ORMAT TECHNOLOGIES, INC.

Previous 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.

Current wording

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

Previous wording

•Concentration of customers, specific projects and regions may expose us to heightened financial exposure.

Current wording

•Concentration of customers, specific projects and regions may expose us to heightened financial risk.

Previous wording

•Changes in costs and technology may significantly impact our business by making our power plants and products less competitive, resulting in our inability to sign new or recontracted PPAs for our Electricity segment and new supply and EPC contracts for our Products segment.

Current wording

•Changes in costs and technology may significantly impact our business by making our power plants and products less competitive, resulting in our inability to sign new or recontracted PPAs for our Electricity segment and new supply and EPC contracts for our Product segment.

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 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.

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 six months ended June 30, 2026, we derived 70.3% and 71.4%, respectively, of our Electricity segment revenues from our operations in the United States and 29.7% and 28.6%, 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 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.

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 six months ended June 30, 2026, we derived 5.8% and 2.1%, respectively, of our Product segment revenues from our operations in the United States and 94.2% and 97.9%, respectively, from the rest of the world.

Previous 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.

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 and six months ended June 30, 2026, we derived all of our Energy Storage segment revenues from our operations in the United States.

Previous wording

Our current generating portfolio of approximately 1.6 GW includes geothermal power plants in the United States, Kenya, Guatemala, Honduras, Guadeloupe and Indonesia, as well as energy storage facilities, recovered energy generation and Solar PV power plants in the United States.

Current wording

Our current generating portfolio of approximately 1.8 GW includes geothermal power plants in the United States, Kenya, Guatemala, Honduras, Guadeloupe and Indonesia, as well as energy storage facilities, recovered energy generation and solar PV power plants in the United States.

Previous wording

•In March 2026, we commenced commercial operations of the Shirk energy storage facility, an 80MW/320MWh Battery Energy Storage System (BESS) located in Visalia, California. The Shirk energy storage facility secures capacity under a 15-year Resource Adequacy Purchase and Sale Agreement (RA Agreement) with the City of Riverside, supporting grid reliability and helping meet California’s growing demand for flexible energy resources.

Current wording

•In March 2026, we commenced commercial operations of the Shirk energy storage facility, an 80MW/320MWh Battery Energy Storage System (BESS) located in Visalia, California. The Shirk energy storage facility secures capacity under a 15-year Resource Adequacy Purchase and Sale Agreement (RA Agreement) with the City of Riverside, supporting grid reliability and helping meet California’s growing demand for flexible energy resources. The Shirk project qualifies for a 40% Investment Tax Credit (ITC), the tax benefits of which the Company monetized as part of the hybrid tax equity partnership with Morgan Stanley Renewables, Inc. that the Company announced in May 2025. This partnership supports the funding and optimization of the Company’s growing energy storage portfolio.

Previous wording

•In February 2026, we entered into a long-term geothermal portfolio PPA to supply up to 150MW of new geothermal capacity to support Google’s data center’s energy needs, through NV Energy’s Clean Transition Tariff program. The portfolio structure is expected to enable the development of multiple new geothermal projects across Nevada, with energy deliveries anticipated to commence between 2028 and 2030 as projects reach commercial operations. Per the PPA structure, the contract term begins with the first geothermal project achieving commercial operations and extends 15 years beyond the final project’s commercial operations date. The agreement and related energy supply arrangements are subject to approval by the Nevada PUC, which is expected in the second half of 2026.

Current wording

•In February 2026, we entered into a long-term geothermal portfolio PPA to supply up to 150MW of new geothermal capacity to support Google’s data center energy needs, through NV Energy’s Clean Transition Tariff program. The portfolio structure is expected to enable the development of multiple new geothermal projects across Nevada, with energy deliveries anticipated to commence between 2028 and 2030 as projects reach commercial operations. Per the PPA structure, the contract term begins with the first geothermal project achieving commercial operations and extends 15 years beyond the final project’s commercial operations date. The agreement and related energy supply arrangements are subject to approval by the Nevada PUC, which is expected in the second half of 2026.

Previous wording

•In January 2026, we acquired Hoku, a recently built operational solar-plus-storage facility on the Big Island of Hawaii, from Innergex Renewable Energy Inc. for total cash consideration of $79.3 million. The acquired assets include a 30MW solar PV facility paired with a 30MW/120MWh battery energy storage system, which achieved commercial operation in March 2025 and is fully operational. All output from the facility is sold under a 25-year fixed-price power purchase agreement with HECO.

Current wording

•In January 2026, we acquired Hoku, a recently built operational solar-plus-storage facility on the Big Island of Hawaii, from Innergex Renewables USA LLC for total cash consideration of $79.3 million. The acquired assets include a 30MW solar PV facility paired with a 30MW/120MWh battery energy storage system, which achieved commercial operation in March 2025 and is fully operational. All output from the facility is sold under a 25-year fixed-price power purchase agreement with HECO.

