Boralex (BLX) Q1 2025 earnings summary

Executive summary

• Combined production decreased 1% year-over-year, mainly due to weak wind in France, partially offset by strong Canadian wind asset performance.

• EBITDA on a combined basis was $199 million, down $19 million from Q1 2024, with net earnings at $41 million, a $32 million decrease.

• Over 3.2 GW of assets are operational, with 660 MW under construction or ready-to-build.

• Major milestones include commissioning the 106 MW Limekiln wind farm in Scotland, marking entry into the UK market.

• Maintained a strong balance sheet with $388 million in cash and $504 million in available cash resources as of March 31, 2025.

Financial highlights

• Combined EBITDA was $199 million, a $19 million decrease year-over-year; net earnings fell 44% to $41 million.

• Revenues from energy sales were $226 million, down 13% year-over-year; North America saw a 16% increase, while Europe declined 33%.

• Discretionary cash flows were $74 million, down $4 million from Q1 2024; payout ratio was 44%.

• Power production was 2,334 GWh on a combined basis, down 1% year-over-year.

• Net cash outflows from operating activities were $172 million, compared to inflows of $230 million in Q1 2024.

Outlook and guidance

• 660 MW of projects are in construction or ready-to-build, with commercial operations planned for 2025 and 2026.

• Strategic plan for 2025-2030 to be presented in June 2025, focusing on growth and project execution.

• Development project portfolio increased to 7,086 MW, with a pipeline of over 8 GW in wind, solar, and storage.

• Plans to bid on multiple projects in target markets in upcoming quarters.

• Quarterly dividend of $0.1650 per share declared, payable June 16, 2025.