Exhibit 99.1

Kenon Holdings Reports Q3 2018 Results and Additional Updates

Kenon continues to enhance shareholders’ value – announcing dividend of $100 million

Singapore, November 28, 2018. Kenon Holdings Ltd. (NYSE: KEN, TASE: KEN) (“Kenon”) announces its results for Q3 2018 and additional updates to its businesses.

Key Highlights

OPC

Revenue in Q3 2018 amounted to $94 million, as compared to $97 million in Q3 2017.

Net profit in Q3 2018 was $11 million, as compared to a net profit of $10 million in Q3 2017.

EBITDA¹ in Q3 2018 increased to $29 million, as compared to $25 million in Q3 2017.

Qoros

Revenue in Q3 2018 increased to approximately $223 million, as compared to approximately $45 million in Q3 2017.

Kenon

On November 27, Kenon announced a cash dividend of $1.86 per share (approximately $100 million) for the year ending December 31, 2018 to Kenon’s shareholders.

Discussion of Results for the Three Months ended September 30, 2018

Kenon’s consolidated results of operations from its operating companies essentially comprise the consolidated results of OPC Energy Ltd. ("OPC"). The results of Qoros Automotive Co., Ltd. (“Qoros”) and ZIM Integrated Shipping Ltd. (“ZIM”) are reflected under results from associates.

See Exhibit 99.2 of Kenon’s Form 6-K dated November 28, 2018 for summary Kenon consolidated financial information; summary OPC consolidated financial information; summary Qoros financial information; a reconciliation of OPC’s EBITDA (which is a non-IFRS measure) to net profit; summary operational information of OPC’s generation businesses; and a reconciliation of Qoros’ Adjusted EBITDA (which is a non-IFRS measure) to net loss.

¹	EBITDA is a non-IFRS measure. See Exhibit 99.2 of Kenon’s Form 6-K dated November 28, 2018 for the definition of OPC’s EBITDA and a reconciliation to its net profit for the applicable period.

OPC

The following discussion of OPC’s results of operations is based on OPC’s consolidated financial statements presented in USD as included within Kenon's consolidated financial statements. OPC's consolidated financial statements presented in NIS for Q3 2018 were furnished to the SEC by Kenon on a Form 6-K on November 14, 2018.

Summary Financial Information of OPC

	For the 3 months ended September 30,
	2018		2017
	($ millions)
Revenue		94		97
Cost of sales (excluding depreciation and amortization)		61		70
Finance expenses, net		6		4
Net profit		11		10
EBITDA		29		25

Revenue

	For the 3 months ended September 30,
	2018		2017
	$ millions
Revenue from energy generated by OPC and sold to private customers		61		63
Revenue from energy purchased by OPC and sold to private customers		7		6
Revenue from private customers in respect of infrastructures services		21		25
Revenue from energy sold to the System Administrator		1		-
Revenue from sale of steam		4		3
Total		94		97

OPC’s revenue from the sale of electricity to private customers derives from electricity sold at the generation component tariffs, as published by Israeli’s Electricity Authority (“EA”), with some discount. The weighted-average generation component tariff for 2018, as published by the EA in January 2018, is NIS 0.2816 per KW hour. In 2017, the weighted-average generation component tariff was NIS 0.264 per KW hour. This change in the weighted-average generation component tariff is attributed to the mix of consumption in the market, which generally affects the customers of OPC-Rotem and OPC-Hadera. OPC’s revenues from sale of steam are linked partly to the price of gas and partly to the Israeli Consumer Price Index (CPI).

Revenue from energy generated by OPC and sold to private customers – decreased by $2 million in Q3 2018, as compared to Q3 2017. As OPC’s revenue is denominated in NIS, translation of its revenue to US Dollars had a negative impact of $2 million. Excluding the impact of exchange rate fluctuations on the translation of OPC’s revenues, OPC’s revenues remained the same as in Q3 2017, primarily as a result of a $3 million increase in revenues due to an increase in the generation component, offset by lower availability (as a result of planned maintenance that commenced in September 2018) and lower consumption by OPC’s customers.

·	Revenue from energy purchased by OPC and sold to private customers – increased by $1 million in Q3 2018, as compared to Q3 2017, primarily as a result of higher revenues from sale of energy purchased from Israel Electric Company (IEC) due to the maintenance at Rotem in September 2018.

·	Revenue from private customers in respect of infrastructures services – decreased by $4 million in Q3 2018, as compared to Q3 2017, primarily as a result of (i) a $3 million decrease in the infrastructure tariffs in 2018, and (ii) a $1 million decrease due to lower consumption of OPC’s customers.

·	Revenue from energy sold to the System Administrator – increased by $1 million in Q3 2018, as compared to Q3 2017, primarily as a result of lower consumption by OPC’s private customers.

·	Revenue from sale of steam – increased by $1 million in Q3 2018, as compared to Q3 2017, primarily as of a result of higher steam consumption and a change in the steam price formula.

