Financial Information for the Three Months and Nine Months Ended September 30, 2025 and 2024 of Kenon and OPC

and

Reconciliation of Certain non-IFRS Financial Information

Table of Contents

Appendix A: Summary of Kenon’s consolidated financial information

Appendix B: Summary of OPC’s consolidated financial information

Appendix C: Definition of OPC’s Adjusted EBITDA and non-IFRS reconciliation

Appendix A

Summary Kenon consolidated financial information

Kenon Holdings Ltd. and its subsidiaries
Consolidated Statements of Financial Position (Unaudited)

	September 30,		December 31,
	2025		2024
	$ millions
Current assets
Cash and cash equivalents		1,149		1,016
Trade receivables		127		80
Short-term derivative instruments		5		-
Other investments		112		143
Other current assets		33		24
Total current assets		1,426		1,263
Non-current assets
Investment in OPC’s associated companies		1,624		1,459
Long-term restricted cash		16		16
Long-term derivative instruments		13		28
Deferred taxes, net		3		3
Property, plant and equipment, net		1,287		1,156
Intangible assets, net		80		72
Long-term prepaid expenses and other non-current assets		45		41
Right-of-use assets, net		194		175
Total non-current assets		3,262		2,950
Total assets		4,688		4,213
Current liabilities
Current maturities of loans from banks and others		100		85
Trade and other payables		203		94
Current maturities of lease liabilities		3		4
Total current liabilities		306		183
Non-current liabilities
Long-term loans from banks and others		911		727
Debentures		353		456
Deferred taxes, net		165		148
Other non-current liabilities		7		31
Long-term lease liabilities		8		9
Total non-current liabilities		1,444		1,371
Total liabilities		1,750		1,554
Equity
Share capital		50		50
Translation reserve		24		3
Capital reserve		58		64
Accumulated profit		1,365		1,491
Equity attributable to owners of the Company		1,497		1,608
Non-controlling interests		1,441		1,051
Total equity		2,938		2,659
Total liabilities and equity		4,688		4,213

Kenon Holdings Ltd. and its subsidiaries
Consolidated Statements of Profit or Loss (Unaudited)

	For the nine months ended September 30,						For the three months ended September 30,
	2025			2024			2025			2024
	$ millions						$ millions
Revenue		644			592			265			237
Cost of sales and services (excluding depreciation and amortization)		(468	)		(403	)		(178	)		(157	)
Depreciation and amortization		(51	)		(66	)		(18	)		(24	)
Gross profit		125			123			69			56
Selling, general and administrative expenses		(93	)		(67	)		(45	)		(25	)
Other income/(expenses), net		9			(3	)		10			6
Operating profit		41			53			34			37
Financing expenses		(72	)		(104	)		(27	)		(52	)
Financing income		36			38			14			18
Financing expenses, net		(36	)		(66	)		(13	)		(34	)
Gains related to ZIM		-			111			-			-
Dividend income		-			6			-			-
Share in profit of associated companies, net
- ZIM		-			40			-			40
- OPC’s associated companies		120			41			61			17
Profit before income taxes		125			185			82			60
Income tax expense		(25	)		(14	)		(15	)		(6	)
Profit for the year		100			171			67			54
Attributable to:
Kenon’s shareholders		41			163			25			43
Non-controlling interests		59			8			42			11
Profit for the period		100			171			67			54

Basic/diluted profit per share attributable to Kenon’s shareholders (in dollars):
Basic/diluted profit per share		0.77			3.09			0.45			0.81

A - 2

Kenon Holdings Ltd. and its subsidiaries
Consolidated Statements of Cash Flows (Unaudited)

	For the nine months ended September 30,
	2025			2024
	$ millions
Cash flows from operating activities
Profit for the period		100			171
Adjustments:
Depreciation and amortization		55			69
Diesel fuel consumption		6			3
Financing expenses, net		36			66
Gains related to ZIM		-			(111	)
Share in profit of associated companies, net		(120	)		(81	)
Share-based payments		35			7
Other (income)/expenses, net		(9	)		8
Income tax expense		25			14
		128			146
Change in trade and other receivables		(48	)		(48	)
Change in trade and other payables		44			41
Cash generated from operating activities		124			139
Income tax paid		(2	)		(1	)
Dividends received from associate companies, net
- ZIM		-			20
- OPC’s associated companies		59			55
Net cash provided by operating activities		181			213

A - 3

Kenon Holdings Ltd. and its subsidiaries
Consolidated Statements of Cash Flows (Unaudited), continued

