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]

Core Insights - Kenon Holdings Ltd. reported its Q2 2024 results, highlighting significant financial activities and updates regarding its investments in ZIM and OPC [1][2][5]. Financial Highlights - Kenon sold 5 million shares of ZIM for $111 million in June 2024, maintaining its position as the largest shareholder with a 16.5% stake [2][32]. - Kenon increased its share repurchase plan by $10 million to a total of $60 million, with a mandate for repurchases of up to $30 million through March 31, 2025 [2][31]. - OPC raised NIS 800 million (approximately $220 million) in a share offering in July 2024, with Kenon investing approximately NIS 428 million (around $120 million) to maintain a 54.5% ownership [3][18]. ZIM Performance - ZIM reported a net profit of $373 million in Q2 2024, a turnaround from a net loss of $213 million in Q2 2023, with revenues increasing by approximately 48% to $1.9 billion [4][28]. - The average freight rate for ZIM in Q2 2024 was $1,674 per TEU, compared to $1,193 per TEU in Q2 2023, reflecting a significant increase in both freight rates and carried volume [27][28]. OPC Financial Results - OPC reported a net loss of $7 million in Q2 2024, an improvement from a loss of $11 million in Q2 2023, with Adjusted EBITDA rising to $66 million from $47 million year-over-year [3][7]. - Revenue for OPC increased to $181 million in Q2 2024, up from $165 million in Q2 2023, driven by higher availability payments and energy sales [8][11]. Strategic Developments - OPC announced a $300 million investment agreement with Harrison Street for a 33.33% stake in CPV Renewable Power LP [3][19]. - OPC successfully bid for additional land to build renewable energy facilities, with an estimated project cost between NIS 4.4 billion and NIS 4.9 billion (approximately $1.2 billion to $1.3 billion) [21][22]. Arbitration Updates - Kenon received an ICSID award of $110.7 million in damages related to its arbitration against Peru, with total claims including interest amounting to approximately $179.2 million as of August 31, 2024 [36][37]. - The CIETAC award in favor of Kenon regarding Qoros is approximately RMB 1.9 billion (around $268 million), with ongoing legal proceedings related to enforcement [40][41].

Group 1: Financial Performance - Kenon's consolidated revenue for Q1 2024 was $174 million, an increase from $147 million in Q1 2023, representing a growth of approximately 18% [8][11] - OPC's net profit for Q1 2024 was $4 million, down from $22 million in Q1 2023, with a share in profit from CPV of $20 million compared to $24 million in the previous year [9][10] - ZIM reported a net profit of $92 million in Q1 2024, a significant recovery from a net loss of $58 million in Q1 2023, with Adjusted EBITDA rising to $427 million from $373 million [25][24] Group 2: Operational Highlights - OPC's Adjusted EBITDA for Q1 2024 was $95 million, up from $75 million in Q1 2023, indicating improved operational efficiency [9][10] - ZIM carried approximately 846 thousand TEUs in Q1 2024, a 10% increase from 769 thousand TEUs in Q1 2023, with average freight rates rising to $1,452 per TEU from $1,390 [24][25] - Revenue from the sale of electricity to private customers increased, with OPC's revenue from private customers decreasing by $5 million due to lower infrastructure tariffs and reduced consumption [15][12] Group 3: Dividends and Investments - Kenon distributed a cash dividend of approximately $200 million in April 2024, equating to $3.80 per share [9] - ZIM announced a cash dividend of $0.23 per share, totaling approximately $28 million, with Kenon's share being around $5 million net of tax [23][25] - CPV Renewable Power entered into a non-binding term sheet for a potential $300 million investment, reflecting a pre-money valuation of $620 million [22] Group 4: Legal and Arbitration Developments - Kenon obtained a favorable ruling in litigation against Shenzhen Baoneng Investment Group, with the court ordering Baoneng to deposit approximately RMB 1.4 billion (around $193 million) into an escrow account [32][31] - The arbitration award in favor of Kenon and IC Power amounts to $110.7 million in damages, with pre- and post-award interest estimated at approximately $60 million as of April 30, 2024 [27][28] - Kenon is taking steps to enforce the arbitration award, with Peru having 120 days to file for annulment [29]

