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, 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.

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, 2026, we derived 67.9% and 70.3%, respectively, of our Electricity segment revenues from our operations in the United States and 32.1% and 29.7%, 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, 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.

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, 2026, we derived 9.1% and 3.6%, respectively, of our Product segment revenues from our operations in the United States and 90.9% and 96.4%, 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 and six months ended June 30, 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 nine months ended September 30, 2026, we derived all of our Energy Storage segment revenues from our operations in the United States.

Previous wording

•In August 2026, we decided to move forward with the development of the 100MW/400MWh Daneli project in California. The project has a full tolling agreement in place with Clean Power Alliance and is expected to come online by the end of 2028.

Current wording

•In August 2026, we decided to move forward with the development of the 100MW/400MWh Denali project in California. The project has a full tolling agreement in place with Clean Power Alliance and is expected to come online by the end of 2028.

Previous wording

•On July 31, 2026, we successfully commenced commercial operations of our 10MW Dominica geothermal power in the Commonwealth of Dominica. The project operates under a 25-year power purchase agreement with Dominica Electricity Services Ltd. (“DOMLEC”) and delivers reliable, baseload renewable electricity to the local national grid.

Current wording

•In July 31, 2026, we commenced commercial operations of our 10MW Dominica geothermal power plant in the Commonwealth of Dominica. The project operates under a 25-year power purchase agreement with Dominica Electricity Services Ltd. (“DOMLEC”) and delivers baseload renewable electricity to the national grid.

Previous wording

•In June 2026, we announced the Ormega100, a new surface power generation unit engineered to deliver higher output than currently available binary solutions. The Ormega100 is expected to accelerate our opportunity to commercialize and scale our Enhanced Geothermal System (EGS) developments, connecting subsurface development with surface power generation. The Ormega100 is engineered for the high temperatures required in EGS environments, delivering 100 MW of output in a single autonomous unit.

Current wording

•In June 2026, we announced the Ormega100, a new surface power generation unit designed to deliver higher output than our currently available binary solutions. We believe the Ormega100 may accelerate our opportunity to commercialize and scale our EGS developments, connecting subsurface development with surface power generation. The Ormega100 is designed for the high temperatures required in EGS environments, and to deliver up to 100 MW gross of output in a single autonomous unit.

Previous wording

•In March 2026, we closed a private offering of $1.0 billion aggregate principal amount of convertible senior notes. The offering consists of $825 million aggregate principal amount of 1.50% Series A Convertible Senior Notes due 2031 (the “Series A Notes”) and $175 million aggregate principal amount of 0.00% Series B Convertible Senior Notes due 2031 (the “Series B Notes” and, together with the Series A Notes, the “2031 Convertible Notes”). The 2031 Convertible Notes were sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”).The Series A Notes will bear interest at a rate of 1.50% per year, payable semi-annually in arrears, and the Series B Notes will not bear regular interest. Both series of 2031 Convertible Notes will mature on March 15, 2031, unless earlier converted, redeemed or repurchased in accordance with their terms. Holders of the Series B Notes will have the right to require the Company to repurchase all or a portion of their 2031 Convertible Notes on March 15, 2027, at a repurchase price equal to 100% of the principal amount, plus any accrued and unpaid special interest, if any. The initial conversion price for both series reflects a premium of 30% over the Company’s common stock price at the time of pricing.

Current wording

•In March 2026, we closed a private offering of $1.0 billion aggregate principal amount of convertible senior notes. The offering consisted of $825 million aggregate principal amount of 1.50% Series A Convertible Senior Notes due 2031 (the “Series A Notes”) and $175 million aggregate principal amount of 0.00% Series B Convertible Senior Notes due 2031 (the “Series B Notes” and, together with the Series A Notes, the “2031 Convertible Notes”). The 2031 Convertible Notes were sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”).The Series A Notes bear interest at a rate of 1.50% per year, payable semi-annually in arrears, and the Series B Notes do not bear regular interest. Both series of 2031 Convertible Notes will mature on March 15, 2031, unless earlier converted, redeemed or repurchased in accordance with their terms. Holders of the Series B Notes have the right to require the Company to repurchase all or a portion of their Series B Notes on March 15, 2027, at a repurchase price equal to 100% of the principal amount, plus any accrued and unpaid special interest, if any. The initial conversion price for both series reflects a premium of 30% over the Company’s common stock price at the time of pricing.

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 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, at the end of 2026 or early 2027.

Previous 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.

Current wording

For the nine months ended September 30, 2026, 94.8% 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 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.

