Ormat Technologies, Inc.

Good morning, and welcome to the ORMAT Technologies fourth quarter and full year 2025 earnings conference call. All participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. If you would like to ask a question at that time, please press star then a number one on your telephone keypad to raise your hand and enter the queue. If you would like to withdraw your question at any time, simply press star one again. Please note, that this event is being recorded, and I would like to turn the conference over to Josh Carroll with Alpha IR. Please go ahead.

Thank you, Operator. Hosting the call today are Dharam Bashar, Chief Executive Officer, Ozzie Ginsberg, Chief Financial Officer, and Samadar Lavie, 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. For a discussion of such risks and uncertainties, please see Risk Factors as described in ORMET Technologies and 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. Reconciliation to the most directly comparable GAAP measures and management's reason 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's found on the investor relations tab. With all that said, I would now like to turn the call over to Ormat CEO, Duran Bleshar. Duran?

Thank you, Josh. Good morning, everyone, and thank you for joining us today. Let me start with a few key highlights from 2025, and then I will touch on several recent developments beginning on slide four. 2025 was a strong year format. Revenue increased 12.5% to approximately $990 million, and adjusted EBITDA improved by 5.7% to $582 million. Our results reflect meaningful progress toward our long-term targets. This was supported by improved performance of our product and energy storage segment alongside solid execution in our core electricity segment. Within our energy storage segment, we captured higher energy rates in the PGA market and benefited from strong market pricing. In addition, our energy storage facilities operated at higher availability levels, enabling us to fully capitalize on these favorable market conditions. The segment delivered robust gross margin in both the fourth quarter and full year, demonstrating the effectiveness of our strategy to balance contracted pricing with merchant exposure. Recently, we achieved several important new developments, We successfully commissioned Air Relief, our first solar and battery energy storage project in California. We completed acquisition of our second solar plus storage project, Huku, in Hawaii, and we won a geothermal tender in Indonesia. On the PPA front, I know many of you have been awaiting an update. As promised, we have secured over the last few months approximately 200 megawatts of new PPAs with hyperscalers data centers, developers, and existing utility and municipal customers, all at elevated PPA prices with potential for additional growth. These agreements include a 15-year portfolio PPA for up to 150 megawatt, supporting Google's data center through NV Energy, and a 20-year PPA with switch for approximately 13 megawatts of energy from our salt waste plant which can serve as a platform for future PPA expansions. We also negotiated two blend and extend contracts totaling approximately 40 megawatts pending final approval, which will enable us to realize higher energy rates starting as early as 2027 rather than at the original expiration dates. Together, these contracts along with future contracts, provide profitable new revenue streams, enhance visibility into our development pipeline, and validate the expansion of our exploration and drilling initiatives over the past several years. We also made strong progress advancing EGS toward commercialization. This is highlighted by our co-lead role in Sage Geosystems Series B financing supporting the continued development of its geothermal power generation and energy storage solutions. This investment combined with our commercial agreement with SAGE and our SLB partnership broadens our EGS initiatives and positions us to potentially accelerate EGS time to market and expand geothermal deployment globally. I will elaborate on these initiatives in a moment. Before I provide some additional updates on our business, I would now like to turn the call over to Asi to discuss our financial results. Asi?