Ormat Technologies Inc (ORA) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Ormat Technologies Third Quarter 2025 Earnings Conference Call. (Operator Instructions) Please note that this event is being recorded.

早安，歡迎參加Ormat Technologies 2025年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Josh Carroll with Alpha IR. Please go ahead.

現在我想把會議交給 Alpha IR 的 Josh 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.

謝謝接線生。今天主持電話會議的是執行長 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 relating 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.

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有關未來事件的當前預期、估計、預測和展望的前瞻性陳述，這些陳述符合 1995 年《私人證券訴訟改革法案》中對前瞻性的定義。

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. Actual future results may differ materially from those projected as a result of certain risk factors and uncertainties.

這些前瞻性陳述通常與公司未來營運的計劃、目標和預期有關，並且是基於管理層目前的估計和預測、未來結果或趨勢。由於某些風險因素和不確定性，實際的未來結果可能與預測的結果有重大差異。

For a discussion of such risks and uncertainties, please see risk factors as described in Ormat Technologies annual report on Form 10-K and quarterly reports on Form 10-Q that are filed with the SEC. 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 the website.

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 表格年度報告和 10-Q 表格季度報告中所述的風險因素。此外，在電話會議期間，該公司還將公佈非GAAP財務指標，例如調整後的EBITDA。與最直接可比較的 GAAP 指標的調整以及管理層提出此類資訊的理由已在昨晚發布的新聞稿以及網站上發布的幻燈片中列出。

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

由於這些指標並非依照公認會計原則計算，因此不應將其與依照公認會計原則編製的財務報表割裂開來考慮。在將電話會議交給管理階層之前，我想提醒大家，本次電話會議的幻燈片簡報可在公司網站 ormat.com 的「投資者關係」標籤下的「簡報」連結中找到。

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，我現在想把電話交給 Ormat 的執行長 Doron Blachar。多倫？

Thank you, Josh. Good morning, everyone, and thank you for joining us today. Let me start with quarter highlights on Slide 4. Ormat delivered another quarter of strong results, demonstrating continued advancement and successful execution of our strategic growth initiatives.

謝謝你，喬許。各位早安，感謝大家今天收看我們的節目。讓我們先從幻燈片 4 中的季度亮點開始。Ormat 又取得了一季強勁的業績，顯示我們的策略成長計畫持續取得進展並成功執行。

These achievements are reflected in a 17.9% increase in revenue, a 13.3% increase in operating income and a 9.3% growth in net income attributable to the company's stockholders. Our strong results were primarily driven by sustained improvements in both our Energy Storage and Product segments, which contributed to higher revenues and enhanced profitability. These strong results enabled us to increase our revenues and adjusted EBITDA guidance for 2025. During the quarter, Ormat achieved several significant strategic milestones, including securing a 25-year extension to the PPA for the 52MW Heber 1 facility with SCPPA and obtaining 2 Geothermal exploration licenses in Indonesia, totaling 40MW. These long-term PPAs in Indonesia were executed in partnership with PLN, the country's national utility provider, reinforcing our strategic presence in the region.

這些成就體現在收入成長 17.9%，營業收入成長 13.3%，歸屬於公司股東的淨收入成長 9.3%。我們取得強勁業績主要得益於儲能和產品業務的持續改進，這促進了收入成長和獲利能力提升。這些強勁的業績使我們能夠提高 2025 年的營收和調整後 EBITDA 預期。本季度，Ormat 實現了幾個重要的戰略里程碑，包括與 SCPPA 就 52MW Heber 1 設施的購電協議 (PPA) 達成 25 年的延期，以及在印尼獲得 2 個地熱勘探許可證，總計 40MW。這些在印尼簽訂的長期購電協議是與該國國家電力公司 PLN 合作執行的，從而加強了我們在該地區的戰略地位。

Within our Storage segment, we successfully commissioned the Lower Rio Energy Storage facility in Texas on schedule. And in our Product segment, we expanded our backlog to $295 million through the addition of new supply agreement. Our legacy at Ormat is that of an innovative technology company. And as part of our strategy, we are always exploring additional ways to utilize our capabilities, knowledge and technology for new avenues to capture growth.

在儲能業務方面，我們已按計劃成功投產了位於德克薩斯州的 Lower Rio 儲能設施。在產品部門，我們透過新增供應協議，將積壓訂單增加到 2.95 億美元。Ormat 的傳統是成為一家創新科技公司。作為我們策略的一部分，我們一直在探索利用我們的能力、知識和技術來開闢新途徑，以實現成長。

To that end, we have achieved significant progress in advancing our Enhanced Geothermal System strategy, demonstrating our commitment to innovation and sustainable growth. We entered into a partnership with SLB to develop an EGS solution. And in addition, we signed a collaboration agreement with Sage to develop another EGS solution based on different technologies. I will elaborate on this later.

為此，我們在推動增強型地熱系統策略方面取得了重大進展，這反映了我們對創新和永續發展的承諾。我們與SLB公司合作開發EGS解決方案。此外，我們還與 Sage 簽署了合作協議，基於不同的技術開發另一個 EGS 解決方案。我稍後會詳細說明。

Before I provide some additional updates on our business, I would now like to turn the call over to Assaf Ginzburg to discuss our financial results. Assaf?

在就我們業務提供一些額外最新資訊之前，我現在想把電話交給阿薩夫·金茲堡，讓他來討論我們的財務表現。阿薩夫？

Thank you, Doron.

謝謝你，多倫。

Let me start my review of our financial highlights on Slide 6. Total revenue for the third quarter was $249.7 million, a 17.9% increase compared to last year's third quarter. This top line expansion was driven by growth across all 3 operating segments. Notably, our growth continued to reflect the strong results from both our Energy Storage and Product segments.

讓我從第6張幻燈片開始回顧我們的財務亮點。第三季總營收為 2.497 億美元，比去年第三季成長 17.9%。營收成長主要得益於三大營運部門的全面成長。值得注意的是，我們的成長持續反映了儲能和產品業務的強勁業績。

Gross profit for the third quarter was $64 million, up 8.8% from $58.9 million in the third quarter of 2024, resulting in a consolidated gross margin of 25.6% versus 27.8% last year. The increase in gross margin was a result of improvement in our Storage and Product segment, partially offset by lower performance of our Electricity segment.

第三季毛利為 6,400 萬美元，比 2024 年第三季的 5,890 萬美元成長 8.8%，綜合毛利率為 25.6%，而去年同期為 27.8%。毛利率的成長是由於我們的儲存和產品部門的業績改善，但部分被電力部門業績下滑所抵銷。

Net income attributable to the company's stockholders was $24.1 million or $0.39 per diluted share compared to $22.1 million or $0.36 per diluted share in the third quarter of the prior year. Adjusted net income attributable to the company's stockholders was $24.9 million or $0.41 per diluted share compared to $26.3 million or $0.42 per diluted share in the third quarter prior year.

歸屬於公司股東的淨利潤為 2,410 萬美元，即每股攤薄收益 0.39 美元，而去年同期為 2,210 萬美元，即每股攤薄收益 0.36 美元。歸屬於公司股東的調整後淨利為 2,490 萬美元，即每股攤薄收益 0.41 美元，而去年同期為 2,630 萬美元，即每股攤薄收益 0.42 美元。

Adjusted EBITDA for the third quarter was $138.4 million, a 0.6% increase compared to last year. This year-over-year growth was driven mostly by higher revenue and better margins in the Product segment as well as contribution from new assets in the Energy Storage segment. These contributions were offset by lower income attributable to sales of tax benefits and reduced benefits from a legal settlement with a battery supplier in our Storage Segment, which were both exceptionally high during the third quarter of 2024.

第三季調整後 EBITDA 為 1.384 億美元，比去年同期成長 0.6%。這一年的成長主要得益於產品部門更高的收入和更好的利潤率，以及儲能部門新資產的貢獻。這些貢獻被因銷售稅收優惠而導致的收入減少以及儲能業務部門與電池供應商達成的法律和解帶來的收益減少所抵消，這兩項收入在 2024 年第三季都異常高。

Slide 7 breaks down the revenue performance at the segment level. Electricity segment revenue for the third quarter increased by 1.5% to $167.1 million, primarily due to the recent acquisition of Blue Mountain and the improved performance at our Dixie Valley facility. This expansion to our operating portfolio helped to more than offset $3.2 million reduction at our Puna complex in Hawaii due to lower energy rates.

