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Yahoo
25-06-2025
- Business
- Yahoo
Boralex recognized as Best Corporate Citizen in Canada by Corporate Knights
MONTREAL, June 25, 2025 (GLOBE NEWSWIRE) -- Boralex inc. ('Boralex' or the 'Company') (TSX: BLX) is proud to announce that it has been named the top company in Corporate Knights' annual 'Best 50 Corporate Citizens' ranking in Canada. This ranking recognizes companies that demonstrate outstanding leadership and commitment to sustainable development. This achievement highlights the importance Boralex places on corporate responsibility, which lies at the core of its business strategy. ''Boralex's approach is based on a clear vision: to contribute to a renewable energy future, while ensuring a safe, inclusive and responsible work environment and committing to a net-zero trajectory by 2050. This vision is reiterated in the Company's 2030 Strategy, unveiled last week. Receiving this recognition from Corporate Knights encourages us to continue our efforts in this direction, particularly in a context where climate risk remains one of the main business risks on a global scale'', said Patrick Decostre, President and Chief Executive Officer of Boralex. ''This ranking represents a collective achievement, the result of sustained collaboration with all our stakeholders. It reflects our teams' unwavering commitment to embedding social responsibility at the core of our strategic decisions, as well as the invaluable support of our host communities, clients, partners, and investors. We also commend the performance of the other companies featured in this ranking and their commitments to building a more sustainable shared future,'' added Mihaela Stefanov, Senior Vice President, Enterprise Risk Management and Corporate Social Responsibility of Boralex. Corporate Knights evaluates the annual performance of nearly 350 Canadian companies on 33 key global performance indicators. The full Corporate Knights methodology is available on their website, and all Boralex data used in the evaluation is available on the Corporate Knights platform. Among other things, Boralex excelled in the following indicators (year 2023): Sustainable revenue Sustainable investment Existence of a sustainability pay link mechanism GHG Productivity Gender diversity on board of directors Boralex unveiled its most recent Corporate Social Responsibility (CSR) Report last February. Among the highlights for the year, the Company reviewed its talent acquisition process for inclusive recruitment, won the 'Workforce Development' award at Nergica's Reconnaissance renewable energy gala for its wind maintenance training program for Innus and obtained approval of its greenhouse gas emission reduction targets from the Science-based Target Initiative (SBTi). More details on Boralex's CSR strategy are available on its website. About Boralex At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France's largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has increased by more than 50% to 3.2 GW. We are developing a portfolio of projects in development and construction of more than 8 GW in wind, solar and storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, discipline, expertise and diversity, we continue to be an industry leader. Boralex's shares are listed on the Toronto Stock Exchange under the ticker symbol BLX. For more information, visit or Follow us on Facebook, LinkedIn and Instagram. For more information MEDIA INVESTOR RELATIONS Camille LaventureSenior Advisor, Public Affairs and External CommunicationsBoralex Inc.438 Stéphane MilotVice President, Investor Relations and Financial Planning and AnalysisBoralex Inc.514 Source: Boralex in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
19-06-2025
- Business
- Globe and Mail
Alain Rhéaume Announces His Retirement as Chair of the Board of Directors of Boralex
MONTREAL, June 19, 2025 (GLOBE NEWSWIRE) -- Boralex Inc. ('Boralex' or the 'Company') (TSX: BLX) today announced that the Chair of its Board of Directors, Mr. Alain Rhéaume, has informed the Board that he will step down from his position once a successor has been appointed by the directors, no later than December of this year. Mr. Rhéaume is announcing his retirement following the release of Boralex's 2030 Strategy. The process of selecting a new Chair will be overseen by the Board's Governance Committee and must be completed no later than December 2025, at the request of Mr. Rhéaume, as he will then reach the 15-year term limit for directors in accordance with the Company's governance policies. 