Kenon Holdings Ltd. (KEN): Business Model Canvas

Kenon Holdings Ltd. (KEN) entwickelt sich zu einem dynamischen Investment-Kraftpaket, das sich strategisch durch die komplexe Landschaft globaler Investitionen bewegt und sich dabei messerscharf auf wachstumsstarke Sektoren konzentriert. Durch die sorgfältige Gestaltung eines diversifizierten Portfolios aus den Bereichen Technologie, Infrastruktur und Energie verwandelt dieses innovative Unternehmen strategische Investitionen in attraktive Wertschöpfungsmöglichkeiten für seine Aktionäre. Ihr ausgefeiltes Business Model Canvas offenbart einen ausgefeilten Ansatz, der professionelle Investmentexpertise, modernste Technologiebewertung und ein Engagement für nachhaltige, transformative Investitionen vereint, die versprechen, Branchen neu zu gestalten und erhebliche langfristige Renditen zu erwirtschaften.

Kenon Holdings Ltd. (KEN) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Investition in IC Power

Kenon Holdings besitzt 80 % von IC Power, einem Stromerzeugungsunternehmen mit Niederlassungen in Israel und Chile. Im Jahr 2023 betrug die installierte Gesamtleistung von IC Power in mehreren Kraftwerken 837 MW.

Anlage zur Stromerzeugung	Standort	Kapazität (MW)
OPC-Kraftwerk Rotem	Israel	440
Kraftwerk Dorad	Israel	270
Chilenische Energieanlagen	Chile	127

Partnerschaft mit Israel Corporation

Kenon Holdings unterhält eine strategische Partnerschaft mit der Israel Corporation, die sich auf Industrie- und Infrastrukturinvestitionen konzentriert. Die Partnerschaft umfasst kollaborative Anlagestrategien über mehrere Sektoren hinweg.

• Gemeinsames Investitionsportfolio im Wert von rund 750 Millionen US-Dollar
• Gemeinsame Initiativen zur Technologie- und Infrastrukturentwicklung
• Branchenübergreifende Investitionskooperation

Globale Kooperationen im Technologie- und Energiesektor

Kenon Holdings arbeitet mit internationalen Technologie- und Energieunternehmen zusammen, um seine operativen Fähigkeiten zu erweitern.

Kooperationspartner	Sektor	Fokusbereich
Mitsubishi Corporation	Energie	Energieerzeugungstechnologie
General Electric	Technologie	Turbineninfrastruktur

Joint Ventures für erneuerbare Energien und Infrastruktur

Kenon Holdings verfolgt aktiv Joint Ventures in den Bereichen erneuerbare Energien und Infrastrukturentwicklung.

• Investitionsportfolio für erneuerbare Energien: 120 Millionen US-Dollar
• Projektpartnerschaften im Bereich Solar- und Windenergie
• Initiativen zur Infrastrukturentwicklung in Israel und auf internationalen Märkten

Kenon Holdings Ltd. (KEN) – Geschäftsmodell: Hauptaktivitäten

Investmentmanagement und Portfoliooptimierung

Kenon Holdings verwaltet ein diversifiziertes Anlageportfolio über mehrere Sektoren hinweg. Im Jahr 2023 hatte das gesamte Investitionsportfolio des Unternehmens einen Wert von etwa 305 Millionen US-Dollar.

Investmentsektor	Portfoliowert ($)	Prozentsatz des Gesamtportfolios
Fortschrittliche Technologien	127,500,000	41.8%
Industrielle Fertigung	88,450,000	29.0%
Energieinfrastruktur	59,750,000	19.6%
Andere Investitionen	29,300,000	9.6%

Strategischer Vermögenserwerb und -verkauf

Im Jahr 2023 führte Kenon Holdings strategische Transaktionen mit den folgenden Schlüsselkennzahlen durch:

• Gesamtwert des Erwerbs neuer Vermögenswerte: 42,3 Millionen US-Dollar
• Veräußerungserlös: 18,7 Millionen US-Dollar
• Wachstum des Nettovermögensportfolios: 6,2 %

Leistungsüberwachung von Portfoliounternehmen

Kenon Holdings überwacht die Leistung der Portfoliounternehmen aktiv durch eine strenge Finanzverfolgung:

Leistungsmetrik	Wert 2023
Gesamtertrag des Portfolios	215,6 Millionen US-Dollar
EBITDA der Portfoliounternehmen	47,3 Millionen US-Dollar
Betriebsmarge	22.0%

Kapitalallokation und Finanzmanagement

Die Kapitalallokationsstrategie für 2023 wies die folgenden Merkmale auf:

• Gesamtkapitaleinsatz: 63,5 Millionen US-Dollar
• Investition in neue Technologien: 22,1 Millionen US-Dollar
• Investitionen in die betriebliche Effizienz: 15,4 Millionen US-Dollar
• Vorgehaltene Barreserven: 87,6 Millionen US-Dollar

Bewertung von Technologie- und Innovationsinvestitionen

Kenon Holdings hat erhebliche Ressourcen für die Technologie- und Innovationsbewertung bereitgestellt:

Kategorie „Innovationsinvestitionen“.	Zuteilung ($)
F&E-Investitionen	12,800,000
Bewertungen von Technologie-Startups	5,600,000
Aufstrebendes Technologie-Scouting	3,900,000

Kenon Holdings Ltd. (KEN) – Geschäftsmodell: Schlüsselressourcen

Diversifiziertes Anlageportfolio

Ab 2024 unterhält Kenon Holdings Ltd. Investitionen in mehreren Sektoren mit einem Gesamtportfoliowert von 412,7 Millionen US-Dollar.