Cost of Sales (Excluding Depreciation and Amortization)

	For the 3 months ended September 30,
	2018		2017
	$ millions
Natural gas and diesel oil consumption		29		32
Payment to IEC for infrastructure services and purchase of electricity		27		31
Natural gas transmission		2		3
Operating expenses		3		4
Total		61		70

Natural gas and diesel oil consumption – decreased by $3 million in Q3 2018, as compared to Q3 2017, primarily due to a $5 million decrease in diesel oil cost, as a result of (i) reimbursement from IEC for diesel oil cost in prior years and (ii) a decrease in consumption of diesel oil, as in Q3 2017 OPC generated more energy using diesel oil due to a shortage of natural gas. The decrease was partially offset by a $1 million increase in natural gas costs due to the full availability of natural gas in Q3 2018, as well as exchange rate fluctuations over the price of natural gas purchased.

Payment to IEC for infrastructures services and purchase of electricity –decreased by $4 million in Q3 2018, as compared to Q3 2017, primarily as a result of a $4 million decrease due to lower infrastructure service tariffs in 2018. The decrease was partially offset by a $1 million increase in consumption of infrastructure services, as a result of the maintenance of Rotem plant in September 2018.

Financing Expenses, Net

Financing expenses, net increased by $2 million in Q3 2018, as compared to Q3 2017. The increase was primarily due to CPI indexation of Rotem’s senior debt.

Net Profit

Net profit increased by $1 million in Q3 2018 to $11 million, as compared to a net profit of $10 million in Q3 2017, primarily as a result of the reasons discussed above.

EBITDA

EBITDA increased by $4 million in Q3 2018 to $29 million, as compared to $25 million in Q3 2017, primarily as a result of the reasons discussed above.

Liquidity and Capital Resources

As of September 30, 2018, OPC had cash, cash equivalents and short-term deposits of $157 million, restricted cash of $72 million, and consolidated indebtedness of $609 million, consisting of $23 million of short-term indebtedness and $586 million of long-term indebtedness.

Business Developments

Update on the Construction of the OPC-Hadera Plant

OPC-Hadera is constructing a 148 MW co-generation power plant in Israel. OPC expects that the total cost of completing the OPC-Hadera plant will be approximately NIS 1 billion (approximately $276 million).

Construction of the OPC-Hadera plant began in June 2016. As of September 30, 2018, OPC-Hadera had invested an aggregate of NIS 760 million (approximately $210 million) in the construction of the Hadera power plant and related infrastructure.

Update on Tzomet Project

Tzomet Energy Ltd. (“Tzomet”) is developing an open-cycle natural gas-fired power station with capacity of approximately 396 MW in Israel. In March 2018, OPC completed the acquisition of 95% of the shares of Tzomet. The total consideration for the acquisition is estimated to be approximately $23 million (not including project development costs), subject to certain adjustments, of which $7.2 million has been paid to date.

Tzomet still requires (among other requirements) a license for the project from the EA. For a discussion of this license and the related correspondence with the Israel Concentration Committee, see Kenon’s Annual Report on Form 20-F for the year ended December 31, 2017.

In September 2018, Tzomet signed a planning, procurement and construction agreement with PW Power Systems LLC (“PW”) for construction of the Tzomet project. The agreement is a “lump-sum turnkey” agreement. Pursuant to this agreement, PW committed to provide certain maintenance services in connection with the power station’s main equipment for a period of 20 years commencing from the start date of the commercial operation. Pursuant to the agreement, PW undertook to complete the construction work of the Tzomet project, including the acceptance tests, within a period of about two and a half years from the date of receipt of the work commencement order from Tzomet, subject to certain exceptions set out in the agreement. Tzomet is not required to submit a work commencement order and is permitted to conclude the agreement in each of its stages, subject to circumstances stipulated in the agreement. The aggregate consideration payable over the term of the agreement is approximately $300 million, and is payable based on the achievement of milestones.

Update on Rotem Planned Major Overhaul Maintenance

OPC’s long-term service agreement with Mitsubishi for Rotem includes timetables for performance of the maintenance work, and in particular the first “major overhaul” maintenance, which is to be executed every six years. On September 25, 2018, the major overhaul maintenance work was commenced as planned. During the maintenance, the Rotem plant’s operations were halted along with the related energy generation activities. Supply of electricity to Rotem’s private customers continued as usual using energy purchased by OPC, in accordance with the standards published by the EA and Rotem’s PPA agreement with the IEC. On November 10, 2018, the maintenance work was completed as planned. Performing such maintenance work, including halting operations, impacts the financial results of OPC during the maintenance period. The main impact is expected in the fourth quarter of 2018.

Qoros²

Car Sales

Qoros sold approximately 17,500 cars in the third quarter of 2018, which included orders from a leasing company introduced by the new majority owner of Qoros (the "New Qoros Investor"), in accordance with the investment agreement pursuant to which the New Qoros Investor became the controlling shareholder of Qoros.

