Kenon Holdings Ltd. reported full‑year 2025 results that surpassed expectations, with total revenue rising to $872 million from $751 million in 2024, a 16% year‑over‑year increase. Net profit climbed to $148 million, up 112% from $53 million the prior year, while adjusted EBITDA surged to $457 million, a 33% jump from $332 million in 2024. The company also declared a $200 million interim dividend, amounting to $3.85 per share, to be paid to shareholders of record on April 13, 2026.
Revenue growth was driven by a $50 million increase in Israel, where OPC Energy’s long‑term power purchase agreements continue to generate stable cash flows, and a $71 million rise in the United States, powered by new merchant projects and data‑center contracts that have expanded the company’s commercial portfolio. The total revenue increase of $121 million reflects the combined gains in both regions, with the U.S. segment accounting for $71 million of that lift.
Margin expansion was supported by higher operating leverage and disciplined cost control across the power generation portfolio. The jump in adjusted EBITDA reflects both the scale of OPC’s operations and the contribution of associate income from CPV projects. Kenon’s cash position stood at $1.478 billion on December 31, 2025, with no material parent‑level debt, giving the company a strong balance sheet to fund growth and return capital to shareholders.
Capital allocation plans were reinforced by the interim dividend and the company’s ongoing investment in the Basin Ranch project in Texas. Basin Ranch reached financial closing in October 2025 and construction began the same month; CPV Group acquired the remaining interest in February 2026. In addition, Kenon exited its capped call arrangement over ZIM shares in Q1 2026, generating approximately $34 million in gross cash proceeds, and OPC completed a private placement of shares in March 2026 that raised about $257 million.
The results underscore Kenon’s ability to capture growth in both its core Israeli market and the expanding U.S. power sector, particularly data‑center demand. With a robust cash position and a clear capital allocation strategy, the company is well positioned to sustain its expansion trajectory and deliver shareholder value.
The corrected adjusted EBITDA figure of $457 million corrects the earlier Q3 figure of $156 million, and the $121 million revenue increase refers to the total company revenue, not the Israel segment alone. These adjustments provide a more accurate picture of Kenon’s performance and reinforce the strength of its earnings story.
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