Boralex reports net earnings of $41 million for the first quarter of 2025 and the start of production at the Limekiln wind farm, its first operational project in the United Kingdom

Montreal, Québec, May 14, 2025 — Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) is pleased to report its results for the first quarter of 2025.

Highlights

Financial results

⦁ Lower EBITDA(A)1, operating income and net earnings in Q1-2025

⦁ Production down 4% (1% on a Combined1 basis)2 from Q1-2024 and 10% (11%) below anticipated production1. Good weather conditions in Canada partially offset less favourable conditions in France.

⦁ EBITDA(A) of $176 million ($199 million) in Q1-2025, down $19 million ($19 million) from Q1-2024, mainly attributable to lower production and short-term power purchase agreements prices that were more favourable in Q1-2024, in France.

⦁ Operating income of $65 million ($99 million) in Q1-2025, down $41 million ($35 million) from Q1-2024.

⦁ Net earnings of $41 million in Q1-2025, down $32 million from Q1-2024.

⦁ Lower cash flow related to operating activities for the quarter but consistently strong balance sheet

⦁ Net cash flows related to operating activities of $172 million for Q1-2025 compared to $230 million for Q1-2024.

⦁ Discretionary cash flows1 of $74 million for Q1-2025, down $4 million from Q1-2024.

⦁ $388 million in cash and cash equivalents and $504 million in available cash resources and authorized financing1 as at March 31, 2025.

⦁ Extension of the term of the revolving credit facility to 2030 in April 2025, along with an increase in the letter-of-credit facility guaranteed by Export Development Canada from $350 million to $470 million in April.

Update on development and construction activities

⦁ Start of production at the 106 MW Limekiln wind farm in Scotland

⦁ Progress in under-construction and ready-to-build projects in spite of supply chain and construction costs challenges

⦁ Ongoing construction at the Apuiat wind project in Québec (total 200 MW, Boralex’s share 100 MW), with commissioning scheduled for summer 2025.
⦁ Construction of the Hagersville (300 MW) and Tilbury (80 MW) storage projects in Ontario progressing on schedule, with commissioning planned for the fourth quarter of 2025.
⦁ Ongoing work on the Des Neiges Sud wind project in Québec (total 400 MW, Boralex’s share 133 MW), with phased commissioning scheduled for in late 2026/early 2027.
⦁ 129 MW added to early-stage project pipeline

“Boralex has had a good start to 2025 with the commissioning of Limekiln, our first wind farm in Scotland, which is a major step toward achieving our growth objectives in the United Kingdom, a market with strong development potential. I am very grateful to our teams, whose dedication continue to ensure the company’s growth in our strategic markets. In a context of increasingly volatile resources, the geographic and technological diversification of our operations makes us more resilient,” said Patrick Decostre, President and Chief Executive Officer of Boralex.

“During the quarter, our wind assets in Canada delivered a strong performance, partially offsetting lower contributions from wind farms in France, which were adversely affected by less favourable wind conditions and the impact of lower contribution from short term contracts. Our teams remain fully focused on improving the operating performance of our assets, pursuing with our cost optimization initiatives and strengthening our selling price optimization strategy. In the coming quarters, Boralex is planning to bid on multiple projects under the calls for tender to be issued this year in each of our target markets. We look forward to sharing news on our 2025-2030 strategic plan at our Investor Day, which will be held on June 17 in Toronto,” Mr. Decostre added.

⦁ EBITDA(A) is a total of segment measures. Anticipated production is an additional financial measure. “Combined,” “discretionary cash flows” and “available cash resources and authorized financing” are non-GAAP financial measures and do not have a standardized definition under IFRS. Consequently, these measures may not be comparable to similar measures used by other companies. For more details, see the Non-IFRS financial measures and other financial measures section of this press release.
⦁ Figures in brackets indicate results on a Combined basis as opposed to a Consolidated basis.

1st quarter highlights

Three-month periods ended March 31

Consolidated Combined
(in millions of Canadian dollars, unless otherwise 2025 2024 Change 2025 2024 Change

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