Ormat Technologies Inc (ORA) 2026 Q2 法說會逐字稿

Good morning, and Welcome to the Ormat Technologies second quarter 2026 earnings conference call. All participants will be in listen-only mode. After today's presentation, there will be an opportunity to ask questions. If you would like to ask a question during this time, just press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Please note that this event is being recorded. I would like to turn the conference over to Josh Carroll with Alpha IR. Please go ahead.

早安，歡迎參加 Ormat Technologies 2026 年第二季財報電話會議。所有與會者將以僅收聽模式參與。在今天的簡報結束後，將提供提問的機會。若您希望在此時提問，請在電話鍵盤上按星號再按數字 1。若您希望撤回問題，請再次按星號 1。請注意，本活動將被錄音。我現在把會議交給 Alpha IR 的 Josh Carroll。請開始。

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

謝謝，接線員。今天主持電話會議的有：執行長 Doron Blachar、財務長 Assi Ginzburg，以及投資人關係與 ESG 規劃報告副總裁 Smadar Lavi。在開始之前，我們提醒各位，本次電話會議中提供的資訊可能包含前瞻性陳述，涉及對未來事件的當前預期、估計、預測與推估；此類陳述依 1995 年《私人證券訴訟改革法》之定義屬於前瞻性陳述。這些前瞻性陳述通常與公司對未來營運的計畫、目標與預期相關，並以管理階層目前的估計與推算、未來結果或趨勢為基礎。由於若干風險與不確定性，實際未來結果可能與所推估者有重大差異。

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's 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. 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.

關於此類風險與不確定性的討論，請參閱 Ormat Technologies 向美國證券交易委員會（SEC）申報之 Form 10-K 年報與 Form 10-Q 季報中所述的風險因素。此外，在本次電話會議中，公司將提供非 GAAP 財務衡量指標，例如調整後 EBITDA。與最直接可比的 GAAP 指標之調節表，以及管理階層提出此類資訊的原因，已載於昨晚發布的新聞稿中，亦載於網站上張貼的簡報投影片中。由於這些指標並非依 GAAP 計算，故不應脫離依 GAAP 編製之財務報表而單獨解讀。

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

在我把電話會議交給管理團隊之前，提醒各位：本次電話會議所搭配的投影片簡報可於公司網站 ormat.com 的「投資人關係」分頁下，點選「簡報」連結取得。在此說明完畢後，我現在把電話會議交給 Ormat 的執行長 Doron Blachar。Doron？

Thank you, Josh. Good morning, everyone, and thank you for joining us today. Let me begin with the key highlights from the second quarter, starting on slide four. The first half of 2026 reflects accelerating momentum across all three business segments. Second quarter revenue increased 10.6%, gross profit increased 20.8%, and adjusted EBITDA increased 6.9% compared with the prior year-period. On the strength of these results, we are raising our full-year revenue and adjusted EBITDA guidance. In our electricity segment, Blue Mountain's contribution, stronger performance at Olkaria and Puna, and lower curtailment in the U.S. drove continued growth. In energy storage segment, revenue nearly tripled year-over-year, supported by new capacity additions, high asset availability, and favorable merchant pricing in PJM.

謝謝你，Josh。各位早安，感謝今天加入我們。我先從第二季的重點摘要開始，請看第 4 頁投影片。2026 年上半年顯示我們三大業務部門的動能全面加速。第二季營收較去年同期成長 10.6%，毛利成長 20.8%，調整後 EBITDA 成長 6.9%。基於這些成果，我們上調全年營收與調整後 EBITDA 的財測指引。在電力部門方面，Blue Mountain 的貢獻、Olkaria 與 Puna 表現更強，以及美國減少限電（curtailment），帶動持續成長。在儲能部門方面，受新產能加入、資產可用率高，以及 PJM 市場有利的商業（merchant）價格支持，營收年增近三倍。

Taken together, these results demonstrate the strength and balance of our three-segment model and the returns available when long-term contracted revenues are paired with selective merchant exposure. On the development side, we added 155 MW to our generating portfolio since the beginning of the year, including the Hoku Solar and Storage acquisition, the Shirk Storage Facility, and the commencement of commercial operation at our 10 MW Dominica Laudat Geothermal Power Plant. On the EGS front, we advanced both the SLB and Sage pilot program toward field execution and introduced Ormega100, our new 100 MW binary unit designed for large-scale conventional geothermal and EGS applications, both of which I will discuss in more detail shortly. I will now turn the call over to Assi to review our financial results. Assi?

綜合而言，這些成果展現我們三部門模式的強韌與均衡，以及當長期合約收入搭配選擇性的商業市場曝險時所能取得的報酬。在開發方面，自年初以來我們的發電資產組合新增 155 MW，包括收購 Hoku Solar and Storage、Shirk 儲能設施，以及我們 10 MW 的多米尼克 Laudat 地熱電廠開始商轉。在 EGS（增強型地熱系統）方面，我們推進 SLB 與 Sage 試點計畫朝現場執行邁進，並推出 Ormega100——我們全新的 100 MW 雙循環（binary）機組，專為大型傳統地熱與 EGS 應用設計；稍後我將更詳細說明。接下來我把電話會議交給 Assi，請他回顧我們的財務結果。Assi？

Thank you, Doron. I will begin my review of the financial results on slide six. Second quarter revenue was $258.8 million, an increase of 10.6% compared with the prior year-period, led by strong energy storage performance and continued growth in the electricity segment. Gross profit increased 20.8% to $68.7 million, and consolidated gross margin expanded by 220 basis points to 26.5%, reflecting the strong performance and margin contribution of our storage assets in PJM. Net income attributable to the company stockholders was $27.1 million, or $0.43 per diluted share, compared with $28 million, or $0.46 per diluted share in the prior year-period. The year-over-year decrease reflects a $6.6 million write-off storage project we decided not to pursue, partially offset by stronger underlying operating performance.

