Boralex (BLX) Q2 2024 earnings summary

Executive summary

• EBITDA increased by up to 14%, operating income by up to 23%, and net earnings by 41% for H1 2024 year-over-year.

• 851 MW of projects are in secured, ready-to-build, or construction phases, including new wind and solar farms in France and ongoing construction in Quebec, Scotland, and Ontario.

• Turbine installation is underway at Apuiat (Québec) and Limekiln (Scotland), with commissioning expected by year-end 2024.

• Hagersville and Tilbury battery projects in Ontario to begin construction soon, with commissioning in 2025.

• Strategic plan execution includes growth, diversification, and optimization, with key PPAs signed and project financing secured.

Financial highlights

• Q2 2024 combined EBITDA (A) was $152M, up $9M year-over-year; consolidated EBITDA (A) was $130M, up $11M.

• Discretionary cash flow for Q2 2024 was $17M, up $13M year-over-year.

• Available cash resources and authorized financing totaled $621M as of June 30, 2024, up $46M sequentially.

• Revenues from energy sales declined 14% year-over-year, mainly due to lower prices and production in France.

• Net income for Q2 2024 was $17M, down $2M from Q2 2023.

Outlook and guidance

• Demand for renewables remains high in all core markets, with strong growth potential in Québec and Ontario.

• Construction at Apuiat (Quebec) and Limekiln (Scotland) wind projects on track for late 2024 commissioning.

• Hagersville and Tilbury storage projects in Ontario to begin construction in August; Des Neiges Sud wind project progressing as planned.

• Pipeline consists of nearly 6.8 GW of wind, solar, and storage projects across early, mid, and advanced stages.

• Strategic focus on accelerating development in the U.K. and U.S. markets.