Previous 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.

Current wording

For the six months ended June 30, 2026, 94.4% 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

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.

Current wording

In the six months ended June 30, 2026 and 2025, 48.2% and 38.6% of our total revenues, respectively, were derived from foreign locations, and 36.4% and 44.7% for the three months ended June 30, 2026 and 2025, 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 72.5% 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.

Current wording

Electricity Segment. Our Electricity segment domestic revenues were approximately 71.4% and 72.2% of our total Electricity segment revenues for the six months ended June 30, 2026 and 2025, respectively, and 70.3% and 69.7% for the three months ended June 30, 2026 and 2025, respectively. Our Electricity segment foreign revenues were approximately 28.6% and 27.8% of our total Electricity segment revenues for the six months ended June 30, 2026 and 2025, respectively, and 29.7% and 30.3% for the three months ended June 30, 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 six months ended June 30, 2026 and 2025, our foreign operations of the segment accounted for 28.5% and 40.1%, respectively, of our total gross profits, 39.3% and 49.2%, respectively, of our net income (assuming the majority of corporate operating expenses and financing are recorded under our domestic jurisdiction), and 27.7% and 28.6%, respectively, of our EBITDA.

Previous 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.

Current wording

Product Segment. Our Product segment foreign revenues were approximately 97.9% and 92.6% of our total Product segment revenues for the six months ended June 30, 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 months ended March 31, 2026 and 2025.

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 six months ended June 30, 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 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.

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, although during 2026 we experienced high merchant prices in the second quarter as well.

Previous 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.

Current wording

Power generation in our power plants increased by 3.0% from 1,747,022 MWh in the three months ended June 30, 2025 to 1,800,289 MWh in the three months ended June 30, 2026.

Previous 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.

Current wording

Revenues attributable to our Energy Storage segment for the three months ended June 30, 2026 were $42.8 million compared to $14.5 million for the three months ended June 30, 2025. This increase of $28.3 million is primarily related to higher energy rates at PJM storage facilities in the three months ended June 30, 2026, compared to the same period in the previous year, and related to new energy storage facilities such as Arrowleaf and Lower Rio which commenced commercial operations in December 2025 and September 2025, respectively, Hoku, which was acquired in January 2026, and Shirk which commenced commercial operations in March 2026, which contributed $7.7 million to revenues, combined.

Previous wording

Total cost of revenues attributable to our Electricity segment for the three months ended March 31, 2026 was $125.7 million, compared to $119.8 million for the three months ended March 31, 2025, which represents an increase of $5.9 million, or 4.9%. This increase is primarily attributable to $2.0 million related to the Blue Mountain power plant which was purchased in June 2025, $2.4 million increase in power plant depreciation expenses, as a result of our investment in our power plant, and to other smaller amount increases in certain other power plants.

Current wording

Total cost of revenues attributable to our Electricity segment for the three months ended June 30, 2026 was $129.1 million, compared to $121.2 million for the three months ended June 30, 2025, which represents an increase of $7.9 million, or 6.5%. This increase is primarily attributable to $1.6 million related to the Blue Mountain power plant which was purchased in June 2025, $2.5 million increase in power plant depreciation expenses as a result of our investment in our power plants, and to other smaller amount increases in certain other power plants.

Previous 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.

Current wording

Our total Electricity segment cost of revenues for the three months ended June 30, 2026 was 76.3% of Electricity segment revenues, compared to 75.8% for the three months ended June 30, 2025. The cost of revenues attributable to our international power plants for the three months ended June 30, 2026 was 18.3% of our total Electricity segment cost of revenues for this period compared to 18.0% for the same period in the prior year.

Previous 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.

Current wording

Cost of revenues attributable to our Energy Storage segment for the three months ended June 30, 2026 was $18.7 million compared to $12.8 million for the three months ended June 30, 2025. This increase of $6.0 million includes an increase of $3.6 million in depreciation and amortization expenses, and is primarily related to the new energy storage facilities such as Arrowleaf and Lower Rio which commenced commercial operations in December 2025 and September 2025, respectively, Hoku, which was acquired in January 2026, and Shirk, which commenced commercial operations in March 2026, which contributed $2.4 million to cost of revenues, combined.

Previous 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.

Current wording

Research and development expenses for the three months ended June 30, 2026 were $1.5 million, compared to $1.4 million for the three months ended June 30, 2025. The increase in research and development expenses, net, is primarily related to the timing of when we allocate resources to research and development projects.

Previous 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.

