Boralex (BLX) Q4 2025 earnings summary

Executive summary

• Fiscal year 2025 was marked by strong execution, disciplined strategy, and sustainable growth, with the unveiling of a 2030 Strategic Plan and major project commissioning in Canada, the UK, France, and the US, despite volatility in resource generation and lower pricing in France.

• Installed capacity increased to 3.8 GW (3,783 MW), up 615 MW, entirely from organic growth, with a development pipeline exceeding 8.2 GW.

• Financial flexibility was enhanced by securing over $1 billion in project financing and increasing subordinated debt.

• The company received multiple awards for social responsibility, diversity, and innovation, including top corporate citizen recognition in Canada.

Financial highlights

• Q4-2025 production rose 18% year-over-year, with EBITDA (A) up $9 million and discretionary cash flows up $9 million; Q4 combined EBITDA was CAD 203 million, up CAD 12 million.

• Fiscal 2025 production increased 8% year-over-year, but was 8–10% below anticipated production.

• Combined operating income reached CAD 248 million and combined EBITDA was CAD 655 million, both down 2% from 2024; annual EBITDA (A) decreased $29 million to $552 million.

• Q4-2025 revenues from energy sales grew 6% to $241 million, while annual revenues declined 3% to $796 million.

• Net cash flows from operating activities were $46 million in Q4-2025 and $362 million for the year, both up year-over-year.

Outlook and guidance

• The 2030 Strategy targets doubling installed capacity by 2030, supported by $8 billion in investments and a balanced approach to growth, diversification, and efficiency.

• Sustained demand for renewable energy underpins continued expansion, with active participation in tender calls in Ontario, New York, the UK, and upcoming wind tenders in Quebec and France.

• 2026 expected to see a smaller negative pricing effect in France, with normalization after that.

• Quarterly dividend of $0.1650 per share declared, payable March 16, 2026.