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Boralex (BLX) investor relations material
Boralex Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Q3 2025 production increased 9% year-over-year (7% for some segments), mainly from new European sites, but financial results were impacted by lower French power prices and higher financing costs.
Major commissioning milestones included the 200 MW Apuiat wind farm in Québec (100 MW share) and progress on Ontario battery storage projects.
Diversification by technology and region helped offset regional weather impacts, though production was below expectations due to adverse weather in North America and Europe.
Strategic focus remains on sustainable growth, energy transition, and innovation, with industry recognition for clean energy projects.
Net cash flows from operating activities improved to $37 million from negative $184 million in Q3-2024.
Financial highlights
Combined EBITDA was CAD 108 million (EBITDA (A) $85 million), down year-over-year, as higher production was offset by lower French power prices.
Discretionary cash flows were $9 million, down $7 million year-over-year.
Revenues from energy sales totaled $144 million, down 4% year-over-year.
Available liquidity and authorized financing totaled $811 million as of September 30, up $288 million since year-end.
Total debt reached $4.4 billion, with 87% as project debt.
Outlook and guidance
Q4 expected to see continued price effects in Europe and positive contributions from new Canadian sites.
Strategic plan targets 2030, emphasizing project development, commissioning, and partnerships, with a goal to double installed capacity backed by $8 billion in investments.
Ongoing project submissions in Ontario, UK, and New York support growth trajectory toward 7 GW by 2030.
French market price mitigation strategy?
Financing cost impact on 2030 investment plan?
Battery storage projects' strategic value?
France repowering strategy outlook
Quebec new capacity procurement strategy
French short-term PPA price impact on EBITDA
Partial view of Summaries dataset, powered by Quartr API
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Frequently asked questions
Boralex Inc is a Canadian renewable energy company that develops, builds, and operates power generation facilities. The company focuses on wind, hydroelectric, solar, and thermal energy projects in North America and Europe. It supplies electricity to public utilities under long-term contracts. Boralex Inc is headquartered in Kingsey Falls, Canada, and its shares are listed on the TSX.
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