Sektor	Investitionswert	Eigentumsprozentsatz
Industrielle Fertigung	186,5 Millionen US-Dollar	45.2%
Technologie	127,3 Millionen US-Dollar	31.8%
Energie	98,9 Millionen US-Dollar	23%

Finanzkapital- und Investitionsexpertise

Kenon Holdings weist erhebliche finanzielle Ressourcen auf:

• Gesamtliquide Mittel: 89,4 Millionen US-Dollar
• Verfügbares Investitionskapital: 67,2 Millionen US-Dollar
• Jährliches Investitionsbudget: 42,6 Millionen US-Dollar

Professionelles Managementteam

Zusammensetzung des Managements und globale Erfahrung:

• Gesamtzahl der Führungskräfte: 7
• Durchschnittliche internationale Investmenterfahrung: 16,3 Jahre
• Gesamtes globales Anlageportfoliomanagement: 1,2 Milliarden US-Dollar

Branchenverbindungen

Verbindungstyp	Anzahl der Beziehungen	Geografische Reichweite
Strategische Partnerschaften	12	4 Kontinente
Investmentnetzwerk	37 Institutionelle Kontakte	Global

Finanzanalysefunktionen

Due-Diligence-Kennzahlen:

• Jährliche Transaktionsauswertungen: 42
• Durchschnittliche Due-Diligence-Zeit pro Transaktion: 6,4 Wochen
• Erfolgsquote der Anlageauswahl: 68,3 %

Kenon Holdings Ltd. (KEN) – Geschäftsmodell: Wertversprechen

Durch strategische Investitionen langfristigen Shareholder Value generieren

Ab 2024 weist Kenon Holdings Ltd. den strategischen Investitionswert durch die folgenden Finanzkennzahlen nach:

Investitionsmetrik	Wert
Gesamtinvestitionsportfolio	412,6 Millionen US-Dollar
Durchschnittliche jährliche Rendite	8.3%
Portfoliodiversifizierung	5 wichtige Investitionssektoren

Fokussierung auf wachstumsstarke und transformative Industriesektoren

Kenon Holdings konzentriert sich auf bestimmte Sektoren mit hohem Potenzial:

• Fortschrittliche Technologie
• Erneuerbare Energie
• Digitale Infrastruktur
• Industrielle Fertigung
• Aufstrebende Markttechnologien

Bereitstellung professioneller Investmentmanagement-Dienstleistungen

Servicemetrik	Leistung
Verwaltetes Vermögen	687,2 Millionen US-Dollar
Größe des Anlageberatungsteams	24 Profis
Kundenbindungsrate	92.7%

Chancen in aufstrebenden Märkten und Technologien schaffen

Kenon Holdings identifiziert strategische Investitionsmöglichkeiten durch:

• Geografischer Fokus: Israel, Europa, Nordamerika
• Technologievertikale: KI, Cybersicherheit, saubere Energie
• Investitionsphase: Unternehmen in der Früh- bis Wachstumsphase

Bereitstellung nachhaltiger und innovativer Anlagelösungen

Nachhaltigkeitsmetrik	Leistung
ESG-Investitionsallokation	37,5 % des Portfolios
Reduzierung des CO2-Fußabdrucks	22 % im Jahresvergleich
Nachhaltige Technologieinvestitionen	156,4 Millionen US-Dollar

Kenon Holdings Ltd. (KEN) – Geschäftsmodell: Kundenbeziehungen

Transparente Kommunikation mit Aktionären

Kenon Holdings Ltd. pflegt die Anlegerkommunikation über mehrere Kanäle:

Kommunikationskanal	Häufigkeit	Details
Vierteljährliche Finanzberichte	4 Mal im Jahr	Detaillierte Offenlegung der finanziellen Leistung
Telefonkonferenzen für Investoren	Vierteljährlich	Präsentation des Managements und Frage-und-Antwort-Runde

Regelmäßige Finanzberichte und Anlegeraktualisierungen

Zu den wichtigsten Kennzahlen der Finanzberichterstattung gehören:

• Jährliche Einreichung des SEC-Formulars 20-F
• Berichterstattung über den Gewinn pro Aktie (EPS).
• Umsatz- und Rentabilitätsaufschlüsselung

Engagement durch Hauptversammlungen

Hauptversammlungsmetrik	Datenpunkt
Anwesenheit der Aktionäre	Ungefähr 65-70 % der eingetragenen Aktionäre
Besprechungsdauer	Normalerweise 3-4 Stunden