	For the nine months ended September 30,
	2025			2024
	$ millions
Cash flows from investing activities
Short-term deposits and restricted cash, net		-			(2	)
Short-term collaterals deposits, net		-			3
Investment in long-term deposit, net		2			1
Investment in associated companies, less cash acquired		(135	)		(10	)
Acquisition of property, plant and equipment		(67	)		(325	)
Proceed from sale of interest in ZIM		-			111
Proceed from sale of subsidiary		-			2
Proceed from distribution from associated company		1			26
Proceeds from other investments		36			68
Interest received		30			20
Proceeds from transactions in derivatives, net		3			1
Net cash used in investing activities		(130	)		(105	)

Cash flows from financing activities
Repayment of long-term loans, debentures and lease liabilities		(192	)		(545	)
Repayment of short-term loans		3			(53	)
Investments of non-controlling interests in subsidiary		10			-
Tax equity investment		-			41
Proceeds from issuance of share capital by a subsidiary to non-controlling interests, net of issuance expenses		407			108
Proceeds from issuance of debentures, less issuance expenses					52
Proceeds from long-term loans		146			460
Proceeds from derivative financial instruments, net		5			3
Dividend paid		(261	)		(201	)
Repurchased of own shares		(10	)		(2	)
Interest paid		(43	)		(53	)
Net cash provided/(used in) financing activities		65			(190	)

Increase/(decrease) in cash and cash equivalents		116			(82	)
Cash and cash equivalents at beginning of the year		1,016			697
Effect of exchange rate fluctuations on balances of cash and cash equivalents		17			-
Cash and cash equivalents at end of the period		1,149			615

A - 4

Information regarding reportable segments

Information regarding activities of the reportable segments are set forth in the following table.

	For the nine months ended September 30, 2025
	OPC Israel			CPV Group			Other			Consolidated Results
	$ millions
Revenue		511			133			-			644
Depreciation and amortization		(55	)		-			-			(55	)
Financing income		8			7			21			36
Financing expenses		(26	)		(36	)		(10	)		(72	)
Share in profit of associated companies		-			120			-			120
Profit before taxes		83			35			7			125
Income tax (expense)/benefits		(22	)		1			(4	)		(25	)
Profit for the period		61			36			3			100

	For the nine months ended September 30, 2024
	OPC Israel			CPV Group			ZIM		Other			Consolidated Results
	$ millions
Revenue		496			96			-		-			592
Depreciation and amortization		(52	)		(20	)		-		-			(72	)
Financing income		17			3			-		18			38
Financing expenses		(63	)		(24	)		-		(17	)		(104	)
Gains related to ZIM		-			-			111		-			111
Share in profit of associated companies		-			41			40		-			81
Profit/(loss) before taxes		34			(1	)		151		1			185
Income tax (expense)/benefits		(15	)		2			-		(1	)		(14	)
(Loss)/profit for the period		19			1			151		-			171

	For the three months ended September 30, 2025
	OPC Israel			CPV Group			Other			Consolidated Results
	$ millions
Revenue		212			53			-			265
Depreciation and amortization		(19	)		-			-			(19	)
Financing income		6			3			5			14
Financing expenses		(7	)		(15	)		(5	)		(27	)
Share in profit of associated companies		-			61			-			61
Profit/(loss) before taxes		65			18			(1	)		82
Income tax expense		(13	)		(1	)		(1	)		(15	)
Profit/(loss) for the period		52			17			(2	)		67

	For the three months ended September 30, 2024
	OPC Israel			CPV Group			ZIM		Other			Consolidated Results
	$ millions
Revenue		205			32			-		-			237
Depreciation and amortization		(19	)		(7	)		-		-			26
Financing income		12			1			-		5			18
Financing expenses		(31	)		(9	)		-		(12	)		(52	)
Share in profit of associated companies		-			17			40		-			57
Profit/(loss) before taxes		31			(2	)		40		(9	)		60
Income tax (expense)/benefits		(8	)		2			-		-			(6	)
Profit/(loss) for the period		23			-			40		(9	)		54

