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SINGAPORE, June 1, 2026 /PRNewswire/ -- Kenon Holdings Ltd. (NYSE: KEN) (TASE: KEN) ("Kenon") announces its results for Q1 2026 and additional updates. Q1 and Recent Highlights Kenon In May 2026, Kenon entered into a collar transaction with an investment bank relating to approximately 2% of the shares of OPC, providing Kenon a potential source of liquidity while allowing Kenon to retain exposure to potential share price upside, while limiting potential downside, with respect to such shares. In April 2026, Kenon distributed a cash dividend of approximately $200 million ($3.85 per share). OPC OPC's net profit in Q1 2026 was $14 million, as compared to $25 million in Q1 2025. OPC's Q1 2026 net profit included its share in profit of CPV of $34 million, as compared to $38 million in Q1 2025. OPC's Adjusted EBITDA including proportionate share in associated companies1 in Q1 2026 was $124 million, as compared to $113 million in Q1 2025. Discussion of Results for the Three Months ended March 31, 2026 Kenon's consolidated results of operations primarily comprise the consolidated results of OPC Energy Ltd ("OPC"), in which Kenon holds an interest of approximately 46%. On January 1, 2026, OPC changed its presentation currency from NIS to USD, while its functional currency (NIS) remained unchanged. See Exhibit 99.2 of Kenon's Form 6-K dated June 1, 2026 for a summary of Kenon's consolidated financial information; a summary of OPC's consolidated financial information; and 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. OPC The following discussion of OPC's results of operations is derived from OPC's consolidated financial statements. Summary Financial Information of OPC For details of OPC's results please refer to Appendix B3. Revenue OPC's revenue increased by $134 million in Q1 2026 as compared to Q1 2025. Set forth below is a discussion of changes in the key components in revenue for Q1 2026 as compared to Q1 2025. Israel Revenue from sale of energy to private customers in Israel – OPC's revenue from the sale of electricity to private customers is derived from electricity sold at the generation component tariff, as published by the Israeli Electricity Authority, with some discount. Accordingly, changes in this tariff generally affect the prices paid by customers under power purchase agreements. The weighted-average generation component tariff in Q1 2026 was NIS 0.2890 per KW hour, which is approximately 2% lower than NIS 0.2939 per KW hour in Q1 2025. OPC's revenue from the sale of electricity to private customers increased by $18 million in Q1 2026 as compared to Q1 2025 as a result of an increase of $10 million due to an increase in customer consumption and an increase of $12 million driven by the strengthening of the New Israeli Shekel against the U.S. Dollar between the periods; and Revenue from private customers in respect of infrastructure services in Israel – Increased by $17 million in Q1 2026 as compared to Q1 2025 primarily as a result of an increase in average tariffs between the periods. United States Revenue from sale of electricity (Energy Transition) in the U.S. – Increased by $68 million in Q1 2026 as compared to Q1 2025, primarily due to the consolidation of CPV Shore from January 2026, which resulted in (i) an increase in revenue from generation and sale of electricity of $84 million, (ii) an increase of revenue from capacity payments of $14 million, offset by (iii) realization of derivatives for hedging electricity prices of $30 million; and Revenue from sale of electricity (retail) activities in the U.S. – Increased by $31 million in Q1 2026 as compared to Q1 2025, primarily as a result of increase in scope of retail activities. Cost of Sales (Excluding Depreciation and Amortization) Set forth below is a summary of OPC's cost of sales (excluding depreciation and amortization) in Israel and the U.S. for Q1 2026 and Q1 2025. OPC's cost of sales (excluding depreciation and amortization) increased by $106 million in Q1 2026 as compared to Q1 2025. Set forth below is a discussion of significant changes in cost of sales between Q1 2025 and Q1 2026. Israel Expenses in respect of infrastructure services in Israel – Increased by $17 million in Q1 2026 as compared to Q1 2025, primarily as a result of an increase in average tariffs between the periods. United States Expenses for sale of electricity (Energy Transition) in U.S. – Increased by $45 million in Q1 2026 as compared to Q1 2025, primarily due to the consolidation of CPV Shore, which resulted in (i) an increase in cost of natural gas of $73 million, (ii) an increase of operating expenses of $5 million, offset by (iii) realization of derivatives for hedging electricity prices of $33 million; and Expenses for sale of electricity (retail) in U.S. – Increased by $34 million in Q1 2026 as compared to Q1 2025, primarily as a result of increase in scope of retail activities. Financing Expenses, net Financing expenses, net in Q1 2026 were $20 million, as compared to $13 million in Q1 2025. Share in Profit of Associated Companies, net OPC's share in profit in associated companies, net decreased by $4 million in Q1 2026 as compared to Q1 2025. For further details of the results of associated companies of CPV, refer to OPC's immediate report published on the Tel Aviv Stock Exchange ("TASE") on May 20, 2026 and the convenience English translations furnished by Kenon on Form 6-K on May 20, 2026. Liquidity and Capital Resources As of March 31, 2026, OPC had unrestricted cash and cash equivalents of $1,158 million, restricted cash of $165 million (including restricted cash used for debt service), and total outstanding consolidated indebtedness of $2,281 million, consisting of $145 million of short-term indebtedness and $2,136 million of long-term indebtedness. As of March 31, 2026, a substantial portion of OPC's debt was denominated in NIS. As of March 31, 2026, OPC's proportionate share of debt (including accrued interest) of CPV associated companies was $904 million and its proportionate share of cash and cash equivalents of CPV associated companies was $110 million. Business and other Developments Receipt of building permit for Hadera 2 Project In May 2026, OPC's project company Hadera 2 ("Hadera 2") was granted a building permit for the Hadera 2 project, a plan for the construction of an 850 MW natural gas-fired power plant on land adjacent to OPC's Hadera power plant. Completion of transaction to swap interests in Maryland Power Plant and Three Rivers Power Plant In May 2026, CPV Group LP (a 70%-owned subsidiary of OPC) ("CPV Group") completed its previously announced transaction with the other partner (the "Seller") in CPV Maryland, LLC ("CPV Maryland") for the Seller's 25% ownership interest in CPV Maryland, which owns a 745 MW power plant located in Maryland, in exchange for CPV Group's 10% interest in CPV Three Rivers LLC ("CPV Three Rivers"), which owns a 1,258 MW power plant in Illinois. As a result, CPV Group now owns 100% of CPV Maryland, and no longer holds any interest in CPV Three Rivers. For further information, see Kenon's Reports on Form 6-K furnished to the U.S. Securities and Exchange Commission ("SEC") on March 3, 2026 and November 19, 2025. Update on Ramat Beka Project In April 2026, OPC's Ramat Beka project company signed an engineering, procurement and construction (EPC) agreement for the construction of a solar power plant with an estimated installed capacity of 550 MW with integrated storage of about 3,850 megawatts/hr, with a total cost of approximately $158 million - $160 million. Signing of agreement for supply of electricity to data centers in Israel In May 2026, OPC, through an Israeli subsidiary, signed an electricity supply agreement (PPA) with an existing customer for the supply of electricity to data centers owned or being developed by the customer, with capacity expected by OPC to gradually reach approximately 460 megawatts, for a term of 19 years. OPC Officer summoned in connection with Competition Authority investigation In May 2026, an officer of OPC was summoned in connection with an investigation by the Israel Competition Authority relating to the tender conducted by the Israel Electric Corporation for the "Eshkol" power plant in 2023. Additional Kenon Updates Kenon's (stand-alone) Liquidity and Capital Resources As of March 31, 2026, Kenon's stand-alone cash was $709 million. As of June 1, 2026, Kenon's stand-alone cash was $512 million. There is no material debt at the Kenon level. Kenon's stand-alone cash includes cash and cash equivalents and other treasury management instruments. Collar transaction relating to approximately 2% of OPC shares In May 2026, Kenon entered into a collar transaction with an investment bank relating to 6,000,000 ordinary shares of OPC. The 6,000,000 OPC shares subject to the collar transaction represent 2% of OPC's outstanding shares. The collar transaction provides a potential source of liquidity to Kenon as the collar transaction allows Kenon, in certain circumstances, to elect to borrow against the collar transaction under the terms thereof. The collar transaction also allows Kenon to retain exposure to potential upside in the collar shares up to the call strike price, while limiting the impact of potential decline in the share price. For further information, see Kenon's Report on Form 6-K furnished to the SEC on May 28, 2026. Interim Dividend for the Year Ending December 31, 2026 In April 2026, Kenon distributed an interim cash dividend of approximately $200 million ($3.85 per share) for the year ending December 31, 2026. Caution Concerning Forward-Looking Statements This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can generally identify these statements by the use of words like "may", "will", "could", "should", "believe", "expect", "plan", "estimate", "forecast", "potential", "intend", "target", "future", and variations of these words or comparable words. These statements include statements relating to (i) OPC's projects including expected capacity of projects, costs of contracts, PPAs and other non-historical matters relating to OPC and (ii) the collar transaction and other non-historical matters. These statements are based on current expectations or beliefs and are subject to uncertainty and changes in circumstances. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond Kenon's control, which could cause the actual results to differ materially from those indicated in such forward-looking statements. Such risks include risks relating to (i) OPC's projects including risks relating to timing of completion, cost and capacity of projects, risks relating to the PPA discussed herein including the ultimate capacity of the PPA and other risks relating to OPC's business and (ii) risks relating to future trading prices of OPC shares and impact on the outcome of the collar transaction and amounts that Kenon may be able to borrow in connection with the collar transaction and other risks and factors including those risks set forth under the heading "Risk Factors" in Kenon's most recent Annual Report on Form 20-F filed with the SEC and other filings. Except as required by law, Kenon undertakes no obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise. 1 Adjusted EBITDA including proportionate share in associated companies is a non-IFRS measure. See Exhibit 99.2 of Kenon's Form 6-K dated June 1, 2026 for the definition of OPC's EBITDA and Adjusted EBITDA including proportionate share in associated companies and a reconciliation to profit for the applicable period.2 Non-IFRS measure. See Exhibit 99.2 of Kenon's Form 6-K dated June 1, 2026 for the definition of OPC's EBITDA and Adjusted EBITDA including proportionate share in associated companies and a reconciliation to profit for the applicable period.3 See Exhibit 99.2 of Kenon's Form 6-K dated June 1, 2026 for Appendix B. Contact InfoKenon Holdings Ltd.Deepa JosephChief Financial [email protected] View original content:https://www.prnewswire.com/news-releases/kenon-holdings-reports-q1-2026-results-and-additional-updates-302786971.html

