ORMAT TECHNOLOGIES, INC.

Previous wording

•Electricity Segment. In the Electricity segment, we develop, build, own and operate geothermal, solar PV and recovered energy-based power plants in the United States and geothermal power plants in other countries around the world and sell the electricity they generate. In the three and six months ended June 30, 2025, we derived 69.7% and 72.2%, respectively, of our Electricity segment revenues from our operations in the United States, and 30.3% and 27.8%, respectively, from the rest of the world.

Current wording

•Electricity Segment. In the Electricity segment, we develop, build, own and operate geothermal, solar PV and recovered energy-based power plants in the United States and geothermal power plants in other countries around the world and sell the electricity they generate. In the three and nine months ended September 30, 2025, we derived 70.8% and 71.8%, respectively, of our Electricity segment revenues from our operations in the United States, and 29.2% and 28.2%, respectively, from the rest of the world.

Previous wording

•Product Segment. In the Product segment, we design, manufacture and sell equipment for geothermal and recovered energy-based electricity generation and provide services relating to the engineering, procurement and construction of geothermal and recovered energy-based power plants. In the three and six months ended June 30, 2025, we derived 5.9% and 7.4%, respectively, of our Product segment revenues from our operations in the United States and 94.1% and 92.6%, respectively, from the rest of the world.

Current wording

•Product Segment. In the Product segment, we design, manufacture and sell equipment for geothermal and recovered energy-based electricity generation and provide services relating to the engineering, procurement and construction of geothermal and recovered energy-based power plants. In the three and nine months ended September 30, 2025, we derived 4.9% and 6.4%, respectively, of our Product segment revenues from our operations in the United States and 95.1% and 93.6%, respectively, from the rest of the world.

Previous wording

•Energy Storage Segment. In the Energy Storage segment, we own and operate grid connected In Front of the Meter BESS, which provide capacity, energy and/or ancillary services directly to the electric grid. In the three and six months ended June 30, 2025, we derived all of our Energy Storage segment revenues from our operations in the United States.

Current wording

•Energy Storage Segment. In the Energy Storage segment, we own and operate grid connected In Front of the Meter BESS, which provide capacity, energy and/or ancillary services directly to the electric grid. In the three and nine months ended September 30, 2025, we derived all of our Energy Storage segment revenues from our operations in the United States.

Previous wording

•In July 2025, we entered into a tax partnership agreement with a private investor, under which the private investor paid approximately $77.1 million for the tax benefits related to Heber 1&2 Geothermal power plants that are part of our Heber Complex. The private investor will pay over eight years additional installments that are expected to amount to approximately $25.7 million.

Current wording

•In July 2025, we entered into a tax partnership agreement with a private investor, under which the private investor paid approximately $77.1 million for the tax benefits related to the Heber 1&2 Geothermal power plants that are part of our Heber Complex. The private investor will pay over eight years additional installments that are expected to amount to approximately $25.7 million.

Previous wording

•In June 2025, we closed the acquisition of the Blue Mountain geothermal power plant from Cyrq Energy. The 20MW facility, located in Humboldt County, NV, was purchased for $88.7 million for 100% of the equity interest in the power plant. The power plant, built using Ormat technology, features an existing 51MW interconnection capacity and a PPA with NV Energy (“NVE”) that expires at the end of 2029. Ormat plans to upgrade the power plant and increase its capacity by 3.5MW. Additionally, subject to permit and PPA approval, Ormat intends to add a 13MW solar facility to support the plant's auxiliaries.

Current wording

•In June 2025, we closed the acquisition of the Blue Mountain geothermal power plant from Cyrq Energy. The 20MW facility, located in Humboldt County, NV, was purchased for $88.7 million for 100% of the equity interest in the power plant. The power plant, built using Ormat technology, features an existing 51MW interconnection capacity and a PPA with NV Energy (“NVE”) that expires at the end of 2029. The Company plans to upgrade the power plant and increase its capacity by 3.5MW. Additionally, subject to permit and PPA approval, Ormat intends to add a 13MW solar facility to support the plant's auxiliaries.

Previous wording

•In February 2025, we announced the successful COD for the Ijen geothermal power plant that is owned jointly with PT Medco Power Indonesia (“Medco Power”). The Ijen Geothermal Power Plant, equipped with OEC, began operations with its first phase, delivering 35 MW of electricity power to the Java grid, Ormat’s share of the facility is 17MW.