A - 5

Appendix B

Summary of OPC consolidated financial information

OPC’s Consolidated Statements of Profit or Loss

	For the nine months ended September 30,						For the three months ended September 30,
	2025			2024			2025			2024
	$ millions						$ millions
Revenue		644			592			265			237
Cost of sales (excluding depreciation and amortization)		(468	)		(403	)		(178	)		(157	)
Depreciation and amortization		(51	)		(66	)		(18	)		(24	)
Gross profit		125			123			69			56
Selling, general and administrative expenses		(85	)		(62	)		(44	)		(22	)
Other income/(expenses), net		5			(2	)		10			5
Operating profit		45			59			35			39
Financing expenses		(62	)		(87	)		(22	)		(40	)
Financing income		15			20			9			13
Financing expenses, net		(47	)		(67	)		(13	)		(27	)
Share in profit of associated companies, net		120			41			61			17
Profit before income taxes		118			33			83			29
Income tax expense		(21	)		(13	)		(14	)		(6	)
Profit for the period		97			20			69			23

Attributable to:
Equity holders of the company		74			23			54			22
Non-controlling interest		23			(3	)		15			1
Profit for the period		97			20			69			23

Summary Data from OPC’s Consolidated Statement of Cash Flows

	For the nine months ended September 30,						For the three months ended September 30,
	2025			2024			2025			2024
	$ millions						$ millions
Cash flows provided by operating activities		190			201			112			112
Cash flows used in investing activities		(188	)		(297	)		(48	)		(158	)
Cash flows provided by financing activities		413			128			163			162
Increase/(decrease) in cash and cash equivalents		415			32			227			116
Cash and cash equivalents at beginning of the year		264			278			264			278
Effect of exchange rate fluctuations on balances of cash and cash equivalents		17			-			(1	)		(84	)
Cash and cash equivalents at end of the period		696			310			696			310

Summary Data from OPC’s Consolidated Statement of Financial Position

	As at
	September 30, 2025		December 31, 2024
	$ millions
Total financial liabilities¹		1,364		1,267
Total monetary assets²		713		280
Investment in associated companies		1,624		1,459
Total equity attributable to the owners		1,898		1,303
Total assets		4,124		3,309

1.	Including loans from banks and others and debentures
2.	Including cash and cash equivalents, term deposits and restricted cash

B - 2

Appendix C

Definition of OPC’s EBITDA and Adjusted EBITDA including proportionate share of associated companies and non-IFRS reconciliation

This press release presents OPC’s Adjusted EBITDA including proportionate share of associated companies, which is a non-IFRS financial measure.

OPC’s EBITDA is defined for each period as profit for the period before depreciation and amortization, financing expenses, net, and income tax expense. OPC’s Adjusted EBITDA, including proportionate share of associated companies, is defined as EBITDA as further adjusted for expenses not in the ordinary course of business and/or of a non-recurring nature and share of depreciation and amortization, financing expenses included within share of profit of associated companies, net and income tax expenses (if any) of associated companies. EBITDA and Adjusted EBITDA including proportionate share of associated companies are not recognized under IFRS as a measure of financial performance and should not be considered as a substitute for net profit or loss, cash flow from operations or other measures of operating performance determined in accordance with IFRS. EBITDA and Adjusted EBITDA including proportionate share of associated companies are not intended to represent funds available for dividends or other discretionary uses because those funds may be required for debt service, capital expenditures, working capital and other commitments and contingencies. There are limitations that impair the use of EBITDA and Adjusted EBITDA including proportionate share of associated companies as measures of OPC’s profitability since it does not take into consideration certain costs and expenses that result from OPC’s business that could have a significant effect on net profit, such as financial expenses, taxes, and depreciation and amortization.

OPC believes that the disclosure of EBITDA and Adjusted EBITDA including proportionate share of associated companies provides useful information to investors and financial analysts in their review of the company’s, its subsidiaries’, and its associated companies’ operating performance and in the comparison of such operating performance to the operating performance of other companies in the same industry or in other industries that have different capital structures, debt levels and/or income tax rates.

Set forth below is a reconciliation of OPC’s net profit to EBITDA and Adjusted EBITDA including proportionate share of associated companies for the periods presented. Other companies may calculate EBITDA and Adjusted EBITDA including proportionate share of associated companies differently, and therefore this presentation of EBITDA and Adjusted EBITDA including proportionate share of associated companies may not be comparable to other similarly titled measures used by other companies.

	For the three months ended September 30,
	2025			2024
	$ millions
Profit for the period		69			23
Depreciation and amortization		19			26
Financing expenses, net		13			27
Income tax expense		14			6
EBITDA		115			82
Share of depreciation and amortization and financing expenses included within share of profit of associated companies, net and income tax expenses (if any) of associated companies		51			27
Expenses, not in the ordinary course of business and/or of a non-recurring nature		(10	)		(1	)
Adjusted EBITDA including proportionate share of associated companies		156			108