Ormat Technologies, Inc.

Good morning and welcome to the ORMAT Technologies fourth quarter and full year 2024 earnings conference call. All participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. To do so, please press star 1 on your telephone keypad. Please note that this event is being recorded. I would now like to turn the conference over to Josh Carroll with Alpha IR. Please go ahead.

Thank you, Operator. Hosting the call today are Daron Blachar, Chief Executive Officer, Ozzie Ginsberg, Chief Financial Officer, and Smadar Lavit, Vice President of Best Relations and ESG Planning and Reporting. Before beginning, we'd 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. For a discussion of such risks and uncertainties, please see risk factors as described in ORMAT Technologies' annual report on Form 10-K and core 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. 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 would 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 is found on the investor relations tab. With all that said, I would now like to turn the call over to ORMAT CEO, Debran Bouchard. Debran?

Thank you, Josh, and good morning, everyone. Thank you for joining us today. 2024 was another successful year for ORMAT as we delivered solid operational and financial performance and made marked advancements, executing against the key pillars of our multi-year growth strategy. This success was highlighted by a top-line movement of 6.1% and an adjusted EBITDA improvement of 14.3%, with solid growth demonstrated across all three of our business segments. As you can see on slide four, in the electricity segment, we celebrated the successful acquisition of Enel Assets, a strategic move that has substantially boosted our revenues and EBITDA. This acquisition, coupled with a remarkable recovery and resource stability at Puna and Olkaria, enabled us to more than offset the operational events and curtailments to deliver strong financial results and impressive adjusted EBITDA growth. In addition, we secured three new PPAs for our Boyan power plant in Guadeloupe, as well as Heber 1 and Mammoth 2 in California, which captured significantly higher rates than our current agreements, demonstrating the strong demand we are experiencing in the U.S. and globally for geothermal. Turning to the storage segment, we brought three new facilities online, including the 80 megawatts 320 megawatt-hour bottleneck project, the largest storage facility in our portfolio. This milestone, along with the signing of two toning agreements in Texas and one resource adequacy agreement in California, has transitioned this segment toward lower overall volatility and more consistent profitability while growing its way within our overall portfolio. In the product segment, we have fully recovered our top line, improved our segment profitability, and reached an all-time high backlog with the support of the approximately $210 million contract in New Zealand. This achievement, combined with our successful efforts in raising over $500 million in corporate and finance debt and the receipt of significant tax benefits, highlights our strategic financial management and robust market presence. These accomplishments are a testament to our unwavering dedication to growth. They position us for continued success and reinforce our commitment to delivering value to our stakeholders. Now, before I provide further updates on our operations and plans, I will turn the call over to Asi to review the financial results for the quarter. Asi?