Kenon Holdings (KEN) Q2 2025 earnings summary

Executive summary

• OPC raised $506 million in gross proceeds through new share offerings in June and August 2025, with Kenon investing $90 million in June.

• Israeli government approved the Hadera 2 project, an 850MW natural gas-fired power plant, with estimated construction costs of $1.3–$1.5 billion.

• Kenon increased its share repurchase plan to $70 million and entered a new $20 million repurchase mandate, with 1.8 million shares repurchased since March 2023.

Financial highlights

• OPC's Q2 2025 revenue was $196 million, up $15 million year-over-year; adjusted EBITDA including associated companies rose to $90 million from $66 million.

• Profit for the period attributable to equity holders was $21 million, compared to $4 million in Q2 2024.

• Cost of sales (excluding depreciation and amortization) increased to $150 million from $129 million year-over-year.

• Finance expenses, net, decreased to $20 million from $23 million year-over-year.

Outlook and guidance

• Proceeds from OPC's offerings are intended for equity in the Basin Ranch project and other growth initiatives.

• Hadera 2 project preparation underway, pending further government decisions and final investment.