Kenon Holdings (NYSE: KEN) lifts core profit, plans $200M dividend

Rhea-AI Filing Summary

Kenon Holdings reported full-year 2025 results driven mainly by its power subsidiary OPC. Consolidated revenue rose to $872 million from $751 million, while profit from continuing operations increased to $148 million from $53 million, reflecting higher OPC earnings and associate contributions.

OPC’s revenue grew to $872 million, with $675 million from Israel and $197 million from the U.S., and Adjusted EBITDA including associates improved to $457 million. As of December 31, 2025, Kenon held $1,478 million of cash and cash equivalents and total assets of $5,380 million.

Kenon’s board approved an interim cash dividend of about $200 million or $3.85 per share, payable to shareholders of record on April 13, 2026. OPC completed a March 2026 private placement of 8,000,000 shares for roughly NIS 800 million (about $257 million). Kenon also settled a capped call over five million ZIM shares, generating about $34 million of gross cash proceeds and fully exiting its ZIM exposure.

Insights

Equity analyst

Core power operations strengthened while Kenon returns significant cash via dividends.

Kenon shows healthier ongoing earnings even though headline profit fell versus 2024. Revenue rose from $751 million to $872 million, and profit from continuing operations increased from $53 million to $148 million, as OPC expanded in both Israel and the U.S.

OPC’s Adjusted EBITDA including associates climbed from $332 million to $457 million, supported by higher ownership in CPV projects and stronger associate income of $152 million versus $45 million. Finance expenses, net, at OPC improved from $82 million to $63 million, helped by currency effects and higher interest income.

Capital allocation is notable: Kenon ended 2025 with $1,478 million of cash and no material parent-level debt, yet plans an interim $200 million dividend and has already realized about $34 million from settling its ZIM capped call. OPC’s private placement of NIS 800 million (around $257 million) adds growth capital while shifting some funding to equity. The net impact depends on future returns from OPC’s projects and any further distributions from associates.

Key Figures

Consolidated revenue 2025: $872 million Profit from continuing operations: $148 million OPC Adjusted EBITDA incl. associates: $457 million +5 more

8 metrics

Consolidated revenue 2025 $872 million Year ended December 31, 2025; up from $751 million in 2024

Profit from continuing operations $148 million Year ended December 31, 2025; versus $53 million in 2024

OPC Adjusted EBITDA incl. associates $457 million Non-IFRS measure for 2025; $332 million in 2024

Kenon cash and cash equivalents $1,478 million Consolidated balance sheet as of December 31, 2025

Interim dividend $200 million ($3.85 per share) Dividend relating to year ending December 31, 2026

OPC cash and cash equivalents $913 million As of December 31, 2025; from OPC liquidity disclosure

OPC total financial liabilities $1,769 million As of December 31, 2025; loans and debentures

OPC Israel revenue $675 million For the year ended December 31, 2025; segment revenue in Israel

Key Terms

Adjusted EBITDA including proportionate share in associated companies, non-IFRS financial measure, capped call arrangement, ex-dividend date, +1 more

5 terms

Adjusted EBITDA including proportionate share in associated companies financial

"Adjusted EBITDA including proportionate share in associated companies is a non-IFRS measure."

non-IFRS financial measure financial

"This press release presents OPC’s Adjusted EBITDA including proportionate share of associated companies, which is a non-IFRS financial measure."

A non-IFRS financial measure is a performance number a company reports that is not defined by official accounting rules and usually adjusts standard results to show what management believes is the company’s underlying performance. Think of it like a photo with a custom filter: it can make important features clearer but may also hide blemishes, so investors use it to understand management’s view while checking how the adjustments were made and reconciled to the official numbers.

capped call arrangement financial

"Kenon had in place a cash settled capped call arrangement with a bank over five million shares of ZIM Integrated Shipping Services Ltd."

