Ormat Technologies Inc (ORA) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Ormat Technologies second-quarter 2025 earnings conference call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to Joshua Carroll with Alpha IR. Please go ahead.

早安，歡迎參加 Ormat Technologies 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在我想將會議交給 Alpha IR 的 Joshua Carroll。請繼續。

Thank you, operator. Hosting the call today are Doron Blachar, Chief Executive Officer; Assaf Ginzburg, Chief Financial Officer; and Smadar Lavi, Vice President of Investor Relations and ESG Planning and Reporting.

謝謝您，接線生。今天主持電話會議的有執行長 Doron Blachar、財務長 Assaf Ginzburg 和投資者關係及 ESG 規劃與報告副總裁 Smadar Lavi。

Before beginning, we would like to remind you that the information provided during this call may contain forward-looking statements related to current expectations, estimates, forecasts and projections about future events that are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to the company's plans, objectives and expectations for future operations and are based on management's current estimates and projections, future results or trends.

在開始之前，我們想提醒您，本次電話會議中提供的資訊可能包含與當前預期、估計、預測和對未來事件的預測有關的前瞻性陳述，這些陳述屬於 1995 年《私人證券訴訟改革法案》中定義的前瞻性。這些前瞻性陳述通常與公司對未來營運的計劃、目標和期望有關，並基於管理層當前的估計和預測、未來結果或趨勢。

Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, please see risk factors as described in Ormat Technologies annual report on Form 10-K and quarter reports on Form 10-Q that are filed with the SEC.

由於某些風險和不確定性，實際未來結果可能與預測結果有重大差異。有關此類風險和不確定性的討論，請參閱 Ormat Technologies 向美國證券交易委員會提交的 10-K 表年度報告和 10-Q 表季度報告中所述的風險因素。

In addition, during the call, the company will present non-GAAP financial measures such as adjusted EBITDA. Reconciliations to the most directly comparable GAAP measures and management reasons for presenting such information is set forth in the press release that was issued last night as well as in the slides posted on our website. Because these measures are not calculated in accordance with GAAP, they should not be considered in isolation from the financial statements prepared in accordance with GAAP.

此外，在電話會議中，該公司還將展示調整後的 EBITDA 等非 GAAP 財務指標。與最直接可比較的 GAAP 指標的對帳以及管理層呈現此類資訊的原因已在昨晚發布的新聞稿以及我們網站上發布的幻燈片中進行了說明。由於這些指標並非按照 GAAP 計算，因此不應將其與依照 GAAP 編制的財務報表分開考慮。

Before I turn the call over to management, I'd like to remind everyone that a slide presentation accompanying this call may be accessed on the company's website at ormat.com under the presentation link that's found on the Investor Relations tab.

在我將電話轉給管理層之前，我想提醒大家，可以在公司網站 ormat.com 的「投資者關係」標籤下的簡報連結下存取本次電話會議附帶的幻燈片簡報。

With all that said, I would now like to turn the call over to Ormat's CEO, Doron Blachar. Doron?

說了這麼多，現在我想把電話轉給 Ormat 的執行長 Doron Blachar。多倫？

Thank you, Josh. Good morning, everyone, and thank you for joining us today. Ormat reported record second quarter revenue and adjusted EBITDA results with a 9.9% increase in revenue, a 26.1% rise in net income and a 6.7% improvement in adjusted EBITDA. This outstanding performance was driven by the full recovery of our product segment revenue and margins, improved performance of our energy storage segment, which continues to benefit from new projects, the [Twitch] Commercial Operation 24, and higher merchant prices in the PGM market.

謝謝你，喬希。大家早安，感謝大家今天加入我們。Ormat 公佈第二季營收和調整後 EBITDA 業績創歷史新高，其中營收成長 9.9%，淨收入成長 26.1%，調整後 EBITDA 成長 6.7%。這一出色表現得益於我們產品部門收入和利潤的全面恢復、能源儲存部門業績的改善（該部門繼續受益於新項目、[Twitch] 商業運營 24 以及 PGM 市場商家價格的上漲）。

During the quarter, we completed the acquisition of the Blue Mountain geothermal power plant and release for construction, 50 megawatts of new projects including 28 megawatts of geothermal and 22 megawatts of solar projects, primarily at our Heber complex. We also continue to advance our geothermal development pipeline, benefiting from accelerated permit approvals due to recent federal permitting reforms.

在本季度，我們完成了對藍山地熱發電廠的收購，並啟動了 50 兆瓦新項目的建設，其中包括 28 兆瓦的地熱項目和 22 兆瓦的太陽能項目，主要位於我們的希伯綜合設施。我們也將繼續推動地熱開發管道，受益於最近聯邦許可改革帶來的許可證審批加快。

In July and August, we closed a significant tax equity transaction for the Heber 1 and 2 geothermal power plant and secured project finance debt for our Bouillante power plant. Combined with the hybrid tax equity transaction, we signed for our storage assets and the project finance debt raised for the Dominica project during the quarter, we have secured $300 million of funding to support future development across the portfolio.

7 月和 8 月，我們完成了 Heber 1 和 2 地熱發電廠的重大稅收股權交易，並為我們的 Bouillante 發電廠獲得了專案融資債務。結合混合稅收股權交易、我們簽署的儲存資產以及本季為多明尼加專案籌集的專案融資債務，我們已獲得 3 億美元的資金，以支持整個投資組合的未來發展。

Overall, we continue to see strong growth potential for geothermal in 2025 and beyond. This is supported by improved permitting timeline due to recent federal permitting reform, an increasing number of BLM led options, our expanded exploration efforts and robust secular demand for base oil renewable, which has translated into elevated PPA pricing and stronger market economics.

總體而言，我們繼續看到地熱在 2025 年及以後的強勁成長潛力。這是由於最近的聯邦許可改革導致的許可時間表的改善、BLM 主導的選項數量的增加、我們擴大的勘探力度以及對基礎油可再生的長期強勁需求所支持的，這些都轉化為 PPA 定價的提高和市場經濟的增強。

Before I turn the call over to Assi. I would like to highlight the recently signed one big beautiful bill that for us is indeed very beautiful. The legislation has extended the PTC and ITC runway for both our geothermal and energy store segments, positioning us uniquely within the renewable energy sector. Assi will provide further details on the new policy and our efforts to maximize its benefit in his remarks.

在我把電話轉給阿西之前。我想強調最近簽署的一項非常漂亮的法案，對我們來說，它確實非常漂亮。該立法延長了我們的地熱和能源儲存部門的 PTC 和 ITC 運作範圍，使我們在再生能源領域佔據了獨特的地位。阿西將在演講中提供有關新政策的更多細節以及我們為最大限度發揮其效益所做的努力。

With that said, I will now turn the call over to Assi to discuss our financial results.

話雖如此，我現在將電話轉給阿西來討論我們的財務表現。

Thank you, Doron. Let me start my review of our financial highlights on slide 6. Total revenue for the second quarter was $234 million, a 9.9% increase compared to the last year's second quarter. This top line expansion was driven by the recovery of our product segment and the improved performance of our energy storage segment, partially offset by a slight reduction in the electricity segment.

謝謝你，多倫。讓我從第 6 張投影片開始回顧我們的財務亮點。第二季總營收為 2.34 億美元，較去年第二季成長 9.9%。營收成長的動力來自於我們產品部門的復甦以及儲能部門業績的提升，但電力部門的輕微下滑部分抵消了這一增長。

Gross profit for the second quarter was $56.9 million, down 7.3% from $61.4 million in the second quarter of 2024, resulting in a consolidated gross margin of 24.3% versus 28.8% last year. The decline was largely due to a temporary electric segment gross margin compression that I will discuss shortly.

