Boralex (BLX) investor relations material

Executive summary

• Power production increased by up to 14% year-over-year, led by North American assets and new European sites, though output was below expectations due to poor wind in Europe and the US.

• Combined EBITDA was $145M, down $7M from Q2 2024, and EBITDA(A) was $113M, down $17M year-over-year, mainly due to lower short-term contract prices in France.

• Major leadership changes included CFO Bruno Guilmette stepping down, interim CFO Stephane Millot, and new Board Chair Andre Corville.

• The project pipeline expanded by 242 MW, supporting a 2030 strategy to double installed capacity with a 7.3–8.2 GW development portfolio.

• Recognized as Best Corporate Citizen in Canada by Corporate Knights, highlighting CSR commitment.

Financial highlights

• Discretionary cash flows were $12M, down $5M year-over-year.

• Available liquidity and authorized financings totaled $689M as of June 30, up $166M from December 31.

• Total debt increased to $4.3B, with project debt representing 87% of the total.

• Revenues from energy sales rose 3% year-over-year, but six-month revenues were $411M, down 6% from the prior year.

• Net cash flows from operating activities were $107M, down from $138M in Q2-2024.

Outlook and guidance

• The 2030 strategy targets doubling installed capacity, backed by $8B in investments and a project pipeline of up to 8.2 GW.

• Diminishing negative impact from lower French short-term contract prices expected over the next 2–4 quarters.

• New York solar projects expected to reach investment decision by early next year and be in service by 2028.

• Continued focus on U.S. and New York as growth platforms, with ongoing evaluation of capital allocation across markets.

• Quarterly dividend of $0.1650 per share declared, payable September 15, 2025.