Polaris Renewable Energy (PIF) Q4 2025 earnings summary

Executive summary

• Annual consolidated energy production rose to 810,731 MWh in 2025, up from 764,756 MWh in 2024, driven by strong performance in Peru and Ecuador and the addition of Punta Lima Wind Farm.

• Revenue increased to $80.5 million in 2025 from $75.8 million in 2024, mainly due to portfolio expansion.

• Adjusted EBITDA reached $56.5 million, up from $55.0 million year-over-year, with strong operating margins despite inflationary pressures.

• Maintained balance sheet strength and financial flexibility, supporting long-term strategy and growth.

• Net loss attributable to shareholders was $2.7 million ($-0.13 per share) in 2025, compared to net earnings of $3.0 million ($0.14 per share) in 2024.

Financial highlights

• Consolidated energy production reached 810,731 MWh in 2025, up 6% from 764,756 MWh in 2024.

• Paid a quarterly dividend of $0.15 per share and repurchased 169,800 shares for $1.5 million in 2025.

• Dividends declared and paid totaled $12.6 million for 2025; a quarterly dividend of $0.15 per share was declared for February 2026.

• Ended 2025 with a consolidated cash position of $93.2 million, including restricted cash.

• Total assets at year-end were $662.1 million, with total liabilities of $402.6 million.

Outlook and guidance

• 2026 consolidated production guidance is 775-790 GWh, reflecting maintenance and curtailment impacts.

• Multiple growth initiatives underway, including ESS project in Puerto Rico, RFP participation, and expansion into Mexico.

• Management remains constructive on the progress of the Battery Energy Storage System (BESS) project in Puerto Rico, with construction expected to take 12 months post-approval.

• Anticipates news on new project developments and acquisitions within the next 3-6 months.

• Focus remains on disciplined capital and cost allocation, operational reliability, and advancing the project development pipeline.