A capped call arrangement is a financial hedge linked to convertible securities where an issuer buys call options to offset potential stock dilution and sells higher‑strike calls so the protection ends once the share price reaches a set level. Think of it like buying insurance that covers losses up to a roof: it reduces the impact of new shares entering the market but limits the insurer’s payout if the stock soars. Investors care because it changes the effective dilution, potential cash flows, and how much upside existing shareholders keep.

ex-dividend date financial

"The New York Stock Exchange’s (the “NYSE”) ex-dividend date ... is April 13, 2026."

The ex-dividend date is the date when a stock starts trading without the value of its next dividend payment included. If you buy the stock on or after this date, you won't receive that upcoming dividend; only those who owned the stock before this date are entitled to it. It matters to investors because it determines who is eligible to receive the dividend and can influence the stock’s price around that time.

restricted cash financial

"OPC had unrestricted cash and cash equivalents of $913 million, restricted cash of $164 million"

Cash that a company holds but cannot use for day-to-day operations because it is set aside for a specific purpose—such as meeting loan covenants, serving as collateral, funding an escrow, or complying with regulations. Like money in a locked savings account earmarked for a bill, restricted cash reduces the cash available to run the business and pay dividends or debts, so investors treat it differently when assessing a company’s true short-term financial strength.

Form 6-K: How Foreign Companies Report to the SEC →

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

March 30, 2026

Commission File Number 001-36761

Kenon Holdings Ltd.

1 Temasek Avenue #37-02B

Millenia Tower

Singapore 039192

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒            Form 40-F  ☐

EXHIBITS 99.1 AND 99.2 TO THIS REPORT ON FORM 6-K ARE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-201716) OF KENON HOLDINGS LTD. AND IN THE PROSPECTUSES RELATING TO SUCH REGISTRATION STATEMENT.

2

Exhibits

99.1		Press Release, dated March 30, 2026: Kenon Holdings Reports 2025 Results and Additional Updates
99.2		2025 Summary Financial Information of Kenon and OPC and Reconciliation of Certain non-IFRS Financial Information

3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		KENON HOLDINGS LTD.
Date: March 30, 2026		By:	/s/ Robert L. Rosen
		Name:	Robert L. Rosen
		Title:	Chief Executive Officer

4

Exhibit 99.1

Kenon Holdings Reports Full Year 2025 Results and Additional Updates

Singapore, March 30, 2026. 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.

¹ Adjusted EBITDA including proportionate share in associated companies is a non-IFRS measure. See Exhibit 99.2 of Kenon’s Form 6-K dated March 30, 2026 for the definition of OPC’s EBITDA and Adjusted EBITDA including proportionate share in associated companies and a reconciliation to profit for the applicable period.

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

		Year ended December 31,
		2025				2024
		$ millions
Revenue			872				751
Cost of sales (excluding depreciation and amortization)			(658	)			(522	)
Finance expenses, net			(63	)			(82	)
Share in profit of associated companies			152				45
Profit for the period			132				53
Attributable to:
Equity holders of OPC			100				30
Non-controlling interest			32				23
Adjusted EBITDA including proportionate share in associated companies2			457				332

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.

		Year ended December 31,
		2025				2024
		$ millions
Israel			675				625
U.S.			197				126
Total			872				751

OPC’s revenue increased by $121 million in 2025 as compared to 2024. Excluding the impact of translating OPC’s revenue from NIS to USD³, OPC’s revenue increased by $65 million in 2025 as compared to 2024.

² Non-IFRS measure. See Exhibit 99.2 of Kenon’s Form 6-K dated March 30, 2026 for the definition of OPC’s EBITDA and Adjusted EBITDA including proportionate share in associated companies and a reconciliation to profit for the applicable period.

³ The OPC 2025 results presented herein and the corresponding comparative figures in 2024 discussed herein were converted using an average exchange rate of $0.2896/NIS, and do not reflect the rates applied in Summary Financial Information of OPC and the accompanying tables.