第二季毛利為 5,690 萬美元，較 2024 年第二季的 6,140 萬美元下降 7.3%，綜合毛利率為 24.3%，去年同期為 28.8%。下降的主要原因是電氣部門毛利率暫時受到壓縮，我將在稍後討論。

Net income attributable to the company's stockholders was $28 million or $0.46 per diluted share as compared to $22.2 million or $0.37 per diluted share in the second quarter of prior year. Adjusted net income attributed to the company's stockholders was $29.1 million or $0.48 per diluted share, reflecting an increase of 19.8% and 20%, respectively. This performance highlights the strength and resilience of our portfolio and business model as we continue to grow our earnings despite the temporary reduction in our electricity segment profitability.

歸屬於公司股東的淨利潤為 2,800 萬美元，即每股攤薄收益 0.46 美元，而去年同期為 2,220 萬美元，即每股攤薄收益 0.37 美元。歸屬於公司股東的調整後淨收入為 2,910 萬美元或每股攤薄收益 0.48 美元，分別成長 19.8% 和 20%。這項業績凸顯了我們的產品組合和商業模式的實力和韌性，儘管我們的電力部門獲利能力暫時下降，但我們的獲利仍在繼續成長。

Adjusted EBITDA for the second quarter was $134.6 million, a 6.7% increase compared to last year. This strong year-over-year growth was driven by the higher revenue and better margins in the product segment, contribution from new assets and higher merchant pricing in the energy storage segment, a legal settlement with a battery supplier and better performance of the Dixie Valley and Beowawe power plants. The increase was partially offset by an approximate $12 million reduction in EBITDA due to energy curtailment in the US and previously reported well field work at the Puna power plant.

第二季調整後EBITDA為1.346億美元，較去年同期成長6.7%。這一強勁的同比增長得益於產品部門更高的收入和更高的利潤率、新資產的貢獻和能源儲存部門更高的商家定價、與電池供應商達成的法律和解以及 Dixie Valley 和 Beowawe 發電廠的更好表現。由於美國的能源削減以及先前報告的普納發電廠的油田作業，EBITDA 減少了約 1,200 萬美元，部分抵消了這一增長。

Slide 7 breaks down the revenue performance at the segment level. Electricity segment revenues for the second quarter decreased by 3.8% to $159.9 million, primarily due to ongoing maintenance work at the Puna power plant and continued energy curtailment in the U.S, which reduced revenues versus the same period last year by approximately $13 million. At our Puna power plant, we finished the planned well field maintenance and resumed normal operation in July, and we continue to monitor our well performance. We anticipate the US curtailment resulting from third-party T-line maintenance will significantly lessen in the second half of the year.

幻燈片 7 按細分市場細分了收入表現。第二季電力部門收入下降 3.8% 至 1.599 億美元，主要原因是普納發電廠正在進行維護工作以及美國持續的能源削減，導致收入與去年同期相比減少約 1,300 萬美元。在我們的普納發電廠，我們於 7 月完成了計劃中的井場維護並恢復正常運行，並且我們將繼續監測我們的油井性能。我們預計，由於第三方 T 線維護而導致的美國減產將在下半年大幅減少。

Product segment revenues increased by 57.6% to $59.6 million during the second quarter, driven by our strong backlog and the timing of progress made in manufacturing and construction. Energy storage segment revenue increased by 62.7% to $14.5 million in the second quarter, mainly due to the commencement of commercial operation of our new energy store facilities in 2024 and strong merchant prices in the PGM market. Also, on slide 7, the gross margin for the electricity segment was 24.2% in the second quarter, down from 33.5% last year. Excluding these temporary disposed events, the margin would have been approximately 30%.

由於強勁的訂單積壓以及製造和施工進度的及時性，產品部門收入在第二季度增長了 57.6%，達到 5,960 萬美元。儲能部門營收在第二季成長了 62.7%，達到 1,450 萬美元，這主要得益於我們新的儲能設施於 2024 年開始商業運營，以及 PGM 市場商家價格強勁。此外，在第 7 張投影片中，第二季電力部門的毛利率為 24.2%，低於去年的 33.5%。不計入這些臨時處置事件，利潤率約 30%。

In the product segment, gross margin was 27.7%, up from 13.7% last year, driven by improved profitability on our contracts. We now anticipate that gross margin for the year in our product segment, we increased our range of 21% to 23%. The energy storage segment reported gross margin of 11.9%, up from 5.7% in the second quarter of 2024. This improvement was driven by higher merchant prices in the PGM markets, where half weather along the East Coast contributed to elevated merchant pricing.

在產品領域，毛利率為 27.7%，高於去年的 13.7%，這得益於合約獲利能力的提高。我們現在預計，我們產品部門的年度毛利率將從 21% 提高到 23%。儲能部門毛利率為 11.9%，高於 2024 年第二季的 5.7%。這種改善是由 PGM 市場商家價格上漲所推動的，其中東海岸的惡劣天氣導致商家價格上漲。

With strong performance throughout the first half of the year and robust PGM prices in the month of July, we now anticipate full year gross profit for the storage segment to reach up to 20%. Slide 8 and 9 show the results of the first half 2025, highlighted by 6.1% and 6.5% increase in total revenue and adjusted EBITDA, respectively, with significant increase in both energy storage and product segment.

由於上半年業績表現強勁以及 7 月份鉑族金屬價格強勁，我們預計儲存部門全年毛利將達到 20%。投影片 8 和 9 展示了 2025 年上半年的業績，其中總收入和調整後 EBITDA 分別成長 6.1% 和 6.5%，儲能和產品部門均有顯著成長。

Moving to slide 10. I would like to discuss further the recent spending budget bill that was passed in the US on July 4. As Doron mentioned, we bill extend the PTC and ITC runway for our geothermal and energy storage segments. We now have the ability to receive full tax credit for geothermal and energy storage projects starting construction by December 31, 2032.

移至投影片 10。我想進一步討論美國7月4日通過的最新支出預算法案。正如 Doron 所提到的，我們計劃為地熱和能源儲存部門延長 PTC 和 ITC 跑道。現在，我們有能力獲得 2032 年 12 月 31 日前開始建造的地熱和儲能計畫的全額稅收抵免。

After 2033, the credit phases down to 75% for the projects starting construction by 2024, 50% by 2025 and then 0% thereafter. As for solar and PV projects, projects starting within 12 months of the bill enactment can receive full credit if placed in service within 4 years. Otherwise, they must be in service by December 31, 2027.

2033 年後，對於 2024 年開始建設的項目，信貸額度將逐步下降至 75%，到 2025 年將降至 50%，此後降至 0%。對於太陽能和光伏項目，法案頒布後 12 個月內啟動的項目，如果在 4 年內投入使用，可以獲得全額信貸。否則，它們必須在 2027 年 12 月 31 日之前投入使用。

Regarding the foreign entity of concern, or FEOC, provision of the bill, the broader scope includes specified foreign entity and foreign influence entity. The law aims to limit content from FEOCs used in energy-related projects starting construction after December 31, 2025.

關於該法案中有關關注的外國實體（FEOC）的規定，其範圍更為廣泛，包括特定的外國實體和外國影響實體。該法旨在限制 2025 年 12 月 31 日後開工的能源相關項目中使用的 FEOC 的含量。

While we are currently assessing the impact of the FEOC rules on our growth, we expect minimal to no impact on our geothermal business since we manufacture all of our product segments with minimal FEOC content. However, at this time, the entire energy storage industry is still heavily dependent on battery sourced from China. And we are actively evaluating all project development options while continue to safe harbor additional projects. Ultimately, we will pursue the most economically viable option to advance our core storage pipeline and maintain flexibility in our procurement to stay on track with our expansion goals.

