Boralex (BLX) Investor Day 2025 summary

Strategic direction and growth targets

• Targeting to double installed capacity to 7 GW by 2030, leveraging an 8 GW organic project pipeline across Canada, France, the U.K., and the U.S., with a focus on organic growth and opportunistic M&A.

• Financial targets for 2030 include 12%-14% CAGR in operating income, 7%-9% in consolidated EBITDA, and 8%-10% in discretionary cash flows or combined EBITDA(A) per share.

• Minimum project IRR remains at 10%-12%, with a focus on contracted revenues and risk-adjusted returns.

• Plans to increase average PPA duration from 11 years in 2024 to 14 years in 2030, enhancing revenue visibility and long-term cash flow.

• Maintains a net-zero trajectory by 2050, integrating CSR and risk management into strategic planning.

Financial strategy and capital allocation

• Growth plan requires CAD 6.8 billion to $8 billion for projects COD before 2030, with about CAD 5 billion funded via project debt.

• Capital recycling is a core funding strategy, targeting CAD 900 million, leveraging valuation gaps between private and public markets.

• Dividend payout ratio set at 20%-40% of AFFO, with minimal near-term equity issuance and up to CAD 500 million or $500 million earmarked if needed.

• AFFO per share is a key performance metric, directly tied to management and employee incentives.

• Outperformed peers in cash flow growth and invested capital returns from 2020–2024.

Market and operational focus

• Québec: Aims to capture one-third of new wind market opportunities, leveraging strong partnerships with First Nations, government, and local communities.

• Ontario: Focus on battery storage and wind, with all major projects featuring Indigenous partnerships, long-term contracts, and eligibility for 30% investment tax credits.

• U.S.: Prioritizing high-quality solar and wind projects in New York and other core markets, with disciplined project selection and selective acquisitions.

• U.K.: Ambitious growth in wind, solar, and battery storage, supported by government targets, M&A, and leveraging French expertise.

• France: Mature platform with focus on wind, solar, repowering, and dynamic energy solutions, consolidating leadership as the largest independent onshore wind producer.