2

Set forth below is a discussion of changes in the key components in revenue for 2025 as compared to 2024.

Israel

• Revenue from private customers in respect of infrastructure services in Israel – Increased by $51 million in 2025 as compared to 2024. Excluding the impact of translating OPC’s revenue from NIS to USD, such revenue increased by $42 million primarily as a result of higher average tariffs in 2025;

• Revenue from sale of energy to private customers in Israel – OPC’s revenue from the sale of electricity to private customers is derived from electricity sold at the generation component tariff, as published by the Israeli Electricity Authority, with some discount. Accordingly, changes in these tariff generally affect the prices paid by customers under Power Purchase Agreements. The weighted-average generation component tariff in 2025 was NIS 0.2939 per KW hour, which is approximately 2% lower than NIS 0.3010 per KW hour in 2024. OPC’s revenue from the sale of electricity to private customers decreased by $2 million in 2025 as compared to 2024. Excluding the impact of translating OPC’s revenue from NIS to USD, such revenue decreased by approximately $28 million primarily due to $20 million decrease in customer consumption as a result of geopolitical situation and military actions, and a decrease of $14 million as a result of a decrease in the generation component tariff in 2025;

• Revenue in respect of capacity payments in Israel – Decreased by $5 million in 2025 as compared to 2024. Excluding the impact of translating OPC’s revenue from NIS to USD, such revenue decreased by $8 million primarily as a result of decline in availability of the Zomet power plant in 2025; and

• Other revenue in Israel – Decreased by $6 million in 2025 as compared to 2024 primarily as a result of deconsolidation of Gnrgy Ltd. in Q2 2024.

United States

• Revenue from sale of electricity (retail) activities in the U.S. – Increased by $97 million in 2025 as compared to 2024 primarily as a result of increase in scope of services;

• Revenue from provision of services and other revenue in U.S. – Increased by $27 million in 2025 as compared to 2024, primarily as a result of the change in accounting treatment from consolidation to equity method accounting of CPV Renewables from November 2024 and recognition of revenue from the provision of asset management services, which was previously eliminated in the consolidation; and

• Revenue from sale of electricity from renewable energy in the U.S. – Decreased by $53 million in 2025 as compared to 2024, primarily as a result of the change in accounting treatment from consolidation to equity method accounting of CPV Renewables from November 2024.

Cost of Sales (Excluding Depreciation and Amortization)

Set forth below is a summary of OPC’s cost of sales (excluding depreciation and amortization) in Israel and the U.S. for the year ended December 31, 2025 and 2024.

		Year ended December 31,
		2025				2024
		$ millions
Israel			487				446
U.S.			171				76
Total			658				522

OPC’s cost of sales (excluding depreciation and amortization) increased by $136 million from 2024 to 2025. Excluding the impact of translating OPC’s cost of sales (excluding depreciation and amortization) from NIS to USD⁴, OPC’s cost of sales (excluding depreciation and amortization) increased by $96 million in 2025 as compared to 2024. Set forth below is a discussion of significant changes in cost of sales between 2025 and 2024.

⁴ The OPC 2025 results presented herein and the corresponding comparative figures in 2024 discussed herein were converted using an average exchange rate of $0.2896/NIS, and do not reflect the rates applied in Summary Financial Information of OPC and the accompanying tables.

3

Israel

• Expenses in respect of infrastructure services in Israel – Increased by $51 million in 2025 as compared to 2024. Excluding the impact of translating OPC’s cost of sales (excluding depreciation and amortization) from NIS to USD, such costs increased by $42 million primarily as a result of higher average tariffs in 2025;

• Expenses for natural gas and diesel oil in Israel – Decreased by $2 million in 2025 as compared to 2024. Excluding the impact of translating OPC’s cost of sales (excluding depreciation and amortization) from NIS to USD, such costs decreased by $14 million primarily as a result of maintenance activities of Rotem power plant in Q4 2025;

• Expenses for acquisition of energy in Israel – Decreased by $7 million in 2025 as compared to 2024. Excluding the impact of translating OPC’s cost of sales (excluding depreciation and amortization) from NIS to USD, such costs decreased by $13 million primarily as a result of lower customer consumption as a result of the geopolitical situation and military actions and maintenance activities of power plants in 2024; and

• Other expenses in Israel – Decreased by $5 million in 2025 as compared to 2024 primarily as a result of deconsolidation of Gnrgy Ltd. in Q2 2024.