Current wording

In the nine months ended September 30, 2026 and 2025, 45.6% and 40.2% of our total revenues, respectively, were derived from foreign locations, and 39.4% and 43.2% for the three months ended September 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, Guatemala and Dominica. 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 71.4% 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.

Current wording

Electricity Segment. Our Electricity segment domestic revenues were approximately 70.3% and 71.8% of our total Electricity segment revenues for the nine months ended September 30, 2026 and 2025, respectively, and 67.9% and 70.8% for the three months ended September 30, 2026 and 2025, respectively. Our Electricity segment foreign revenues were approximately 29.7% and 28.2% of our total Electricity segment revenues for the nine months ended September 30, 2026 and 2025, respectively, and 32.1% and 29.2% for the three months ended September 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 nine months ended September 30, 2026 and 2025, our foreign operations of the segment accounted for 31.0% and 40.7%, respectively, of our total gross profits, 44.5% and 78.6%, respectively, of our net income (assuming the majority of corporate operating expenses and financing are recorded under our domestic jurisdiction), and 28.4% and 29.2%, respectively, of our EBITDA.

Previous 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.

Current wording

Product Segment. Our Product segment foreign revenues were approximately 96.4% and 93.6% of our total Product segment revenues for the nine months ended September 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 and six months ended June 30, 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 nine months ended September 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, although during 2026 we experienced high merchant prices in the second quarter as well.

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, Energy Storage segment revenues are generally less predictable, as heightened volatility in PJM can drive higher revenues at any time of year.

Previous 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.

Current wording

Power generation in our power plants decreased by (0.3)% from 1,647,912 MWh in the three months ended September 30, 2025 to 1,642,734 MWh in the three months ended September 30, 2026.

Previous wording

Revenues attributable to our Product segment for the three months ended June 30, 2026 were $46.7 million, compared to $59.6 million for the three months ended June 30, 2025. This decrease of $12.9 million, or 21.6%, is primarily related to the progress in our other projects and timing of when revenues are recognized during the period. During the three months ended June 30, 2026, Product revenues included projects primarily in New Zealand and Turkey, and during the three months ended June 30, 2025, projects in New Zealand and Dominica.

Current wording

Revenues attributable to our Product segment for the three months ended September 30, 2026 were $61.5 million, compared to $62.2 million for the three months ended September 30, 2025. This decrease of $0.7 million, or 1.2%, was primarily related to the progress in our projects and the timing of when revenues are recognized during the period. During the three months ended September 30, 2026, Product revenues included projects primarily in New Zealand and Turkey, and during the three months ended September 30, 2025, 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, 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.

Current wording

Revenues attributable to our Energy Storage segment for the three months ended September 30, 2026 were $49.9 million, compared to $20.4 million for the three months ended September 30, 2025. This increase of $29.6 million was primarily driven by high availability and higher energy rates at PJM storage facilities in the three months ended September 30, 2026, compared to the same period in the previous year. Additionally, new energy storage facilities contributed $9.3 million including Arrowleaf and Shirk, which commenced commercial operations in December 2025 and March 2026, respectively, and Hoku, which was acquired in January 2026.

Previous 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.

Current wording

Total cost of revenues attributable to our Electricity segment for the three months ended September 30, 2026 was $127.4 million, compared to $124.6 million for the three months ended September 30, 2025, which represents an increase of $2.8 million, or 2.3%. This increase was primarily attributable to a $2.6 million increase in power plant depreciation and amortization expenses as a result of our investment in our power plants.

Previous 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.

Current wording

Our total Electricity segment cost of revenues for the three months ended September 30, 2026 was 77.8% of Electricity segment revenues, compared to 74.6% for the three months ended September 30, 2025. The cost of revenues attributable to our international power plants for the three months ended September 30, 2026 was 18.7% of our total Electricity segment cost of revenues for this period compared to 17.6% 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, 2026 was $42.2 million, compared to $43.1 million for the three months ended June 30, 2025, which represented a 2.1% decrease. This decrease is primarily attributable to the decrease in Product segment revenues as well as to lower profitability of projects included in the three months ended June 30, 2026 compared to those included in the three months ended June 30, 2025. As a percentage of total Product segment revenues, total cost of revenues attributable to our Product segment for the three months ended June 30, 2026, and 2025, was 90.3% and 72.3%, 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, 2026 was $51.4 million, compared to $48.8 million for the three months ended September 30, 2025, which represented a 5.4% increase. This increase was primarily attributable to a lower profitability of projects included in the three months ended September 30, 2026 compared to those included in the three months ended September 30, 2025, as reflected by the ratio of Product segment cost to segment revenues presented below. As a percentage of total Product segment revenues, total cost of revenues attributable to our Product segment for the three months ended September 30, 2026, and 2025, was 83.5% and 78.3%, respectively.