'In recent years, Boralex's Board of Directors has focused on the orderly evolution of the Company, including its leadership, strategic directions, and governance. We have made significant progress on each of these priorities, which are essential to our shareholders and all our stakeholders,' said Mr. Rhéaume. Under Mr. Rhéaume's leadership, Boralex has made substantial progress, including: Drawing on the succession plan implemented under the Board's supervision, the executive team has been renewed, beginning with the appointment of Patrick Decostre as President and Chief Executive Officer. The team now includes new leaders across several areas of the Company; Over the past 10 months, the Board has welcomed three new directors, enhancing the Board's broad range of skills and experience, while two others have stepped down; The objectives of the 2025 Strategic Plan have been rigorously pursued and largely achieved. The 2030 Strategy, unveiled on June 17, will ensure the continuation of Boralex's ambitious growth trajectory. 'This key milestone in Boralex's evolution, culminating in the presentation of its new 2030 Strategy, has required significant effort from both the Board and senior management. The implementation of the Company's new strategic directions will benefit from the appointment of a new Chair who can guide it over the medium term,' said Mr. Rhéaume. 'The turbulence and uncertainty of global economies present challenges that companies must adapt to, but the strong growth in energy demand and the ongoing energy transition offer significant opportunities for Boralex, which is well positioned to continue asserting itself as a leader in renewable energy,' he added. 'We express our deep gratitude for Alain Rhéaume's 15 years of service on Boralex's Board of Directors, including eight years as Chair. Alain combines sharp business acumen with unmatched governance expertise. Always available, attentive, and insightful, he consistently balances risk and opportunity with a human approach and a commitment to the greater good. On behalf of the entire Boralex team, I thank him sincerely.' 'I have greatly appreciated working with the highly dedicated and high-performing teams at Boralex, both on the Board, within management and across the organization. Together, we have helped advance this small company, born from the vision of its founder Bernard Lemaire, to a stage of development he would be proud of,' concluded Mr. Rhéaume. For more information on the Board of Directors and its governance practices, please visit the Boralex website. Caution Regarding Forward-Looking Statements Some of the statements contained in this press release, including, without limitation, those relating to the process of selecting a replacement for the position of Chair of the Board, are forward-looking statements based on current expectations, within the meaning of securities legislation. Boralex would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results or the measure it adopts could differ materially from those indicated by or underlying these statements, or could have an impact on the degree of realization of a particular forward-looking statement. Unless otherwise specified by the Company, the forward-looking statements do not take into account the possible impact on its activities, transactions, non-recurring items or other exceptional items announced or occurring after the statements are made. There can be no assurance as to the materialization of the results, performance, or achievements as expressed or implied by forward-looking statements. The reader is cautioned not to place undue reliance on such forward-looking statements. Unless required to do so under applicable securities legislation, Boralex management does not assume any obligation to update or revise forward-looking statements to reflect new information, future events or other changes. About Boralex At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France's largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has increased by more than 50% to 3.2 GW. We are developing a portfolio of projects in development and construction of more than 8 GW in wind, solar and storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, discipline, expertise and diversity, we continue to be an industry leader. Boralex's shares are listed on the Toronto Stock Exchange under the ticker symbol BLX. For more information, visit or Follow us on Facebook and LinkedIn. For more information Source: Boralex inc.
Bloomberg
17-06-2025
- Business
- Bloomberg
Renewable Firm Boralex to Invest $5 Billion to Double Output
Canadian renewable power firm Boralex Inc. plans to invest as much as C$6.8 billion ($5 billion) to more than double its production output even as it takes a more cautious stance in the US. Chief Executive Officer Patrick Decostre said the Montreal-based company will boost its installed capacity from 3.2 gigawatts currently to about 7 gigawatts by 2030. The increase will be driven by solar and wind power, as well as battery storage projects in Canada, France, the UK and the US. The firm expects to spend another C$1.2 billion after 2030 to reach 8 gigawatts.
