ORMAT TECHNOLOGIES, INC.

A comprehensive discussion of our other risk factors is included in the “Risk Factors” section of our annual report on Form 10-K for the year ended December 31, 2025 which was filed with the SEC on February 26, 2026. The risks described in our Form 10-K are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. During the period covered by this quarterly report on Form 10-Q, there have been no material changes in our risk factors previously disclosed in our 2025 Annual Report, except as reflected in the disclosure in “General—Trends and Uncertainties” in Part I, Item 2 of this quarterly report on Form 10-Q and below.

Next-generation geothermal technologies such as EGS, in which we have made investments, involve significant technical, operational, and geological risks.

We have made, and may continue to make, investments in EGS, which is an emerging geothermal technology that differs materially from conventional geothermal development. EGS projects seek to create or enhance geothermal reservoirs through advanced drilling, stimulation, and reservoir management techniques. While EGS has the potential to expand the geographic and resource base for geothermal energy, the technology has not yet been widely deployed at commercial scale.

EGS projects involve substantial technical, operational, and geological uncertainties, including risks related to reservoir creation and sustainability, drilling success rates, well productivity, thermal recovery, induced seismicity, permitting, and long-term system performance. There can be no assurance that EGS projects in which we invest will achieve expected technical milestones, operate reliably, or produce energy at commercially viable levels.

In addition, EGS projects generally require significant upfront capital investment, extended development timelines, and may be dependent on continued technological advances, third-party expertise, government incentives, or regulatory support. Cost overruns, delays, or changes in regulatory frameworks could adversely affect project economics. Further, because EGS is a relatively nascent technology, there is limited operating history to validate assumptions regarding long-term performance, maintenance requirements, and decommissioning obligations. In sum, if our EGS investments fail to progress as anticipated, experience technical or regulatory setbacks, or do not achieve commercial viability, we may be required to impair some or all of our investments, incur additional costs, or forego expected returns.

EGS activities conducted at or near our existing operating geothermal power plants, including drilling, well stimulation, and fluid injection, could also adversely affect the productivity of existing hydrothermal reservoirs and the performance or operation of these facilities. This could potentially result in reduced power generation, operational disruptions, or additional costs. Technological advances in EGS may also prove to be superior to, or may not be compatible with, some of our existing technologies, investments and infrastructure, and may require us to make significant additional expenditures to remain competitive.

Any of the above outcomes relating to EGS technology could have a material adverse effect on our results of operations, financial condition, and cash flows.

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