Polaris Renewable Energy (PIF) Q3 2025 earnings summary

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.