United States

• Expenses for sale of electricity (retail) in U.S.  – Increased by $91 million in 2025 as compared to 2024, primarily as a result of increase in scope of services of retail activities in the U.S.;

• Expenses from provision of services and other expenses in U.S. – Increased by $20 million in 2025 as compared to 2024, primarily as a result of the change in accounting treatment from consolidation to equity method accounting of CPV Renewables from November 2024 and recognition of costs from the provision of asset management services, which were previously eliminated in the consolidation; and

• Expenses for sale of electricity from renewable energy in the U.S. – Decreased by $16 million in 2025 as compared to 2024 as a result of the change in accounting treatment from consolidation to equity method accounting of CPV Renewables from November 2024.

Finance Expenses, net

Finance expenses, net in 2025 were $63 million, as compared to $82 million in 2024, primarily as a result of changes in the exchange rate of the U.S. Dollar against the NIS in 2025 as compared to 2024, offset by an increase in interest income from bank deposits.

Share of Profit of Associated Companies, net

OPC’s share of profit of associated companies, net increased by $107 million in 2025 as compared to 2024, primarily as a result of an increase in OPC’s ownership stakes in CPV Shore and CPV Maryland in Q4 2024 and Q2 2025.

For further details of the results of certain associated companies of CPV, refer to the English translations of the financial statements of OPC furnished by Kenon on Form 6-K with the U.S. Securities and Exchange Commission on March 12, 2026.⁵

Liquidity and Capital Resources

As of December 31, 2025, OPC had unrestricted cash and cash equivalents of $913 million, restricted cash of $164 million (including restricted cash used for debt service), and total outstanding consolidated indebtedness of $1,769 million, consisting of $117 million of short-term indebtedness and $1,652 million of long-term indebtedness. As of December 31, 2025, a substantial portion of OPC’s debt was denominated in NIS.

As of December 31, 2025, OPC’s proportionate share of debt (including accrued interest) of associated companies of CPV was $1,376 million and its proportionate share of cash and cash equivalents was $229 million.

Business and other Developments

Private placement of OPC’s shares

In March 2026, OPC issued 8,000,000 ordinary shares to institutional investors in Israel in a private placement for gross proceeds of approximately NIS 800 million (approximately $257 million).

⁵ OPC’s financial statements were prepared and published by OPC and Kenon makes no representation or warranty as to such report or the information contained therein.

4

Additional Kenon Updates

Kenon’s (stand-alone) Liquidity and Capital Resources

As of December 31, 2025 and March 30, 2026, Kenon’s stand-alone cash was $671 million and approximately $708 million, respectively. There is no material debt at the Kenon level.

Kenon’s stand-alone cash includes cash and cash equivalents and other treasury management instruments.

Interim Dividend for the Year Ending December 31, 2026

In March 2026, Kenon’s board of directors approved an interim cash dividend of approximately $200 million ($3.85 per share) (the “Dividend”) relating to the year ending December 31, 2026, payable to Kenon’s shareholders of record as of the close of trading on April 13, 2026 (the “Record Date”), to be paid on or about April 20, 2026 (the “Payment Date”).

The New York Stock Exchange’s (the “NYSE”) ex-dividend date, which is the date on which Kenon’s shares will begin trading on the NYSE without the entitlement to the Dividend, is April 13, 2026 (the “NYSE Ex-Dividend Date”).

