Ormat Technologies Q4 Earnings Call Highlights

• Revenue +12.5%: Ormat reported 2025 gross of $989.6M and adjusted EBITDA of $582.0M (up 5.7%), but gross margins declined owed to curtailments astatine U.S. facilities and a gross premix displacement toward the merchandise segment.

• Product and vigor retention led growth—product gross roseate ~55% to $216.7M and retention grew ~109% to $79.0M with Q4 retention gross borderline astatine 51.5%—and the institution secured astir 200 MW of caller PPAs, including a 15‑year, up-to-150 MW portfolio PPA supporting Google and a 20-year ~13 MW PPA with Switch.

• For 2026 Ormat guided to $1.11–$1.16B gross and $615–$645M adjusted EBITDA, expects to monetize astir $90M of taxation credits this twelvemonth aft monetizing >$180M successful 2025, ended 2025 with ~$281M currency and ~4.4x nett debt/EBITDA, and declared a $0.12 quarterly dividend.

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Ormat Technologies (NYSE:ORA) reported a “strong year” successful 2025, highlighted by double-digit gross maturation and higher adjusted EBITDA, portion absorption pointed to accelerating momentum successful vigor storage, caller powerfulness acquisition agreements (PPAs) tied to information centers and hyperscalers, and continued concern successful enhanced geothermal systems (EGS) initiatives.

Chief Executive Officer Doron Blachar said Ormat’s 2025 results reflected “meaningful advancement toward our semipermanent targets,” supported by improved show successful the merchandise and vigor retention conception and “solid execution” successful the energy segment.

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Chief Financial Officer Assaf Ginzburg said full 2025 gross accrued 12.5% year-over-year to $989.6 million. Fourth-quarter gross roseate 19.6% to $276.0 million, which absorption attributed mostly to continued spot successful the merchandise and vigor retention segments.

Gross nett for 2025 was $272.7 million, successful enactment with the anterior year, portion fourth-quarter gross nett roseate 7.2% to $78.8 million. Gross borderline declined year-over-year to 27.6% for the afloat twelvemonth and 28.6% successful the 4th quarter, compared with 31.0% and 31.9% successful the prior-year periods. Ginzburg attributed the borderline examination to curtailments successful the energy conception astatine respective U.S. facilities during the year, on with a gross premix displacement toward the merchandise segment.

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Net income attributable to stockholders was $31.4 million, oregon $0.50 per diluted share, successful the 4th quarter, compared with $40.8 million, oregon $0.67 per diluted share, successful the prior-year quarter. For the afloat year, nett income was $123.9 million, oregon $2.02 per diluted share, compared with $123.7 million, oregon $2.04 per diluted share, successful 2024.