Current wording

•In February 2025, we announced the successful COD for the Ijen geothermal power plant that is owned jointly with PT Medco Power Indonesia (“Medco Power”). The Ijen Geothermal Power Plant, equipped with Ormat Energy Converter, began operations with its first phase, delivering 35MW of electricity power to the Java grid, Ormat’s share of the facility is 17MW.

Previous wording

•During 2025, the United States introduced actions to increase import tariffs at various rates, including on certain products imported from almost all countries and individualized higher tariffs on certain other countries, such as China. Other countries have announced retaliatory actions or plans for retaliatory actions in response. Some of these tariff announcements were followed by limited exemptions and temporary pauses. As of the date of this quarterly report, discussions remain ongoing regarding U.S. trade restrictions and tariffs on imports and retaliatory tariffs from numerous countries, and there continues to be significant uncertainty about the future relationship between the United States and other countries regarding such trade policies, treaties, and tariffs. Accordingly, we can make no assurance about the eventual impact on our operating results and business. Our Energy Storage segment growth relies on imported batteries from China, and the growth of projects in the United States in the Electricity segment requires raw materials and equipment from various countries.

Current wording

•Throughout 2025, the United States introduced actions to increase import tariffs at various rates, including on certain products imported from almost all countries and individualized higher tariffs on certain other countries, such as China. Other countries have announced retaliatory actions or plans for retaliatory actions in response. Some of these tariff announcements were followed by limited exemptions and temporary pauses. As of the date of this quarterly report, discussions remain ongoing regarding U.S. trade restrictions and tariffs on imports and retaliatory tariffs from numerous countries, and while certain of these tariffs and other trade restrictions have already taken effect, there continues to be significant uncertainty about the future relationship between the United States and other countries regarding such trade policies, treaties, and tariffs. Accordingly, we can make no assurance about the eventual impact on our operating results and business. Our Energy Storage segment growth relies on imported batteries from China, and the growth of projects in the United States in the Electricity segment requires raw materials and equipment from various countries.

Previous wording

•On July 4, 2025, the OBBB was signed into law by the President of the United States. For more information, see Note 10 of notes to the unaudited condensed consolidated financial statements contained in this quarterly report. The Company is currently evaluating the impact of the OBBB on its consolidated financial statements.

Current wording

•On July 4, 2025, the OBBB was signed into law by the President of the United States. Rules under the OBBB were updated in August 2025. For more information, see Note 10 of notes to the unaudited condensed consolidated financial statements contained in this quarterly report. The Company is currently evaluating the impact of the OBBBA on its consolidated financial statements, however, it does not expect the impact to be material.

Previous wording

For the six months ended June 30, 2025, 94.0% of our Electricity segment revenues were derived from PPAs with fixed energy rates, which are not affected by fluctuations in energy commodity prices. We have a variable price PPA in Hawaii, which provides for payments based on the local utilities’ avoided cost, which is the incremental cost that the power purchaser avoids by not having to generate such electrical energy itself or purchase it from others. In Hawaii, the prices paid for electricity pursuant to the 25MW PPA for the Puna Complex in Hawaii change primarily as a result of variations in the price of oil, as well as other commodities. In 2024, the HPUC approved a new PPA related to Puna with fixed prices, increased capacity and an extension of the term until 2052.

Current wording

For the nine months ended September 30, 2025, 93.6% of our Electricity segment revenues were derived from PPAs with fixed energy rates, which are not affected by fluctuations in energy commodity prices. We have a variable price PPA in Hawaii, which provides for payments based on the local utilities’ avoided cost, which is the incremental cost that the power purchaser avoids by not having to generate such electrical energy itself or purchase it from others. In Hawaii, the prices paid for electricity pursuant to the 25MW PPA for the Puna Complex in Hawaii change primarily as a result of variations in the price of oil, as well as other commodities. In 2024, the HPUC approved a new PPA related to Puna with fixed prices, increased capacity and an extension of the term until 2052.

