Innergex Renewable Energy (INE) investor relations material

Executive summary

• Revenues and production tax credits rose 12% year-over-year to $271.5M, driven by new wind facility commissioning and higher prices in Chile and Quebec.

• Net loss narrowed to $4.5M from $37.7M year-over-year, mainly due to increased tax attributes and favorable changes in financial instruments.

• Shareholders approved the acquisition by CDPQ at $13.75 per common share, a 58% premium to the pre-announcement price; closing expected by Q4 2025.

• Key growth initiatives included the acquisition of the La Cense wind project in France and commercial operation of the Hale Kuawehi solar and storage project in Hawaii.

Financial highlights

• Adjusted EBITDA increased 8% year-over-year to $177.8M; Adjusted EBITDA Proportionate up 7% to $181.9M.

• Free Cash Flow for the trailing twelve months was $216.4M, down from $241.8M, mainly due to lower gains on strategic transactions.

• Free Cash Flow per share was $1.07, with a payout ratio of 34%, down from 53% a year earlier.

• Total assets reached $9.56B, up from $9.44B at year-end 2024; total liabilities increased to $8.08B.

• Dividends declared: $0.09 per common share, $0.2028 per Series A, $0.3594 per Series C preferred share.

Outlook and guidance

• The CDPQ transaction is expected to close by Q4 2025, pending regulatory approvals.

• Two new solar projects in France (32 MW) selected for 20-year PPAs, with commissioning expected in 2027.

• Strategic focus remains on responsible growth, energy storage expansion, and asset diversification.