Previous 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.

Current wording

Research and development expenses for the three months ended September 30, 2026 were $1.4 million, compared to $1.3 million for the three months ended September 30, 2025. The increase in research and development expenses, net, was 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, 2026 were $6.0 million compared to $4.4 million for the three months ended June 30, 2025. Selling and marketing expenses for the three months ended June 30, 2026 and 2025 constituted 2.3% and 1.9% of total revenues, respectively. The increase in selling and marketing expenses is primarily related to the timing of recording the related expenses.

Current wording

Selling and marketing expenses for the three months ended September 30, 2026 were $6.1 million compared to $4.9 million for the three months ended September 30, 2025. The increase in selling and marketing expenses of $1.3 million was primarily related to new land leases entered into since the respective period in the prior year. Selling and marketing expenses for the three months ended September 30, 2026 and 2025 constituted 2.2% and 2.0% of total revenues, respectively. The increase in selling and marketing expenses was primarily related to new land leases entered into since the respective period in the prior year and the timing of incurring services from our vendors.

Previous wording

General and administrative expenses for the three months ended June 30, 2026 were $21.1 million compared to $19.8 million for the three months ended June 30, 2025. General and administrative expenses for the three months ended June 30, 2026 and 2025 constituted 8.2% and 8.5% of total revenues, respectively.

Current wording

General and administrative expenses for the three months ended September 30, 2026 were $23.3 million compared to $20.2 million for the three months ended September 30, 2025. General and administrative expenses for the three months ended September 30, 2026 and 2025 constituted 8.5% and 8.1% of total revenues, respectively. The increase in general and administrative expenses was primarily related to an increase in employee-related costs of $2.2 million, and to the timing of procuring services from our service providers.

Previous wording

Other operating income for the three months ended June 30, 2026 was $1.0 million compared to $4.3 million for the three months ended June 30, 2025. Other operating income for the three months ended June 30, 2025 primarily represents the non-refundable portion of the recovery of damages received from a third-party battery systems supplier as part of a previously-disclosed settlement agreement entered into in August 2024, for which contingency conditions have been met. Other operating income for the three months ended June 30, 2026 represents income recognition from services provided to Sage.

Current wording

Other operating income for the three months ended September 30, 2026 was $1.0 million compared to $3.1 million for the three months ended September 30, 2025. Other operating income for the three months ended September 30, 2025 primarily represents the non-refundable portion of the recovery of damages received from a third-party battery systems supplier as part of a previously-disclosed settlement agreement entered into in August 2024, for which contingency conditions have been met. Other operating income for the three months ended September 30, 2026 represents income recognition from services provided to Sage.

Previous wording

Impairment of long-lived assets for the three months ended June 30, 2026 was $0.3 million compared to none for the three months ended June 30, 2025.

Current wording

Impairment of long-lived assets for the three months ended September 30, 2026 was $0.2 million compared to none for the three months ended September 30, 2025.

Previous 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.

Current wording

Write-off of unsuccessful exploration and storage activities for the three months ended September 30, 2026 was $2.1 million compared to $0.4 million for the three months ended September 30, 2025. These write-offs were primarily related to storage projects that the Company decided to no longer pursue.

Previous 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.

Current wording

Interest income for the three months ended September 30, 2026 was $5.9 million, compared to $1.6 million for the three months ended September 30, 2025. Interest income was primarily related to interest earned on cash and cash equivalents held by the Company during the period. The increase in interest income was attributable to higher cash deposits, period over period, primarily originating from the proceeds of the 2031 Convertible Notes which were issued in March 2026.

Previous 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.

Current wording

Interest expense, net for the three months ended September 30, 2026 was $44.2 million, compared to $35.7 million for the three months ended September 30, 2025. This increase of $8.5 million was primarily attributable to interest expense related to the issuance of the 2031 Convertible Notes in March 2026, new loan agreements and tax monetization transactions entered into during, and subsequent to the third quarter of 2025, as well as lower capitalization of interest expenses in the third quarter of 2026, compared to the corresponding quarter in 2025. This increase was partially offset by lower interest expenses on other existing loans as a result of their scheduled repayments, including the partial repurchase of principal amount of the 2027 Convertible Notes in March 2026.

Previous 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.

Current wording

Derivatives and foreign currency transaction gains and losses for the three months ended September 30, 2026 was a loss of $0.2 million, compared to a loss of $0.9 million for the three months ended September 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 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.

