📑 What This Document Is 📢

This document is a Proxy Statement (Form DEF 14A), which is a critical, legally required document sent to stockholders before an Annual Meeting. Think of it as the annual "Owner's Manual" for the company, explaining how the business is run, who the leaders are, and what the shareholders need to vote on.

👉 The Event: The Annual Meeting of Stockholders is scheduled for Tuesday, June 2, 2026, and it will be conducted virtually. 👉 The Importance: It details the company's strategic progress and asks for your vote on fundamental governance issues, such as electing directors and approving executive pay.

🏢 What Ormat Technologies Does ⚡️

Ormat Technologies is a global energy company that focuses on developing, manufacturing, owning, and operating renewable power plants. The company prides itself on being one of the few "vertically integrated" players in the sector.

👉 In simple terms, Ormat doesn't just sell electricity; it handles the entire process—from developing geothermal sites and engineering the power plant to owning the assets and delivering the clean power. 👉 Core Focus: Their expertise, commitment, and focus areas are Geothermal power, Recovered energy, Solar PV, and Energy Storage. 👉 Scale: Ormat has accumulated approximately 3,600 MW of gross capacity from engineered and constructed plants, and its current total generating portfolio is about 1.8 GW across multiple continents.

🔋 Global Energy Portfolio & Reach 🌍

Ormat's strength lies in its geographically diverse portfolio, which mitigates risk by not relying on a single market or energy source. Their operations span multiple continents, linking specialized assets in different regions.

👉 Installed Capacity: The company's portfolio includes 796MW of Geothermal in the United States, 40MW in Guatemala, 150MW in Kenya, 30MW in Honduras, 59MW in Indonesia, and 15MW in Turkey. 👉 Modern Storage: The company has significantly expanded its energy storage capabilities, operating approximately 495MW / 1,358MWh of gross storage capacity. 👉 Energy Reliability: They highlight that geothermal power is an ideal source of "baseload" power because it provides a consistent and stable supply, unlike intermittent sources like solar or wind.

✨ Operational Excellence & Strategic Achievements 🏆

The Chairman’s Letter provides a detailed look at the massive growth achieved in 2025. This year was a landmark for Ormat, as it marked the company's 60th anniversary.

👉 Key Facilities Coming Online:

• Indonesia: The 35MW Ijen Geothermal Facility went into commercial operation, expanding their presence in geothermal resources.
• United States: They commenced operations at the Lower Rio Energy Storage Facility in Texas and achieved COD for the 6MW Beowawe solar facility.
• Integrated Solutions: A major highlight was bringing online Arrowleaf, a sophisticated system combining a 42MW solar project with a 35MW/140MWh energy storage system.

👉 Global Expansion Momentum:

• The company signed two GEECA agreements in Indonesia.
• They executed a 10-year Power Purchase Agreement (PPA) with Calpine Energy Solutions.
• They entered into tolling agreements for two energy storage facilities in Israel, marking their first storage projects outside the U.S.

💰 Financial Performance & Revenue Breakdown 📈

The summary provides high-level financial metrics based on 2025 results. While detailed financial tables are omitted, the breakdown of revenues shows the company's focus on different service pillars.

👉 Net Income: Net income attributable to the company’s stockholders was $127 Million in 2025. 👉 Revenue Sources: The company’s revenues are diversified: * Electricity: 70% of 2025 revenues (the core generation business). * Product: 22% of 2025 revenues (likely equipment/components). * Energy Storage: 8% of 2025 revenues (a rapidly growing segment). 👉 Financial Strength: They noted achieving "Strong Financial Positioning," indicating that the company is managing its finances to facilitate continued growth.

🌿 Commitment to Sustainability & ESG ♻️

Ormat stresses that Environmental, Social, and Governance (ESG) issues are fundamentally built into its business DNA. Sustainability is not just a report—it is a strategic focus.

👉 Environmental Goals: Ormat has set a target of achieving a five percent annual average reduction in GHG emissions intensity (Scope 1 and Scope 2) compared to 2019 base levels. 👉 Key Achievements: They reported a 23% decrease in operational emissions intensity since 2019 and avoiding 2.5 Million tCO₂e in emissions compared to local grid benchmarks. 👉 Operational Benefit: The company emphasizes that geothermal power generates significantly lower levels of carbon dioxide compared to traditional fossil fuel plants, positioning it as a clean "baseload" power source.

