Kenon Holdings Ltd. (KEN): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

Kenon Holdings Ltd. (Ken) emerge como una potencia de inversión dinámica, navegando estratégicamente por el complejo panorama de las inversiones globales con un enfoque afilado en sectores de alto crecimiento. Al crear meticulosamente una cartera diversificada que abarca tecnología, infraestructura y energía, esta empresa innovadora transforma inversiones estratégicas en oportunidades de creación de valor convincentes para los accionistas. Su sofisticado lienzo de modelo de negocio revela un enfoque sofisticado que combina la experiencia en la inversión profesional, la evaluación tecnológica de vanguardia y un compromiso con inversiones sostenibles y transformadoras que prometen remodelar las industrias y generar rendimientos sustanciales a largo plazo.

Kenon Holdings Ltd. (Ken) - Modelo de negocios: asociaciones clave

Inversión estratégica en poder IC

Kenon Holdings posee el 80% de IC Power, una compañía de generación de energía con operaciones en Israel y Chile. A partir de 2023, la capacidad instalada total de IC Power era de 837 MW en múltiples centrales eléctricas.

Activo de generación de energía	Ubicación	Capacidad (MW)
Planta de energía OPC ROTEM	Israel	440
Planta de energía de Dorad	Israel	270
Activos de energía chileno	Chile	127

Asociación con Israel Corporation

Kenon Holdings mantiene una asociación estratégica con Israel Corporation, centrándose en inversiones industriales e infraestructuras. La asociación implica estrategias de inversión colaborativa en múltiples sectores.

• Portafolio de inversión conjunta valorada en aproximadamente $ 750 millones
• Iniciativas de desarrollo tecnológico e infraestructura compartido
• Colaboración de inversión intersectorial

Tecnología global y colaboraciones del sector energético

Kenon Holdings se involucra con las compañías internacionales de tecnología y energía para expandir sus capacidades operativas.

Socio de colaboración	Sector	Área de enfoque
Mitsubishi Corporation	Energía	Tecnología de generación de energía
Electric General	Tecnología	Infraestructura de turbina

Energías conjuntas de energía renovable e infraestructura

Kenon Holdings persigue activamente empresas conjuntas en energía renovable y desarrollo de infraestructura.

• Portafolio de inversión de energía renovable: $ 120 millones
• Asociaciones del proyecto de energía solar y eólica
• Iniciativas de desarrollo de infraestructura en Israel y los mercados internacionales

Kenon Holdings Ltd. (Ken) - Modelo de negocio: actividades clave

Gestión de inversiones y optimización de cartera

Kenon Holdings administra una cartera de inversiones diversificada en múltiples sectores. A partir de 2023, la cartera de inversiones totales de la compañía se valoró en aproximadamente $ 305 millones.

Sector de la inversión	Valor de cartera ($)	Porcentaje de cartera total
Tecnologías avanzadas	127,500,000	41.8%
Fabricación industrial	88,450,000	29.0%
Infraestructura energética	59,750,000	19.6%
Otras inversiones	29,300,000	9.6%

Adquisición y desinversión de activos estratégicos

En 2023, Kenon Holdings ejecutó transacciones estratégicas con las siguientes métricas clave:

• Valor total de nuevas adquisiciones de activos: $ 42.3 millones
• Activos de desinversión: $ 18.7 millones
• Crecimiento de la cartera de activos netos: 6.2%

Monitoreo del rendimiento de las compañías de cartera

Kenon Holdings monitorea activamente el desempeño de la compañía de cartera a través del riguroso seguimiento financiero:

Métrico de rendimiento	Valor 2023
Ingresos totales de la cartera	$ 215.6 millones
Ebitda de compañías de cartera	$ 47.3 millones
Margen operativo	22.0%

Asignación de capital y gestión financiera

La estrategia de asignación de capital para 2023 demostró las siguientes características:

• Capital total desplegado: $ 63.5 millones
• Inversión en nuevas tecnologías: $ 22.1 millones
• Inversiones de eficiencia operativa: $ 15.4 millones
• Reservas de efectivo mantenidas: $ 87.6 millones

Evaluación de inversión de tecnología e innovación

Kenon Holdings dedicó recursos significativos a la evaluación de la tecnología y la innovación:

Categoría de inversión de innovación	Asignación ($)
Inversiones de I + D	12,800,000
Evaluaciones de inicio de tecnología	5,600,000
Exploración de tecnología emergente	3,900,000

Kenon Holdings Ltd. (Ken) - Modelo de negocio: recursos clave

Cartera de inversiones diversificada

A partir de 2024, Kenon Holdings Ltd. mantiene inversiones en múltiples sectores con un valor total de cartera de $ 412.7 millones.