Yahoo
21-05-2025
- Business
- Yahoo
U.S. Growth Strategy: Boralex Signs Contracts for Two New York Solar Projects Totaling 450 MW
MONTREAL, May 21, 2025 (GLOBE NEWSWIRE) -- Boralex Inc. ('Boralex' or the 'Company') (TSX: BLX) is pleased to announce it has entered into a Renewable Energy Standard Agreement with the New York State Energy Research and Development Authority (NYSERDA) to procure Tier-1 RECs from each of its Fort Covington Solar Project and Two Rivers Solar Project, totaling 450 MW. The signing of these contracts marks a significant milestone in Boralex's contribution to renewable energy in New York and in the Company's development in this promising market. These contracts were awarded as part of NYSERDA's 2024 Renewable Energy Standard Competitive Solicitation for the purchase of New York Tier-1 Eligible Renewable Energy Certificates (RECs). Each REC represents the environmental attributes of one megawatt-hour of electricity generated from an eligible renewable source such as solar energy. The two solar facilities will be located in Franklin and St. Lawrence Counties in upstate New York, with permit applications currently under review by the state Office of Renewable Energy Siting and Electric Transmission: The Fort Covington Solar Project (250 MW) is located in the Town of Fort Covington, Franklin County. The Two Rivers Solar Project (200 MW) is located in the Towns of Brasher and Massena, St. Lawrence County. "New York is committed to building a clean energy economy, and Boralex is honored to meaningfully contribute toward achieving the State's renewable energy targets," said Patrick Decostre, President and Chief Executive Officer of Boralex. "We appreciate NYSERDA's confidence in our projects. New York State is a strategic growth market for Boralex, and we are proud to support the State's renewed commitment to advancing clean energy infrastructure.' "Our execution of these contracts for the Fort Covington and Two Rivers projects reflects Boralex's strategic focus on growing our U.S. renewable energy platform," added Hugues Girardin, Executive Vice President, General Manager North America, Boralex. "We are extremely proud of our teams, whose expertise and dedication continue to drive Boralex's successful expansion across North America in response to the consistently strong demand for green electricity." 'Renewable energy projects like Fort Covington and Two Rivers, are crucial to New York's clean energy transition,' said NYSERDA President and CEO Doreen M. Harris. 'Additionally, public-private partnerships like this will bring meaningful benefits to Franklin and St. Lawrence counties by spurring economic investments and delivering affordable and locally-sourced energy to residents of these communities.' "This is very exciting news for our town and the state as it looks to achieve its climate goals,' said Mark Peets, Supervisor of the Town of Brasher. 'Throughout the development of this project, Boralex has done an excellent job communicating the benefits to our community. They've listened to our concerns and, more importantly, made meaningful project changes that have helped build trust and support. We look forward to the hundreds of construction jobs, and tens of millions of dollars in economic development these projects will provide.' "These developments are great news for our community and the surrounding area,' said Susan Bellor, Supervisor, Town of Massena. 'I very much look forward to continuing to strengthen the relationship between Boralex and our town, and I'm excited about the long-term positive economic impact the project will have – not only for the participating landowners, but the broader community." "Small towns like ours don't often get opportunities like this," said Pat Manchester, Supervisor of the Town of Fort Covington. "The Fort Covington Solar Project represents a major investment in our community and our future. We're excited about the jobs, increased tax revenues, and the momentum it brings for sustainable economic growth. Boralex has been a transparent, responsive partner throughout this process, and we're proud to host a project of this scale and significance." Construction of both projects is expected to begin in 2026, and are expected to be commissioned in 2028. They will bring substantial economic, social, and environmental benefits to New York State and to local communities. Once constructed, the projects will together provide enough energy to power approximately 105,000 homes, support approximately 300 to 400 construction jobs, and create long-term operational roles, further strengthening the local economy and advancing the State's transition to clean energy. Caution Regarding Forward-Looking Statements Some of the statements contained in this press release, including those regarding the start of construction of the projects and their commissioning, are forward-looking statements based on current expectations, within the meaning of securities legislation. Boralex would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results or the measure it adopts