Current wording

Income attributable to the sale of tax benefits for the three months ended September 30, 2026 was $15.7 million, compared to $14.4 million for the three months ended September 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

Other non-operating income (expense), net for the three months ended June 30, 2026 was an income of $3.0 million, compared to an income of $0.1 million for the three months ended June 30, 2025. Other non-operating income for the three months ended June 30, 2026 is primarily related to remeasurement of our SAFE investment in an unconsolidated investee under the measurement alternative accounting.

Current wording

Other non-operating income (expense), net for the three months ended September 30, 2026 was an income of $0.2 million, compared to an income of $0.1 million for the three months ended September 30, 2025.

Previous 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.

Current wording

Income tax benefit for the three months ended September 30, 2026 was $6.8 million compared to an income tax benefit of $4.3 million for the three months ended September 30, 2025. This change primarily relates to the generation of additional investment tax credits and the jurisdictional mix of earnings at differing tax rates. Our effective tax rate for the three months ended September 30, 2026 and 2025, was (30.0)% and (21.4)%, 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 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.

Current wording

Equity in earnings of investees, net for the three months ended September 30, 2026 was earnings of $0.5 million, compared to earnings of $0.5 million for the three months ended September 30, 2025. Equity in earnings (losses) of investees, net was primarily 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, 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.

Current wording

Net income attributable to the Company’s stockholders for the three months ended September 30, 2026 was $31.9 million, compared to $24.1 million for the three months ended September 30, 2025, which represents an increase of $7.8 million. This increase was attributable to an increase of $5.1 million in net income which was affected by the explanations described above, and a decrease of $2.7 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, 2026 to the six months ended June 30, 2025.

Current wording

The table below compares revenues for the nine months ended September 30, 2026 to the nine months ended September 30, 2025.

Previous 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.

Current wording

Revenues attributable to our Electricity segment for the nine months ended September 30, 2026, were $514.5 million, compared to $507.3 million for the nine months ended September 30, 2025. The increase of $7.3 million in our Electricity segment revenues was mainly attributable to: (i) $5.7 million related to the Blue Mountain power plant which was purchased in June 2025; (ii) $8.7 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) $4.1 million related to the Dixie Valley power plant primarily as a result of reduction in curtailments from SCE in 2026, compared to the corresponding period in 2025. This decrease was partially offset by a $4.7 million decrease in revenues related to the Heber complex due to planned maintenance work and well as wellfield issues in 2026 and $5.8 million at the Puna power plant, which was primarily driven by lower generation resulting from a hurricane-related forced well outage. 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

Power generation in our power plants increased by 2.0% from 3,756,619 MWh in the six months ended June 30, 2025 to 3,833,361 MWh in the six months ended June 30, 2026.

Current wording

Power generation in our power plants increased by 2.6% from 5,338,053 MWh in the nine months ended September 30, 2025 to 5,476,168 MWh in the nine months ended September 30, 2026.

Previous 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.

Current wording

Revenues attributable to our Product segment for thenine months ended September 30, 2026 were $285.6 million, compared to $153.6 million for thenine months ended September 30, 2025. This increase of $132.0 million, or 85.9%, was primarily related to: (i) the sale of the TOPP2 power plant in New Zealand for which revenues of $106.0 million were recognized in 2026 upon meeting all revenue recognition criteria; and (ii) the progress in our projects which results in the timing of when revenues are recognized. During thenine months ended September 30, 2026, Product revenues included projects primarily in New Zealand and Turkey, and during thenine months ended September 30, 2025, 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, 2026 were $87.7 million compared to $32.2 million for the six months ended June 30, 2025. The increase of$55.5 millionis primarily related to higher energy rates at PJM storage facilities in the six months ended June 30, 2026, compared to the same period in the previous year and 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 $11.9 million to revenues, combined.

Current wording

Revenues attributable to our Energy Storage segment for the nine months ended September 30, 2026 were $137.6 million compared to $52.6 million for the nine months ended September 30, 2025. The increase of$85.0 million was primarily driven by high availability and higher energy rates at PJM storage facilities in the nine months ended September 30, 2026, compared to the same period in the previous year. Additionally, new energy storage facilities contributed $21.1 million including Arrowleaf, Lower Rio and Shirk, which commenced commercial operations in December 2025, September 2025, and March 2026, respectively, and Hoku, which was acquired in January 2026.

Previous wording

The table below compares cost of revenues for the six months ended June 30, 2026 to the six months ended June 30, 2025.

Current wording

The table below compares cost of revenues for the nine months ended September 30, 2026 to the nine months ended September 30, 2025.