Kenon Holdings Ltd. (KEN): Business Model Canvas [Dec-2025 Updated]

You're digging into Kenon Holdings Ltd.'s business model right now, and honestly, it's simpler than you might think for a publicly traded holding company: it's all about capital allocation centered on their primary asset, OPC Energy. As of late 2025, the story is about managing a $670 million stand-alone cash balance and extracting value from that energy platform, which delivered $69 million in net profit just in Q3. We need to see how they convert that operational success into shareholder returns, like the substantial $4.80 per share dividend they issued back in April. Below, I've mapped out the nine essential blocks of their strategy, showing you the key partnerships, the revenue flow from power sales-which hit $775.30 million TTM ending June 2025-and the costs tied up in massive projects like Basin Ranch, so you can see the full picture.

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

You're looking at the critical external relationships that Kenon Holdings Ltd., primarily through its subsidiary OPC Energy Ltd., establishes to drive its power generation projects forward. These aren't just vendor agreements; they are major capital and technology alliances.

The development of the Basin Ranch Project in Texas is a prime example of a technology partnership. This gas-fired power plant, with an estimated capacity of 1.35 GW, involves GE Vernova. Initially, the project structure involved CPV Group LP (majority-owned by OPC Energy Ltd.) holding $\text{70\%}$ and GE Vernova holding $\text{30\%}$. GE Vernova is slated to provide industry-leading H-Class gas turbines for this facility. However, OPC Energy Ltd. announced that CPV entered an agreement to acquire GE Vernova's remaining $\text{30\%}$ interest in the Basin Ranch Project for approximately \$371 million, which, upon completion, will result in the consolidation of the project into OPC Energy Ltd.'s financial statements.

Securing subsidized, long-term debt is another cornerstone partnership, exemplified by the Texas Energy Fund (TxEF). The Basin Ranch Project was selected by the TxEF for due diligence towards a subsidized loan. The Public Utility Commission of Texas (PUC) executed a loan agreement for this $\text{1,350 MW}$ plant for \$1.12 billion, which represents $\text{60\%}$ of the total estimated project cost of \$1.88 billion. This loan carries a $\text{3\%}$ interest rate over a $\text{20-year}$ term, with principal repayments starting three years after commercial operation, which is expected in $\text{2029}$.

OPC Energy Ltd. actively partners with institutional investors to raise equity and secure debt financing for its operations. In November $\text{2025}$, OPC Energy Ltd. completed a private placement of ordinary shares to institutional investors in Israel, raising gross proceeds of approximately NIS 340 million (about \$100 million). Concurrently, in November $\text{2025}$, OPC Energy Ltd. issued Series $\text{D}$ bonds totaling NIS 460 million (approximately \$140 million).

The financing of existing and new assets at the subsidiary level relies heavily on established relationships with financial institutions. You can see this in several recent refinancing deals:

• Tzomet and Gat Power Plants Refinancing: OPC Energy Ltd. secured new financing agreements totaling approximately \$443 million with Bank Hapoalim and Bank Leumi to refinance existing debts, with a structured repayment schedule extending to $\text{2033}$.
• Fairview Power Plant Refinancing: A $\text{1,050 MW}$ natural gas-fired power plant in Pennsylvania, Fairview, completed a refinancing with total commitments of \$625 million, which included a \$550 million Term Loan $\text{B}$ facility.
• Rogue's Wind Project Financing: The $\text{114 MW}$ wind power plant project secured a project financing agreement with international financing entities totaling \$274 million in available credit facilities.

Here's a quick look at the scale of these recent financing activities:

Transaction Type	Partner/Source	Amount (USD)	Related Project/Entity
Equity Private Placement (Gross Proceeds)	Institutional Investors (Israel)	\$100 million	OPC Energy Ltd.
Series D Bond Issuance	Bondholders	\$140 million (approx. NIS 460 million)	OPC Energy Ltd.
TxEF Subsidized Loan (Finalized)	Texas Energy Fund (PUC)	\$1.12 billion	Basin Ranch Project
Subsidiary Debt Refinancing	Bank Hapoalim / Bank Leumi	\$443 million (approx.)	Tzomet and Gat power plants
Subsidiary Debt Refinancing	Financial Institutions	\$625 million (Total Commitments)	Fairview Power Plant ($\text{1,050 MW}$)

These financial partnerships are defintely key to funding the $\text{1.35 GW}$ expansion in Texas and managing existing assets.

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

You're looking at the core actions Kenon Holdings Ltd. takes to manage its investments, which are heavily concentrated in its primary operating subsidiary, OPC Energy Ltd. (OPC). These activities are about capital deployment, portfolio oversight, and ensuring the parent company has the necessary cash flow.

Strategic capital allocation and divestitures are central. A key move in late 2025 involved Kenon monetizing a part of its holding in OPC. Specifically, in November 2025, Kenon sold a small portion of its OPC shares, bringing in gross proceeds of NIS 340 million (approximately \$100 million). This is a classic holding company move: realizing value from a successful investment to fund new opportunities or return capital.