謝謝你，Doron。我將從第 6 頁投影片開始回顧財務結果。第二季營收為 2.588 億美元，較去年同期增加 10.6%，主要由儲能業務強勁表現以及電力部門持續成長所帶動。毛利增加 20.8% 至 6,870 萬美元，合併毛利率擴大 220 個基點至 26.5%，反映我們在 PJM 的儲能資產表現強勁及其毛利貢獻。歸屬於公司股東的淨利為 2,710 萬美元，或稀釋後每股 0.43 美元；相較去年同期為 2,800 萬美元，或稀釋後每股 0.46 美元。年對年下降主要反映我們決定不再推進的一個儲能專案產生 660 萬美元的沖銷（write-off），部分被更強的核心營運表現所抵銷。

Adjusted net income attributable to company stockholders in the second quarter of 2026 increased 6.5% to $31 million, or $0.50 per diluted share, compared with $29.1 million, or $0.48 per diluted share in the second quarter of 2025. Adjusted EBITDA increased 6.9% to $143.9 million, led by energy storage performance. Slide seven provides additional details on our segment performance. Electricity segment revenue during the second quarter increased 5.8% to $169.3 million. The increase reflects a full quarter contribution for Blue Mountain, higher energy rates, and improved performance at Puna, stronger generation at Olkaria following well field optimization, and lower curtailments at McGinness Hills, Dixie Valley, and Tungsten, partially offset by planned maintenance activities. Product segment revenue decreased 21.6% to $46.7 million, reflecting the timing of manufacturing and construction progress.

2026 年第二季歸屬於公司股東的調整後淨利增加 6.5% 至 3,100 萬美元，或稀釋後每股 0.50 美元；相較 2025 年第二季為 2,910 萬美元，或稀釋後每股 0.48 美元。調整後 EBITDA 增加 6.9% 至 1.439 億美元，主要由儲能業務表現帶動。第 7 頁投影片提供我們各部門表現的更多細節。第二季電力部門營收增加 5.8% 至 1.693 億美元。成長原因包括 Blue Mountain 全季貢獻、較高的能源費率、Puna 表現改善、Olkaria 在井場最佳化後發電量提升，以及 McGinness Hills、Dixie Valley 與 Tungsten 的限電減少；部分被計畫性維護活動所抵銷。產品部門營收下降 21.6% 至 4,670 萬美元，反映製造與施工進度時點的影響。

Product segment gross margin was 9.7%, down from prior year period, mainly due to increased construction costs related to a project in Europe and the impact of foreign exchange fluctuation on manufacturing costs. We expect product segment gross margin for the second half of the year to be approximately 15% and for the full year gross margin to be approximately 18%. Energy storage segment revenue increased 195.1% to $42.8 million. High asset availability enabled us to capture strong merchant pricing in PJM, while capacity addition completed over the past 12 months contributed incremental revenue. The segment generated a gross margin of 56.2%, reflecting our strategy of optimizing the mix of contracted and merchant revenues. We expect energy storage gross margin to normalize to 30%-40% in the second half of the year and for the full year to be approximately 40%-50%.

產品部門毛利率為 9.7%，較去年同期下降，主要因歐洲某專案相關的施工成本上升，以及匯率波動對製造成本的影響。我們預期產品部門在下半年毛利率約為 15%，全年毛利率約為 18%。儲能部門營收增加 195.1% 至 4,280 萬美元。高資產可用率使我們得以掌握 PJM 市場強勁的商業（merchant）價格，而過去 12 個月完成的產能擴增亦帶來增量營收。該部門毛利率為 56.2%，反映我們優化合約收入與商業收入組合的策略。我們預期儲能部門毛利率在下半年將回歸常態至 30%–40%，全年約為 40%–50%。

Slides eight and nine summarize our first half results. Revenue increased 42.9% to $662.7 million, driven by substantial growth across all three segments. Adjusted EBITDA increased 18.9% to $338.8 million, and adjusted diluted EPS increased 54.3% to $1.79 per share. Turning to slide 10. During the first half of 2026, we collected approximately $52 million of proceeds from tax credit monetization transaction. For the full year, we continue to expect approximately $90 million in proceeds, including approximately $70 million related to ITCs and approximately $20 million related to PTC transfers. During the second quarter, we recorded a $9.5 million ITC benefits. For the full year, we expect to record approximately $59.9 million in ITC benefits, which we expect will result in an effective income tax benefit rate of approximately 15% in the second half of the year, excluding changes, of course, in law and other one-time items.

第八與第九頁總結了我們上半年業績。營收成長42.9%至6.627億美元，主要受三大業務部門全面顯著成長帶動。調整後EBITDA成長18.9%至3.388億美元，調整後稀釋每股盈餘（EPS）成長54.3%至每股1.79美元。接著看第10頁。2026年上半年，我們自稅額抵減變現交易中收取約5,200萬美元的款項。就全年而言，我們仍預期可取得約9,000萬美元的款項，其中約7,000萬美元與投資稅額抵減（ITC）相關，約2,000萬美元與生產稅額抵減（PTC）移轉相關。第二季我們認列了950萬美元的ITC利益。就全年而言，我們預期將認列約5,990萬美元的ITC利益；我們預期這將使下半年有效所得稅利益率約為15%，當然不包含法規變動及其他一次性項目的影響。

Slide 11 presents the change in our cash position during the first half of the year. Cash and cash equivalent and restricted cash totaled approximately $658 million as of June 30, 2026, compared with approximately $281 million at year-end 2025. The increase reflects the proceeds from our convertible notes offering and other financing activities, cash generated from operations, tax credit monetization, and the proceeds from the Topp 2 sale, partially offset by capital expenditures, debt repayments, acquisitions, and investments. Our total debt as of June 30, 2026, was approximately $3.4 billion, excluding deferred financing costs, and the weighted average interest rate on our debt portfolio was approximately 3.9%. Turning to slide 12. Total liquidity was approximately $1.1 billion as of June 30, 2026. Net debt was approximately $2.7 billion, equivalent to 4.3x net debt to adjusted EBITDA. Net debt represented approximately 50% of total capitalization.

第11頁呈現我們上半年現金部位的變動。截至2026年6月30日，現金及約當現金與受限制現金合計約6.58億美元，相較於2025年年底約2.81億美元。增加主要反映我們可轉換公司債發行及其他融資活動的募得款、營運產生的現金、稅額抵減變現，以及Topp 2出售所得；部分被資本支出、債務償還、併購與投資所抵銷。截至2026年6月30日，我們總負債約34億美元（不含遞延融資成本），債務組合加權平均利率約3.9%。接著看第12頁。截至2026年6月30日，總流動性約11億美元。淨負債約27億美元，相當於淨負債對調整後EBITDA為4.3倍。淨負債約占總資本結構的50%。

We expect capital expenditures for the remainder of 2026 to be $449 million. Of that, approximately $281 million is allocated to the electricity segment for construction, exploration, drilling, and maintenance, $129 million to the storage asset construction, and approximately $20 million to the SLB pilot and other EGS activities. Our detailed capital expenditure plan is included in slide 34 of the appendix. In support of our broader development program, we secured several important financing sources. In May, we closed a unique exploration financing facility up to $40 million for the Wapsalit Geothermal Exploration Project in Indonesia under the World Bank's Geothermal Resource Risk Mitigation Program. This structure provides a risk-sharing mechanism that reduces the financial exposure associated with early-stage exploration. Our strong liquidity and access to capital provides us with the flexibility to fund our development pipeline, while continuing to service our debt obligations and return cash to capital shareholders.

