Kenon Holdings (KEN) Q4 2025 earnings summary

Executive summary

• Approved a $3.85 per share cash dividend (~$200 million) in March 2026.

• Settled a capped call arrangement over five million ZIM shares, generating ~$34 million in Q1 2026.

• OPC issued new shares in a private placement, raising ~$257 million.

Financial highlights

• OPC net profit for 2025 was $132 million, up from $53 million in 2024.

• OPC Adjusted EBITDA (including associated companies) reached $457 million in 2025, up from $332 million in 2024.

• OPC revenue increased to $872 million in 2025 from $751 million in 2024.

• OPC cost of sales (excluding depreciation/amortization) rose to $658 million in 2025 from $522 million in 2024.

• Finance expenses, net, decreased to $63 million in 2025 from $82 million in 2024.

Outlook and guidance

• Forward-looking statements highlight risks related to dividend payment and other uncertainties.