OPC indicated that the new shares to be issued in this private placement will constitute approximately 1.83% of OPC’s issued and outstanding shares following the private placement. The private placement is subject to approval of the Tel Aviv Stock Exchange for listing of the new shares.

In addition, Kenon announces that it entered into a commitment to execute an off-exchange transaction to sell 5,422,648 OPC ordinary shares to other institutional investors in Israel at a price of NIS 62.70 per share, for gross proceeds of NIS 340 million (approximately $100 million). The sale is expected to be executed on November 20, 2025.

Following completion of OPC's private placement and Kenon’s sale of shares, Kenon is expected to hold approximately 47% of OPC’s ordinary shares.

The OPC ordinary shares referenced in this press release have not been registered under the Securities Act of 1933, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under that act.

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can generally identify these statements by the use of words like “may”, “will”, “could”, “should”, “believe”, “expect”, “plan”, “estimate”, “forecast”, “potential”, “intend”, “target”, “future”, and variations of these words or comparable words. These statements include statements relating to OPC’s private placement of new OPC shares including the completion of the private placement which is subject to Tel Aviv Stock Exchange approval, Kenon’s sale of OPC shares including execution of the sale, and Kenon’s expected ownership in OPC after OPC’s private placement and Kenon’s sale of OPC shares and other non-historical statements. These forward-looking statements are based on 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 which could cause the actual results to differ materially from those indicated in Kenon’s forward-looking statements. Such risks include risks that OPC’s private placement is not approved by the Tel Aviv Stock Exchange and is not completed, risks that Kenon’s sale of OPC shares is not completed, risks relating to Kenon’s ownership stake in OPC following OPC’s private placement and Kenon’s sale of OPC shares and other risks and uncertainties, including those set forth under the heading “Risk Factors” in Kenon’s most recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission. 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.

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