我們預期2026年剩餘期間的資本支出為4.49億美元。其中約2.81億美元配置於電力事業部門，用於建設、探勘、鑽井與維護；1.29億美元用於儲能資產建設；約2,000萬美元用於SLB試點及其他增強型地熱系統（EGS）活動。更詳細的資本支出計畫載於附錄第34頁。為支持我們更廣泛的開發計畫，我們取得了數個重要的融資來源。5月，我們在世界銀行「地熱資源風險緩解計畫」架構下，為印尼Wapsalit地熱探勘專案完成一項最高4,000萬美元的獨特探勘融資額度。此結構提供風險分攤機制，可降低早期探勘相關的財務曝險。我們充裕的流動性與資本取得能力，使我們能靈活為開發管線提供資金，同時持續履行債務義務並向資本股東回饋現金。

On August 5, 2026, our board of directors declared a quarterly dividend of $0.12 per share, payable on September 2nd, 2026 to shareholders of record as of August 19th, 2026. The company also expects to pay a quarterly dividend of $0.12 per share in the next quarter. I will now turn the call over back to Doron to discuss the recent operating and strategic developments.

2026年8月5日，本公司董事會宣告每股0.12美元的季度股利，將於2026年9月2日支付予截至2026年8月19日登記在冊的股東。公司亦預期下一季將支付每股0.12美元的季度股利。接下來我把電話交回給Doron，請他說明近期的營運與策略進展。

Thank you, Assi. Turning to slide 14, our total operating portfolio now stands at approximately 1.85 GW. On slide 15, our electricity portfolio stands at approximately 1,355 MW globally, with new 15 MW added during the quarter. We currently have 202 MW of electricity project under construction and development through the end of 2028, including 87 MW of geothermal capacity and 115 MW of solar capacity. All of these projects are supported by long-term PPAs, providing strong visibility for future growth. Slide 16 details the electricity segment's second quarter drivers. Curtailment in the U.S. declined by $4.2 million. Blue Mountain contributed approximately $2.6 million of revenue, and Puna revenue increased by approximately $3 million on higher rates and recovery from prior year well field issue. At Olkaria, stronger generation following well field optimization added approximately $2.5 million. Overall, power generation increased 3% year-over-year. Moving to slide 17.

謝謝你，Assi。接著看第14頁，我們的總營運資產組合目前約為1.85 GW。第15頁顯示，我們的電力資產組合在全球約為1,355 MW，本季新增15 MW。我們目前有202 MW的電力專案正在施工與開發，涵蓋至2028年底，其中包含87 MW地熱容量與115 MW太陽能容量。上述所有專案皆由長期購電協議（PPA）支持，為未來成長提供高度能見度。第16頁詳述電力事業部門第二季的主要驅動因素。美國的限發（curtailment）減少了420萬美元。Blue Mountain貢獻約260萬美元營收，Puna因費率提高及自前一年井場問題復原，營收增加約300萬美元。在Olkaria，井場最佳化後發電量提升，增加約250萬美元。整體而言，發電量年增3%。接著看第17頁。

One of our strategic priorities over the past several years has been to proactively renegotiate contracts well ahead of expiration, extending the contract term while capturing the significant improvement we are seeing in geothermal pricing. Over the past year, we continued to make excellent progress on this initiative. In addition to signing new PPAs for projects with expiring contracts, we executed several blend-and-extend agreements, including the Blue Mountain Power Plant that increased the value of our existing asset base while providing our customers with long-term price certainty and reliable baseload renewable energy. The recontracted and blend-and-extend PPAs are expected to increase annual revenues by approximately $14 million as they become effective over the next several years, starting in 2026 and continuing through 2030. Importantly, these contracts are secured with minimal incremental capital investments, making them one of the most attractive sources of value creation within our portfolio.

過去幾年我們的策略重點之一，是在合約到期前就主動重新協商，延長合約期限，同時掌握我們在地熱定價上所見到的顯著改善。過去一年，我們在此項倡議上持續取得極佳進展。除為即將到期合約的專案簽訂新的PPA外，我們也執行了數項「混合並延長」（blend-and-extend）協議，其中包括Blue Mountain電廠；此舉在提升既有資產基礎價值的同時，也為客戶提供長期價格確定性與可靠的基載再生能源。隨著重新簽約及blend-and-extend的PPA在未來數年陸續生效（自2026年起並延續至2030年），預期每年營收將增加約1,400萬美元。重要的是，這些合約僅需極少的額外資本投入即可取得，因此是我們資產組合中最具吸引力的價值創造來源之一。

Looking further ahead, we continue to see significant opportunities across our contracting portfolio. Between 2031 and 2034, we have approximately 190 MW under contract that are currently priced at a weighted average of approximately $86 per MWh, lower than today's market pricing of over $100 per MWh. We believe our existing geothermal fleet provides a meaningful embedded opportunity to continue repricing contracts and creating long-term shareholder value. Turning to slide 18, our product segment backlog stood at approximately $203 million as of August 5, 2026. The decrease from year-end 2025 primarily reflects the recognition of $105 million of revenue from the Topp 2 project during the first quarter. The backlog remains geographically diversified, with the majority associated with project in Asia and Oceania. Moving to slide 19.

