Boralex (BLX) Q4 2024 earnings summary

Executive summary

• 2024 results were pressured by adverse wind and hydro conditions, especially in France and Canada, leading to lower production and earnings.

• Combined operating income for 2024 was CAD 267 million ($226 million standalone), with combined EBITDA at CAD 670 million ($581 million standalone).

• Net earnings for 2024 were $74 million, down $41 million year-over-year, mainly due to weather and asset impairment.

• Nearly CAD 1.2 billion ($1.2 billion) in long-term and project financing was secured, supporting construction and financial flexibility.

• The project development pipeline exceeded 8 GW by year-end, with significant progress in Canada, UK, US, and France.

Financial highlights

• Q4-2024 combined production fell 11% year-over-year and 12% below plan, mainly due to unfavorable weather in France and Canada.

• Q4-2024 EBITDA (A) was $169 million ($191 million combined), down $33 million ($38 million combined) from Q4-2023.

• Revenues from energy sales in Q4-2024 were $228 million, a 28% decrease year-over-year; full-year revenues were $817 million, down 18%.

• Net cash flows from operating activities were $215 million for 2024, down from $496 million in 2023.

• Installed capacity increased from 2.2 GW in 2020 to 3.2 GW at end of 2024.

Outlook and guidance

• Commissioning of Limekiln (Scotland) and Apuiat (Quebec) expected in early 2025, with construction of Hagersville and Tilbury storage projects advancing.

• Over 0.7 GW of capacity under construction; pipeline and Growth Path now exceed 8 GW.

• Strategic Plan 2025–2030 to be presented in the coming months, focusing on diversification, customer growth, and optimization.