雖然我們目前正在評估 FEOC 規則對我們成長的影響，但我們預計對我們的地熱業務的影響很小甚至沒有影響，因為我們生產的所有產品部分都含有最少的 FEOC 含量。然而，目前整個儲能產業仍然嚴重依賴來自中國的電池。我們正在積極評估所有專案開發方案，同時繼續安全保衛其他專案。最終，我們將尋求最經濟可行的方案來推進我們的核心儲存管道，並保持採購的靈活性，以實現我們的擴張目標。

Moving to slide 11. We recorded $16.3 million in income related to tax benefits in the second quarter compared to $15.8 million last year. In the second quarter and first half of 2025, we recorded ITC benefits of $10.3 million and $24.2 million, respectively, in the income tax side. These benefits related to 2 storage facilities that are expected to become operational in 2025.

移至投影片 11。我們第二季的稅收優惠相關收入為 1,630 萬美元，而去年同期為 1,580 萬美元。2025 年第二季和上半年，我們在所得稅方面分別記錄了 1,030 萬美元和 2,420 萬美元的 ITC 收益。這些效益與預計 2025 年投入營運的 2 個儲存設施有關。

Recently, we entered into two tax equity transaction that secured $139 million of cash tax benefits. In July, we received $77 million from our Heber tax equity PTC transaction. Of the remaining $62 million in ITC process related to our Lower Rio enabler storage facility, we received $5 million in the second quarter, with the rest expected in the second half of the year. We expect Ormat tax rates will be positively impacted by the ITC benefits in 2025, with an annual tax benefit rate between 5% and 15% excluding changes in law or onetime events.

最近，我們進行了兩項稅收股權交易，獲得了 1.39 億美元的現金稅收優惠。7 月份，我們從 Heber 稅收股權 PTC 交易中獲得了 7,700 萬美元。在與我們的下裡約熱內盧賦能儲存設施相關的 ITC 流程中剩餘的 6,200 萬美元中，我們在第二季收到了 500 萬美元，其餘的預計將在今年下半年到帳。我們預計，到 2025 年，Ormat 稅率將受到 ITC 優惠的正面影響，年度稅收優惠率將在 5% 至 15% 之間（不包括法律變更或一次性事件）。

Slide 12 details our use of cash flow over the last 12 months, illustrating Ormat's ability to generate strong cash flow for reinvestment and strategy growth, while servicing debt obligation and returning capital to shareholders. Cash and cash equivalents and restricted cash and cash equivalents as of June 30, 2025, are approximately $206 million, similar to the end of 2024.

投影片 12 詳細介紹了我們過去 12 個月的現金流使用情況，說明了 Ormat 能夠為再投資和策略成長產生強勁的現金流，同時償還債務並向股東返還資本。截至 2025 年 6 月 30 日的現金及現金等價物以及受限現金及現金等價物約為 2.06 億美元，與 2024 年底持平。

Our total debt as of June 30, 2025, was approximately $2.7 billion net of deferred financing costs, with the cost of debt at 4.95%. The majority of our debt liabilities are fixed interest rates, providing stability and protection for market fluctuations.

截至 2025 年 6 月 30 日，我們的總債務扣除遞延融資成本後約為 27 億美元，債務成本為 4.95%。我們的債務負債大多是固定利率，從而提供穩定性並保護市場波動。

Moving to Slide 13. Our net debt as of June 30, 2025, was approximately $2.5 billion, equivalent to 4.4x net debt to EBITDA. During the second quarter and early third quarter, we secured $300 million in funding. This includes $139 million of tax equity partnerships and $161 million from project financing loans at attractive rates. These funds will support our new Bouillante power plant in Guadeloupe and our new project in [Guatemala].

移至幻燈片 13。截至 2025 年 6 月 30 日，我們的淨債務約為 25 億美元，相當於淨債務與 EBITDA 的 4.4 倍。在第二季和第三季初，我們獲得了 3 億美元的資金。其中包括 1.39 億美元的稅收股權合作和 1.61 億美元的優惠利率項目融資貸款。這些資金將支持我們位於瓜德羅普島的 Bouillante 發電廠和位於[瓜地馬拉].

As shown on the slide, our total available liquidity is $551 million. Our total expected capital expenditure for the second half of 2025 is $295 million. We detailed CapEx presented in slide 33 of the appendix. We plan to invest approximately $200 million in the electricity segment for construction, exploration, drilling and maintenance in the last 2 quarters of 2025. In addition, we plan to invest $85 million in the construction of our storage assets.

如投影片所示，我們可用的流動資金總額為 5.51 億美元。我們預計 2025 年下半年的總資本支出為 2.95 億美元。我們在附錄的第 33 張投影片中詳細介紹了資本支出。我們計劃在 2025 年最後兩季向電力領域投資約 2 億美元用於建設、勘探、鑽探和維護。此外，我們計劃投資8500萬美元用於建造我們的儲存資產。

On August 6, 2025, our Board of Directors declared, approved and authorized payment of a quarterly dividend of $0.12 per share payable on September 3, 2025 to shareholders of record as of August 20, 2025. The company expects to pay a quarterly dividend of $0.12 per share in each of the next 2 quarters.

2025 年 8 月 6 日，我們的董事會宣布、批准並授權向截至 2025 年 8 月 20 日登記在冊的股東派發每股 0.12 美元的季度股息，該股息將於 2025 年 9 月 3 日支付。該公司預計未來兩季每季派發每股 0.12 美元的季度股息。

That concludes my financial overview. I would like now to turn the call over to Doron to discuss some of our recent developments.

這就是我的財務概況。現在我想將電話轉給多倫，討論我們最近的一些進展。

Thank you, Assi. Turning to slide 15 for a look at our electricity segment operating portfolio. Portfolio growth during the quarter was supported by the addition of the Blue Mountain geothermal power.

謝謝你，阿西。翻到第 15 張投影片來看我們的電力部門營運組合。本季投資組合的成長得益於藍山地熱發電的增加。

Moving to slide 16. The Blue Mountain acquisition has immediately enhanced our generating capacity and offer significant revenue growth potential through planned upgrades, which are already underway, and the possible addition of a solar facility. We are very excited about the opportunities that this addition presents, and we look forward to continuing our strong partnership with NV Energy to deliver reliable, clean energy to the people of Nevada.

移至投影片 16。收購 Blue Mountain 後，我們的發電能力立即得到增強，並且透過已在進行的計劃升級以及可能增加的太陽能設施，提供了巨大的收入成長潛力。我們對此次新增業務帶來的機會感到非常興奮，並期待繼續與 NV Energy 保持緊密的合作夥伴關係，為內華達州人民提供可靠、清潔的能源。

During the quarter, we also expanded our management team to support the growth of our electricity segment and our EGS initiatives. This expansion included the hiring of Aron Willis as Executive Vice President, Electricity segment; and Daniel Moelk, as Senior Vice President, Resource Drilling and EGS.

本季度，我們也擴大了管理團隊，以支持電力部門和 EGS 計畫的成長。此次擴張包括聘請 Aron Willis 擔任電力部門執行副總裁；聘請 Daniel Moelk 擔任資源鑽探和 EGS 高級副總裁。

Aron will oversee the operations of the electricity segment, ensuring alignment with the company's strategic goals and financial targets. Aron will also be responsible for optimizing TAT performance and expanding profitability, ensuring compliance with safety and environmental regulations and driving continuous improvement initiatives to foster future profitable growth.