展望更長期，我們在合約組合上仍看到顯著機會。在2031年至2034年間，我們約有190 MW的合約容量，目前加權平均價格約為每MWh 86美元，低於當前市場每MWh超過100美元的價格水準。我們相信，既有地熱機組群為持續重訂合約價格並創造長期股東價值提供了可觀的內含機會。接著看第18頁，截至2026年8月5日，我們產品事業部門的在手訂單（backlog）約為2.03億美元。相較於2025年年底的下降，主要反映第一季自Topp 2專案認列了1.05億美元營收。在手訂單在地理分布上仍具多元性，且多數與亞洲及大洋洲的專案相關。接著看第19頁。

Energy storage revenue increased 195% to $42.8 million, including approximately $19.5 million of higher revenue from existing PJM assets and approximately $7.7 million generated by newly commissioned facilities. The operating portfolio now stands at 495 MW and 1,358 MWh. Turning to slide 21. We remain on track to achieve our 2028 portfolio targets of 2.6-2.8 GW, representing an expected compound annual growth rate of approximately 15%-18% from 2025. Slides 22 and 23 provide details on our geothermal and solar development pipeline. Recent milestones include commercial operations in Dominica and completion of the Cove Fort expansion, while construction and development continue across our U.S. and international portfolio, including the addition of Puna expansion and Lone Mountain. Turning to slide 24 and 25. We have seven energy storage projects under construction and development, with total capacity of 497 MW or 1,888 MWh.

儲能營收成長195%至4,280萬美元，其中包括既有PJM資產帶來約1,950萬美元的較高營收，以及新投運設施貢獻約770萬美元。營運資產組合目前為495 MW與1,358 MWh。接著看第21頁。我們仍按計畫達成2028年資產組合目標2.6–2.8 GW，代表自2025年起預期年複合成長率約15%–18%。第22與第23頁提供我們地熱與太陽能開發管線的細節。近期里程碑包括多明尼加投入商轉，以及完成Cove Fort擴建；同時，我們在美國及國際資產組合的施工與開發持續推進，包括新增Puna擴建與Lone Mountain。接著看第24與第25頁。我們有七個儲能專案正在施工與開發，總容量為497 MW或1,888 MWh。

This includes the new 100 MW, 400 MWh Denali facility in California, which we recently approved for development. Denali is expected to commence operation by the end of 2028 and will provide storage services under a 20-year tolling agreement with Clean Power Alliance. Our broader U.S. energy storage pipeline now totals approximately 2.5 GW or approximately 10 GWh across 25 named prospects. Turning to slide 26. Our EGS strategy advanced across three pillars during the quarter. Surface technology, subsurface pilot projects and development, footprint across the Western U.S. On the surface side, we introduced Ormega100, our modular 100-MW ORC unit designed for large scale geothermal and EGS application. Leveraging Ormat's decades of leadership in binary technology, Ormega100 is designed to serve both our future EGS development and third-party projects.

這包括我們近期已核准開發的加州 Denali 新建 100 MW、400 MWh 設施。Denali 預計將於 2028 年底前開始商轉，並將在與 Clean Power Alliance 簽訂的 20 年期 tolling（代工式）合約下提供儲能服務。我們在美國更廣泛的儲能開發管線目前合計約 2.5 GW，或約 10 GWh，涵蓋 25 個已命名的潛在專案。接著請看第 26 頁投影片。本季我們的 EGS 策略在三大支柱上均有進展：地表技術、地下試點專案與開發，以及在美國西部的布局。在地表端，我們推出 Ormega100，這是我們為大型地熱與 EGS 應用所設計的模組化 100 MW ORC 機組。憑藉 Ormat 在雙循環（binary）技術領域數十年的領導地位，Ormega100 的設計可同時服務我們未來的 EGS 開發以及第三方專案。

During the year, we also continued evaluating manufacturing readiness and the associated cost structure to support future commercial deployment. On the subsurface side, we continue to advance both of our pilot projects. At our SLB Desert Peak pilot, we completed the analysis of geophysical seismic data and incorporated the results into an updated subsurface model. We also submitted drilling permits applications, progressed procurement of long lead items, and entered the final stages of vendor selection, keeping us on track to begin drilling in the fourth quarter of 2026. At the Sage pilot, we selected the project location, advanced permitting activities, reached the final stages of procurement drilling services, and made progress on the engineering work required to integrate Sage technology into an existing Ormat Power Plant. Beyond the pilot projects, we're expanding our geothermal land position and securing additional water rights and interconnection opportunities across the Western U.S.

今年以來，我們也持續評估製造就緒度以及相關成本結構，以支援未來的商業化部署。在地下端，我們持續推進兩個試點專案。在我們的 SLB Desert Peak 試點專案中，我們完成了地球物理地震資料的分析，並將結果納入更新後的地下模型。我們也提交了鑽井許可申請、推進長交期項目的採購，並進入供應商遴選的最後階段，使我們仍按計畫於 2026 年第四季開始鑽井。在 Sage 試點專案方面，我們選定了專案位置、推進許可作業、鑽井服務採購進入最後階段，並在將 Sage 技術整合至既有 Ormat 電廠所需的工程工作上取得進展。除試點專案外，我們也在美國西部擴大地熱土地持有部位，並取得更多用水權與併網機會。

During the year, we were awarded federal lease covering 10,642 acres in New Mexico for EGS development, and we are currently negotiating the acquisition of additional acres in Oregon and Idaho. Our resource team has also identified two promising prospects within our existing portfolio that we believe could support large scale EGS development, and we continue to pursue additional interconnection opportunities in Nevada. These initiatives, together with our strategic partnerships, expanding resource position, and proprietary surface technology, position Ormat to leverage its deep expertise to advance EGS forward commercial deployment, driving what we believe is a compelling long-term growth opportunity for the company. Please turn to slide 27 for an updated 2026 guidance. Based on our strong first half performance and continued business momentum, we are raising our full-year revenue and adjusted EBITDA guidance.

今年以來，我們獲得聯邦租賃權，涵蓋新墨西哥州 10,642 英畝，用於 EGS 開發；目前也正洽談在俄勒岡州與愛達荷州收購更多英畝。我們的資源團隊亦在既有投資組合中辨識出兩個具潛力的標的，我們相信可支援大型 EGS 開發；同時我們也持續在內華達州尋求更多併網機會。這些舉措，加上我們的策略夥伴關係、持續擴大的資源部位，以及自有的地表技術，使 Ormat 得以運用深厚專業推動 EGS 邁向商業化部署；我們相信這將為公司帶來具吸引力的長期成長機會。請翻到第 27 頁，查看更新後的 2026 年財測指引。基於我們上半年強勁的表現與持續的業務動能，我們上調全年營收與調整後 EBITDA 指引。

We now expect total revenues of $1.15 billion-$1.2 billion, representing growth of approximately 18.7% at the midpoint compared to 2025. By segment, we expect electricity revenue of $710 million-$725 million, product revenue of $300 million-$320 million, and energy storage revenue of $140 million-$155 million. We now expect adjusted EBITDA of $630 million-$650 million, representing growth of approximately 10% at the midpoint compared with 2025. Approximately $17 million of adjusted EBITDA is expected to be attributable to minority interest. Let me close on slide 28. The second quarter reinforced the strength of our diversified business model and disciplined execution. Double-digit revenue growth, gross profit expansion of more than 20%, a full-year guidance raise, and continued prospects on projects that will drive our long-term growth.