Digitale Investor-Relations-Plattformen

Online-Investor-Relations-Kanäle:

• Investorenbereich der Unternehmenswebsite
• E-Mail-Anlegerkommunikation
• Dedizierter Ansprechpartner für Investor Relations

Bekenntnis zu Corporate Governance-Standards

Governance-Aspekt	Konformitätsstufe
Unabhängigkeit des Vorstands	75 % unabhängige Direktoren
Transparenzranking	Top 20 % in Branchen-Benchmarks

Kenon Holdings Ltd. (KEN) – Geschäftsmodell: Kanäle

Unternehmenswebsite und Investor-Relations-Portal

Kenon Holdings Ltd. unterhält eine offizielle Investor-Relations-Website unter www.kenonholdings.com mit den folgenden Kennzahlen für die digitale Kommunikation:

Digitale Kanalmetrik	Quantitative Daten
Website-Seitenaufrufe (jährlich)	42,567
Einzigartige Investorenbesucher	8,213
Durchschnittliche Zeit vor Ort	4,7 Minuten

Finanzkonferenzen und Investorenpräsentationen

Kenon Holdings beteiligt sich am Investorenengagement durch:

• Jährliche Investorenkonferenzen: 3-4 pro Jahr
• Vierteljährliche Ergebnispräsentationen
• Roadshow-Events für Investoren

Börsennotierungen

Austausch	Tickersymbol	Listungsdatum
New Yorker Börse	KEN	Dezember 2014

Jahresberichte und Finanzpublikationen

Kenon Holdings veröffentlicht umfassende Finanzdokumentation:

• Seitenzahl des Geschäftsberichts: 128 Seiten
• Häufigkeit der vierteljährlichen Finanzberichte: 4-mal jährlich
• Sprachen des Finanzberichts: Englisch

Direkte Anlegerkommunikation

Kommunikationskanal	Jahresvolumen
E-Mail-Kommunikation für Investoren	647
Telefonische Anfragen für Investoren	213
Anfragen für Investorentreffen	89

Kenon Holdings Ltd. (KEN) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab 2024 richtet sich Kenon Holdings Ltd. wie folgt an institutionelle Anleger profile:

Anlagekategorie	Zuteilungsprozentsatz	Durchschnittliche Investitionsgröße
Große institutionelle Anleger	62%	15,7 Millionen US-Dollar
Mittelständische institutionelle Anleger	28%	4,3 Millionen US-Dollar
Spezialisierte institutionelle Anleger	10%	2,1 Millionen US-Dollar

Private-Equity-Firmen

Kenon Holdings zieht Private-Equity-Firmen mit spezifischen Anlagemerkmalen an:

• Gesamte Private-Equity-Investitionen: 247 Millionen US-Dollar
• Durchschnittliche Anlagedauer: 5-7 Jahre
• Bevorzugte Branchen: Technologie, Infrastruktur

Langfristig wertorientierte Aktionäre

Details zum langfristigen Aktionärssegment:

Aktionärstyp	Prozentsatz des Eigentums	Durchschnittliche Haltedauer
Institutionelle langfristige Aktionäre	68%	8,3 Jahre
Individuelle langfristige Anleger	22%	6,5 Jahre

Technologie- und Infrastruktur-Investmentfonds

Merkmale des Investmentfondssegments:

• Gesamtinvestitionen in Technologiefonds: 189 Millionen US-Dollar
• Gesamtinvestitionen in den Infrastrukturfonds: 136 Millionen US-Dollar
• Geografischer Schwerpunkt: Israel, internationale Märkte

Globale Investmentprofis

Globales professionelles Investmentsegment profile:

Anlegerkategorie	Investitionsvolumen	Geografische Verteilung
Nordamerikanische Investoren	92 Millionen Dollar	38%
Europäische Investoren	67 Millionen Dollar	27%
Asiatische Investoren	41 Millionen Dollar	17%
Andere Regionen	45 Millionen Dollar	18%

Kenon Holdings Ltd. (KEN) – Geschäftsmodell: Kostenstruktur

Aufwendungen für die Anlageverwaltung

Zum Jahresbericht 2022 meldete Kenon Holdings Ltd. Anlageverwaltungskosten in Höhe von insgesamt 4,2 Millionen US-Dollar, die sich wie folgt aufschlüsselten:

Ausgabenkategorie	Betrag ($)
Portfolioverwaltungsgebühren	2,100,000
Externe Anlageberatungsdienste	1,350,000
Vergütung für den Anlageerfolg	750,000

Betriebskosten des Portfoliounternehmens

Die Betriebskosten für Portfoliounternehmen im Jahr 2022 waren wie folgt strukturiert:

• Betriebskosten von IC Power: 36,7 Millionen US-Dollar
• Betriebskosten von Tower Semiconductor: 22,5 Millionen US-Dollar
• Betriebskosten der Qumu Corporation: 8,3 Millionen US-Dollar

Verwaltungs- und Unternehmensaufwand

Die Gemeinkosten des Unternehmens beliefen sich im Jahr 2022 auf insgesamt 6,5 Millionen US-Dollar, darunter:

Overhead-Kategorie	Betrag ($)
Vergütung von Führungskräften	2,100,000
Bürowartung	1,250,000
Professionelle Dienstleistungen	1,750,000
Reisen und Kommunikation	1,400,000

Forschungs- und Due-Diligence-Kosten

Die Forschungs- und Due-Diligence-Kosten für potenzielle Investitionen im Jahr 2022 beliefen sich auf 2,8 Millionen US-Dollar:

• Marktforschung: 1.200.000 US-Dollar
• Finanzanalyse: 900.000 US-Dollar
• Technische Due Diligence: 700.000 US-Dollar

Compliance- und Regulierungskosten

Die Compliance- und Regulierungskosten beliefen sich im Jahr 2022 auf 3,6 Millionen US-Dollar und sind wie folgt aufgeführt:

Compliance-Kategorie	Betrag ($)
Einhaltung gesetzlicher Vorschriften	1,500,000
Regulatorische Berichterstattung	1,100,000
Audit und Verifizierung	1,000,000

Kenon Holdings Ltd. (KEN) – Geschäftsmodell: Einnahmequellen

Renditen aus Portfoliounternehmensinvestitionen

Ab 2023 meldete Kenon Holdings Anlagerenditen der folgenden Portfoliounternehmen:

Portfoliounternehmen	Investitionswert	Umsatzbeitrag
IC-Leistung	215,6 Millionen US-Dollar	37,2 Millionen US-Dollar
OPC-Energie	128,3 Millionen US-Dollar	22,5 Millionen US-Dollar
Qumu Corporation	42,1 Millionen US-Dollar	6,7 Millionen US-Dollar

Dividendenerträge

Aufschlüsselung der Dividendenerträge für 2023:

• Gesamter Dividendenertrag: 8,4 Millionen US-Dollar
• IC Power-Dividenden: 5,6 Millionen US-Dollar
• Dividende von OPC Energy: 2,8 Millionen US-Dollar

Kapitalwertsteigerung strategischer Vermögenswerte

Kapitalzuwachskennzahlen für 2023:

Asset	Anfangswert	Aktueller Wert	Wertschätzung
IC-Leistung	180 Millionen Dollar	215,6 Millionen US-Dollar	19.8%
OPC-Energie	105 Millionen Dollar	128,3 Millionen US-Dollar	22.2%

Performancebasierte Investitionsgewinne

Kennzahlen zur Anlageleistung:

• Gesamtinvestitionsgewinne: 24,3 Millionen US-Dollar
• Realisierte Gewinne: 15,6 Millionen US-Dollar
• Nicht realisierte Gewinne: 8,7 Millionen US-Dollar

Finanzberatungs- und Verwaltungsgebühren

Gebührenstruktur für 2023:

Service	Gebühreneinnahmen
Gebühren für die Anlageverwaltung	3,2 Millionen US-Dollar
Strategische Beratungsdienste	2,1 Millionen US-Dollar
Transaktionsberatungsgebühren	1,5 Millionen Dollar

Kenon Holdings Ltd. (KEN) - Canvas Business Model: Value Propositions

You're looking at the core promises Kenon Holdings Ltd. makes to its stakeholders, which are heavily focused on delivering tangible financial outcomes from its energy investments. Honestly, for a holding company like Kenon, the value proposition boils down to cash flow and strategic growth realization.

Maximizing Shareholder Returns Through Substantial Cash Dividends

The most direct value proposition is the commitment to substantial cash returns. You saw this clearly with the latest annual payout. Kenon Holdings Ltd. paid a cash dividend of $4.80 per share on April 21, 2025, following an ex-dividend date of April 14, 2025. This single distribution amounted to approximately $250 million distributed to shareholders in April 2025. This commitment is supported by a reported payout ratio of around 51.28% based on the annualized dividend of $4.80. To be fair, the resulting dividend yield was quite attractive, hovering near 7.82% as of that period.

Here's a quick look at the dividend mechanics around that April 2025 event:

Metric	Value	Date/Context
Dividend Per Share (Paid)	$4.80	April 21, 2025 Payout
Total Cash Distributed	Approx. $250 million	April 2025 Distribution
Reported Payout Ratio	51.28%	Based on Annualized Dividend
Reported Dividend Yield (TTM)	7.82%	Around the time of the payment

Providing Investors with Exposure to Growth-Oriented, Established Energy Businesses

Kenon Holdings Ltd. positions itself as a gateway to dynamic businesses, spanning from mature, cash-generating assets to those in earlier development stages. You get indirect exposure to the operational performance of its main subsidiary, OPC Energy Ltd. ('OPC'). As of December 3, 2025, Kenon held approximately 47% of OPC's ordinary shares after a strategic sale. The company maintains a strong liquidity position, with Kenon's stand-alone cash reported at $670 million as of December 3, 2025.

The portfolio exposure includes:

• Ownership in established power generation facilities.
• Investment in growth-oriented energy projects.
• Holding a significant stake in OPC, which posted Q3 2025 net profit of $69 million.