The TASE ex-dividend date, which is the date on which Kenon’s shares will begin trading on the TASE without the entitlement to the Dividend, is April 13, 2026 (the “TASE Ex-Dividend Date”).

We encourage you to contact your bank, broker, nominee or other institution if you have any questions regarding the mechanics and timing of having the Dividend attributable to your shares credited to your account.

Settlement of ZIM Derivative

Kenon had in place a cash settled capped call arrangement with a bank over five million shares of ZIM Integrated Shipping Services Ltd (“ZIM”). Kenon settled the call in the first quarter of 2026, resulting in gross cash proceeds to Kenon of approximately $34 million, subject to tax. Kenon no longer holds any interest in ZIM shares or any derivative instruments related to ZIM shares.

Caution Concerning Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can generally identify these statements by the use of words like “may”, “will”, “could”, “should”, “believe”, “expect”, “plan”, “estimate”, “forecast”, “potential”, “intend”, “target”, “future”, and variations of these words or comparable words. These statements include statements relating to the dividend announced by Kenon and other non-historical matters. These statements are based on current expectations or beliefs and are subject to uncertainty and changes in circumstances. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond Kenon’s control, which could cause the actual results to differ materially from those indicated in such forward-looking statements. Such risks include risks relating to payment of Kenon’s announced dividend and other risks and factors including those risks set forth under the heading “Risk Factors” in Kenon’s most recent Annual Report on Form 20-F filed with the SEC and other filings. Except as required by law, Kenon undertakes no obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact Info

Kenon Holdings Ltd.

Deepa Joseph

Chief Financial Officer

IR@kenon-holdings.com

5

Exhibit 99.2

Financial Information for the Years Ended December 31, 2025 and 2024 of Kenon and OPC and

Reconciliation of Certain non-IFRS Financial Information

Table of Contents

Appendix A: Summary of Kenon’s consolidated financial information

Appendix B: Summary of OPC’s consolidated financial information

Appendix C: Definition of OPC’s Adjusted EBITDA and non-IFRS reconciliation

Appendix A

Summary Kenon consolidated financial information

Kenon Holdings Ltd. and its subsidiaries
Consolidated Statements of Financial Position as of December 31, 2025 and 2024

		December 31,				December 31,
		2025				2024
		$ millions
Current assets
Cash and cash equivalents			1,478				1,016
Trade receivables			137				80
Short-term derivative instruments			16				-
Other investments			107				143
Other current assets			65				24
Total current assets			1,803				1,263
Non-current assets
Investment in OPC’s associated companies			1,626				1,459
Long-term restricted cash			164				16
Long-term derivative instruments			13				28
Deferred taxes, net			10				3
Property, plant and equipment, net			1,372				1,156
Intangible assets, net			83				72
Long-term prepaid expenses and other non-current assets			108				41
Right-of-use assets, net			201				175
Total non-current assets			3,577				2,950
Total assets			5,380				4,213
Current liabilities
Current maturities of loans from banks and others			117				85
Trade and other payables			245				94
Current maturities of lease liabilities			3				4
Total current liabilities			365				183
Non-current liabilities
Long-term loans from banks and others			1,142				727
Debentures			510				456
Deferred taxes, net			162				148
Other non-current liabilities			8				31
Long-term lease liabilities			8				9
Total non-current liabilities			1,830				1,371
Total liabilities			2,195				1,554
Equity
Share capital			50				50
Translation reserve			36				3
Capital reserve			48				64
Accumulated profit			1,455				1,491
Equity attributable to owners of the Company			1,589				1,608
Non-controlling interests			1,596				1,051
Total equity			3,185				2,659
Total liabilities and equity			5,380				4,213

2

Kenon Holdings Ltd. and its subsidiaries
Consolidated Statements of Profit or Loss for the Years Ended December 31, 2025 and 2024