我們目前預期總營收為 11.5 億至 12.0 億美元，以中位數計較 2025 年成長約 18.7%。按事業別來看，我們預期電力營收為 7.10 億至 7.25 億美元，產品營收為 3.00 億至 3.20 億美元，儲能營收為 1.40 億至 1.55 億美元。我們目前預期調整後 EBITDA 為 6.30 億至 6.50 億美元，以中位數計較 2025 年成長約 10%。調整後 EBITDA 中約有 1,700 萬美元預期可歸屬於少數股權。最後請看第 28 頁。第二季再次印證我們多元化商業模式與紀律執行的強韌性。營收雙位數成長、毛利擴張超過 20%、上調全年指引，以及持續推進將帶動我們長期成長的專案機會。

We also expanded our development pipeline, advanced the SLB and Sage EGS pilots, and reinforced our funding platform in a supportive policy environment. As demand for reliable, around-the-clock, low-carbon electricity continues to grow, Ormat is well positioned to capture that demand through our combination of operating expertise, development capabilities, technology leadership, and strong capital position. We remain focused on executing our strategy, achieving our 2028 growth objective, and creating long-term value for our shareholders. Before we open the call for questions, I would also like to invite everyone to join us at our Investor Day, which we will host on September 8th at the New York Stock Exchange. During the event, we will provide a deeper look into Ormat's long-term growth strategy, including our plans to expand our electricity and energy storage businesses, as well as our roadmap for developing and commercializing EGS.

我們也擴大了開發管線、推進 SLB 與 Sage 的 EGS 試點專案，並在有利的政策環境下強化我們的資金平台。隨著對可靠、全天候、低碳電力的需求持續成長，Ormat 憑藉營運專業、開發能力、技術領先地位與強健的資本實力，具備良好條件掌握此一需求。我們將持續專注於執行策略、達成 2028 年成長目標，並為股東創造長期價值。在我們開放提問之前，也誠摯邀請各位參加我們的投資人日活動，我們將於 9 月 8 日在紐約證券交易所舉辦。活動中，我們將更深入說明 Ormat 的長期成長策略，包括擴大電力與儲能業務的計畫，以及開發並商業化 EGS 的路線圖。

We look forward to sharing more details with you then. With that, I will conclude our prepared remarks. Operator, we are now ready to take questions.

我們期待屆時與各位分享更多細節。以上為我們事先準備的發言內容。接線員，我們現在可以開始提問。

(Operator Instructions) Justin Clare, ROTH Capital Partners.

(接線員指示) Justin Clare，ROTH Capital Partners。

Hi, good morning. Thanks for the time here. Wanted to just start on the electricity segment. When I look at the Q2 electricity gross margin, it looks like it declined slightly year-over-year. This is despite the improved performance at Puna and Olkaria, lower curtailments, and the contribution from Blue Mountain. Just wondering if there were other factors that maybe offset the benefits. You also did modestly lower the full year outlook, just wondering what explains the lowered expectation there for the electricity segment.

嗨，早安。感謝撥冗。我想先從電力事業部開始。我看第二季電力毛利率，似乎較去年同期略有下滑。這是在 Puna 與 Olkaria 表現改善、限電（curtailment）降低，以及 Blue Mountain 貢獻的情況下發生的。想請教是否有其他因素抵銷了這些效益。你們也小幅下調了全年展望，想請問電力事業部下調預期的原因是什麼？

Good morning, Justin. This is Assi. I hope everything is well. I'll start with the second part of the presentation. As you all know, in the Q2, we do update the annual forecast for the first time, the guidance. First, I'm glad to report that the company is finally going to reach close to $1.2 billion of revenues, which is a huge increase versus the last few years. We also increased the middle point of the EBITDA guidance and increased significantly the lower points of the EBITDA guidance. That came mostly as results of weather-related activities on one hand that we saw in the East Coast, offset by a lower $5 million in electricity segment, the majority of it related to two projects in the Caribbean. Those project we do have around one or two months delays on those projects on the COD.

早安，Justin。我是 Assi。希望一切都好。我先從你提到的後半段問題開始回答。各位都知道，我們通常在第二季首次更新年度預測，也就是財測指引。首先，我很高興報告公司終於可望接近 12 億美元營收，這相較過去幾年是非常大的提升。我們也上調了 EBITDA 指引的中位數，並且大幅提高 EBITDA 指引的下緣。這主要來自一方面我們在美國東岸看到的天候相關活動所帶來的結果；另一方面則被電力事業部約 500 萬美元的下修所抵銷，其中大部分與加勒比海的兩個專案有關。這些專案在商轉日（COD）方面大約有一到兩個月的延遲。

I'm glad to report that one of them already COD. Dominica is already in full operation since July 31st. As of the offset of the gross margin on the quarter, I would say the only one time that we've seen is that we did have some planned maintenance for the quarter, and we do expect margin to improve towards the end of the year.

我也很高興報告，其中一個已經完成商轉（COD）。多明尼克自 7 月 31 日起已全面投入營運。至於本季毛利率的抵銷因素，我會說我們看到的主要一次性因素是本季有一些計畫性維護；我們也預期毛利率將在今年年底前有所改善。

Okay, got it. That's helpful. Maybe just shifting over to the energy storage segment. For that segment, you've lifted the revenue guide, I think $45 million at the midpoint. I was just wondering if you could speak to your assumptions around merchant pricing in the back half for that storage segment relative to what you experienced in the first half. Maybe you could speak to kind of how pricing has trended in Q3, the quarter to date. Are you seeing any signs of pricing normalization in PJM at this point, or are you seeing continued strength?