Aron 將負責監督電力部門的運營，確保與公司的策略目標和財務目標保持一致。Aron 還將負責優化 TAT 績效和擴大獲利能力，確保遵守安全和環境法規，並推動持續改進計劃以促進未來的獲利成長。

Daniel will lead our resource drilling and EGS teams, focusing on implementing sophisticated processes and innovative technologies to further enhance our operations. His work will include creating efficiencies, shortening development time, developing Ormat's ongoing drilling and exploration global road map and expediting wellfield and EGS development. We are thrilled to welcome both Aron and Daniel to the team, where their valuable background and experience will help drive the next phase of growth for our leading geothermal operations.

Daniel 將領導我們的資源鑽探和 EGS 團隊，專注於實施複雜的流程和創新技術，以進一步加強我們的營運。他的工作包括提高效率、縮短開發時間、制定 Ormat 正在進行的鑽探和勘探全球路線圖以及加快井場和 EGS 開發。我們非常高興地歡迎 Aron 和 Daniel 加入團隊，他們寶貴的背景和經驗將有助於推動我們領先的地熱業務的下一階段成長。

Turning now to slide 17. Our product segment backlog stands at $263 million, representing a 59% increase compared to the second quarter of 2024. This growth was primarily driven by significant contracts signed at the end of 2024. As highlighted in Assi's presentation, the contribution of the product segment this quarter was significant, with higher revenues and notable improvements in margins.

現在翻到第 17 張投影片。我們的產品部門積壓訂單為 2.63 億美元，與 2024 年第二季相比成長了 59%。這一增長主要得益於 2024 年底簽署的重要合約。正如 Assi 在演講中所強調的，本季產品部門的貢獻非常顯著，收入更高，利潤率也顯著提高。

Moving to slide 18. Our Energy storage segment demonstrated a robust year-over-year growth with total revenues increasing by 62.7%. As previously mentioned, we anticipate that this strong performance in our energy storage business will continue throughout the remainder of 2025, driven by the benefit of recently commissioned storage facility.

移至幻燈片 18。我們的能源儲存部門實現了強勁的年成長，總收入成長了 62.7%。如前所述，我們預計，由於最近投入使用的儲存設施，我們的能源儲存業務將在 2025 年剩餘時間內繼續保持強勁表現。

On Slide 20, we are on track to achieve our portfolio capacity target of between 2.6 gigawatts to 2.8 gigawatts by the end of 2028. This confidence is driven by strong momentum in geothermal development and our intensified exploration efforts. In parallel, we are making progress in the storage segment, having successfully secured both batteries and safe harbor for additional projects, further reinforcing our path toward meeting our capacity growth targets.

在第 20 張投影片上，我們預計在 2028 年底實現 2.6 千兆瓦至 2.8 千兆瓦之間的投資組合容量目標。這種信心源自於地熱開發的強勁勢頭和我們不斷加強的勘探力度。同時，我們在儲存領域也取得了進展，並成功確保了電池和其他專案的安全港，進一步鞏固了我們實現產能成長目標的道路。

While safe harbor is not required for geothermal project, the extended construction start deadline now set for 2033 has allowed us to make significant progress on the storage front, as shown on slide 21. In 2024, 4 projects was successfully safe harbored, followed by 2 more in 2025, with additional projects expected to be safe harbored later this year. These actions ensure ITC eligibility with no FEOC limitation for our entire storage portfolio through 2028 and in some cases, even beyond under current regulations. This milestone strengthens our confidence in meeting our growth targets. Importantly, despite the recent changes in tariffs, we do not anticipate a material impact on our financial performance due to the import tax.

雖然地熱工程不需要安全港，但現在設定為 2033 年的延長施工開工期限使我們在儲存方面取得了重大進展，如幻燈片 21 所示。2024 年，有 4 個計畫成功獲得安全港灣，2025 年又有 2 個計畫獲得安全港灣，預計今年稍後還會有更多計畫獲得安全港灣。這些措施確保了我們的整個儲存產品組合在 2028 年之前都符合 ITC 資格，且不受 FEOC 限制，在某些情況下，甚至在現行法規允許的期限之後也不會受到限制。這一里程碑增強了我們實現成長目標的信心。重要的是，儘管最近關稅有所變化，但我們預計進口稅不會對我們的財務表現產生重大影響。

Turning to slide 22 and 23, which display our geothermal and hybrid solar PV projects currently underway. We anticipate adding 148 megawatts towards generating capacity from these projects by the end of 2026. In addition, we have released for construction 25-megawatt geothermal and 22-megawatt solar PV capacity to our Heber complex in California and a 3.5 megawatt addition to the Blue Mountain power plant in Nevada.

翻到幻燈片 22 和 23，展示了我們目前正在進行的地熱和混合太陽能光伏專案。我們預計到 2026 年底這些項目的發電量將增加 148 兆瓦。此外，我們還為位於加州的希伯綜合設施建造了 25 兆瓦的地熱發電能力和 22 兆瓦的太陽能光電發電能力，並為位於內華達州的藍山發電廠增加了 3.5 兆瓦的發電能力。

Moving to slide 24 and 25. We currently have 6 projects under development in our energy storage segment, which are expected to add 385 megawatts or 1.3 gigawatt hour to our portfolio. Please turn to slide 26 for a discussion of our 2025 guidance. We maintain our guidance and expect revenue to increase by 9% year-over-year at the midpoint, ranging between $935 million and $975 million.

移至投影片 24 和 25。目前，我們的能源儲存領域有 6 個項目正在開發中，預計將為我們的投資組合增加 385 兆瓦或 1.3 千兆瓦時。請翻到投影片 26 來了解我們 2025 年的指導方針。我們維持原有的指引，預計中期收入將年增 9%，介於 9.35 億美元至 9.75 億美元之間。

Electricity segment revenues are projected to be between $710 million and $725 million, product segment revenues between $172 million and $187 million, and energy storage revenues between $53 million and $63 million. Adjusted EBITDA is expected to increase by approximately 5% at the midpoint, ranging between $563 million and $593 million, with annual adjusted EBITDA attributable to minority interest at approximately $21 million.

電力部門收入預計在 7.1 億美元至 7.25 億美元之間，產品部門收入預計在 1.72 億美元至 1.87 億美元之間，能源儲存收入預計在 5,300 萬美元至 6,300 萬美元之間。調整後 EBITDA 預計中位數成長約 5%，介於 5.63 億美元至 5.93 億美元之間，年度調整後歸屬於少數股東權益的 EBITDA 約為 2,100 萬美元。

I will conclude our prepared remarks on slide 27. This is an exciting and pivotal time for Ormat, fueled by supportive policies in both geothermal and energy storage and the growing demand for carbon-free baseload power, particularly to support AI data centers and the broader electrification trends that are significantly increasing electricity consumption. These developments, along with our financial results, not only validate our strategy, but also strengthens our confidence in our team's ability to achieve both our near-term operating capacity milestones and long-term financial objectives.

我將在第 27 張投影片上結束我們的準備好的發言。對於 Ormat 來說，這是一個令人興奮的關鍵時刻，得益於地熱和能源儲存方面的支援政策以及對無碳基載電力日益增長的需求，特別是對人工智慧資料中心的支持以及顯著增加電力消耗的更廣泛的電氣化趨勢。這些發展以及我們的財務表現不僅驗證了我們的策略，而且增強了我們對團隊實現近期營運能力里程碑和長期財務目標的能力的信心。

As we look ahead to the second half of the year and beyond, we expect to finalize contracts to support data center and hyperscalers with improved economics and to continue the development and construction of future projects as planned. We are prioritizing innovation and exploration, the best way to develop and integrate EGS technology into operations and future growth.

