Ormat Announces Stable Quarterly Dividend of USD 0.12: Double-Digit Revenue Growth in Q4 and Full Year 2025 – Strong Expansion in Energy Storage
Reno (USA) – Ormat Technologies has released its financial results for the fourth quarter and full year 2025, underscoring progress in its growth strategy across geothermal energy, energy storage and renewable power.
On a GAAP basis, net income declined in the fourth quarter to USD 31.4 million (Q4 2024: USD 40.8 million), or USD 0.50 per diluted share (Q4 2024: USD 0.67). For the full year, net income remained nearly stable at USD 123.9 million (2024: USD 123.7 million), or USD 2.02 per share (2024: USD 2.04). Operating income amounted to USD 42.6 million in Q4 (Q4 2024: USD 49.1 million) and USD 169.2 million for the full year (2024: USD 172.5 million).
On a non-GAAP basis, adjusted net income in Q4 decreased by 4.1 percent to USD 41.8 million (Q4 2024: USD 43.6 million), with adjusted diluted EPS of USD 0.67 (Q4 2024: USD 0.72). Adjusted EBITDA rose to USD 158.7 million (+9.1 percent; Q4 2024: USD 145.5 million). For the full year 2025, non-GAAP results included adjusted net income of USD 137.3 million (2024: USD 133.7 million), adjusted EPS of USD 2.24 (2024: USD 2.20) and adjusted EBITDA of USD 582.0 million (+5.7 percent; 2024: USD 550.5 million).
CEO Doron Blachar expressed satisfaction with the results: “2025 marked a strong year for Ormat as we continued to execute on our long-term growth strategy and expand our portfolio,” he said.
Key drivers included the energy storage segment, which more than doubled revenues year over year, and the product segment, which increased by 55.2 percent. In the electricity segment, quarterly revenues rose 3.6 percent, supported by the acquisition of the Blue Mountain power plant and improved performance at Dixie Valley. Ormat also secured long-term PPAs, including a 15-year agreement with Google for up to 150 MW and a 20-year PPA with Switch for 13 MW.
The Board of Directors declared a quarterly dividend of USD 0.12 per share, payable on March 24, 2026, and expects to pay additional quarterly dividends of USD 0.12 per share over the next three quarters.
Investors reacted cautiously to the results. While the company met analysts’ expectations for earnings per share in Q4 and exceeded revenue forecasts, the significant decline in GAAP net income in the fourth quarter weighed on market sentiment. Shares of the company, which is listed in the renewable energy stock index RENIXX World, rose slightly by 1.1 percent to EUR 98.78 (closing price, February 25, 2026, Stuttgart Stock Exchange). In morning trading today, the share price was down 1.6 percent at EUR 97.24.
Source: IWR Online, 26 Feb 2026