Core Viewpoint - Kenon Holdings Ltd., a significant shareholder in ZIM Integrated Shipping Services Ltd., presents an interesting investment opportunity due to its exposure to ZIM and its stable utility business through OPC Energy Ltd. [1] Group 1: Kenon Holdings Overview - Kenon Holdings owns a 21% stake in ZIM, a company that has seen its stock price nearly double recently [1] - Kenon's portfolio primarily consists of ZIM and a 55% majority interest in OPC Energy, a utility company [2][4] Group 2: ZIM Integrated Shipping Services - ZIM's business model is highly volatile due to its significant exposure to the spot market, which leads to disproportionate profits during high shipping rates and losses during low rates [2] - Recent disruptions in the Red Sea, caused by the Houthi militia, have resulted in high shipping rates, benefiting ZIM [2] - ZIM has a dividend policy of distributing 30% to 50% of net income, which means Kenon receives substantial cash distributions as long as ZIM remains profitable [3] Group 3: OPC Energy Ltd. - OPC Energy has a generation capacity of approximately 1300 MW in Israel and operates 278 MW of wind and solar capacity in the US [4][5] - For FY2023, OPC reported net profits of $47 million, adjusted EBITDA of $304 million, and revenues of $692 million [6] Group 4: Dividend and Financial Position - Kenon recently distributed an interim dividend of $3.8 per share, yielding over 15% based on the share price at the time [7] - As of March 26, Kenon had approximately $639 million in cash and equivalents, with a distribution of around $200 million reducing this amount [8] Group 5: Risks and Considerations - The primary risk for Kenon is tied to the performance of its portfolio companies, particularly ZIM, which faces high volatility and potential losses [9] - OPC Energy has outstanding debts of $1.53 billion, with cash and equivalents of $278 million, indicating some financial risk [11] - Geopolitical risks exist for both ZIM and OPC, particularly related to operations in Israel and potential boycotts [10][12] Group 6: Investment Thesis - Kenon is considered attractively valued, with potential for the stock price to increase by at least 50% if dividends are maintained or increased [13]

Revenue and Profitability - Kenon reported a revenue of $692 million for the year ended December 31, 2023, representing a 20.6% increase from $574 million in 2022[7] - Gross profit increased to $120 million in 2023, up from $100 million in 2022, reflecting a gross margin improvement[7] - The company incurred a net loss of $211 million in 2023, compared to a profit of $350 million in the previous year, primarily due to losses related to ZIM[7] - For the year ended December 31, 2023, OPC reported a profit of $47 million, down from $65 million in 2022, representing a decrease of approximately 27.7%[21] - OPC's EBITDA for 2023 was $301 million, an increase of 22.9% from $245 million in 2022[21] - Adjusted EBITDA for 2023 was $304 million, up 21.6% compared to $250 million in 2022[21] Cash and Liquidity - Cash and cash equivalents at the end of 2023 were $697 million, an increase from $535 million at the end of 2022[8] - Cash flows from operating activities were $277 million in 2023, down from $771 million in 2022, primarily due to lower dividends received from associated companies[8] - Cash and cash equivalents for OPC's subsidiaries as of December 31, 2023, totaled $195 million, compared to $291 million in 2022, indicating a decrease of 32.9%[22] Assets and Liabilities - Total assets grew to $4,108 million in 2023, up from $3,772 million in 2022, indicating a strong asset base[6] - Total liabilities increased to $2,038 million in 2023, compared to $1,476 million in 2022, driven by higher long-term loans[6] - The company’s equity attributable to owners decreased to $1,203 million in 2023 from $1,598 million in 2022, reflecting the net loss for the year[6] - Total debt for OPC's subsidiaries as of December 31, 2023, was $899 million, a decrease from $1,043 million in 2022[22] - Net debt for OPC as of December 31, 2023, was $688 million, down from $752 million in 2022, reflecting a reduction of 8.5%[22] Expenses - Financing expenses, net for OPC increased to $53 million in 2023 from $14 million in 2022, marking a significant rise of 278.6%[21] - Depreciation and amortization expenses rose to $91 million in 2023, up from $63 million in 2022, an increase of 44.4%[21] - Income tax expense for OPC was $19 million in 2023, slightly down from $20 million in 2022[21] - Changes in net expenses not in the ordinary course of business and/or of a non-recurring nature amounted to $5 million in 2023, compared to $2 million in 2022[21] Associated Companies - Kenon’s share in losses from associated companies, particularly ZIM, amounted to $266 million in 2023, a significant decline from a profit of $1,033 million in 2022[7] - The adjusted EBITDA for Kenon was reported at $294 million for 2023, compared to $239 million in 2022, indicating operational improvement[11]

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, 2023 | | | OR | | ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | OR ☐ SHELL COMPANY REPORT PURS ...

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 31, 2023 Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(1): ☐ Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(7): ☐ EXHIBIT 99.1 TO THIS REPORT ON FORM 6-K IS INCORPORATED BY REFERENCE IN ...

Exhibit 99.2 Financial Information for the Years Ended December 31, 2021 and 2020 of Kenon and OPC and Reconciliation of Certain non-IFRS Financial Information Table of Contents Appendix E: Definition of ZIM's Adjusted EBITDA and non-IFRS reconciliation 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' ...

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, 2022 | OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO S ...

Exhibit 99.2 Financial Information for the Years Ended December 31, 2021 and 2020 of Kenon and OPC and Reconciliation of Certain non-IFRS Financial Information Table of Contents | Appendix A: Summary of Kenon's consolidated financial information | 2 | | --- | --- | | Appendix B: Summary of OPC's consolidated financial information | 8 | | Appendix C: Definition of OPC's Adjusted EBITDA and non-IFRS reconciliation | 10 | | Appendix D: Summary of financial information of OPC's subsidiaries | 11 | | Appendix E: ...