展望下半年及以後，我們期望最終敲定合同，以支持具有更好經濟效益的數據中心和超大規模企業，並繼續按計劃開發和建設未來項目。我們優先考慮創新和探索，這是開發和將 EGS 技術融入營運和未來成長的最佳方式。

As we have previously communicated, we are actively pursuing strategic partnerships to develop new EGS projects and provide advanced solution to potential EGS customers in our product segment. We believe the new management structure will allow for greater focus on EGS and greenfield development. Our commitment to delivering reliable and sustainable energy solutions remain strong, and we are leveraging our unique capabilities to drive meaningful growth and create long-term value for our shareholders.

正如我們之前所傳達的，我們正在積極尋求策略合作夥伴關係，以開發新的 EGS 專案並為我們產品領域的潛在 EGS 客戶提供先進的解決方案。我們相信，新的管理結構將使我們更加關注EGS和綠地開發。我們始終致力於提供可靠、永續的能源解決方案，並利用我們獨特的能力推動有意義的成長，為股東創造長期價值。

This concludes our prepared remarks. Now I would like to open the call for questions. Operator, please.

我們的準備好的演講到此結束。現在我想開始提問。接線員，請說。

(Operator Instructions) Noah Kaye, Oppenheimer.

（操作員指示）諾亞凱，奧本海默。

A lot of good things going on. I think one place to start would be around the geothermal development environment. You called out a number of expedited permitting advancements for several projects, I think that was publicized by BLM perhaps mid-quarter, if I remember correctly. Can you talk about the opportunity for additional permitting fast track, what you're anticipating over the next couple of years and what this might actually mean for speeding up the development timetable?

很多好事正在發生。我認為可以從地熱開發環境著手。您呼籲加快多個專案的許可審批，如果我沒記錯的話，我認為 BLM 可能是在本季中期公佈了這些措施。您能否談談額外許可快速通道的機會、您對未來幾年的預期以及這對加快開發時間表實際上意味著什麼？

Yes, Noah, it's Doron. Thank you. The changes in the administration and the tailwind, the support that we are getting is very impressive and pushed us forward with today, multiple projects that have advanced the exploration to get into a position where we can start full-sized drilling and plan to release new projects in the next couple of years.

是的，諾亞，我是多倫。謝謝。政府的變化和順風，我們得到的支持令人印象深刻，並推動我們今天向前發展，多個項目推進了勘探工作，使我們進入了可以開始全面鑽探的階段，併計劃在未來幾年內發布新項目。

(inaudible) for over 12 years, and this is a situation that we haven't had in the past. We're actually drilling, getting a lot of responses from the BLM much faster than in the past, and we see quite a few of greenfield projects in the US that we will be able to release for construction the next couple of years. You can also take an example, (inaudible), the expansion of Heber that we just released. We started permitting of this project, I don't know, 4, 5, 6 years ago. And only now we're able now with the push that we see today, to get the permitting and to move it forward.

（聽不清楚）已經超過 12 年了，這是我們過去從未遇到過的情況。我們實際上正在進行鑽探，比過去更快地從 BLM 獲得大量回應，我們看到美國有不少綠地項目可以在未來幾年內投入建設。您還可以舉一個例子，（聽不清楚），我們剛剛發布的 Heber 的擴展。我們開始批准這個項目，大概是 4、5、6 年前吧。直到現在，我們才能夠在今天的推動下獲得許可並推動其向前發展。

Very good. I just want to make sure I've got this right on the storage side. I think you mentioned safe harboring all of your projects expected to come online through 2028. But you also mentioned, I think, active evaluation around FEOC implications for sourcing. So can you just sort of help us clarify those 2 points? Have you effectively safe harbored the battery supply already and eliminate any FEOC concerns for those projects going on through 2028? Or is that an ongoing process?

非常好。我只是想確保在存儲方面一切正常。我認為您曾提到對預計到 2028 年上線的所有項目進行安全保護。但我認為，您也提到了圍繞 FEOC 對採購的影響進行積極評估。那你能幫我們澄清這兩點嗎？您是否已經有效地保障了電池供應的安全，並消除了對 2028 年之前進行的專案的任何 FEOC 擔憂？或者這是一個持續的過程？

So I will split it basically to 3 parts. All the projects that are in construction that will come online, obviously, safe harbor, the batteries are in the US in construction, and that relates to all the projects that were leased before '24. At the beginning of '25, even before any of the new regulation came out with safe harbor, additional couple of projects over the last few months and ongoing, we are safe harboring additional projects in '25.

因此我將把它分成三個部分。所有正在建設中並將上線的項目，顯然是安全港，電池都在美國建設中，這與 24 年之前租賃的所有項目有關。在 25 年初，甚至在任何新的安全港法規出台之前，過去幾個月內以及正在進行的另外幾個項目，我們都在為 25 年的更多項目提供安全港保護。

All of them should come online by the end of '28 or '29 based on the current regulation. So I would say with safe harbor in '24 was 700-megawatt hour, in '25 already 600-megawatt hour, and we are in the process of safe harboring another 1.6 gigawatt hour of projects in '25.

根據現行規定，所有這些項目都應在 28 年或 29 年底前上線。因此我想說，24 年的安全港是 700 兆瓦時，25 年已經是 600 兆瓦時，而且我們正在為 25 年的另外 1.6 千兆瓦時的項目進行安全港建設。

Justin Clare, ROTH Capital Partners.

羅仕證券 (ROTH Capital Partners) 的賈斯汀·克萊爾 (Justin Clare)。

I guess, first, I just wanted to follow up on the progress you're making on enhanced geothermal. I was wondering if you could just provide a little bit more detail on the progress that you've made to date and speak to the potential opportunity, would you say it's more likely to first enable you to increase production at existing wells or existing plants? Or are you looking at drilling in new locations? It would be great to get an update there.

我想，首先，我只是想了解你們在增強型地熱能方面的進展。我想知道您是否可以提供一些有關您迄今為止所取得的進展的更多細節，並談談潛在的機會，您是否認為它更有可能首先使您能夠提高現有油井或現有工廠的產量？或者您正在考慮在新地點進行鑽探？如果能在那裡得到更新就太好了。

Thanks, Justin. So on EGS, I would first start. We just appointed a Senior Vice President, Daniel Moelk, to lead our resource drilling and EGS. He comes from Evo, has a lot of experience and knowledge in the EGS and this area. And we're working on multiple approaches on EGS. Since there is no 100% proven technology today, we will be focusing on a few technologies in parallel.

謝謝，賈斯汀。因此，我首先從 EGS 開始。我們剛剛任命了高級副總裁 Daniel Moelk 來領導我們的資源鑽探和 EGS。他來自Evo，在EGS和該領域擁有豐富的經驗和知識。我們正在研究 EGS 的多種方法。由於目前尚無 100% 成熟的技術，我們將同時專注於幾種技術。

I believe that the first stage, as you said, we will try to utilize EGS in some of our existing facilities that have interconnection that have permitting, that have already our plant operating and has the ability to generate more. But in the long term, once EGS is successful, I see EGS just expanding significantly the potential growth that we see in Ormat, both on the development part and also on the product side. Because once EGS will be a common technology and a proven technology, the demand for geothermal products and the EPC projects should increase significantly.