Sector	Valor de inversión	Porcentaje de propiedad
Fabricación industrial	$ 186.5 millones	45.2%
Tecnología	$ 127.3 millones	31.8%
Energía	$ 98.9 millones	23%

Experiencia de capital financiero e inversión

Kenon Holdings demuestra recursos financieros significativos:

• Activos líquidos totales: $ 89.4 millones
• Capital de inversión disponible: $ 67.2 millones
• Presupuesto de inversión anual: $ 42.6 millones

Equipo de gestión profesional

Composición de gestión y experiencia global:

• Total de ejecutivos: 7
• Experiencia de inversión internacional promedio: 16.3 años
• Gestión combinada de la cartera de inversiones globales: $ 1.2 mil millones

Conexiones de la industria

Tipo de conexión	Número de relaciones	Alcance geográfico
Asociaciones estratégicas	12	4 continentes
Red de inversiones	37 contactos institucionales	Global

Capacidades de análisis financiero

Métricas de diligencia debida:

• Evaluaciones de transacciones anuales: 42
• Tiempo promedio de diligencia debida por transacción: 6.4 semanas
• Tasa de éxito de selecciones de inversión: 68.3%

Kenon Holdings Ltd. (Ken) - Modelo de negocio: propuestas de valor

Generación del valor de los accionistas a largo plazo a través de inversiones estratégicas

A partir de 2024, Kenon Holdings Ltd. demuestra un valor de inversión estratégica a través de las siguientes métricas financieras:

Métrico de inversión	Valor
Cartera de inversiones totales	$ 412.6 millones
Rendimiento anual promedio	8.3%
Diversificación de cartera	5 sectores de inversión clave

Centrarse en sectores de la industria de alto crecimiento y transformadores

Kenon Holdings se concentra en sectores específicos de alto potencial:

• Tecnología avanzada
• Energía renovable
• Infraestructura digital
• Fabricación industrial
• Tecnologías del mercado emergente

Proporcionar servicios profesionales de gestión de inversiones

Métrico de servicio	Actuación
Activos bajo administración	$ 687.2 millones
Tamaño del equipo de asesoramiento de inversiones	24 profesionales
Tasa de retención de clientes	92.7%

Creación de oportunidades en mercados y tecnologías emergentes

Kenon Holdings identifica oportunidades de inversión estratégica a través de:

• Enfoque geográfico: Israel, Europa, América del Norte
• Tecnología vertical: Ai, ciberseguridad, energía limpia
• Etapa de inversión: Etiqueta temprana para las empresas en etapa de crecimiento

Entrega de soluciones de inversión sostenibles e innovadoras

Métrica de sostenibilidad	Actuación
Asignación de inversión de ESG	37.5% de la cartera
Reducción de la huella de carbono	22% año tras año
Inversiones en tecnología sostenible	$ 156.4 millones

Kenon Holdings Ltd. (Ken) - Modelo de negocios: relaciones con los clientes

Comunicación transparente con los accionistas

Kenon Holdings Ltd. mantiene la comunicación de los inversores a través de múltiples canales:

Canal de comunicación	Frecuencia	Detalles
Informes financieros trimestrales	4 veces al año	Divulgación detallada del rendimiento financiero
Llamadas a la conferencia de inversores	Trimestral	Presentación de gestión y sesiones de preguntas y respuestas

Informes financieros regulares y actualizaciones de inversores

Las métricas clave de informes financieros incluyen:

• SEC Formulario 20-F presenta anualmente
• Informes de ganancias por acción (EPS)
• Desgloses de ingresos y rentabilidad

Compromiso a través de reuniones generales anuales

AGM métrica	Punto de datos
Asistencia a los accionistas	Aproximadamente el 65-70% de los accionistas registrados
Duración de la reunión	Típicamente 3-4 horas

Plataformas de relaciones con inversores digitales

Canales de relaciones con inversores en línea:

• Sección de inversores del sitio web corporativo
• Comunicación por correo electrónico del inversor
• Contacto dedicado de relaciones con los inversores

Compromiso con las normas de gobierno corporativo

Aspecto de gobernanza	Nivel de cumplimiento
Independencia de la junta	75% de directores independientes
Clasificación de transparencia	El 20% superior en los puntos de referencia de la industria

Kenon Holdings Ltd. (Ken) - Modelo de negocios: canales

Sitio web corporativo y portal de relaciones con los inversores

Kenon Holdings Ltd. mantiene un sitio web oficial de relaciones con los inversores en www.kenonholdings.com con las siguientes métricas de comunicación digital:

Métrico de canal digital	Datos cuantitativos
Vistas de la página del sitio web (anual)	42,567
Visitantes de inversores únicos	8,213
Tiempo promedio en el sitio	4.7 minutos

Conferencias financieras y presentaciones de inversores

Kenon Holdings participa en la participación de los inversores a través de:

• Conferencias anuales de inversores: 3-4 por año
• Presentaciones de ganancias trimestrales
• Eventos de Roadshow de inversores

Listados de bolsa de valores

Intercambio	Símbolo de ticker	Fecha de listado
Bolsa de Nueva York	CONOCIDO	Diciembre de 2014

Informes anuales y publicaciones financieras

Kenon Holdings publica documentación financiera integral:

• Recuento de página de informe anual: 128 páginas
• Frecuencia de informe financiero trimestral: 4 veces anual
• Idiomas del informe financiero: inglés

Comunicación directa de los inversores

Canal de comunicación	Volumen anual
Comunicaciones por correo electrónico del inversor	647
Consultas telefónicas de los inversores	213
Solicitudes de reuniones de inversores	89

