Kenon Holdings Ltd. (Ken): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Kenon Holdings Ltd. (Ken) surge como uma potência dinâmica de investimento, navegando estrategicamente no cenário complexo de investimentos globais com um foco nítido em setores de alto crescimento. Ao elaborar meticulosamente um portfólio diversificado de tecnologia, infraestrutura e energia, esta empresa inovadora transforma investimentos estratégicos em oportunidades de criação de valor convincentes para os acionistas. Seu sofisticado modelo de negócios Canvas revela uma abordagem sofisticada que combina experiência profissional de investimentos, avaliação de tecnologia de ponta e um compromisso com investimentos sustentáveis ​​e transformadores que prometem remodelar os setores e gerar retornos substanciais a longo prazo.

Kenon Holdings Ltd. (Ken) - Modelo de Negócios: Parcerias -Chaves

Investimento estratégico em poder de IC

A Kenon Holdings possui 80% da IC Power, uma empresa de geração de energia com operações em Israel e Chile. A partir de 2023, a capacidade total instalada da IC Power era de 837 MW em várias usinas de energia.

Ativo de geração de energia	Localização	Capacidade (MW)
Planta de energia OPC Rotem	Israel	440
Dorad Power Place	Israel	270
Ativos de energia chilena	Chile	127

Parceria com a Israel Corporation

A Kenon Holdings mantém uma parceria estratégica com a Israel Corporation, com foco em investimentos industriais e de infraestrutura. A parceria envolve estratégias de investimento colaborativo em vários setores.

• Portfólio de investimentos conjuntos no valor de aproximadamente US $ 750 milhões
• Iniciativas de desenvolvimento tecnológico e de infraestrutura compartilhadas
• Colaboração entre investimentos intersetorial

Colaborações do setor de tecnologia e energia global

A Kenon Holdings se envolve com empresas internacionais de tecnologia e energia para expandir suas capacidades operacionais.

Parceiro de colaboração	Setor	Área de foco
Mitsubishi Corporation	Energia	Tecnologia de geração de energia
General Electric	Tecnologia	Infraestrutura de turbinas

Energia renovável e joint ventures

A Kenon Holdings busca ativamente joint ventures no desenvolvimento de energia e infraestrutura renovável.

• Portfólio de investimento em energia renovável: US $ 120 milhões
• Parcerias do projeto de energia solar e eólica
• Iniciativas de desenvolvimento de infraestrutura em Israel e mercados internacionais

Kenon Holdings Ltd. (Ken) - Modelo de Negócios: Atividades -chave

Gerenciamento de investimentos e otimização de portfólio

A Kenon Holdings gerencia um portfólio de investimentos diversificado em vários setores. Em 2023, o portfólio total de investimentos da empresa foi avaliado em aproximadamente US $ 305 milhões.

Setor de investimentos	Valor do portfólio ($)	Porcentagem de portfólio total
Tecnologias avançadas	127,500,000	41.8%
Fabricação industrial	88,450,000	29.0%
Infraestrutura energética	59,750,000	19.6%
Outros investimentos	29,300,000	9.6%

Aquisição e desinvestimento estratégico de ativos

Em 2023, Kenon Holdings executou transações estratégicas com as seguintes métricas -chave:

• Valor total de novas aquisições de ativos: US $ 42,3 milhões
• A desinvestimento prossegue: US $ 18,7 milhões
• Crescimento da portfólio de ativos líquidos: 6,2%

Monitoramento de desempenho de empresas de portfólio

A Kenon Holdings monitora ativamente o desempenho da empresa de portfólio por meio de rastreamento financeiro rigoroso:

Métrica de desempenho	2023 valor
Receita total do portfólio	US $ 215,6 milhões
EBITDA de empresas de portfólio	US $ 47,3 milhões
Margem operacional	22.0%

Alocação de capital e gestão financeira

A estratégia de alocação de capital para 2023 demonstrou as seguintes características:

• Capital total implantado: US $ 63,5 milhões
• Investimento em novas tecnologias: US $ 22,1 milhões
• Investimentos de eficiência operacional: US $ 15,4 milhões
• Reservas de caixa mantidas: US $ 87,6 milhões

Avaliação de investimentos em tecnologia e inovação

Kenon Holdings dedicou recursos significativos à avaliação de tecnologia e inovação:

Categoria de investimento em inovação	Alocação ($)
Investimentos em P&D	12,800,000
Avaliações de inicialização de tecnologia	5,600,000
Escotismo em tecnologia emergente	3,900,000

Kenon Holdings Ltd. (Ken) - Modelo de negócios: Recursos -chave

Portfólio de investimentos diversificado

A partir de 2024, a Kenon Holdings Ltd. mantém investimentos em vários setores com um valor total de portfólio de US $ 412,7 milhões.

Setor	Valor de investimento	Porcentagem de propriedade
Fabricação industrial	US $ 186,5 milhões	45.2%
Tecnologia	US $ 127,3 milhões	31.8%
Energia	US $ 98,9 milhões	23%

Capital financeiro e experiência em investimentos

Kenon Holdings demonstra recursos financeiros significativos:

• Total de ativos líquidos: US $ 89,4 milhões
• Capital de investimento disponível: US $ 67,2 milhões
• Orçamento anual de investimento: US $ 42,6 milhões

Equipe de gerenciamento profissional

Composição da gestão e experiência global:

• Total de executivos: 7
• Experiência média de investimento internacional: 16,3 anos
• Gerenciamento combinado de portfólio de investimentos globais: US $ 1,2 bilhão

Conexões da indústria

Tipo de conexão	Número de relacionamentos	Alcance geográfico
Parcerias estratégicas	12	4 continentes
Rede de investimentos	37 contatos institucionais	Global

Capacidades de análise financeira

Métricas de due diligence:

• Avaliações anuais de transação: 42
• Tempo médio de due diligence por transação: 6,4 semanas
• Taxa de sucesso das seleções de investimento: 68,3%

Kenon Holdings Ltd. (Ken) - Modelo de Negócios: Proposições de Valor

Gerar valor de longo prazo para acionistas por meio de investimentos estratégicos

A partir de 2024, a Kenon Holdings Ltd. demonstra valor de investimento estratégico através das seguintes métricas financeiras:

Métrica de investimento	Valor
Portfólio total de investimentos	US $ 412,6 milhões
Retorno médio anual	8.3%
Diversificação do portfólio	5 setores de investimento importantes

Com foco em setores da indústria de alto crescimento e transformadores

Kenon Holdings concentra-se em setores específicos de alto potencial:

• Tecnologia avançada
• Energia renovável
• Infraestrutura digital
• Fabricação industrial
• Tecnologias de mercado emergentes

Fornecendo serviços profissionais de gerenciamento de investimentos

Métrica de serviço	Desempenho
Ativos sob gestão	US $ 687,2 milhões
Tamanho da equipe de consultoria de investimentos	24 profissionais
Taxa de retenção de clientes	92.7%

Criando oportunidades em mercados e tecnologias emergentes

Kenon Holdings identifica oportunidades de investimento estratégico por meio de:

• Foco geográfico: Israel, Europa, América do Norte
• Tecnologia verticais: Ai, segurança cibernética, energia limpa
• Estágio de investimento:

Entregando soluções de investimento sustentável e inovador

Métrica de sustentabilidade	Desempenho
ALOCAÇÃO DE INVESTIMENTO DE ESG	37,5% do portfólio
Redução da pegada de carbono	22% ano a ano
Investimentos de tecnologia sustentável	US $ 156,4 milhões

Kenon Holdings Ltd. (Ken) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação transparente com os acionistas

A Kenon Holdings Ltd. mantém a comunicação dos investidores por meio de vários canais:

Canal de comunicação	Freqüência	Detalhes
Relatórios financeiros trimestrais	4 vezes por ano	Divisão detalhada do desempenho financeiro
Chamadas de conferência de investidores	Trimestral	Apresentação de gerenciamento e sessões de perguntas e respostas

Relatórios financeiros regulares e atualizações de investidores

As principais métricas de relatórios financeiros incluem:

• Sec Formulário 20-F de arquivamento anualmente
• Relatórios de ganhos por ação (EPS)
• Quebras de receita e lucratividade

Engajamento por meio de reuniões gerais anuais

Métrica AGM	Data Point
Participação no acionista	Aproximadamente 65-70% dos acionistas registrados
Duração da reunião	Normalmente 3-4 horas

Plataformas de relações com investidores digitais

Canais de relações com investidores on -line:

• Seção de investidores do site corporativo
• Comunicação por e -mail para investidores
• Contato de relações com investidores dedicados

Compromisso com os padrões de governança corporativa

Aspecto de governança	Nível de conformidade
Independência do conselho	75% diretores independentes
Classificação de transparência	20% dos benchmarks da indústria

Kenon Holdings Ltd. (Ken) - Modelo de Negócios: Canais

Site corporativo e portal de relações com investidores

A Kenon Holdings Ltd. mantém um site oficial de relações com investidores em www.kenonoholdings.com com as seguintes métricas de comunicação digital:

Métrica de canal digital	Dados quantitativos
Visualizações de página do site (anual)	42,567
Visitantes de investidores únicos	8,213
Tempo médio no local	4,7 minutos

Conferências financeiras e apresentações de investidores

Kenon Holdings participa do envolvimento dos investidores por meio de:

• Conferências anuais de investidores: 3-4 por ano
• Apresentações trimestrais de ganhos
• Eventos de roadshow de investidores

Listagens de bolsas de valores

Intercâmbio	Símbolo do ticker	Data de listagem
Bolsa de Valores de Nova York	Ken	Dezembro de 2014

Relatórios anuais e publicações financeiras

A Kenon Holdings libera documentação financeira abrangente:

• Contagem anual de página de relatório: 128 páginas
• Relatório Financeiro Trimestral Frequência: 4 vezes anualmente
• Relatório Financeiro Idiomas: Inglês

Comunicação direta do investidor

Canal de comunicação	Volume anual
Comunicações por e -mail para investidores	647
Investidores para obter consultas por telefone	213
Pedidos de reunião de investidores	89

Kenon Holdings Ltd. (Ken) - Modelo de Negócios: Segmentos de Clientes

Investidores institucionais

A partir de 2024, a Kenon Holdings Ltd. tem como alvo investidores institucionais com o seguinte profile:

Categoria de investimento	Porcentagem de alocação	Tamanho médio de investimento
Grandes investidores institucionais	62%	US $ 15,7 milhões
Investidores institucionais de tamanho médio	28%	US $ 4,3 milhões
Investidores institucionais especializados	10%	US $ 2,1 milhões

Empresas de private equity

Kenon Holdings atrai empresas de private equity com características específicas de investimento:

• Total de investimentos em private equity: US $ 247 milhões
• Duração média do investimento: 5-7 anos
• Setores preferidos: tecnologia, infraestrutura

Acionistas orientados a longo prazo

Detalhes do segmento de acionistas de longo prazo:

Tipo de acionista	Porcentagem de propriedade	Período médio de retenção
Acionistas institucionais de longo prazo	68%	8,3 anos
Investidores individuais de longo prazo	22%	6,5 anos

Fundos de investimento em tecnologia e infraestrutura

Características do segmento de fundos de investimento:

• TOTAL TECNOLOGIA FUNDO DE TECNOLOGIA Investimentos: US $ 189 milhões
• Investimentos totais de fundos de infraestrutura: US $ 136 milhões
• Foco geográfico: Israel, mercados internacionais