第 7 張投影片按業務部門細分了收入表現。第三季電力業務收入成長 1.5% 至 1.671 億美元，主要得益於近期對 Blue Mountain 的收購以及 Dixie Valley 工廠業績的改善。此次營運組合的擴張，幫助我們抵消了夏威夷普納工廠因能源價格下降而造成的 320 萬美元的損失。

Product segment revenues increased by 66.6% to $62.2 million during the third quarter, driven by our strong backlog and the timing of progress made in manufacturing and construction.

第三季產品部門營收成長 66.6%，達到 6,220 萬美元，這主要得益於我們強勁的訂單儲備以及製造和建築領域的進展。

Energy Storage segment revenues increased by 108% to $20.4 million in the third quarter, primarily driven by the successful commissioning of the Bottleneck and Montague facilities in late 2024 and the COD of our 60-megawatt 120-megawatt hour Lower Rio facility this quarter. I would like to add that the Bottleneck storage facility in line with its contract contributed approximately 45% of its annual revenue during the third quarter, which generally significantly increased Storage revenue and profits in the third quarter compared to the rest of the year.

第三季儲能業務收入成長 108% 至 2,040 萬美元，主要得益於 Bottleneck 和 Montague 設施於 2024 年底成功投產，以及我們 60 兆瓦 120 兆瓦時的 Lower Rio 設施在本季度投產。我想補充一點，根據合同，瓶頸存儲設施在第三季度貢獻了公司全年收入的約 45%，這總體上顯著提高了第三季度的存儲收入和利潤，與今年其他季度相比。

Also on Slide 7, the gross margin for the Electricity segment was 25.4% in the third quarter, down from 30.2% from last year. The gross margin in the third quarter of 2025 was negatively impacted by $5.5 million due to temporary lower generation at Stillwater from ongoing enhancement work, reduced output at our Imperial Valley assets following a third-party grid failure caused by September storm and to a lesser extent, curtailment in the U.S. In addition, lower energy prices at our Puna complex in Hawaii reduced gross margin by approximately $3.2 million.

另外，在第 7 張投影片中，電力部門第三季的毛利率為 25.4%，低於去年同期的 30.2%。2025 年第三季毛利潤受到 550 萬美元的負面影響，原因是斯蒂爾沃特 (Stillwater) 正在進行的升級改造工程導致發電量暫時下降，以及 9 月份風暴造成的第三方電網故障導致帝國谷 (Imperial Valley) 資產產量減少，此外，美國限電的影響較小。另外，夏威夷普納 (Puna) 綜合設施的能源價格下降也使毛利減少了約 320 萬美元。

In the Product segment, gross margin was 21.7%, up 250 basis points from 19.2% last year, with this margin expansion driven by improved profitability on our contracts. We continue to anticipate that gross margin for this year in our Products segment will remain in the range of 21% to 23%.

在產品部門，毛利率為 21.7%，比去年的 19.2% 成長了 250 個基點，毛利率的擴張主要得益於合約獲利能力的提高。我們繼續預計今年產品部門的毛利率將保持在 21% 至 23% 的範圍內。

The Energy Storage segment reported gross margin of 39.4%, up meaningfully compared to 20.2% gross margin in the third quarter of 2024. This improvement was mainly driven by seasonally high margins at the Bottleneck Storage facility and higher merchant prices in the PJM region year-over-year. We believe that full year gross profit for the storage segment is likely to increase to about 25%. Slides 8 and 9 show the results of the last 9 months of 2025, highlighted by 10% increase in total revenue and 11.6% and 4.5% increase in net income and adjusted EBITDA, respectively, with significant increase in both Energy Storage and Product segment. Moving to Slide 10.

儲能業務部門毛利率為 39.4%，較 2024 年第三季的 20.2% 毛利率顯著成長。這項改善主要得益於瓶頸儲存設施季節性高利潤率以及 PJM 地區商家價格年增。我們認為，倉儲業務全年毛利率可能會成長到 25% 左右。第 8 頁和第 9 頁顯示了 2025 年最後 9 個月的業績，其中總收入增長了 10%，淨收入和調整後 EBITDA 分別增長了 11.6% 和 4.5%，能源儲存和產品部門均實現了顯著增長。切換到第10張投影片。

As discussed in the second quarter call on July 4, the U.S. budget bill extended the PTC and ITC runway for our Geothermal & Energy Storage segment.

正如我們在 7 月 4 日的第二季度電話會議上所討論的那樣，美國預算案延長了我們地熱和儲能部門的 PTC 和 ITC 期限。

Regarding the foreign entity of concern or FEOC, provision of the bill, the broader scope includes Specified Foreign Entity (SFEs) and Foreign Influence Entity (FIEs). At this time, the entire Energy Storage industry is still heavily dependent on batteries sourced from China. And we are actively evaluating all project development options while continuing to safe harbor additional projects. Ultimately, we will pursue the most economically viable option to advance our current storage pipeline and maintain flexibility in our procurement to stay on track with our expansion plan.

關於受關注的外國實體或外國影響實體（FEOC），根據該法案的規定，其適用範圍擴大至特定外國實體（SFE）和外國影響實體。（FIE）。目前，整個儲能產業仍然嚴重依賴從中國進口的電池。我們正在積極評估所有專案開發方案，同時繼續為其他專案提供安全保障。最終，我們將尋求最具經濟可行性的方案來推進我們現有的儲存管道建設，並在採購方面保持靈活性，以確保我們的擴張計劃按計劃進行。

Moving to Slide 11. We recorded $14.4 million in income related to tax benefits in the third quarter compared to $19.8 million last year. In the third quarter and 9 months of 2025, we recorded ITC benefits of $9.5 million and $33.8 million, respectively, in the income tax line. These benefits are related to 2 Storage facilities that commenced operation or expect to commence commercial operation by the end of 2025. Recently, we entered 2 tax equity transactions.

切換到第11張投影片。第三季度，我們錄得與稅收優惠相關的收入為 1,440 萬美元，而去年同期為 1,980 萬美元。2025 年第三季和前 9 個月，我們在所得稅項下分別記錄了 950 萬美元和 3,380 萬美元的 ITC 收益。這些收益與 2 個已開始營運或預計在 2025 年底前開始商業營運的儲存設施有關。最近，我們進行了兩項稅務股權交易。

And as of today, we collected approximately $109 million under these contracts. The balance of $32.4 million will be collected by the year-end. In addition, we sold transferable PTC and ITC and received mostly in October, $25.5 million. We now expect total cash from tax credit this year, will exceed our initial expectation of $160 million and will now reach approximately $167 million.

截至今日，我們已根據這些合約收取了約 1.09 億美元。剩餘的3240萬美元將於年底前收回。此外，我們出售了可轉讓的 PTC 和 ITC，並在 10 月收到了 2,550 萬美元。我們現在預計今年稅收抵免帶來的現金總額將超過我們最初預期的 1.6 億美元，達到約 1.67 億美元。

We expect our tax rate will be positively impacted by ITC benefits in 2025 with an annual benefit rate between 5% to 15%, excluding changes in law or onetime events.

我們預計，2025 年 ITC 優惠將對我們的稅率產生正面影響，年優惠比率在 5% 到 15% 之間，不包括法律變更或一次性事件。

Slide 12 details our cash flow over the last 12 months, illustrating our ability to generate strong cash flow that allows us to fund reinvestment and strategic growth while servicing debt obligation and returning capital to shareholders.

第 12 頁詳細介紹了我們過去 12 個月的現金流，說明了我們有能力產生強勁的現金流，從而能夠為再投資和戰略增長提供資金，同時償還債務並向股東返還資本。

Cash and cash equivalents and restricted cash and cash equivalents as of September 30, 2025, were approximately $206 million, similar to the end of 2024. Our total debt as of September 30, 2025, was approximately $2.7 billion, net of deferred financing costs with the cost of debt at 4.8%. The majority of our debt liabilities are at fixed interest rates, providing stability and protection for market fluctuation.

截至 2025 年 9 月 30 日，現金及現金等價物及受限現金及現金等價物約為 2.06 億美元，與 2024 年底的情況類似。截至 2025 年 9 月 30 日，我們的總債務約為 27 億美元，扣除遞延融資成本後，債務成本為 4.8%。我們的債務負債大多是固定利率，這為市場波動提供了穩定性和保護。

Moving to Slide 13. Our net debt as of September 30, 2025, was approximately $2.5 billion, equivalent to 4.4x net debt to EBITDA. During the third quarter, we secured $254 million in funding. This includes $104 million from tax equity partnerships and transferable tax credits and $150 million from project finance loan at attractive rates. As shown on the slide, our total available liquidity is $667 million.