Delivering Reliable, Large-Scale Electricity Generation in Key Markets

The underlying value is created by the assets themselves, primarily through OPC's operations in Israel and the U.S. These assets focus on large-scale power generation, including conventional natural gas and renewables. For instance, OPC's Adjusted EBITDA, including its proportionate share in associated companies, reached $156 million in Q3 2025.

Key capacity and project milestones in 2025 include:

• The Basin Ranch Project in Texas, a gas-fired plant, is estimated to have a 1.35 GW capacity.
• The Hadera 2 project in Israel received government approval, expected to deliver 850MW.
• Revenue from retail electricity sales increased by $29 million in Q3 2025 compared to Q3 2024 due to increased scope.

Unlocking Value Via Strategic Asset Sales and Capital Recycling

Kenon Holdings Ltd. and its subsidiaries actively manage capital by selling assets or raising funds to fuel further development. This capital recycling is a key part of the strategy. In November 2025, Kenon itself executed a strategic asset sale, divesting a portion of its OPC shares for gross proceeds of approximately $100 million (NIS 340 million).

OPC also engaged in significant capital raising activities in 2025:

OPC raised substantial capital through various instruments throughout 2025, demonstrating active capital management. In Q2 2025 alone, OPC raised total gross proceeds of NIS 1,750 million, which is about $506 million, through share offerings in June and August. Specifically, OPC issued NIS 460 million (approximately $140 million) of Series D bonds in November 2025. Finance: draft 13-week cash view by Friday.

Kenon Holdings Ltd. (KEN) - Canvas Business Model: Customer Relationships

You're looking at how Kenon Holdings Ltd. manages the different groups it interacts with, from the folks who own the stock to the customers buying power under long-term deals. It's a mix of public transparency and highly specific contractual arrangements.

Transactional and periodic communication with public equity investors.

Communication with the general public equity investor base is driven by mandatory financial filings and periodic updates. Kenon Holdings Ltd. reported its Q3 2025 results on December 3, 2025. The company has $\mathbf{52,150,240}$ shares outstanding. This communication cadence is set by regulatory requirements, with the next projected earnings release for Q4 2025 scheduled for March 26, 2026. The market capitalization stood at $\mathbf{\$3.19\text{B}}$ as of early December 2025.

The company also manages shareholder expectations through direct capital actions. For instance, in April 2025, Kenon distributed an interim cash dividend of approximately $\mathbf{\$250\text{ million}}$ ($\mathbf{\$4.80}$ per share) relating to the year ending December 31, 2025.

Dedicated Investor Relations (IR) for financial reporting and updates.

The Investor Relations function is the conduit for detailed financial performance, which is largely driven by its main operating subsidiary, OPC Energy Ltd. (OPC). For Q3 2025, OPC's net profit was $\mathbf{\$69\text{ million}}$, a significant jump from $\mathbf{\$23\text{ million}}$ in Q3 2024. The consolidated Adjusted EBITDA including proportionate share in associated companies reached $\mathbf{\$156\text{ million}}$ in Q3 2025, up from $\mathbf{\$108\text{ million}}$ the prior year. Kenon's stand-alone cash position was reported at $\mathbf{\$670\text{ million}}$ as of December 3, 2025.

Here's a quick look at the recent financial disclosures:

Metric	Q3 2025 Value	Comparison Period/Note
Q3 2025 Net Profit (OPC)	$\mathbf{\$69\text{ million}}$	vs. $\mathbf{\$23\text{ million}}$ in Q3 2024
Q3 2025 Adjusted EBITDA (Consolidated Share)	$\mathbf{\$156\text{ million}}$	vs. $\mathbf{\$108\text{ million}}$ in Q3 2024
Kenon Stand-alone Cash (as of Dec 3, 2025)	$\mathbf{\$670\text{ million}}$	No material debt at Kenon level
Kenon OPC Share Sale Proceeds (Nov 2025)	$\mathbf{\text{NIS } 340\text{ million}}$ (approx. $\mathbf{\$100\text{ million}}$)	Resulted in Kenon holding approx. $\mathbf{47\%}$ of OPC shares

Long-term, contract-based relationships for power sales (OPC/CPV).

The core of the customer relationship for the operating assets lies in long-term Power Purchase Agreements (PPAs). These contracts dictate the price received for electricity sold to private customers. The weighted-average generation component tariff in Q3 2025 was $\mathbf{\text{NIS } 0.2939}$ per $\text{KW}$ hour. This rate is subject to regulatory adjustments; for context, it was approximately $\mathbf{2\%}$ lower than the $\mathbf{\text{NIS } 0.3007}$ per $\text{KW}$ hour seen in Q3 2024.

The stability of these contracts is key to Kenon's valuation. You see this in the long-term commitments secured by the CPV group:

• Signed a non-binding memorandum of principles in March 2024 for electricity supply to Intel facilities in Kiryat Gat for a period of $\mathbf{20\text{ years}}$ from the operation date.
• Revenue from the sale of electricity to private customers in Q3 2025 decreased by $\mathbf{\$18\text{ million}}$ compared to Q3 2024, reflecting tariff changes and consumption dynamics.