我相信，正如您所說，第一階段我們將嘗試在一些現有的設施中利用 EGS，這些設施已經互連、獲得許可、我們的工廠已經投入運營並且有能力產生更多的電力。但從長遠來看，一旦 EGS 取得成功，我認為 EGS 將顯著擴大我們在 Ormat 看到的潛在成長，無論是在開發方面還是在產品方面。因為一旦EGS成為一種常見技術和成熟的技術，對地熱產品和EPC專案的需求就會大幅增加。

So we do hope, and I do hope that the technology will be successful, and EGS will be proven a viable solution in the next couple of years. And if it does happen, it opens a totally new area for Ormat to grow, and it will have a significant impact once successful.

所以我們確實希望，我也確實希望這項技術能夠成功，並且 EGS 將在未來幾年內被證明是一種可行的解決方案。如果真的實現了，那麼它將為 Ormat 的發展開闢一個全新的領域，一旦成功，將產生重大影響。

Got it. Okay. And then I guess curious, just following up on that, what kind of demand you might be seeing on the product side from others that are pursuing enhanced geothermal techniques. Or also, are you evolving your products in order for them to be potentially more adaptable to an enhanced geothermal well?

知道了。好的。然後我很好奇，只是想跟進一下，您可能會看到其他追求增強型地熱技術的人在產品方面有什麼樣的需求。或者，您是否正在改進您的產品，以便它們可以更好地適應增強型地熱井？

Look, at the end of the day, the main attribute to EGS is the subsurface impact, really getting the heat up. But once you get the heat up, it will operate like similarly to other geothermal projects. And Ormat is the largest developer and the large seller of binary technology. You need to remember that we are not Chinese. So I believe it will give us a significant benefit versus any other Chinese companies that are competing in this area to build geothermal projects.

看起來，歸根結底，EGS 的主要屬性是地下撞擊，真正使熱量上升。但一旦加熱起來，它的運作方式與其他地熱項目類似。而Ormat是最大的二元技術開發商和大型銷售商。你需要記住，我們不是中國人。因此我相信，與在該地區建造地熱項目的其他中國公司相比，這將為我們帶來顯著的優勢。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆林·史密斯（Julien Dumoulin-Smith），傑富瑞集團（Jefferies）。

This is Hannah Velasquez on for Julien. Congrats on the quarter. I wanted to first start out with a follow-up on the safe harbor around the batteries. So it sounds like you haven't yet safe harbored fully the 2028, 2029 projects. I'm just wondering if the pause or hesitation there is to wait and see what happens with treasury in terms of guidance? Is there any concern that guidance ruling might limit your ability to safe harbor any sea of exposed batteries?

這是 Hannah Velasquez 為 Julien 表演的。恭喜本季取得佳績。我想先對電池周圍的安全港進行追蹤。因此聽起來您還沒有完全安全地完成 2028、2029 年的專案。我只是想知道，暫停或猶豫是否是為了等待並觀察財政部在指導方面會發生什麼？是否有人擔心指導性裁決可能會限制您安全收容大量暴露電池的能力？

Hannah, this is Assi. For the best of what we know today, the August 18 announcement on FEOC should be focused on wind and solar. And therefore, we don't think there should be a problem with us to safe harbor more projects between now and year-end because we need to have the project start by December 31. This is just part of the evaluation of what projects we believe will have interconnection by 2028 and 2029, and that's where we are doing those safe harbors.

漢娜，這是阿西。據我們今天所知，8 月 18 日 FEOC 的公告應該專注於風能和太陽能。因此，我們認為從現在到年底之間安全地保管更多項目應該沒有問題，因為我們需要在 12 月 31 日之前啟動該項目。這只是我們對 2028 年和 2029 年將實現互聯的項目的評估的一部分，這就是我們實施安全港的地方。

The good news is that -- at least, we know that by 2033 -- end of 2033, we do have confirmation that the ITC benefits will continue. And I also think that even if there will be no Chinese equipment allowed to use after that, there will be a US manufacturer or non-FEOC manufacture batteries, I think it's going that way. So overall, you can see these are big numbers that we are a safe harboring. And we just part of the work to decide what to safe harbor first.

好消息是——至少，我們知道到 2033 年——2033 年底，我們確實可以確認 ITC 福利將會持續下去。而且我還認為，即使此後不允許使用中國設備，也會有美國製造商或非 FEOC 製造電池，我認為情況會朝著這個方向發展。所以總的來說，你可以看到這些數字很大，表示我們是一個安全的港灣。我們所做的工作只是決定要先安全港是什麼。

Got it. And as a second question, could we get an update on the 250 megawatts under negotiation regarding data center opportunity? I know you said this in past quarters, but I wanted to see if there was anything incremental to touch on there? And if any of these potential projects, the 250 megawatts is contingent on you moving forward with pursuing EGS?

知道了。第二個問題，我們能否了解正在談判的 250 兆瓦資料中心機會的最新消息？我知道您在前幾個季度中說過這個，但我想看看是否有任何增量內容可以觸及？如果這些潛在項目中的任何一個，250兆瓦是否取決於您是否繼續推行EGS？

So I'll start with the end -- all the PPAs that we are negotiating today are of the existing technology, they are not connected to EGS. This is based on our existing technology. And the way that we are approaching it basically is to see that we cover any potential and greenfield that we will develop as well as any recontracting that we will have. Negotiations on the PPA are ongoing.

所以我從最後說起——我們今天談判的所有 PPA 都是現有技術，它們與 EGS 無關。這是基於我們現有的技術。我們處理這個問題的方式基本上是確保我們涵蓋了我們將要開發的任何潛在和未開發領域以及我們將要進行的任何重新簽約。有關電力購買協議的談判仍在進行中。

Moving forward, for (inaudible), I still don't have the ability to tell you that we signed. But we are finalizing the terms with them, and I hope that we'll be able to announce PPA that we signed in the next few months.

展望未來，對於（聽不清楚），我仍然無法告訴您我們已經簽署了協議。但我們正在與他們敲定最終條款，我希望我們能夠在未來幾個月內宣布我們簽署的 PPA。

Ben Kallo, Baird.

本卡洛，貝爾德。

Could you just talk a little bit about the certainty in tax credits and also the BLM permitting getting easier? How that has affected your early development strategy? Has that sped it up or slowed it down or is big changes at all on your development approach?

您能否簡單談談稅收抵免的確定性以及 BLM 許可變得更容易的情況？這對您早期的發展策略有何影響？這是否加快了還是減慢了速度，或者對您的開發方法有什麼重大改變？

Thank you, Ben. So the tax equity or the tax benefits that we see with the new beautiful deal is definitely beautiful for us. At the geothermal cloud as a runway until the end of 2033, and then there is a slow gradual decline of the benefit, but still -- it works on staff of construction. So effectively until COD that is 2037 and in some cases, until 2043 even will enjoy the PTC or ITC benefits that tied us.

謝謝你，本。因此，我們在新的美好協議中看到的稅收公平或稅收優惠對我們來說無疑是美好的。地熱雲作為跑道的使用期限為 2033 年底，此後效益將逐漸下降，但仍對施工人員有效。因此實際上直到 COD 也就是 2037 年，在某些情況下直到 2043 年甚至都會享受到束縛我們的 PTC 或 ITC 福利。

We have no -- we don't expect any limitation on the FEOC on the geothermal part manufacturing in different countries. The percentage that comes from China is minimal. It should not impact this. So the geothermal front, it's very, very clear.

我們沒有—我們不希望 FEOC 對不同國家的地熱部件製造施加任何限制。來自中國的比例很少。這不應該影響這一點。因此，地熱前緣非常非常清晰。

On the energy storage, we know that all the sales and batteries are manufacturers in China. And the market we need to adjust to the new regulations, either by increasing prices and basically having power plants without the benefits of the ITC or the developing manufacturing capabilities outside of China that will allow us to get the benefits of the ITC. And again, on the energy storage is until 2033 start of construction.

