Boralex (BLX) Q2 2025 earnings summary

Executive summary

• Q2 2025 production increased 14% year-over-year (10% on a combined basis), driven by North American assets and new European sites, but financial results declined due to lower short-term power prices in France and reduced joint venture earnings.

• Installed capacity reached 3.3 GW, with 654 MW under construction or ready-to-build, and the project pipeline expanded by 242 MW in early-stage development.

• Major project milestones included commissioning two wind farms in France (29 MW), progress on large wind and storage projects in Canada, and securing 450 MW in new solar contracts in New York State.

• Strategic Plan 2030 was presented, targeting growth to 7 GW by 2030 and supported by $8 billion in investments.

• Named Canada's Best Corporate Citizen by Corporate Knights, reflecting strong CSR and risk management integration.

Financial highlights

• Combined EBITDA was $145 million, down $7 million from Q2 2024; EBITDA(A) was $113 million, down $17 million year-over-year.

• Operating income was $34 million ($51 million Combined), down $1 million ($7 million) year-over-year.

• Discretionary cash flows were $12 million, down $5 million year-over-year.

• Revenues from energy sales increased 3% to $185 million (Consolidated), with North America up and Europe down.

• Net cash flows from operating activities were $107 million, compared to $138 million in Q2 2024.

Outlook and guidance

• The 2030 Strategy targets doubling installed capacity to 7 GW, backed by a project pipeline of 8.2 GW and $8 billion in investments.

• Multiple projects in Canada, France, and the UK are scheduled for commissioning through 2027.

• Final investment decision for New York solar projects anticipated by early next year, with service start in 2028.

• Quarterly dividend of $0.1650 per share declared, payable September 15, 2025.

• Continued focus on organic growth across four geographic markets, supported by a robust project pipeline.