		For the year ended December 31,
		2025				2024
Revenue			872				751
Cost of sales and services (excluding depreciation and amortization)			(658	)			(522	)
Depreciation and amortization			(67	)			(85	)
Gross profit			147				144
Selling, general and administrative expenses			(120	)			(96	)
Other income, net			35				-
Operating profit			62				48
Financing expenses			(86	)			(115	)
Financing income			49				47
Financing expenses, net			(37	)			(68	)
Gain on loss of control in the CPV Renewable			-				69
Share in profit of OPC’s associated companies, net			152				45
Profit before income taxes			177				94
Income tax expense			(29	)			(41	)
Profit for the year from continuing operations			148				53
Profit for the year from divestment of ZIM			-				581
Profit for the year			148				634
Attributable to:
Kenon’s shareholders			66				598
Non-controlling interests			82				36
Profit for the period			148				634
Basic/diluted profit per share attributable to Kenon’s shareholders (in U.S. Dollars):
Basic/diluted profit per share			1.27				11.34
Basic/diluted profit per share from continuing operations			1.27				0.31
Basic/diluted profit per share from discontinued operations			-				11.03

3

Kenon Holdings Ltd. and its subsidiaries
Consolidated Statements of Cash Flows for the Years Ended December 31, 2025 and 2024

		For the year ended December 31,
		2025				2024
		$ millions
Cash flows from operating activities
Profit for the period			148				634
Adjustments:
Depreciation and amortization			72				93
Financing expenses, net			37				68
Share in profit of OPC’s associated companies, net			(152	)			(45	)
Gain on loss of control in the CPV Renewable			-				(69	)
Profit for the year from divestment of ZIM			-				(581	)
Share-based payments			43				10
Other expenses, net			5				15
Income tax expense			29				41
			182				166
Change in trade and other receivables			(67	)			(17	)
Change in trade and other payables			74				4
Cash generated from operating activities			189				153
Income tax paid			(5	)			(18	)
Dividends received from associate companies, net
-          ZIM			-				66
-          OPC’s associated companies			100				64
Net cash provided by operating activities			284				265

4

Kenon Holdings Ltd. and its subsidiaries
Consolidated Statements of Cash Flows for the Years Ended December 31, 2025 and 2024, continued

		For the year ended December 31,
		2025				2024
		$ millions
Cash flows from investing activities
Short-term deposits and restricted cash, net			-				(2	)
Short-term collaterals deposits, net			-				3
Investment in long-term deposits, net			(145	)			-
Investment in associated companies, less cash acquired			(292	)			(201	)
Acquisition of subsidiary, less cash acquired			(58	)			-
Acquisition of property, plant and equipment, intangible assets and payment     of long-term advance deposits and prepaid expenses			(117	)			(341	)
Proceeds from sale of interest in ZIM			-				501
Proceeds from gain on loss of control in the CPV Renewable			12				36
Proceeds from distribution from associated company			45				26
Proceeds from sale of subsidiary, net of cash disposed off			-				3
Proceeds from sale of subsidiary, without loss of control			104				-
Proceeds from sale of other investments			41				82
Interest received			44				28
Proceeds from transactions in derivatives, net			4				1
Net cash (used in)/provided by investing activities			(362	)			136
Cash flows from financing activities
Repayment of long-term loans, debentures and lease liabilities			(202	)			(531	)
Proceed from/(repayment of) short-term loans from banking corporations			4				(55	)
Proceeds from issuance of share capital by a subsidiary to non-controlling     interests, net of issuance expenses			525				99
Investments from holders of non-controlling interests in the capital of a     subsidiary			-				49
Tax equity investment			-				41
Receipt from long-term loans			353				532
Proceeds from in respect of derivative financial instruments, net			5				2
Repurchase of shares			(10	)			(11	)
Cash distribution and dividends paid			(268	)			(201	)
Proceeds from issuance of debentures, less issuance expenses			152				52
Interest paid			(53	)			(61	)
Net cash provided/(used in) financing activities			506				(84	)
Increase in cash and cash equivalents			428				317
Cash and cash equivalents at beginning of the year			1,016				697
Effect of exchange rate fluctuations on balances of cash and cash equivalents			34				2
Cash and cash equivalents at end of the period			1,478				1,016

5

Information regarding reportable segments

Information regarding activities of the reportable segments are set forth in the following table.

