Boralex (BLX) Q3 2025 earnings summary

Executive summary

• Q3 2025 production increased 9% year-over-year (7% for some segments), mainly from new European sites, but financial results were impacted by lower French power prices and higher financing costs.

• Major commissioning milestones included the 200 MW Apuiat wind farm in Québec (100 MW share) and progress on Ontario battery storage projects.

• Diversification by technology and region helped offset regional weather impacts, though production was below expectations due to adverse weather in North America and Europe.

• Strategic focus remains on sustainable growth, energy transition, and innovation, with industry recognition for clean energy projects.

• Net cash flows from operating activities improved to $37 million from negative $184 million in Q3-2024.

Financial highlights

• Combined EBITDA was CAD 108 million (EBITDA (A) $85 million), down year-over-year, as higher production was offset by lower French power prices.

• Discretionary cash flows were $9 million, down $7 million year-over-year.

• Revenues from energy sales totaled $144 million, down 4% year-over-year.

• Available liquidity and authorized financing totaled $811 million as of September 30, up $288 million since year-end.

• Total debt reached $4.4 billion, with 87% as project debt.

Outlook and guidance

• Q4 expected to see continued price effects in Europe and positive contributions from new Canadian sites.

• Strategic plan targets 2030, emphasizing project development, commissioning, and partnerships, with a goal to double installed capacity backed by $8 billion in investments.

• Ongoing project submissions in Ontario, UK, and New York support growth trajectory toward 7 GW by 2030.