Previous wording

In the six months ended June 30, 2025 and 2024, 38.6% and 35.3% of our total revenues, respectively, were derived from foreign locations, and 44.7% and 38.9%, for the three months ended June 30, 2025 and 2024, respectively. Our foreign operations had higher Electricity gross margins than our U.S. operations in each of those periods. A substantial portion of Electricity segment foreign revenues came from Kenya and to a lesser extent, from Honduras, Guadeloupe and Guatemala. Our operations in Kenya contributed disproportionately to gross profit and net income. The contribution to combined pre-tax income of our domestic and foreign operations within our Electricity segment and Product segment differ in a number of ways, as summarized below.

Current wording

In the nine months ended September 30, 2025 and 2024, 40.2% and 36.4% of our total revenues, respectively, were derived from foreign locations, and 43.2% and 38.7%, for the three months ended September 30, 2025 and 2024, respectively. Our foreign operations had higher Electricity gross margins than our U.S. operations in each of those periods. A substantial portion of Electricity segment foreign revenues came from Kenya and to a lesser extent, from Honduras, Guadeloupe and Guatemala. Our operations in Kenya contributed disproportionately to gross profit and net income. The contribution to combined pre-tax income of our domestic and foreign operations within our Electricity segment and Product segment differ in a number of ways, as summarized below.

Previous wording

Electricity Segment. Our Electricity segment domestic revenues were approximately 72.2% and 73.7% of our total Electricity segment revenues for the six months ended June 30, 2025 and 2024, respectively, and 69.7% and 72.0%, for the three months ended June 30, 2025 and 2024, respectively. Our Electricity segment foreign revenues were approximately 27.8% and 26.3% of our total Electricity segment revenues for the six months ended June 30, 2025 and 2024, respectively and 30.3% and 28.0%, for the three months ended June 30, 2025 and 2024, respectively. However, domestic operations have higher costs of revenues and expenses than our foreign operations. Our foreign power plants are located in lower-cost regions, like Kenya, Guatemala, and Honduras, which favorably impact payroll, maintenance expenses and other items. Our power plants in those foreign locations are also newer than most of our domestic power plants and therefore tend to have lower maintenance costs and higher availability factors than our domestic power plants. Consequently, in the six months ended June 30, 2025 and 2024, our foreign operations of the segment accounted for 40.1% and 36.9%, respectively, of our total gross profits, 70.5% and 74.3%, respectively, of our net income (assuming the majority of corporate operating expenses and financing are recorded under our domestic jurisdiction), and 28.6% and 31.0%, respectively, of our EBITDA.

Current wording

Electricity Segment. Our Electricity segment domestic revenues were approximately 71.8% and 72.9% of our total Electricity segment revenues for the nine months ended September 30, 2025 and 2024, respectively, and 70.8% and 71.0%, for the three months ended September 30, 2025 and 2024, respectively. Our Electricity segment foreign revenues were approximately 28.2% and 27.1% of our total Electricity segment revenues for the nine months ended September 30, 2025 and 2024, respectively and 29.2% and 29.0%, for the three months ended September 30, 2025 and 2024, respectively. However, domestic operations have higher costs of revenues and expenses than our foreign operations. Our foreign power plants are located in lower-cost regions, like Kenya, Guatemala, and Honduras, which favorably impact payroll, maintenance expenses and other items. Our power plants in those foreign locations are also newer than most of our domestic power plants and therefore tend to have lower maintenance costs and higher availability factors than our domestic power plants. Consequently, in the nine months ended September 30, 2025 and 2024, our foreign operations of the segment accounted for 40.7% and 40.2%, respectively, of our total gross profits, 78.6% and 79.7%, respectively, of our net income (assuming the majority of corporate operating expenses and financing are recorded under our domestic jurisdiction), and 29.2% and 31.2%, respectively, of our EBITDA.

Previous wording

Product Segment. Our Product segment foreign revenues were approximately 92.6% and 96.0% of our total Product segment revenues for the six months ended June 30, 2025 and 2024, respectively, and 94.1% and 95.7%, for the three months ended June 30, 2025 and 2024, respectively.

Current wording

Product Segment. Our Product segment foreign revenues were approximately 93.6% and 94.3% of our total Product segment revenues for the nine months ended September 30, 2025 and 2024, respectively, and 95.1% and 91.4%, for the three months ended September 30, 2025 and 2024, respectively.

Previous wording

Energy Storage Segment. Our Energy Storage segment domestic revenues were 100% of our total Energy Storage segment revenues for each of the three and six months ended June 30, 2025 and 2024.

