Ormat Technologies, Inc. (ORA) Earnings Call Transcript & Summary

Welcome to the Ormat Technologies Annual Meeting of Shareholders. Please note that this meeting is being recorded. [Operator Instructions]

Good morning, everyone, and welcome to the Ormat Technologies 2025 Annual Meeting of Stockholders. I'm Isaac Angel, Chairman of the Board at Ormat Technologies, and I'll be the Chair of today's meeting. In order to provide greater shareholder access and for the convenience of our shareholders, this is a virtual meeting conducted via live audio webcast, I now call this meeting to order. To begin, I will first ask our General Counsel and Corporate Secretary, Jessica Woelfel, to explain the mechanics of today's meeting. I will then introduce certain key participants who are attending this meeting, including members of our Board of Directors and management. Once introductions are complete, we will move to the proposals to be voted upon. There are 3 proposals to be voted on this annual meeting, each of which is described in the company's proxy statement, the election of directors and advisory vote to approve executive compensation and the ratification of the appointment of Kesselman & Kesselman, a member firm of PricewaterhouseCoopers International Limited, as the company's independent registered public account firm for the current fiscal year. After voting has ended on these matters, we will open it up for any questions, followed by a preliminary report on the voting results. Jessica, will you review the mechanics for this meeting?

Thank you, Isaac. First, if you've already voted your shares and do not wish to change your vote, no action is required at this time. If you've not yet voted or would like to change your vote, you may do so by clicking the proxy voting site link on the left side of your screen. The polls for each matter opened at 9:00 a.m. Eastern Time this morning and will remain open until we conclude our presentation of the 3 matters to be voted upon at this meeting and announce that the polls are closed. The agenda and rules of conduct for today's meeting are available on the virtual meeting portal. In order to conduct an orderly and productive meeting, we ask that everyone abide by these rules. We will conduct the formal part of the meeting first. And once the polls are closed and while the votes are being tabulated, we will answer any appropriate questions that were submitted from stockholders during the meeting. We will thereafter report the votes at the end of the meeting. If you logged into this meeting using your control number, you can submit questions by clicking on the messaging icon at the top left side of your screen, typing your question into the text box, then clicking the send icon at the right of that text box. As stated in the rules, we ask that you submit no more than one question or comment relating to a given agenda item and all questions or comments relating to the matters to be voted on during this meeting be submitted before those matters are presented. Isaac?

Thank you, Jessica. I would now like to introduce our director nominees who are present at today's meeting. Ravit Barniv, Karin Corfee, David Granot, Michal Marom, Dafna Sharir, Stanley Stern, and Byron Wong. I would also like to take this opportunity to thank Mike Nikkel, who is not standing for reelection, for his tremendous service on our Board from 2021 through today. Also present in today's meeting is our Chief Executive Officer, Doron Blachar; our Chief Financial Officer, Assaf Ginzburg; our General Counsel, Chief Compliance Officer and Corporate Secretary, Jessica Woelfel; Marc Rosenbaum, who is a partner at Kesselman & Kesselman, a member firm of PwC International Limited and other senior executives in the organization. Equiniti Trust Company, LLC, our transfer agent, has been appointed to act as Inspector of Election. and Doron Blachar, Assaf Ginzburg and Jessica Woelfel have been appointed as proxies on behalf of the Board of Directors for today's annual meeting. I've been advised by the Corporate Secretary that the notices of this meeting were duly and properly given, being mailed in accordance with the bylaws on March 28, 2025, and that a majority of the outstanding shares entitled to vote at this meeting are present in person, online or by proxy. Since a quorum is present, I declare this Annual Meeting of the Shareholders of Ormat Technologies, Inc. duly convened. We will dispense with the reading of the minutes of the last annual meeting and proceed to the matters to be voted on. Jessica, I'd like to ask you to present the proposals and the Board of Directors' recommendations to the shareholders at this time.

Thank you, Isaac. The first matter we will vote on is the election of directors. This proposal requires the affirmative vote of the holders of a majority of the votes cast. The Board's nominees for election are Ravit Barniv, Karin Corfee, David Granot, Michal Marom, Dafna Sharir, Stanley B. Stern, and Byron G. Wong. The Board recommends a vote for the election of each of these nominees. The second matter to be voted on is an advisory vote on executive compensation. This proposal requires the affirmative vote of the holders of a majority of the votes cast. The Board recommends a vote for the approval of the advisory vote on executive compensation. The third matter to be voted on is a shareholder ratification of the appointment of Kesselman & Kesselman, a member firm of PricewaterhouseCoopers International Limited, as the company's independent registered public accounting firm for the current fiscal year. This proposal requires the affirmative vote of the holders of a majority of the votes cast. The Board recommends a vote for the ratification of the appointment of Kesselman & Kesselman. We've now covered all proposals before the shareholders.

Thank you, Jessica.

Welcome.

At this time, I now declare the polls closed. While the votes are tallied, we will address any pertinent questions from our shareholders that have been submitted on the virtual platform. Do we have any questions?

We do not have any questions and can proceed to the results.

Okay. At this time, all ballots and proxies have been submitted. I'll now ask the Secretary to report the preliminary results of the voting.

I've reviewed the preliminary tabulation from Equiniti Trust Company, LLC. And based on that tabulation I am pleased to report that the 8 nominees have been duly elected as directors of the company to serve for the term expiring on the date of the company's 2026 Annual Meeting. The compensation of the named executive officers has been approved and Kesselman & Kesselman's selection as the independent registered public accounting firm for the current fiscal year has been ratified. The inspector of election will file his report with respect to the results of the final voting in the minutes of this meeting.

Thank you again, and thank you to everyone for attending today. That concludes the formal business of the meeting and I want to thank you for your continued support of Ormat Technologies. This meeting is now adjourned.