Kenon Holdings Reports Q2 2025 Results and Additional Updates
SINGAPORE, Aug. 28, 2025 /PRNewswire/ -- Kenon Holdings Ltd. (NYSE:KEN) (TASE: KEN) ("Kenon") announces its results for Q2 2025 and additional updates.
Q2 and Recent Highlights
OPC
OPC raised total gross proceeds of NIS 1,750 million ($506 million) through offerings of new shares in June and August 2025.
In June 2025, OPC raised gross proceeds of NIS 850 million ($240 million) in an offering of new shares. Kenon participated in the offering for a total investment of approximately NIS 316 million ($90 million).
In August 2025, OPC issued new shares in a private placement for gross proceeds of NIS 900 million ($266 million).
OPC's Adjusted EBITDA including proportionate share in associated companies1 in Q2 2025 was $90 million, as compared to $66 million in Q2 2024.
In August 2025, the Israeli Government approved the plan to construct the Hadera 2 project, which is expected to be 850MW.
Discussion of Results for the Three Months ended June 30, 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 dated August 28, 2025 for a summary of Kenon's consolidated financial information; a summary of OPC's consolidated financial information; a reconciliation of OPC's EBITDA and Adjusted EBITDA including proportionate share in associated companies (which is a non-IFRS measure) to profit for the period; a summary of financial information of OPC's subsidiaries.
OPC
The following discussion of OPC's results of operations is derived from OPC's consolidated financial statements, which are denominated in NIS for purposes of OPC's financial statements, as translated into US dollars for Kenon's financial statements.
Summary Financial Information of OPC
For the three months ended
June 302,
2025
2024
$ millions
Revenue
196
181
Cost of sales (excluding depreciation and amortization)
(150)
(129)
Finance expenses, net
(20)
(23)
Share in profit of associated companies, net
21
4
Profit for the period
1
(7)
Attributable to:
Equity holders of OPC
1
(4)
Non-controlling interest
-
(3)
Adjusted EBITDA including proportionate share in associated companies3
90
66
For a summary of OPC's results please refer to Appendix B.
Revenue
Set forth below is a summary of OPC's revenue in Israel and the U.S. for the three months ended June 30, 2025 ("Q2 2025") and 2024 ("Q2 2024").
For the three months endedJune 30,
2025
2024
$ millions
Israel
153
146
U.S.
43
35
Total
196
181
OPC's revenue increased by $15 million in Q2 2025 as compared to Q2 2024. Excluding the impact of translating OPC's revenue from NIS to USD4, OPC's revenue increased by $8 million in Q2 2025 as compared to Q2 2024. Set forth below is a discussion of significant changes in revenue between Q2 2025 and Q2 2024.
Israel
Revenue from private customers in respect of infrastructure services in Israel, Increased by $9 million in Q2 2025 as compared to Q2 2024. Excluding the impact of translating OPC's revenue from NIS to USD, such revenue increased by $8 million primarily as a result of higher average tariffs in Q2 2025;
Revenue from sale of energy at cogeneration tariff in