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. Kenon Holdings (TASE:KEN) is back in focus after approving an interim cash dividend of about US$200 million, or US$3.85 per share, alongside releasing its full year 2025 earnings report. See our latest analysis for Kenon Holdings. At a share price of ₪262.2, Kenon has seen firm share price momentum recently, with a 19.4% 90 day share price return and a 162.79% total shareholder return over the past year. This suggests investor sentiment has strengthened around its power generation and dividend story. If this mix of income and price gains has your attention, it could be a good moment to broaden your watchlist and check out 96 top founder-led companies Yet with Kenon trading on strong recent gains and paying out a sizeable US$3.85 per share dividend, the real question is whether you are looking at an underappreciated utility player or a stock where the market is already pricing in future growth. On a P/E of 66.1x at a price of ₪262.2, Kenon trades at a far richer earnings multiple than much of the regional renewable energy space, which points to a market that is already paying up for its earnings profile. The P/E ratio compares the share price to earnings per share, so a higher figure usually means investors are willing to pay more for each unit of current earnings. For an owner and operator of power generation assets, that kind of premium often reflects expectations around cash flow stability, growth from new projects, or confidence in future profitability, rather than current earnings alone. Here, Kenon’s 66.1x P/E sits well above the Asian renewable energy industry average of 15.9x, so the market is valuing its earnings at more than 4x the sector level. At the same time, the company’s earnings have declined by 23.9% per year over the past 5 years and fell sharply over the past year, while return on equity is a modest 4.6%. That combination suggests the current multiple is not being supported by recent profit trends, and instead reflects investors assigning a steep premium to the existing earnings base. The gap to peers is clear, with the stock screening as expensive compared to the broader Asian renewable energy industry yet only in line with its immediate peer group, where the average P/E is 68.2x. That means the valuation premium is not isolated to Kenon, but it does leave limited room for error if earnings or cash flows do not eventually match the expectations implied by this pricing. See what the numbers say about this price — find out in our valuation breakdown. Result: Price-to-Earnings of 66.1x (OVERVALUED) However, if earnings remain weak or cash flows from its power projects disappoint, this kind of premium multiple and large cash dividend could quickly look exposed. Find out about the key risks to this Kenon Holdings narrative. While the 66.1x P/E suggests Kenon is expensive, the SWS DCF model tells a slightly different story. At ₪262.2, the share price sits above an estimated future cash flow value of ₪239.67. This implies a smaller premium built on cash flows than the earnings multiple hints at. So which signal matters more to you? Look into how the SWS DCF model arrives at its fair value. Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Kenon Holdings for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 247 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. If you are unsure whether the combination of a rich valuation and a hefty dividend fits your risk tolerance, use the available data to stress test your own thesis and review 3 important warning signs If Kenon has sharpened your focus, use this moment to expand your opportunity set and pressure test your thinking across different types of stocks with clear financial profiles. Target potential value opportunities by scanning companies that currently screen as 247 high quality undervalued stocks with solid underlying metrics. Build a steadier income stream by reviewing 484 dividend fortresses that combine higher yields with a focus on resilience. Reduce portfolio stress by checking out 283 resilient stocks with low risk scores that carry lower risk scores while still offering meaningful exposure to the market. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include KEN.TA. Have feedback on this article? 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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 In March 2026, Kenon's board of directors approved a cash dividend of $3.85 per share (approximately $200 million). In the first quarter of 2026, Kenon cash settled its capped call arrangement with a bank over five million ZIM shares, resulting in gross cash proceeds to Kenon of approximately $34 million, subject to tax. OPC In March 2026, OPC issued new shares in a private placement for gross proceeds of approximately NIS 800 million (approximately $257 million). OPC's net profit in 2025 was $132 million, as compared to $53 million in 2024. OPC's 2025 and 2024 net profit included its share in profit of CPV of $152 million and $45 million, respectively. OPC's Adjusted EBITDA including proportionate share in associated companies1 in 2025 was $457 million, as compared to $332 million in 2024. 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 dated March 30, 2026 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 U.S. Dollars for Kenon's financial statements. Summary Financial Information of OPC 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 year ended December 31, 2025 and 2024. OPC's revenue increased by $121 million in 2025 as compared to 2024. Excluding the impact of translating OPC's revenue from NIS to USD3, OPC's revenue increased by $65 million in 2025 as compared to 2024. Set forth below is a discussion of changes in the key components in revenue for 2025 as compared to 2024. Israel Revenue from private customers in respect of infrastructure services in Israel – Increased by $51 million in 2025 as compared to 2024. Excluding the impact of translating OPC's revenue from NIS to USD, such revenue increased by $42 million primarily as a result of higher average tariffs in 2025; Revenue from sale of energy to private customers in Israel – OPC's revenue from the sale of electricity to private customers is derived from electricity sold at the generation component tariff, as published by the Israeli Electricity Authority, with some discount. Accordingly, changes in this tariff generally affect the prices paid by customers under Power Purchase Agreements. The weighted-average generation component tariff in 2025 was NIS 0.2939 per KW hour, which is approximately 2% lower than NIS 0.3010 per KW hour in 2024. OPC's revenue from the sale of electricity to private customers decreased by $2 million in 2025 as compared to 2024. Excluding the impact of translating OPC's revenue from NIS to USD, such revenue decreased by approximately $28 million primarily due to $20 million decrease in customer consumption as a result of geopolitical situation and military actions, and a decrease of $14 million as a result of a decrease in the generation component tariff in 2025; Revenue in respect of capacity payments in Israel – Decreased by $5 million in 2025 as compared to 2024. Excluding the impact of translating OPC's revenue from NIS to USD, such revenue decreased by $8 million primarily as a result of decline in availability of the Zomet power plant in 2025; and Other revenue in Israel – Decreased by $6 million in 2025 as compared to 2024 primarily as a result of deconsolidation of Gnrgy Ltd. in Q2 2024. United States Revenue from sale of electricity (retail) activities in the U.S. – Increased by $97 million in 2025 as compared to 2024 primarily as a result of increase in scope of services; Revenue from provision of services and other revenue in U.S. – Increased by $27 million in 2025 as compared to 2024, primarily as a result of the change in accounting treatment from consolidation to equity method accounting of CPV Renewables from November 2024 and recognition of revenue from the provision of asset management services, which was previously eliminated in the consolidation; and Revenue from sale of electricity from renewable energy in the U.S. – Decreased by $53 million in 2025 as compared to 2024, primarily as a result of the change in accounting treatment from consolidation to equity method accounting of CPV Renewables from November 2024. Cost of Sales (Excluding Depreciation and Amortization) Set forth below is a summary of OPC's cost of sales (excluding depreciation and amortization) in Israel and the U.S. for the year ended December 31, 2025 and 2024. OPC's cost of sales (excluding depreciation and amortization) increased by $136 million from 2024 to 2025. Excluding the impact of translating OPC's cost of sales (excluding depreciation and amortization) from NIS to USD3, OPC's cost of sales (excluding depreciation and amortization) increased by $96 million in 2025 as compared to 2024. Set forth below is a discussion of significant changes in cost of sales between 2025 and 2024. Israel Expenses in respect of infrastructure services in Israel – Increased by $51 million in 2025 as compared to 2024. Excluding the impact of translating OPC's cost of sales (excluding depreciation and amortization) from NIS to USD, such costs increased by $42 million primarily as a result of higher average tariffs in 2025; Expenses for natural gas and diesel oil in Israel – Decreased by $2 million in 2025 as compared to 2024. Excluding the impact of translating OPC's cost of sales (excluding depreciation and amortization) from NIS to USD, such costs decreased by $14 million primarily as a result of maintenance activities of Rotem power plant in Q4 2025; Expenses for acquisition of energy in Israel – Decreased by $7 million in 2025 as compared to 2024. Excluding the impact of translating OPC's cost of sales (excluding depreciation and amortization) from NIS to USD, such costs decreased by $13 million primarily as a result of lower customer consumption as a result of the geopolitical situation and military actions