EX-99.2 3 exhibit_99-2.htm EXHIBIT 99.2
Exhibit 99.2
 
Financial Information for the Three Months and Six Months Ended June 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)

   
June 30,
    
December 31,
  
   
2025
    
2024
  
   
$ millions
  
Current assets
            
Cash and cash equivalents
    
915
      
1,016
  
Trade receivables
    
121
      
80
  
Short-term derivative instruments
    
8
      
-
  
Other investments
    
115
      
143
  
Other current assets
    
22
      
24
  
Total current assets
    
1,181
      
1,263
  
Non-current assets
                
Investment in OPC’s associated companies
    
1,569
      
1,459
  
Long-term restricted cash
    
16
      
16
  
Long-term derivative instruments
    
14
      
28
  
Deferred taxes, net
    
2
      
3
  
Property, plant and equipment, net
    
1,239
      
1,156
  
Intangible assets, net
    
79
      
72
  
Long-term prepaid expenses and other non-current assets
    
43
      
41
  
Right-of-use assets, net
    
193
      
175
  
Total non-current assets
    
3,155
      
2,950
  
Total assets
    
4,336
      
4,213
  
Current liabilities
                
Current maturities of loans from banks and others
    
101
      
85
  
Trade and other payables
    
169
      
94
  
Current maturities of lease liabilities
    
3
      
4
  
Total current liabilities
    
273
      
183
  
Non-current liabilities
                
Long-term loans from banks and others
    
844
      
727
  
Debentures
    
459
      
456
  
Deferred taxes, net
    
150
      
148
  
Other non-current liabilities
    
6
      
31
  
Long-term lease liabilities
    
8
      
9
  
Total non-current liabilities
    
1,467
      
1,371
  
Total liabilities
    
1,740
      
1,554
  
Equity
                
Share capital
    
50
      
50
  
Translation reserve
    
17
      
3
  
Capital reserve
    
57
      
64
  
Accumulated profit
    
1,265
      
1,491
  
Equity attributable to owners of the Company
    
1,389
      
1,608
  
Non-controlling interests
    
1,207
      
1,051
  
Total equity
    
2,596
      
2,659
  
Total liabilities and equity
    
4,336
      
4,213
  

2

Kenon Holdings Ltd. and its subsidiaries
Consolidated Statements of Profit or Loss (Unaudited)
 
   
For the six months
ended June 30,
    
For the three months
ended June 30,
  
   
2025
    
2024
    
2025
    
2024
  
   
$ millions
    
$ millions
  
Revenue
    
378
      
355
      
196
      
181
  
Cost of sales and services (excluding depreciation and amortization)
    
(289
)
    
(247
)
    
(150
)
    
(129
)
Depreciation and amortization
    
(33
)
    
(42
)
    
(17
)
    
(22
)
Gross profit
    
56
      
66
      
29
      
30
  
Selling, general and administrative expenses
    
(48
)
    
(43
)
    
(31
)
    
(22
)
Other expenses, net
    
(1
)
    
(7
)
    
-
      
1
  
Operating profit/(loss)
    
7
      
16
      
(2
)
    
9
  
Financing expenses
    
(45
)
    
(51
)
    
(21
)
    
(31
)
Financing income
    
22
      
20
      
9
      
8
  
Financing expenses, net
    
(23
)
    
(31
)
    
(12
)
    
(23
)
Gains related to ZIM
    
-
      
111
      
-
      
111
  
Dividend income
    
-
      
6
      
-
      
6
  
Share in profit of OPC’s associated companies, net
    
59
      
23
      
21
      
4
  
Profit before income taxes
    
43
      
125
      
7
      
107
  
Income tax expense
    
(10
)
    
(8
)
    
(1
)
    
-
  
Profit for the year
    
33
      
117
      
6
      
107
  
Attributable to:
                                
Kenon’s shareholders
    
17
      
121
      
5
      
112
  
Non-controlling interests
    
16
      
(4
)
    
1
      
(5
)
Profit for the period
    
33
      
117
      
6
      
107
  
                                 
Basic/diluted profit per share attributable to Kenon’s shareholders (in dollars):
                                
Basic/diluted profit per share
    
0.32
      
2.28
      
0.10
      
2.13
  
 
3
Kenon Holdings Ltd. and its subsidiaries
Consolidated Statements of Cash Flows (Unaudited)

   
For the six months
ended June 30,
  
   
2025
    
2024
  
   
$ millions
  
Cash flows from operating activities
            
Profit for the period
    
33
      
117
  
Adjustments:
                
Depreciation and amortization
    
36
      
44
  
Diesel fuel consumption
    
5
      
2
  
Financing expenses, net
    
23
      
31
  
Gains related to ZIM
    
-
      
(111
)
Share in profit of associated companies, net
    
(59
)
    
