Kenon Holdings (KEN) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw a significant increase in revenue, driven by both Israeli and U.S. operations, with notable contributions from the consolidation of CPV Shore and expanded retail activities in the U.S.

• OPC's net profit declined to $14 million in Q1 2026 from $25 million in Q1 2025, despite higher adjusted EBITDA.

• A $200 million interim cash dividend was distributed in April 2026.

Financial highlights

• OPC's Q1 2026 revenue was $317 million, up from $183 million in Q1 2025.

• Adjusted EBITDA including proportionate share in associated companies was $124 million, up from $113 million year-over-year.

• Net profit for Q1 2026 was $14 million, down from $25 million in Q1 2025.

• Financing expenses increased to $20 million from $13 million year-over-year.

Outlook and guidance

• Forward-looking statements highlight expectations for project completions, capacity expansions, and the impact of the collar transaction, but caution is advised due to risks and uncertainties.