and maintenance activities of power plants in 2024; and Other expenses in Israel – Decreased by $5 million in 2025 as compared to 2024 primarily as a result of deconsolidation of Gnrgy Ltd. in Q2 2024. United States Expenses for sale of electricity (retail) in U.S. – Increased by $91 million in 2025 as compared to 2024, primarily as a result of increase in scope of services of retail activities in the U.S.; Expenses from provision of services and other expenses in U.S. – Increased by $20 million in 2025 as compared to 2024, primarily as a result of the change in accounting treatment from consolidation to equity method accounting of CPV Renewables from November 2024 and recognition of costs from the provision of asset management services, which were previously eliminated in the consolidation; and Expenses for sale of electricity from renewable energy in the U.S. – Decreased by $16 million in 2025 as compared to 2024 as a result of the change in accounting treatment from consolidation to equity method accounting of CPV Renewables from November 2024. Finance Expenses, net Finance expenses, net in 2025 were $63 million, as compared to $82 million in 2024, primarily as a result of changes in the exchange rate of the U.S. Dollar against the NIS in 2025 as compared to 2024, offset by an increase in interest income from bank deposits. Share of Profit of Associated Companies, net OPC's share of profit of associated companies, net increased by $107 million in 2025 as compared to 2024, primarily as a result of an increase in OPC's ownership stakes in CPV Shore and CPV Maryland in Q4 2024 and Q2 2025. For further details of the results of certain associated companies of CPV, refer to the English translations of the financial statements of OPC furnished by Kenon on Form 6-K with the U.S. Securities and Exchange Commission on March 12, 2026.4 Liquidity and Capital Resources As of December 31, 2025, OPC had unrestricted cash and cash equivalents of $913 million, restricted cash of $164 million (including restricted cash used for debt service), and total outstanding consolidated indebtedness of $1,769 million, consisting of $117 million of short-term indebtedness and $1,652 million of long-term indebtedness. As of December 31, 2025, a substantial portion of OPC's debt was denominated in NIS. As of December 31, 2025, OPC's proportionate share of debt (including accrued interest) of associated companies of CPV was $1,376 million and its proportionate share of cash and cash equivalents was $229 million. Business and other Developments Private placement of OPC's shares In March 2026, OPC issued 8,000,000 ordinary shares to institutional investors in Israel in a private placement for gross proceeds of approximately NIS 800 million (approximately $257 million). Additional Kenon Updates Kenon's (stand-alone) Liquidity and Capital Resources As of December 31, 2025 and March 30, 2026, Kenon's stand-alone cash was $671 million and approximately $708 million, respectively. There is no material debt at the Kenon level. Kenon's stand-alone cash includes cash and cash equivalents and other treasury management instruments. Interim Dividend for the Year Ending December 31, 2026 In March 2026, Kenon's board of directors approved an interim cash dividend of approximately $200 million ($3.85 per share) (the "Dividend") relating to the year ending December 31, 2026, payable to Kenon's shareholders of record as of the close of trading on April 13, 2026 (the "Record Date"), to be paid on or about April 20, 2026 (the "Payment Date"). The New York Stock Exchange's (the "NYSE") ex-dividend date, which is the date on which Kenon's shares will begin trading on the NYSE without the entitlement to the Dividend, is April 13, 2026 (the "NYSE Ex-Dividend Date"). The TASE ex-dividend date, which is the date on which Kenon's shares will begin trading on the TASE without the entitlement to the Dividend, is April 13, 2026 (the "TASE Ex-Dividend Date"). We encourage you to contact your bank, broker, nominee or other institution if you have any questions regarding the mechanics and timing of having the Dividend attributable to your shares credited to your account. Settlement of ZIM Derivative Kenon had in place a cash settled capped call arrangement with a bank over five million shares of ZIM Integrated Shipping Services Ltd ("ZIM"). Kenon settled the call in the first quarter of 2026, resulting in gross cash proceeds to Kenon of approximately $34 million, subject to tax. Kenon no longer holds any interest in ZIM shares or any derivative instruments related to ZIM shares. Caution Concerning Forward-Looking Statements This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can generally identify these statements by the use of words like "may", "will", "could", "should", "believe", "expect", "plan", "estimate", "forecast", "potential", "intend", "target", "future", and variations of these words or comparable words. These statements include statements relating to the dividend announced by Kenon and other non-historical matters. These statements are based on current expectations or beliefs and are subject to uncertainty and changes in circumstances. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond Kenon's control, which could cause the actual results to differ materially from those indicated in such forward-looking statements. Such risks include risks relating to payment of Kenon's announced dividend and other risks and factors including those risks set forth under the heading "Risk Factors" in Kenon's most recent Annual Report on Form 20-F filed with the SEC and other filings. Except as required by law, Kenon undertakes no obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise. 1 Adjusted EBITDA including proportionate share in associated companies is a non-IFRS measure. See Exhibit 99.2 of Kenon's Form 6-K dated March 30, 2026 for the definition of OPC's EBITDA and Adjusted EBITDA including proportionate share in associated companies and a reconciliation to profit for the applicable period. 2 Non-IFRS measure. See Exhibit 99.2 of Kenon's Form 6-K dated March 30, 2026 for the definition of OPC's EBITDA and Adjusted EBITDA including proportionate share in associated companies and a reconciliation to profit for the applicable period. 3 The OPC 2025 results presented herein and the corresponding comparative figures in 2024 discussed herein were converted using an average exchange rate of $0.2896/NIS, and do not reflect the rates applied in Summary Financial Information of OPC and the accompanying tables. 4 OPC's financial statements were prepared and published by OPC and Kenon makes no representation or warranty as to such report or the information contained therein. Contact Info Kenon Holdings Ltd. Deepa Joseph Chief Financial Officer [email protected] View original content:https://www.prnewswire.com/news-releases/kenon-holdings-reports-full-year-2025-results-and-additional-updates-302728710.html

SINGAPORE, Dec. 3, 2025 /PRNewswire/ -- Kenon Holdings Ltd. (NYSE: KEN) (TASE: KEN) ("Kenon") announces its results for Q3 2025 and additional updates. Q3 and Recent Highlights Kenon In November 2025, Kenon sold a small portion of its OPC shares for gross proceeds of NIS 340 million (approximately $100 million). OPC In October 2025, OPC announced the financial closing and commencement of construction of the Basin Ranch Project, a gas-fired power plant project in Texas with an estimated 1.35 GW capacity (as described below), and CPV's entry into an agreement to acquire the remaining 30% interest in the Basin Ranch Project. In October 2025, OPC announced that CPV had entered into an agreement to acquire the remaining approximately 11% interest in CPV Shore. In November 2025, OPC issued new shares in a private placement for gross proceeds of approximately NIS 340 million (approximately $100 million). In November 2025, OPC issued NIS 460 million (approximately $140 million) of Series D bonds. OPC's net profit in Q3 2025 was $69 million, as compared to $23 million in Q3 2024. OPC's Q3 2025 and Q3 2024 net profit included its share in net profit of CPV of $61 million and $17 million, respectively. OPC's Adjusted EBITDA including proportionate share in associated companies[1] in Q3 2025 was $156 million, as compared to $108 million in Q3 2024. Discussion of Results for the Three Months ended September 30, 2025 Kenon's consolidated results of operations essentially comprise the consolidated results of OPC Energy Ltd ("OPC"), in which Kenon held an approximately 49.8% interest as of September 30, 2025. See Exhibit 99.2 of Kenon's Form 6-K dated December 3, 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, as translated into U.S. Dollars for Kenon's financial statements. Summary Financial Information of OPC Revenue Set forth below is a summary of OPC's revenue in Israel and the U.S. for the three months ended September 30, 2025 ("Q3 2025") and 2024 ("Q3 2024"). OPC's revenue increased by $28 million in Q3 2025 as compared to Q3 2024. Excluding the impact of translating OPC's revenue from NIS to USD[3], OPC's revenue increased by $5 million in Q3 2025 as compared to Q3 2024. Set forth below is a discussion of significant changes in revenue between Q3 2025 and Q3 2024. Set forth below is a discussion of changes in the key components in revenue in Israel and the U.S. for Q3 2025 as compared to Q3 2024. Israel Revenue from private customers in respect of infrastructure services – Increased by $17 million in Q3 2025 as compared to Q3 2024. Excluding the impact of translating OPC's revenue from NIS to USD, such revenue increased by $13 million primarily as a result of an increase in average tariffs in Q3 2025 of approximately 40%; Revenue in respect of capacity payments – Increased by $1 million in Q3 2025 as compared to Q3 2024 primarily as a result of increase in availability of the Gat power plant and partially offset by the decline in availability of the Tzomet power plant in Q3 2025; and Revenue from sale of energy to private customers – OPC's revenue from the sale of electricity to private customers is derived from electricity sold at the generation component tariffs, as published by the Israeli Electricity Authority, with some discount. Accordingly, changes in these tariffs generally affect the prices paid by customers under Power Purchase Agreements. The weighted-average generation component tariff in Q3 2025 was NIS 0.2939 per KW hour, which is approximately 2% lower than NIS 0.3007 per KW hour in Q3 2024. OPC's revenue from the sale of electricity to private customers decreased by $18 million in Q3 2025 as compared to Q3 2024. Excluding the impact of translating OPC's revenue from NIS to USD, such revenue decreased by approximately $25 million primarily as a result of a $18 million decrease in customer consumption, as the geopolitical situation and military actions resulted in the temporary shutdown of natural gas reservoirs in Q3 2025, and a decrease of $6 million as a result of a decrease in the generation component tariff in 2025. United States Revenue from sale of electricity (retail) activities – Increased by $29 million in Q3 2025 as compared to Q3 2024 primarily as a result of increase in scope of activities; and Revenue from sale of electricity from renewable energy – Decreased by $11 million in Q3 2025 as compared to Q3 2024, as a result of the deconsolidation of CPV Renewable Power LP ("CPV Renewable") from November 2024, following which the equity method of accounting is applied. Cost of Sales (Excluding Depreciation and Amortization) Set forth below is a summary of OPC's cost of sales (excluding depreciation and amortization) in Israel and the U.S. for Q3 2025 and Q3 2024. OPC's cost of sales (excluding depreciation and amortization) increased by $21 million from Q3 2024 to Q3 2025. Excluding the impact of translating OPC's cost of sales (excluding depreciation and amortization) from NIS to USD[3], such costs increased by $6 million in Q3 2025 as compared to Q3 2024. Set forth below is a discussion of significant changes in cost of sales in Israel and the U.S. between Q3 2025 and Q3 2024. Israel Expenses in respect of infrastructure services – Increased by $17 million in Q3 2025 as compared to Q3 2024. Excluding the impact of translating OPC's cost of sales (excluding depreciation and amortization) from NIS to USD, such costs increased by $13 million primarily as a result of higher average tariffs in Q3 2025; Expenses for acquisition of energy – Decreased by $30 million in Q3 2025 as compared to Q3 2024. Excluding the impact of translating OPC's cost of sales (excluding depreciation and amortization) from NIS to USD, such costs decreased by $32 million primarily as a result of lower customer consumption and the temporary shutdown of natural gas reservoirs in Q3 2025, and maintenance activities of the Gat power plant in Q3 2024. United States Expenses for sale of electricity (retail) – Increased by $28 million in Q3 2025 as compared to Q3 2024, primarily as a result of increase in scope of retail activities in the U.S.; and Expenses for sale of electricity from renewable energy – Decreased by $3 million in Q3 2025 as compared to Q3 2024 as a result of the deconsolidation of CPV Renewable from November 2024. Finance Expenses, net Finance expenses, net in Q3 2025 were $13 million, as compared to $27 million in Q3 2024, primarily as a result of changes in the exchange rate of the U.S. Dollar against the New Israeli Shekel in Q3 2025 as compared to Q3 2024, partially offset by an increase in interest income from bank deposits. Share in net Profit of Associated Companies OPC's share in net profit of associated companies increased by $44 million in Q3 2025 as compared in Q3 2024, primarily as a result of an increase in OPC's ownership stakes in CPV Shore Holdings, LLC ("CPV Shore") and CPV Maryland, LLC in Q4 2024 and Q2 2025 respectively as well as the increase in electricity margins compared with the corresponding period. For further details of the results of certain associated companies of CPV Group LP ("CPV"), refer to OPC's immediate report published on the Tel Aviv Stock Exchange ("TASE") on November 19, 2025 and the convenience English translations furnished by Kenon on Form 6-K with the U.S. Securities and Exchange Commission on November 19, 2025. Liquidity and Capital Resources As of September 30, 2025, OPC had unrestricted cash and cash equivalents of $696 million, restricted cash of $17 million (including restricted cash used for debt service), and total outstanding consolidated indebtedness of $1,364 million, consisting of $100 million of short-term indebtedness and $1,264 million of long-term indebtedness. As of September 30, 2025, a substantial portion of OPC's debt was denominated in NIS. As of September 30, 2025, OPC's proportionate share of indebtedness (including accrued interest) of associated companies of CPV was $1,139 million and its proportionate share of cash and cash equivalents was $94 million. Business and other Developments Private placement of OPC's shares In November 2025, OPC issued 5,529,322 ordinary shares to institutional investors in a private placement in Israel for gross proceeds of approximately NIS 340 million (approximately $100 million). Series D Bond Issuance In November 2025, OPC issued NIS 460 million (approximately $140 million) of Series D bonds. Basin Ranch Project updates In October 2025, OPC announced the financial closing and commencement of construction of the Basin Ranch Project, a gas-fired power plant project in Texas with an estimated 1.35 GW capacity (the "Basin Ranch Project"), which at the time of the announcement, was 70%-owned by CPV, with the remaining 30% owned by GE Vernova. At such time, key agreements, including equity financing and collateral arrangements, construction and equipment agreements and loan agreements, including the approximately $1.1 billion Texas Energy Fund senior loan, became effective. OPC also announced that CPV had entered into an agreement with GE Vernova to acquire its remaining 30% ownership interest in the Basin Ranch Project, subject to conditions precedent, for consideration of approximately $371 million. OPC further announced that the acquisition of this remaining 30% interest in the Basin Ranch Project will, upon completion of the acquisition, result in consolidation of the Basin Ranch Project in OPC's financial statements. For further information, see Kenon's Reports on Form 6-K furnished to the U.S. Securities and Exchange Commission on October 23, 2025, October 28, 2025 and October 29, 2025. Acquisition of remaining interest in CPV Shore In October 2025, OPC announced that CPV had entered into an agreement to acquire the remaining approximately 11% interest in CPV Shore. Completion of the sale is subject to conditions precedent, including, among other things, obtaining regulatory approval, and OPC indicated that completion will result in consolidation of CPV Shore in OPC's financial statements. Additional Kenon Updates Kenon's (stand-alone) Liquidity and Capital Resources As of September 30, 2025 and December 3, 2025, Kenon's stand-alone cash was $560 million and $670 million, respectively. There is no material debt at the Kenon level. Kenon's stand-alone cash includes cash and cash equivalents and other treasury management instruments. Sale of a small portion of OPC shares In November 2025, Kenon sold 5,422,648 OPC ordinary shares for gross proceeds of NIS 340 million (approximately $100 million). Kenon now holds approximately 47% of OPC's ordinary shares. Appointment of new director Kenon announces that Ms. Audrey Low has been appointed to its Board of Directors as a non-executive Director, effective January 1, 2026. Ms. Low brings with her over 20 years of experience as an investment and financial professional in global capital markets, private and public credit, distressed investing and macroeconomic policy. [1] Adjusted EBITDA including proportionate share in associated companies is a non-IFRS measure. See Exhibit 99.2 of Kenon's Form 6-K dated December 3, 2025 for the definition of OPC's EBITDA and Adjusted EBITDA including proportionate share in associated companies and a reconciliation to profit for the applicable period. [2] Non-IFRS measure. See Exhibit 99.2 of Kenon's Form 6-K dated December 3, 2025 for the definition of OPC's EBITDA and Adjusted EBITDA including proportionate share in associated companies and a reconciliation to profit for the applicable period. [3] The OPC Q3 2025 results presented herein and the corresponding comparative figures in Q3 2024 discussed herein were converted using an exchange rate of $0.284/NIS which is the average exchange rate for Q3 2025, and do not reflect the rates applied in the accompanying table. Caution Concerning Forward-Looking Statements This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can generally identify these statements by the use of words like "may", "will", "could", "should", "believe", "expect", "plan", "estimate", "forecast", "potential", "intend", "target", "future", and variations of these words or comparable words. These statements include statements relating to the Basin Ranch Project, including estimated capacity of the project, the agreement to acquire the remaining 11% stake in CPV Shore, the expected accounting treatment of transactions and other non-historical matters. These statements are based on current expectations or beliefs and are subject to uncertainty and changes in circumstances. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond Kenon's control, which could cause the actual results to differ materially from those indicated in such forward-looking statements. Such risks include risks relating to the Basin Ranch Project, including the risk that the Basin Ranch Project does not proceed on the terms described herein or previously announced or at all, risks relating to the agreement to acquire the remaining interest in CPV Shore including the risk that the acquisition is not completed on the terms as described herein or previously announced, or at all, risks relating to the accounting treatment of transactions and other risks and factors including those risks set forth under the heading "Risk Factors" in Kenon's most recent Annual Report on Form 20-F filed with the SEC and other filings. Except as required by law, Kenon undertakes no obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise. Contact Info Kenon Holdings Ltd. Deepa Joseph Chief Financial Officer [email protected] View original content:https://www.prnewswire.com/news-releases/kenon-holdings-reports-q3-2025-results-and-additional-updates-302631789.html