Current wording

Energy Storage Segment. Our Energy Storage segment domestic revenues were 100% of our total Energy Storage segment revenues for each of the three and nine months ended September 30, 2025 and 2024.

Previous wording

Power generation in our power plants increased by 0.9% from 1,731,282 MWh in the three months ended June 30, 2024 to 1,747,022 MWh in the three months ended June 30, 2025.

Current wording

Power generation in our power plants increased by 1.9% from 1,616,634 MWh in the three months ended September 30, 2024 to 1,647,912 MWh in the three months ended September 30, 2025.

Previous wording

Revenues attributable to our Product segment for the three months ended June 30, 2025 were $59.6 million, compared to $37.8 million for the three months ended June 30, 2024. This increase of $21.8 million, or 57.6%, is primarily related to the progress in our projects and timing of when revenues are recognized during the period. During the three months ended June 30, 2025 and 2024, Product revenues included projects primarily in New Zealand and Dominica.

Current wording

Revenues attributable to our Product segment for the three months ended September 30, 2025 were $62.2 million, compared to $37.4 million for the three months ended September 30, 2024. This increase of $24.9 million, or 66.6%, is primarily related to the progress in our projects and timing of when revenues are recognized during the period. During the three months ended September 30, 2025 and 2024, Product revenues included projects primarily in New Zealand and Dominica.

Previous wording

Revenues attributable to our Energy Storage segment for the three months ended June 30, 2025 were $14.5 million compared to $8.9 million for the three months ended June 30, 2024. This increase of $5.6 million is primarily related to $3.2 million from new energy storage facilities with COD in the fourth quarter of 2024, such as Bottleneck and Montague, as well as higher energy rates at PJM interconnect facilities in the three months ended June 30, 2025, compared to the same period in the previous year.

Current wording

Revenues attributable to our Energy Storage segment for the three months ended September 30, 2025 were $20.4 million compared to $9.8 million for the three months ended September 30, 2024. This increase of $10.6 million is primarily related to $9.2 million from new energy storage facilities which commenced commercial operation in the fourth quarter of 2024 or later such as Bottleneck, Montague, and Lower Rio, as well as higher energy rates at PJM storage facilities in the three months ended September 30, 2025, compared to the same period in the previous year.

Previous wording

Our total Electricity segment cost of revenues for the three months ended June 30, 2025 was 75.8% of Electricity segment revenues, compared to 66.5% for the three months ended June 30, 2024. The cost of revenues attributable to our international power plants for the three months ended June 30, 2025 was 18.0% of our total Electricity segment cost of revenues for this period compared to 19.1% for the same period in the prior year.

Current wording

Our total Electricity segment cost of revenues for the three months ended September 30, 2025 was 74.6% of Electricity segment revenues, compared to 69.8% for the three months ended September 30, 2024. The cost of revenues attributable to our international power plants for the three months ended September 30, 2025 was 17.6% of our total Electricity segment cost of revenues for this period compared to 16.9% for the same period in the prior year.

Previous wording

Total cost of revenues attributable to our Product segment for the three months ended June 30, 2025 was $43.1 million, compared to $32.7 million for the three months ended June 30, 2024, which represented a 32.0% increase. This increase is primarily attributable to the increase in Product segment revenues, as discussed above. As a percentage of total Product segment revenues, total cost of revenues attributable to our Product segment for the three months ended June 30, 2025, and 2024, was 72.3% and 86.3%, respectively, which results from the different profitability of the different projects included in each period.

Current wording

Total cost of revenues attributable to our Product segment for the three months ended September 30, 2025 was $48.8 million, compared to $30.2 million for the three months ended September 30, 2024, which represented a 61.7% increase. This increase is primarily attributable to the increase in Product segment revenues, as discussed above. As a percentage of total Product segment revenues, total cost of revenues attributable to our Product segment for the three months ended September 30, 2025, and 2024, was 78.3% and 80.8%, respectively, which results from the different profitability of the different projects included in each period.

Previous wording

Cost of revenues attributable to our Energy Storage segment for the three months ended June 30, 2025 was $12.8 million compared to $8.4 million for the three months ended June 30, 2024. This increase is primarily related to the new energy storage facilities which commenced commercial operation in the fourth quarter of 2024, such as Bottleneck and Montague.

