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Polaris Renewable Energy (PIF) investor relations material

Polaris Renewable Energy Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary30 Oct, 2025

Executive summary

  • Q3 2025 delivered steady operational and financial performance, with growth in generation revenue and adjusted EBITDA year-over-year and year-to-date, supported by disciplined cost management and the integration of Puerto Rican wind operations.

  • Achieved 7% year-over-year growth in Q3 consolidated energy production, reaching 181,235 MWh, driven by the Puerto Rican wind farm acquisition and strong hydrological conditions in Peru.

  • Revenue for Q3 2025 was $19.0 million, up from $17.7 million in Q3 2024.

  • Adjusted EBITDA for Q3 2025 was $12.8 million, compared to $12.4 million in the prior year.

  • Net loss attributable to shareholders was $328K ($-0.02 per share) in Q3 2025, versus net earnings of $451K ($0.02 per share) in Q3 2024.

Financial highlights

  • Q3 2025 revenue was $19 million, up 8% from Q3 2024; year-to-date revenue reached $61.0 million, up from $57.0 million in 2024.

  • Adjusted EBITDA for Q3 was $12.8 million, up from $12.4 million in Q3 2024; year-to-date adjusted EBITDA was $43.2 million, a 4% increase over the prior year.

  • Net cash from operating activities for the nine months ended September 30 was $29.2 million, $3.3 million higher than the same period in 2024.

  • Early debt repayment of $120.6 million across four credit facilities was completed.

  • Total assets as of September 30, 2025, were $551.0 million, with total liabilities of $309.9 million.

Outlook and guidance

  • Hydroelectric output is expected to remain strong in Q4 due to an early rainy season, while solar output in the Dominican Republic and Panama may be softer; net effect anticipated to be positive.

  • San Jacinto is projected to deliver around 50 MW in the current quarter, with quarterly production expected in the 195–200 GWh range.

  • Final regulatory approvals for the Puerto Rico BESS project are expected within 60 days, with full operation targeted by end of 2026.

  • Development focus is on the ASAP battery storage project in Puerto Rico, with a Q4 2026 in-service date targeted.

  • Anticipated increase in development and construction activities over the next 12–15 months, with significant EBITDA growth expected by 2028.

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Frequently asked questions

Polaris Renewable Energy Inc., formerly Polaris Infrastructure Inc., together with its subsidiaries, acquires, develops, and operates renewable energy projects in Latin America. The company produces geothermal power from its San Jacinto geothermal power plant that is located in Nicaragua. Polaris Renewable Energy Inc. is headquartered in Toronto, Canada.

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