Polaris Renewable Energy (PIF) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered steady operational and financial performance, with 7% year-over-year growth in consolidated energy production to 181,235 MWh, driven by the Puerto Rican wind farm acquisition and strong hydrological conditions in Peru.

• Revenue for Q3 2025 was $19 million, up 8% year-over-year, and adjusted EBITDA rose to $12.8 million from $12.4 million in Q3 2024.

• 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.

• Hydroelectric projects in Peru and Ecuador outperformed due to favorable hydrology and technical execution, while solar and wind assets showed resilience despite seasonal resource variability.

• Declared a quarterly dividend of $0.15 per share, payable November 21, 2025.

Financial highlights

• Q3 2025 revenue was $19 million, up 8% year-over-year; year-to-date revenue reached $61 million, a 7% increase from the prior year.

• Adjusted EBITDA for Q3 was $12.8 million, up from $12.4 million in Q3 2024; year-to-date adjusted EBITDA rose to $43.2 million.

• Net cash from operating activities for the nine months ended September 30th was $29.2 million, ending with $99.1 million in cash (including restricted cash).

• Total assets as of September 30, 2025, were $551 million, with total liabilities of $309.9 million.

• Q3 2025 adjusted EBITDA margin was approximately 67%.

Outlook and guidance

• Hydroelectric output is expected to remain strong in Q4 due to early onset of the rainy season, while solar output may be softer; overall net effect anticipated to be positive.

• San Jacinto geothermal plant expected to maintain 50 MW output in Q4, with major maintenance deferred to Q1 2026.

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

• ASAP storage project in Puerto Rico targets a Q4 2026 in-service date, with additional development and M&A activity anticipated in 2025.

• Management remains committed to maintaining a quarterly dividend.