好的，了解。這很有幫助。那我把話題轉到儲能事業部。在該事業部，你們把營收指引上調了，我想以中位數計大約上調 4,500 萬美元。想請你談談對於下半年該儲能事業部的商業（merchant）價格假設，相較於上半年你們實際經歷的情況是如何。也請談談第三季迄今（quarter to date）的價格走勢。目前在 PJM，你們是否看到價格正走向常態化的跡象，還是仍看到價格維持強勢？

Hi, thank you. It's Doron. I would say on the energy storage part, pricing in the first half was very, very strong. The merchant prices, over the last few weeks, we see them becoming a bit more normal as we went toward the end of July and into August. We're looking at the second half as a more normalized pricing, although a bit higher than what we've seen in previous years. You can see also with the guidance that the first half is stronger than the second half. At the end of the day, it impacts mainly by the weather conditions in the East Coast. I would say that the weather conditions in California and Texas actually had the opposite effect, but in total, it was a very, very positive impact for the energy storage.

嗨，謝謝。我是 Doron。我會說在儲能這一塊，上半年定價非常、非常強勁。過去幾週，我們看到商業（merchant）價格在接近 7 月底並進入 8 月時，開始回歸得比較正常一些。我們把下半年視為較為常態化的定價，雖然仍會比過去幾年看到的略高。你也可以從指引看出，上半年比下半年更強。歸根結底，主要影響來自東岸的天氣狀況。我會說加州和德州的天氣狀況其實產生了相反的效果，但整體而言，對儲能是非常、非常正面的影響。

Got it. Okay, I appreciate it. Thank you.

了解。好的，我很感謝。謝謝。

Noah Kaye, Oppenheimer & Co.

Noah Kaye，Oppenheimer & Co.（奧本海默公司）。

Hello, thanks for taking the questions all. Looking forward to your investor day. Maybe I'll start with the project pipeline. It's really nice to see that growing, you added Lone Mountain Geothermal Project to the official list here. The question is, should we assume these new projects coming into pipeline are generally covered under the umbrella PPA with Google? Maybe just give us an update on how you're tracking towards meeting that portfolio target of 150 MW.

你好，謝謝大家回答問題。期待你們的投資人日。我先從專案管線開始。很高興看到它在成長，你們把 Lone Mountain 地熱專案加入了這裡的正式清單。問題是，我們是否應該假設這些新納入管線的專案，一般都涵蓋在與 Google 的整體（umbrella）PPA 之下？也請你們更新一下，目前朝著達成 150 MW 的投資組合目標進度如何？

Hi, Noah. Thank you for the question. Yes, Lone Mountain Geothermal Project is going to be part of this portfolio PPA with Google. I expect that in the coming quarters, we'll release some more greenfield that will be part of the portfolio PPA with Google. We feel very comfortable in meeting the minimum and maximum targets in the portfolio. We signed the portfolio with the range like in the past, with the minimum and maximum in order to allow us flexibility in managing the portfolios as pricing continue to increase.

嗨，Noah。謝謝你的問題。是的，Lone Mountain 地熱專案將會是與 Google 的投資組合 PPA 的一部分。我預期在接下來幾個季度，我們會再公布一些綠地（greenfield）專案，將納入與 Google 的投資組合 PPA。我們對於達成投資組合中的最低與最高目標都非常有信心。我們像過去一樣以區間（range）方式簽署投資組合，設定最低與最高值，以便在價格持續上升時，讓我們在管理投資組合上保有彈性。

Okay. Very good. Thanks. Appreciate all of the updates on the EGS pilots as they advance. Can you maybe help us understand, appreciate a little bit more, what you're working towards solving in terms of the key technical challenges when you're looking to I know these are quite small projects, but when you're looking to integrate them into some of your existing operations. I mean, basically, what have you had to sort of figure out in terms of operating these pilots safely and without having any real impact to the existing assets?

好的。非常好。謝謝。也感謝你們隨著 EGS 試點推進所提供的各項更新。你們能否幫我們更理解、也更體會一些：在你們要把這些（我知道這些是相當小的專案）整合到既有營運時，針對關鍵技術挑戰，你們主要想解決的是什麼？也就是說，為了安全地運行這些試點、且不對既有資產造成任何實質影響，你們需要釐清或解決哪些問題？

Thanks. The pilots that we're doing, and we're planning in both pilots to drill the appraisal well or monitoring well this year and the full pilots next year, should not have any impact on the existing facilities. They're going to be drilled outside of the existing reservoir and be connected to the existing facilities. We might have a short shutdown of a couple of days in order to connect them.

謝謝。我們正在做的試點，以及我們的規劃是在兩個試點中，今年鑽探評估井或監測井，明年進行完整試點，這些都不應該對既有設施造成任何影響。它們會在既有儲集層（reservoir）之外鑽探，並連接到既有設施。我們可能會有一個短暫停機、約幾天，用來完成連接。

Even that, I believe, will be very small and should happen hopefully by the end of 2027 or beginning of 2028. I would say the main challenges with the EGS technology, at the end of the day, is how you maintain the water on one hand, build a facility that the fractures are connecting, and how you reduce the cooling effect that you continuously inject or through the structure, the cold water. In a traditional geothermal, we have the large pool of reservoir that is heated up from below. Here, continuously move water. I think this is one of the challenges that exists.

即便如此，我相信影響也會非常小，且希望會在 2027 年底或 2028 年初發生。我會說 EGS 技術的主要挑戰，歸根結底在於：一方面如何維持水量；如何建構一個讓裂縫彼此連通的系統；以及如何降低你持續注入、或透過構造流動的冷水所造成的冷卻效應。在傳統地熱中，我們有一個很大的儲集層池體，從下方被加熱。但在這裡，是持續移動水。我認為這就是其中一個存在的挑戰。

Very helpful, color. Thank you.

這些補充說明很有幫助。謝謝。

Jon Windham, UBS.

Jon Windham，UBS。

Hey. Perfect. Congratulations on the result. I guess not taking it for granted. Thanks, again, for all the transparency on the projects. Maybe a couple quick things I want to dig into. First, unfortunately, is weather, but you mentioned it before. I'm just trying to think through or if you have any color on potential impacts on the third quarter generation due to the heat dome in the West. I know a lot of the total generation of geothermal is a little bit about the temperature differentiation between subsurface and above ground. Just any comments you have on that, and I'll have a quick follow-up.