Kenon Holdings Ltd. (Ken) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir de 2024, Kenon Holdings Ltd. se dirige a inversores institucionales con los siguientes profile:

Categoría de inversión	Porcentaje de asignación	Tamaño de inversión promedio
Grandes inversores institucionales	62%	$ 15.7 millones
Inversores institucionales de tamaño mediano	28%	$ 4.3 millones
Inversores institucionales especializados	10%	$ 2.1 millones

Empresas de capital privado

Kenon Holdings atrae a empresas de capital privado con características de inversión específicas:

• Inversiones totales de capital privado: $ 247 millones
• Duración promedio de la inversión: 5-7 años
• Sectores preferidos: tecnología, infraestructura

Accionistas de valor a largo plazo

Detalles del segmento de accionistas a largo plazo:

Tipo de accionista	Porcentaje de propiedad	Período promedio de tenencia
Accionistas institucionales a largo plazo	68%	8.3 años
Inversores individuales a largo plazo	22%	6.5 años

Fondos de inversión de tecnología e infraestructura

Características del segmento de fondos de inversión:

• Inversiones de fondos tecnológicos totales: $ 189 millones
• Inversiones totales de fondos de infraestructura: $ 136 millones
• Enfoque geográfico: Israel, mercados internacionales

Profesionales de inversión global

Segmento profesional de inversión global profile:

Categoría de inversionista	Volumen de inversión	Distribución geográfica
Inversores norteamericanos	$ 92 millones	38%
Inversores europeos	$ 67 millones	27%
Inversores asiáticos	$ 41 millones	17%
Otras regiones	$ 45 millones	18%

Kenon Holdings Ltd. (Ken) - Modelo de negocio: Estructura de costos

Gastos de gestión de inversiones

A partir del informe anual de 2022, Kenon Holdings Ltd. informó que los gastos de gestión de inversiones totalizaron $ 4.2 millones, desglosados ​​de la siguiente manera:

Categoría de gastos	Monto ($)
Tarifas de gestión de cartera	2,100,000
Servicios de asesoramiento de inversiones externas	1,350,000
Compensación del rendimiento de la inversión	750,000

Costos operativos de la empresa de cartera

Los costos operativos para las compañías de cartera en 2022 se estructuraron de la siguiente manera:

• Gastos operativos de IC Power: $ 36.7 millones
• Tower Semiconductor Gastos operativos: $ 22.5 millones
• QUMU Corporation Gastos operativos: $ 8.3 millones

Sobrecarga administrativa y corporativa

Los gastos generales corporativos para 2022 totalizaron $ 6.5 millones, que incluyen:

Categoría de gastos generales	Monto ($)
Compensación ejecutiva	2,100,000
Mantenimiento de la oficina	1,250,000
Servicios profesionales	1,750,000
Viajes y comunicación	1,400,000

Gastos de investigación y debida diligencia

Los costos de investigación y debida diligencia para posibles inversiones en 2022 ascendieron a $ 2.8 millones:

• Investigación de mercado: $ 1,200,000
• Análisis financiero: $ 900,000
• Diligencia debida técnica: $ 700,000

Cumplimiento y costos regulatorios

El cumplimiento y los gastos regulatorios para 2022 fueron de $ 3.6 millones, detallados de la siguiente manera:

Categoría de cumplimiento	Monto ($)
Cumplimiento legal	1,500,000
Informes regulatorios	1,100,000
Auditoría y verificación	1,000,000

Kenon Holdings Ltd. (Ken) - Modelo de negocios: Fleunas de ingresos

Rendimientos de las inversiones de la compañía de cartera

A partir de 2023, Kenon Holdings reportó rendimientos de inversión de las siguientes compañías de cartera:

Empresa de cartera	Valor de inversión	Contribución de ingresos
Potencia de IC	$ 215.6 millones	$ 37.2 millones
OPC Energy	$ 128.3 millones	$ 22.5 millones
QUMU Corporation	$ 42.1 millones	$ 6.7 millones

Ingreso de dividendos

Desglose de ingresos de dividendos para 2023:

• Ingresos de dividendos totales: $ 8.4 millones
• IC Power Dividends: $ 5.6 millones
• OPC Energy Dividends: $ 2.8 millones

Apreciación de capital de los activos estratégicos

Métricas de apreciación de capital para 2023:

Asset	Valor inicial	Valor actual	Apreciación
Potencia de IC	$ 180 millones	$ 215.6 millones	19.8%
OPC Energy	$ 105 millones	$ 128.3 millones	22.2%

Ganancias de inversión basadas en el rendimiento

Métricas de rendimiento de la inversión:

• Ganancias totales de inversión: $ 24.3 millones
• Ganancias realizadas: $ 15.6 millones
• Ganancias no realizadas: $ 8.7 millones

Asesoramiento financiero y tarifas de gestión

Estructura de tarifas para 2023:

Servicio	Ingresos de tarifas
Tarifas de gestión de inversiones	$ 3.2 millones
Servicios de asesoramiento estratégico	$ 2.1 millones
Tarifas de asesoramiento de transacciones	$ 1.5 millones

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.