could differ materially from those indicated by or underlying these statements, or could have an impact on the degree of realization of a particular forward-looking statement. Unless otherwise specified by the Company, the forward-looking statements do not take into account the possible impact on its activities, transactions, non-recurring items or other exceptional items announced or occurring after the statements are made. There can be no assurance as to the materialization of the results, performance, or achievements as expressed or implied by forward-looking statements. The reader is cautioned not to place undue reliance on such forward-looking statements. Unless required to do so under applicable securities legislation, Boralex management does not assume any obligation to update or revise forward-looking statements to reflect new information, future events or other changes. About Boralex At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France's largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has increased by more than 50% to over 3.2 GW. We are developing a portfolio of projects in development and construction of more than 8 GW in wind, solar and storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex's shares are listed on the Toronto Stock Exchange under the ticker symbol BLX. For more information, visit or Follow us on Facebook, LinkedIn and Instagram. For more information MEDIA INVESTOR RELATIONS Camille LaventureSenior Advisor, Public Affairs and External CommunicationsBoralex Inc.438 Stéphane MilotVice President, Investor Relations and Financial Planning and AnalysisBoralex Inc.514 MEDIA – NORTH AMERICA Zachary HutchinsManager, Public Affairs and CommunicationsBoralex Inc.518 Source: Boralex in to access your portfolio
Yahoo
14-05-2025
- Business
- Yahoo
Boralex reports net earnings of $41 million for the first quarter of 2025 and the start of production at the Limekiln wind farm, its first operational project in the United Kingdom
MONTREAL, May 14, 2025 (GLOBE NEWSWIRE) -- Boralex Inc. ('Boralex' or the 'Corporation') (TSX: BLX) is pleased to report its results for the first quarter of 2025. Highlights Financial results Lower EBITDA(A)1, operating income and net earnings in Q1-2025 Production down 4% (1% on a Combined1 basis)2 from Q1-2024 and 10% (11%) below anticipated production1. Good weather conditions in Canada partially offset less favourable conditions in France. EBITDA(A) of $176 million ($199 million) in Q1-2025, down $19 million ($19 million) from Q1-2024, mainly attributable to lower production and short-term power purchase agreements prices that were more favourable in Q1-2024, in France. Operating income of $65 million ($99 million) in Q1-2025, down $41 million ($35 million) from Q1-2024. Net earnings of $41 million in Q1-2025, down $32 million from Q1-2024. Lower cash flow related to operating activities for the quarter but consistently strong balance sheet Net cash flows related to operating activities of $172 million for Q1-2025 compared to $230 million for Q1-2024. Discretionary cash flows1 of $74 million for Q1-2025, down $4 million from Q1-2024. $388 million in cash and cash equivalents and $504 million in available cash resources and authorized financing1 as at March 31, 2025. Extension of the term of the revolving credit facility to 2030 in April 2025, along with an increase in the letter-of-credit facility guaranteed by Export Development Canada from $350 million to $470 million in April. Update on development and construction activities Start of production at the 106 MW Limekiln wind farm in Scotland Progress in under-construction and ready-to-build projects in spite of supply chain and construction costs challenges Ongoing construction at the Apuiat wind project in Québec (total 200 MW, Boralex's share 100 MW), with commissioning scheduled for summer 2025. Construction of the Hagersville (300 MW) and Tilbury (80 MW) storage projects in Ontario progressing on schedule, with commissioning planned for the fourth quarter of 2025. Ongoing work on the Des Neiges Sud wind project in Québec (total 400 MW, Boralex's share 133 MW), with phased commissioning scheduled for in late 2026/early 2027. 129 MW added to early-stage project pipeline 'Boralex has had a good start to 2025 with the commissioning of Limekiln, our first wind farm in Scotland, which is a major step toward achieving our growth objectives in the United Kingdom, a market with strong development potential. I am very grateful to our teams, whose dedication continue to ensure the company's growth in our strategic markets. In a context of increasingly volatile resources, the geographic and technological diversification of our operations makes us more resilient,' said Patrick Decostre, President and Chief Executive Officer of Boralex. 