嘿。很好。恭喜這次的結果。我想這不是理所當然的。也再次感謝你們對專案提供高度透明的資訊。我有幾個想快速深入的點。第一個不幸的是天氣，但你們之前提過。我只是想釐清一下，或看看你們是否能補充：西部熱穹（heat dome）對第三季發電量可能造成的影響。我知道地熱的總發電量有一部分取決於地下與地表之間的溫差。對此你們有任何評論嗎？我之後還有個簡短追問。

Yeah. Since we did finish July and we're gathering all the information, all in all, July had some very hot days, but some days were not hotter than the average. I'd say that all in all, July was relatively as we expected. August is starting very hot, and as you say, very hot has a impact on geothermal. We need to see how the weather continues in the West during August and September to know. July was relatively flat.

是的。由於我們已經結束 7 月並正在彙整所有資訊，整體而言，7 月有一些非常炎熱的日子，但也有一些日子並沒有比平均更熱。我會說整體而言，7 月大致符合我們的預期。8 月一開始非常熱，而如你所說，高溫確實會對地熱造成影響。我們需要觀察 8 月與 9 月西部天氣的走勢，才能判斷。7 月相對持平。

Okay, thanks.

好的，謝謝。

We have...

我們有……

Another one. I know it's a smaller part of Oh, sorry. Go ahead.

還有一個。我知道這是比較小的一部分——喔，抱歉。你先請。

I was just saying it's flat versus the guidance that we gave, which mean there is no change to the guidance. It's more or less what we thought.

我只是說，這是相對於我們給出的指引而言是持平的，這表示指引沒有變動。大致上就是我們原先的預期。

Perfect. Thank you for that. Maybe just quickly, I know it's a smaller part of your business on the solar side, but any thoughts about the FCC's ruling on banning new models for inverter imports, whether that's any impact to your storage or the solar business you have? Thanks so much.

完美。謝謝你的說明。再快速問一下，我知道太陽能在你們業務中占比較小，但對於 FCC 裁定禁止新的逆變器進口型號，這是否會對你們的儲能或太陽能業務造成任何影響？非常感謝。

Of course, we are looking into it and following all the unknown changes that is coming. We do think that we will be able, at this point, to buy from China inverters, and we will be able basically to eliminate the ability to connect to them from remotely. That option is available when we talk to our vendors, and it looks like that's the main restriction at this point. We are moving forward. We do have Jersey Valley Solar and Storage Project that it's under construction.

當然，我們正在研究並持續追蹤即將到來的所有未知變化。我們確實認為，就目前而言，我們仍能從中國採購逆變器，並且基本上可以取消遠端連線到它們的能力。在與供應商溝通時，這個選項是可行的，而目前看起來這就是主要限制。我們正持續推進。我們有 Jersey Valley 太陽能與儲能專案正在施工中。

We do have Denali Energy Storage Facility that we just announced. We actually have unprecedented amount of solar and storage under construction these days. I will say, we do think that we will be able to eliminate the ability to connect from a remote to those inverters, and therefore, we will be able to buy foreign, not just Chinese, but in general, foreign inverters. Lately, we've gotten some of those from Spain, and we think that we'll be able to buy more.

我們也有剛剛宣布的 Denali 儲能設施。事實上，近期我們有前所未有數量的太陽能與儲能專案在建。我會說，我們確實認為可以取消對這些逆變器的遠端連線能力，因此我們將能夠採購外國的逆變器，不僅是中國的，而是一般而言的外國逆變器。最近我們也從西班牙取得了一些，我們認為未來也能買到更多。

Davis Sunderland, Baird.

Davis Sunderland，Baird。

Hey, good morning, guys. Congrats on the results, thank you very much for taking our questions.

嘿，大家早安。恭喜這次的結果，也非常感謝讓我們提問。

Thank you.

謝謝。

Maybe I have two, both on strategy. I guess I'll start first with energy storage. I wanted to just ask if the grid congestion, the weather events, all the things that have led to higher pricing for the merchant contracts specifically, have made you guys rethink or recontemplate the strategy of merchant versus tolling and that mix element and just what you guys prefer in each region.

我可能有兩個問題，都關於策略。我想先從儲能談起。我想請問，電網壅塞、極端天氣事件，以及所有導致特別是商業合約（merchant contracts）價格走高的因素，是否讓你們重新思考或重新評估商業模式（merchant）相對於代工/通行費模式（tolling）的策略，以及這個組合配置的元素，還有你們在各區域各自偏好什麼樣的安排。

Thank you for the question. We started our strategy, there's a lot of questions whether we should go fully contracted, like geothermal or fully merchant, and we chose a risk and managed approach of 50% contracted and 50% merchant. We are still with this strategy. There are markets where we see that the merchant prices are very low, like in Texas and California, and over those markets, we look for a tolling agreement, PJM, that has a very fluctuated merchant pricing where merchant. Our strategy hasn't changed. Overall, we're looking at 50/50.

謝謝你的提問。我們在制定策略時，市場上有很多疑問：我們是否應該像地熱那樣完全採合約化（fully contracted），或是完全採商業模式（fully merchant）。我們選擇了風險可控、可管理的方式：50%合約、50%商業。我們仍然維持這個策略。有些市場我們看到商業電價非常低，例如德州與加州，在這些市場我們會尋求 tolling 協議；而在 PJM 這類商業電價波動很大的市場，則採商業模式。我們的策略沒有改變。整體而言，我們目標仍是 50/50。

I can say that we are looking at additional markets like Georgia, Oklahoma, and others to build a project there. You can see in the pipeline that we have today almost 2 GWh of projects under construction that will be COD not later than the end of 2028. That's increasing significantly our portfolio. This is one of the decision we made a few years ago to focus on energy storage as a strong supporter for our renewable energy platforms.

我也可以說，我們正在評估其他市場，例如喬治亞州、奧克拉荷馬州等，以在那裡開發專案。你可以在我們目前的專案儲備中看到，我們現有接近 2 GWh 的專案正在施工中，預計最晚不會晚於 2028 年底商轉（COD）。這將顯著增加我們的投資組合。這是我們幾年前做出的決策之一：聚焦儲能，作為我們再生能源平台的強力支撐。

Thank you very much, Doron. Maybe turning to electricity and just looking at the PPA environment, appreciate your commentary about it still remaining very constructive. I just wanted to ask how far out are negotiations stretching, your philosophy on contracting today versus waiting for potentially higher prices down the road or any other considerations on the PPA backdrop. Thank you guys very much.

