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]

Financial Risks and Debt Management - The company may seek to raise debt or equity financing to support existing or new businesses, which could dilute existing shareholders if equity financing is pursued [60]. - As of December 31, 2023, some of the company's businesses are significantly leveraged, which increases the risk of loss associated with declines in earnings and adverse market conditions [82]. - OPC has outstanding indebtedness of $1,530 million, with an additional $839 million in debt from associated companies [85]. - ZIM's outstanding indebtedness, primarily lease liabilities, amounts to approximately $5.9 billion [85]. - The U.S. Federal Reserve raised interest rates to over 5% as of December 31, 2023, impacting the cost of capital for the company [100]. - OPC's total outstanding consolidated indebtedness as of December 31, 2023, is $1,530 million [126]. - OPC's financial covenants may restrict distributions and increase finance costs if not complied with, potentially leading to cross-defaults [129]. - The company is dependent on cash flows from subsidiaries and associated companies to meet its liabilities, which may be restricted by operational results and financing agreements [162]. Operational and Strategic Risks - The company faces risks related to its strategy and operations, including the potential inability to identify or consummate investments and acquisitions on favorable terms [64]. - The company may need to sell assets to fund investments or meet obligations, and the ability to sell assets may be limited, potentially resulting in unattractive sale prices [61]. - The company relies on cash flows from its businesses to meet obligations, and limitations on distributions from subsidiaries may affect liquidity [76]. - The company has broad discretion in deploying capital resources for investments, which may not always align with established criteria [66]. - The company may face competition for acquisition opportunities, which could increase costs or result in lost opportunities [68]. - The company is dependent on effective internal controls and financial reporting from its businesses to comply with applicable standards [80]. - The company may not be able to realize expected benefits from its minority interests in other businesses, limiting its control over operational decisions [79]. Market and Economic Conditions - Disruptions in financial markets could adversely impact the company's ability to obtain financing on acceptable terms, influenced by factors such as inflation and geopolitical events [71]. - Economic downturns and geopolitical events could adversely affect the company's business, financial condition, and liquidity [101]. - The ongoing War in Israel has led to a decline in business activity and uncertainty regarding macroeconomic factors [102]. - Foreign exchange rate fluctuations could materially affect the company's earnings and balance sheet, particularly with operations in multiple currencies [92]. - The geopolitical environment, including the War in Israel and tensions in global markets, may lead to volatility in energy prices and affect project financing and supply chains [164][163]. Regulatory and Compliance Risks - The company is subject to the U.S. Investment Company Act, which could impose operational restrictions if deemed an investment company, affecting business conduct and market price [116][118]. - Violations of anti-bribery laws, such as the U.S. Foreign Corrupt Practices Act, could result in significant legal and reputational risks, impacting business operations [119]. - International sanctions and trade restrictions pose risks to the company's operations, with potential civil or criminal penalties for non-compliance [120]. - Legal compliance risks are present across global operations, with potential for enforcement actions and penalties that could disrupt business activities [114][115]. Operational Challenges and Supply Chain Risks - Raw material shortages and supplier capacity constraints could increase operating costs and adversely impact business operations, particularly in securing natural gas supply in Israel [109]. - The company faces risks related to high leverage levels, which may adversely impact credit ratings and operating results, as well as the ability to raise capital for strategic plans [159]. - The company is dependent on key suppliers for construction and maintenance, and any failure in their performance could lead to project delays and financial losses [208]. - OPC's operations are reliant on the integrity of national gas pipelines and the electrical grid, and failures in these systems may interrupt electricity supply and impact profitability [210]. Human Resources and Cybersecurity Risks - The company faces challenges in recruiting and retaining skilled personnel, which could impact project execution and operational efficiency [184]. - Cybersecurity threats are increasing, with potential attacks leading to business disruptions and significant costs for protection and recovery [111][112]. - OPC's operations are subject to directives from the Defense and Cyber Unit regarding cyber defense, necessitating ongoing adjustments to minimize cyber risks [175]. Industry-Specific Risks - The container shipping industry, where ZIM operates, is highly volatile and significantly influenced by global economic conditions, impacting financial performance [244]. - ZIM's lack of diversification in the container shipping market makes it vulnerable to adverse developments, affecting its financial condition and operational results [244]. - The shipping industry faces downside risks from reduced consumption, geopolitical situations, and high sovereign debt levels, which could impact demand for container shipping [251]. - Military conflicts in the Middle East and sanctions on countries like Russia and Iran may disrupt global supply chains and increase operational costs for ZIM [250]. Project and Infrastructure Risks - The construction and development of projects involve risks that may increase costs and cause delays, adversely affecting OPC's operating results [196]. - OPC's projects may not be wholly owned, which could limit flexibility in conducting activities and entering agreements [152]. - OPC's ability to renew or enter into new Power Purchase Agreements (PPAs) is uncertain, which may negatively impact its operating results [143]. - The commercial operation of the Karish Reservoir in 2023 has increased OPC's take or pay obligations to Energean and Tamar [140].