'During the quarter, our wind assets in Canada delivered a strong performance, partially offsetting lower contributions from wind farms in France, which were adversely affected by less favourable wind conditions and the impact of lower contribution from short term contracts. Our teams remain fully focused on improving the operating performance of our assets, pursuing with our cost optimization initiatives and strengthening our selling price optimization strategy. In the coming quarters, Boralex is planning to bid on multiple projects under the calls for tender to be issued this year in each of our target markets. We look forward to sharing news on our 2025-2030 strategic plan at our Investor Day, which will be held on June 17 in Toronto,' Mr. Decostre added. ______________________________________________ 1 EBITDA(A) is a total of segment measures. Anticipated production is an additional financial measure. 'Combined,' 'discretionary cash flows' and 'available cash resources and authorized financing' are non-GAAP financial measures and do not have a standardized definition under IFRS. Consequently, these measures may not be comparable to similar measures used by other companies. For more details, see the Non-IFRS financial measures and other financial measures section of this press release. 2 Figures in brackets indicate results on a Combined basis as opposed to a Consolidated basis. 1st quarter highlights Three-month periods ended March 31 Consolidated Combined (in millions of Canadian dollars, unless otherwise specified) (unaudited) 2025 2024 Change 2025 2024 Change $ % $ % Power production (GWh)(1) 1,691 1,767 (76 ) (4 ) 2,334 2,355 (21 ) (1 ) Revenues from energy sales and feed-in premium 226 259 (33 ) (13 ) 267 291 (24 ) (8 ) Operating income 65 106 (41 ) (39 ) 99 134 (35 ) (26 ) EBITDA(A) 176 195 (19 ) (10 ) 199 218 (19 ) (9 ) Net earnings 41 73 (32 ) (44 ) 41 73 (32 ) (44 ) Net earnings attributable to shareholders of Boralex 30 55 (25 ) (46 ) 30 55 (25 ) (46 ) Per share - basic and diluted $0.29 $0.53 ($0.24 ) (46 ) $0.29 $0.53 ($0.24 ) (46 ) Net cash flows related to operating activities 172 230 (58 ) (25 ) — — — — Cash flows from operations(2) 135 157 (22 ) (14 ) — — — — Discretionary cash flows 74 78 (4 ) (5 ) — — — — (1) Power production includes the production for which Boralex received financial compensation following power generation limitations as management uses this measure to evaluate the Corporation's performance. This adjustment facilitates the correlation between power production and revenues from energy sales and feed- in premium. (2) The cash flows from operations is a non-GAAP financial measure and does not have a standardized meaning under IFRS. Accordingly, it may not be comparable to similarly named measures used by other companies. For more details, see the Non-IFRS and other financial measures section of this press release. In the first quarter of 2025, Boralex produced 1,691 GWh (2,334 GWh) of electricity, 4% (1%) less than the 1,767 GWh (2,355 GWh) produced in the same quarter of 2024. The decrease was attributable mainly to unfavourable wind conditions in France and to a lesser degree to hydropower in the United States. Boralex ended the quarter with production that was 10% (11%) below anticipated production. Revenues from energy sales and feed-in premiums for the three-month period ended March 31, 2025, amounted to $226 million ($267 million), 13% (8%) lower than in the first quarter of 2024. The decrease was mainly attributable to the lower production and price impact in France, where Boralex had benefited from higher prices in the previous year. EBITDA(A) amounted to$176 million ($199 million), down 10% (9%) from the first quarter of 2024. The lower prices in France were partly offset by a decrease in the inframarginal rent contribution, which no longer applies in 2025. Operating income totalled $65 million ($99 million), compared to $106 million ($134 million) for the same quarter of 2024. Boralex posted net earnings of $41 million, down $32 million from $73 million in the same quarter of 2024. Outlook Boralex's 2025 Strategic Plan is built around the same four strategic directions as the plan launched in 2019 – growth, diversification, customers and optimization – and six corporate targets. The details of the plan, which also sets out Boralex's corporate social responsibility strategy, are found in the Corporation's annual report. Highlights of the main achievements of fiscal 2024 in relation to the 2025 Strategic Plan can be found in the 2024 Annual Report, which is available in the Investors section of the Boralex website. In the coming quarters, Boralex will continue to work on its various initiatives under the strategic plan, including project development, analysis of acquisition targets and optimization of power sales and operating costs. Finally, to fuel its organic growth, the Corporation has a pipeline of projects at various stages of development defined on the basis of clearly identified criteria, totalling 8 GW of wind, solar and energy storage projects. Dividend declaration The Company's Board of Directors has authorized and announced a quarterly dividend of $0.1650 per common share. This dividend will be paid on June 16, 2025, to shareholders of record at the close of business on May 30, 2025. Boralex