project in 2025? - Management stated that revenue from the New Zealand project will be spread across several years, with significant contributions expected in 2025 [73][75] Question: Can you provide an update on the MOU with SLB for developing geothermal assets? - Management highlighted the importance of the MOU, which aims to leverage SLB's drilling expertise and customer base to develop geothermal projects [99][101] Question: What is the margin outlook for the Energy Storage segment in 2025? - Management expects margins for the Energy Storage segment to be between 15% to 20% for the full year, with specific projects contributing to higher margins in certain quarters [92][93]