關於儲能，我們知道所有的銷售和電池都是中國製造商。我們需要讓市場適應新的規定，要么提高價格，建立不享受投資稅收抵免 (ITC) 優惠的發電廠，要么發展中國以外的製造能力，讓我們能夠享受投資稅收抵免 (ITC) 優惠。再次，關於能源儲存的建設要到2033年才能開始。

And then just on your '28 targets, could you just talk about how any of these changes or what you see in power prices have been either positive or negative towards your 2028 targets you laid out because there's been a lot that's happened recently. So if you're net positive or net negative, if you could walk through that.

然後就您的 2028 年目標而言，您能否談談這些變化或您所看到的電價變化對您制定的 2028 年目標有何積極或消極影響，因為最近發生了很多事情。因此，如果您是淨正數或淨負數，您是否可以經歷這一點。

The '28 target that we set a couple of years ago are totally valid. We still see them. Actually, the fact that permitting is faster and easier makes the more achievable the extension of the ITC. The PTCs helps them in the same way, didn't change the playground for 2028. And the PPA pricing and the extensive demand that we see for renewable energy basically supports totally these targets.

我們幾年前所訂定的『28』目標是完全有效的。我們仍然可以看到它們。事實上，許可的更快、更容易使得 ITC 的延長變得更加可行。PTC 以同樣的方式幫助他們，並​​沒有改變 2028 年的遊樂場。我們看到的 PPA 定價和對再生能源的廣泛需求基本上完全支持這些目標。

David Anderson, Barclays.

巴克萊銀行的大衛安德森。

You were talking before about enhance to your thermal, but I was kind of a little bit more curious more specific on exploration. You talked about your exploration program and some talk on the BLM. I was wondering if you could talk about how much capital you're putting aside for exploration? What does that look like for, say, 2026. I'm curious, are you drilling any wells yet? Are you still in the kind of geologics or reservoir analysis phase?

您之前談到了增強熱量，但我對探索的具體內容更感興趣。您談到了您的探索計劃以及有關 BLM 的一些討論。我想知道您是否可以談談您為勘探投入了多少資金？比如說，2026 年的情況會是怎麼樣？我很好奇，你已經鑽了嗎？您還在地質或儲層分析階段嗎？

Thanks, David. So on the exploration, it's a great place to be and great questions. We've been doing core wells between 10 to 12 core wells starting in '23 and '24, '25 and drilling full size as wells actually, we are today really full-size exploration was in 2 sites in the US actively drilling. We're looking into next year, and I expect next year to be drilling on top of the (inaudible) program, drilling between 2 to 3 full size exploration drilling in parallel.

謝謝，大衛。因此，就探索而言，這是一個很棒的地方，也有很多很棒的問題。從 2023 年、2024 年和 2025 年開始，我們已經鑽了 10 到 12 口岩心井，實際上也鑽了全尺寸的井，今天我們真正意義上的全尺寸勘探是在美國 2 個地點積極鑽探。我們正在考慮明年，我預計明年將在（聽不清楚）計劃的基礎上進行鑽探，同時進行 2 到 3 個全尺寸勘探鑽探。

So all in all, the move that we've done brings us much closer to many more greenfield that we'll be able to develop. CapEx wise, we have, in the exploration part, on an annual basis are somewhere between $125 million to $150 million of drilling exploration wells, obviously, can move up and down a bit, but the way that we see today is that we will be drilling 2 or 3 different locations in parallel in the US on exploration.

總而言之，我們採取的措施使我們更接近能夠開發的更多綠地。從資本支出來看，在勘探部分，我們每年的鑽探勘探井支出大約在 1.25 億美元到 1.5 億美元之間，顯然，這個數字可能會有一點上下浮動，但我們今天看到的方式是，我們將在美國同時在 2 到 3 個不同地點進行勘探鑽探。

Great. And separate subject on your product segment. I was just wondering about the growth and kind of how you're projecting that going forward. We saw some -- the backlog decreased a bit this quarter. I was just kind of curious how that should impact or not impact growth going forward? Can you just kind of provide some maybe some longer-term views on where -- how much that business can grow?

偉大的。並根據你的產品領域制定單獨的主題。我只是想知道成長情況以及您對未來發展的預測。我們看到—本季積壓訂單有所減少。我只是有點好奇這會對未來的成長產生什麼影響或不產生影響？您能否提供一些關於該業務能夠成長多少的長期看法？

Yes. So backlog in Ormat has many times a tendency to go down enough because we do sign large contracts. And obviously, once you sign it, it will go up. And then once you start recognizing revenue, it starts to go down. So we do expect to see some ups and downs in the backlog. I think that's especially relevant when most of the product that we signed today are EPC contracts, not supply projects, meaning a much larger projects.

是的。因此，由於我們確實簽署了大合同，Ormat 的積壓訂單往往會大幅減少。顯然，一旦你簽署了它，它的價格就會上漲。一旦你開始確認收入，它就開始下降。因此，我們確實預期積壓訂單數量會出現一些波動。我認為這尤其重要，因為我們今天簽署的大部分產品都是 EPC 合同，而不是供應項目，這意味著更大的項目。

Today, we see New Zealand, which is a big part of the backlog today, continue being a significant part of the backlog even in the coming years. We know about potential projects that are expected to be released next year and after that in New Zealand.

今天，我們看到紐西蘭是目前積壓案件的重要組成部分，並且在未來幾年內仍將是積壓案件的重要組成部分。我們了解預計明年及之後在新西蘭發布的潛在項目。

The other country that is very important for us on the product side is Indonesia. They've just issued a few tenders, and we see multiple tenders coming over the next couple of years in Indonesia, both places preferred projects that are EPC, not supply, meaning relatively large order at the beginning that is spread over a period of around 2 years and a bit and sometimes a bit more.

就產品方面而言，對我們來說非常重要的另一個國家是印尼。他們剛剛發布了幾個招標，我們預計未來幾年印尼將發布多個招標，這兩個地方都傾向於 EPC 項目，而不是供應項目，這意味著一開始的訂單相對較大，持續時間約為 2 年多一點，有時甚至更長一點。

So we do see a very nice future for the product segment. And I would say that once we add that to our exploration efforts and the greenfield that we plan to develop, that will add on to the product segment, not in direct revenue, but definitely in workload and the potential.

因此，我們確實看到了該產品領域的美好前景。我想說的是，一旦我們將其添加到我們的勘探工作和我們計劃開發的綠地中，這將會增加產品部分，不是直接收入，而是工作量和潛力。

Derek Podhaizer, Piper Sandler.

德里克波德海澤、派珀桑德勒。

I just wanted to go back to the accelerated permit approvals that you've been talking about. Maybe could you just sort of remind us or give us a refresher on the improvements that have been made? How long did it take before? How long is it taking now? And then help us understand how this all translate into being able to release that 25 megawatts (inaudible)

我只是想回到您一直在談論的加速許可證審批問題。也許您能提醒我們一下或讓我們重新回顧一下已經做出的改進嗎？之前花了多久時間？現在需要多長時間？然後幫助我們理解這一切如何轉化為能夠釋放 25 兆瓦（聽不清楚）

Derek, historically, the amount of time it took us to get environmental permits in Nevada could have been a year and sometimes even longer. I can tell you that in some cases, we have seen that now, it shortened to as short as 2 months. We got 3 permits during the quarter within 2 months. And Ormat is now trying to go and file as much as we can environmental permits in order to expedite additional projects that were not planned to be built over the next few years.