(23
)
Share-based payments
    
11
      
3
  
Other expenses, net
    
1
      
8
  
Income tax expense
    
10
      
8
  
     
60
      
79
  
Change in trade and other receivables
    
(37
)
    
(28
)
Change in trade and other payables
    
31
      
24
  
Cash generated from operating activities
    
54
      
75
  
Income tax paid
    
-
      
(1
)
Dividends received from associate companies, net
    
27
      
13
  
Net cash provided by operating activities
    
81
      
87
  

4
 
Kenon Holdings Ltd. and its subsidiaries
Consolidated Statements of Cash Flows (Unaudited), continued

   
For the six months
ended June 30,
  
   
2025
    
2024
  
   
$ millions
  
Cash flows from investing activities
            
Short-term deposits and restricted cash, net
    
-
      
(1
)
Short-term collaterals deposits, net
    
-
      
2
  
Investment in long-term deposit, net
    
2
      
1
  
Investment in associated companies, less cash acquired
    
(110
)
    
(8
)
Acquisition of property, plant and equipment
    
(38
)
    
(137
)
Proceed from sale of interest in ZIM
    
-
      
111
  
Proceed from distribution from associated company
    
1
      
-
  
Proceeds from other investments
    
31
      
56
  
Interest received
    
18
      
13
  
Proceeds from transactions in derivatives, net
    
5
      
-
  
Net cash (used in)/provided by investing activities
    
(91
)
    
37
  
                 
Cash flows from financing activities
                
Repayment of long-term loans, debentures and lease liabilities
    
(56
)
    
(66
)
Repayment of short-term loans
    
(1
)
    
(55
)
Investments of non-controlling interests in subsidiary
    
10
      
9
  
Tax equity investment
    
-
      
41
  
Proceeds from issuance of share capital
    
143
      
-
  
Proceeds from issuance of debentures, less issuance expenses
    
-
      
52
  
Proceeds from long-term loans
    
88
      
16
  
Proceeds from derivative financial instruments, net
    
5
      
1
  
Dividend paid
    
(253
)
    
(201
)
Repurchased of own shares
    
(10
)
    
-
  
Interest paid
    
(25
)
    
(31
)
Net cash used in financing activities
    
(99
)
    
(234
)
                 
Decrease in cash and cash equivalents
    
(109
)
    
(110
)
Cash and cash equivalents at beginning of the year
    
1,016
      
697
  
Effect of exchange rate fluctuations on balances of cash and cash equivalents
    
8
      
(1
)
Cash and cash equivalents at end of the period
    
915
      
586
  

5
Information regarding reportable segments
 
Information regarding activities of the reportable segments are set forth in the following table.
 
   
For the six months ended June 30, 2025
  
   
OPC Israel
    
CPV Group
    
Other
    
Consolidated Results
  
   
$ millions
  
Revenue
    
299
      
79
      
-
      
378
  
Depreciation and amortization
    
(36
)
    
-
      
-
      
(36
)
Financing income
    
3
      
3
      
16
      
22
  
Financing expenses
    
(19
)
    
(20
)
    
(6
)
    
(45
)
Share in profit of associated companies
    
-
      
59
      
-
      
59
  
Profit before taxes
    
17
      
17
      
9
      
43
  
Income tax (expense)/benefits
    
(9
)
    
2
      
(3
)
    
(10
)
Profit for the period
    
8
      
19
      
6
      
33
  

 
  
For the six months ended June 30, 2024
  
   
OPC Israel
    
CPV Group
    
ZIM
    
Other
    
Consolidated Results
  
   
$ millions
  
Revenue
    
291
      
64
      
-
      
-
      
355
  
Depreciation and amortization
    
(33
)
    
(13
)
    
-
      
-
      
(46
)
Financing income
    
4
      
2
      
-
      
14
      
20
  
Financing expenses
    
(32
)
    
(15
)
    
-
      
(4
)
    
(51
)
Gains related to ZIM
    
-
      
-
      
111
      
-
      
111
  
Share in profit of associated companies
    
-
      
23
      
-
      
-
      
23
  
Profit before taxes
    
3
      
1
      
111
      
10
      
125
  
Income tax expense
    
(7
)
    
-
      
-
      
(1
)
    
(8
)
(Loss)/profit for the period
    
(4
)
    
1
      
111
      
9
      
117
  

   
For the three months ended June 30, 2025
  
   
OPC Israel
    
CPV Group
    
Other
    
Consolidated Results
  
   
$ millions
  
Revenue
    
153
      
43
      
-
      
196
  
Depreciation and amortization
    
(18
)
    
-
      
-
      
(18
)
Financing income
    
1
      
2
      
6
      
9
  
Financing expenses
    
(5
)
    
(18
)
    
1
      
(22
)
Share in profit of associated companies
    
-
      
21
      
-
      
21
  
Profit/(loss) before taxes
    
12
      
(11
)
    