Current wording

Cost of revenues attributable to our Energy Storage segment for the three months ended September 30, 2025 was $12.3 million compared to $7.8 million for the three months ended September 30, 2024. This increase of $4.5 million includes an increase of $2.7 million in depreciation and amortization expenses, and is primarily related to the new energy storage facilities which commenced commercial operation in the fourth quarter of 2024, or later such as Bottleneck, Montague, and Lower Rio.

Previous wording

Research and development expenses for the three months ended June 30, 2025 were $1.4 million, compared to $1.7 million for the three months ended June 30, 2024. The decrease in research and development expenses, net is primarily related to the timing of when we allocate resources to research and development projects.

Current wording

Research and development expenses for the three months ended September 30, 2025 were $1.3 million, compared to $1.8 million for the three months ended September 30, 2024. The decrease in research and development expenses, net is primarily related to the timing of when we allocate resources to research and development projects.

Previous wording

Selling and marketing expenses for the three months ended June 30, 2025 were $4.4 million compared to $4.2 million for the three months ended June 30, 2024. Selling and marketing expenses for the three months ended June 30, 2025 and 2024 constituted 1.9% and 2.0% of total revenues, respectively.

Current wording

Selling and marketing expenses for the three months ended September 30, 2025 were $4.9 million compared to $4.2 million for the three months ended September 30, 2024. Selling and marketing expenses for the three months ended September 30, 2025 and 2024 constituted 2.0% and 2.0% of total revenues, respectively.

Previous wording

General and administrative expenses for the three months ended June 30, 2025 were $19.8 million compared to $18.0 million for the three months ended June 30, 2024. General and administrative expenses for the three months ended June 30, 2025 and 2024 constituted 8.5% and 8.5% of total revenues, respectively. The increase in general and administrative expenses of $1.8 million is primarily attributable to certain merger and acquisition expenses incurred during the three months ended June 30, 2025, including $0.6 million related to the Blue Mountain purchase transaction, as well as timing of when we incur services from our vendors.

Current wording

General and administrative expenses for the three months ended September 30, 2025 were $20.2 million compared to $23.0 million for the three months ended September 30, 2024. General and administrative expenses for the three months ended September 30, 2025 and 2024 constituted 8.1% and 10.8% of total revenues, respectively. The decrease in general and administrative expenses of $2.8 million is primarily attributable to consulting fees related to a settlement agreement with a third-party battery systems supplier of $4.8 million which was recorded in the third quarter of 2024. This decrease was partially offset by higher consulting fees in the three months ended September 30, 2025 of $1.3 million, out of which $0.5 million is related to the Blue Mountain purchase transaction, and the remainder is related to the timing of when we incur services from our vendors.

Previous wording

Other operating income for the three months ended June 30, 2025 was $4.3 million compared to none for the three months ended June 30, 2024. Other operating income primarily represents the non-refundable portion of the recovery of damages received from a third-party battery systems supplier as part of a settlement agreement entered into in August 2024, for which contingency conditions have been met.

Current wording

Other operating income for the three months ended September 30, 2025 was $3.1 million compared to $6.3 million for the three months ended September 30, 2024. Other operating income primarily represents the non-refundable portion of the recovery of damages received from a third-party battery systems supplier as part of a settlement agreement entered into in August 2024, for which contingency conditions have been met.

Previous wording

There was no impairment of long-lived assets in the three months ended June 30, 2025. The Company recorded an impairment of long-lived assets of $1.0 million in the three months ended June 30, 2024, related to the termination of the waste heat agreement between the Company's wholly-owned subsidiary, OREG4, and Highline Electric Association, Inc., effective May 2024.

Current wording

There was no impairment of long-lived assets in the three months ended September 30, 2025. Impairment of long-lived assets for the three months ended September 30, 2024 of $0.3 million is related to the termination of the waste heat agreement between the Company's wholly-owned subsidiary, OREG 4, and Highline Electric Association, Inc., effective May 2024.

Previous wording

Write-off of unsuccessful exploration and storage activities for the three months ended June 30, 2025 was $0.3 million compared to $1.4 million for the three months ended June 30, 2024. The write-offs in the three months ended June 30, 2024 are primarily related to geothermal exploration projects that the Company decided to no longer pursue.