切換到第13張投影片。截至 2025 年 9 月 30 日，我們的淨債務約為 25 億美元，相當於淨債務與 EBITDA 比率的 4.4 倍。第三季度，我們獲得了 2.54 億美元的融資。其中包括來自稅收權益合夥企業和可轉讓稅收抵免的 1.04 億美元，以及來自利率優惠的專案融資貸款的 1.5 億美元。如投影片所示，我們可用的流動資金總額為 6.67 億美元。

We expect our total capital expenditure for the remaining of the year to be $140 million with our detailed CapEx plan presented in Slide 33 in the appendix. We plan to invest approximately $100 million in the Electricity segment for construction, exploration, drilling and maintenance in the fourth quarter of 2025. Additionally, we plan to invest $34 million in the construction of our Storage Assets.

我們預計今年剩餘時間的總資本支出將達到 1.4 億美元，詳細的資本支出計畫在附錄的第 33 頁幻燈片中列出。我們計劃在 2025 年第四季向電力業投資約 1 億美元，用於建設、勘探、鑽井和維護。此外，我們計劃投資 3,400 萬美元用於建造我們的倉儲資產。

On November 3, 2025, our Board of Directors declared, approved and authorized a payment of quarterly dividend of $0.12 per share payable on December 1, 2025, to shareholders of record as of November 17, 2025.

2025 年 11 月 3 日，我們的董事會宣布、批准並授權向截至 2025 年 11 月 17 日登記在冊的股東派發每股 0.12 美元的季度股息，股息將於 2025 年 12 月 1 日支付。

Before I turn the call over to Doron, I would like you to know that depending on the average share price in Q4, we expect diluted share count will increase by approximately 800,000 shares due to the potential dilutive effect from our convertible senior notes. That concludes my financial overview.

在將電話交給 Doron 之前，我想讓大家知道，根據第四季的平均股價，由於我們的可轉換優先票據可能產生的稀釋效應，我們預計稀釋後的股份數量將增加約 80 萬股。我的財務概覽到此結束。

I would like now to turn the call over to Doron to discuss some of our recent developments.

現在我想把電話交給多倫，讓他來討論我們最近的一些進展。

Thank you, Assaf.

謝謝你，阿薩夫。

Moving to Slide 16. The Blue Mountain power plant that we acquired back in June has contributed to our results, and we're continuing to make great progress in planned upgrades that will enhance the facility generation and revenue growth potential. Our DIXIE Valley facility exhibited improved performance during the quarter following an unplanned outage that took place during the prior year.

切換到第16張投影片。我們在 6 月收購的藍山發電廠對我們的業績做出了貢獻，我們正在繼續推進計劃中的升級改造，這將提高該設施的發電量和收入成長潛力。在經歷了上一年計劃外停機後，我們的 DIXIE Valley 工廠在本季度表現出了更好的性能。

Turning now to our international activities. In August, we were chosen to develop 2 greenfield projects, [Songa and Ambalat] for the local government in Indonesia, further expanding our footprint in the region. Notably, Ormat is the first company chosen under this competitive bid process. We are planning to commence drilling at one of these sites by the end of 2026 and contingent on successful results, expect the projects to be fully operational by 2030.

現在來談談我們的國際活動。8 月，我們被選中為印尼地方政府開發 2 個新建項目 [Songa 和 Ambalat]，進一步擴大了我們在該地區的業務版圖。值得注意的是，Ormat 是在此次競爭性招標過程中選出的第一家公司。我們計劃在 2026 年底前開始在其中一個地點進行鑽探，如果結果成功，預計這些項目將在 2030 年全面投入運作。

With respect to our TOPP 2 project in New Zealand that is currently in commissioning stage, we recently received a formal notice from the customer that they have decided to exercise their option to purchase the facility. And once the project is complete, we will be delivering the facility to the customer. As a result, revenue from the sale of this project will now fall under the Product segment. Once it is finalized and closed next year, the TOPP 2 facility will be removed from our pipeline.

關於我們在新西蘭目前正在調試階段的 TOPP 2 項目，我們最近收到客戶的正式通知，他們已決定行使購買該設施的選擇權。專案完成後，我們將把設施交付給客戶。因此，該項目的銷售收入將歸入產品類別。一旦 TOPP 2 設施在明年最終建成並關閉，它將從我們的流程中移除。

Turning now to Slide 17. Our Product segment backlog stands at $295 million, representing a 79% increase compared to the third quarter of 2024. This growth was primarily driven by a large contract we signed, which has added approximately $86 million to the backlog.

現在請看第17張投影片。我們的產品部門積壓訂單為 2.95 億美元，比 2024 年第三季成長了 79%。這一增長主要得益於我們簽署的一份大合同，該合同使我們的積壓訂單增加了約 8600 萬美元。

Moving to Slide 18. Our Energy Storage segment produced another strong quarter of year-over-year growth with total revenues increasing by 108%. As previously mentioned, we anticipate that the strong performance in our Energy Storage business will continue throughout the remainder of 2025, driven by the benefits of recently commissioned storage facilities.

切換到第18張投影片。我們的儲能業務部門又實現了強勁的同比增長，總收入增長了 108%。如前所述，我們預期在近期投產的儲能設施帶來的效益推動下，我們的儲能業務將在 2025 年剩餘時間內持續保持強勁表現。

On Slide 20, we are on track to achieve our portfolio capacity targets of between 2.6 gigawatt 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 towards meeting our capacity growth targets.

如投影片 20 所示，我們預計在 2028 年底前實現 2.6 吉瓦至 2.8 吉瓦的投資組合容量目標。這種信心源自於地熱開發強勁的發展動能和我們不斷加強的勘探工作。同時，我們在儲能領域也取得了進展，成功獲得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。

Turning to Slide 21 and 22, which display our Geothermal & Hybrid Solar PV projects currently underway. We anticipate adding 98 megawatts of generating capacity from these projects by the end of 2026.

請看第 21 和 22 張幻燈片，其中展示了我們目前正在進行的地熱和混合太陽能光電專案。我們預計到 2026 年底，這些項目將新增 98 兆瓦的發電容量。

Moving to Slide 23 and 24. We currently have 5 projects under development in our Energy Storage segment, which are expected to add 325 megawatts or 1,180-megawatt hour to our portfolio.

接下來是第23和24張投影片。目前，我們在儲能領域有 5 個正在開發的項目，預計將為我們的投資組合增加 325 兆瓦或 1,180 兆瓦時。

Turning to Slide 25. Last week, Ormat and SLB announced a partnership aimed to accelerate the development and commercialization of EGS projects. Together with SLB, we intend to streamline project deployment from concept to power generation by combining Ormat's expertise and market-leading capabilities in power plant design, development and operations with SLB's well-established strength in subsurface reservoir engineering and construction. Together, we intend to jointly develop a pilot at an Ormat facility with the goal of scaling EGS solution to enable widespread EGS adoption.

翻到第25張投影片。上週，Ormat 和 SLB 宣佈建立合作夥伴關係，旨在加速 EGS 專案的開發和商業化。我們與 SLB 攜手合作，旨在透過結合 Ormat 在電廠設計、開發和運營方面的專業知識和市場領先的能力，以及 SLB 在地下油藏工程和建設方面的雄厚實力，簡化從概念到發電的項目部署流程。我們計劃共同在 Ormat 設施中開展試點項目，目標是擴大 EGS 解決方案的規模，以實現 EGS 的廣泛應用。

If the pilot proves successful, Ormat expects to expand its development pipeline in alignment with our commitment to delivering reliable, sustainable and efficient Energy solutions to meet the demands of AI, data centers and the broader transition to renewable energy. In addition to the SLB agreement during the third quarter, we announced a strategic commercial agreement with Sage Geosystems, a pioneer in next-generation Geothermal and Energy Storage technology. As part of the agreement, once closed, Sage will pilot its advanced pressure Geothermal technology to extract Geothermal heat energy from hot dry rock at one of our existing power plants. The goal of this collaboration is to significantly reduce the time and costs needed to bring EGS to market.