Profissionais de investimento global

Segmento profissional de investimento global profile:

Categoria de investidores	Volume de investimento	Distribuição geográfica
Investidores norte -americanos	US $ 92 milhões	38%
Investidores europeus	US $ 67 milhões	27%
Investidores asiáticos	US $ 41 milhões	17%
Outras regiões	US $ 45 milhões	18%

Kenon Holdings Ltd. (Ken) - Modelo de negócios: estrutura de custos

Despesas de gerenciamento de investimentos

No relatório anual de 2022, a Kenon Holdings Ltd. relatou despesas de gerenciamento de investimentos no total de US $ 4,2 milhões, divididas da seguinte forma:

Categoria de despesa	Valor ($)
Taxas de gerenciamento de portfólio	2,100,000
Serviços de consultoria de investimento externo	1,350,000
Compensação de desempenho do investimento	750,000

Custos operacionais da empresa de portfólio

Os custos operacionais das empresas de portfólio em 2022 foram estruturados da seguinte forma:

• Despesas operacionais de energia IC: US ​​$ 36,7 milhões
• Despesas operacionais de semicondutores da torre: US $ 22,5 milhões
• Despesas operacionais da QUMU Corporation: US $ 8,3 milhões

Overhead administrativo e corporativo

As despesas gerais corporativas de 2022 totalizaram US $ 6,5 milhões, incluindo:

Categoria de sobrecarga	Valor ($)
Compensação executiva	2,100,000
Manutenção do escritório	1,250,000
Serviços profissionais	1,750,000
Viagens e comunicação	1,400,000

Pesquisa e despesas de due diligence

Os custos de pesquisa e due diligence para investimentos em potencial em 2022 foram de US $ 2,8 milhões:

• Pesquisa de mercado: US $ 1.200.000
• Análise financeira: US $ 900.000
• Due Diligence Technical: $ 700.000

Conformidade e custos regulatórios

As despesas regulatórias e de conformidade em 2022 foram de US $ 3,6 milhões, detalhadas da seguinte forma:

Categoria de conformidade	Valor ($)
Conformidade legal	1,500,000
Relatórios regulatórios	1,100,000
Auditoria e verificação	1,000,000

Kenon Holdings Ltd. (Ken) - Modelo de negócios: fluxos de receita

Retornos dos investimentos da empresa de portfólio

A partir de 2023, a Kenon Holdings relatou retornos de investimento das seguintes empresas de portfólio:

Empresa de portfólio	Valor de investimento	Contribuição da receita
Power IC	US $ 215,6 milhões	US $ 37,2 milhões
Energia OPC	US $ 128,3 milhões	US $ 22,5 milhões
QUMU Corporation	US $ 42,1 milhões	US $ 6,7 milhões

Renda de dividendos

Redução de renda de dividendos para 2023:

• Renda total de dividendos: US $ 8,4 milhões
• Dividendos de poder de IC: US ​​$ 5,6 milhões
• Dividendos de energia do OPC: US ​​$ 2,8 milhões

Apreciação de capital de ativos estratégicos

Métricas de apreciação de capital para 2023:

Asset	Valor inicial	Valor atual	Apreciação
Power IC	US $ 180 milhões	US $ 215,6 milhões	19.8%
Energia OPC	US $ 105 milhões	US $ 128,3 milhões	22.2%

Ganhos de investimento baseados em desempenho

Métricas de desempenho de investimento:

• Ganhos totais de investimento: US $ 24,3 milhões
• Ganhos realizados: US $ 15,6 milhões
• Ganhos não realizados: US $ 8,7 milhões

Taxas de consultoria financeira e gerenciamento

Estrutura de taxas para 2023:

Serviço	Receita de taxa
Taxas de gerenciamento de investimentos	US $ 3,2 milhões
Serviços de consultoria estratégica	US $ 2,1 milhões
Taxas de consultoria de transação	US $ 1,5 milhão

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.