Discussion of Qoros’ Results for Q3 2018

Qoros’ revenue increased in Q3 2018 to RMB1,531 million (approximately $223 million), as compared to RMB306 million (approximately $45 million) in Q3 2017, primarily due to the increase in car sales.

Qoros’ cost of sales increased in Q3 2018 to RMB1,831 million (approximately $267 million), as compared to RMB397 million (approximately $58 million) in Q3 2017, mainly as a result of the increase in car production and the related increase in depreciation and amortization (approximately $40 million in Q3 2018 compared to approximately $13 million in Q3 2017).

Qoros’ net loss for Q3 2018 was RMB621 million (approximately $90 million), as compared to RMB285 million (approximately $41 million) in Q3 2017 primarily due to the factors above.

Qoros’ Adjusted EBITDA³ decreased from negative RMB115 million (approximately negative $17 million) in Q3 2017 to negative RMB279 million (approximately negative $41 million) in Q3 2018, due to the factors described above.

ZIM

Discussion of ZIM’s Results for Q3 2018

ZIM carried approximately 730 thousand TEUs in Q3 2018, representing a 6.1% increase as compared to Q3 2017, in which ZIM carried approximately 688 thousand TEUs. ZIM’s revenue increased by 3% in Q3 2018 to $841 million, as compared to $817 million in Q3 2017, primarily due to the increase in carried quantities. ZIM’s operating expenses increased by 10% to $768 million in Q3 2018, as compared to $699 million in Q3 2017, primarily as a result of (i) a $49 million increase in bunker expense, (ii) a $30 million increase in lease expense of vessels and containers, offset by (iii) a $7 million decrease in port expenses, and (iv) a $3 million decrease in cargo handling expenses.

Strategic Cooperation with 2M Alliance

In September 2018, ZIM commenced a strategic operational cooperation with the “2M” (Maersk and MSC) alliance. According to this cooperation, ZIM and the parties of the 2M alliance operate together certain lines between Asia and the US East-Coast, enabling ZIM to provide its customers improved port coverage and transit time, while generating cost efficiencies.

²	Convenience translations of RMB amounts into US Dollars use a rate of 6.87: 1.

³	Adjusted EBITDA is a non-IFRS measure. See Exhibit 99.2 of Kenon’s Form 6-K dated November 28, 2018 for the definition of Qoros’ Adjusted EBITDA and a reconciliation to its net loss for the applicable period.

Additional Kenon Updates

Declaration of a Dividend for the Year Ending December 31, 2018

On November 27, 2018, Kenon announced that its board of directors approved a dividend of $1.86 per share (approximately $100 million) for the year ending December 31, 2018 to Kenon’s shareholders of record as of the close of trading on December 7, 2018, for payment on December 17, 2018.

Kenon’s (Unconsolidated) Liquidity and Capital Resources

As of September 30, 2018, Kenon’s cash balance was $142 million. There is no remaining debt at the Kenon level.

Following Kenon’s payment of the Dividend as discussed above, Kenon will retain cash of approximately $40 million.

Kenon is the beneficiary of a four-year deferred payment agreement in the amount of $175 million, reflecting deferred consideration from the sale of its Inkia power businesses, accruing 8% interest starting from December 31, 2017, payable in kind (principal is $186 million including accrued interest as of September 30, 2018) . The deferred payment is subject to tax.

Investors’ Conference Call

Kenon’s management will host a conference call for investors and analysts on November 28, 2018, starting at 9:00 am Eastern Time. Kenon's and OPC's management will host the call and will be available to answer questions after presenting the results. To participate, please call one of the following teleconferencing numbers:

Singapore:	31583851
US:	1-888-407-2553
Israel:	03-9180610
UK:	0-800-917-9141
International:	+65-31583851

At: 9:00 am Eastern Time, 6:00 am Pacific Time, 2:00 pm UK Time, 4:00 pm Israel Time and 10:00 pm Singapore Time.

For those unable to participate, the teleconference will be available for replay on Kenon’s website at http://www.kenon-holdings.com beginning 24 hours after the call.

About Kenon

Kenon is a holding company that operates dynamic, primarily growth-oriented businesses. The companies it owns, in whole or in part, are at various stages of development, ranging from established, cash-generating businesses to early stage development companies. Kenon’s businesses consist of:

OPC Energy (76% interest) – a leading owner, developer and operator of power generation facilities in the Israeli power market;

Qoros (24% interest) – a China-based automotive company;

ZIM (32% interest) – an international shipping company; and

Primus Green Energy, Inc. (91% interest) – an early stage developer of alternative fuel technology.

Kenon remains committed to its strategy to realize the value of its businesses for its shareholders. In connection with this strategy, Kenon may provide its shareholders with direct access to its businesses, which may include spin-offs, listings, offerings, distributions or monetization of its businesses. Kenon is actively exploring various ways to materialize this strategy in a rational and expeditious manner. For further information on Kenon’s businesses and strategy, see Kenon’s publicly available filings, which can be found on the SEC’s website at www.sec.gov. Please also see http://www.kenon-holdings.com for additional information.