德里克，從歷史上看，我們在內華達州獲得環境許可證的時間可能需要一年甚至更長。我可以告訴你，在某些情況下，我們已經看到，它縮短到最短 2 個月。我們在本季的兩個月內獲得了 3 張許可證。奧爾馬特目前正努力申請盡可能多的環境許可證，以加快未來幾年內未計劃建設的其他項目的建設。

I will say though that, for example, in California, they still need to have a specific environmental that is not a BLM permit but another permit. And therefore, over there, it's only going to take some time until we see improvement. But as you know, many of our greenfields are in Nevada.

不過我要說的是，例如在加州，他們仍然需要特定的環境許可證，不是 BLM 許可證，而是其他許可證。因此，在那裡，我們只需要一些時間就能看到改善。但正如你們所知，我們的許多綠地都位於內華達州。

But if you think about permitting, it's not just in nominal permits. It's also the knowledge, the project will be approved. The knowledge that there will not be a new indigenous species waking up after we have done the exploration work. So for us, it gives us also a lot of runway of where we go and choose the work to drill. We are much more comfortable in our ability to progress those to the permitting. So it's one, accelerating. But second, also give us confidence that we will get all the permits on time.

但如果你考慮許可，它不僅僅是名義上的許可。這也是知識，該項目將被批准。我們確信，在完成探索工作後，不會有新的本土物種甦醒。因此對我們來說，它也為我們提供了很大的選擇空間，讓我們可以去哪裡以及選擇要進行鑽探的工作。我們對自己推進這些工作直至獲得許可的能力更有信心。所以它是一，加速。其次，也要讓我們有信心按時獲得所有許可證。

Got it. That's helpful. Maybe switching to Blue Mountain. Can you remind us how much this is expected to contribute to revenue and EBITDA? I think you said you'll be getting contribution beginning next quarter, third quarter. And then once all the planned enhancements and additions are made, where could this run rate step up to as you start thinking about 2026?

知道了。這很有幫助。也許可以換到藍山。您能否提醒我們這預計會對收入和 EBITDA 做出多少貢獻？我想您說過您將從下個季度，即第三季度開始獲得捐款。那麼，一旦所有計劃的改進和增加都完成，當您開始考慮 2026 年時，這個運行率會上升到什麼程度？

Sure. Right now, for the second half of the year, we expect to bring around $4 million of EBITDA for the plan. I will say that when we look at 2027, that number should go up by around 10%, 15%. As we're increasing the capacity of the plant by 15%, we are going from 20 to 23.5. And that project was already released in our construction.

當然。目前，我們預計今年下半年該計畫將帶來約 400 萬美元的 EBITDA。我想說，當我們展望 2027 年時，這個數字應該會上升 10% 到 15% 左右。隨著工廠產能提升15%，我們的產能將從20台增加到23.5台。該項目已在我們的建設中發布。

The next phase of growth for this project is that by the year of 2029, the PPA of this plant is over. And therefore, we expect to achieve a much better pricing on the PPA. The PPA of the plant is in the low 70s right now. And as you know, the market is about 100.

該計畫的下一階段發展是到 2029 年，該工廠的 PPA 將結束。因此，我們期望在 PPA 上實現更優惠的定價。該工廠的 PPA 目前處於 70 出頭。如你所知，市場規模大約有 100 個。

One more thing to mention. We do believe that Blue Mountain is a great place to do some EGS projects. There is already an active way of EGS on site. So we know that the ground there is quite good. And the plant is running under capacity, which means it can grow significantly. So that's definitely a place we will look over the next few months to see where we're aiming some of our EGS efforts.

還有一件事要提一下。我們確實相信藍山是開展一些 EGS 計畫的絕佳地點。現場已經存在有效的 EGS 方式。所以我們知道那裡的地面相當好。目前該工廠正滿載運轉，這意味著其可以大幅成長。因此，這絕對是我們在接下來的幾個月中要關注的地方，以了解我們的 EGS 工作目標是什麼。

Jeff Osborne, TD Cowen.

傑夫·奧斯本，TD Cowen。

Just two real quick ones. I was wondering, Assi, if you just could confirm the remediation work on the transmission line. Is that completed or is that still lingering in the third quarter? I know you said that curtailment would be meaningfully down, but I just wasn't sure if it's finished.

只需兩個非常快速的。阿西，我想知道您是否可以確認輸電線路的修復工作。這個計劃完成了嗎？還是仍停留在第三季？我知道您說過削減幅度會大幅下降，但我只是不確定它是否已經完成。

Early in July, actually in the second week of July, the remediation of the well pad work and the permits. You're talking about Puna or you're talking about [NVL]? So you're talking about the curtailment, right?

七月初，其實是七月的第二週，井場修復工作和許可證的發放。你在談論 Puna 還是你在談論[NVL]？所以您說的是削減，對嗎？

I'm talking about curtailment. I think it said a transmission line is 100 years old in Nevada?

我談論的是削減。我認為它說內華達州的輸電線路已經 100 年歷史了？

Okay. So we have slight -- very small curtailment in July, and MBL told us that they completed the work for the year. And that's why we get the guidance to much less than curtailment. As you know, we had a very big impact this quarter from curtailment and also in Q1. So we definitely assume -- and based on what we're told, that this will lessen in the second half.

好的。因此，我們在 7 月的減產幅度很小，MBL 告訴我們，他們已經完成了今年的工作。這就是為什麼我們得到的指導遠低於削減量。如您所知，本季度和第一季我們受到了很大的影響。因此，我們肯定地認為——並且根據我們所知，這種情況在下半年會有所緩解。

Got it. That's helpful. And then if I heard you right, I think you said there was a legal settlement as it related to a battery supplier. Was that around performance, availability? Can you just flesh out what the system completed and not working appropriately? Or any incremental detail would be helpful.

知道了。這很有幫助。如果我沒聽錯的話，我想您說的是，由於與電池供應商有關，因此存在法律和解。那與性能、可用​​性有關嗎？您能否詳細說明系統完成的情況以及運作不正常的情況？或者任何增量細節都會有幫助。

Yes. This is already a settlement that we have done a year ago, where a battery supplier did not provide us batteries when we demanded them and when we issued the PO because the prices of battery at the time went up significantly and our contract was at fixed cost. And that's why he reimbursed. So this is something that we will see in the financials, I believe, but at the end of this year and into Q1 of next year. Every quarter, we should expect to see around $3.1 million of income from that.

是的。這已經是我們一年前達成的解決方案了，當時電池供應商在我們要求時以及在我們發出採購訂單時沒有向我們提供電池，因為當時電池價格大幅上漲，而我們的合約是固定成本。這就是他報銷的原因。所以我相信我們會在財務上看到這一點，但時間是在今年年底和明年第一季。每個季度，我們預計可以從中獲得約 310 萬美元的收入。

That concludes our question-and-answer session. I will now turn the call back over to Doron for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給多倫，請他作最後發言。

Thank you. Thank you. I would like to thank you all for joining us today. This was a very good quarter for Ormat. We are continuing our exploration and development and EGS efforts.

謝謝。謝謝。我感謝大家今天的參加。對於 Ormat 來說，這是一個非常好的季度。我們正在繼續我們的探索、開發和 EGS 工作。

And with the tailwind that we see from the current administration, we see significant growth in the coming years and forward. So thank you all, and goodbye.

在本屆政府的推動下，我們預計未來幾年及以後會出現顯著的成長。謝謝大家，再見。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。