The next major activity is overseeing the growth and development of the OPC Energy portfolio. Kenon's role is to support OPC's capital needs to expand its generation capacity. For instance, OPC raised significant capital in 2025:

• OPC raised total gross proceeds of NIS 1,750 million (\$506 million) through new share offerings in June and August 2025.
• Kenon itself participated in the June offering, investing approximately NIS 316 million (\$90 million).
• OPC also secured NIS 460 million (approximately \$140 million) via Series D bonds in November 2025.
• As of September 30, 2025, Kenon held an approximately 49.8% interest in OPC.

A significant part of this oversight involves developing large-scale power generation projects, primarily through OPC's US subsidiary, CPV. The biggest current focus is the Basin Ranch gas plant in Texas. You need to track these milestones:

Project Milestone/Metric	Detail/Amount
Project Name	Basin Ranch Project
Location	Texas
Estimated Capacity	1.35 GW
Construction Start Date	October 2025 (following Financial Closing)
Estimated Construction Cost	Between approximately \$1.8 billion to \$2 billion
CPV Equity Funding at Closing	Approximately \$470 million

This project required substantial capital structuring, including securing an approximately \$1.1 billion subsidized loan through the Texas Energy Fund (TEF Loan).

Finally, Kenon Holdings Ltd. must focus on managing holding company liquidity and shareholder distributions. This is where the parent company's own balance sheet matters. As of December 3, 2025, Kenon's stand-alone cash stood at \$670 million, up from \$560 million on September 30, 2025. Importantly, there is no material debt at the Kenon level. The company executed a shareholder distribution activity earlier in the year:

• Kenon distributed an interim cash dividend in April 2025 of approximately \$250 million (or \$4.80 per share) relating to the 2025 fiscal year.

That's the core of what Kenon Holdings Ltd. is actively doing right now.

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

You're looking at the core assets Kenon Holdings Ltd. relies on to operate and grow its energy platform. These aren't just line items; they are the financial muscle and operational backbone that drive the entire structure. Honestly, the focus here is heavily weighted toward the liquidity and the primary operating asset, OPC Energy Ltd.

The most immediate and tangible resource is the cash position Kenon Holdings Ltd. maintains at the parent level. As of December 3, 2025, Kenon's stand-alone cash balance, which includes cash and cash equivalents plus other treasury management instruments, stood at $670 million. You should note there is no material debt at the Kenon Holdings Ltd. level, which makes this cash a very clean, deployable resource. This liquidity was significantly bolstered by the sale of a portion of its subsidiary's shares in November 2025.

The controlling equity interest in OPC Energy Ltd. is arguably the single most important Key Resource, as Kenon's consolidated results are driven almost entirely by this holding. Following a share sale in November 2025, Kenon Holdings Ltd. holds approximately 47% of OPC Energy's ordinary shares. This is a slight reduction from the approximately 49.8% stake held as of September 30, 2025, reflecting active capital recycling by Kenon Holdings Ltd.

Here's a quick look at how that cash and ownership evolved around the Q3 2025 reporting period:

Metric	Date of Record	Value
Stand-alone Cash Balance	December 3, 2025	$670 million
Stand-alone Cash Balance	September 30, 2025	$560 million
Equity Interest in OPC Energy	As of November 2025 (Post-Sale)	~47%
Equity Interest in OPC Energy	As of September 30, 2025	~49.8%

The power generation assets, managed through OPC Energy Ltd. and its subsidiary CPV, represent the operational core. These assets are spread across Israel and the United States, providing diversified revenue streams from both regulated and merchant power markets. The value of these assets is reflected in OPC's Q3 2025 Adjusted EBITDA, which reached $156 million (including proportionate share in associated companies).

Key physical and in-development assets include:

• Power generation facilities in Israel, including the Hadera power plant.
• The Israeli Government approved the Hadera 2 Project in August 2025, an 850 MW natural gas-fired power plant, with an estimated construction cost between NIS 4.5 billion and NIS 5 billion (approximately $1.3 billion to $1.5 billion).
• The Basin Ranch Project in Texas, a gas-fired power plant with an estimated capacity of 1.35 GW, which reached financial closing and commenced construction in October 2025.
• Significant ownership in US assets via CPV, including an approximately 89% stake in the Shore power plant as of April 2025.

Finally, the experienced management team is a critical, though less quantifiable, resource. This team possesses deep expertise specifically in corporate finance and Mergers & Acquisitions (M&A), which is evident in the successful capital raises by OPC Energy Ltd. in 2025-including equity offerings totaling approximately $506 million gross proceeds in June and August 2025, and a NIS 460 million (approximately $140 million) Series D bond issuance in November 2025. The team's ability to structure these complex financing deals and execute strategic asset sales, like the November 2025 sale of OPC shares for about $100 million, is central to Kenon Holdings Ltd.'s strategy.

Finance: review the capital deployment plan for the $670 million stand-alone cash by end of Q1 2026.

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.