奥玛特科技 2025年度报告

Ormat employees at the 20MW Amatitlan geothermalfacility in Guatemala during the Company’s 60th anniversary. A leading renewableenergy provider witha proven track recordin geothermal andenergy storage. OWN & OPERATE~1.8GWGEOTHERMAL,STORAGE,SOLAR & REG1, 4 APPROXIMATELY1,650EMPLOYEES DEAR FELLOW SHAREHOLDERS, 2025 was another successful year for Ormat as wecontinued to execute our strategy and make meaningfulprogresstoward our long-term growth plans andearnings targets. These achievements were reflectednot only in solid financial performance, but also in thecontinued strategic expansion of our portfolio and thesigning of new long-term power purchase agreements(PPAs) that enhance the visibility of our future earningsand strengthen our long-term earnings power. Duringthe year, we grew revenue and adjusted EBITDA in linewith our plans, benefited from our strategy to maintainmerchantexposure in some of our storage assets,advanced next-generation geothermal technologies, andcontinued supporting global decarbonization efforts byproviding clean, reliable, and sustainable energy. These agreements provide profitable revenue growthand increased visibility into our development pipelineandearnings,while also validating our expandedexploration and drilling initiatives, which we launcheda few years ago. Strategic Expansion SupportingLong-Term Growth Our growth momentum in 2025 and early 2026 washighlightedby the expansion of our generatingcapacity by 320MW, achieved through a combinationof organic development and the strategic acquisitionof the Blue Mountain power plant and post-year-endacquisitionof the Hoku solar-plus-storage facility,both in the USA. Our Product segment also delivered strong growth,largely driven by new project wins in New Zealand,where geothermal energy is increasingly recognizedas one of the most cost-effective and reliable sourcesofelectricity,positioning Ormat well to captureadditional opportunities. Of this new capacity, approximately 115MW was addedto our core Electricity segment and 205MW to ourEnergyStorage segment,reflecting our continuedprogressindiversifyingandstrengtheningourportfolio.This expansion reinforces the consistentexecutionof our strategy and positions Ormat forsustained growth in 2026 and beyond. Inour Energy Storage segment,we took strategicactionsin response to recent regulatory changes inorder to ensure the continued execution of our growthstrategy.These efforts included securing batteriesand safe harboring a number of our storage projectspreserving Investment Tax Credits (ITC) eligibility forour entire storage portfolio through 2028, and in somecases beyond, without Foreign Entity of Concern (FEOC)limitations.This milestone provides greater certaintyaround the development of our storage pipeline. Within our Electricity segment, we continue to seecompellingopportunities,driven by acceleratingdemand for reliable, zero-emission power, particularlyfrom data centers. This growing demand is supportingattractive pricing for new PPAs. Financial Growth Driven by EnergyStorage and Product Segments We recently secured several important long-term contracts: Totalrevenues for 2025 reached$989.6 million,representing12.5%year-over-year growth,drivenprimarily by strong performance in our Product andEnergy Storage segments. • Ageothermal portfolio PPA of up to 150MW tosupply Google data centers through NV Energy.• A 20-year PPA with Switch, a premier provider of AI,cloud, and enterprise data centers, for approximately13MW from our Salt Wells power plant.• Blend-and-Extend amended PPAs for two power plantsfor a total of approximately 40MW that extend theoriginal expiration date and improve the PPA pricing. OurEnergy Storage business delivered exceptionalresults,with revenues increasing 109.3%to$79.0million. This performance reflects stronger energy ratein the PJM market, as well as contributions from storagefacilities that came online during 2024 and 2025. TheEnergy Storage business also delivered strongmargins demonstrating the value of our balanced strategyof combining contracted pricing and merchant exposurefor stability and upside capture. We believe this positivemomentum will continue into 2026, as energy prices inthe PJM market remain strong, recently commissionedfacilities contribute for a full year, and additional projectsin our pipeline reach commercial operation. Operational Performance andPortfolio Development Within our Electricity segment, we achieved anotheryear of strong operational performance and portfoliogrowth. The performance was driven by the acquisitionofBlue Mountain,the completion of the Beowawerepowering project, the return of Dixie Valley to fulloperations,the commercial operation of Ijen,andimproved operational performance across our portfolio.Together,these contributions helped partially offsetongoing transmission-related curtailments in Nevadaand California during 2025. In the Product segment, revenue grew 55.2%, whileEBITDA improved meaningful