$KEN

Kenon Holdings Ltd.

CIK:0001611005|SEC Filings

Consolidated Statements of Profit & Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement Line Items [Line Items]
Revenue	$ 871,929	$ 751,304	$ 691,796
Cost of sales and services (excluding depreciation and amortization)	(657,835)	(521,877)	(494,312)
Depreciation and amortization	(67,272)	(85,640)	(78,025)
Gross profit	146,822	143,787	119,459
Selling, general and administrative expenses	(120,381)	(95,949)	(84,715)
Other income/(expenses), net	35,907	(333)	7,819
Operating profit	62,348	47,505	42,563
Financing expenses	(86,785)	(115,247)	(66,333)
Financing income	49,346	46,934	39,361
Financing expenses, net	(37,439)	(68,313)	(26,972)
Gain on loss of control in the CPV Renewable	0	69,307	0
Share in profit of OPC's equity-accounted investees, net	151,599	44,825	65,566
Profit before income taxes	176,508	93,324	81,157
Income tax expense	(28,244)	(40,552)	(25,199)
Profit for the year from continuing operations	148,264	52,772	55,958
Profit/(loss) for the year from divestment of ZIM	0	581,315	(266,906)
Profit/(loss) for the year	148,264	634,087	(210,948)
Attributable to:
Kenon’s shareholders	66,274	597,673	(235,978)
Non-controlling interests	81,990	36,414	25,030
Profit/(loss) for the year	$ 148,264	$ 634,087	$ (210,948)
Basic/diluted profit/(loss) per share attributable to Kenon’s shareholders (in dollars):
Basic profit/(loss) per share	$ 1.27	$ 11.34	$ (4.42)
Diluted profit/(loss) per share	1.27	11.34	(4.42)
Basic profit per share from continuing operations	1.27	0.31	0.58
Diluted profit per share from continuing operations	1.27	0.31	0.58
Basic profit/(loss) per share from divestment of ZIM	0	11.03	(5)
Diluted profit/(loss) per share from divestment of ZIM	$ 0	$ 11.03	$ (5)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Profit/(loss) for the year	$ 148,264	$ 634,087	$ (210,948)
Adjustments:
Depreciation and amortization	72,415	93,437	90,939
Financing expenses, net	37,439	68,313	26,972
Share in profit of OPC's equity-accounted investees, net	(151,599)	(44,825)	(65,566)
(Gain)/loss for the year from divestment of ZIM	0	(581,315)	266,906
Gain on loss of control in the CPV Renewable	0	(69,307)	0
Share-based payments	43,285	9,697	(1,547)
Other expenses, net	4,177	15,056	4,461
Income taxes	28,244	40,552	25,199
Total adjustments	182,225	165,695	136,416
Change in trade and other receivables	(67,455)	(17,013)	(2,932)
Change in trade and other payables	74,040	4,742	(9,514)
Cash generated from operating activities	188,810	153,424	123,970
- ZIM	0	66,266	151,048
- OPC’s equity-accounted investees	100,359	63,587	3,624
Income taxes paid, net	(5,376)	(18,196)	(1,854)
Net cash provided by operating activities	283,793	265,081	276,788
Cash flows from investing activities
Short-term deposits and restricted cash, net	(41)	(2,211)	49,827
Short-term collaterals deposits, net	0	3,570	29,864
Investment in long-term deposits, net	(145,298)	0	154
Investments in equity-accounted investees, less cash acquired	(291,823)	(201,156)	(7,619)
Acquisition of subsidiary, less cash acquired	(58,267)	0	(327,108)
Acquisition of property, plant and equipment, intangible assets and payment of long-term advance deposits and prepaid expenses	(116,406)	(340,667)	(332,117)
Proceeds from sales of interest in ZIM	0	500,995	0
Proceeds from gain on loss of control in the CPV Renewable	11,523	35,692	0
Proceeds from distribution from equity-accounted investees	45,288	25,512	3,000
Proceeds from sale of subsidiary, net of cash disposed off	0	2,625	2,000
Proceeds From Sale Of Subsidiary Without Loss Of Control	103,603	0	0
Proceeds from sale of other investments	41,126	82,496	193,698
Purchase of other investments	0	0	(50,000)
Long-term loan to an associate	0	0	(23,950)
Interest received	44,050	27,584	27,968
Proceeds from transactions in derivatives, net	4,299	1,412	2,047
Net cash (used in)/provided by investing activities	(361,946)	135,852	(432,236)
Cash flows from financing activities
Repayment of long-term loans, debentures and lease liabilities	(202,457)	(531,055)	(167,769)
Proceeds from/(repayment of) short-term credit from banks and others, net	4,138	(55,273)	62,187
Proceeds from Veridis transaction	0	0	129,181
Proceeds from issuance of share capital by a subsidiary to non-controlling interests, net of issuance expenses	524,548	99,064	0
Investments from holders of non-controlling interests in equity of subsidiary	0	48,724	63,878
Tax Equity Investment	0	40,863	82,405
Receipt of long-term loans, net	352,839	532,019	371,939
Proceeds from derivative financial instruments, net	5,251	2,105	2,385
Repurchase of own shares	(9,606)	(10,715)	(28,130)
Cash distribution and dividends paid	(267,940)	(200,551)	(150,362)
Proceeds from issuance of debentures, less issuance expenses	151,772	52,349	0
Interest paid	(52,787)	(61,615)	(41,135)
Net cash provided by/(used in) financing activities	505,758	(84,085)	324,579
Increase in cash and cash equivalents	427,605	316,848	169,131
Cash and cash equivalents at beginning of the year	1,015,851	696,838	535,171
Effect of exchange rate fluctuations on balances of cash and cash equivalents	34,883	2,165	(7,464)
Cash and cash equivalents at end of the year	$ 1,478,339	$ 1,015,851	$ 696,838

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 1,478,339	$ 1,015,851
Trade receivables	136,970	80,403
Short-term derivative instruments	15,410	54
Other investments	107,313	142,619
Other current assets	65,128	23,758
Total current assets	1,803,160	1,262,685
Non-current assets
Investment in OPC's equity-accounted investees	1,625,683	1,458,625
Long-term restricted cash	163,651	16,444
Long-term derivative instruments	13,042	27,676
Deferred taxes	9,925	2,733
Property, plant and equipment, net	1,372,443	1,156,217
Intangible assets, net	83,459	71,809
Long-term prepaid expenses and other non-current assets	108,248	41,595
Right-of-use assets, net	200,527	175,457
Total non-current assets	3,576,978	2,950,556
Total assets	5,380,138	4,213,241
Current liabilities
Current maturities of loans from banks and others	117,441	84,519
Trade and other payables	245,057	93,991
Short-term derivative instruments	94	317
Current maturities of lease liabilities	2,606	4,016
Total current liabilities	365,198	182,843
Non-current liabilities
Long-term loans from banks and others	1,142,116	726,625
Debentures	509,587	455,955
Deferred taxes	162,570	147,714
Other non-current liabilities	7,621	31,536
Long-term derivative instruments	787	0
Long-term lease liabilities	7,553	9,027
Total non-current liabilities	1,830,234	1,370,857
Total liabilities	2,195,432	1,553,700
Equity
Share capital	50,134	50,134
Translation reserve	36,203	2,620
Capital reserve	47,721	63,954
Accumulated profit	1,454,486	1,491,197
Equity attributable to owners of the Company	1,588,544	1,607,905
Non-controlling interests	1,596,162	1,051,636
Total equity	3,184,706	2,659,541
Total liabilities and equity	$ 5,380,138	$ 4,213,241