Caution Concerning Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about (i) with respect to OPC, statements with respect to the OPC-Hadera and Tzomet projects, including expected installed capacity and cost, and statements with respect to the pursuit of a licence from the EA for the Tzomet project, statements with respect to the EPC contract with PW for the Tzomet project and statements about the planned maintenance at Rotem and the financial impact of such maintenance, (ii) with respect to ZIM, statements with respect to the 2M alliance and its expected benefits, and (iii) statements with respect to the dividend, including the timing of the dividend and Kenon's expected cash on hand following the dividend and other non-historical matters. These statements are based on Kenon’s management’s current expectations or beliefs, and are subject to uncertainty and changes in circumstances. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond Kenon’s control, which could cause the actual results to differ materially from those indicated in such forward-looking statements. Such risks include (i) with respect to OPC, risks relating to a failure to complete the development of the OPC-Hadera and Tzomet projects on a timely basis, within the expected budget, or at all, including risks related to obtaining the EA license and other approvals required to proceed with the Tzomet project and risks relating to the EPC contract for Tzomet and maintenance of Rotem, (ii) with respect to ZIM, risks relating to the 2M alliance, including the risk that ZIM is unable to obtain the benefits of such alliance, (iii) with respect to Kenon, risks relating to the dividend, including the risk that Kenon is unable to distribute the dividend as expected, and (iv) other risks and factors, including those risks set forth under the heading “Risk Factors” in Kenon’s Annual Report on Form 20-F filed with the SEC and other filings. Except as required by law, Kenon undertakes no obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact Info

Kenon Holdings Ltd.
Jonathan Fisch Director, Investor Relations jonathanf@kenon-holdings.com Tel: +65 6351 1780

Exhibit 99.2

Financial Information for the Three and Nine Months Ended September 30, 2018 of Kenon, OPC and Qoros and

Reconciliation of Certain non-IFRS Financial Information

Table of Contents

Appendix A: Summary Kenon consolidated financial information

Appendix B: Summary OPC consolidated financial information

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

Appendix D: Summary financial information of OPC’s subsidiaries

Appendix E: Summary operational information of OPC

Appendix F: Summary of Qoros’ Unaudited Condensed Consolidated Financial Information

Appendix G: Definition of Qoros’ Adjusted EBITDA and non-IFRS Reconciliation

Appendix A

Summary Kenon consolidated financial information

Kenon Holdings Ltd. and subsidiaries
Consolidated Statements of Financial Position as of September 30, 2018 and December 31, 2017

	As of September 30,		As of December 31,
	2018		2017
	$ millions
Current assets
Cash and cash equivalents		275		1,417
Short-term investments and deposits		28		7
Trade receivables, net		43		44
Other current assets, including derivatives		21		36
Total current assets		367		1,504
Non-current assets
Investments in associated companies		262		122
Deposits, loans and other receivables, including derivative instruments		216		107
Deferred payment receivable		186		175
Deferred taxes, net		1		-
Property, plant and equipment, net		627		616
Intangible assets, net		2		2
Total non-current assets		1,294		1,022
Total assets		1,661		2,526
Current liabilities
Loans and debentures		23		448
Trade payables		65		59
Other payables, including derivative instruments		10		83
Provisions		-		44
Income tax payable		7		173
Total current liabilities		105		807
Non-current liabilities
Loans, excluding current portion		506		504
Debentures, excluding current portion		79		85
Deferred taxes, net		61		52
Income tax payable		27		27
Total non-current liabilities		673		668
Total liabilities		778		1,475
Equity
Share capital		602		1,267
Shareholder transaction reserve		-		4
Translation reserve		4		(2	)
Capital reserve		16		19
Accumulated profit / (loss)		191		(305	)
Equity attributable to owners of the Company		813		983
Non-controlling interests		70		68
Total equity		883		1,051
Total liabilities and equity		1,661		2,526