非常感謝你，Doron。接著談電力，並看看 PPA 的環境；也感謝你提到目前仍然非常有利。我想請問，現在談判通常會拉到多遠的期限？你們對於現在就簽約、或等待未來可能更高價格的理念是什麼？以及在 PPA 背景下還有其他考量嗎？非常感謝各位。

We see a PPA pricing continue to increase. We are negotiating some additional contracts for project. It's in the early stages of negotiations. It's always a question whether to sign today a future contract or not. When we see a high PPA like the one that we signed with Google and with Switch, that takes away the risk of exploration. These are things that we're happy to sign. They are limited in magnitude, in number of megawatts, as well as timing. In case we see continued pricing increase, we can continue to sign new PPAs.

我們看到 PPA 價格持續上升。我們正在為一些專案洽談額外的合約。目前仍在談判初期。是否要在今天簽下未來交付的合約，始終是一個問題。當我們看到像與 Google 以及 Switch 簽下的那種高 PPA 價格時，這能消除開發探索的風險。這類合約我們很樂意簽。但它們在規模上會受限，包括兆瓦數量以及時點。若我們看到價格持續上升，我們也可以繼續簽署新的 PPA。

As I said, all of the PPAs have a minimum and a maximum on all the portfolio, this allows us, in case pricing goes up, to go to the lower level, if prices stays down, to go to the higher level. I will say that also on the EGS front, we are discussing EGS PPAs. These tend to be with higher PPA pricing that we have signed so far.

如我所說，我們所有的 PPA 在整體投資組合上都有最低與最高的區間，這讓我們在價格上升時可以選擇較低的水位；若價格維持偏低，則可以選擇較高的水位。我也要說，在 EGS 方面，我們正在討論 EGS 的 PPA。這些 PPA 的價格通常會高於我們目前已簽署的水準。

Super helpful. Thank you guys very much. I'll pass it on.

非常有幫助。非常感謝各位。我把時間交回去。

(Operator Instructions) Chris Dendrinos, RBC Capital Markets.

(接線員指示) RBC Capital Markets 的 Chris Dendrinos。

Good morning, and thank you. I wanted to ask a bit more on the EGS side of things here. You commented in the prepared remarks that you're adding some acreage, I think New Mexico, Oregon, looking at Idaho, as well as identified a couple of sites on your own side. Maybe just how do we think about the investment strategy that you all are making right now, just given you haven't spot a well yet. I guess from my purview, it looks like you're quite confident in the outcome of this. But what's the level of the kind of risk management, I guess, in terms of making investments today ahead of seeing initial pilot results? Thanks.

早安，謝謝。我想再多問一些關於 EGS 的部分。你在事先準備的講稿中提到你們正在增加一些土地/礦權面積，我想是在新墨西哥州、奧勒岡州，也在看愛達荷州，並且也在你們自己這邊辨識了幾個場址。也許想請教，我們該如何看待你們目前正在進行的投資策略，尤其考量到你們還沒有鑽第一口井。以我的角度看，你們對結果似乎相當有信心。但在尚未看到初期試點結果之前就先行投資，風險管理的程度大概是怎麼拿捏的？謝謝。

Thank you. On the technology side, I mentioned before the challenges that we have. In order to deal with these challenges and what gives us a much higher confidence in the ability to solve all these issues is the joint venture that we did with SLB. As you know, SLB is one of, if not the largest, drilling company. They have the expertise of drilling and fracking. We believe that all technological issues can be solved if you have the right expert with you.

謝謝。在技術面，我之前提過我們面臨的挑戰。為了應對這些挑戰，並讓我們對解決所有問題的能力更有信心的是，我們與 SLB 成立的合資公司。如你所知，SLB 是最大的鑽井公司之一，甚至可能是最大。他們具備鑽井與壓裂（fracking）的專業。我們相信，只要有合適的專家同行，所有技術問題都能被解決。

We have started significantly efforts in developing the EGS. The investment to date on land is not that material, definitely not for a company the size of Ormat. We have multiple discussions in different states, on different sizes of land, and we'll update the market as we progress, and also on our Investor Day in September in New York. These so far are not a significant amount of money.

我們已大幅啟動 EGS 的開發工作。截至目前在土地上的投資並不算重大，對 Ormat 這樣規模的公司而言更是如此。我們在不同州、不同規模的土地上都有多方討論；我們會在推進過程中更新市場資訊，也會在 9 月於紐約舉行的投資人日提供更新。到目前為止，這些金額都不大。

Got it. Thank you. Maybe as a follow-up and just to the comment on the prior question, I think you mentioned that discussing PPA pricing for EGS projects that could be higher than other conversations. What's the time frame that you're kind of looking to potentially, well, A, sign these PPAs, and when do you think delivery would start? Thanks.

了解。謝謝。也許追問一下，回到前一題的評論：我想你提到正在討論 EGS 專案的 PPA 價格，可能會高於其他對話中的水準。你們大概在什麼時間框架內可能（A）簽下這些 PPA？以及你們認為何時會開始交付？謝謝。

We will obviously give a lot more information on our Investor Day. I would say that we are speaking with different hyperscalers, data centers, and utilities about EGS projects. All of them are aware of the fact that the pilots are being developed. Whatever PPA we will sign, we will take into account the fact that the technology is not fully yet developed, and will allow us to manage the risk as we've been doing for many years.

我們當然會在投資人日提供更多資訊。我會說，我們正在與不同的超大規模業者（hyperscalers）、資料中心以及公用事業單位洽談 EGS 專案。他們都清楚試點正在開發中。無論我們將簽署何種 PPA，我們都會把技術尚未完全成熟的事實納入考量，並讓我們能像多年來一樣管理風險。

Great. Thank you.

很好。謝謝。

There's no further questions at this time. I will now turn the call back over to Doron for closing remarks.

目前沒有進一步的問題。我現在把電話交回 Doron 做結語。

Okay. Thank you everyone for joining us today. Q2 was an excellent quarter for Ormat that allowed us also to increase our guidance. We have a very good pipeline, both on the electricity, the geothermal part, as well as on the energy storage part, projects that are being developed. Looking forward to seeing all of you in our Investor Day in September. We will be able to give much more color on our pipeline for the traditional energy and also give quite a lot of more information about our EGS pipeline development. Thank you.

好的。謝謝各位今天加入我們。第二季（Q2）對 Ormat 來說是非常出色的一季，也讓我們得以上調指引。我們有非常好的專案儲備，無論是電力端、地熱部分，或是儲能部分，都有正在開發的專案。期待在 9 月的投資人日與各位見面。我們將能就傳統能源的專案儲備提供更多細節，也會就 EGS 專案儲備的開發提供相當多的資訊。謝謝。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。