Current wording

Write-off of unsuccessful exploration and storage activities for the three months ended September 30, 2025 was $0.4 million compared to $0.1 million for the three months ended September 30, 2024. These write-offs are primarily related to geothermal exploration and storage projects that the Company decided to no longer pursue.

Previous wording

Interest Income for the three months ended June 30, 2025 was $1.9 million, compared to $2.6 million for the three months ended June 30, 2024. Interest income is primarily related to interest earned on cash and cash equivalents held by the Company during the period. The decrease in interest income is primarily related to lower average balances of cash and cash equivalents period over period.

Current wording

Interest Income for the three months ended September 30, 2025 was $1.6 million, compared to $2.1 million for the three months ended September 30, 2024. Interest income is primarily related to interest earned on cash and cash equivalents held by the Company during the period. The decrease in interest income is primarily related to lower average balances of cash and cash equivalents period over period.

Previous wording

Interest expense, net for the three months ended June 30, 2025 was $36.7 million, compared to $33.7 million for the three months ended June 30, 2024. This increase of $3.0 million was primarily attributable to interest expense relating to loan agreements entered into during, or subsequently to, the second quarter of 2024 such as: (i) the Discount 2024 Loan and the Discount 2024 II loans entered into in May 2024 and September 2024, respectively; (ii) the Bottleneck Loan entered into in November 2024; (iii) the issuance of the Additional 2.50% Senior Convertible Notes in July 2024; (iv) the Mizrahi 2025 Loan entered into in February 2025; (v) the Discount 2025 Loan and Hapoalim 2025 Loan entered into in March 2025; and (vi) the Discount 2025 II Loan entered into in May 2025. This increase was partially offset by lower interest expenses on other existing loans as a result of scheduled payments.

Current wording

Interest expense, net for the three months ended September 30, 2025 was $35.7 million, compared to $34.8 million for the three months ended September 30, 2024. This increase of $0.9 million was primarily attributable to interest expense relating to loan agreements entered into during, or subsequently to, the third quarter of 2024 such as: (i) the Discount 2024 II loan entered into in September 2024; (ii) the issuance of the Additional 2.50% Senior Convertible Notes in July 2024; (iii) the Bottleneck Loan entered into in November 2024; (iv) the Mizrahi 2025 Loan entered into in February 2025; (v) the Discount 2025 Loan and Hapoalim 2025 Loan entered into in March 2025; and (vi) the Discount 2025 II Loan entered into in May 2025; (vii) the GB Loan entered into in July 2025; and (vii) the Heber 1 and 2 tax monetization transaction entered into in July 2025. This increase was partially offset by an increase in the amount of interest capitalized due to an increase in the construction-in-process balance, period over period, as well as lower interest expenses on other existing loans as a result of scheduled payments.

Previous wording

Derivatives and foreign currency transaction gains and losses for the three months ended June 30, 2025 was a gain of $5.1 million, compared to a loss of $0.3 million for the three months ended June 30, 2024. Derivatives and foreign currency transaction gains and losses primarily include gain and losses from foreign currency forward contracts which were not accounted for as hedge transactions, and the impact of changes in foreign currency exchange rate related to foreign locations where the Company operates in, against the U.S. Dollar.

Current wording

Derivatives and foreign currency transaction gains and losses for the three months ended September 30, 2025 was a loss of $0.9 million, compared to a gain of $2.0 million for the three months ended September 30, 2024. Derivatives and foreign currency transaction gains and losses primarily include gain and losses from foreign currency forward contracts which were not accounted for as hedge transactions, and the impact of changes in foreign currency exchange rates against the U.S. Dollar.

Previous wording

Income attributable to the sale of tax benefits for the three months ended June 30, 2025 was $16.3 million, compared to $15.8 million for the three months ended June 30, 2024. This income primarily represents the value of production tax credits (“PTCs”) and taxable income or loss generated by certain of our power plants which are allocated to investors under tax equity transactions, as well as to income related to the expected sale of transferable PTCs under the IRA regulations.

Current wording

PTCs and taxable income or loss generated by certain of our power plants which are allocated to investors under tax equity transactions, as well as to income related to the expected sale of transferable PTCs under the IRA regulations.

Previous wording

Other non-operating income (expense), net for the three months ended June 30, 2025 was an income of $0.1 million, compared to an income of $0.1 million for the three months ended June 30, 2024.