如果試點計畫取得成功，Ormat 預計將擴大其開發計劃，以履行其提供可靠、可持續和高效的能源解決方案的承諾，從而滿足人工智慧、數據中心以及向再生能源更廣泛轉型的需求。除了第三季與 SLB 達成的協議外，我們還宣布與下一代地熱和儲能技術的先驅 Sage Geosystems 達成戰略商業協議。作為協議的一部分，一旦協議完成，Sage 將在我們現有的發電廠之一試行其先進的壓力地熱技術，從乾燥的熱岩中提取地熱能。此次合作的目標是大幅縮短將EGS推向市場所需的時間和成本。

Following a successful completion of the pilot project, Ormat will gain the right to develop, build, own and operate Geothermal power plants levering Sage's proprietary pressure Geothermal technology. We also intend to advance long and short duration Energy storage projects, utilizing Sage cutting-edge pressure Geothermal Storage solution. We will provide additional updates on these agreements as the pilot program progresses.

試點計畫成功完成後，Ormat 將獲得利用 Sage 專有的壓力地熱技術開發、建造、擁有和營運地熱發電廠的權利。我們也計劃推進長期和短期儲能項目，利用 Sage 的尖端壓力地熱儲能解決方案。隨著試點計畫的推進，我們將提供有關這些協議的更多最新資訊。

Our partnership with SLB, coupled with our agreement with Sage has created a significant step forward for the Geothermal industry. As the global leader in Geothermal development, we are proud to drive progress towards a more sustainable future by delivering reliable, efficient and renewable energy solutions to power the global energy needs.

我們與 SLB 的合作，以及我們與 Sage 的協議，為地熱產業邁出了重要的一步。作為全球地熱開發領域的領導者，我們很自豪能夠透過提供可靠、高效和再生能源解決方案來滿足全球能源需求，從而推動邁向更永續的未來。

Please turn to Slide 26 for a discussion of our 2025 guidance. The great results we saw in the Product and Storage segments enabled us to update our guidance and increase our revenue and adjusted EBITDA targets for the year.

請翻到第 26 頁，了解我們 2025 年的指導方針。我們在產品和儲存業務領域取得的優異成績，使我們能夠更新業績預期，提高全年的收入和調整後 EBITDA 目標。

We expect revenue to increase by 10.2% year-over-year at the midpoint, ranging between $960 million and $980 million. Electricity segment revenues are projected to be between $700 million and $705 million. Product segment revenues are expected to range between $190 million and $200 million and Energy Storage revenues are now expected to range between $70 million and $75 million,

我們預計營收將年增 10.2%（取中間值），介於 9.6 億美元至 9.8 億美元之間。電力業務部門的收入預計在 7 億美元至 7.05 億美元之間。產品部門收入預計在 1.9 億美元至 2 億美元之間，儲能部門收入預計在 7,000 萬美元至 7,500 萬美元之間。

As a result of improvements in full year revenue and strong adjusted EBITDA results generated to date, adjusted EBITDA is now expected to increase by approximately 6.2% at the midpoint, ranging between $575 million and $593 million, with annual adjusted EBITDA attributable to minority interest at approximately $17.5 million.

由於全年營收有所改善，且迄今為止調整後的 EBITDA 業績強勁，預計調整後的 EBITDA 將成長約 6.2%（取中間值），介於 5.75 億美元至 5.93 億美元之間，其中歸屬於少數股東權益的年度調整後 EBITDA 約為 1,750 萬美元。

I will now conclude our prepared remarks with reference to Slide 27. This is a pivotal and transformative period for Ormat. We are experiencing strong momentum across our business, fueled by new strategic partnership and expanding portfolio, robust PPA pricing, supportive regulatory developments and increasing demand for renewable energy solutions. As the global energy transition gains pace and AI-driven requirements for Power & Energy infrastructure expand the market for our core competence, we are exceptionally well positioned to deliver scalable and sustainable Energy Solutions.

現在我將結合第 27 張投影片結束我們準備好的演講。對Ormat而言，這是一個至關重要的變革時期。由於新的策略合作夥伴關係和不斷擴大的產品組合、穩健的購電協議定價、有利的監管發展以及對再生能源解決方案日益增長的需求，我們的業務正處於強勁的發展勢頭。隨著全球能源轉型步伐加快，人工智慧對電力和能源基礎設施的需求擴大了我們核心競爭力的市場，我們擁有得天獨厚的優勢，能夠提供可擴展和永續的能源解決方案。

We are also proud of the progress that we have made in advancing EGS technology. This initiative complements our established leadership in Geothermal development and positions us to drive future growth. Looking ahead to the fourth quarter and beyond, we remain committed to expanding our industry leadership and advancing innovative sustainable energy solution that will allow us to drive growth and long-term value for our shareholders. This concludes our prepared remarks.

我們也為我們在推進EGS技術方面的進展感到自豪。這項措施鞏固了我們在地熱開發領域的既有領先地位，並為我們未來的發展奠定了基礎。展望第四季及以後，我們將持續致力於擴大產業領先地位，推動創新永續能源解決方案，從而推動成長，為股東創造長期價值。我們的發言稿到此結束。

Now I would like to open the call for questions. Operator, please.

現在我來接受提問。接線員，請說。

(Operator Instructions) Noah Kaye, Oppenheimer. Yes, your line is coming through.

（操作說明）諾亞凱，奧本海默。是的，您的線路已接通。

Okay. All right. So maybe to start with, it was in the slide deck on Page 15, just referencing the 250 megawatts of PPAs under negotiation with hyperscalers and data centers. I don't believe I heard an update in the prepared remarks. Can you maybe just update on sorry, I'm getting a lot of feedback Yes, I'm sorry.

好的。好的。所以，或許可以先從投影片第 15 頁開始，其中提到了正在與超大規模資料中心和大型企業進行談判的 250 兆瓦購電協議。我好像沒有在準備好的演講稿中聽到任何最新消息。能更新一下嗎？抱歉，我收到了很多回饋。是的，很抱歉。

(technical difficulty) Can you hear me?

（技術故障）你聽得到我說話嗎？

Yes.

是的。

Okay. I'm sorry, I'm getting a lot of feedback, but I was just hoping for an update on the PPA discussions with hyperscalers.

好的。抱歉，我收到了很多回饋，但我只是想了解一下與超大規模資料中心營運商就 PPA 進行的討論的最新進展。

So hopefully, you can hear me well. We are actually in very final negotiations on a couple of PPAs with hyperscalers and in the same magnitude that we have been discussing. We hope to be able to finalize them, sign them and announce them in the next couple of months. Hopefully even before that. But we have quite a significant development in the negotiations and drafting, and we're very close to finishing them in the next couple of months.

希望你們都能聽清楚我說話。我們實際上正在與幾家超大規模資料中心營運商就幾項購電協議進行最後的談判，規模與我們一直在討論的差不多。我們希望能夠在接下來的幾個月內完成最終定稿、簽署並公佈這些協議。希望在那之前就能實現。但是，我們在談判和起草方面取得了相當大的進展，我們非常接近在未來幾個月內完成這些工作。

Great. We look forward to that. Second question, I think you mentioned TOPP 2 will likely convert over to a Products revenue since you'll be doing the EPC work there. Just how to think about how that might translate into additional products backlog and the revenue opportunity associated with that?

偉大的。我們期待著這一點。第二個問題，我想你提到 TOPP 2 很可能會轉化為產品收入，因為你將在那裡進行 EPC 工作。如何思考這可能會轉化為額外的產品積壓訂單以及由此帶來的收入機會？

Yes. I would say it's an EPC project, roughly $100 million in that range. So, they have exercised the option. We need to close the transaction that will probably occur in Q1 of '26. And at that point, once the transaction closes, it's accounting-wise, the time we can actually account it as part of the project.

是的。我認為這是一個EPC項目，金額大約在1億美元左右。所以，他們行使了選擇權。我們需要完成可能在 2026 年第一季發生的交易。而到了那時，一旦交易完成，從會計角度來說，我們才能真正將其計入專案的一部分。

Very helpful. And then you mentioned a couple of these key collaborations on EGS. I was hoping you could give us a little bit more color on some of the pilots that are associated with that. Can you give us a little bit more detail on the scope of the pilot? What steps exactly you'll kind of be taking here in the early days to kind of assess commercial viability and what you'll be looking for to go ahead with a larger project?

