Group 1 - Kenon Holdings Ltd. (NYSE: KEN) has experienced a 60% increase in stock price over the last three months, significantly outperforming the S&P 500, which rose by 20% [1] - The stock rally is attributed to rising electricity demand, tight supply conditions, and a unique combination of Israeli and U.S. energy assets [1] - The investment strategy involves a macroeconomic approach, focusing on strong economies and sectors likely to perform well, followed by an analysis of quality companies with solid momentum [1]

Core Points - Kirk Tanner, President and CEO of Wendy's, is leaving to become the President and CEO of The Hershey Company, effective July 18, 2025 [1] - Ken Cook, the current CFO, has been appointed as Interim CEO while the Board searches for a permanent replacement [2] - The Board expresses confidence in Ken Cook and the senior leadership team to continue executing the company's growth strategy [3] Leadership Changes - Kirk Tanner's departure is acknowledged by the Board, which wishes him well in his new role at Hershey [3] - Ken Cook has a strong background, having spent 20 years at UPS, and has played a significant role in developing Wendy's long-term growth strategy [2] - Bradley G. Peltz has been elected to the Board, replacing Matthew H. Peltz, who resigned to focus on other commitments [3] Strategic Focus - Ken Cook emphasizes the commitment to executing strategic priorities such as providing fresh food, enhancing customer experience, and accelerating global net unit growth [3] - The company is set to release its second quarter 2025 results on August 8, 2025, indicating ongoing transparency and communication with stakeholders [3]

Core Insights - Kenon Holdings Ltd. reported a significant increase in net profit for Q1 2025, reaching $26 million compared to $4 million in Q1 2024, driven by higher share profits from associated companies [7][15] - The company distributed a cash dividend of approximately $250 million, equating to $4.80 per share, in April 2025 [2][27] - OPC Energy Ltd., a key component of Kenon's consolidated results, showed a revenue increase of $9 million in Q1 2025, totaling $183 million compared to $174 million in Q1 2024 [6][8] Financial Performance - OPC's revenue for Q1 2025 was $183 million, with a cost of sales of $139 million, leading to a profit for the period of $26 million [6][11] - Adjusted EBITDA for OPC, including the proportionate share in associated companies, rose to $110 million in Q1 2025 from $95 million in Q1 2024 [6][7] - The weighted-average generation component tariff in Q1 2025 was NIS 0.2939 per KW hour, approximately 3% lower than the previous year's tariff [9] Revenue Breakdown - Revenue from electricity sales to private customers in the U.S. increased by $23 million, while revenue from sales in Israel decreased by $4 million due to lower tariffs [12] - Revenue from renewable energy sales in the U.S. decreased by $15 million, primarily due to the deconsolidation of CPV Renewable Power LLC [12][13] Cost and Expenses - OPC's cost of sales increased by $22 million to $139 million in Q1 2025, with significant increases in expenses for natural gas and diesel oil [11][13] - Finance expenses decreased to $13 million in Q1 2025 from $17 million in Q1 2024, attributed to the deconsolidation of CPV Renewable [14] Liquidity and Capital Resources - As of March 31, 2025, OPC had unrestricted cash and cash equivalents of $225 million and total outstanding consolidated indebtedness of $1,247 million [17][18] - Kenon's stand-alone cash was approximately $640 million as of May 28, 2025, with no material debt at the Kenon level [26] Business Developments - In April 2025, CPV completed the acquisition of an additional 20% interest in CPV Shore LLC, increasing its ownership to approximately 90% [19] - The Basin Ranch natural gas project in Texas is in advanced loan negotiations for a $1 billion subsidized loan, with construction expected to begin by the end of 2025 [20][21]

Exhibit 99.2 OPC Energy Ltd. Condensed Consolidated Interim Financial Statements As of March 31, 2025 (Unaudited) OPC Energy Ltd. Condensed Consolidated Interim Financial Statements as of March 31, 2025 (Unaudited) Table of Contents | | Page | | --- | --- | | Independent Auditors' Review Report | F-3 | | Letter of consent in connection with the Company's shelf prospectus | F-4 | | Condensed Consolidated Interim Statements of Financial Position | F-5 | | Condensed Consolidated Interim Statements of Income | ...