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' ...

Financial Risks and Debt Obligations - Kenon's businesses face significant risks including technological obsolescence, labor relations, and geopolitical events, which could materially affect financial condition and results[54]. - As of December 31, 2022, Qoros had external loans and borrowings of RMB 2,734 million (approximately $406 million), all of which are in default[75]. - OPC had outstanding indebtedness of $1,163 million, including $159 million at the CPV level, while ZIM's outstanding indebtedness is approximately $4.3 billion[78]. - The ability of Kenon's businesses to service their debt obligations may impair their capacity to make distributions to shareholders[79]. - Kenon may need to raise debt or equity financing to meet obligations or make investments, which could dilute existing shareholders[55]. - Disruptions in financial markets, including inflation and rising interest rates, could adversely affect Kenon's ability to access capital on acceptable terms[64]. - The company's leverage could have a material adverse effect on its financial condition, results of operations, or liquidity[80]. - Kenon relies on cash flows from its businesses to meet obligations, which may be limited by the legal structure of its subsidiaries[69]. - OPC's total outstanding consolidated indebtedness was $1,163 million as of December 31, 2022[115]. - OPC's financing agreements restrict the amount of debt it can incur, which may affect its ability to execute strategic plans[151]. - Difficulty in obtaining financing or refinancing could materially affect CPV's business and project execution, particularly with a $502 million loan facility due in June 2023[224]. Operational and Market Risks - The company may face challenges in identifying and consummating favorable investment or acquisition opportunities due to limited market conditions[60]. - Kenon faces risks from foreign exchange rate fluctuations, particularly as a significant portion of revenues and expenses are denominated in currencies other than U.S. Dollars[85]. - The company is exposed to economic risks due to global conditions, including the impact of the COVID-19 pandemic and geopolitical events like the Russian invasion of Ukraine[91][93]. - OPC's profitability is directly affected by changes in electricity tariffs, which may have a material adverse effect on profits and operating results[112]. - OPC may face limitations on the amount of credit it can receive in Israel due to regulatory restrictions on financial institutions[118]. - The introduction of renewable energies may lead to decreased demand for OPC's conventional energy products, impacting its market share[114]. - OPC's operations are exposed to legal and compliance risks, which could lead to enforcement actions and penalties[104]. - The geopolitical environment, particularly the instability from the Russian invasion of Ukraine, has led to increased energy prices and supply chain disruptions[156]. - ZIM's operations in the container shipping market are highly dependent on market conditions, which are largely beyond its control, impacting financial performance[228]. - The ongoing military conflict between Russia and Ukraine has led to increased energy prices and disrupted global supply chains, adversely affecting ZIM's business operations[232]. - ZIM faces risks related to supply chain disruptions and increased credit risk due to the financial difficulties of customers and suppliers amid rising interest rates[236]. Regulatory and Compliance Risks - OPC is subject to compliance with financial covenants, including minimum liquidity and debt service coverage ratios, which if breached could lead to acceleration of debt[116]. - OPC's operations in Israel are significantly influenced by government regulations, which may lead to delays in obtaining permits and licenses, and could adversely affect its activities and results[121]. - Regulatory changes in the private electricity market in Israel are anticipated, which may impact the economic feasibility of establishing new power stations[121]. - OPC's operations are subject to various safety risks, including potential injuries and reputational damage from incidents at power plants[171]. - OPC's projects are subject to regulatory risks, including compliance with anti-corruption laws and potential sanctions, which could impact operations[191]. - CPV is subject to stringent environmental regulations, which may require significant investments to ensure compliance and could lead to penalties for non-compliance[212][214]. Supply Chain and Operational Challenges - Kenon relies on third-party suppliers for raw materials, and disruptions in supply could increase operating costs and affect competitive positions[99]. - The company is also reliant on the integrity of national gas pipelines and electricity grids, with potential failures leading to interruptions in electricity supply and financial losses[189]. - OPC's operations depend on long-term agreements with key suppliers for essential equipment, and any failure in these agreements could lead to project delays and decreased profits[187]. - The COVID-19 pandemic has led to increased costs and supply chain delays, affecting the construction and maintenance of OPC's power plants[202]. - Increased global demand for raw materials and limited production capacity have led to a significant rise in production and supply chain costs, impacting CPV's input costs[209]. Customer and Revenue Dependence - OPC's top two customers represented approximately 31% of its revenues in 2022, indicating high sensitivity to their consumption patterns[178]. - The PPA with the Bazan Group, which accounted for about 13% of OPC's revenues in 2022, is expected to end in July 2023, with uncertainty regarding renewal[180]. - In January 2023, a material customer extended its engagement, expected to significantly increase capacity acquisition over the next few years, enhancing OPC's dependence on this customer[181]. - ZIM's TEUs carried can fluctuate based on trade flow imbalances, impacting operational efficiency and costs associated with repositioning empty containers[247]. Environmental and Technological Risks - Kenon must manage interest rate risks effectively, as increases could adversely affect cash flows and operating results[90]. - Cybersecurity threats pose risks to the company's information technology systems, which are crucial for business operations[101]. - OPC is vulnerable to cyber security threats, which could have a material adverse effect on its business and financial condition[102]. - The Biden administration aims for a 50%-52% reduction in greenhouse gas emissions by 2030, which poses risks to CPV's gas-fired power plants while promoting renewable energy projects[217]. - Severe weather conditions and natural disasters could adversely impact CPV's operations, leading to increased repair costs and potential revenue loss[223].

