Monitor OPC's execution on the data center PPA and Hadera 2 project for long-term growth signals. The OPC Competition Authority investigation introduces regulatory overhang; watch for updates. The collar transaction on OPC shares provides Kenon with liquidity flexibility without diluting its upside exposure.
Price Chart
Executive Summary
Kenon Holdings reported Q1 2026 results showing strong revenue growth at its OPC subsidiary, driven by the consolidation of CPV Shore and expanded U.S. retail activities, though OPC's net profit declined YoY. Kenon also distributed a $200M dividend, entered a collar transaction on 2% of OPC shares, and OPC signed a 19-year PPA for data center electricity supply. The filing is neutral as the headline profit decline offsets the revenue growth, and the operational updates are largely forward-looking.
Key Facts
- Kenon's consolidated Q1 2026 revenue was $317M, up from $183M in Q1 2025.
- Kenon's Q1 2026 net profit attributable to shareholders was $26M ($0.49 per share), up from $12M ($0.22 per share) in Q1 2025.
- OPC's Q1 2026 net profit was $14M, down from $25M in Q1 2025.
- OPC's Q1 2026 Adjusted EBITDA including proportionate share in associates was $124M, up from $113M in Q1 2025.
- In April 2026, Kenon distributed a cash dividend of approximately $200M ($3.85 per share).
- In May 2026, Kenon entered into a collar transaction on 6,000,000 OPC shares (approximately 2% of OPC).
- OPC signed a 19-year PPA for electricity supply to data centers, with capacity expected to reach ~460 MW.
- OPC's Ramat Beka project signed an EPC agreement for a 550 MW solar plant with storage, total cost ~$158M-$160M.
- OPC's Hadera 2 project received a building permit for an 850 MW gas-fired power plant.
- CPV Group completed a swap to own 100% of CPV Maryland (745 MW) in exchange for its 10% interest in CPV Three Rivers (1,258 MW).
- An OPC officer was summoned in connection with an Israel Competition Authority investigation related to a 2023 tender.
Financial Impact
Kenon's Q1 2026 net profit attributable to shareholders more than doubled to $26M, while OPC's net profit declined 44% to $14M. OPC's Adjusted EBITDA grew 10% to $124M. Kenon's stand-alone cash was $709M as of March 31, 2026, and $512M as of June 1, 2026.
Risk Factors
- OPC's net profit declined 44% YoY despite revenue growth, indicating margin compression.
- An OPC officer was summoned in an Israel Competition Authority investigation, creating legal/regulatory uncertainty.
- Kenon's stand-alone cash declined from $709M (March 31) to $512M (June 1) after the $200M dividend distribution.
- OPC's total financial liabilities increased to $2,281M from $1,769M at year-end 2025, raising leverage.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001178913-26-002998 |
| Exhibit: exhibit_99-1.htm | 0001178913-26-002998 |
| Document: zk2635452.htm | 0001178913-26-002998 |
| Document: 0001178913-26-002998-index-headers.html | 0001178913-26-002998 |
| Document: 0001178913-26-002998-index.html | 0001178913-26-002998 |
| Document: 0001178913-26-002998.txt | 0001178913-26-002998 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 30, 2026 26d ago | Press Release | $60.20 $62.06 | ▲ +3.09% | ▲ +1.18% | $66.29 (+10.12%) |
Sep 30, 2026 26d ago | 6-K | $60.20 $62.06 | ▲ +3.09% | ▲ +1.18% | $66.29 (+10.12%) |
Sep 28, 2026 28d ago | 6-K | $64.10 $61.21 | ▼ −4.51% | ▼ −5.71% | $66.29 (+3.42%) |
Sep 10, 2026 6w ago | 6-K | $65.15 $66.25 | ▲ +1.69% | ▲ +2.19% | $66.29 (+1.75%) |
Aug 19, 2026 9w ago | 6-K | $64.06 $66.20 | ▲ +3.34% | ▲ +3.73% | $66.29 (+3.48%) |
Aug 14, 2026 10w ago | 6-K | $66.49 $66.25 | ▼ −0.36% | ▲ +1.01% | $66.29 (−0.30%) |
Jun 22, 2026 18w ago | 6-K | $66.22 $67.61 | ▲ +2.10% | ▲ +2.55% | $66.29 (+0.11%) |
Jun 3, 2026 20w ago | 6-K | $81.40 $70.31 | ▼ −13.62% | ▼ −9.80% | $66.29 (−18.56%) |
Jun 1, 2026 21w ago | 6-K | $89.61 $75.10 | ▼ −16.19% | ▼ −13.44% | $66.29 (−26.02%) |
May 28, 2026 21w ago | 6-K | $91.82 $79.53 | ▼ −13.38% | ▼ −13.70% | $66.29 (−27.80%) |
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