ORMAT TECHNOLOGIES, INC.

Previous wording

•Our exploration, development, and operation of geothermal energy resources are subject to geological risks and uncertainties, which may result in insufficient prospects to support our growth, decreased performance or increased costs for our power plants.

Current wording

•Our exploration, development, and operation of geothermal energy resources are subject to geological risks and uncertainties.

Previous wording

•Our investments in BESS technology involves new technologies and expected advanced technologies with relatively limited history with respect to reliability and performance and may not perform as expected. In addition, our investments and profitability may be negatively affected by a number of factors, including increases in storage costs, expanded trade restrictions, risk of fire and volatility in merchant prices.

Current wording

•Our investments and profitability in Battery Energy Storage System (BESS) may be negatively affected by a number of factors, including increases in storage costs, expanded trade restrictions, risk of fire, volatility in merchant prices and competition.

Previous wording

•Conditions in and around Israel, where the majority of our senior management and our main production and manufacturing facilities are located, may adversely affect our operations and may limit our ability to produce and sell our products, and support our Electricity segment.

Current wording

•Conditions in and around Israel (including conflicts involving Iran and its proxies) where much of our senior management and our main Product segment production and manufacturing facilities are located, may adversely affect our operations and may limit our ability to produce and sell our products, and may limit our ability to support our operations.

Previous wording

•Some of our leases will terminate if we do not extract geothermal resources in “commercial quantities” or if we fail to comply with the terms or stipulations of such leases or any of the provisions of the Geothermal Steam Act or if the lessor under any such lease defaults on any debt secured by the relevant property, thus requiring us to enter into new leases or secure rights to alternate geothermal resources, none of which may be available on terms as favorable to us as any such terminated lease, if at all.

Current wording

•Some of our leases will terminate if we do not extract geothermal resources in “commercial quantities” or fail to comply with such leases or applicable law or if the lessor under any such lease defaults on any debt secured by the relevant property.

Previous wording

•Our business development activities may not be successful and our projects under construction or facilities undergoing enhancement and repowering may encounter delays.

Current wording

•Our business development activities may not be successful and our projects under construction or facilities undergoing enhancement and repowering may be delayed due to permitting, regulatory, interconnection and other factors.

Previous wording

•The reduction, elimination or inability to monetize government incentives could adversely affect our business, financial condition, future results and cash flows.

Current wording

•The reduction, elimination or inability to monetize government incentives and tax credits could adversely affect our business, financial condition, future results and cash flows.

Previous wording

•We are a holding company and our cash depends substantially on the performance of our subsidiaries and the power plants they operate, most of which are subject to restrictions and taxation on dividends and distributions.

Current wording

•Our operations are primarily conducted through our subsidiaries, which are separate legal entities, and our ability to generate cash depends substantially on the performance of our subsidiaries and the power plants they operate, most of which are subject to restrictions and taxation on dividends and distributions.

Previous wording

•The costs of compliance with federal, state, local and foreign environmental laws and our ability to obtain and maintain environmental permits and governmental approvals required for development, construction and/or operation may result in liabilities, costs and delays in construction (as well as any fines or penalties that may be imposed upon us in the event of any non-compliance or delays with such laws or regulations).

Current wording

•The costs of compliance with federal, state, local and foreign environmental laws and our ability to obtain and maintain environmental permits and governmental approvals required for development, construction and/or operation, may result in liabilities, increased costs and delays in construction (as well as fines or penalties that may be imposed upon us in the event of non-compliance with such laws or regulations).

Previous wording

•Our power plants have generally been financed through a combination of our corporate funds and limited or non-recourse project finance debt and lease financing. If our project subsidiaries default on their obligations under such limited or non-recourse debt or lease financing, we may be required to make certain payments to the relevant debt holders, and if the collateral supporting such leveraged financing structures is foreclosed upon, we may lose certain of our power plants.

Current wording

•If our project subsidiaries default on their obligations under debt or lease financing arrangements, we may be required to make payments to the relevant debt holders, and if the collateral is foreclosed upon, we may lose certain of our power plants.

Previous wording

•We are exposed to swap counterparty credit risk.

Current wording

•We are exposed to various credit risks.

Previous wording

We are a leading vertically integrated company that is primarily engaged in the geothermal energy power business. We leverage our core capabilities and global presence to expand our activity in recovered energy generation and into different energy storage services and solar PV (including hybrid geothermal and solar PV as well as solar plus energy storage). Our objective is to become a leading global provider of renewable energy and help to mitigate climate change by providing a replacement to carbon-intensive energy sources. We have adopted a strategic plan to focus on several key initiatives to expand our business.