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 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"). 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 Israel – Increased by $7 million in Q2 2025 as compared to Q2 2024 primarily as a result of the Hadera power plant undergoing maintenance work in Q2 2024, resulting in higher sales in Q2 2025 as compared to Q2 2024; Revenue from sale of energy to private customers in Israel – OPC's revenue from the sale of electricity to private customers is derived from electricity sold at the generation component tariffs, as published by the Israeli Electricity Authority, with some discount. Accordingly, changes in these tariffs generally affect the prices paid by customers under Power Purchase Agreements. The weighted-average generation component tariff in Q2 2025 was NIS 0.2939 per KW hour, which is approximately 2% lower than NIS 0.3007 per KW hour in Q2 2024. OPC's revenue from the sale of electricity to private customers decreased by approximately $6 million in Q2 2025 as compared to Q2 2024. Excluding the impact of translating OPC's revenue from NIS to USD, such revenue decreased by approximately $8 million primarily as a result of decrease in customer consumption, as the war resulted in the temporary shutdown of natural gas reservoirs in Q2 2025, and a decrease in the generation component tariff in 2025; Revenue in respect of capacity payments in Israel – Decreased by $2 million in Q2 2025 as compared to Q2 2024. Excluding the impact of translating OPC's revenue from NIS to USD, such revenue decreased by $3 million primarily as a result of decrease in availability of the Tzomet power plant in Q2 2025; and Other revenue in Israel – Decreased by $4 million in Q2 2025 as compared to Q2 2024 primarily as a result of the deconsolidation of Gnrgy at the end of Q2 2024. United States Revenue from sale of electricity (retail) activities in the U.S. – Increased by $25 million in Q2 2025 as compared to Q2 2024 primarily as a result of increase in scope of services; and Revenue from sale of electricity from renewable energy in the U.S. – Decreased by $19 million in Q2 2025 as compared to Q2 2024, primarily as a result of the deconsolidation of CPV Renewable from November 2024, following which equity method accounting is applied. Cost of Sales (Excluding Depreciation and Amortization) Set forth below is a summary of OPC's cost of sales (excluding depreciation and amortization) in Israel and the U.S. for the three months ended June 30, 2025 and 2024. OPC's cost of sales (excluding depreciation and amortization) increased by $21 million from Q2 2024 to 2025. Excluding the impact of translating OPC's cost of sales (excluding depreciation and amortization) from NIS to USD, OPC's cost of sales (excluding depreciation and amortization) increased by $16 million in Q2 2025 as compared to Q2 2024. Set forth below is a discussion of significant changes in cost of sales between Q2 2025 and Q2 2024. Israel Expenses 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 cost of sales (excluding depreciation and amortization) from NIS to USD, such costs increased by $8 million primarily as a result of higher average tariffs in Q2 2025; Expenses for natural gas and diesel oil in Israel – Decreased by $3 million in Q2 2025 as compared to Q2 2024. Excluding the impact of translating OPC's cost of sales (excluding depreciation and amortization) from NIS to USD, such costs decreased by $4 million primarily as a result of lower customer consumption in Q2 2025 due to a decrease in the sales of Tzomet to the system operator in Q2 2025; and Other expenses in Israel – Decreased by $4 million in Q2 2025 as compared to Q2 2024 primarily as a result of the deconsolidation of Gnrgy at the end of Q2 2024. United States Expenses for sale of electricity (retail) in U.S. – Increased by $23 million in Q2 2025 as compared to Q2 2024, primarily as a result of increase in scope of services of retail activities in the U.S.; and Expenses for sale of electricity from renewable energy in the U.S. – Decreased by $7 million in Q2 2025 as compared to Q2 2024 primarily as a result of the deconsolidation of CPV Renewable from November 2024. Finance Expenses, net Finance expenses, net in Q2 2025 were $20 million, as compared to $23 million in Q2 2024. Share of Profit of Associated Companies, net OPC's share of profit of associated companies, net increased by $17 million in Q2 2025 as compared in Q2 2024, primarily as a result of an increase in OPC's ownership stakes in CPV Shore and CPV Maryland in Q4 2024 and Q2 2025. For further details of the results of certain associated companies of CPV, refer to OPC's immediate report published on the Tel Aviv Stock Exchange ("TASE") on August 13, 2025 and the convenience English translations furnished by Kenon on Form 6-K with the U.S. Securities and Exchange Commission on August 13, 2025. Liquidity and Capital Resources As of June 30, 2025, OPC had unrestricted cash and cash equivalents of $470 million, restricted cash of $17 million (including restricted cash used for debt service), and total outstanding consolidated indebtedness of $1,403 million, consisting of $101 million of short-term indebtedness and $1,302 million of long-term indebtedness. As of June 30, 2025, a substantial portion of OPC's debt was denominated in NIS. As of June 30, 2025, OPC's proportionate share of debt (including accrued interest) of associated companies of CPV was $1,149 million and its proportionate share of cash and cash equivalents was $92 million. Business and other Developments OPC share offering In June 2025, OPC raised gross proceeds of NIS 850 million ($240 million) by issuing 21,313,000 ordinary shares. OPC reported that it intends to use a portion of the proceeds of the offering for part of the CPV Group's share in the equity required for the construction of the Basin Ranch project, if that project proceeds, and/or for other purposes as may be determined by OPC. Kenon purchased 7,923,600 ordinary shares in the offering for approximately NIS 316 million ($90 million). Private placement of OPC's shares In August 2025, OPC issued 18,750,000 ordinary shares to institutional investors in a private placement in Israel for gross proceeds of NIS 900 million ($266 million). OPC reported that it intends to use the proceeds of the private placement for the continued growth and development of OPC's businesses and/or for OPC's needs, as determined by OPC's board of directors from time to time. Following completion of these offerings described above, Kenon now holds approximately 49.8% of OPC's shares. Hadera 2 update In August 2025, the Israeli Government approved the plan to construct a natural gas-fired power plant ("Hadera 2") on land owned near OPC's Hadera power plant (the "Hadera 2 Plan"). OPC announced that it is preparing for the construction of Hadera 2 with an estimated capacity of approximately 850 MW (the "Hadera 2 Project") and it has preliminarily assessed the cost of construction of the Hadera 2 Project would be approximately NIS 4.5 billion to NIS 5 billion (approximately $1.3 billion to $1.5 billion). Partial early redemption of Series B Bonds In August 2025, OPC announced that its board of directors approved a partial early redemption of approximately NIS 256 million (approximately $75 million) par value of its Series B Bonds, to be completed on September 30, 2025, at the par value of the bonds together with a payment in accordance with the Series B Bonds indenture of approximately NIS 48 million (approximately $14 million). Following this early redemption, the outstanding par value of the Series B Bonds balance is expected to decrease to approximately NIS 440 million (approximately $129 million) par value. Additional Kenon Updates Kenon's (stand-alone) Liquidity and Capital Resources As of June 30, 2025 and August 28, 2025, Kenon's stand-alone cash was approximately $560 million. There is no material debt at the Kenon level. Kenon's stand-alone cash includes cash and cash equivalents and other treasury management instruments. Share Repurchase Plan Since March 2023, Kenon has repurchased approximately 1.8 million shares for total consideration of approximately $48 million under its repurchase plan. Kenon has approximately 52 million outstanding shares after giving effect to these repurchases. In August 2025, Kenon's board has increased the authorized share repurchase plan by $10 million to up to $70 million in total (including shares already purchased under the plan). Furthermore, Kenon has entered into an additional mandate for repurchases under the plan of up to $20 million through open market purchases on the TASE only, subject to certain conditions, including price levels which are currently not met. The mandate will expire on March 31, 2026. The share repurchase plan may be suspended or modified and may not be completed in full. Also, the mandate, which is irrevocable, may not be completed in full or in part as purchases of shares thereunder are subject to meeting conditions, including as to price levels, which cannot be altered. Caution Concerning Forward-Looking Statements This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can generally identify these statements by the use of words like "may", "will", "could", "should", "believe", "expect", "plan", "estimate", "forecast", "potential", "intend", "target", "future", and variations of these words or comparable words. These statements include statements relating to OPC, including equity offerings by OPC and OPC's indications of its intended use of proceeds, government approval of the Hadera 2 Plan, the Hadera 2 Project and OPC's statements about its preparation for construction of the Hadera 2 Project, the estimated capacity and construction cost of the Hadera 2 Project, statements about OPC's partial redemption of its Series B Bonds, Kenon's share repurchase plan including the increase in the size of the plan and the repurchase mandate announced in this release including the conditions thereto and other non-historical matters. These statements are based on current expectations or beliefs and are subject to uncertainty and changes in circumstances. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond Kenon's control, which could cause the actual results to differ materially from those indicated in such forward-looking statements. Such risks include risks relating to the use of proceeds of the OPC offerings described herein, including the risk that the Basin Ranch project does not proceed on the terms described herein or previously announced terms or at all, risks relating to government approval of the Hadera 2 Plan, including risks relating to any published government decision relating to the Hadera 2 Plan if and when published, risks relating to the Hadera 2 Project, including the ultimate cost and characteristics of the Hadera 2 Project (including capacity), risks as to whether the Hadera 2 Project proceeds and is completed, risks relating to Kenon's share repurchase plan and the mandate announced in this release including risks relating to conditions of the mandate and the amount of shares that will actually be repurchased under the share repurchase program, and the mandate announced in this release and other risks and factors including those risks set forth under the heading "Risk Factors" in Kenon's most recent Annual Report on Form 20-F filed with the SEC and other filings. Except as required by law, Kenon undertakes no obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise. Contact Info Kenon Holdings Ltd. Deepa Joseph Chief Financial Officer [email protected] 1 Adjusted EBITDA including proportionate share in associated companies is a non-IFRS measure. See Exhibit 99.2 of Kenon's Form 6-K dated August 28, 2025 for the definition of OPC's EBITDA and Adjusted EBITDA including proportionate share in associated companies and a reconciliation to profit for the applicable period. 2 The tables herein translate OPC's NIS results into US$ at the average exchange rate for the relevant period. 3 Non-IFRS measure. See Exhibit 99.2 of Kenon's Form 6-K dated August 28, 2025 for the definition of OPC's EBITDA and Adjusted EBITDA including proportionate share in associated companies and a reconciliation to profit for the applicable period. 4 The OPC Q2 2025 results presented herein and the corresponding comparative figures in Q2 2024 discussed herein were converted using an average exchange rate of $0.278/NIS. View original content:https://www.prnewswire.com/news-releases/kenon-holdings-reports-q2-2025-results-and-additional-updates-302541009.html SOURCE Kenon Holdings Ltd.