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: ...

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, 2021 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 EXCH ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 20-F 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 Commission File Number: 001-36761 KENON HOLDINGS LTD. (Exact name of registrant as specified in its charter) (Jurisdiction of incorporation or organization) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHAN ...

Investments and Interests - Kenon Holdings Ltd. has a 70% interest in OPC Energy Ltd., which operates power generation facilities in the Israeli market[22] - The company holds a 12% interest in Qoros Automotive Co., Ltd., a Chinese automotive company[22] - Kenon has a 32% interest in ZIM Integrated Shipping Services, Ltd., a global container shipping company[22] Financial Reporting - Kenon's financial statements are prepared in accordance with IFRS, with consolidated financial data presented in U.S. Dollars[27] - The results of the Inkia Business are classified as discontinued operations in the financial statements for the year ended December 31, 2017[28] Business Operations and Strategy - Kenon is focused on capital commitments and strategies for its businesses, including potential listings and funding requirements[39] - The company is monitoring the expected effects of the coronavirus on its operations and market conditions[39] - Kenon expects to commence the Tzomet project with anticipated financing and remaining payment considerations[40] - The OPC-Hadera project is projected to have a total construction cost and expected capacity, with a specific COD date and energy utilization efficiency[40] Automotive Sector Insights - Qoros aims to renew or refinance its working capital facilities to support ongoing operations and development[40] - Qoros anticipates trends in the Chinese passenger vehicle market, particularly in the C-segment and New Energy Vehicle (NEV) sectors[40] - The Majority Shareholder in Qoros is committed to investing and introducing vehicle purchase orders, along with obligations related to guarantee releases[40] - Qoros is focused on the development of the NEV market in China, including government subsidies and infrastructure growth[40] Shipping Industry Developments - ZIM's strategy includes modifications to its operating fleet in response to environmental regulations and the utilization of larger vessels[43] - ZIM expects benefits from the 2M Alliance and is monitoring trends in the global container shipping industry, including fluctuations in demand and freight rates[43] - Kenon and ZIM's impairment analysis considers expected fuel prices and demand trends[43] Market Trends and Economic Outlook - The company emphasizes the importance of market data and statistics, which are based on internal analysis and industry publications[33] - Expected macroeconomic trends in Israel indicate growth in energy demand, influencing future projects and capital expenditures[40]

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 For the fiscal year ended December 31, 2018 ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 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 ...