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 the three months ended March 31,
2026
2025
$ millions
Revenue
317
183
Cost of sales (excluding depreciation and amortization)
(245)
(139)
Financing expenses, net
(20)
(13)
Share in profit of associated companies, net
34
38
Profit for the period
14
25
Attributable to:
Equity holders of OPC
12
18
Non-controlling interest
2
7
Adjusted EBITDA including proportionate share in associated companies2
124