Kenon Holdings Ltd. and subsidiaries
Consolidated Statements of Profit & Loss

	For the nine months ended September 30,						For the three months ended September 30,
	2018			2017			2018			2017
	$ millions						$ millions
Revenue		279			274			94			97
Cost of sales and services (excluding depreciation)		(188	)		(200	)		(61	)		(69	)
Depreciation		(23	)		(23	)		(8	)		(7	)
Gross profit		68			51			25			21
Selling, general and administrative expenses		(18	)		(33	)		(6	)		(11	)
Other income		1			-			-			-
Other expenses		(1	)		-			-			-
Operating profit		50			18			19			10
Financing expenses		(24	)		(59	)		(7	)		(15	)
Financing income		23			4			11			-
Financing (expenses) / income, net		(1	)		(55	)		4			(15	)
Gain on third party investment in Qoros		504			-			-			-
Fair value loss on derivative asset		(21	)		-			(8	)		-
Write back of financial guarantee		63			-			-			-
Share in losses of associated companies, net of tax		(72	)		(33	)		(22	)		(11	)
Profit / (loss) before income taxes		523			(70	)		(7	)		(16	)
Income taxes		(11	)		(8	)		(4	)		(4	)
Profit / (loss) for the period from continuing operations		512			(78	)		(11	)		(20	)
Profit / (loss) for the period from discontinued operations (after tax)		(4	)		66			(4	)		(3	)
Profit / (loss) for the period		508			(12	)		(15	)		(23	)
Attributable to:
Kenon's shareholders		496			(34	)		(20	)		(23	)
Non-controlling interests		12			22			5			-
Profit / (loss) for the period		508			(12	)		(15	)		(23	)
Basic/diluted (loss)/profit per share attributable to Kenon's shareholders (in dollars):
Basic/diluted profit/(loss) per share		9.22			(0.64	)		(0.38	)		(0.43	)
Basic/diluted profit/(loss) per share from continuing operations		9.29			(1.53	)		(0.31	)		(0.42	)
Basic/diluted profit per share from discontinued operations		(0.07	)		0.89			(0.07	)		(0.01	)

Kenon Holdings Ltd. and subsidiaries
Consolidated Statements of Cash Flows
For the nine months ended September 30, 2018 and 2017

	For the nine months ended September 30,			For the nine months ended September 30,
	2018			2017
	$ millions
Cash flows from operating activities
Profit / (loss) for the period		508			(12	)
Adjustments:
Depreciation and amortization		23			135
Financing expenses, net		1			204
Share in losses of associated companies, net		72			33
Write back of financial guarantee		(63	)		-
Gain on third party investment in Qoros		(504	)		-
Fair value loss on derivative asset		21			-
Net change in fair value of derivative financial instruments		1			-
Write back of other payables		(3	)		-
Impairment of assets		-			20
Bad debt expense		-			5
Other capital gains, net		-			(7	)
Share-based payments		1			1
Income taxes		15			61
		72			440
Change in inventories		-			8
Change in trade and other receivables		3			(119	)
Change in trade and other payables		(15	)		(42	)
Changes in provisions and employee benefits		-			(2	)
		60			285
Income taxes paid, net		(171	)		(43	)
Net cash (used in)/provided by operating activities		(111	)		242

Kenon Holdings Ltd and subsidiaries
Consolidated Statement of Cash Flows, continued
For the nine months ended September 30, 2018 and 2017

	For the nine months ended September 30,
	2018			2017
	$ millions
Cash flows from investing activities
Proceeds from sale of property, plant and equipment		-			5
Short-term deposits and loans, net		(27	)		(3	)
Investment in long term deposits, net		3			-
Cash paid for businesses purchased, less cash acquired		(2	)		-
Acquisition of property, plant and equipment		(39	)		(156	)
Acquisition of intangible assets		-			(3	)
Interest received		10			5
Proceeds from dilution of third party investment in Qoros		260			-
Receipt/(payment) to release financial guarantee		18			(72	)
Payment of transaction cost for sales of subsidiaries		(49	)		-
Energuate purchase adjustment		-			10
Sale of subsidiary, net		-			1
Insurance claim		-			40
Payment of investment obligation to Qoros		(90	)		-
Net cash provided by/(used in) investing activities		84			(173	)

Cash flows from financing activities
Dividend paid to non-controlling interests in a subsidiary		(8	)		(17	)
Proceeds from issuance of shares to holders of non-controlling interests in subsidiaries		-			110
Capital distribution		(665	)		-
Receipt of long-term loans and issuance of debentures		28			1,314
Repayment of long-term loans and debentures		(126	)		(1,004	)
Repayment of short-term credit from banks and others, net		(319	)		(116	)
Payment of deferred expenses		(1	)		-
Bond issuance expenses		-			(20	)
Equity issuance expenses		-			(9	)
Payment of consent fee and early prepayment fee		-			(32	)
Interest paid		(18	)		(137	)
Net cash (used in)/provided by financing activities		(1,109	)		89

(Decrease)/Increase in cash and cash equivalents		(1,136	)		158
Cash and cash equivalents at beginning of the period		1,417			327
Effect of exchange rate fluctuations on balances of cash and cash equivalents		(6	)		13
Cash and cash equivalents at end of the period		275			498

Information regarding reportable segments

The following table sets forth selected financial data for Kenon’s reportable segments for the periods presented:

	For the nine months ended September 30, 2018
	OPC			Quantum¹			Other²			Adjustments³			Consolidated Results
	(in millions of USD, unless otherwise indicated)
Sales		279			-			-			-			279
Depreciation and amortization		(23	)		-			-			-			(23	)
Financing income		1			9			45			(32	)		23
Financing expenses		(21	)		(2	)		(33	)		32			(24	)
Write back of financial guarantee		-			63			-			-			63
Gain on third party investment in Qoros		-			504			-			-			504
Fair value loss on derivative asset		-			(21	)		-			-			(21	)
Share in losses of associated companies		-			(49	)		(23	)		-			(72	)
Profit / (Loss) before taxes		37			503			(17	)		-			523
Income taxes		(10	)		-			(1	)		-			(11	)
Profit / (Loss) from continuing operations		27			503			(18	)		-			512

____________________________________

(1)	Quantum is a wholly-owned subsidiary of Kenon and holds Kenon's interest in Qoros.
(2)	Includes the results of Primus; the results of ZIM, as an associated company; as well as Kenon’s and IC Green’s holding company and general and administrative expenses.
(3)	“Adjustments” includes inter-segment financing income and expenses.

	For the nine months ended September 30, 2017¹
	OPC			Quantum²			Other³			Adjustments⁴			Consolidated Results
	(in millions of USD, unless otherwise indicated)
Sales		274			-			-			-			274
Depreciation and amortization		(23	)		-			-			-			(23	)
Financing income		1			-			11			(8	)		4
Financing expenses		(27	)		(9	)		(31	)		8			(59	)
Share in (losses) / profits of associated companies		-			(45	)		12			-			(33	)
Profit / (Loss) before taxes		17			(54	)		(33	)		-			(70	)
Income taxes		(7	)		-			(1	)		-			(8	)
Profit / (Loss) from continuing operations		10			(54	)		(34	)		-			(78	)

____________________________________

(1)	Results during this period have been reclassified to reflect the results of the Inkia power generation and distribution business (which was sold on December 31, 2017) as discontinued operations.
(2)	Quantum is a wholly-owned subsidiary of Kenon and holds Kenon's interest in Qoros.
(3)	Includes the results of Primus; the results of ZIM, as an associated company; as well as Kenon’s and IC Green’s holding company and general and administrative expenses.
(4)	“Adjustments” includes inter-segment financing income and expenses.

	For the three months ended September 30, 2018
	OPC			Quantum¹			Other²			Adjustments³			Consolidated Results
	(in millions of USD, unless otherwise indicated)
Sales		94			-			-			-			94
Depreciation and amortization		(8	)		-			-			-			(8	)
Financing income		-			8			6			(3	)		11
Financing expenses		(6	)		-			(4	)		3			(7	)
Fair value loss on derivative asset		-			(8	)		-			-			(8	)
Share in losses of associated companies		-			(21	)		(1	)		-			(22	)
Profit / (Loss) before taxes		15			(22	)		-			-			(7	)
Income taxes		(4	)		-			-			-			(4	)
Profit / (Loss) from continuing operations		11			(22	)		-			-			(11	)

____________________________________

(1)	Quantum is a wholly-owned subsidiary of Kenon and holds Kenon's interest in Qoros.
(2)	Includes the results of Primus; the results of ZIM, as an associated company; as well as Kenon’s and IC Green’s holding company and general and administrative expenses.
(3)	“Adjustments” includes inter-segment financing income and expenses.

	For the three months ended September 30, 2017¹
	OPC			Quantum²			Other³			Adjustments⁴			Consolidated Results
	(in millions of USD, unless otherwise indicated)
Sales		97			-			-			-			97
Depreciation and amortization		(7	)		-			-			-			(7	)
Financing income		1			-			1			(2	)		-
Financing expenses		(5	)		(2	)		(10	)		2			(15	)
Share in losses of associated companies		-			(22	)		11			-			(11	)
Profit / (Loss) before taxes		14			(24	)		(6	)		-			(16	)
Income taxes		(4	)		-			-			-			(4	)
Profit / (Loss) from continuing operations		10			(24	)		(6	)		-			(20	)

____________________________________

(1)	Results during this period have been reclassified to reflect the results of the Inkia power generation and distribution business (which was sold on December 31, 2017) as discontinued operations.
(2)	Quantum is a wholly-owned subsidiary of Kenon and holds Kenon's interest in Qoros.
(3)	Includes the results of Primus; the results of ZIM, as an associated company; as well as Kenon’s and IC Green’s holding company and general and administrative expenses.
(4)	“Adjustments” includes inter-segment financing income and expenses.

