ORMAT TECHNOLOGIES, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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A LETTER FROM OUR CHAIRMAN AND CHIEF EXECUTIVE OFFICER

March 27, 2025

DEAR STOCKHOLDER,

As we celebrate Ormat's 60th anniversary, we are filled with immense pride and gratitude for the journey we have undertaken together. This milestone is a testament to the dedication, innovation, and resilience that have defined Ormat since its inception.

Over the past six decades, Ormat has grown from a visionary idea into a global leader in the renewable energy sector. Our unwavering commitment to sustainability, technological advancement, and community engagement has driven us to consistently push the boundaries of what is possible. We have set new standards in geothermal energy and expanded our portfolio to include solar and energy storage solutions.

We are pleased to report that 2024 was a year of strong results for Ormat, despite some operational challenges. We had solid GAAP net income and GAAP diluted EPS, and our Adjusted EBITDA, and Adjusted EPS exceeded expectations, reflecting the successful execution of our strategic initiatives and the dedication of our team. We achieved significant growth in our global portfolio, expanded our market presence, and enhanced operational efficiency.

In 2024, we successfully launched and operated three new storage projects, signed three new PPAs for storage projects and one Resource Adequacy agreement, completed an 11 MW geothermal repower, and conducted several successful drilling campaigns around the world. Additionally, our products division signed contracts totaling $250 million to build geothermal plants for third parties. We also opened a new U.S. Corporate office, consolidating our workforce from three separate locations to foster better internal collaboration and drive our company forward.

This anniversary is not just a celebration of our past achievements but also a moment to look forward to the future. We are excited about the opportunities that lie ahead and are confident in our ability to continue driving growth and creating value for our shareholders. Our strategic initiatives are focused on expanding our market presence, enhancing operational efficiency, and investing in cutting-edge technologies that will shape the future of energy. We see significant opportunities with the advancement of AI technologies that require the support of data centers and believe that geothermal energy is an important source of baseload energy to support this increased demand.

We extend our sincere thanks to our employees, whose hard work and dedication are the backbone of our success. We also express our gratitude to our shareholders for their continued trust and support. Together, we will continue to build on our legacy and achieve new heights.

Thank you for being a part of Ormat's journey. We look forward to sharing many more milestones with you.