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
For the three months ended
September 30,
2025
2024
$ millions
Revenue
265
237
Cost of sales (excluding depreciation and amortization)
(178)
(157)
Finance expenses, net
(13)
(27)
Share in net profit of associated companies
61
17
Profit for the period
69
23
Attributable to:
Equity holders of OPC
54
22
Non-controlling interest
15
1
Adjusted EBITDA including proportionate share in associated companies[2]
156
108
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").
For the three months ended
September 30,
2025
2024
$ millions