Current wording

Other non-operating income (expense), net for the three months ended September 30, 2025 was an income of $0.1 million, compared to an income of $22.0 thousand for the three months ended September 30, 2024.

Previous wording

Income tax benefit for the three months ended June 30, 2025 was $5.5 million compared to income tax benefit of $3.2 million for the three months ended June 30, 2024. Our effective tax rate for the three months ended June 30, 2025 and 2024, was (24.9)% and (16.3)%, respectively. The effective rate differs from the federal statutory rate of 21% primarily due to the generation of additional investment tax credits and the jurisdictional mix of earnings at differing tax rates.

Current wording

Income tax benefit for the three months ended September 30, 2025 was $4.3 million compared to income tax benefit of $1.2 million for the three months ended September 30, 2024. This change primarily relates to the generation of additional investment tax credits, and the change in “Income from operations before income tax and equity in earnings of investees”. Our effective tax rate for the three months ended September 30, 2025 and 2024, was (21.4)% and (4.8)%, respectively.

Previous wording

Equity in earnings of investees, net for the three months ended June 30, 2025 was earnings of $0.8 million, compared to earnings of $1.2 million for the three months ended June 30, 2024. Equity in earnings (losses) of investees, net is derived from our 12.75% share in the earnings or losses in the Sarulla Consortium ("Sarulla") and our 49% share in the earnings or losses in the Ijen geothermal project.

Current wording

Equity in earnings of investees, net for the three months ended September 30, 2025 was earnings of $0.5 million, compared to losses of $1.6 million for the three months ended September 30, 2024. Equity in earnings (losses) of investees, net is derived from our 12.75% share in the earnings or losses in the Sarulla Consortium (“Sarulla”) and our 49% share in the earnings or losses in the Ijen geothermal project.

Previous wording

Net income attributable to the Company’s stockholders for the three months ended June 30, 2025 was $28.0 million, compared to $22.2 million for the three months ended June 30, 2024, which represents an increase of $5.8 million. This increase is attributable to a increase of $4.2 million in net income which was affected by the explanations described above, and a decrease of $1.6 million in net income attributable to noncontrolling interest, which is primarily related to the noncontrolling share in the net results of the Puna and Guadeloupe power plants.

Current wording

Net income attributable to the Company’s stockholders for the three months ended September 30, 2025 was $24.1 million, compared to $22.1 million for the three months ended September 30, 2024, which represents an increase of $2.1 million. This increase is attributable to a increase of $0.4 million in net income which was affected by the explanations described above, and a decrease of $1.6 million in net income attributable to noncontrolling interest, which is primarily related to the noncontrolling share in the net results of the Puna and Guadeloupe power plants.

Previous wording

The table below compares revenues for the six months ended June 30, 2025 to the six months ended June 30, 2024.

Current wording

The table below compares revenues for the nine months ended September 30, 2025 to the nine months ended September 30, 2024.

Previous wording

Revenues attributable to our Electricity segment for the six months ended June 30, 2025, were $340.2 million, compared to $357.5 million for the six months ended June 30, 2024. The decrease of $17.3 million in our Electricity segment revenues was mainly attributable to: (i) a $6.4 million decrease due to a temporary reduction in generation in our Puna power plant, primarily caused by wellfield issues in the first half of 2025; (ii) a $6.5 million decrease related to curtailments mainly from McGinness Hills, Tungsten and Dixie Valley; (iii) a $2.6 million decrease related to the Stillwater power plant, primarily due to planned repowering of the power plant; and (iv) an additional reduction in revenues in lower amounts at a number of other power plants. This decrease was partially offset by a $3.6 million increase in revenues in the Beowawe power plant, primarily due to a full year of operation of the Beowawe power plant.

Current wording

Revenues attributable to our Electricity segment for the nine months ended September 30, 2025, were $507.3 million, compared to $522.1 million for the nine months ended September 30, 2024. The decrease of $14.9 million in our Electricity segment revenues was mainly attributable to: (i) a $9.6 million decrease in revenues due to a temporary reduction in generation in our Puna power plant, primarily caused by wellfield issues during the first half of 2025 and lower energy rates in the third quarter; (ii) a $15.6 million decrease in revenues primarily related to curtailments from McGinness Hills, Tungsten and Dixie Valley; (iii) a $3.2 million decrease in revenues related to the Stillwater power plant, primarily due to planned repowering of the power plant; and (iv) an additional reduction in revenues in lower amounts at a number of other power plants. This decrease was partially offset by (i) a $3.3 million increase in revenues related to the Blue Mountain power plant which was purchased in June 2025; (ii) a $4.3 million increase in revenues related to the Beowawe repower project which commenced commercial operation in the second quarter of 2024; and (iii) a $4.2 million increase in revenues in the Dixie Valley power plant, net of curtailment, due to the unscheduled maintenance work in 2024.