Core Insights - Kenon Holdings Ltd. reported a net profit of $53 million for 2024, an increase from $47 million in 2023, with a notable decrease in share profit from associated companies [3][4][7] - The company's revenue for 2024 was $751 million, up from $692 million in 2023, driven by increased sales in both Israel and the U.S. [7][10] - Kenon announced a cash dividend of approximately $250 million, equating to $4.80 per share, approved by its board of directors [8][24] Financial Performance - OPC's Adjusted EBITDA for 2024 was $332 million, compared to $304 million in 2023, reflecting improved operational performance [3][7] - Revenue from electricity sales increased by $59 million in 2024, with significant contributions from capacity payments and renewable energy sales [10][14] - Cost of sales rose to $522 million in 2024 from $494 million in 2023, primarily due to increased expenses related to energy acquisition and maintenance [13][21] Shareholder Returns - Kenon has repurchased approximately 681 thousand shares for about $20 million since September 2024, totaling 1.8 million shares repurchased since March 2023 [8][27] - The company sold its remaining interest in ZIM for net proceeds of $394 million, marking a significant divestment [8][30] Business Developments - In February 2025, CPV Shore completed a refinancing of approximately $436 million, with Kenon contributing about $55 million [20] - Kenon is actively pursuing enforcement of a CIETAC Award against Baoneng Group, which includes a claim for approximately $260 million [33][34]

Financial Indebtedness and Capital Structure - OPC had outstanding indebtedness of $1,267 million as of December 31, 2024, and CPV's associated companies had a proportionate share of debt of $1,203 million[83]. - In 2024, CPV Renewables raised equity financing of $300 million in exchange for 33.33% of its equity interests, with $200 million funded as of March 31, 2025[59]. - Kenon participated in OPC equity raises in 2024, 2022, and 2021, indicating ongoing financial involvement and potential dilution risks[58]. - The company faces risks related to obtaining additional financing for construction and development projects, particularly in Israel and the United States[57]. - Financial market conditions were volatile in 2024, impacting the ability to access capital and the cost of debt financing[73]. - The company is dependent on cash flows from its businesses to meet existing and future obligations, particularly from dividends from OPC[78]. - The company may face competition for acquisition opportunities, which could increase costs or result in lost opportunities[68]. - Any funds used for acquisitions will reduce amounts available for investments in existing businesses and could require raising additional debt or equity financing[70]. - The company faces significant risks due to high leverage, with income and net assets being more sensitive to declines in earnings and increases in expenses and interest rates[84]. - As of December 31, 2024, OPC had consolidated indebtedness of $1,267 million, which requires compliance with certain financial covenants[124]. - High leverage levels pose risks for OPC, including difficulties in securing funding for strategic plans and potential adverse impacts on credit ratings[149]. - OPC's dependency on dividends from subsidiaries may limit cash flow availability, affecting its ability to meet liabilities[151]. Regulatory and Compliance Risks - The ability to consummate future investments and acquisitions may depend on obtaining required government and regulatory approvals[67]. - The company relies on the internal controls and financial reporting of its businesses, which could impact compliance with applicable reporting standards[82]. - The company is subject to legal compliance risks, including investigations by regulators that could lead to fines and operational disruptions[112]. - Changes in trade policies and international sanctions could adversely affect the company's ability to operate and repatriate profits[119]. - The company must maintain compliance with the U.S. Foreign Corrupt Practices Act and similar laws to avoid significant legal and financial repercussions[117]. - OPC's operations are subject to regulations regarding ties with hostile entities, which may expose the company to sanctions[197]. - CPV Group must obtain and renew various permits for its operations, with non-compliance potentially resulting in severe penalties and project delays[215]. Market and Economic Conditions - Economic conditions, including inflation and geopolitical events, could materially affect the company's business and operating results[99]. - The company operates in various geographic regions, exposing it to economic volatility and regulatory risks[104]. - The geopolitical landscape, including military actions and political instability, could materially impact the company's operations[109]. - Global geopolitical instability, including the War in Israel and the Russian invasion of Ukraine, may disrupt OPC's supply chain and financing availability[152][153]. - The political and security situation in Israel may adversely affect OPC's operations and financial results, including potential damage to facilities[154][155]. Operational Risks - The company faces potential disruptions from raw material shortages and supplier capacity constraints, particularly in natural gas and renewable energy components[107]. - Cybersecurity threats are increasing, with potential impacts on business operations and data integrity due to sophisticated attacks[110]. - The company is exposed to foreign exchange rate fluctuations, particularly with significant operations in Israel and the U.S., which could adversely affect earnings and balance sheet strength[94]. - Current high interest rates could hinder the company's ability to obtain future financing or service existing debt, impacting revenue and operating results[102]. - OPC faces risks related to gas supply agreements, including "take or pay" obligations that may expose the company to additional payment obligations[133]. - Natural disasters and climate change may impair OPC's operations and require significant investments for facility renovations[160][161]. - OPC's operations are subject to ongoing adjustments to minimize exposure to cyber risks, particularly in light of the current geopolitical situation[164]. - The integrity of national gas pipelines and electrical grids is critical for OPC's operations, with potential interruptions affecting electricity supply[195]. - The company faces risks related to recruitment and retention of skilled employees, which could impact project execution[171]. - OPC's operations may be adversely affected by pandemics, which could disrupt supply chains and project timelines[170]. Competitive Landscape - The company’s ability to withstand competitive pressures may be impaired due to covenants and limitations in financing agreements[85]. - OPC's competitive position is threatened by increasing competition in the Israeli electricity market, which may affect commercial arrangements[185]. - Revenues are highly sensitive to significant customers, and any default or failure to renew agreements could materially impact financial results[186]. - CPV's operations are influenced by energy market risks and regulatory changes in the U.S., affecting profitability and project development[201]. - CPV is exposed to market risks, including fluctuations in energy prices and capacity payments determined by auctions[204][205]. Environmental and Technological Risks - Environmental regulations may impose significant costs on CPV Group, requiring investments to comply with stricter standards related to emissions and waste management[214]. - The expected expansion of greenhouse gas regulations poses risks to CPV's gas-fired power plants while promoting renewable energy projects[219]. - New York's Climate Leadership and Community Protection Act mandates a 40% reduction in greenhouse gas emissions by 2030, impacting CPV's operational strategies[220]. - Severe weather conditions could adversely affect CPV's operations, leading to increased repair costs and potential revenue loss[223]. - Malfunctions and technical failures in CPV's facilities could adversely affect operational reliability and financial results[211]. - The reliance on external suppliers for construction and maintenance may lead to increased costs and operational challenges, particularly due to global events affecting raw material prices[213]. Corporate Governance and Shareholder Issues - The company is incorporated in Singapore and follows home country corporate governance practices, which may provide less investor protection compared to U.S. domestic issuers[236]. - The company is not required to maintain a board with a majority of independent directors or a fully independent nominating and corporate governance committee as per NYSE standards[237]. - The company may rely on foreign private issuer exemptions in the future, potentially reducing the scope of information and protection for investors[239]. - There is no treaty between the United States and Singapore for the reciprocal recognition and enforcement of judgments, complicating the enforcement of U.S. court judgments in Singapore[241]. - The company may be treated as a passive foreign investment company (PFIC) for U.S. federal income tax purposes, which could have adverse tax consequences for U.S. holders[247]. - The company believes it was not a PFIC for the taxable year ended December 31, 2024, but this status is subject to uncertainty and may change based on asset valuation and income composition[248]. - The company has general authority to allot and issue new shares, which may dilute existing shareholders[246]. - Shareholders may not benefit from the Singapore Code on Take-overs and Mergers due to a waiver, potentially affecting the value of ordinary shares[245]. - The company’s significant shareholder may influence the board to issue additional ordinary shares, which could dilute existing holdings[246]. - The company’s corporate governance practices may make it more difficult for shareholders to protect their interests compared to U.S. corporations[242].

