Ormat Technologies, Inc.

Good morning and welcome to the Ormat Technologies second quarter 2025 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 that time, simply press star, then the number one 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 Dharam Bishar, Chief Executive Officer, Ozzie Ginsburg, Chief Financial Officer, and Smedar 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 related to current expectations, estimates, forecasts, and projections of 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 risk and uncertainties. For a discussion of such risk and uncertainties, please see risk factors as described in ORMAT technologies and report on Form 10K and co-reports on Form 10Q that are filed with the SEC. In addition, during the call, the company will present non-GAAP financial measures such as adjusted EBITDA. Reconciliation 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'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 CEO, Daron Boshara. Daron?

Thank you, Josh. Good morning everyone and thank you for joining us today. ORMAT reported record second quarter revenue and adjusted EBITDA results, with a .9% increase in revenue, a .1% rise in net income, and a .7% improvement in adjusted EBITDA. This outstanding performance was driven by the full recovery of our product segment revenues and margins, improved performance of our energy storage segment, which continues to benefit from new projects that reach commercial operation 24, and higher merchant prices in the PGA market. During the quarter, we completed the acquisition of the Blue Mountain Geothermal Power Plant and released for construction 50 megawatts of new projects, including 28 megawatts of and 22 megawatts of solar projects, primarily at our Hebrew complex. We also continue to advance our geothermal development pipeline, benefiting from accelerated permit approvals due to recent federal permitting reforms. In July and August, we closed a significant tax equity transaction for the Hebrew 1 and 2 geothermal power plants and secured project finance debt for our Boyan power plant. Combined with the hybrid tax equity transaction we signed for our storage asset and the project finance debt raised for the Dominica project during the quarter, we have secured $300 million of funding to support future development across the portfolio. Overall, we continue to see strong growth potential for geothermal in 2025 and beyond. This is supported by improved permitting timeline due to recent federal permitting reforms, an increasing number of BLM land auctions, our expanded exploration effort and robust secular demand for baseload renewable, which has translated into elevated PTA pricing and stronger market economics. Before I turn the call over to Assi, I would like to highlight the recently signed one big, beautiful bill that for us is indeed very beautiful. The legislation has extended the PTC and ITC runway for both our geothermal and energy storage segments, positioning us uniquely within the renewable energy sector. Assi will provide further details on the new policy and our efforts to maximize its benefit in his remarks. With that said, I will now turn the call over to Assi to discuss our financial results. Assi?