Current wording

Write-off of unsuccessful exploration and storage activities for the three months ended June 30, 2026 was $6.6 million compared to $0.3 million for the three months ended June 30, 2025. These write-offs are primarily related to storage projects that the Company decided to no longer pursue.

Previous 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.

Current wording

Interest income for the three months ended June 30, 2026 was $7.1 million, compared to $1.9 million for the three months ended June 30, 2025. Interest income is primarily related to interest earned on cash and cash equivalents held by the Company during the period. The increase in interest income is attributable to higher cash deposits, period over period, originated from the proceeds of 2031 Convertible Notes.

Previous wording

Interest expense, net for the three months ended March 31, 2026 was $45.0 million, compared to $34.5 million for the three months ended March 31, 2025. This increase of $10.5 million was primarily attributable to interest expense relating to loan agreements and tax monetization transactions entered into subsequently to the first quarter of 2025, as well as lower amount of interest capitalized due to the completion of certain of construction-in-process projects. This increase was partially offset by lower interest expenses on other existing loans as a result of their scheduled payments.

Current wording

Interest expense, net for the three months ended June 30, 2026 was $43.9 million, compared to $36.7 million for the three months ended June 30, 2025. This increase of $7.3 million was primarily attributable to interest expense relating to issuance of the 2031 Convertible Notes in March 2026, and loan agreements and tax monetization transactions entered into subsequently to the second quarter of 2025. This increase was partially offset by lower interest expenses on other existing loans as a result of their scheduled payments.

Previous 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.

Current wording

Derivatives and foreign currency transaction gains and losses for the three months ended June 30, 2026 was a gain of $0.3 million, compared to a gain of $5.1 million for the three months ended June 30, 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 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.

Current wording

Income attributable to the sale of tax benefits for the three months ended June 30, 2026 was $16.6 million, compared to $16.3 million for the three months ended June 30, 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 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.

Current wording

Income tax benefit for the three months ended June 30, 2026 was $9.7 million compared to income tax benefit of $5.5 million for the three months ended June 30, 2025. This change primarily relates to the generation of additional investment tax credits, the partial reversal of the provision for uncertain tax positions, and the jurisdictional mix of earnings at differing tax rate. Our effective tax rate for the three months ended June 30, 2026 and 2025, was (56.3)% and (24.9)%, respectively. The effective rate differs from the federal statutory rate of 21% primarily due to the generation of investment tax credits.

Previous 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.

Current wording

Equity in earnings of investees, net for the three months ended June 30, 2026 was a loss of $0.8 million, compared to earnings of $0.8 million for the three months ended June 30, 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 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.

Current wording

Net income attributable to the Company’s stockholders for the three months ended June 30, 2026 was $27.1 million, compared to $28.0 million for the three months ended June 30, 2025, which represents a decrease of $1.0 million. This decrease is attributable to a decrease of $2.2 million in net income which was affected by the explanations described above, and a decrease of $1.2 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

Revenues attributable to our Electricity segment for the three months ended March 31, 2026 were $181.6 million, compared to $180.2 million for the three months ended March 31, 2025. This increase of $1.4 million was mainly attributable to: (i) $3.2 million related to the Blue Mountain power plant which was purchased in June 2025; (ii) $4.3 million related to the Olkaria power plant primarily due increase in generation resulting from a successful drilling of additional wells, reduction in curtailments and better resource utilization; and (iii) $2.8 million related to the Dixie Valley power plant primarily as a result of reduction in curtailments from SCE. This increase was partially offset by: (i) $3.7 million decrease in revenues in our Puna power plant, primarily due to reduction in Puna’s energy rates that are tied to oil prices as well as lower generation due to adverse weather during the first quarter of 2026 which disrupted the power plant operations; (ii) $3.3 million decrease in revenues in our Heber complex primarily due to planned maintenance work. In addition, unfavorable ambient temperatures in the first quarter of 2026 resulted in a decline in generation and, consequently, in revenues across our fleet and primarily in Steamboat with a $1.0 million reduction, the MGH complex with a $0.9 million reduction, and at Stillwater with a $0.4 million reduction.

Current wording

Revenues attributable to our Electricity segment for the six months ended June 30, 2026, were $350.9 million, compared to $340.2 million for the six months ended June 30, 2025. The increase of $10.7 million in our Electricity segment revenues was mainly attributable to: (i) $5.8 million related to the Blue Mountain power plant which was purchased in June 2025; (ii) $6.9 million related to the Olkaria power plant, primarily due to an increase in generation resulting from a successful drilling of additional wells and better resource utilization; and (iii) $3.7 million related to the Dixie Valley power plant primarily as a result of reduction in curtailments from SCE. This increase was partially offset by a $3.7 million decrease in revenues related to the Heber complex due to planned maintenance work that took place in 2025. In addition, unfavorable ambient temperatures in the first half of 2026 resulted in a decline in generation and, consequently, in revenues across our power plant fleet.