		For the year ended December 31, 2025
		OPC Israel				CPV Group				Other				Consolidated Results
		$ millions
Revenue			675				197				-				872
Depreciation and amortization			70				2				-				72
Financing income			11				12				26				49
Financing expenses			(37	)			(49	)			-				(86	)
Share in profit of associated companies			-				152				-				152
Profit before taxes			82				75				20				177
Income tax expense			(25	)			-				(4	)			(29	)
Profit for the period			57				75				16				148

		For the year ended December 31, 2024
		OPC Israel				CPV Group				ZIM				Other				Consolidated Results
		$ millions
Revenue			625				126				-				-				751
Depreciation and amortization			(70	)			(23	)			-				-				(93	)
Financing income			17				6				-				24				47
Financing expenses			(76	)			(29	)			-				(10	)			(115	)
Share in profit of associated companies			-				45				-				-				45
Gain in loss of control in CPV Renewable			-				69				-				-				69
(Loss)/profit before taxes			(14	)			104				-				4				94
Income tax expense			(15	)			(22	)			-				(4	)			(41	)
(Loss)/profit for the year from continuing operations			(29	)			82				-				-				53
Profit for the year from divestment of ZIM			-				-				581				-				581
(Loss)/profit for the year			(29	)			82				581				-				634

6

Appendix B

Summary of OPC consolidated financial information

OPC’s Consolidated Statements of Profit or Loss

		For the year ended December 31,
		2025				2024
		$ millions
Revenue			872				751
Cost of sales (excluding depreciation and amortization)			(658	)			(522	)
Depreciation and amortization			(67	)			(85	)
Gross profit			147				144
Selling, general and administrative expenses			(110	)			(83	)
Other income/(expenses), net			31				(3	)
Operating profit			68				58
Financing expenses			(86	)			(105	)
Financing income			23				23
Financing expenses, net			(63	)			(82	)
Gain on loss of control in the CPV Renewable			-				69
Share in profit of associated companies, net			152				45
Profit before income taxes			157				90
Income tax expense			(25	)			(37	)
Profit for the period			132				53
Attributable to:
Equity holders of the company			100				30
Non-controlling interest			32				23
Profit for the period			132				53

7

Summary Data from OPC’s Consolidated Statement of Cash Flows

		For the year ended December 31,
		2025				2024
		$ millions
Cash flows provided by operating activities			295				207
Cash flows used in investing activities			(535	)			(466	)
Cash flows provided by financing activities			854				243
Increase/(decrease) in cash and cash equivalents			614				(16	)
Cash and cash equivalents at beginning of the year			264				278
Effect of exchange rate fluctuations on balances of cash and cash equivalents			35				2
Cash and cash equivalents at end of the period			913				264

Summary Data from OPC’s Consolidated Statement of Financial Position

		As at
		December 31, 2025				December 31, 2024
		$ millions
Total financial liabilities1			1,769				1,267
Total monetary assets2			1,077				280
Investment in associated companies			1,626				1,459
Total equity attributable to the owners			2,028				1,303
Total assets			4,698				3,309

1.	Including loans from banks and others and debentures
2.	Including cash and cash equivalents, term deposits and restricted cash

8

Appendix C

Definition of OPC’s EBITDA and Adjusted EBITDA including proportionate share of associated companies and non-IFRS reconciliation

This press release presents OPC’s Adjusted EBITDA including proportionate share of associated companies, which is a non-IFRS financial measure.