很有幫助。然後您提到了EGS上的幾個關鍵合作項目。我希望您能為我們詳細介紹一下與此相關的幾位飛行員。能詳細介紹一下試點計畫的範圍嗎？在初期階段，您具體會採取哪些步驟來評估商業可行性？為了推進更大的項目，您會考慮哪些因素？

Sure. So, 2 different transactions. So, with SLB, we've started a joint venture. And we have chosen the site, the pilot for the SLB will be next to our facility in Desert Peak in Nevada. Actually, it's the same location that 20 years ago Mart started an EGS project there.

當然。所以，這是兩筆不同的交易。因此，我們與SLB成立了一家合資企業。我們已經選定了地點，SLB 的試點項目將位於我們在內華達州沙漠峰的工廠旁邊。事實上，這裡正是 20 年前 Mart 啟動 EGS 計畫的地方。

So, this, the project, the pilot starts with SLB looking into the right technology and developing the right technology for an EGS project; once they are complete or actually in parallel to that, we will be looking for permitting and all the business development-related issues that we'll be working on.

所以，這個項目，也就是試點項目，首先由 SLB 尋找合適的技術，並為 EGS 項目開發合適的技術；一旦這些技術完成，或者實際上與此並行，我們將尋求許可和所有與業務發展相關的問題，我們將著手處理這些問題。

Once these are aligned, we will drill the pilot wells. We expect that will happen towards the second half or the end of '26. And then we will run the pilot, and we will utilize our Desert Peak site. And by that, save a lot of time for the need to build a facility to generate electricity. So, this is on the, on the Sage, so the Sage pilot is a pilot that they are managing.

一旦這些條件確定，我們將鑽探試驗井。我們預計這種情況會在 2026 年下半年或年底發生。然後我們將開展試點項目，並利用我們的沙漠峰基地。這樣一來，就節省了大量建造發電設施的時間。所以，這是在 Sage 上，Sage 試點計畫是他們正在管理的試點計畫。

We are discussing with them what is the right location for an EGS project next to one of our facilities, similar again to Sage time. But on this case, be it the permitting and everything is done by Sage, not by us. We are just allowing them to utilize one of our facilities, which we haven't finalized with them yet which one.

我們正在與他們討論在我們的某個設施旁邊建造 EGS 項目的合適位置，這與 Sage 的情況類似。但就此案而言，無論是審批或其他所有事宜，都是由 Sage 完成的，而不是由我們完成的。我們只是允許他們使用我們的一個設施，但尚未與他們最終確定是哪一個。

Justin Clare, ROTH Capital.

Justin Clare，ROTH Capital。

So I wanted to start out with the Electricity segment. Wondering if you could just discuss within the Electricity segment, how you anticipate the gross margins trending in Q4. There was a number of different factors that affected the margins in Q3. Wondering if those are being resolved or if they could affect Q4.

所以我決定先從電力部分開始。我想請您談談電力產業板塊，您預計第四季的毛利率走勢如何。第三季利潤率受到多種因素的影響。想知道這些問題是否正在解決，或者是否會影響第四季。

And then just looking into 2026, it'd be great if you could just talk about the puts and takes you see for the Electricity segment in regard to kind of operational issues that you, that impacted 2025 and the curtailments and how you see things evolving for that segment next year?

展望 2026 年，如果您能談談您對電力產業的看法，特別是您認為 2025 年影響到的營運問題和減產措施，以及您認為該產業明年將如何發展，那就太好了？

So, I would start maybe with FY’ 26. What we've seen we are not aware today of any material curtailments that are planned by Energy or from California near the control substation. So, the big impact that we had this year is not something that we expect to see next year. But this is usually up to the utilities and operators not us. This is regarding 2026.

所以，我可能會從26財年開始。據我們所知，目前還沒有能源部門或加州方面計劃在控制變電站附近採取任何實質的減產措施。因此，我們預計明年不會再出現今年的巨大影響。但這通常由公用事業公司和營運商決定，而不是我們。這是關於2026年的事。

Regarding Q4 '26, I can tell you that we had some curtailment in October by NV Energy, which wasn't a planned one. an unplanned curtailment that they've done. Q4 is usually much stronger than Q3 and Q2. So, we do expect a higher gross margin in Q4 versus Q3.

關於2026年第四季度，我可以告訴你們，NV Energy在10月份採取了一些減產措施，但這並非計畫之內的減產。這是一次計劃外的減產。第四季通常比第三季和第二季強得多。因此，我們預計第四季的毛利率將高於第三季。

Got it. And then I guess just some of the factors that affected Q3, the Stillwater enhancement, the Imperial Valley grid failure, have those been resolved at this point? Or could there be an effect in Q4? Wondering for Q4, could we see directionally an improvement versus the year ago period? Or could those factors result in a year-over-year decline?

知道了。那麼，影響第三季的一些因素，例如斯蒂爾沃特改造計畫、帝國谷電網故障，目前這些問題是否已經解決？或第四季會不會受到影響？想知道第四季的情況，我們能否看到比去年同期有所改善？或者這些因素會導致年減？

Storm in the Imperial Valley impacted IID. They had, I think, a few hundred poles that fell down, and it took them a while to bring them up. So, this event is over and behind us. The Stillwater upgrade continued into October. So, it will have some impact, but not as big of an impact as in Q3.

帝國谷的暴風雨影響了IID。我想，他們有幾百根桿子倒了，花了好長時間才把它們扶起來。好了，這件事已經結束了。斯蒂爾沃特升級改造工程一直持續到10月。所以，這會產生一些影響，但不會像第三季那樣影響巨大。

I would just add from a season perspective, Q4 is usually one of the strongest quarters for the year, and we expect this to be probably the strongest for 2025. We see lessening the curtailment, which is very positive. If you look at 2024, our margin was 36%. We are running in general this year 200 to 300 basis points below that. So that's the expectation for Q4.

從賽季的角度來看，第四季通常是一年中業績最好的季度之一，我們預計2025年第四季也可能是業績最好的季度。我們看到限制措施有所減少，這是一個非常積極的信號。如果展望 2024 年，我們的利潤率為 36%。今年我們整體的運作情況比這個數字低200到300個基點。這就是對第四季的預期。

So overall, again, it should be much improved versus what we saw this quarter. It should be probably the highest for the year, but slightly below 2024 because there is, as Doron mentioned, some curtailment in Q4 on one hand and also Stillwater is still not at its full capacity.

所以總的來說，情況應該會比本季好得多。這可能是今年最高的產量，但略低於 2024 年的產量，因為正如 Doron 所提到的，一方面第四季度產量有所減少，另一方面斯蒂爾沃特的產能尚未達到飽和。

Got it. Okay. That's really helpful. And then just one more on PPAs. It seems like PPAs are continuing to trend higher.

知道了。好的。這真的很有幫助。然後，再補充一個關於購電協議的問題。購電協議價格似乎仍在持續上漲。

You mentioned pricing above $100 a megawatt hour. Wondering if you're seeing pricing at $105 or $110 or if you could provide any more granularity on the pricing that you're seeing? And then just related to that, it sounds like off takers may be looking to recontract earlier in order to lock in pricing before potential future increases in PPAs. Are you seeing any of that? Could you look to recontract assets earlier than what you typically would be expecting?

您提到每兆瓦時價格高於 100 美元。我想知道您看到的價格是 105 美元還是 110 美元，或者您是否可以提供更詳細的價格資訊？另外，與此相關的是，購電方似乎正在尋求提前續約合同，以便在購電協議 (PPA) 可能未來上漲之前鎖定價格。你看過這些情況嗎？您能否考慮比通常預期的時間更早重新簽訂資產合約？

So, it's very hard to comment on the PPA price, if it's 105 or 110. It's in a similar vicinity and both of them are good numbers depending on the specific location and the offtaker. We are looking for recontracting today our 2029 and 2030 projects coming off contract. It's important we would like to recontract them to get the stability and the ability to focus and for longer term. Also, when you recontract a project, it doesn't come up with a lot of CapEx or some CapEx associated with enhancement, but it doesn't come with the full CapEx.

所以，很難對 PPA 價格做出評論，是 105 還是 110。兩者位置相近，根據具體位置和收銀員的不同，這兩個號碼都是不錯的。我們正在尋找能夠續簽我們2029年和2030年合約到期專案的合作夥伴。對我們來說，重要的是要與他們續約，以獲得穩定性，並能夠集中精力進行長期發展。此外，當你重新簽訂專案合約時，它不會產生大量的資本支出，或只會產生一些與改善相關的資本支出，但不會包含全部的資本支出。

So, in today's environment and PPA pricing, it is very attractive.