designates this dividend as an 'eligible dividend' pursuant to paragraph 89 (14) of the Income Tax Act (Canada) and all provincial legislation applicable to eligible dividends. About Boralex At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France's largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has increased by more than 50% to over 3.2 GW. We are developing a portfolio of projects in development and construction of more than 8 GW in wind, solar and storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex's shares are listed on the Toronto Stock Exchange under the ticker symbol BLX. For more information, visit or Follow us on Facebook and LinkedIn. Non-IFRS measures Performance measures In order to assess the performance of its assets and reporting segments, Boralex uses various performance measures. Management believes that these measures are widely accepted financial indicators used by investors to assess the operational performance of a company and its ability to generate cash through operations. The non-IFRS and other financial measures also provide investors with insight into the Corporation's decision making as the Corporation uses these non-IFRS financial measures to make financial, strategic and operating decisions. It is important to note that the non-IFRS financial measures should not be considered as substitutes for IFRS measures. They are primarily derived from the audited consolidated financial statements, but do not have a standardized meaning under IFRS; accordingly, they may not be comparable to similarly named measures used by other companies. In addition, these non-IFRS financial measures are not audited and have important limitations as analytical tools. Investors are therefore cautioned not to consider them in isolation or place undue reliance on ratios or percentages calculated using these non-IFRS financial measures. Non-IFRS financial measures Financial data - Combined (all disclosed financial data) To assess the performance and the ability of a company to generate cash from its operations and investments in joint ventures and associates. Results from the combination of the financial information of Boralex Inc. under IFRS and the share of the financial information of the Interests. Interests in the Joint Ventures and associates, Share in earnings (losses) of the Joint Ventures and associates and Distributions received from the Joint Ventures and associates are then replaced with Boralex's respective share in the financial statements of the Interests (revenues, expenses, assets, liabilities, etc.) Respective financial data - Consolidated Discretionary cash flows To assess the cash generated from operations and the amount available for future development or to be paid as dividends to common shareholders while preserving the long-term value of the business. Corporate objectives for 2025 from the strategic plan. Net cash flows related to operating activities before 'change in non-cash items related to operating activities,' less: (i) distributions paid to non-controlling shareholders;(ii) additions to property, plant and equipment (maintenance of operations);(iii) repayments on non-current debt (projects) and repayments to tax equity investors;(iv) principal payments related to lease liabilities;(v) adjustments for non-operational items; plus (vi) development costs (from the statement of earnings). Net cash flows related to operating activities Cash flows from operations To assess the cash generated by the Corporation's operations and its ability to finance its expansion from these funds. Net cash flows related to operating activities before changes in non-cash items related to operating activities. Net cash flows related to operating activities Available cash and cash equivalents(1) To assess the cash and cash equivalents available, as at the balance sheet date, to fund the Corporation's growth. Represents cash and cash equivalents, as stated on the balance sheet, from which known short-term cash requirements are excluded. Cash and cash equivalents Available cash resources and authorized financing(1) To assess the total cash resources available, as at the balance sheet date, to fund the Corporation's growth. Results from the combination of credit facilities available to fund growth and the available cash and cash equivalents. Cash and cash equivalents (1) For more details on the reconciliation between the non-GAAP financial measure and the most directly comparable financial measure, see the Capital and liquidity - Available cash resources and authorized financing section in this report. Other financial measures - Total of segments measure EBITDA(A) Operating incomeOther financial measures - Supplementary Financial Measures Credit facilities available for growth The credit facilities available for growth include the unused tranche of the parent company's credit facility, apart from the accordion clause, as well as the unused tranche credit facilities of subsidiaries which includes the unused tranche of the credit facility - France and the unused tranche of the