Current wording

We are a leading vertically integrated company primarily engaged in the geothermal power business. We leverage our core capabilities, proprietary technologies, and global presence to expand our activities in conventional geothermal development, recovered energy generation and emerging geothermal technologies, including piloting of new EGS technologies. In addition, we are expanding into different complementary energy solutions, including stand-alone utility scale energy storage services and solar PV generation (including hybrid geothermal and solar PV as well as solar plus energy storage). Our objective is to become a leading global provider of renewable energy and to help mitigate climate change by providing reliable base-load and flexible alternatives to carbon-intensive energy sources. To support this objective, we have adopted a strategic plan focused on several key initiatives to expand our business, including advancing EGS through collaborations and pilot projects, diversifying our renewable energy offerings, and leveraging our operational expertise to drive long-term growth.

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 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.

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 months ended March 31, 2026, we derived 72.5% of our Electricity segment revenues from our operations in the United States and 27.5% 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 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.

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 months ended March 31, 2026, we derived 1.2% of our Product segment revenues from our operations in the United States and 98.8% 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 nine months ended September 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, stand alone In Front of the Meter BESS facilities, which provide capacity, energy and/or ancillary services directly to the electric grid. We operate our facilities in three main areas in the U.S., California, Texas and the East Coast (mainly in the PJM market) and generate our revenues mainly from the sale of ancillary services in the merchant market and /or tolling agreements and RA contracts. In the three months ended March 31, 2026, we derived all of our Energy Storage segment revenues from our operations in the United States.

Previous wording

•In August 2025, we announced the signing of a strategic commercial agreement with Sage Geosystems Inc. (“Sage”), a pioneer in next-generation geothermal and energy storage technology. Under the terms of the agreement, Sage will pilot its advanced pressure geothermal technology to extract geothermal heat energy from hot dry rock at an existing Ormat power plant. This collaboration aims to significantly reduce the time needed to bring geothermal energy to market and is expected to enhance the Company’s operational efficiency while accelerating the implementation of next-generation geothermal solutions. The strategic commercial agreement is expected to close by the end of 2025.

Current wording

•In January 2026, we made a $25 million investment in Sage Geosystems Inc. (“Sage”) as part of Sage’s Series B financing round. This investment represents an important milestone in our strategy to expand our EGS portfolio and capabilities and supports the continued development and commercialization of next-generation geothermal technology. In August 2025, we also announced the signing of a strategic commercial agreement with Sage. Under the terms of the agreement, Sage will pilot its advanced pressure geothermal technology to extract geothermal heat energy from hot dry rock at an existing Ormat power plant. This collaboration aims to significantly reduce the time needed to bring geothermal energy to market and is expected to enhance the Company’s operational efficiency while accelerating the implementation of next-generation geothermal solutions. The strategic commercial agreement was closed.

Previous 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.

Current wording

For the three months ended March 31, 2026, 94.7% 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, which we expect to be in effect in 2027.

Previous wording

Revenues attributable to our Energy Storage segment are generated by several grid-connected BESS facilities that we own and operate that sell energy, capacity and/or ancillary services in merchant markets like PJM Interconnect, ISO New England, ERCOT and CAISO or under tolling agreements that have fixed revenues. The revenues fluctuate over time since a large portion of such revenues are generated in the merchant markets, where price volatility is inherent. We are seeking to reduce volatility by increasing the amount of long-term tolling agreements in our portfolio.

Current wording

Revenues attributable to our Energy Storage segment are generated by several grid-connected BESS facilities that we own and operate from selling energy, capacity and/or ancillary services in merchant markets like PJM Interconnect, ISO New England, ERCOT and CAISO or under tolling agreements that have fixed revenues. The revenues fluctuate over time since a large portion of such revenues are generated in the merchant markets, where price volatility is inherent. We are seeking to reduce volatility by increasing the amount of long-term tolling agreements in our portfolio. In the two solar PV plus energy storage facilities, although the solar capacity is included in the Electricity Segment portfolio, 100% of the revenues are recorded under the Energy Storage segment.

Previous 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.

Current wording

In the three months ended March 31, 2026 and 2025, 55.8% and 32.4% of our total revenues, respectively, were derived from foreign locations. 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 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.

Current wording

Electricity Segment. Our Electricity segment domestic revenues were approximately 72.5% and 74.5% of our total Electricity segment revenues for the three months ended March 31, 2026 and 2025, respectively. Our Electricity segment foreign revenues were approximately 27.5% and 25.5% of our total Electricity segment revenues for the three months ended March 31, 2026 and 2025, 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 three months ended March 31, 2026 and 2025, our foreign operations of the segment accounted for 22.6% and 34.8%, respectively, of our total gross profits, 30.1% and 38.1%, respectively, of our net income (assuming the majority of corporate operating expenses and financing are recorded under our domestic jurisdiction), and 26.3% and 26.5%, respectively, of our EBITDA.