Exhibit 99.2 Financial Information for the Years Ended December 31, 2024 and 2023 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 D: Summary of financial information of OPC's subsidiaries Appendix A Summary Kenon consolidated financial information K ...

Group 1: Company Overview - Kenon Holdings Ltd. announced its Q3 2024 results and additional updates [1] - The consolidated results primarily reflect the performance of OPC Energy Ltd. and the share of ZIM Integrated Shipping Ltd. is included under associated companies [3][4] Group 2: Financial Results of OPC - OPC reported a net profit of $23 million in Q3 2024, down from $27 million in Q3 2023, with a share in profit from CPV of $17 million compared to $22 million in the prior year [6] - Adjusted EBITDA for OPC in Q3 2024 was $108 million, slightly up from $104 million in Q3 2023 [6] - OPC's revenue increased by $8 million to $237 million in Q3 2024 compared to $229 million in Q3 2023 [10][13] Group 3: Financial Results of ZIM - ZIM reported a net profit of $1.1 billion in Q3 2024, a significant recovery from a net loss of $2.3 billion in Q3 2023 [8][36] - Adjusted EBITDA for ZIM in Q3 2024 was $1.5 billion, compared to $211 million in Q3 2023 [8][36] - ZIM's revenues surged approximately 117% to $2.8 billion in Q3 2024, driven by increased freight rates and volume [36] Group 4: Share Repurchase and Dividends - Kenon repurchased approximately 348,000 shares for about $10 million since September 2024 [7] - ZIM announced a cash dividend of $3.65 per share, totaling approximately $440 million, with Kenon expected to receive about $49 million net of tax [8] Group 5: Business Developments - Kenon plans to sell additional shares in ZIM and has terminated a collar transaction over 5 million ZIM shares, receiving net cash proceeds of approximately $93 million [7][44] - OPC completed the acquisition of additional interests in two natural gas-fired power plants, with total acquisition costs estimated between $200 million and $230 million [27][28]

