Contact InfoKenon Holdings Ltd. Deepa Joseph Chief Financial Officer [email protected] SOURCE Kenon Holdings Ltd. 21% Kenon Files Annual Report on Form 20-F for the Year Ended December 31, 2025 with the U.S. Securities and Exchange Commission Accessibility StatementSkip Navigation SINGAPORE, March 30, 2026 /PRNewswire/ -- Kenon Holdings Ltd. (NYSE: KEN) (TASE: KEN) ("Kenon") has filed its Annual Report on Form 20-F for the Year Ended December 31, 2025 (the "2025 Annual Report") with the U.S. Securities ...

Kenon Holdings Reports Full Year 2025 Results and Additional Updates Accessibility StatementSkip Navigation 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 OPC 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commissi ...

Market Performance - The Tel Aviv 35 Index increased by 0.27% to a record high of 4,243.47 points, while the Tel Aviv 125 Index rose by 0.05% to 4,204.63 points [1] - The BlueTech Global Index decreased by 1.08% to 670.86 points, and the All Bond corporate bond index fell by 0.06% to 424.33 points [1] - Total turnover in equities reached NIS 4.24 billion, and in bonds, it was NIS 3.34 billion [1] Foreign Exchange Market - The shekel-dollar rate remained unchanged at NIS 3.123/$, while the shekel-euro rate increased by 0.106% to NIS 3.678/€ [2] Notable Stock Movements - Bank Leumi led the market with a rise of 1.76%, followed by Bank Hapoalim at 2.04%, Israel Discount Bank at 2.54%, and Mizrahi Tefahot Bank at 2.57% [3] - Next Vision experienced the largest increase on the Tel Aviv 35 Index, rising by 5.42% [3] - Palo Alto Networks fell by 1.6% on its first day of trading on the TASE [2] - Camtek saw the largest decline on the Tel Aviv 35 Index, dropping by 5.57% [4] - Kenon Holdings rose by 4.74%, outside of the Tel Aviv 35 Index [4]

Core Insights - Two stocks in the utilities sector are showing signs of being overbought, which may concern momentum-focused investors [1] Company Summaries UGI Corp (NYSE:UGI) - UGI International has agreed to sell its LPG businesses in Eastern Europe (Czech Republic, Hungary, Poland, and Slovakia) to DCC for approximately €48 million, completing its portfolio optimization program [4] - The divestiture allows UGI to focus on segments with stronger competitive positions and growth opportunities, aiming for sustainable value creation [4] - The stock has gained around 6% over the past five days, reaching a 52-week high of $39.92 [4] - RSI Value is reported at 76.7, indicating overbought conditions [2][4] - Recent price action shows shares gained 2.4%, closing at $39.79 [4] Kenon Holdings Ltd (NYSE:KEN) - Kenon reported quarterly earnings of 45 cents per share, a decrease from 81 cents per share in the same period last year [4] - The stock has gained around 11% over the past five days, with a 52-week high of $74.57 [4] - RSI Value is reported at 72.3, also indicating overbought conditions [2][4] - Recent price action shows shares rose 1.5%, closing at $74.21 [4]

Core Insights - Two stocks in the utilities sector are showing signs of being overbought, which may concern momentum-focused investors [1] Group 1: Enlight Renewable Energy Ltd (NASDAQ:ENLT) - JP Morgan analyst Mark Strouse downgraded Enlight Renewable Energy from Neutral to Underweight, maintaining a price target of $35 [5] - The stock has increased approximately 11% over the past five days, reaching a 52-week high of $44.01 [5] - The RSI value for ENLT is 72, indicating it is considered overbought [2][5] - On the latest trading day, shares of Enlight Renewable Energy rose by 3.9% to close at $43.44 [5] - The stock has a momentum score of 96.81 and a value score of 15.56 [5] Group 2: Kenon Holdings Ltd (NYSE:KEN) - Kenon reported quarterly earnings of 45 cents per share, a decrease from 81 cents per share in the same period last year [5] - The stock has gained around 13% over the past month, with a 52-week high of $64.85 [5] - The RSI value for KEN is 75.4, also indicating it is considered overbought [2][5] - On the latest trading day, shares of Kenon gained 0.7% to close at $64.73 [5]

