SINGAPORE, March 30, 2026 /PRNewswire/ — Kenon Holdings Ltd. (NYSE:KEN) (TASE: KEN) (“Kenon“) announces its results for 2025 and additional updates.
2025 and Recent Highlights
Kenon
- In March 2026, Kenon’s board of directors approved a cash dividend of $3.85 per share (approximately $200 million).
- In the first quarter of 2026, Kenon cash settled its capped call arrangement with a bank over five million ZIM shares, resulting in gross cash proceeds to Kenon of approximately $34 million, subject to tax.
OPC
- In March 2026, OPC issued new shares in a private placement for gross proceeds of approximately NIS 800 million (approximately $257 million).
- OPC’s net profit in 2025 was $132 million, as compared to $53 million in 2024. OPC’s 2025 and 2024 net profit included its share in profit of CPV of $152 million and $45 million, respectively.
- OPC’s Adjusted EBITDA including proportionate share in associated companies1 in 2025 was $457 million, as compared to $332 million in 2024.
Discussion of Results for the Year ended December 31, 2025
Kenon’s consolidated results of operations essentially comprise the consolidated results of OPC Energy Ltd. (“OPC“).
See Exhibit 99.2 of Kenon’s Form 6-K dated March 30, 2026 for a summary of Kenon’s consolidated financial information; a summary of OPC’s consolidated financial information; a reconciliation of OPC’s EBITDA and Adjusted EBITDA including proportionate share in associated companies (which is a non-IFRS measure) to profit for the period; a summary of financial information of OPC’s subsidiaries.
OPC
The following discussion of OPC’s results of operations is derived from OPC’s consolidated financial statements, which are denominated in NIS for purposes of OPC’s financial statements, as translated into U.S. Dollars for Kenon’s financial statements.
Summary Financial Information of OPC
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Year ended December 31, |
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2025 |
2024 |
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$ millions |
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Revenue |
872 |
751 |
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Cost of sales (excluding depreciation and amortization) |
(658) |
(522) |
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Finance expenses, net |
(63) |
(82) |
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Share in profit of associated companies |
152 |
45 |
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Profit for the period |
132 |
53 |
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Attributable to: |
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Equity holders of OPC |
100 |
30 |
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Non-controlling interest |
32 |
23 |
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Adjusted EBITDA including proportionate share in associated companies2 |
457 |
332 |
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For a summary of OPC’s results please refer to Appendix B.
Revenue
Set forth below is a summary of OPC’s revenue in Israel and the U.S. for the year ended December 31, 2025 and 2024.
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Year ended December 31, |
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2025 |
2024 |
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$ millions |
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