Kenon Holdings Reports Q2 2025 Results and Additional Updates – Kenon Holdings (NYSE:KEN)

SINGAPORE, Aug. 28, 2025/ PRNewswire/– Kenon Holdings Ltd. KEN KEN (“ Kenon“) reveals its outcomes for Q2 2025 and extra updates.

Q2 and Current Emphasizes

OPC

• OPC raised overall gross profits of NIS 1,750 million ($ 506 million) through offerings of brand-new shares in June and August 2025
  • In June 2025, OPC raised gross profits of NIS 850 million ($ 240 million) in an offering of brand-new shares. Kenon took part in the offering for an overall financial investment of roughly NIS 316 million ($ 90 million).
  • In August 2025, OPC released brand-new shares in a personal positioning for gross profits of NIS 900 million ($ 266 million).
• OPC’s Adjusted EBITDA consisting of proportional share in associated business ¹ in Q2 2025 was $ 90 million, as compared to $ 66 million in Q2 2024.
• In August 2025, the Israeli Federal government authorized the strategy to build the Hadera 2 job, which is anticipated to be 850MW.

Conversation of Outcomes for the 3 Months ended June 30, 2025

Kenon’s combined outcomes of operations basically make up the combined outcomes of OPC Energy Ltd (“ OPC“).

See Exhibition 99.2 of Kenon’s Type 6-K dated August 28, 2025 for a summary of Kenon’s combined monetary details; a summary of OPC’s combined monetary details; a reconciliation of OPC’s EBITDA and Adjusted EBITDA consisting of proportional share in associated business (which is a non-IFRS step) to benefit for the duration; a summary of monetary details of OPC’s subsidiaries.

OPC

The following conversation of OPC’s outcomes of operations is stemmed from OPC’s combined monetary declarations, which are denominated in NIS for functions of OPC’s monetary declarations, as equated into United States dollars for Kenon’s monetary declarations.

Summary Financial Details of OPC

For a summary of OPC’s outcomes please describe Appendix B.

Earnings

State below is a summary of OPC’s income in Israel and the U.S. for the 3 months ended June 30, 2025 (” Q2 2025″) and 2024 (” Q2 2024″).

OPC’s income increased by $ 15 million in Q2 2025 as compared to Q2 2024. Leaving out the effect of equating OPC’s income from NIS to USD ⁴, OPC’s income increased by $ 8 million in Q2 2025 as compared to Q2 2024. State below is a conversation of considerable modifications in income in between Q2 2025 and Q2 2024.

Israel

• Earnings from personal clients in regard of facilities services in Israel — Increased by $ 9 million in Q2 2025 as compared to Q2 2024. Leaving out the effect of equating OPC’s income from NIS to USD, such income increased by $ 8 million mostly as an outcome of greater typical tariffs in Q2 2025;
• Earnings from sale of energy at cogeneration tariff in Israel — Increased by $ 7 million in Q2 2025 as compared to Q2 2024 mostly as an outcome of the Hadera power plant going through upkeep operate in Q2 2024, leading to greater sales in Q2 2025 as compared to Q2 2024;
• Earnings from sale of energy to personal clients in Israel — OPC’s income from the sale of electrical power to personal clients is stemmed from electrical power cost the generation element tariffs, as released by the Israeli Electrical Power Authority, with some discount rate. Appropriately, modifications in these tariffs normally impact the rates paid by clients under Power Purchase Agreements. The weighted-average generation element tariff in Q2 2025 was NIS 0.2939 per KW hour, which is roughly 2% lower than NIS 0.3007 per KW hour in Q2 2024. OPC’s income from the sale of electrical power to personal clients reduced by roughly $ 6 million in Q2 2025 as compared to Q2 2024. Leaving out the effect of equating OPC’s income from NIS to USD, such income reduced by roughly $ 8 million mostly as an outcome of decline in consumer usage, as the war led to the short-lived shutdown of gas tanks in Q2 2025, and a decline in the generation element tariff in 2025;
• Earnings in regard of capability payments in Israel — Reduced by $ 2 million in Q2 2025 as compared to Q2 2024. Leaving out the effect of equating OPC’s income from NIS to USD, such income reduced by $ 3 million mostly as an outcome of decline in schedule of the Tzomet power plant in Q2 2025; and
• Other income in Israel — Reduced by $ 4 million in Q2 2025 as compared to Q2 2024 mostly as an outcome of the deconsolidation of Gnrgy at the end of Q2 2024.

United States

• Earnings from sale of electrical power (retail) activities in the U.S. — Increased by $ 25 million in Q2 2025 as compared to Q2 2024 mostly as an outcome of boost in scope of services; and
• Earnings from sale of electrical power from renewable resource in the U.S. — Reduced by $ 19 million in Q2 2025 as compared to Q2 2024, mostly as an outcome of the deconsolidation of CPV Renewable from November 2024, following which equity technique accounting is used.