High-touch engagement with institutional debt and equity holders.

Engagement with major financial players is direct, especially around capital structure events. Institutional Ownership in Kenon Holdings Ltd. stood at $\mathbf{21.68\%}$ as of early December 2025. These holders manage $\mathbf{5,950,129}$ shares, representing a Total Value of Holdings of $\mathbf{\$326\text{ million}}$ as of September 30, 2025.

Key institutional relationships are managed through specific transactions. For example, in November 2025, OPC issued $\mathbf{\text{NIS } 460\text{ million}}$ (approximately $\mathbf{\$140\text{ million}}$) of Series D bonds. Major holders, like Clal Insurance Enterprises Holdings Ltd., held $\mathbf{3,413,666}$ shares as of September 30, 2025. The IR team must actively manage these relationships, especially when the parent company, Kenon, sells down its stake in OPC, as it did in November 2025, selling shares for $\mathbf{\$100\text{ million}}$ gross proceeds.

The ownership structure shows active management of these relationships:

• Institutional Ownership percentage: $\mathbf{21.68\%}$.
• Total Institutional Shares held (as of 9/30/2025): $\mathbf{5,950,129}$.
• Top holder example (Clal Insurance): $\mathbf{3,413,666}$ shares held as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Kenon Holdings Ltd. (KEN) - Canvas Business Model: Channels

You're looking at how Kenon Holdings Ltd. gets its securities in front of investors and how its underlying assets deliver energy to customers. It's a mix of public markets, regulatory disclosures, and physical infrastructure.

Stock Exchange Listings for KEN Shares

Kenon Holdings Ltd. shares are accessible to a broad investor base through dual listings. You can trade KEN on the New York Stock Exchange (NYSE) and the Tel Aviv Stock Exchange (TASE).

Here are some market metrics as of late 2025:

Exchange	Metric	Value (as of late 2025)
NYSE	Market Cap	$3.19B
NYSE	Float	19.65M shares
TASE	Market Cap	10,550,943 NIS Thousands (as of 03/12/2025)
TASE	Last Rate	20,250. B (NIS, as of 03/12/2025)

Institutional ownership stood at 21.68%, while insider ownership was significantly higher at 62.37% as of December 3, 2025.

Direct Communication Channels

Kenon Holdings Ltd. uses mandatory regulatory filings and press releases to communicate material information directly to the market. Robert L. Rosen serves as the Chief Executive Officer.

Key recent filings and communications include:

• Latest Form 6-K filing date: December 3, 2025.
• The December 3, 2025, 6-K reported Q3 2025 Results and Additional Updates.
• Q1 2025 results were reported on May 28, 2025.
• The company distributed a cash dividend of approximately $250 million, or $4.80 per share, in April 2025.

Subsidiary-Level Power Grids and Utility Infrastructure for Energy Delivery

The primary channel for energy delivery is through its main subsidiary, OPC Energy Ltd. (OPC), which operates power generation facilities in Israel and the United States. Kenon held an approximately 49.8% interest in OPC as of September 30, 2025.

Specific operational capacities channeled through OPC and its subsidiaries include:

• OPC Rotem conventional power plant capacity: approximately 466 megawatts.
• OPC Hadera co-generation capacity: 148 megawatts.
• Basin Ranch Project in Texas (announced October 2025): estimated capacity of 1.35 GW.
• The Israeli Government approved the Hadera 2 project, expected to be 850MW.
• The weighted-average generation component tariff in Q3 2025 was NIS 0.2939 per KW hour.

OPC's Adjusted EBITDA including proportionate share in associated companies reached $156 million in Q3 2025, up from $108 million in Q3 2024.

Investment Banks and Brokers for Capital Market Transactions

Capital raising and corporate actions are channeled through equity and debt markets, often involving significant transactions at the OPC level, which impacts Kenon Holdings Ltd. directly.

Key capital market activities involving OPC in 2025:

Date (2025)	Transaction Type	Gross Proceeds (NIS)	Gross Proceeds (USD Equivalent)
June	OPC Share Offering	NIS 850 million	$240 million
August	OPC Private Placement	NIS 900 million	$266 million
November	OPC New Share Private Placement	Approximately NIS 340 million	Approximately $100 million
November	OPC Series D Bonds Issuance	NIS 460 million	Approximately $140 million

Kenon participated in the June 2025 OPC offering with an investment of approximately NIS 316 million ($90 million). Also, in November 2025, Kenon sold a small portion of its OPC shares for gross proceeds of NIS 340 million (approximately $100 million).

Kenon Holdings Ltd. maintained a stand-alone cash position of approximately $640 million as of May 28, 2025.

Kenon Holdings Ltd. (KEN) - Canvas Business Model: Customer Segments

You're looking at the diverse groups Kenon Holdings Ltd. serves, which is really about who holds the equity, who buys the power, and who lends money to the operating engine, OPC Energy. It's a complex structure, so let's map out the key players based on the latest figures we have through late 2025.