因此，在當前的市場環境和購電協議定價下，它非常有吸引力。

Mark Strouse, JPMorgan.

馬克‧斯特勞斯，摩根大通。

Just a follow-up to Noah's earlier question. I know it's early, but can you talk about how, it's kind of a reasonable expectation of how long these pilots on the EGS side might last? And I appreciate kind of the longer-term opportunity here. But just specific to your 2028 targets, do you think that there's potential upside to that from these EGS deals? Or is it a bit more longer dated?

這是對諾亞之前問題的後續問題。我知道現在說這些還為時過早，但你能談談EGS陣營的這些飛行員大概能堅持多久，這種預期是否合理嗎？我很欣賞這裡提供的長遠發展機會。但就您2028年的目標而言，您認為這些EGS交易是否有潛在的上漲空間？還是它的年代更久遠？

Thank you. 2028 targets, it's a bit aggressive to assume that EGS will have an impact. One of the main challenges with EGS is the water loss once you circulate the water, inject water and then bring it up again. This is something that will be verified or learned over time. So, if we see the pilot operating in FY ‘27 sometime, I think it's likely that we'll be able to, after a few months, be able to get the input on the viability of this technology.

謝謝。至於2028年的目標，假設EGS會受到影響未免有些過於樂觀。EGS面臨的主要挑戰之一是水循環、注水和再次提升過程中產生的水損失。這是需要時間去驗證或了解的事情。因此，如果我們在 2027 財年看到試點計畫運行，我認為幾個月後我們很可能就能獲得有關這項技術可行性的回饋。

I can tell you that once we are starting the pilot development, we will be looking to sign PPAs, obviously, for a later period based on this technology to be successful. So, this is also something that we, together with SLB are planning to do.

我可以告訴你們，一旦我們開始試驗開發，我們顯然會考慮基於這項技術在未來一段時間內簽署購電協議，以求成功。所以，這也是我們和斯里蘭卡證券交易委員會（SLB）計畫要做的事。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

This is Hanna Velasquez on for Julian. So, another follow-up question on the EGS part. Can you just give us a sense of the scale of EGS-type projects that you would be looking to target in terms of megawatts?

這裡是漢娜·維拉斯奎茲，她正在為朱利安報道。那麼，關於EGS部分，還有一個後續問題。您能否簡要介紹一下您希望瞄準的 EGS 類型專案的規模（以兆瓦為單位）？

Yes. The nice thing about EGS project is that it is based on the amount of wells that you drill and the water that you use. So, the megawatts that can be developed are significant. It can be in the hundreds of megawatts similar to other companies PPAs. It's not like today that when we release a project, it's 25, 30, 35 megawatts.

是的。EGS專案的好處在於，它的成本取決於你鑽井的數量和你用水量。因此，可以開發的兆瓦數是相當可觀的。其規模可能達到數百兆瓦，與其他公司的購電協議類似。現在的情況和以前不一樣了，我們發布一個項目，容量不是 25 兆瓦、30 兆瓦、35 兆瓦。

I believe the EGS projects will be in a few hundred megawatts. But again, it's very, very early to say before we have the pilot operation.

我認為增強型地熱系統（EGS）專案的裝置容量將達到數百兆瓦。但是，在進行試點運行之前，現在下結論還為時過早。

Okay. And as a follow-up, can you give us an update? I know a while back; we had talked about an executive order on the permitting side that came out of the Trump administration that was trying to accelerate the permitting process for Geothermal. I think it was like down to 28 days or something like that. Have you seen any updates or progress on that front?

好的。作為後續問題，能否提供最新進展？我知道，前段時間我們討論過川普政府發布的一項關於地熱能許可的行政命令，該命令旨在加快地熱能的許可審批流程。我記得好像縮短到了28天左右。您在那方面看到任何更新或進展了嗎？

In general, we do see getting permits become much less of an issue when it's federal permits. Although over the last few weeks, as we all know, the government is in a shutdown mode. So, we don't see a lot happening there. But I can tell you that we were able to get within weeks permits. And you will see in 2026 that will lead, as Doron mentioned on the call last time, to accelerating drilling program.

總的來說，我們發現，如果是聯邦許可證，獲得許可證的問題就會少很多。雖然在過去幾周里，正如我們所知，政府一直處於停擺狀態。所以，我們沒看到那裡發生什麼大事。但我可以告訴你，我們在幾週內就拿到了許可證。正如 Doron 上次在電話會議上提到的那樣，到 2026 年，您將會看到這將導致鑽探計劃加速推進。

Doron mentioned that we're adding a second rig for the second half of 2025. We may even add a third rig at one point next year. We may have, so that's going to be a different situation for us. And what it gives us is the ability to develop more assets to meet both our 2028 and of course, our longer-term goals. So very positive.

Doron提到，我們將在2025年下半年增加第二套設備。我們甚至可能在明年某個時候再增加第三台鑽孔機。我們或許有，所以這對我們來說將是另一種情況。它賦予我們開發更多資產的能力，以實現我們 2028 年的目標，當然也包括我們更長遠的目標。非常積極。

Last few weeks, nothing is being done. It's all on a shutdown mode. We hope it will change shortly.

過去幾週，什麼都沒做。一切都處於關機狀態。我們希望這種情況很快就會改變。

Jon Windham, UBS Financial.

Jon Windham，瑞銀金融。

I'd be really interested if you could just provide some more color about how you're managing risk around the storage business. There's obviously a lot of uncertainty in the market around FEOC around that. Just how the contracts or how your development pipeline risk mitigates or potential outcomes for that would be very interested to hear your thoughts.

如果您能詳細介紹一下您是如何管理倉儲業務風險的，我將非常感興趣。顯然，FEOC 市場存在著許多不確定性。我很想聽聽您的想法，特別是關於合約或您的開發流程如何降低風險，以及可能出現的結果。

So, thank you, John. So, you saw the Storage margins this quarter, and we also increased guidance for the year for the Storage. So, all in all, our operation between PGM, Texas and California working very well. All the projects that we are developing have secured safe harbor and a few additional ones that we haven't already released for construction have safe harbor. Apart from that, the FEOC and the entire storage market is still trying to align itself to the new world that the administration has put.

所以，謝謝你，約翰。所以，你們看到了本季的儲存業務利潤率，我們也提高了今年的儲存業務預期。總而言之，PGM、德州和加州之間的合作運作非常順利。我們正在開發的所有項目都已獲得安全港許可，還有一些我們尚未發布施工計畫的項目也獲得了安全港許可。除此之外，FEOC 和整個儲存市場仍在努力適應政府帶來的新局面。

And we are looking also on the impact longer term. But at this stage, all the projects and the plan that we have are in line, and we are working on them, and we did safe harbor, whatever we could and had good enough view going forward.

我們也關注其長期影響。但就目前而言，我們所有的項目和計劃都步調一致，我們正在努力推進，我們已經盡力做好萬全準備，並且對未來有了足夠清晰的展望。

David Sutherland, Baird.

David Sutherland，Baird。

Most of my questions on EGS have already been answered. So maybe if I could just pivot. Assaf, I wonder if you could talk to us a little bit more about financing needs for next year and really maybe even for next year or '27, just looking at the 200 megawatts of Geothermal and solar roughly that you guys plan on bringing online and any needs or any things we should consider for tax partnerships between now and then?

我關於EGS的大部分問題都已經得到了解答。所以也許我可以改變一下思路。阿薩夫，我想讓你再跟我們談談明年的融資需求，甚至可能是明年或 2027 年的融資需求。考慮到你們計劃投入運營的 200 兆瓦地熱和太陽能發電項目，以及從現在到那時我們在稅務合作方面有哪些需求或需要考慮的事項？

So, I'll start by saying that if you look at this year, our expected EBITDA, the middle range plus the over $160 million, close to $167 million of cash cover basically completely all of our CapEx needs. And the only additional borrowing that we did this year is to basically for the acquisition that we made. We haven't finalized our plan yet for CapEx for next year. But also, next year, we expect to have at least $70 million of tax equity or ITC that we will get from 2 projects.

首先，我要說的是，如果你看一下今年的預期 EBITDA，中間值加上超過 1.6 億美元，接近 1.67 億美元的現金覆蓋，基本上可以完全滿足我們所有的資本支出需求。今年我們唯一的額外借款基本上是為了我們進行的收購。我們尚未最終確定明年的資本支出計劃。此外，明年我們預計至少能從兩個項目中獲得 7,000 萬美元的稅收權益或投資稅收抵免。

In addition to that, next year, towards the end of the year, the Puna plant is expected to come on. And if we close the transaction of the Puna plant already in December, which is unlikely, but it's possible, then this year and next year, tax credits will be quite similar, maybe even higher next year. So overall, the start for us is very, very good. It’s around can be as much as $170 million next year.

