Boralex reports net earnings of $33 million for fiscal 2025 marked by the commissioning of large-scale projects in Canada and the United Kingdom

Executive Summary

• Boralex Inc. reported its financial results for the fourth quarter and full fiscal year 2025, highlighting a significant increase in production and net earnings for Q4, although full-year net earnings declined due to lower electricity contract prices in France.
• The company announced a quarterly dividend of $0.1650 per common share, payable on March 16, 2026, to shareholders of record as of February 27, 2026.
• Operational highlights include the commissioning of six new projects (totaling 306 MW) and the advancement of 1,383 MW in new development projects, bringing total installed capacity to 3,783 MW.

Key Details

• Q4 2025 Financial Performance:
  • Production: 1,800 GWh (Consolidated) / 2,454 GWh (Combined), an increase of 18% (17% Combined) from Q4 2024.
  • Operating Income: $68 million (Consolidated) / $85 million (Combined), down $10 million (up $32 million Combined) from Q4 2024.
  • EBITDA(A): $178 million (Consolidated) / $203 million (Combined), up $9 million (up $12 million Combined) from Q4 2024.
  • Net Earnings: $26 million (Consolidated) / $26 million (Combined), an improvement of $28 million from Q4 2024 (which posted a net loss of $2 million).
  • Cash Flow: Net cash flows from operating activities were $46 million (Consolidated) and $118 million (Cash flows from operations). Discretionary cash flows were $56 million.
• Full Year 2025 Financial Performance:
  • Production: 6,147 GWh (Consolidated) / 8,502 GWh (Combined), up 8% from 2024.
  • Revenues: $796 million (Consolidated) / $935 million (Combined), down 3% (Consolidated) or flat (Combined) from 2024.
  • Operating Income: $166 million (Consolidated) / $248 million (Combined), down $60 million (down $19 million Combined) from 2024.
  • EBITDA(A): $552 million (Consolidated) / $655 million (Combined), down $29 million (down $15 million Combined) from 2024.
  • Net Earnings: $33 million (Consolidated) / $33 million (Combined), down $41 million from 2024 ($74 million).
  • Cash Flow: Net cash flows from operating activities were $362 million. Discretionary cash flows were $151 million.
• Balance Sheet & Liquidity (as of Dec 31, 2025):
  • Cash & Equivalents: $292 million.
  • Available Cash Resources & Authorized Financing: $681 million.
  • Total Debt: $4,386 million (Consolidated) / $5,085 million (Combined).
  • Total Assets: $7,648 million (Consolidated) / $8,833 million (Combined).
• Operational & Project Updates:
  • New Capacity: Six new projects commissioned, adding to total installed capacity of 3,783 MW. Specific additions include:
    • Limekiln wind farm (UK, 106 MW).
    • Apuiat wind farm (Canada, 100 MW).
    • Sanjgon BESS (80 MW / 320 MWh).
    • Hagersville BESS (300 MW / 1,200 MWh, commercial commissioning Feb 18, 2026).
    • Fontaine-Lès-Boulans and Febvin-Palfart wind farms (France, 29 MW).
  • Pipeline Progress:
    • 178 MW moved to construction/ready-to-build (including Des Neiges Charlevoix in Canada and four projects in France).
    • 688 MW moved to secured stage (two US solar, two Canada BESS, one UK BESS, three France wind).
    • 1,383 MW added to development portfolio.
  • Regulatory/Contracts: Secured ministerial approval for Clashindarroch wind farm Extension (189 MW) and a Contract for Difference (CfD) for Sallachy wind farm (44 MW) in the UK.
• Dividend:
  • Declared quarterly dividend of $0.1650 per common share.
  • Payable March 16, 2026, to shareholders of record on February 27, 2026.
  • Designated as an "eligible dividend" under the Income Tax Act (Canada).

Notable Quotes

• Patrick Decostre, President and CEO: “The year 2025 was marked by significant progress for Boralex... The commissioning of Limekiln, our first wind farm in the United Kingdom, reflects our expansion in that high-potential market, and the acceleration of our battery energy storage system activities in Ontario exemplifies the ongoing diversification of our portfolio... These achievements confirm the soundness of our growth trajectory and our ability to create long-term value across all our markets.”
• Patrick Decostre, President and CEO: “Boralex’s financial results improved in the last quarter of 2025, driven by good wind conditions and the impact of new commissioning. The overall results for the year were down, however, mainly due to the decline in short-term electricity contract prices in France.”