Boralex reports second quarter operating income comparable to 2024 and actively pursue its development and construction activities
MONTREAL, Aug. 08, 2025 (GLOBE NEWSWIRE) -- Boralex Inc. ("Boralex" or the "Corporation") (TSX:BLX) is pleased to report its results for the second quarter of 2025.
HighlightsFinancial results
Lower EBITDA(A)1, operating income and net earnings in Q2-2025:
Production up 14% (10% on a Combined1 basis)2 from Q2-2024 owing to a strong performance by operating assets in North America and the contribution of newly commissioned sites in Europe. Production was nevertheless 2% (9%) below anticipated production1 due to poor wind conditions in Europe and the United States.
EBITDA(A) of $113 million ($145 million) in Q2-2025, down $17 million ($7 million) from Q2-2024, mainly due to lower prices of short-term power purchase contracts in France and, on a consolidated basis, to a reduced share in net losses (earnings) of joint ventures and associates in North America.
Operating income of $34 million ($51 million) in Q2-2025, down $1 million ($7 million) from Q2-2024;
Net loss of $4 million in Q2-2025, down $21 million from Q2-2024 mainly due to the decrease in EBITDA(A) and higher financing costs.
Lower cash flow related to operating activities for the quarter but a consistently strong balance sheet:
Net cash flows related to operating activities of $107 million for Q2-2025 compared to $138 million for Q2-2024;
Discretionary cash flows1 of $12 million for Q2-2025, down $5 million from Q2-2024;
$347 million in cash and cash equivalents and $689 million in available cash resources and authorized financing1 as at June 30, 2025;
Closing of a new corporate financing for $250 million with financial partners La Caisse (formerly CDPQ) and Fondaction.
Update on development and construction activities
Start of operations at two wind farms in France, Fontaine-Lès-Boulans and Febvin-Palfart, for a total of 29 MW;
Progress on under-construction and ready-to-build projects:
Ongoing work at the Apuiat wind project in Québec (total 200 MW, Boralex's share 100 MW), with commissioning expected in late September;
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 Sud3 wind project in Québec (total 400 MW, Boralex's share 133 MW), with phased commissioning expected in 2027.
Signature of two contracts with New York State for solar projects totalling 450 MW;
242 MW added to the early-stage development project portfolio.
"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," said Patrick Decostre, President and Chief Executive Officer of Boralex.
Commenting on Boralex's outlook for the coming quarters, Mr. Decostre added: "Our organic growth is accelerating in line with the targets of our 2030 Strategy, which was presented to the market in June. 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. We are well positioned to meet the growing demand in our target markets, and our teams are working hard to prepare high-quality projects for submission under calls for tenders expected to be issued this summer in France and this fall in Ontario and the United Kingdom."
_______________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.3 The Corporation holds 50% of the shares of the joint venture with a total capacity of 400 MW and does not have control over it. A minority shareholder holds an interest in the project entity, bringing the Corporation's net economic interest to 33%. For more details, refer to the section Interests in joint ventures and associates in the current report.
Lastly, Boralex remains firmly committed to corporate social responsibility and has been named Canada's Best Corporate Citizen by Corporate Knights. This recognition underscores the importance that we assign to sustainable development, which is central to our business strategy, and inspires us to continue to strive in that direction.
2nd quarter highlightsThree-month periods ended June 30
Consolidated
Combined
(in millions of Canadian dollars, unless otherwise specified) (unaudited)
2025
2024
Change
2025
2024
Change
$
%
$
%
Power production (GWh)(1)
1,505
1,323
182
14
2,075
1,882
193
10
Revenues from energy sales and feed-in premium
185
180
5
3
215
209
6
3
Operating income
34
35
(1
)
(4
)
51
58
(7
)
(12
)
EBITDA(A)
113
130
(17
)
(13
)
145
152
(7
)
(5
)
Net earnings (loss)
(4
)
17
(21
)
>(100
)
(4
)
17
(21
)
>(100
)
Net earnings (loss) attributable to shareholders of Boralex
(10
)
11
(21
)
>(100
)
(10
)
11
(21
)
>(100
)
Per share - basic and diluted
($0.10
)
$0.10
($0.20)
>(100
)
($0.10
)
$0.10
($0.20
)
>(100
)
Net cash flows related to operating activities
107
138
(31
)
(23
)
—
—
—
—
Cash flows from operations(2)
84
89
(5
)
(5
)
—
—
—
—
Discretionary cash flows
12
17
(5
)
(28
)
—
—
—
—
(1)
Includes compensation following electricity production limitations.
(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 second quarter of 2025, Boralex produced 1,505 GWh (2,075 GWh) of electricity, 14% (10%) more than the 1,323 GWh (1,882 GWh) produced in the same quarter of 2024. The increase was mainly attributable to favourable conditions in North America and the contribution of newly commissioned sites in Europe. Boralex ended the quarter with a total production that was 2% (9%) below anticipated production, as the good weather conditions in Canada were not sufficient to offset the poor wind conditions seen in Europe and the United States.
Revenues from energy sales and feed-in premiums for the three-month period ended June 30, 2025, amounted to $185 million ($215 million), 3% (3%) higher than in the second quarter of 2024. The production increase was partly offset by the negative impact of a price drop in France, where Boralex had benefited from the positive impact of high prices last year. EBITDA(A) amounted to $113 million ($145 million), down 13% (5%) from the second quarter of 2024. EBITDA(A) on a consolidated basis was affected by a reduced share in the earnings of joint ventures. Operating income totalled $34 million ($51 million), compared to $35 million ($58 million) for the same quarter of 2024. Boralex posted a net loss of $4 million ($4 million) compared to the net earnings of $17 million ($17 million) reported for the same quarter of 2024, a decrease of $21 million.
Six-month periods ended June 30
Consolidated
Combined
(in millions of Canadian dollars, unless otherwise specified) (unaudited)
2025
2024
Change
2025
2024
Change
$
%
$
%
Power production (GWh)(1)
3,196
3,090
106
3
4,409
4,237
172
4
Revenues from energy sales and feed-in premium
411
439
(28
)
(6
)
482
500
(18
)
(3
)
Operating income
99
141
(42
)
(30
)
150
192
(42
)
(22
)
EBITDA(A)
289
325
(36
)
(11
)
344
370
(26
)
(7
)
Net earnings
37
90
(53
)
(59
)
37
90
(53
)
(59
)
Net earnings attributable to shareholders of Boralex
20
66
(46
)
(70
)
20
66
(46
)
(70
)
Per share - basic and diluted
$0.19
$0.63
($0.44
)
(70
)
$0.19
$0.63
($0.44
)
(70
)
Net cash flows related to operating activities
279
368
(89
)
(24
)
—
—
—
—
Cash flows from operations(2)
219
246