Expense of Sales (Omitting Devaluation and Amortization)

State below is a summary of OPC’s expense of sales (leaving out devaluation and amortization) in Israel and the U.S. for the 3 months ended June 30, 2025 and 2024.

OPC’s expense of sales ( leaving out devaluation and amortization) increased by $ 21 million from Q2 2024 to 2025. Leaving out the effect of equating OPC’s expense of sales (leaving out devaluation and amortization) from NIS to USD, OPC’s expense of sales (leaving out devaluation and amortization) increased by $ 16 million in Q2 2025 as compared to Q2 2024. State below is a conversation of considerable modifications in expense of sales in between Q2 2025 and Q2 2024.

Israel

• Costs in regard of facilities services in Israel— Increased by $ 9 million in Q2 2025 as compared to Q2 2024. Leaving out the effect of equating OPC’s expense of sales (leaving out devaluation and amortization) from NIS to USD, such expenses increased by $ 8 million mostly as an outcome of greater typical tariffs in Q2 2025;
• Costs for gas and diesel oil in Israel— Reduced by $ 3 million in Q2 2025 as compared to Q2 2024. Leaving out the effect of equating OPC’s expense of sales (leaving out devaluation and amortization) from NIS to USD, such expenses reduced by $ 4 million mostly as an outcome of lower consumer usage in Q2 2025 due to a decline in the sales of Tzomet to the system operator in Q2 2025; and
• Other costs in Israel — Reduced by $ 4 million in Q2 2025 as compared to Q2 2024 mostly as an outcome of the deconsolidation of Gnrgy at the end of Q2 2024.

United States

• Costs for sale of electrical power (retail) in U.S.– Increased by $ 23 million in Q2 2025 as compared to Q2 2024, mostly as an outcome of boost in scope of services of retail activities in the U.S.; and
• Costs for sale of electrical power from renewable resource in the U.S.— Reduced by $ 7 million in Q2 2025 as compared to Q2 2024 mostly as an outcome of the deconsolidation of CPV Renewable from November 2024

Financing Costs, net

Financing costs, internet in Q2 2025 were $ 20 million, as compared to $ 23 million in Q2 2024.

Share of Revenue of Associated Business, internet

OPC’s share of earnings of associated business, net increased by $ 17 million in Q2 2025 as compared in Q2 2024, mostly as an outcome of a boost in OPC’s ownership stakes in CPV Coast and CPV Maryland in Q4 2024 and Q2 2025.

For additional information of the outcomes of particular involved business of CPV, describe OPC’s instant report released on the Tel Aviv Stock Market (“ TASE“) on August 13, 2025 and the benefit English translations provided by Kenon on Type 6-K with the U.S. Securities and Exchange Commission on August 13, 2025

Liquidity and Capital Resources

Since June 30, 2025, OPC had unlimited money and money equivalents of $ 470 million, limited money of $ 17 million (consisting of limited money utilized for financial obligation service), and overall impressive combined insolvency of $ 1,403 million, including $ 101 million of short-term insolvency and $ 1,302 million of long-lasting insolvency. Since June 30, 2025, a significant part of OPC’s financial obligation was denominated in NIS.

Since June 30, 2025, OPC’s proportional share of financial obligation (consisting of accumulated interest) of associated business of CPV was $ 1,149 million and its proportional share of money and money equivalents was $ 92 million

Service and other Advancements

OPC share offering

In June 2025, OPC raised gross profits of NIS 850 million ($ 240 million) by releasing 21,313,000 normal shares. OPC reported that it plans to utilize a part of the profits of the offering for part of the CPV Group’s share in the equity needed for the building of the Basin Cattle ranch job, if that job profits, and/or for other functions as might be figured out by OPC.

Kenon acquired 7,923,600 normal shares in the offering for roughly NIS 316 million ($ 90 million).

Personal positioning of OPC’s shares

In August 2025, OPC released 18,750,000 normal shares to institutional financiers in a personal positioning in Israel for gross profits of NIS 900 million ($ 266 million).

OPC reported that it plans to utilize the profits of the personal positioning for the ongoing development and advancement of OPC’s services and/or for OPC’s requirements, as figured out by OPC’s board of directors from time to time.

Following conclusion of these offerings explained above, Kenon now holds roughly 49.8% of OPC’s shares.

Hadera 2 upgrade

In August 2025, the Israeli Federal government authorized the strategy to build a natural gas-fired power plant (“ Hadera 2“) on land owned near OPC’s Hadera power plant (the “ Hadera 2 Strategy“). OPC revealed that it is getting ready for the building of Hadera 2 with an approximated capability of roughly 850 MW (the “ Hadera 2 Task“) and it has actually preliminarily evaluated the expense of building of the Hadera 2 Task would be roughly NIS 4.5 billion to NIS 5 billion (roughly $ 1.3 billion to $ 1.5 billion).