6
      
7
  
Income tax (expense)/benefits
    
(6
)
    
6
      
(1
)
    
(1
)
Profit/(loss) for the period
    
6
      
(5
)
    
5
      
6
  

 
  
For the three months ended June 30, 2024
  
   
OPC Israel
    
CPV Group
    
ZIM
    
Other
    
Consolidated Results
  
   
$ millions
  
Revenue
    
146
      
35
      
-
      
-
      
181
  
Depreciation and amortization
    
(17
)
    
(7
)
    
-
      
-
      
(24
)
Financing income
    
1
      
1
      
-
      
6
      
8
  
Financing expenses
    
(17
)
    
(8
)
    
-
      
(6
)
    
(31
)
Gains related to ZIM
    
-
      
-
      
111
      
-
      
111
  
Share in profit of associated companies
    
-
      
4
      
-
      
-
      
23
  
(Loss)/profit before taxes
    
(1
)
    
(6
)
    
111
      
3
      
107
  
Income tax (expense)/ benefits
    
(1
)
    
1
      
-
      
-
      
(8
)
(Loss)/profit for the period
    
(2
)
    
(5
)
    
111
      
3
      
107
  

6

Appendix B
 
Summary of OPC consolidated financial information
 
OPC’s Consolidated Statements of Profit or Loss
 
   
For the six months
ended June 30,
    
For the three months
ended June 30,
  
   
2025
    
2024
    
2025
    
2024
  
   
$ millions
    
$ millions
  
Revenue
    
378
      
355
      
196
      
181
  
Cost of sales (excluding depreciation and amortization)
    
(289
)
    
(247
)
    
(150
)
    
(129
)
Depreciation and amortization
    
(33
)
    
(42
)
    
(16
)
    
(24
)
Gross profit
    
56
      
66
      
30
      
28
  
Selling, general and administrative expenses
    
(43
)
    
(38
)
    
(28
)
    
(17
)
Other expenses, net
    
(5
)
    
(7
)
    
(2
)
    
(1
)
Operating profit
    
8
      
21
      
-
      
12
  
Financing expenses
    
(39
)
    
(47
)
    
(23
)
    
(25
)
Financing income
    
6
      
6
      
3
      
2
  
Financing expenses, net
    
(33
)
    
(41
)
    
(20
)
    
(23
)
Share in profit of associated companies, net
    
59
      
23
      
21
      
4
  
Profit/(loss) before income taxes
    
34
      
4
      
1
      
(7
)
Income tax expense
    
(7
)
    
(7
)
    
-
      
-
  
Profit/(loss) for the period
    
27
      
3
      
1
      
(7
)
                                 
Attributable to:
                                
Equity holders of the company
    
20
      
1
      
1
      
(4
)
Non-controlling interest
    
7
      
(4
)
    
-
      
(3
)
Profit/(loss) for the period
    
27
      
(3
)
    
1
      
(7
)
 
7

Summary Data from OPC’s Consolidated Statement of Cash Flows

   
For the six months
ended June 30,
    
For the three months
ended June 30,
  
   
2025
    
2024
    
2025
    
2024
  
   
$ millions
    
$ millions
  
Cash flows provided by operating activities
    
78
      
89
      
13
      
17
  
Cash flows used in investing activities
    
(140
)
    
(139
)
    
(53
)
    
(71
)
Cash flows provided by financing activities
    
250
      
(34
)
    
262
      
21
  
Increase/(decrease) in cash and cash equivalents
    
188
      
(84
)
    
222
      
(33
)
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
    
18
      
(1
)
    
22
      
(2
)
Cash and cash equivalents at end of the period
    
470
      
192
      
470
      
192
  

Summary Data from OPC’s Consolidated Statement of Financial Position
 
 
  
As at
  
 
  
June 30,
2025
    
December 31, 2024
  
 
  
$ millions
  
Total financial liabilities1
    
1,403
      
1,267
  
Total monetary assets2
    
487
      
280
  
Investment in associated companies
    
1,568
      
1,459
  
Total equity attributable to the owners
    
1,564
      
1,303
  
Total assets
    
3,772
      
3,309
  
 
1.
Including loans from banks and others and debentures
2.
Including cash and cash equivalents, term deposits and restricted cash
 
8

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 net profit/(loss) 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 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 June 30,
  
 
  
2025
    
2024
  
 
  
$ millions
  
Profit for the period
    
1
      
(7
)
Depreciation and amortization
    
18
      
24
  
Financing expenses, net
    
20
      
23
  
Income tax expense
    
-
      
-
  
EBITDA
    
39
      
40
  
Share of depreciation and amortization and financing expenses included within share of profit of associated companies, net
    
50
      
26
  
Changes in net expenses, not in the ordinary course of business and/or of a non-recurring nature
    
1
      
-
  
Adjusted EBITDA including proportionate share of associated companies
    
90
      
66
  

9