Information regarding associated companies

	Carrying amounts of investment in associated companies				Equity in the net (losses) / earnings of associated companies
	as at				For the nine months ended						For the three months ended
	September 30, 2018		December 31, 2017		September 30, 2018			September 30, 2017			September 30, 2018			September 30, 2017
	$ millions				$ millions						$ millions
ZIM		95		120		(23	)		12			(1	)		11
Qoros		167		2		(49	)		(45	)		(21	)		(22	)
		262		122		(72	)		(33	)		(22	)		(11	)

Appendix B

Summary OPC consolidated financial information¹

OPC’s Consolidated Statement of Profit

	For the nine months ended September 30,						For the three months ended September 30,
	2018			2017			2018			2017
	(in millions of USD)						(in millions of USD)
Sales		279			274			94			97
Cost of sales (excluding depreciation and amortization)		(188	)		(200	)		(61	)		(70	)
Depreciation and amortization		(23	)		(23	)		(8	)		(7	)
Gross profit		68			51			25			20
General, selling and administrative expenses		(11	)		(8	)		(4	)		(2	)
Operating profit		57			43			21			18
Financing expenses		(21	)		(27	)		(6	)		(5	)
Financing income		1			1			-			1
Financing expenses, net		(20	)		(26	)		(6	)		(4	)
Profit before taxes		37			17			15			14
Taxes on income		(10	)		(7	)		(4	)		(4	)
Net profit for the period		27			10			11			10
Attributable to:
Equity holders of the company		21			4			9			5
Non-controlling interest		6			6			2			5
Net profit for the period		27			10			11			10

____________________________________

(1)	Translations of NIS amounts into US Dollars use a rate of 3.56:1 for 2018 and 3.58:1 for 2017

Summary Data from OPC’s Consolidated Statement of Cash Flows

	For the nine months ended September 30,						For the three months ended September 30,
	2018			2017			2018			2017
	(in millions of USD)						(in millions of USD)
Cash flows provided by operating activities		86			70			20			20
Cash flows used in investing activities		(74	)		(90	)		(35	)		(28	)
Cash flows (used in) / provided by financing activities		(23	)		173			10			71
(Decrease) / Increase in cash and cash equivalents		(11	)		153			(5	)		63
Effect of exchange rate fluctuations on balances of cash and cash equivalents		(6	)		3			2			7
Cash and cash equivalents at end of the period		129			179			129			179
Investments in property, plant and equipment		(39	)		(61	)		(10	)		(23	)
Total depreciation and amortization		23			23			8			7

Summary Data from OPC’s Consolidated Statement of Financial Position

	As of
	September 30, 2018		December 31, 2017
	(in millions of USD)
Total financial liabilities¹		609		618
Total monetary assets²		229		223
Total equity attributable to the owners		187		173
Total assets		955		941

____________________________________

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

Appendix C

Definition of OPC’s EBITDA and non-IFRS reconciliation

This press release, including the financial tables, presents EBITDA, which is considered to be a non-IFRS financial measure.

OPC defines EBITDA as for each period as net profit before depreciation and amortization, financing expenses, net, and income tax expense. EBITDA is not recognized under IFRS or any other generally accepted accounting principles 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 is 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 as a measure 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, depreciation, capital expenses and other related items.

OPC believes that the disclosure of EBITDA provides transparent and useful information to investors and financial analysts in their review of the company’s, or its subsidiaries’ 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 for the periods presented. Other companies may calculate EBITDA differently, and therefore this presentation of EBITDA may not be comparable to other similarly titled measures used by other companies.

	For the nine months ended September
	2018		2017
	(in USD millions)
Net profit for the period		27		10
Depreciation and amortization		23		23
Financing expenses, net		20		26
Income tax expense		10		7
EBITDA		80		66

	For the three months ended September 30,
	2018		2017
	(in USD millions)
Net profit for the period		11		10
Depreciation and amortization		8		7
Financing expenses, net		6		4
Income tax expense		4		4
EBITDA		29		25

Appendix D

Summary Financial Information of OPC’s Subsidiaries

The tables below set forth debt, cash and cash equivalents, deposits and restricted cash for OPC’s subsidiaries as of September 30, 2018:

	OPC-Rotem		OPC-Hadera		Tzomet		OPC Energy & Others		Total OPC

Debt (excluding accrued interest)		354		171		84		-		609
Cash and cash equivalents and short term deposits		39		27		91		-		157
Restricted cash (including debt service reserves)		48		2		22		-		72
Debt service reserves		26		-		12		-		38

The tables below set forth debt, cash and cash equivalents, deposits and restricted cash for OPC’s subsidiaries as of December 31, 2017:

	OPC-Rotem		OPC-Hadera		OPC Energy & Others		Total OPC

Debt (excluding accrued interest)		383		144		91		618
Cash and cash equivalents and short term deposits		38		30		79		147
Rrestricted cash (including debt service reserves)		48		2		26		76
Debt service reserves		26		-		5		31

Appendix E

Summary Operational Information of OPC

The tables below set forth details of sales, generation and purchases of electricity by OPC and availability and net generation of OPC split by the Rotem plant and the Hadera energy center (kWh in millions):

	For the nine months ended September 30,				For the three months ended September 30,
	2018		2017		2018		2017
Sales to private customers		2,915		2,907		942		975
Sales to the system administrator		70		73		23		11
Total sales		2,985		2,980		965		986

	For the nine months ended September 30,				For the three months ended September 30,
	2018		2017		2018		2017
Net generation of electricity		2,808		2,692		878		902
Purchase of electricity from the system administrator		177		288		87		84
Total volume of electricity generated and purchases from the system administrator		2,985		2,980		965		986