Partial early redemption of Series B Bonds

In August 2025, OPC revealed that its board of directors authorized a partial early redemption of roughly NIS 256 million (roughly $ 75 million) par worth of its Series B Bonds, to be finished on September 30, 2025, at the par worth of the bonds together with a payment in accordance with the Series B Bonds indenture of roughly NIS 48 million ( roughly $ 14 million). Following this early redemption, the impressive par worth of the Series B Bonds balance is anticipated to reduce to roughly NIS 440 million (roughly $ 129 million) par worth.

Extra Kenon Updates

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

Since June 30, 2025 and August 28, 2025, Kenon’s stand-alone money was roughly $ 560 million There is no product financial obligation at the Kenon level.

Kenon’s stand-alone money consists of money and money equivalents and other treasury management instruments.

Share Repurchase Strategy

Considering That March 2023, Kenon has actually redeemed roughly 1.8 million shares for overall factor to consider of roughly $ 48 million under its repurchase strategy. Kenon has roughly 52 million impressive shares after providing impact to these repurchases.

In August 2025, Kenon’s board has actually increased the authorized share redeemed strategy by $ 10 million to approximately $ 70 million in overall (consisting of shares currently acquired under the strategy). In addition, Kenon has actually participated in an extra required for repurchases under the strategy of approximately $ 20 million through free market purchases on the TASE just, based on particular conditions, consisting of cost levels which are presently not fulfilled. The required will end on March 31, 2026

The share redeemed strategy might be suspended or customized and might not be finished completely. Likewise, the required, which is irreversible, might not be finished completely or in part as purchases of shares thereunder go through conference conditions, consisting of regarding cost levels, which can not be modified.

Care Worrying Forward-Looking Statements

This news release consists of positive declarations within the significance of the Personal Securities Lawsuits Reform Act of 1995. You can normally determine these declarations by the usage of words like “might”, “will”, “might”, “must”, “think”, “anticipate”, “strategy”, “quote”, “projection”, “possible”, “mean”, “target”, “future”, and variations of these words or similar words. These declarations consist of declarations associating with OPC, consisting of equity offerings by OPC and OPC’s signs of its designated usage of profits, federal government approval of the Hadera 2 Strategy, the Hadera 2 Task and OPC’s declarations about its preparation for building of the Hadera 2 Task, the approximated capability and building expense of the Hadera 2 Task, declarations about OPC’s partial redemption of its Series B Bonds, Kenon’s share redeemed strategy consisting of the boost in the size of the strategy and the repurchase required revealed in this release consisting of the conditions thereto and other non-historical matters. These declarations are based upon present expectations or beliefs and go through unpredictability and modifications in scenarios. These positive declarations go through a variety of dangers and unpredictabilities, much of which are beyond Kenon’s control, which might trigger the real outcomes to vary materially from those suggested in such positive declarations. Such dangers consist of dangers associating with making use of profits of the OPC offerings explained herein, consisting of the threat that the Basin Cattle ranch job does not continue on the terms explained herein or formerly revealed terms or at all, dangers associating with federal government approval of the Hadera 2 Strategy, consisting of dangers associating with any released federal government choice associating with the Hadera 2 Strategy if and when released, dangers associating with the Hadera 2 Task, consisting of the supreme expense and attributes of the Hadera 2 Task (consisting of capability), dangers regarding whether the Hadera 2 Task profits and is finished, dangers associating with Kenon’s share redeemed strategy and the required revealed in this release consisting of dangers associating with conditions of the required and the quantity of shares that will in fact be redeemed under the share redeemed program, and the required revealed in this release and other dangers and elements consisting of those dangers stated under the heading “Threat Aspects” in Kenon’s latest Yearly Report on Type 20-F submitted with the SEC and other filings. Other than as needed by law, Kenon carries out no responsibility to upgrade these positive declarations, whether as an outcome of brand-new details, future occasions, or otherwise.

Contact Information
Kenon Holdings Ltd.
Deepa Joseph
Chief Financial Officer
deepaj@kenon-holdings.com

¹ Changed EBITDA consisting of proportional share in associated business is a non-IFRS step. See Exhibition 99.2 of Kenon’s Type 6-K dated August 28, 2025 for the meaning of OPC’s EBITDA and Adjusted EBITDA consisting of proportional share in associated business and a reconciliation to benefit for the suitable duration.

² The tables herein equate OPC’s NIS results into US$ at the typical currency exchange rate for the appropriate duration.

³ Non-IFRS step. See Exhibition 99.2 of Kenon’s Type 6-K dated August 28, 2025 for the meaning of OPC’s EBITDA and Adjusted EBITDA consisting of proportional share in associated business and a reconciliation to benefit for the suitable duration.

⁴ The OPC Q2 2025 outcomes provided herein and the matching relative figures in Q2 2024 talked about herein were transformed utilizing a typical currency exchange rate of $ 0.278/ NIS.

SOURCE Kenon Holdings Ltd.