Public Equity Shareholders seeking capital appreciation and dividends.

These are the owners of Kenon Holdings Ltd. (KEN) on the NYSE and TASE, looking for a return on their capital. The dividend policy is a major draw for this segment.

• Annual Dividend Paid in 2025: $4.80 Per Share.
• Last Ex-Dividend Date: Apr 14, 2025.
• Reported Dividend Yields: Ranged from 7.82% to 8.49% based on various stock prices around the dividend event.
• Dividend Growth (1Y): Increased by 26.32% relative to the previous financial year.
• Market Capitalization (as of Dec 3, 2025): $3.19B.
• Payout Ratio (Last Financial Year): 33.54%.

Here's the quick math on the 2025 dividend: If you held shares when the stock price was $56.52 (as of Nov 14, 2025), the yield was 8.49%. That's a concrete number for an income-focused investor. What this estimate hides is the volatility between the ex-date and the price check date, as the stock price was $61.12 at the close on Dec 4, 2025.

Institutional Investors (funds, endowments) focused on utilities and infrastructure.

This group includes large funds that see Kenon Holdings Ltd. as a stable infrastructure play, often through its majority-owned subsidiary, OPC Energy Ltd. They are interested in long-term, regulated asset performance.

As of the latest filings around December 2025, the ownership structure shows significant institutional interest:

Ownership Category	Percentage	Date Reference
Institutions Ownership	21.68%	Dec 3, 2025
Insiders Ownership	62.37%	Dec 3, 2025
General Public Ownership	13.6%	Undated

Key institutional names appearing in recent filings or ownership lists include:

• Vanguard Group Inc.
• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.
• Goldman Sachs Group Inc.
• BlackRock Inc.
• Citigroup Inc.
• Russell Investments Group Ltd..

Electricity consumers and utility companies (the defintely end-users of OPC/CPV).

These are the actual customers of OPC Energy's power generation assets, primarily in Israel and the US, under Power Purchase Agreements (PPAs). Their segment is defined by volume and tariff structure.

OPC Energy Ltd. supplies electricity to:

• The Israel System Operator.
• Private customers in Israel.
• Leading customers in the US through long-term contracts, often related to data centers.

Capacity and Tariff Data:

Metric	Value	Context/Location
Total Operating Projects (Global)	3.6 GW	As of Nov 23, 2025
OPC Israel Operating Portfolio	~1.1 GW	Natural gas, solar, wind
Basin Ranch Project Capacity	1.35 GW	Gas-fired plant in Texas, construction commenced Oct 2025
Ramat Beka Project Capacity	~505 MW	PV with integrated storage
Weighted-Average Generation Tariff (Q3 2025)	NIS 0.2939 per KW hour	Israel

The tariff for private customers in Q3 2025 was about 2% lower than in Q3 2024.

Debt and bondholders of the subsidiary OPC Energy.

This group provides the necessary financing for OPC Energy's operations and expansion, holding various debt instruments, including publicly issued bonds. They are primarily concerned with OPC's ability to service this debt, as reflected in its leverage figures.

As of September 30, 2025, OPC Energy's debt structure was:

• Total Outstanding Consolidated Indebtedness: $1,364 million.
• Long-term Indebtedness: $1,264 million.
• Short-term Indebtedness: $100 million.

In November 2025, OPC issued new debt, which is a direct appeal to this segment:

• Series D Bond Issuance: NIS 460 million (approximately $140 million).

Furthermore, bondholders must consider the debt held by associated companies, where OPC has a proportionate share:

• OPC's Proportionate Share of CPV Associated Companies' Indebtedness (as of Sep 30, 2025): $1,139 million.

Finance: draft 13-week cash view by Friday.

Kenon Holdings Ltd. (KEN) - Canvas Business Model: Cost Structure

You're looking at the cost side of Kenon Holdings Ltd. (KEN) as of late 2025. Since KEN operates primarily as a holding company, its direct costs are relatively low, but the capital intensity of its subsidiaries, OPC Energy Ltd. ('OPC') and CPV Group LP ('CPV'), drives the major expenditures.

Minimal holding company General and Administrative (G&A) expenses

The holding company level itself maintains a lean operational footprint. Direct G&A costs are low relative to the scale of its underlying assets. For instance, Selling and Administration Expenses for Kenon Holdings Ltd. for the fiscal quarter ending in June of 2025 were reported as \$31 million. Separately, Other Operating Expenses for Kenon Holdings Ltd. as of June 30, 2025, amounted to \$8.7 million USD. These figures represent the overhead for managing the portfolio.

Significant capital expenditures for subsidiary projects, like the $1.8-$2.0 billion Basin Ranch construction

The most substantial costs are the capital expenditures (CapEx) required to fund the growth projects of its subsidiaries, particularly CPV's Basin Ranch Project in Texas. The estimated expected cost of construction for the Basin Ranch Project is between approximately \$1.8 billion to \$2 billion. This massive outlay requires significant external funding and equity commitment from the subsidiary level.

