Polaris Renewable Energy (PIF) Q4 2025 earnings summary

Executive summary

• Annual consolidated energy production rose to 810,731 MWh in 2025, up 6% from 2024, driven by strong performance in Peru and Ecuador and the addition of Punta Lima Wind Farm.

• Revenue increased to $80.5 million in 2025 from $75.8 million in 2024, mainly due to portfolio expansion.

• Adjusted EBITDA reached $56.5 million, a 3% year-over-year rise.

• Maintained balance sheet strength and financial flexibility, supporting long-term strategy and growth.

• Net loss attributable to shareholders was $2.7 million ($-0.13 per share) in 2025, compared to net earnings of $3.0 million ($0.14 per share) in 2024.

Financial highlights

• Consolidated energy production reached 810,731 MWh in 2025, up 6% from 2024.

• Adjusted EBITDA increased to $56.5 million, a 3% year-over-year rise.

• Quarterly dividend of $0.15 per share announced, with $105 million returned to shareholders over 10 years.

• Repurchased and canceled 169,800 shares for $1.5 million in 2025.

• Ended 2025 with a consolidated cash position of $93.2 million.

Outlook and guidance

• 2026 consolidated production guidance set at 775-790 GWh, reflecting maintenance and curtailment factors.

• Multiple development opportunities in Puerto Rico, Mexico, and the Dominican Republic, with several projects expected to advance in the next 3-6 months.

• ESS project in Puerto Rico awaiting imminent board approval; additional RFPs and acquisitions in progress.

• Mexico focus includes exclusivity on 1,000 MW of projects, with submissions for BOOT and PPA processes in 2025.

• Management remains constructive on the progress of the Battery Energy Storage System (BESS) project in Puerto Rico, with construction expected to take 12 months post-approval.