SINGAPORE, May 28, 2025 /PRNewswire/ -- Kenon Holdings Ltd. (NYSE: KEN) (ASE: KEN) ("Kenon") announces its results for Q1 2025 and additional updates. Q1 and Recent Highlights Kenon In April 2025, Kenon distributed a cash dividend of approximately $250 million ($4.80 per share). OPC OPC's net profit in Q1 2025 was $26 million, as compared to $4 million in Q1 2024. OPC's Q1 2025 net profit included its share in profit of CPV of $38 million as compared to $20 million in Q1 2024. OPC's Adjusted EBITDA including proportionate share in associated companies1 in Q1 2025 was $110 million, as compared to $95 million in Q1 2024. Discussion of Results for the Three Months ended March 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 dated May 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 details of OPC's results please refer to Appendix B. Revenue OPC's revenue increased by $9 million in Q1 2025 as compared to Q1 2024. Excluding the impact of translating OPC's revenue from NIS to USD3, OPC's revenue increased by $6 million in Q1 2025 as compared to Q1 2024. Set forth below is a discussion of significant changes in revenue between Q1 2025 and Q1 2024. OPC's revenue from the sale of electricity to private customers is derived from electricity sold at the generation component tariffs, as published by the Israeli Electricity Authority ("EA"), with some discount. Accordingly, changes in the generation component tariffs generally affect the prices paid by customers under Power Purchase Agreements of OPC-Rotem and OPC-Hadera. The weighted-average generation component tariff in Q1 2025 was NIS 0.2939 per KW hour, which is approximately 3% lower than the weighted-average generation component tariff in Q1 2024 of NIS 0.3018 per KW hour. Set forth below is a discussion of changes in the key components in revenue for Q1 2025 as compared to Q1 2024. Revenue from sale of electricity (retail) activities in U.S. – Increased by $23 million in Q1 2025 as compared to Q1 2024 primarily as a result of increase in scope of services; partially offset by Revenue from sale of energy to private customers in Israel – Decreased by $4 million in Q1 2025 as compared to Q1 2024. Excluding the impact of translating OPC's revenue from NIS to USD, such revenue decreased by $5 million primarily as a result of the lower generation component tariff in Q1 2025; and Revenue from sale of electricity from renewable energy in U.S. – Decreased by $15 million in Q1 2025 as compared to Q1 2024. Excluding the impact of translating OPC's revenue from NIS to USD, such revenue decreased by $16 million primarily as a result of the deconsolidation of CPV Renewable Power LLC ("CPV Renewable") and resulting application of equity method of accounting from November 2024. Cost of Sales (Excluding Depreciation and Amortization) OPC's cost of sales (excluding depreciation and amortization) increased by $22 million from Q1 2024 to 2025. Excluding the impact of translating OPC's cost of sales (excluding depreciation and amortization) from NIS to USD3, OPC's cost of sales (excluding depreciation and amortization) increased by $20 million in Q1 2025 as compared to Q1 2024. Set forth below is a discussion of significant changes in cost of sales between Q1 2025 and Q1 2024. Expenses for natural gas and diesel oil in Israel – Increased by $6 million in Q1 2025 as compared to Q1 2024 primarily as a result of an increase in gas consumption in connection with increased generation activities in Q1 2025 as compared to Q1 2024 due to the Rotem Power Plant undergoing maintenance work in Q1 2024; and Expenses for sale of electricity (retail) in U.S. – Increased by $22 million in Q1 2025 as compared to Q1 2024 primarily as a result of increase in scope of services; partially offset by Expenses for acquisition of energy in Israel – Decreased by $8 million in Q1 2025 as compared to Q1 2024. Excluding the impact of translating OPC's cost of sales (excluding depreciation and amortization) from NIS to USD, such costs decreased by $9 million primarily as a result of maintenance work performed on Rotem Power Plant in Q1 2024; and Expenses for sale of electricity from renewable energy in U.S. – Decreased by $4 million in Q1 2025 as compared to Q1 2024 primarily as a result of the deconsolidation of CPV Renewable and resulting application of equity method of accounting from November 2024. Finance Expenses, net Finance expenses, net in Q1 2025 were $13 million, as compared to $17 million in Q1 2024, primarily due to the deconsolidation of CPV Renewable and resulting application of the equity method of accounting from November 2024. Share of Profit of Associated Companies, net OPC's share of profit of associated companies, net increased by $18 million in Q1 2025 as compared in Q1 2024, primarily as a result of the deconsolidation of CPV Renewable and resulting application of the equity method of accounting from November 2024. For further details of the results of associated companies of CPV, refer to OPC's immediate report published on the Tel Aviv Stock Exchange ("TASE") on May 21, 2025 and the convenience English translations furnished by Kenon on Form 6-K on May 21, 2025. Liquidity and Capital Resources As of March 31, 2025, OPC had unrestricted cash and cash equivalents of $225 million, restricted cash of $17 million (including restricted cash used for debt service), and total outstanding consolidated indebtedness of $1,247 million, consisting of $89 million of short-term indebtedness and $1,158 million of long-term indebtedness. As of March 31, 2025, a substantial portion of OPC's debt was denominated in NIS. As of March 31, 2025, OPC's proportionate share of debt (including accrued interest) of CPV Group LP ("CPV") associated companies was $1,076 million and its proportionate share of cash and cash equivalents (including restricted cash used for debt service) was $115 million. Business and other Developments Completion of Acquisition of Additional 20% interest in Shore Power Plant In April 2025, CPV completed the acquisition of an additional 20% interest in CPV Shore LLC ("CPV Shore"), and now holds approximately 90% of CPV Shore. Updates on Basin Ranch Project In Q3 2024, the Basin Ranch natural gas project in Texas (estimated 1.35 GW capacity; 70% held by CPV, 30% by GE Vernova) was selected by the Texas Energy Fund ("TEF") for due diligence towards receiving a $1 billion subsidized loan (20-year term, 3% fixed interest, with principal repayments starting three years after commercial operation), conditional on construction beginning by the end of 2025. The project is intended to operate in the Electric Reliability Council of Texas market and plans to hedge 75% of capacity for seven years through gas netback and PPA agreements. CPV is in advanced loan negotiations with TEF and has obtained the necessary permits to commence construction, with total construction costs estimated at $1.8 – $2.0 billion. Pre-construction activities are underway, including finalizing key agreements (e.g., EPC, grid connection). To address global equipment lead time challenges, CPV intends to sign an agreement with GE Vernova for the procurement of two H-class turbines for the project. Subject to completion of the relevant processes and agreements, execution of the loan agreement with TEF, as described above, and raising the capital needed for construction of the project, a decision to invest in the project and start of the project's construction are expected to take place in the second half of 2025. The project is also subject to signing detailed agreements, receipt of the TEF loan and raising necessary capital and the other conditions necessary for purposes execution or construction of the project, which have not yet been fulfilled. OPC and CPV are examining various alternatives for raising the capital required for construction of the project. Results of PJM auctions In April 2025, the Federal Energy Regulatory Commission ("FERC") approved PJM Interconnection ("PJM") minimum and maximum ceiling (collar) prices of $329 for MW/day and $177 for MW/day, respectively, for the two auctions to be held during the period from June 1, 2026 through May 31, 2028. Additional Kenon Updates Kenon's (stand-alone) Liquidity and Capital Resources As of March 31, 2025, Kenon's stand-alone cash was $891 million. As of May 28, 2025, Kenon's stand-alone cash was approximately $640 million. There is no material debt at the Kenon level. Kenon's stand-alone cash includes cash and cash equivalents and other treasury management instruments. Interim Dividend for the Year Ending December 31, 2025 In April 2025, Kenon distributed an interim cash dividend of approximately $250 million ($4.80 per share) relating to the year ending December 31, 2025. Caution Concerning Forward-Looking Statements This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can generally identify these statements by the use of words like "may", "will", "could", "should", "believe", "expect", "plan", "estimate", "forecast", "potential", "intend", "target", "future", and variations of these words or comparable words. These statements include statements relating to the PJM auctions, the Basin Ranch project, including the expected costs and attributes of the project, the TEF loan, agreements for and in connection with the project, the conditions for development of the project, expected timing for a decision to invest and start of construction of the project and OPC and CPV examining possibilities for raising required capital and other non-historical matters. These statements are based on current expectations or beliefs and are subject to uncertainty and changes in circumstances. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond Kenon's control, which could cause the actual results to differ materially from those indicated in such forward-looking statements. Such risks include risks relating to PJM auction results and risks relating to the Basin Ranch project including risks relating to OPC's and CPV's ability to obtain financing for the project and the terms of any such financing, risks relating to the TEF loan, risks relating to meeting conditions for the project, the ultimate cost and timing to complete the project if it is pursued, risks relating to contracts, conditions and milestones for the project and the risk that the project does not proceed at all and other risks and factors including those risks set forth under the heading "Risk Factors" in Kenon's most recent Annual Report on Form 20-F filed with the SEC and other filings. Except as required by law, Kenon undertakes no obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise. Contact Info Kenon Holdings Ltd. Deepa Joseph Chief Financial Officer [email protected] [1] Adjusted EBITDA including proportionate share in associated companies is a non-IFRS measure. See Exhibit 99.2 of Kenon's Form 6-K dated May 28, 2025 for the definition of OPC's EBITDA and Adjusted EBITDA including proportionate share in associated companies and a reconciliation to profit for the applicable period. [2] Non-IFRS measure. See Exhibit 99.2 of Kenon's Form 6-K dated May 28, 2025 for the definition of OPC's EBITDA and Adjusted EBITDA including proportionate share in associated companies and a reconciliation to profit for the applicable period. [3] The Q1 2025 and the corresponding comparative figures in Q1 2024 discussed herein were converted using an average exchange rate of $0.277/NIS View original content:https://www.prnewswire.com/news-releases/kenon-holdings-reports-q1-2025-results-and-additional-updates-302467120.html SOURCE Kenon Holdings Ltd.