Previous wording

Power generation in our power plants decreased by 0.1% from 3,761,131 MWh in the six months ended June 30, 2024 to 3,756,619 MWh in the six months ended June 30, 2025.

Current wording

Power generation in our power plants decreased by 1.8% from 5,437,679 MWh in the nine months ended September 30, 2024 to 5,338,053 MWh in the nine months ended September 30, 2025.

Previous wording

Revenues attributable to our Product segment for thesix months ended June 30, 2025 were $91.4 million, compared to $62.7 million for thesix months ended June 30, 2024. This increase of $28.7 million, or 45.8%, is primarily related to the progress in our projects which results in the timing of when revenues are recognized. During thesix months ended June 30,

Current wording

Revenues attributable to our Product segment for thenine months ended September 30, 2025 were $153.6 million, compared to $100.0 million for thenine months ended September 30, 2024. This increase of $53.6 million, or 53.6%, is primarily related to the progress in our projects which results in the timing of when revenues are recognized. During thenine months ended September 30, 2025, and 2024, Product revenues included projects primarily in New Zealand and Dominica.

Previous wording

Revenues attributable to our Energy Storage segment for the six months ended June 30, 2025 were $32.2 million compared to $17.0 million for the six months ended June 30, 2024. The increase of$15.3 millionis primarily related tothe new energy storage facilities which commenced commercial operation after the first half of 2024 such as Montague and Bottleneck in the fourth quarter of 2024, and the East Flemington energy storage facility which commenced commercial operations during the first quarter of 2024, as well as higher energy rates at PJM interconnect facilities in the six months ended June 30, 2024, compared to the same period in the previous year.

Current wording

Revenues attributable to our Energy Storage segment for the nine months ended September 30, 2025 were $52.6 million compared to $26.8 million for the nine months ended September 30, 2024. The increase of$25.8 millionis primarily related to (i)the East Flemington energy storage facility which commenced commercial operations during the first quarter of 2024; (ii) the Bottleneck, Montague, and Lower Rio energy storage facilities which commenced commercial operation in the fourth quarter of 2024 or later; and (iii) higher energy rates at PJM storage facilities in the nine months ended September 30, 2025, compared to the same period in the previous year.

Previous wording

The table below compares cost of revenues for the six months ended June 30, 2025 to the six months ended June 30, 2024.

Current wording

The table below compares cost of revenues for the nine months ended September 30, 2025 to the nine months ended September 30, 2024.

Previous wording

Total cost of revenues attributable to our Electricity segment for the six months ended June 30, 2025 was $241.1 million, compared to $227.2 million for the six months ended June 30, 2024, which represents an increase of $13.8 million, or 6.1%. The increase is primarily attributable to (i) an increase in the aggregated amount of power plants depreciation of $10.0 million, as a results of our investments in our power plants; (ii) an increase of $1.5 million and $1.3 million, in the CD4 power plant and the Heber complex, respectively, associated with property tax expenses relating to prior years which were recorded in 2025; and (iii) additional increases in lower amounts in our other power plants.

Current wording

Total cost of revenues attributable to our Electricity segment for the nine months ended September 30, 2025 was $365.7 million, compared to $342.2 million for the nine months ended September 30, 2024, which represents an increase of $23.5 million, or 6.9%. This increase is primarily attributable to (i) an increase in power plants depreciation expenses of $15.9 million, as a result of our investments in our power plants; (ii) an increase of $3.8 million and $2.0 million, in the CD4 power plant and the Heber complex, respectively, primarily associated with property tax expenses relating to prior years which were recorded in 2025; (iii) an increase of $1.3 million in the Stillwater power plant as a result of maintenance work during the third quarter of 2025; and (iv) additional increases in lower amounts in our other power plants.