Core Insights - The article discusses the supply-and-demand imbalance in the US and Israeli electricity markets, which may lead to increased electricity prices, particularly in Israel due to strict regulations [1] Group 1: Market Analysis - The electricity markets in both the US and Israel are experiencing a supply-and-demand imbalance [1] - This imbalance is expected to result in higher electricity prices, especially in Israel [1] Group 2: Investment Strategy - The investment strategy combines a top-down view of the global economy with a bottom-up analysis of individual companies [1] - The approach begins with identifying strong economies and favorable currencies using macro data and statistical tools [1] - The focus then shifts to sectors likely to perform well in the near term, followed by identifying quality companies with solid momentum and consistent results [1]

Core Insights - Kenon Holdings Ltd. reported significant financial results for Q3 2025, highlighting a net profit of $69 million, up from $23 million in Q3 2024, driven by increased revenue and improved operational performance [1][2] Financial Performance - OPC's revenue for Q3 2025 was $265 million, an increase of $28 million compared to $237 million in Q3 2024, with notable growth in both Israel and the U.S. markets [1][2] - The cost of sales for OPC increased to $178 million in Q3 2025 from $157 million in Q3 2024, reflecting higher expenses in infrastructure services and retail electricity sales [2] - Adjusted EBITDA for OPC, including the proportionate share in associated companies, rose to $156 million in Q3 2025 from $108 million in Q3 2024, indicating improved profitability [1][2] Revenue Breakdown - In Israel, revenue from private customers for infrastructure services increased by $17 million, primarily due to a 40% rise in average tariffs [1] - U.S. revenue from retail electricity sales grew by $29 million, attributed to an expanded scope of activities [2] - Revenue from electricity sales to private customers in Israel decreased by $18 million, largely due to reduced customer consumption linked to geopolitical tensions [1][2] Cost Analysis - OPC's expenses related to infrastructure services in Israel rose by $17 million, while energy acquisition costs decreased by $30 million due to lower consumption and temporary shutdowns [2] - In the U.S., expenses for retail electricity sales increased by $28 million, reflecting the growth in retail activities [2] Strategic Developments - Kenon sold a portion of its OPC shares for gross proceeds of approximately $100 million, reducing its stake to about 47% [1][2] - OPC announced the financial closing and commencement of construction for the Basin Ranch Project, a gas-fired power plant in Texas with a capacity of 1.35 GW [1][2] - OPC issued NIS 460 million (approximately $140 million) in Series D bonds in November 2025 to support its financial activities [2] Liquidity Position - As of September 30, 2025, OPC had unrestricted cash and cash equivalents of $696 million and total outstanding consolidated indebtedness of $1,364 million [2]