construction facility. Anticipated production For older sites, anticipated production by the Corporation is based on adjusted historical averages, planned commissioning and shutdowns and, for all other sites, on the production studies carried out. Combined The following tables reconcile Consolidated financial data with data presented on a Combined basis: 2025 2024 (in millions of Canadian dollars) (unaudited) Consolidated Reconciliation(1) Combined Consolidated Reconciliation(1) Combined Three-month periods ended March 31: Power production (GWh)(2) 1,691 643 2,334 1,767 588 2,355 Revenues from energy sales and feed-in premium 226 41 267 259 32 291 Operating income 65 34 99 106 28 134 EBITDA(A) 176 23 199 195 23 218 Net earnings 41 — 41 73 — 73 As at March 31, 2025 As at December 31, 2024 Total assets 7,582 924 8,506 7,604 872 8,476 Debt - Principal balance 4,095 554 4,649 4,032 556 4,588(1) Includes the respective contribution of joint ventures and associates as a percentage of Boralex's interest less adjustments to reverse recognition of these interests under IFRS. This contribution is attributable to the North America segment's wind farms and includes corporate expenses of $1 million under EBITDA(A) for the three-month period ended March 31, 2025 ($1 million as at March 31, 2024). (2) Includes compensation following electricity production limitations. EBITDA(A) EBITDA(A) is a total of segment financial measures and represents earnings before interest, taxes, depreciation and amortization, adjusted to exclude other items such as acquisition and restructuring costs, other losses (gains), net loss (gain) on financial instruments and foreign exchange loss (gain), with the last two items included under Other. EBITDA(A) is used to assess the performance of the Corporation's reporting segments. EBITDA(A) is reconciled to the most comparable IFRS measure, namely, operating income, in the following table: 2025 2024 Change 2025 vs 2024 (in millions of Canadian dollars) (unaudited) Consolidated Reconciliation(1) Combined Consolidated Reconciliation(1) Combined Consolidated Combined Three-month periods ended March 31: EBITDA(A) 176 23 199 195 23 218 (19 ) (19) Amortization (74 ) (16 ) (90 ) (73 ) (15 ) (88 ) (1 ) (2) Impairment (6 ) — (6 ) — — — (6 ) (6) Other gains (losses) (4 ) — (4 ) 4 — 4 (8 ) (8) Share in earnings of joint ventures and associates (28 ) 28 — (19 ) 19 — (9 ) — Change in fair value of a derivative included in the share in earnings of a joint venture 1 (1 ) — (1 ) 1 — 2 — Operating income 65 34 99 106 28 134 (41 ) (35) (1) Includes the respective contribution of joint ventures and associates as a percentage of Boralex's interest less adjustments to reverse recognition of these interests under IFRS. Cash flow from operations and discretionary cash flows The Corporation computes the cash flow from operations and discretionary cash flows as follows: Consolidated Three-month periods ended Twelve-month periods ended March 31 March 31 December 31 (in millions of Canadian dollars) (unaudited) 2025 2024 2025 2024 Net cash flows related to operating activities 172 230 157 215 Change in non-cash items relating to operating activities (37 ) (73 ) 236 200 Cash flows from operations 135 157 393 415 Repayments on non-current debt (projects)(1) (64 ) (65 ) (238 ) (240 ) Adjustment for non-operating items(2) 5 — 11 7 76 92 166 182 Principal payments related to lease liabilities(3) (7 ) (6 ) (20 ) (19 ) Distributions paid to non-controlling shareholders(4) (4 ) (18 ) (38 ) (52 ) Additions to property, plant and equipment (maintenance of operations) (2 ) (2 ) (10 ) (10 ) Development costs (from statement of earnings) 11 12 56 57 Discretionary cash flows 74 78 154 158 (1) Includes repayments on non-current debt (projects) and repayments to tax equity investors, and excludes VAT bridge financing, early debt repayments and repayments under the construction facility - Boralex Energy Investments portfolio. (2) For the twelve-month periods ended March 31, 2025 and December 31, 2024, favourable adjustment consisting mainly of acquisition and restructuring costs. (3) Excludes the principal payments related to lease liabilities for projects under development and construction. (4) Includes distributions paid to non-controlling shareholders as well as the portion of discretionary cash flows attributable to the non-controlling shareholder of Boralex Europe Sàrl. Available cash resources and authorized financing The Corporation computes the cash flow from operations and discretionary cash flows, as well as available cash resources and authorized financing, as follows: (in millions of Canadian dollars) (unaudited) As at March 31,2025 As at December 31,2024 Available cash and cash equivalents(1) Cash and cash equivalents 388 592 Cash and cash equivalents held by entities subject to project debt agreements and restrictions (318 ) (526 ) Bank overdraft (13 ) (5 ) Available cash and cash equivalents 57 61 Credit facilities of the parent company Authorized credit facility(2) 550 550 Amounts drawn under the authorized credit