Previous 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.

Current wording

Product Segment. Our Product segment foreign revenues were approximately 98.8% and 89.8% of our total Product segment revenues for the three months ended March 31, 2026 and 2025, 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 nine months ended September 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 months ended March 31, 2026 and 2025.

Previous wording

Electricity generation from some of our geothermal power plants is subject to seasonal variations. In the winter, our power plants produce more energy primarily attributable to the lower ambient temperature, which has a favorable impact on the energy component of our Electricity segment revenues as the prices under many of our contracts are fixed throughout the year with no time-of-use impact. The prices paid for electricity under the PPAs for the Mammoth Complex and the North Brawley power plant in California, the Raft River power plant in Idaho, the Neal Hot Springs power plant in Oregon and the Dixie Valley power plant in Nevada are higher in the months of June through September. The higher payments payable under these PPAs in the summer months partially offset the negative impact on our revenues from lower generation in the summer attributable to a higher ambient temperature. As a result, we expect the revenues and gross profit in the winter months to be higher than the revenues and gross profit in the summer months and in general we expect the first and fourth quarters to generate higher revenues than the second and third quarters. In the Energy Storage segment pursuant to the Bottleneck tolling agreement, approximately 45% of the revenues are generated in the third quarter, and the rest is nearly even between the first, second and fourth quarters.

Current wording

Electricity generation from some of our geothermal power plants is subject to seasonal variations. In the winter, our power plants produce more energy primarily attributable to the lower ambient temperature, which has a favorable impact on the energy component of our Electricity segment revenues as the prices under many of our contracts are fixed throughout the year with no time-of-use impact. The prices paid for electricity under the PPAs for the Mammoth Complex and the North Brawley power plant in California, the Raft River power plant in Idaho, the Neal Hot Springs power plant in Oregon and Dixie Valley power plant in Nevada, are higher in the months of June through September. The higher payments payable under these PPAs in the summer months partially offset the negative impact on our revenues from lower generation in the summer attributable to a higher ambient temperature. As a result, we expect the revenues and gross profit in the winter months to be higher than the revenues and gross profit in the summer months and in general we expect the first and fourth quarters to generate higher revenues than the second and third quarters. In the Energy Storage segment pursuant to the Bottleneck tolling agreement, approximately 45% of the revenues are generated in the third quarter, and the rest is roughly even between the first, second and fourth quarters. In addition, we see in the last two years higher revenues during the first quarter and fourth quarter due to high merchant pricing at PJM market.

Previous 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.

Current wording

Power generation in our power plants increased by 2.6% from 1,978,078 MWh in the three months ended March 31, 2025 to 2,029,630 MWh in the three months ended March 31, 2026.

Previous 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.

Current wording

Revenues attributable to our Product segment for the three months ended March 31, 2026 were $177.4 million, compared to $31.8 million for the three months ended March 31, 2025. This increase of $145.6 million, or 458.4%, is primarily related to: (i) the sale of the TOPP2 power plant in New Zealand for which revenues of $105.1 million were recognized in the first quarter of 2026 upon meeting all revenue recognition criteria during that quarter; and (ii) the progress in our other projects and timing of when revenues are recognized during the period. During the three months ended March 31, 2026, Product revenues included projects primarily in New Zealand and Turkey, and during the three months ended March 31, 2025, projects in New Zealand and Dominica.

Previous 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.

Current wording

Revenues attributable to our Energy Storage segment for the three months ended March 31, 2026 were $44.9 million compared to $17.8 million for the three months ended March 31, 2025. This increase of $27.2 million is primarily related to higher energy rates at PJM storage facilities in the three months ended March 31, 2026, compared to the same period in the previous year, and $3.9 million from new energy storage facilities such as Arrowleaf which commenced commercial operation in December 2025 and Hoku which was acquired in January 2026.

Previous 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.

Current wording

Our total Electricity segment cost of revenues for the three months ended March 31, 2026 was 69.2% of Electricity segment revenues, compared to 66.5% for the three months ended March 31, 2025. The cost of revenues attributable to our international power plants for the three months ended March 31, 2026 was 18.1% of our total Electricity segment cost of revenues for this period compared to 17.2% for the same period in the prior year.

Previous 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.

Current wording

Total cost of revenues attributable to our Product segment for the three months ended March 31, 2026 was $139.4 million, compared to $24.7 million for the three months ended March 31, 2025, which represented a 464.8% increase. This increase is primarily attributable to the increase in Product segment revenues, including the sale of the TOPP2 power plant, 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 March 31, 2026, and 2025, was 78.6% and 77.7%, 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 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.

