Kenon Holdings (KEN) Q1 2025 earnings summary

Executive summary

• Q1 2025 net profit rose to $26 million from $4 million in Q1 2024, driven by higher share in profit of associated companies and improved operational performance.

• Adjusted EBITDA including proportionate share in associated companies reached $110 million, up from $95 million year-over-year.

• Revenue increased by $9 million to $183 million, with growth in U.S. retail electricity sales offsetting declines in Israel and U.S. renewables.

• Distributed a $250 million interim cash dividend ($4.80 per share) in April 2025.

Financial highlights

• Revenue for Q1 2025 was $183 million, up from $174 million in Q1 2024.

• Net profit attributable to equity holders was $19 million, compared to $5 million in Q1 2024.

• Cost of sales (excluding depreciation and amortization) increased to $139 million from $117 million year-over-year.

• Finance expenses, net, decreased to $13 million from $17 million, mainly due to deconsolidation of CPV Renewable.

Outlook and guidance

• Basin Ranch project in Texas (1.35 GW) is advancing, with due diligence for a $1 billion subsidized loan and construction expected to begin in the second half of 2025, subject to financing and agreements.

• PJM auction price collars approved for 2026–2028, providing revenue visibility for U.S. operations.