Group 1 - Kenon Holdings Ltd. (NYSE: KEN) has seen a strong performance in 2024, with shares up 41% year-to-date, benefiting from higher global freight rates [1] - The Drewry World Container Index (WCI) has experienced high volatility, impacting the shipping industry [1] Group 2 - The article does not provide any additional relevant information regarding the company or industry [2][3]

Revenue Performance - Total revenues from energy sales in Israel reached NIS 1,503 million for the nine-month period ended September 30, 2024, compared to NIS 1,406 million in the same period of 2023, reflecting an increase of approximately 6.9%[8] - The total income in the USA for the same period was NIS 355 million, up from NIS 192 million in 2023, indicating an increase of approximately 85.9%[8] - The company's total income for the nine-month period ended September 30, 2024, was NIS 2,190 million, compared to NIS 1,971 million in the previous year, representing a growth of about 11.1%[8] - Revenues from the sale of energy to private customers in Israel were NIS 1,138 million for the nine-month period, slightly down from NIS 1,154 million in the same period of 2023[8] - Revenues for the nine-month period ended September 30, 2024, were $305,405 thousand, a decrease of 5.7% from $324,031 thousand[176] Profitability - Profit for the period was NIS 86 million, reflecting a decrease from NIS 101 million in the previous year[3][5] - Profit for the period ended September 30, 2024, was NIS 74 million, a decrease of 47% compared to NIS 140 million for the same period in 2023[61] - Profit for the period was $85,741 thousand, down 13.1% from $98,734 thousand[176] - Profit for the period was $98,734 thousand, a decrease from $105,039 thousand in the previous period, reflecting a decline of approximately 6.2%[195] Financial Ratios and Stability - The company reported a net financial debt to adjusted EBITDA ratio not exceeding 8, maintaining compliance with financial covenants[18] - The equity to total assets ratio was maintained above 20%, ensuring financial stability[18] - The actual net financial debt to adjusted EBITDA ratio as of September 30, 2024, was 5.0, significantly below the required maximum of 13[41] - The company's equity to asset ratio was reported at 71%, well above the required minimum of 17%[41] - The average expected Debt Service Coverage Ratio (DSCR) was reported at 1.68, exceeding the minimum requirement of 1.10[52] Cash Flow and Financing Activities - For the nine-month period ended September 30, 2023, cash flows provided by financing activities amounted to NIS 1,187 million, with a net cash increase of NIS 23 million[45] - The balance of cash and cash equivalents at the end of the period was NIS 1,151 million, reflecting an increase from NIS 915 million at the beginning of the period[45] - The net cash provided by operating activities for the nine-month period ended September 30, 2024, was NIS 745 million, an increase of 68% from NIS 443 million in the same period of 2023[61] - The company raised NIS 779 million from share issuance and NIS 1,649 million from long-term loans during the reporting period[45] - The net cash provided by operating activities was $113,499 thousand, compared to $98,957 thousand, indicating an increase of about 14.5%[196] Investments and Projects - The company is actively pursuing market expansion in renewable energy sectors, particularly in the USA, with revenues from renewable sources reaching NIS 164 million[8] - As of September 30, 2024, total operating projects in Israel amounted to NIS 249 million, an increase from NIS 244 million as of December 31, 2023[25] - Projects under construction and development in Israel rose to NIS 87 million from NIS 47 million[25] - Total projects under construction and development in the US increased significantly to NIS 317 million from NIS 148 million[25] - In the nine-month period ended September 30, 2024, the company purchased property, plant, and equipment for approximately NIS 982 million[112] Impairment and Losses - An impairment loss of approximately NIS 21 million was recognized in Q1 2024, primarily attributed to goodwill[29] - The company recognized an impairment loss of approximately NIS 31 million related to the Hadera 2 Project due to a government resolution rejecting the construction plan[114] - The company reported a share in profits of associates at a loss of NIS 150 million for the nine-month period ended September 30, 2024, compared to a loss of NIS 179 million in the same period of 2023[61] Tax and Regulatory Changes - In September 2024, an amendment to the Fuel Excise Tax Ordinance will increase the excise tax on natural gas from NIS 19 to NIS 33 in 2025, potentially impacting the company's costs[121] Acquisitions and Partnerships - CPV Group entered into an acquisition agreement to acquire additional interests in the Shore and Maryland projects, which may result in ownership of approximately 68% and 75% respectively[122] - The acquisition of an additional 25% interest in the Maryland Power Plant was completed on October 11, 2024, with further agreements signed for an additional 31% in Shore and 25% in Maryland[123] - The total amount required for the completion of the acquisitions is estimated to be approximately USD 200-230 million (NIS 755-870 million)[125]