Current wording

Cost of revenues attributable to our Energy Storage segment for the three months ended March 31, 2026 was $18.4 million compared to $12.3 million for the three months ended March 31, 2025. This increase of $6.1 million includes an increase of $2.5 million in depreciation and amortization expenses, and is primarily related to the new energy storage facilities such as Arrowleaf, Lower Rio and Hoku as described above under the Energy Storage segment revenues caption.

Previous 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.

Current wording

Research and development expenses for the three months ended March 31, 2026 were $1.1 million, compared to $2.5 million for the three months ended March 31, 2025. 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 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.

Current wording

Selling and marketing expenses for the three months ended March 31, 2026 were $5.6 million compared to $4.2 million for the three months ended March 31, 2025. Selling and marketing expenses for the three months ended March 31, 2026 and 2025 constituted 1.4% and 1.8% of total revenues, respectively.

Previous 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.

Current wording

General and administrative expenses for the three months ended March 31, 2026 were $27.3 million compared to $17.9 million for the three months ended March 31, 2025. General and administrative expenses for the three months ended March 31, 2026 and 2025 constituted 6.8% and 7.8% of total revenues, respectively. The increase in general and administrative expenses of $9.4 million is primarily attributable to: (i) higher consulting fees in the three months ended March 31, 2026 of $1.6 million, out of which $0.8 million is related to the Hoku purchase transaction, compared to the three months ended March 31, 2025, and (ii) the settlement agreement amount related to the Engie Resources, LLC lawsuit, which was recorded in the first quarter of 2026, compared to $0.9 million related to a different legal settlement which was included in the same period of the previous year.

Previous 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.

Current wording

Other operating income for the three months ended March 31, 2026 was $4.1 million compared to $3.1 million for the three months ended March 31, 2025. 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

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.

Current wording

Write-off of unsuccessful exploration and storage activities for the three months ended March 31, 2026 was $2.1 million compared to $0.5 million for the three months ended March 31, 2025. 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 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.

Current wording

Interest Income for the three months ended March 31, 2026 was $1.4 million, compared to $1.3 million for the three months ended March 31, 2025. Interest income is primarily related to interest earned on cash and cash equivalents held by the Company during the period.

Previous 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.

Current wording

Derivatives and foreign currency transaction gains and losses for the three months ended March 31, 2026 was a loss of $1.5 million, compared to a gain of $2.1 million for the three months ended March 31, 2025. Derivatives and foreign currency transaction gains and losses primarily include gain and losses from foreign currency forward and option 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 nine months ended September 30, 2025 was $48.2 million, compared to $53.0 million for the nine months ended September 30, 2024. This income primarily represents the value of PTCs and taxable income or loss generated by certain of our power plants which are allocated to investors under tax equity transactions, and to income related to the expected sale of transferable production tax credits under the IRA regulations.

Current wording

Income attributable to the sale of tax benefits for the three months ended March 31, 2026 was $16.6 million, compared to $17.6 million for the three months ended March 31, 2025. This income primarily represents the value of PTCs and taxable income or loss generated by certain of our power plants which are allocated to investors under tax equity transactions, and to income related to the expected sale of transferable PTCs under the existing IRA regulations.

Previous 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.

Current wording

Income tax benefit for the three months ended March 31, 2026 was $15.5 million compared to income tax benefit of $3.8 million for the three months ended March 31, 2025. This change primarily relates to the generation of additional investment tax credits, the jurisdictional mix of earnings at differing tax rate, 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 March 31, 2026 and 2025, was (54.0)% and (10.1)%, respectively. The effective rate differs from the federal statutory rate of 21% primarily due to the generation of investment tax credits, the non-deductible induced conversion expense on the 2027 Convertible Notes, the permanent difference of the bargain purchase gain related to the purchase of Hoku, and the jurisdictional mix of earnings at differing tax rates.

Previous 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.

Current wording

Equity in earnings of investees, net for the three months ended March 31, 2026 was earnings of $0.5 million, compared to losses of $0.4 million for the three months ended March 31, 2025. 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 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.

Current wording

Net income attributable to the Company’s stockholders for the three months ended March 31, 2026 was $44.1 million, compared to $40.4 million for the three months ended March 31, 2025, which represents an increase of $3.7 million. This increase is attributable to an increase of $3.6 million in net income which was affected by the explanations described above, and a decrease of $0.1 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

As of September 30, 2025, we had access to (i) $79.6 million in cash and cash equivalents, of which $28.1 million is held by our foreign subsidiaries; and (ii) $387.1 million of unused corporate borrowing capacity under existing committed lines for credit and letters of credit with different commercial banks.

Current wording

As of March 31, 2026, we had access to (i) $654.6 million in cash and cash equivalents, of which $183.4 million is held by our foreign subsidiaries; and (ii) $385.4 million of unused corporate borrowing capacity under existing committed lines for credit and letters of credit with different commercial banks.