🗳️ Governance, Directorship, and Proposals 📜

This section outlines the corporate governance framework and the specific items shareholders are asked to vote on at the 2026 Annual Meeting.

👉 The Proposals: Shareholders must vote on three main proposals:

1. Election of Directors: Electing eight directors for a one-year term (expiring in 2027).
2. Advisory Vote on Executive Compensation: Approving the compensation structures for named executive officers.
3. Ratification of Independent Registered Public Accounting Firm: Approving Kesselman & Kesselman (a member firm of PwC) as the company's auditor.

👉 Governance Structure: The Board is governed by five key independent committees, all composed entirely of independent directors:

• Audit Committee: Oversights financial reporting, internal controls, and compliance with the Sarbanes-Oxley Act.
• Compensation Committee: Reviews and approves the compensation structure, including annual salaries, bonuses, and equity.
• Nominating & Corporate Governance Committee: Develops criteria for board membership and reviews the corporate governance guidelines.
• Sustainability Committee: Reviews the company’s sustainability practices and climate-related risks and opportunities.
• Investment Committee: Reviews and approves the company's investment policy and hedging transactions.

💵 Executive Compensation Philosophy 💼

The compensation model is designed to incentivize long-term value creation and performance. It is structured around three elements:

• Annual Salary (Fixed Cash): Provides a stable, competitive base for executives.
• Management Plan (Annual Bonus): This is performance-based, linking a mix of quantitative metrics (Revenue, Adjusted EBITDA) and qualitative CEO Goals to bonuses.
• Long-Term Equity Awards (Crucial): This represents the biggest incentive. It is split:
  • 60% Performance Stock Units (PSUs): These vest over a three-year period and are tied to achieving specific goals, including relative Total Shareholder Return (TSR) and Megawatts (low-carbon capacity targets).
  • 40% Restricted Stock Units (RSUs): These are simpler equity grants, also vesting over three years.

🗺️ Corporate Commitments and Values ✨

Beyond financials, the company emphasizes its commitment to its people and its communities. These stated values inform its operational strategy.

👉 People Focus: Ormat reports that as of December 31, 2025, the company employed approximately 1,650 employees worldwide. They commit to fostering an environment that encourages diverse and innovative ideas. 👉 Governance Practices: All directors are required to meet high standards: they must be independent under NYSE standards, and all committees meet regularly in executive session without management present. 👉 Best Practices: The Board actively maintains a 15-year term limit, ensuring a balance of experience and fresh perspectives.

🚀 Future Focus and Key Partnerships 🌟

The company is using its operational momentum to secure major deals and advance technology, signaling robust future growth plans.

👉 Major Deals & Agreements (2025-2026):

• Signed a 10-year PPA with Calpine Energy Solutions (15MW).
• Awarded two 15-year tolling agreements in Israel for 300MW/1,200MWh of energy storage capacity.
• Acquired the Blue Mountain geothermal plant in Nevada (20MW).
• Closed a tax equity partnership for Heber 1 & 2, monetizing tax benefits of ~$77 million upfront.
• Entered a long-term geothermal portfolio PPA to provide Google up to 150MW of new capacity in Nevada (delivery expected 2028-2030).

🔔 Voting Logistics and Important Dates 📅

The annual meeting requires shareholders to take specific steps to cast their votes and ensure their input is registered.

👉 The Dates:

• Record Date (Who can vote): April 8, 2026.
• Meeting Date: June 2, 2026. 👉 Voting Options: Stockholders can vote online, by phone, or by mail. 👉 SE Commission Rules: Ormat is utilizing SEC rules to provide proxy materials electronically via the internet at a specific web portal address.

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🧠 The Analogy

Voting your proxy is like voting on the management structure of a large, established family business. You don't have to show up in the boardroom; you simply fill out a proxy card (or vote online) instructing the company (the "Corporate Secretary") how to vote on key decisions—like who the board members should be, how much the CEO should be paid, and whether the company should keep its focus on the core mission (like investing in green technology).

🧩 Final Takeaway

Ormat is a globally expanding, vertically integrated renewable energy leader whose strategy centers on expanding its geothermal and energy storage assets. The Proxy Statement shows the company is focused on continued growth, strategic acquisitions, and maintaining robust governance through a highly specialized, independent board.