Boralex (BLX) investor relations material

Executive summary

• Q1 2026 saw a 12% increase in power production year-over-year, driven by new site commissioning and favorable wind conditions.

• Operating income rose to $92 million, up $27 million from Q1 2025, while net earnings fell to $9 million due to non-recurring acquisition-related expenses.

• Revenues from ordinary activities and government incentives increased 22% to $283 million.

• New projects totaling 394 MW were added to the development portfolio, including significant progress in the UK and Canada.

Financial highlights

• EBITDA (A) was $174 million, down $2 million year-over-year, mainly due to lower joint venture contributions and lower short-term PPA prices in France, nearly offset by new commissioning.

• Net cash flows from operating activities were $153 million, down from $172 million in Q1 2025.

• Discretionary cash flows totaled $71 million, a $3 million decrease year-over-year.

• Cash and cash equivalents stood at $375 million, with $645 million in available cash resources and authorized financing as of March 31, 2026.

Outlook and guidance

• The 2030 strategy targets doubling installed capacity by 2030, backed by $8 billion in investments and a robust project pipeline.

• Focus remains on growth, diversification, efficiency, and long-term value creation, with a strong commitment to social responsibility.

• A quarterly dividend of $0.1650 per share was declared, payable June 15, 2026.