Polaris Renewable Energy (PIF) Q2 2025 earnings summary

Executive summary

• Consolidated power production rose to 215,797 MWh in Q2 2025, up 15% year-over-year, driven by new wind assets and improved hydrology in Peru and Ecuador.

• Revenue increased to $21.6 million from $18.7 million year-over-year, with adjusted EBITDA up to $15.4 million from $13.3 million, reflecting operational efficiency.

• Net earnings for the quarter were $2.2 million ($0.10 per share), more than double the $985,000 ($0.05 per share) reported in Q2 2024.

• Diversification, including the Punta Lima Wind Project, contributed to above-budget performance despite some unplanned maintenance at San Jacinto.

• Cash position at June 30, 2025 was $90.7 million, supporting ongoing dividend payments and growth initiatives.

Financial highlights

• Six-month revenue totaled $41.9 million, up from $39.3 million in the prior year period.

• Adjusted EBITDA for the first half of 2025 was $30.4 million, compared to $29.1 million in 2024.

• Net cash from operating activities for the first half of 2025 was $16.5 million, broadly in line with the prior year.

• Net cash used in investing activities reflected a $15 million payment for the Punta Lima acquisition.

• Early debt repayment of $120.6 million across four credit facilities increased financing outflows.

Outlook and guidance

• Q3 is expected to be the lowest for hydro production due to the dry season in Peru and Ecuador.

• No planned maintenance at San Jacinto for the rest of 2025; expected output is 49-51 MW.

• Solar assets are projected to maintain or slightly exceed current production levels.

• Focus remains on advancing the ASAP battery storage project in Puerto Rico, targeting mid-2026 COD.

• Canoa 1 solar expansion in the Dominican Republic could receive approval by year-end.