Ormat Technologies (ORA) Investor presentation summary

Business segments and operations

• Operates across electricity, product, and energy storage segments, with electricity accounting for 70% of 2025 revenues, product 22%, and energy storage 8%.

• Develops and operates geothermal, solar, and recovered energy-based power plants, serving utilities and municipalities.

• Designs and manufactures geothermal and REG equipment, providing EPC services.

• Expanding energy storage leadership in the U.S. and entering international markets like Israel.

• Six decades of expertise in exploration, development, engineering, manufacturing, system integration, construction, and operation.

Financial performance and capital position

• Achieved a 12.5% year-over-year revenue increase and 5.7% adjusted EBITDA growth in 2025.

• Ended 2025 with $680M in liquidity, $333M cash from operations, and $2.5B net debt.

• Net debt to adjusted EBITDA was 4.4x at year-end 2025.

• 2026 revenue guidance is $1,110–1,160M, with adjusted EBITDA of $615–645M.

• Capital expenditures for 2026 expected at $675M, with significant investments in electricity and storage segments.

Growth strategy and market dynamics

• Targeting 15–18% CAGR in installed capacity from 2025–2028, aiming for 2.6–2.8GW by 2028.

• Benefiting from strong U.S. electricity demand, record-high PPA prices, battery price reductions, and regulatory tailwinds.

• Secured up to 200MW in new PPAs, including agreements with Google and Switch.

• Robust exploration and drilling efforts, with strategic land positions in Nevada and Utah.

• Accelerated permitting and extended tax credits for geothermal and storage projects through 2033.