Kenon’s OPC Q1 Revenue Up 73% to $317M, Adjusted EBITDA Rises 10%
KEN•Kenon’s 46%-held OPC Energy saw Q1 revenue surge 73% to $317M, lifting adjusted EBITDA by 10% to $124M, but net profit fell to $14M from $25M. In April Kenon paid a $200M dividend ($3.85/sh) and in May executed a collar transaction on ~2% of OPC shares.
1. Q1 Financial Performance
Kenon Holdings reported consolidated Q1 2026 operations driven by its 46% stake in OPC Energy Ltd. OPC’s revenue rose to $317M from $183M year-over-year, boosting adjusted EBITDA (including proportionate share) to $124M from $113M, while net profit declined to $14M from $25M.
2. Dividend and Share Collar
In April Kenon distributed a cash dividend totaling $200M, equivalent to $3.85 per share. In May it executed a collar transaction on approximately 2% of OPC shares, establishing a price floor and cap to secure liquidity while preserving upside exposure.
3. Revenue Drivers and Cost Trends
OPC’s revenue growth was fueled by higher Israel sales ($181M vs $146M) due to increased consumption and a stronger shekel, and US energy segment revenue rising to $136M from $37M, driven by CPV Shore consolidation and expanded retail operations. Cost of sales rose from $139M to $245M year-over-year.
