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Boralex (BLX) investor relations material
Boralex Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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