Previous 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.

Current wording

Revenues attributable to our Product segment for thesix months ended June 30, 2026 were $224.1 million, compared to $91.4 million for thesix months ended June 30, 2025. This increase of $132.7 million, or 145.3%, 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 projects which results in the timing of when revenues are recognized. During thesix months ended June 30, 2026, Product revenues included projects primarily in New Zealand and Turkey, and during thesix months ended June 30, 2025, Product revenues included projects primarily in New Zealand and Dominica.

Previous 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.

Current wording

Total cost of revenues attributable to our Product segment for the six months ended June 30, 2026 was $181.6 million, compared to $67.8 million for the six months ended June 30, 2025, which represented a 167.9% increase. This increase was 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, our total cost of revenues attributable to our Product segment for the six months ended June 30, 2026, and 2025, was 81.0% and 74.2%, respectively, which results from the different profitability of the different projects included in each period.

Previous 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.

Current wording

Selling and marketing expenses for the six months ended June 30, 2026 were $11.5 million compared to $8.5 million for the six months ended June 30, 2025. Selling and marketing expenses for the six months ended June 30, 2026 constituted 1.7% of total revenues, compared to 1.8% for the six months ended June 30, 2025.

Previous 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.

Current wording

General and administrative expenses for the six months ended June 30, 2026 were $48.4 million compared to $37.7 million for the six months ended June 30, 2025. The increase of $10.7 million in general and administrative expenses is primarily attributable to: (i) an increase in employee-related costs of $2.5 million, including an increase of $0.7 million of stock-based compensation; (ii) the settlement agreement amount related to the previously-disclosed 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; and (iii) timing of cost of services provided, primarily from professional service providers.

Previous 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.

Current wording

Other operating income for the six months ended June 30, 2026 was $5.1 million compared to $7.4 million for the six months ended June 30, 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. Other operating income for the six months ended June 30, 2026 also includes income recognition from services provided to Sage.

Previous wording

Impairment of long-lived assets for the three months ended March 31, 2026 of $8.1 million is related to the Pomona 1 battery energy storage facility. During the first quarter of 2026, the Company approved a project to construct the new Pomona 3 storage facility which will replace the existing Pomona 1 storage facility. The Pomona 1 storage facility is scheduled for demolishing in late 2026 to facilitate the construction of the new storage facility. There was no impairment of long-lived assets during the three months ended March 31, 2025.

Current wording

Impairment of long-lived assets for the six months ended June 30, 2026 was $8.4 million compared to none for the six months ended June 30, 2025. Impairment of long-lived assets for in 2026 is primarily related to the Pomona 1 battery energy storage facility. During the first quarter of 2026, the Company approved a project to construct the new Pomona 3 storage facility which will replace the existing Pomona 1 storage facility. The Pomona 1 storage facility is scheduled for demolishing in late 2026 to facilitate the construction of the new storage facility.

Previous wording

Other non-operating income (expense), net for the three months ended March 31, 2026 was an expense of $23.1 million, compared to an income of $0.2 million for the three months ended March 31, 2025. Other non-operating income for the three months ended March 31, 2026 is primarily related to the induced conversion expense of $33.7 million resulting from the repurchase of the 2027 Convertible Notes, offset primarily by a bargain purchase gain of $9.6 million related to the purchase transaction of the Hoku storage and solar facility.

Current wording

Other non-operating income (expense), net for the six months ended June 30, 2026 was $(20.1) million, compared to $0.3 million for the six months ended June 30, 2025. Other non-operating income for the six months ended June 30, 2026 is primarily related to the induced conversion expense of $34.4 million resulting from the repurchase of the 2027 Convertible Notes, offset primarily by a bargain purchase gain of $9.6 million related to the purchase transaction of the Hoku storage and solar facility, and to the remeasurement of our SAFE investment in an unconsolidated investee under the measurement alternative accounting.

Previous 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.

Current wording

As of June 30, 2026, we had access to (i) $513.7 million in cash and cash equivalents, of which $179.8 million is held by our foreign subsidiaries; and (ii) $377.3 million of unused corporate borrowing capacity under existing committed lines for credit and letters of credit with different commercial banks.

Previous wording

Our estimated capital needs for the remainder of 2026 include $587 million for capital expenditures on new projects under development or construction including energy storage projects, exploration activity and maintenance capital expenditures for our existing projects. In addition, $224.0 million will be needed for long-term debt repayment.

Current wording

Our estimated capital needs for the remainder of 2026 include $449.0 million for capital expenditures on new projects under development or construction including energy storage projects, exploration activity and maintenance capital expenditures for our existing projects. In addition, $133.7 million will be needed for long-term debt repayment.