	For the nine months ended September 30,
	2018					2017
	Availability (%)			Net generation (kWh in millions)		Availability (%)			Net generation (kWh in millions)
Rotem		98	%		2,746		93	%		2,632
Hadera		97	%		62		92	%		61

	For the three months ended September 30,
	2018					2017
	Availability (%)			Net generation (kWh in millions)		Availability (%)			Net generation (kWh in millions)
Rotem		93	%		858		99	%		887
Hadera		99	%		20		84	%		16

Appendix F

Summary of Qoros’ Unaudited Condensed Consolidated Financial Information

	For the nine months ended September 30,						For the three months ended September 30,
In millions of RMB	2018			2017			2018			2017

Revenue		4,417			984			1,531			306
Cost of sales		(5,051	)		(1,248	)		(1,831	)		(397	)

Gross loss		(634	)		(264	)		(300	)		(91	)
Other income		36			313			8			4
Research and development expenses		(82	)		(81	)		(17	)		(1	)
Selling, general and administrative expenses		(499	)		(316	)		(241	)		(115	)
Other expenses		(2	)		(11	)		(1	)		(2	)
Loss from operation		(1,181	)		(359	)		(551	)		(205	)
Finance income		29			8			10			2
Finance costs		(210	)		(259	)		(80	)		(82	)
Net finance cost		(181	)		(251	)		(70	)		(80	)
Loss for the period		(1,362	)		(610	)		(621	)		(285	)

Qoros’ Consolidated Statement of Financial Position

	As of September 30,			As of December 31,
In millions of RMB	2018			2017
Assets
Property, plant and equipment		3,694			3,875
Intangible assets		3,757			4,011
Prepayments		31			22
Lease prepayments		191			195
Trade and other receivables		92			91
Equity-accounted investees		1			2
Non-current assets		7,766			8,196
Inventories		547			389
VAT recoverable		570			828
Trade and other receivables		2,076			38
Prepayments		298			173
Pledged deposits		410			26
Cash and cash equivalents		552			77

Current assets		4,453			1,531

Total assets		12,219			9,727

Equity
Paid-in capital		16,925			10,425
Reserves		-			54
Accumulated losses		(13,081	)		(11,645	)

Total equity/(deficit)		3,844			(1,166	)

Liabilities
Loans and borrowings		3,393			4,228
Deferred income		153			161
Trade and other payables		67			1,208
Provisions		108			65

Non-current liabilities		3,721			5,662

Loans and borrowings		1,527			2,511
Trade and other payables		3,095			2,704
Deferred income		32			16

Current liabilities		4,654			5,231

Total liabilities		8,375			10,893

Total equity and liabilities		12,219			9,727

Appendix G

Definition of Qoros’ Adjusted EBITDA and non-IFRS Reconciliation

This press release presents the Adjusted EBITDA of Qoros, which is a financial metric considered to be a non-IFRS financial measure. Non-IFRS financial measures should be evaluated in conjunction with, and are not a substitute for, IFRS financial measures. The non-IFRS financial information presented herein should not be considered in isolation from or as a substitute for operating profit, net profit or per share data prepared in accordance with IFRS.

Qoros defines Adjusted EBITDA for each period as net loss for the period, excluding net finance costs, depreciation and amortization and Other Income-license rights. Adjusted EBITDA is not recognized under IFRS or any other generally accepted accounting principles 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 or liquidity determined in accordance with IFRS. Adjusted EBITDA is 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. Adjusted EBITDA presents limitations that impair its use as a measure of our profitability since it does not take into consideration certain costs and expenses that result from our business that could have a significant effect on our net profit, such as financial expenses, taxes, depreciation, capital expenses and other related charges.

Qoros believes that the disclosure of Adjusted EBITDA provides transparent and useful information to investors and financial analysts in their review of Qoros’ 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 Qoros’ net loss to Adjusted EBITDA for the periods presented. Other companies may calculate Adjusted EBITDA differently, and therefore this presentation of Adjusted EBITDA may not be comparable to other similarly titled measures used by other companies.

	For the nine months ended September 30,						For the three months ended September 30,
In millions of RMB	2018			2017			2018			2017
Net loss for the period		(1,362	)		(610	)		(621	)		(285	)
Net finance costs		181			251			70			80
Depreciation and Amortization		660			293			272			90
Other income – license rights		-			(270	)		-			-
Adjusted EBITDA		(521	)		(336	)		(279	)		(115	)

	KENON HOLDINGS LTD.

Date: November 28, 2018	By:	/s/ Robert L. Rosen
	Name:	Robert L. Rosen
	Title:	Chief Executive Officer

99.1		Press Release, dated November 28, 2018: Kenon Holdings Reports Q3 2018 Results and Additional Updates
99.2		Q3 2018 Summary Financial Information of Kenon, OPC and Qoros and Reconciliation of Certain non-IFRS Financial Information