Boralex reports second quarter operating income comparable to 2024 and actively pursue its development and construction activities

Executive Summary

• Boralex Inc. reported its financial results for the second quarter and first half of 2025, showing a decline in profitability metrics compared to the same period in 2024, driven by lower power prices in France and poor wind conditions in Europe and the US.
• The company announced the closing of a new $250 million corporate financing facility with La Caisse and Fondaction, while maintaining a strong balance sheet with $347 million in cash and $689 million in total available resources.
• Operational updates include the start of operations at two new wind farms in France (29 MW), progress on major construction projects in North America (Apuiat, Hagersville, Tilbury, Des Neiges Sud), and the signing of two solar contracts in New York State totaling 450 MW.

Key Details

• Q2 2025 Financial Performance (Consolidated):
  • Power Production: 1,505 GWh (up 14% from Q2 2024; 2% below anticipated).
  • Revenues from energy sales and feed-in premiums: $185 million (up 3%).
  • EBITDA(A): $113 million (down $17 million or 13% from Q2 2024).
  • Operating Income: $34 million (down $1 million or 4% from Q2 2024).
  • Net Loss: $4 million (compared to net earnings of $17 million in Q2 2024).
  • Net Cash Flows from Operating Activities: $107 million (down from $138 million in Q2 2024).
  • Discretionary Cash Flows: $12 million (down $5 million from Q2 2024).
• H1 2025 Financial Performance (Consolidated):
  • Power Production: 3,196 GWh (up 3% from H1 2024).
  • Revenues from energy sales and feed-in premiums: $411 million (down 6% from H1 2024).
  • EBITDA(A): $289 million (down $36 million or 11% from H1 2024).
  • Operating Income: $99 million (down $42 million or 30% from H1 2024).
  • Net Earnings: $37 million (down $53 million or 59% from H1 2024).
  • Net Cash Flows from Operating Activities: $279 million (down $89 million from H1 2024).
  • Discretionary Cash Flows: $86 million (down $9 million from H1 2024).
• Balance Sheet & Liquidity (as of June 30, 2025):
  • Cash and Cash Equivalents: $347 million.
  • Available Cash Resources and Authorized Financing: $689 million.
  • Total Assets: $7,564 million.
  • Total Debt (Principal Balance): $4,265 million (up $233 million from Dec 31, 2024).
  • Total Project Debt: $3,715 million.
  • Total Corporate Debt: $550 million.
• Financing Activity:
  • Closed a new corporate financing of $250 million with financial partners La Caisse (formerly CDPQ) and Fondaction.
• Operational & Development Updates:
  • France: Started operations at Fontaine-Lès-Boulans and Febvin-Palfart wind farms (total 29 MW).
  • Québec (Wind):
    • Apuiat project (200 MW total, 100 MW Boralex share): Commissioning expected late September 2025.
    • Des Neiges Sud project (400 MW total, 133 MW Boralex share): Phased commissioning expected in 2027.
  • Ontario (Storage):
    • Hagersville (300 MW) and Tilbury (80 MW) projects: Construction progressing on schedule, commissioning planned for Q4 2025.
  • New York (Solar): Signed two contracts for solar projects (Fort Covington and Two Rivers) totaling 450 MW.
  • Pipeline: Added 242 MW to the early-stage development project portfolio.
• Dividend Declaration:
  • Board authorized a quarterly dividend of $0.1650 per common share.
  • Payment date: September 15, 2025.
  • Record date: August 29, 2025.
  • Designated as an "eligible dividend" under the Income Tax Act (Canada).

Notable Quotes

• Patrick Decostre, President and CEO: “During the quarter, we strengthened our project pipeline by adding new development-stage projects and we made steady progress on our projects under construction. Our Apuiat project, in particular, continues its trajectory and is expected to be commissioned in September. We are very proud to have been awarded two contracts in New York State, for the Fort Covington and Two Rivers solar projects, for a total capacity of 450 MW. The signature of those contracts marks an important milestone in the Corporation’s development in that high-potential market.”
• Patrick Decostre, President and CEO: “Our organic growth is accelerating in line with the targets of our 2030 Strategy... The Des Neiges Sud project financing and new corporate financing that we closed during the quarter strengthen our financial capacity to execute the strategy with a disciplined approach.”