除此之外，預計明年年底，普納工廠也將投產。如果我們能在 12 月就完成普納工廠的交易（雖然不太可能，但也不是完全不可能），那麼今年和明年的稅收抵免額將非常相似，明年甚至可能更高。總的來說，我們的開局非常非常好。明年這個數字可能高達 1.7 億美元。

In addition to that, next year, as we mentioned at the beginning of the call, we expect to sell for around $100 million, a project that we already fully financed in New Zealand. So basically, we will start the year next year with above $250 million of non-proceeds.

除此之外，正如我們在電話會議開始時所提到的，我們預計明年將以約 1 億美元的價格出售一個我們在新西蘭已經全額融資的項目。所以基本上，明年年初我們將面臨超過 2.5 億美元的非收益。

Together with ongoing EBITDA, that should cover the majority of our CapEx needs. And if we will need slightly more, we can borrow. So, at this point, we don't see a need for equity for the company. Of course, the 2 pilots of the EGS at this point, they are not meaningful for the company or at least the one that we are spending the money with the SLB. It's not meaningful spend for the company, maybe $10 million to $20 million a year for the next year or 2.

加上持續的 EBITDA，應該可以滿足我們大部分的資本支出需求。如果需要更多資金，我們可以藉貸。因此，目前我們認為該公司沒有必要進行股權融資。當然，目前 EGS 的 2 個試點項目對公司來說意義不大，至少對我們用 SLB 投資的公司來說意義不大。對公司而言，這筆支出意義不大，未來一兩年內每年可能也就 1,000 萬到 2,000 萬美元。

But once EGS will be something big, and we will need to start build instead of 100 megawatts a year, 3x or 4x that amount, Ormat will have to look into our capital structure. And I believe that there is plenty of cash available for great projects.

但是，一旦 EGS 規模擴大，我們需要開始建造的發電量不再是每年 100 兆瓦，而是現在的 3 倍或 4 倍，Ormat 就必須重新審視我們的資本結構。我相信，有很多資金可以用於偉大的項目。

So, as I mentioned, right now, we will focus with great cash from operation plus tax credit, including a large onetime income next year coming from the sale of the project in New Zealand. So, we should be quite covered next year.

正如我之前提到的，目前我們將專注於營運現金流和稅收抵免，其中包括明年出售紐西蘭專案所得的一筆大額一次性收入。所以，明年我們的保障應該相當充足。

That's super helpful. And maybe, I guess, just building on that last question and to your point about EGS and the excitement there. Is there any opportunity that you guys see to maybe accelerate this development through M&A or any other actions you guys could take to build more or bigger partnerships in the near term?

這太有幫助了。或許，我想，就接上一個問題，談談你提到的EGS以及那裡的興奮氛圍。你們認為是否有任何機會透過併購或其他方式來加速這一發展，從而在短期內建立更多或更大的合作關係？

We've just started these initiatives. I don't see an M&A transaction in the EGS field that can push it forward. I don't believe there's any targets today for M&A transaction. We believe that developing with SLB and the commercial agreement with Sage, which is a different technology than SLB actually will allow us to have 2 paths to reach EGS. And if either one or both of them are successful, as we said, the number of megawatts that can be developed that will impact Ormat own project as well as the Product segment are significant.

我們剛剛啟動這些項目。我認為在EGS領域，沒有任何一筆併購交易能推動其發展。我認為目前沒有任何併購交易的目標。我們相信，透過與 SLB 合作開發，並與 Sage 達成商業協議（Sage 的技術與 SLB 不同），我們將有兩條途徑實現 EGS。正如我們所說，如果他們中的一個或兩個都成功了，那麼可以開發的兆瓦數將對 Ormat 自身的專案以及產品部門產生重大影響。

David Anderson, Barclays.

大衛安德森，巴克萊銀行。

On the Schlumberger agreement, they're providing the technology they do the permitting and the drilling. If this is successful, does Schlumberger participate in this project in the longer term in terms of CapEx or other means on this? How does that work longer term if this all works out?

根據與斯倫貝謝公司的協議，他們提供技術，他們負責審批和鑽井。如果成功，斯倫貝謝是否會在資本支出或其他方面以長期方式參與該項目？如果這一切最終成功，長遠來看會如何發展？

I cannot answer for Schlumberger themselves. But the way the partnership works is that we're developing together, and after that, we can build project together or each one can build by themselves projects. Schlumberger is a service company. That's what they have done all the years. And we are developers.

我無法代表斯倫貝謝公司回答這個問題。但這種合作方式是，我們共同開發，之後，我們可以一起做項目，或者每個人都可以自己做專案。斯倫貝謝是一家服務公司。他們多年來一直都是這麼做的。我們是開發人員。

So once the pilot is successful, we will be able to utilize all the technology that was developed in the pilot and build Geothermal EGS projects that will be owned by Ormat.

因此，一旦試點成功，我們將能夠利用試點中開發的所有技術，並建立由 Ormat 擁有的地熱增強型地熱系統 (EGS) 專案。

Can you talk about the differences in the technologies that are being applied that what Sage is doing versus what Schlumberger is doing?

您能否談談Sage公司和斯倫貝謝公司在科技應用上有哪些不同？

It's, these are 2 different technologies. These are very proprietary technology for Sage and SLB are still developing them. I think over time, as the pilot progresses and technology is developed, we will be able to share more information on how we are developing it and how do we see both of them operating over time.

這是兩種不同的技術。這些都是Sage和SLB的專有技術，他們仍在進行開發中。我認為隨著時間的推移，隨著試點計畫的推進和技術的發展，我們將能夠分享更多關於我們如何開發它以及我們預計它們如何隨著時間的推移而運行的信息。

Noah Kaye, Oppenheimer.

諾亞凱，奧本海默。

Really 2 ones. The first one is around the electricity performance kind of following up on the margin question before. I think maybe another way to get at it is, there have been a number of events all year. There were wildfires in California in 1Q, the Puna maintenance in 2Q and now Imperial Valley in 3Q and obviously, the Nevada curtailment all year. And I guess outside of Puna, these were really kind of exogenous factors, right?

實際上是兩個。第一個問題是關於電力性能的，算是對先前利潤率問題的後續探討。我認為或許可以換個角度來看，今年發生了很多事。第一季加州發生野火，第二季普納地區進行維護，第三季帝國谷地區發生野火，顯然，內華達州全年都在限制用水。我想，除了普納地區之外，這些都算是外生因素，對吧？

So, I guess if we add up all of these nonrecurring factors, is it possible to kind of quantify the total impact to revenue and EBITDA this year? I think that will help us re-baseline for next year.

所以，我想如果我們把所有這些非經常性因素加起來，是否有可能量化今年對營收和 EBITDA 的整體影響？我認為這有助於我們重新設定明年的基準。

Sure. So, when we look at the curtailment, it's probably around $14 million to $15 million this year. If you add to it some of the Puna impact plus the Ivy storms, you're probably going to be somewhere between $20 million to $25 million. But let's remember, every year, there is a few events. So, I would say it's probably a $20 million impact for the year.

當然。所以，從削減幅度來看，今年的削減額可能在 1,400 萬美元到 1,500 萬美元之間。如果再加上普納颶風和常春藤颶風的影響，損失可能在 2000 萬美元到 2500 萬美元之間。但別忘了，每年都會有一些活動。所以，我估計今年的影響可能達到 2,000 萬美元。

And when you look at our forecast for the year, you can see that we reduced our higher end part of the guidance by exactly those $20 million. That's why we went from $725 million to $705 million. So, if you want to make it easy on you, this is the high-level impact.

當你查看我們今年的預測時，你會發現我們將預期中較高的部分減少了整整 2000 萬美元。這就是為什麼我們的預算從 7.25 億美元減少到 7.05 億美元的原因。所以，為了方便理解，這就是它帶來的高層次影響。

That's perfect. And the second one is really to think about land position and interconnection position. We noticed that NV Energy's interconnection queue, just to pick one utility for Geothermal increased by roughly 10x over the last couple of months. It does look like there is obviously a lot of project development. Can you talk about your interconnection position and your ability to bring online the Geothermal projects you have in development?