SINGAPORE, April 2, 2025 /PRNewswire/ -- Kenon Holdings Ltd. (NYSE: KEN) (TASE: KEN) ("Kenon") announces its results for 2024 and additional updates. Q4 and Recent Highlights Kenon In April 2025, Kenon's board of directors approved a cash dividend of approximately $250 million ($4.80 per share). In Q4 2024, Kenon sold all of its remaining interest in ZIM for net consideration of $394 million. Kenon has repurchased approximately 681 thousand shares for an amount of approximately $20 million pursuant to its share repurchase plan since its announcement in September 2024, for a total of 1.8 million shares since the establishment of its repurchase program in March 2023. OPC Financial results: - OPC's net profit in 2024 was $53 million, as compared to a net profit of $47 million in 2023. OPC's 2024 net profit included its share in profit of CPV of $45 million as compared to $66 million in 2023. - OPC's Adjusted EBITDA including proportionate share in Adjusted EBITDA of associated companies[1] in 2024 was $332 million as compared to $304 million in 2023. Discussion of Results for the Year ended December 31, 2024 Kenon's consolidated results of operations from its operating companies essentially comprise the consolidated results of OPC Energy Ltd ("OPC"). See Exhibit 99.2 of Kenon's Form 6-K dated April 2, 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 Adjusted EBITDA of associated companies (which is a non-IFRS measure) to profit for the period; and 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. For details of OPC's results please refer to Appendix B. OPC's revenue increased by $59 million in 2024 as compared to 2023. Excluding the impact of translating OPC's revenue from NIS to USD[3], OPC's revenue increased by $61 million in 2024 as compared to 2023. Set forth below is a discussion of significant changes in revenue between 2024 and 2023. OPC's revenue from the sale of electricity to private customers is derived from electricity sold at the generation component tariffs, as published by the Israeli Electricity Authority ("EA"), with some discount. Accordingly, changes in the generation component tariffs generally affect the prices paid by customers under Power Purchase Agreements of OPC-Rotem and OPC-Hadera. The weighted-average generation component tariff in 2024 was NIS 0.3010 per KW hour, which is approximately 1% lower than the weighted-average generation component tariff in 2023 of NIS 0.3053 per KW hour. Set forth below is a discussion of changes in the key components in revenue for 2024 as compared to 2023. Revenue from sale of energy to the System Operator and to other suppliers – Increased by $12 million in 2024 as compared to 2023 primarily as a result of a full year consolidation of results from the commencement of commercial operations of the Tzomet power plant as compared to partial consolidation of results in 2023 from Q2 2023; Revenue from capacity payments – Increased by $30 million in 2024 as compared to 2023 primarily as a result of a full year consolidation of results from the commencement of commercial operations of the Tzomet power plant as compared to consolidation of results from Q2 2023; Revenue from sale of electricity from renewable energy – Increased by $16 million in 2024 as compared to 2023 primarily as a result of (i) consolidation of results from the Mountain Wind project from Q2 2023 and (ii) commercial operations of the Maple Hill and Stagecoach projects from Q4 2023 and Q2 2024, respectively, partially offset by the deconsolidation of results CPV Renewable from November 2024; and Revenue from sale of retail activities and others – Increased by $38 million in 2024 as compared to 2023 primarily as a result of increase in scope of services; partially offset by: Other revenue – Decreased by $10 million in 2024 as compared to 2023, primarily due to revenue generated prior to the commencement of commercial operations of the Tzomet power plant in Q2 2023. OPC's cost of sales (excluding depreciation and amortization) increased by $28 million from 2023 to 2024. Excluding the impact of translating OPC's cost of sales (excluding depreciation and amortization) from NIS to USD[4], OPC's cost of sales (excluding depreciation and amortization) increased by $7 million in 2024 as compared to 2023. Set forth below is a discussion of significant changes in cost of sales between 2024 and 2023. Expenses for acquisition of energy – Increased by $4 million in 2024 as compared to 2023 primarily due to maintenance work carried out at the Rotem power plant and the Gat power plant in the first half of 2024 and the second half of 2024, respectively; Expenses for cost of transmission of gas and operating expenses – Increased by $13 million in 2024 as compared to 2023 primarily as a result of a full year consolidation of results from the commencement of commercial operations of the Tzomet power plant and the Gat power plant in 2024 as compared to partial consolidation of results in 2023 from Q2 2023, respectively; Expenses for sale of electricity from renewable energy – Increased by $3 million in in 2024 as compared to 2023 primarily as a result of (i) consolidation of results from the Mountain Wind project from Q2 2023 and (ii) commercial operations of the Maple Hill and Stagecoach projects from Q4 2023 and Q2 2024 respectively, partially offset by the deconsolidation of results CPV Renewable from November 2024; and Revenue from sale of retail activities and others – Increased by $32 million in 2024 as compared to 2023 primarily as a result of increase in scope of services; partially offset by: Other expenses – Decreased by $13 million in 2024 as compared to 2023 primarily due to costs associated with Tzomet power plant incurred prior to its commencement of commercial operations in Q2 2023. Finance Expenses, net Finance expenses, net was $82 million in 2024, as compared to $53 million in 2023, primarily due to (i) an increase in interest expense relating to loans for the Tzomet power plant and the Gat power plant of $11 million and $2 million, respectively, and (ii) an increase in interest expense from financing of renewable energy projects and tax equity agreements in the US prior to deconsolidation of CPV Renewable of $7 million and $4 million, respectively. Share of Profit of Associated Companies, net OPC's share of profit of associated companies, net decreased by $21 million in 2024 as compared in 2023, primarily as a result of (i) an increase in interest expense from the financing of the energy transition segment of $6 million; (ii) an increase in depreciation and financing expenses of $13 million from commercial operation of the Three Rivers power plant in Q3 2023; and (iii) deconsolidation of CPV Renewable in November 2024 and the increase in interests of the CPV Shore (as defined below) and Maryland power plants in Q4 2024. For further details of the performance of associated companies of CPV, refer to OPC's Consolidated Financial Statements as of December 31, 2024 published by OPC on the Tel Aviv Stock Exchange ("TASE") on March 12, 2025 and the convenience English translations of OPC's Board of Directors Report and Consolidated Financial Statements for the year ended December 31, 2024 furnished by Kenon on Form 6-K on March 12, 2025. Liquidity and Capital Resources As of December 31, 2024, OPC had cash and cash equivalents of $264 million (excluding restricted cash), restricted cash of $16 million (including restricted cash used for debt service), and total outstanding consolidated indebtedness of $1,267 million, consisting of $85 million of short-term indebtedness and $1,182 million of long-term indebtedness. As of December 31, 2024, a substantial portion of OPC's debt was denominated in NIS. As of December 31, 2024, OPC's proportionate share of debt (including accrued interest) of CPV associated companies was $1,203 million and proportionate share of cash and cash equivalents of CPV associated companies was $201 million. Business and other Developments Completion of Refinancing of Shore Power Plant In February 2025, CPV Shore LLC ("CPV Shore") completed a refinancing (the "New Financing") of its existing debt financing agreement (with debt of approximately $436 million). In connection with the closing of the New Financing Agreement, approximately $80 million was provided to CPV Shore by its equity holders (the "Deleveraging Amount"), with CPV's share of the Deleveraging Amount being approximately $55 million. In addition, during the first quarter of 2025, CPV entered into a purchase agreement to acquire an additional 20% interest in Shore, and now holds approximately 90% of Shore. For further information, see Kenon's Reports on Form 6-K furnished with the U.S. Securities and Exchange Commission on October 13, 2024 and December 15, 2024. Additional Kenon Updates Kenon's (stand-alone) Liquidity and Capital Resources As of December 31, 2024, Kenon's stand-alone cash was $894 million. As of April 2, 2025, Kenon's stand-alone cash was $890 million. There is no material debt at the Kenon level. Kenon's stand-alone cash includes cash and cash equivalents and other treasury management instruments. Interim Dividend for the Year Ending December 31, 2025 In March 2025, Kenon's board of directors approved an interim cash dividend of approximately $250 million ($4.80 per share) (the "Dividend") relating to the year ending December 31, 2025, payable to Kenon's shareholders of record as of the close of trading on April 14, 2025 (the "Record Date"), to be paid on or about April 21, 2025 (the "Payment Date"). The New York Stock Exchange's (the "NYSE") ex-dividend date, which is the date on which Kenon's shares will begin trading on the NYSE without the entitlement to the Dividend, is April 14, 2025 (the "NYSE Ex-Dividend Date"). The TASE ex-dividend date, which is the date on which Kenon's shares will begin trading on the TASE without the entitlement to the Dividend, is April 14, 2025 (the "TASE Ex-Dividend Date"). We encourage you to contact your bank, broker, nominee or other institution if you have any questions regarding the mechanics and timing of having the Dividend attributable to your shares credited to your account. Share Repurchase Plan In March 2023, Kenon announced a repurchase plan for up to $50 million, and increased the plan to up to $60 million in September 2024. Kenon has repurchased approximately 681 thousand shares for an amount of approximately $20 million pursuant to its share repurchase plan since its announcement in September 2024. Kenon has repurchased approximately 1.8 million shares for total consideration of approximately $48 million since the commencement of the share repurchase plan in March 2023. Kenon has approximately 52 million outstanding shares after giving effect to these repurchases. The share repurchase plan may be suspended or modified and may not be completed in full. Sale of ZIM Shares and Update to Capped Call Transaction In November 2024, Kenon terminated the collar transaction that it had entered into with a bank relating to 5 million ZIM shares previously owned by Kenon and entered into a cash settled capped call transaction with respect to 5 million ZIM shares. As a result of the termination of the collar, the 5 million shares that were subject to the collar were sold to the bank with which Kenon entered into the collar, and Kenon received cash proceeds (minus the cost of the cash settled capped call transaction) of $96 million (including additional proceeds subsequently received pursuant to the terms of the cash settled capped call transaction). The cash settled capped call transaction, which expires approximately 14 months from now, enables Kenon to retain exposure to potential upside in ZIM's shares above the call price, up to the cap, and will be cash settled. Subsequently, in November and December 2024, Kenon sold its remaining 14.8 million ZIM shares for net proceeds of approximately $300 million, and received dividends of $47 million (net of tax) prior to the sale of such shares. As a result of the foregoing, Kenon no longer holds any shares in ZIM, and retains potential upside with respect to approximately 4.2% of the outstanding ZIM shares pursuant to the terms of the cash settled capped call transaction. Since inception, Kenon has realized approximately $2.1 billion (net of tax) from its investment in ZIM, including through sales of shares and receipt of dividends. Qoros update As previously disclosed, in February 2024, the China International Economic and Trade Arbitration Commission ("CIETAC") issued a final award (the "CIETAC Award") in favor of Kenon's wholly-owned subsidiary Quantum (2007) LLC ("Quantum") with respect to arbitral proceedings initiated by Quantum in 2021 against an entity related to Shenzhen Baoneng Investment Group Co., Ltd. ("Baoneng Group"), which holds 63% of Qoros (the "Qoros Majority Shareholder"), and Baoneng Group in connection with the agreement for the sale of Quantum's remaining 12% interest in Qoros to the Majority Qoros Shareholder. As previously reported, the tribunal ruled that the Qoros Majority Shareholder and Baoneng Group are obligated to pay Quantum approximately RMB 1.9 billion (approximately $260 million) comprising the purchase price set forth in the sale agreement (as adjusted for inflation) of approximately RMB 1.7 billion (approximately $233 million), together with pre-award and post-award interest, legal fees and expenses. In connection with this arbitration, Kenon has obtained a court order freezing assets of Baoneng Group, primarily comprising equity interests in entities owning directly and indirectly listed and unlisted equity interests in various businesses; such assets are also subject to freezing orders by other creditors and the orders obtained by Kenon are at various rankings as among creditors. As the Majority Qoros Shareholder and Baoneng Group failed to uphold their payment obligations under the CIETAC Award, Kenon has initiated enforcement proceedings before the Shanghai No. 2 Intermediate Court ("Shanghai Court") to enforce the CIETAC Award. The enforcement proceedings are currently ongoing. Also as previously disclosed, an entity related to Baoneng Group had undertaken to take action to prevent enforcement of the pledge over the 12% equity interest in Qoros owned by Quantum and to indemnify Quantum against losses in connection with any such enforcement, and Baoneng Group had provided a guarantee of this obligation. Kenon had filed a claim against Baoneng Group in the Shenzhen Intermediate People's Court relating to a breach of this guarantee by Baoneng Group, which was then transferred to the Supreme People's Court of China for trial. Kenon previously disclosed in June 2024 that the Supreme People's Court of China has upheld Kenon's claim for specific performance against Baoneng Group, ordering Baoneng Group to open an escrow account on behalf of Kenon and to deposit approximately RMB 1.4 billion (approximately $192 million) into the escrow account (the "Guarantee Award"). In connection with the Guarantee Award (and in addition to the asset freeze order obtained in connection with the CIETAC Award), Kenon has obtained a court order freezing assets of Baoneng Group, primarily comprising equity interests in entities owning directly and indirectly listed and unlisted equity interests in various businesses; such assets are also subject to freezing orders by other creditors and the orders obtained by Kenon are at various rankings as among creditors. As Baoneng Group had failed to uphold its obligations under the Guarantee Award, and Kenon initiated enforcement proceedings before the Shanghai Court to enforce this award. The enforcement proceedings are currently ongoing. There is no assurance as to the outcome of these proceedings. There is also no assurance that Baoneng Group will pay or has the ability to pay the judgements against it in our favor. The Court has directed the parties to engage in discussions. Any value that could be realized in respect of these proceedings is subject to significant risks and uncertainties, including risks relating to enforcement and collection in respect of these proceedings and other risks and uncertainties. Caution Concerning Forward-Looking Statements This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements relating to (i) the dividend announced by Kenon and statements with respect to Kenon's share repurchase plan, (ii) the CIETAC Award and the Guarantee Award and actions taken to enforce these awards and (iii) other non-historical matters. These statements are based on current expectations or beliefs and are subject to uncertainty and changes in circumstances. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond Kenon's control, which could cause the actual results to differ materially from those indicated in such forward-looking statements. Such risks include (i) risks relating to payment of Kenon's announced dividend and its repurchase plan, including the amount of shares ultimately purchased under the share repurchase plan,(ii) risks related to the CIETAC Award and the Guarantee Award, including the risk that Quantum may be unable to enforce the CIETAC Award and/or the Guarantee Award or otherwise collect the amounts awarded or otherwise owing to it, and (iii) other risks and factors including those risks set forth under the heading "Risk Factors" in Kenon's most recent Annual Report on Form 20-F filed with the SEC and other filings. Except as required by law, Kenon undertakes no obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise. Contact Info [1] Adjusted EBITDA including proportionate share in Adjusted EBITDA of associated companies is a non-IFRS measure. See Exhibit 99.2 of Kenon's Form 6-K dated April 2, 2025 for the definition of OPC's EBITDA and Adjusted EBITDA including proportionate share in Adjusted EBITDA of associated companies and a reconciliation to their respective profit for the applicable period. [2] Non-IFRS measure. See Appendix C of Exhibit 99.2 of Kenon's Form 6-K dated April 2, 2025 for a definition of OPC's Adjusted EBITDA including proportionate share in Adjusted EBITDA of associated companies and a reconciliation to profit for the period. [3] The table above and corresponding comparison relating to 2024 and 2023 were converted using an average exchange rate of $0.2703/NIS. [4] Comparing 2024 and 2023 using the average exchange rate of $0.2703/NIS. View original content:https://www.prnewswire.com/news-releases/kenon-holdings-reports-full-year-2024-results-and-additional-updates-302418680.html SOURCE Kenon Holdings Ltd.