OPC’s EBITDA is defined for each period as net profit/(loss) before depreciation and amortization, financing expenses, net, and income tax expense. OPC’s Adjusted EBITDA, including proportionate share of associated companies, is defined as EBITDA as further adjusted for expenses not in the ordinary course of business and/or of a non-recurring nature and share of depreciation and amortization, financing expenses and income tax expenses (if any) of associated companies.  EBITDA and Adjusted EBITDA including proportionate share of associated companies are not recognized under IFRS as a measure of financial performance and should not be considered as a substitute for net profit or loss, cash flow from operations or other measures of operating performance determined in accordance with IFRS. EBITDA and Adjusted EBITDA including proportionate share of associated companies are not intended to represent funds available for dividends or other discretionary uses because those funds may be required for debt service, capital expenditures, working capital and other commitments and contingencies. There are limitations that impair the use of EBITDA and Adjusted EBITDA including proportionate share of associated companies as measures of OPC’s profitability since it does not take into consideration certain costs and expenses that result from OPC’s business that could have a significant effect on net profit, such as financial expenses, taxes, and depreciation and amortization.

OPC believes that the disclosure of EBITDA and Adjusted EBITDA including proportionate share of associated companies provides useful information to investors and financial analysts in their review of the company’s, its subsidiaries’, and its associated companies’ operating performance and in the comparison of such operating performance to the operating performance of other companies in the same industry or in other industries that have different capital structures, debt levels and/or income tax rates.

Set forth below is a reconciliation of OPC’s net profit to EBITDA and Adjusted EBITDA including proportionate share of associated companies for the periods presented. Other companies may calculate EBITDA and Adjusted EBITDA including proportionate share of associated companies differently, and therefore this presentation of EBITDA and Adjusted EBITDA including proportionate share of associated companies may not be comparable to other similarly titled measures used by other companies.

		For the year ended December 31,
		2025				2024
		$ millions
Profit for the period			132				53
Depreciation and amortization			72				93
Financing expenses, net			63				82
Income tax expense			25				37
EBITDA			292				265
Share of depreciation and amortization and financing expenses included within share of profit of associated companies, net			198				121
Changes in net expenses, not in the ordinary course of business and/or of a non-recurring nature			(33	)			(54	)
Adjusted EBITDA including proportionate share of associated companies			457				332

9

FAQ

How did Kenon Holdings (KEN) perform financially in 2025?

Kenon’s 2025 revenue rose to $872 million from $751 million, and profit from continuing operations increased to $148 million from $53 million. The improvement mainly reflects stronger performance at power subsidiary OPC and higher income from associated companies.

What were OPC’s key financial results for 2025 under Kenon Holdings (KEN)?

OPC generated $872 million in revenue in 2025, up from $751 million, and increased profit for the period to $132 million from $53 million. Adjusted EBITDA including proportionate share in associated companies rose to $457 million from $332 million.

What dividend did Kenon Holdings (KEN) announce for 2026?

Kenon’s board approved an interim cash dividend of about $200 million, or $3.85 per share, relating to the year ending December 31, 2026. Shareholders of record on April 13, 2026 are expected to receive payment on or about April 20, 2026.

How strong is Kenon Holdings’ (KEN) liquidity position at year-end 2025?

As of December 31, 2025, Kenon reported $1,478 million of cash and cash equivalents and total current assets of $1,803 million. Stand-alone cash was $671 million at that date and approximately $708 million by March 30, 2026, with no material parent-level debt.

What capital raise did OPC complete in March 2026 under Kenon Holdings (KEN)?

In March 2026, OPC issued 8,000,000 ordinary shares to institutional investors in Israel in a private placement. The transaction raised gross proceeds of approximately NIS 800 million, which the filing translates to roughly $257 million using the referenced exchange rate.

How did Kenon Holdings (KEN) change its exposure to ZIM Integrated Shipping?

Kenon had a cash-settled capped call over five million ZIM shares and settled this derivative in the first quarter of 2026. The settlement generated about $34 million in gross cash proceeds, and Kenon now holds no ZIM shares or related derivatives.

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