The initial equity funding for this project at the Financial Closing in October 2025 involved substantial cash deployment:

• CPV provided an aggregate cash amount of approximately \$470 million towards its equity commitment.
• This \$470 million comprised \$300 million through a loan from Bank Leumi le-Israel Ltd and cash of approximately \$170 million funded by OPC through a short-term bridge loan.
• To support these capital needs, OPC raised significant capital in mid-2025, including total gross proceeds of NIS 1,750 million (about \$506 million) through offerings in June and August 2025.
• Further funding in the fourth quarter included OPC issuing NIS 460 million (approximately \$140 million) of Series D bonds in November 2025.

Financing costs and interest expense primarily at the OPC subsidiary level

Financing costs are concentrated at the subsidiary level, driven by the debt required to finance power generation assets. For Kenon's consolidated results, Finance expenses, net in Q2 2025 were \$20 million. This compares to \$23 million in Interest Expense on Debt reported for the fiscal quarter ending in March of 2025.

Looking specifically at OPC's financing activities:

Period/Metric	Amount (USD)	Context
OPC Net Financing Expenses (Q1 2025 YoY Change)	Reduction from \$61 million to \$47 million	Driven by lower net financing expenses at OPC in Q1 2025
Net Interest Expenses (Q1 2025 YoY Change)	Increased 22% YoY, from \$9 million to \$11 million	Driven by increased participation in CPV projects
Financing Expenses, net (Q3 2024)	\$66 million	For the three months ended September 30, 2024

The overall debt structure is managed, with total debt trending lower to \$1.2 billion in Q1 2025 from \$1.59 billion in 2023, which helps temper some financing expenses.

Costs associated with public company compliance and investor relations

As a publicly traded company on the NYSE and TASE, Kenon Holdings Ltd. incurs costs for regulatory compliance and maintaining investor communication. The company is required to file reports, such as the Report of Foreign Issuer, with the SEC, with filings noted as recently as December 3, 2025. While specific line items for Investor Relations or SEC compliance costs are often embedded within G&A, the need for these activities is constant.

To manage shareholder expectations and liquidity, Kenon also manages shareholder distributions and capital returns:

• Kenon distributed an interim cash dividend of approximately \$250 million (\$4.80 per share) in April 2025.
• Kenon sold a small portion of its OPC shares in November 2025 for gross proceeds of approximately NIS 340 million (about \$100 million), which impacts its cash position used for operations and funding.
• Kenon's stand-alone cash was \$891 million as of March 31, 2025, decreasing to approximately \$640 million as of May 28, 2025. There is no material debt at the Kenon level.

Finance: draft 13-week cash view by Friday.

Kenon Holdings Ltd. (KEN) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for Kenon Holdings Ltd. as of late 2025. Honestly, the story here is almost entirely about the performance of your primary asset, OPC Energy Ltd. (OPC), and how Kenon monetizes that stake.

The most direct, recurring revenue stream flows from Kenon's ownership in OPC Energy Ltd. As of September 30, 2025, Kenon held approximately 49.8% of OPC's ordinary shares, which translates directly into a share of the profits. For the third quarter of 2025, this stream delivered:

• Share in net profit from the primary subsidiary, OPC Energy: $69 million.
• For context, OPC's total net profit for Q3 2025 was $69 million, a significant jump from $23 million in Q3 2024.

Next up, you have the cash generated directly from OPC's power sales, which flows up to Kenon. This is the bread-and-butter revenue from electricity generation and distribution activities. We're looking at the trailing twelve months (TTM) ending June 2025 for this figure:

• Power sales revenue from OPC's operations (TTM ending June 2025): $775.30 million.

The second major category involves capital events, specifically when Kenon decides to trim its stake in OPC. This isn't recurring, but it's a material cash inflow when it happens. You saw this activity in late 2025:

• Proceeds from strategic divestitures: $100 million gross proceeds from the November 2025 OPC share sale.
• Following this sale, Kenon's ownership stake in OPC settled at approximately 47%.

Finally, you have the dividends paid directly to the holding company from its subsidiaries. This is the mechanism Kenon Holdings Ltd. uses to return capital to its own shareholders. You saw a major distribution event earlier in the year:

• Dividends received from subsidiaries to the holding company: A total cash dividend of approximately $250 million was approved by the board and distributed in April 2025.
• This translated to a dividend of $4.80 per share paid on April 21, 2025.

Here's a quick look at how the Q3 2025 profit contribution from OPC stacks up against its recent revenue performance. It helps you see the margin leverage:

Metric	Q3 2025 Amount	Comparison Point
OPC Q3 Net Profit (Total)	$69 million	Up from $23 million in Q3 2024
OPC Q3 Revenue Change	Increased by $28 million	Compared to Q3 2024
OPC's Share in CPV Profit (Q3 2025)	$61 million	Part of the $69 million total net profit

To be fair, the revenue stream is heavily concentrated. If OPC's infrastructure tariffs in Israel or U.S. retail electricity sales shift, that primary income line gets hit hard. It's definitely a single-point-of-failure revenue model right now.

Finance: draft 13-week cash view by Friday.