那很完美。第二點是要認真考慮土地位置和連網位置。我們注意到，在過去的幾個月裡，NV Energy 的互聯隊列（僅選擇一家地熱公用事業公司）就增加了約 10 倍。看起來確實有很多項目正在開發中。您能否談談貴公司的互聯互通狀況以及貴公司將正在開發的地熱專案投入營運的能力？

Our projects and prospects that we have that we are developing today have most of them already interconnection agreements and date. The others are in various stages of negotiations on finalizing the megawatts and the cost of the interconnection, the date. So, when we look at the near to midterm future, we feel confident that we will have interconnection for the projects that should be coming online in the next few years. Obviously, as you go down to later years, interconnection is something that needs to be worked on. But we are in this, in Nevada and California for many, many years in the Geothermal, and we are continuously filing for interconnection.

我們目前正在開發的專案和前景，大部分都已經簽訂了互聯協議並確定了日期。其他各方正在就最終確定並網容量、成本和日期等事宜進行不同階段的談判。因此，展望中短期未來，我們有信心在未來幾年內上線的專案之間實現互聯互通。顯然，隨著年齡的增長，互聯互通就成了需要努力解決的問題。但是，我們在內華達州和加利福尼亞州從事地熱能源開發已經很多年了，我們一直在不斷申請併網。

And we have, as I said, for most of our projects going forward interconnection.

正如我所說，我們未來的大多數專案都將採用互聯互通。

Derek Podhaizer, Piper Sandler.

德里克·波德海澤，派珀·桑德勒。

I just want to ask about Product. Maybe just your outlook there on the backlog seems to be growing nicely, just upped your top line revenue guidance. Your implied 2028 guidance was, I think, in the $140 million range. You just guided up to $180 million to $190 million. Margins are sitting above 20%.

我只想諮詢一下產品方面的問題。或許只是因為你對積壓訂單的預期成長良好，所以才提高了營收預期。我認為，您暗示的 2028 年業績預期在 1.4 億美元左右。你剛剛把目標金額提高了 1.8 億美元到 1.9 億美元。利潤率高於 20%。

Is this just a new run rate we should think about? Maybe just some comments around Product and how you see that progressing over the next couple of years, given that you're trending above your 2028 implied guidance?

這是我們應該考慮的新運行率嗎？鑑於你們目前的業績趨勢超過了2028年的預期目標，能否就產品方面以及您如何看待未來幾年產品的發展發表一些看法？

Our long-term target for margin is anywhere from 17% to 20%. This year, we have an exceptional year with our ability to negotiate much better procurement on some of our contracts, in addition to the fact that some of the projects that are being finished right now in New Zealand, we were able to complete the EPC at a much lower cost than anticipated.

我們的長期利潤率目標在 17% 到 20% 之間。今年，我們取得了非凡的成績，我們能夠就一些合約的採購進行更好的談判，此外，目前在新西蘭正在完工的一些項目中，我們能夠以比預期低得多的成本完成EPC（工程、採購、施工）工作。

So, I will say from a margin perspective, this year is definitely, I would say, outstanding and probably on the higher end. And when I look forward, probably between, I would say, 17% to 20% is making more sense. On the revenue line item, there is no doubt that we continue to stay elevated. And also, next year, we expect to stay elevated. Historically, Ormat, in the years of COVID and the few years, others, we sold around $100 million.

所以，從利潤率的角度來看，今年絕對是非常出色的一年，而且可能屬於較高水準。展望未來，我認為 17% 到 20% 的比例更合理。就收入而言，毫無疑問，我們繼續保持高位成長。而且，明年我們預計也能維持領先地位。從歷史上看，在新冠疫情肆虐的幾年以及其他幾年裡，Ormat 的銷售額約為 1 億美元。

I will say right now, we are moving probably to the $200 million level. And next year maybe going to be slightly higher, but that's the idea at this point.

我現在可以說，我們可能會達到 2 億美元的水平。明年可能會略高一些，但目前來看就是這樣。

We signed a large contract in Asia a few weeks ago, and we're negotiating a few more as we speak. I think that what's more important when you look at the Product segment is to show to the world that Geothermal is light kicking, not just in the U.S. with all the AI, but it's a viable solution in many, many countries and the cheapest option to get electricity.

幾週前我們在亞洲簽署了一份大合同，現在我們正在洽談另外幾份合約。我認為，從產品角度來看，更重要的是向世界展示地熱能的蓬勃發展，不僅在美國借助人工智慧取得了巨大成功，而且在許多國家都是一個可行的解決方案，也是獲取電力最便宜的選擇。

One more thing that will boost our revenues, but that's towards 2028, 2029 and 2030 is the fact that we did win 2 new PPAs in Indonesia. These are BOT projects with PLN. During the BOT project, we recognize revenue already at the time of the construction in the Product segment. So, I will say that over the next few years, we should see a very nice support coming from the project in Indonesia, from the New Zealand projects and also what we just signed in Asia. So overall, good timing.

還有一件事將提升我們的收入，但這要到 2028 年、2029 年和 2030 年才會實現，那就是我們在印尼贏得了 2 份新的購電協議。這些是採用波蘭茲羅提的BOT項目。在 BOT 專案中，我們在產品板塊的建造階段就已經確認收入。所以，我想說，在接下來的幾年裡，我們應該會看到來自印尼的計畫、紐西蘭的計畫以及我們剛剛在亞洲簽署的計畫都給予我們非常好的支持。總的來說，時機把握得很好。

As I said, margin this year is exceptionally high. We're not anticipating that to be at this level.

正如我所說，今年的利潤率異常高。我們預計不會達到這種程度。

Got it. That's helpful. And then just back to the partnership with SLB, maybe looking at it from a different angle. We already talked about EGS. But what about on the traditional side of things, your traditional Geothermal development, are you exploring projects with SLB to develop that type of power plants?

知道了。那很有幫助。然後，讓我們回到與SLB的合作關係，或許可以從另一個角度來看這個問題。我們之前已經討論過EGS了。但是，在傳統方面，例如傳統的地熱開發方面，您是否正在與SLB探討開發這類發電廠的專案？

Just trying to think of the cross synergies that can be utilized with SLB applying some of their technologies into the traditional space, fully acknowledging that EGS is where the interest is, but just thinking about traditional asset development as well.

我只是想思考如何利用SLB的一些技術在傳統領域實現交叉協同效應，雖然我完全承認EGS是大家感興趣的領域，但我也在考慮傳統的資產開發。

Definitely. Traditional Geothermal is the core of what we are doing today, EGS needs to be developed. So, we are looking also with SLB on potential customers that are looking for Geothermal Energy and have the relevant locations or land that we can develop traditional Geothermal. So definitely, it's part of the discussion with them. It's something that both companies can enjoy if we get additional customer for them for the services they provide for drilling and as for the power plant.

確實。傳統地熱是我們目前工作的核心，增強型地熱系統（EGS）需要進一步發展。因此，我們也在與SLB一起尋找正在尋找地熱能源的潛在客戶，並且擁有我們可以開發傳統地熱能源的相關地點或土地。所以，這肯定是和他們討論的一部分。如果我們能為他們提供的鑽井服務和發電廠服務吸引更多客戶，那麼兩家公司都能從中受益。

So, it definitely exists in the partnership.

所以，這種關係在合作關係中是絕對存在的。

This concludes the question-and-answer session of today's call. I will now hand the call over to Doron for closing remarks. Thank you.

今天的電話會議問答環節到此結束。現在我將把電話交給多倫，請他作總結發言。謝謝。

So thank you, everyone. This was a strong quarter on our operations with strategic developments in the EGS technology. Our partnership with SLB and the commercial agreement we signed with Sage will impact our growth in the future and will allow us together with SLB to respond to the significant demand we see today in the market by data centers and AI for Electricity. We will obviously continuously update you on any progress we have in these pilots and how we plan to see them materializing into real projects. So, thank you all.

所以，謝謝大家。本季我們的營運表現強勁，EGS 技術方面也取得了策略性進展。我們與 SLB 的合作關係以及我們與 Sage 簽署的商業協議將影響我們未來的發展，並將使我們能夠與 SLB 一起應對我們目前在市場上看到的資料中心和人工智慧電力方面的巨大需求。我們當然會持續向您報告這些試點項目的任何進展，以及我們計劃如何將它們轉化為實際項目。所以，謝謝大家。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。