facility(3) (178 ) (157 ) Unused tranche of the parent company's credit facility 372 393 Unused tranche of the subsidiary's credit facilities 75 69 Credit facilities available for growth(4) 447 462 Available cash resources and authorized financing 504 523 (1) Available cash and cash equivalents is a non-GAAP measure and doesn't have a standardized meaning under IFRS. Accordingly, it may not be comparable to similarly named measures used by other companies. For more details, see the Non-IFRS and other financial measures section in this report. (2) Excluding the accordion clause of $200 million ($150 million as at December 31, 2024). (3) As at March 31, 2025, this amount included $13 million in letters of credit ($33 million as at December 31, 2024). (4) Credit facilities available for growth is a supplementary financial measure. For more details, see the Non-IFRS and other financial measures section in this report. Disclaimer regarding forward-looking statements Certain statements contained in this release, including those related to results and performance for future periods, installed capacity targets, EBITDA(A) and discretionary cash flows, the Corporation's strategic plan, business model and growth strategy, organic growth and growth through mergers and acquisitions, obtaining an investment grade credit rating, payment of a quarterly dividend, the Corporation's financial targets, the projects commissioning dates, the portfolio of renewable energy projects, the Corporation's Growth Path, the bids for new storage and solar projects and its Corporate Social Responsibility (CSR) objectives are forward-looking statements based on current forecasts, as defined by securities legislation. Positive or negative verbs such as 'will,' 'would,' 'forecast,' 'anticipate,' 'expect,' 'plan,' 'project,' 'continue,' 'intend,' 'assess,' 'estimate' or 'believe,' or expressions such as 'toward,' 'about,' 'approximately,' 'to be of the opinion,' 'potential' or similar words or the negative thereof or other comparable terminology, are used to identify such statements. Forward-looking statements are based on major assumptions, including those about the Corporation's return on its projects, as projected by management with respect to wind and other factors, opportunities that may be available in the various sectors targeted for growth or diversification, assumptions made about EBITDA(A) margins, assumptions made about the sector realities and general economic conditions, competition, exchange rates as well as the availability of funding and partners. While the Corporation considers these factors and assumptions to be reasonable, based on the information currently available to the Corporation, they may prove to be inaccurate. Boralex wishes to clarify that, by their very nature, forward-looking statements involve risks and uncertainties, and that its results, or the measures it adopts, could be significantly different from those indicated or underlying those statements, or could affect the degree to which a given forward-looking statement is achieved. The main factors that may result in any significant discrepancy between the Corporation's actual results and the forward-looking financial information or expectations expressed in forward-looking statements include the general impact of economic conditions, fluctuations in various currencies, fluctuations in energy prices, the risk of not renewing PPAs or being unable to sign new corporate PPA, the risk of not being able to capture the US or Canadian investment tax credit, counterparty risk, the Corporation's financing capacity, cybersecurity risks, competition, changes in general market conditions, industry regulations and amendments thereto, particularly the legislation, regulations and emergency measures that could be implemented for time to time to address high energy prices in Europe, litigation and other regulatory issues related to projects in operation or under development, as well as certain other factors considered in the sections dealing with risk factors and uncertainties appearing in Boralex's MD&A for the fiscal year ended December 31, 2024. Unless otherwise specified by the Corporation, forward-looking statements do not take into account the effect that transactions, non-recurring items or other exceptional items announced or occurring after such statements have been made may have on the Corporation's activities. There is no guarantee that the results, performance or accomplishments, as expressed or implied in the forward-looking statements, will materialize. Readers are therefore urged not to rely unduly on these forward-looking statements. Unless required by applicable securities legislation, Boralex's management assumes no obligation to update or revise forward- looking statements in light of new information, future events or other changes. For more information: MEDIA INVESTOR RELATIONS Camille Laventure Stéphane Milot Senior Advisor, Public Affairs and External Communications Vice President, Investor Relations Boralex Inc. Boralex Inc. 438-883-8580 514-213-1045