Financial Performance - Revenues from sales and provision of services for the nine-month period ended September 30, 2025, were NIS 2,256 million, a 3% increase from NIS 2,190 million in the same period of 2024[14] - Gross income for the nine-month period was NIS 433 million, compared to NIS 452 million in the previous year, reflecting a decrease of 4%[14] - Operating profit increased to NIS 570 million for the nine-month period, up 53% from NIS 372 million in the same period of 2024[14] - Profit for the period attributable to the Company's shareholders was NIS 254 million, significantly higher than NIS 83 million in the same period of 2024, marking a 206% increase[14] - Profit for the nine-month period ended September 30, 2025, increased to NIS 333 million, compared to NIS 74 million for the same period in 2024, representing a growth of 350%[15] - The profit for the three-month period ended September 30, 2025, was NIS 236 million, compared to NIS 86 million for the same period in 2024, reflecting a growth of 174%[15] - The total comprehensive income for the three-month period ended September 30, 2025, was NIS 134 million, compared to NIS 36 million in the same period of 2024[15] Assets and Equity - Total assets as of September 30, 2025, were NIS 13,635 million, a slight increase from NIS 13,455 million as of September 30, 2024[10] - Total equity attributable to the Company's shareholders rose to NIS 6,274 million, up from NIS 4,763 million in the previous year, representing a 32% increase[11] - The balance of total equity as of September 30, 2025, was NIS 7,872 million, an increase from NIS 6,187 million as of September 30, 2024[17] Liabilities - Current liabilities increased to NIS 1,000 million from NIS 879 million in the previous year, reflecting a 14% rise[11] - Long-term loans from banking corporations and financial institutions decreased to NIS 2,569 million from NIS 2,953 million, a reduction of 13%[11] Earnings Per Share - Basic diluted earnings per share for the nine-month period were NIS 0.95, compared to NIS 0.36 in the same period of 2024, indicating a significant increase[14] Cash Flow - Net cash provided by operating activities for the nine-month period ended September 30, 2025, was NIS 745 million, compared to NIS 338 million in the same period of 2024, indicating a 120% increase[27] - Net cash used for investing activities for the nine-month period ended September 30, 2025, was NIS 668 million, a decrease from NIS 1,097 million in the same period of 2024[27] - Net cash provided by financing activities for the nine-month period ended September 30, 2025, was NIS 1,450 million, compared to NIS 467 million in the same period of 2024, marking a 210% increase[27] - The balance of cash and cash equivalents as of the end of the period was NIS 2,300 million, up from NIS 1,151 million at the end of the same period in 2024[27] Investments and Acquisitions - The company completed the acquisition of an additional 20% stake in the Shore Power Plant, increasing its holding to approximately 89%[50] - Construction of the Basin Ranch Power Plant, a 1.35 GW project in Texas, commenced with the company holding a 70% stake, and total equity financing provided was approximately NIS 1.5 billion (approximately USD 470 million)[55] - The company provided approximately NIS 1 billion (approximately USD 300 million) as a loan for the Basin Ranch project, demonstrating its commitment to expanding its renewable energy portfolio[55] Financial Agreements and Covenants - A senior loan agreement with Texas Energy Fund (TEF) was entered into for approximately USD 1.1 billion (approximately NIS 3.6 billion) to finance the project's construction[63] - The interest rate for the TEF Loan is fixed at 3% annually, with a final repayment date set for September 30, 2045[63] - The financial covenants for the CPV Group include maintaining total equity of more than USD 750 million and an adjusted net debt to adjusted EBITDA ratio of less than 7.0[77] Shareholder Information - The Parent Company's stake in the Company decreased from approximately 54.53% to 53.20% after the June issuance and from 53.16% to 49.79% after the August private placement[95] Profit Sharing and Employee Compensation - The fair value of the profit-sharing compensation plan for CPV Group employees was estimated at approximately NIS 224 million (approximately USD 68 million) as of the report date[102] - The Company recognized a liability of approximately NIS 208 million (approximately USD 63 million) related to the profit-sharing plan, included in Other payables and credit balances[103] Revenue from Associates - The Company reported a share in profits of associates amounting to NIS 423 million for the nine-month period, compared to NIS 150 million in the previous year, a 182% increase[14] - CPV Group received dividends and capital distributions from associates totaling approximately NIS 206 million during the reporting period, with NIS 83 million from Maryland, NIS 62 million from Fairview, and NIS 54 million from Towantic[121]

Core Insights - Kenon Holdings Ltd. reported its Q2 2025 results, highlighting significant financial developments and operational updates [1] Financial Performance - OPC Energy Ltd. (OPC), a subsidiary of Kenon, generated revenue of $196 million in Q2 2025, an increase from $181 million in Q2 2024, reflecting a growth of approximately 8.3% [6][10] - The cost of sales for OPC increased to $150 million in Q2 2025 from $129 million in Q2 2024, marking a rise of about 16.3% [13] - OPC's Adjusted EBITDA, including the proportionate share in associated companies, rose to $90 million in Q2 2025, compared to $66 million in Q2 2024, indicating a growth of approximately 36.4% [8][6] Revenue Breakdown - Revenue from private customers in Israel increased by $9 million in Q2 2025, primarily due to higher average tariffs [12] - Revenue from the sale of energy at cogeneration tariff in Israel rose by $7 million, attributed to maintenance work at the Hadera power plant in Q2 2024 [12] - In the U.S., revenue from retail electricity activities increased by $25 million, driven by an expanded scope of services [12] Share Offerings and Capital Raising - OPC raised gross proceeds of NIS 1,750 million (approximately $506 million) through share offerings in June and August 2025 [8] - Kenon participated in the June offering, investing approximately NIS 316 million (about $90 million) [21] - The August private placement generated gross proceeds of NIS 900 million (approximately $266 million) [22] Project Developments - The Israeli Government approved the construction of the Hadera 2 project, expected to have a capacity of 850 MW, with estimated construction costs between NIS 4.5 billion and NIS 5 billion (approximately $1.3 billion to $1.5 billion) [24] - OPC is preparing for the construction of Hadera 2 following government approval [24] Debt and Liquidity - As of June 30, 2025, OPC had unrestricted cash and cash equivalents of $470 million and total outstanding consolidated indebtedness of $1,403 million [18] - Kenon's stand-alone cash was approximately $560 million as of June 30, 2025, with no material debt at the Kenon level [26] Share Repurchase Plan - Since March 2023, Kenon has repurchased approximately 1.8 million shares for a total consideration of about $48 million [27] - The board has increased the authorized share repurchase plan by $10 million to a total of up to $70 million [28]