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Earnings

Boralex announces its third quarter results and commissioning of large-scale projects in Canada

By The Northwire Desk — AI Analysis Nov 07, 2025 · 07:00 BLX · 28.07 BORALEX INC. CL 'A'
BLX · Price

Executive Summary

  • Boralex reported Q3 2025 results showing a net loss of C$30 million, an operating loss of C$1 million and EBITDA(A) of C$85 million, all down year‑over‑year.
  • Production increased 7% YoY to 1,151 GWh (combined 1,639 GWh) driven by newly commissioned European sites, but remained 13% below anticipated levels due to adverse weather in North America and Europe.
  • The company announced a quarterly dividend of C$0.1650 per share and highlighted several development milestones, including the start‑up of the Apuiat wind farm (100 MW owned) and on‑track battery storage projects slated for Q4 2025 commissioning.

Key Details

  • Financial Performance (Q3 2025 vs Q3 2024)
  • EBITDA(A): C$85 M vs C$108 M (‑2 M, ‑2%).
  • Operating loss: C$1 M vs operating income of C$13 M (+C$14 M).
  • Net loss: C$30 M vs C$14 M (‑C$16 M).
  • Net cash flow from operations: +C$37 M vs –C$184 M in Q3 2024.
  • Discretionary cash flow: C$9 M vs C$16 M prior period.

  • Cash & cash equivalents at 30 Sep 2025: C$288 M; total available cash resources & authorized financing: C$811 M.

  • Production & Revenue

  • Power production: 1,151 GWh (combined 1,639 GWh), up 7% YoY but 13% below anticipated.

  • Revenues from energy sales & feed‑in premiums: C$144 M vs C$150 M prior quarter (‑4%).

  • Nine‑Month Summary (ended 30 Sep 2025)

  • Power production: 4,347 GWh (combined 6,048 GWh) – up 176 GWh (4%).
  • Revenue: C$555 M vs C$589 M (‑6%).
  • Operating income: C$98 M vs C$148 M (‑50 M).
  • EBITDA(A): C$374 M vs C$412 M (‑38 M).

  • Net earnings: C$7 M vs C$76 M (‑69 M).

  • Development & Construction Updates

  • Apuiat wind farm (Québec) commenced operations in October 2025; Boralex holds 50% JV interest (100 MW owned capacity).
  • Hagersville (300 MW) and Tilbury (80 MW) battery storage projects in Ontario on schedule for Q4 2025 commissioning.
  • U.S. 250‑MWac solar project advanced to secured project stage.
  • Five‑year PPA signed for Milo wind farm (50 MW, USA).

  • Added 395 MW of new projects to development pipeline; won 125 MW in French onshore wind auction (Nov 2025).

  • Dividend Declaration

  • Quarterly dividend of C$0.1650 per common share, payable 15 Dec 2025 to shareholders of record 28 Nov 2025.

  • Strategic Outlook

  • 2030 Strategy targets $8 billion in investments and a doubling of installed capacity by 2030.
  • Emphasis on growth, diversification, efficiency and long‑term value creation across wind, solar and storage assets.

Notable Quotes

“The third quarter of 2025 saw significant headway in our portfolio of development projects… these milestones enable us to approach the coming quarters with confidence…” – Patrick Decostre, President & CEO, Boralex.

“Despite weather conditions that were less favourable than expected… we had higher production than in the third quarter of 2024… we are continuing to optimize our energy commercialization strategy.” – Patrick Decostre, President & CEO, Boralex.

Read the original news release →

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