MONTREAL, Nov. 07, 2025 (GLOBE NEWSWIRE) — Boralex Inc. (“Boralex” or the “Corporation”) (TSX:BLX) is pleased to report its results for the third quarter of 2025.
Highlights
Financial results
EBITDA(A)1, operating income and net earnings decline in Q3-2025:
Production up 7% (9% on a Combined1 basis)2 from Q3-2024, owing mainly to the impact of newly commissioned sites in Europe, yet 13% (13%) below anticipated production1 because of unfavourable weather conditions in North America and to a lesser extent in Europe;
Operating loss of $1 million (income of $13 million) in Q3-2025, down $8 million ($9 million) from Q3-2024;
EBITDA(A) of $85 million ($108 million) in Q3-2025, down $2 million ($1 million) from Q3-2024 as a consequence of lower prices under short-term power purchase agreements in France, only partially offset by the impact of the newly commissioned sites;
Net loss of $30 million in Q3-2025, down $16 million from Q3-2024, owing mainly to an increase in financing costs attributable to new financings.
Higher net cash flows related to operating activities for the quarter, combined with a strong balance sheet and ample funds available to support growth:
Net cash flows related to operating activities of $37 million in Q3-2025 compared to outflows of $184 million for Q3-2024;
Discretionary cash flows1 of $9 million for Q3-2025, down $7 million from Q3-2024;
$288 million in cash and cash equivalents and $811 million in available cash resources and authorized financing1 as at September 30, 2025.
Update on development and construction activities
Start of operations of the Apuiat wind farm in Québec in October; the Corporation holds 50% of the shares in the 200 MW joint venture, representing an added 100 MW of installed capacity3.
On-track construction of the Hagersville (300 MW) and Tilbury (80 MW) battery energy storage projects in Ontario, which are scheduled for commissioning in the fourth quarter of 2025.
250 MWac solar project in the United States moved up to the secured project stage.
Five-year power purchase agreement signed with Southwestern Public Service Company for the Milo wind farm (50 MW) in the United States.
395 MW in new projects added to the development projects portfolio.
Boralex wins 125 MW in the latest French onshore wind auction in November.
“The third quarter of 2025 saw significant headway in our portfolio of development projects, with a 250 MWac solar project in the United States advancing into the project growth path and the addition of 395 MW in new projects. In October, we also commissioned the 200 MW Apuiat wind farm (Boralex’s share 100 MW), the first major wind project to be completed in Québec since 2018. These milestones achieved plus the upcoming commissioning of our Hagersville and Tilbury battery energy storage system projects, enable us to approach the coming quarters with confidence in executing our strategic plan,” said Patrick Decostre, President and Chief Executive Officer of Boralex.
“This past quarter, despite weather conditions that were less favourable than expected in North America and to a lesser extent in Europe, we had higher production than in the third quarter of 2024. Even so, our EBITDA(A) declined, owing to lower prices on the French market, although that was partially offset by the commissioning of new wind farms in Europe. Given that context, we are continuing to optimize our energy commercialization strategy, as demonstrated by the signature of a new power purchase agreement in the United States. In mid-October we also submitted wind project proposals in response to the LT2 request for proposals in Ontario, and we are busy preparing for various upcoming tender calls in Ontario, United Kingdom and New York State. We are encouraged by the good momentum as well as the sustained demand for renewable energy, hence we are continuing to build our business with rigour and ambition and remain poised to seize future opportunities across all our markets,” Mr. Decostre added.
Boralex also continues to excel on the corporate social responsibility front. The Hagersville storage system project has been named as the Innovative Canadian Clean Power Project of the Year by the Canadian Renewable Energy Association (CanREA), reflecting our desire to innovate while playing an active role to the energy transition. This is the latest in a series of awards demonstrating our commitment to sustainable development, which is central to our business strategy.
1 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, and may therefore 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.
2 Figures in brackets indicate results on a Combined basis as opposed to a Consolidated basis.
3 The Corporation does not have control over the joint venture.
3rd quarter highlights
Three-month periods ended September 30
Consolidated
Combined
(in millions of Canadian dollars,
unless otherwise specified) (unaudited)
2025
2024
Change
2025
2024
Change
$
%
$
%
Power production (GWh)(1)
1,151
1,081
70
7
1,639
1,508
131
9
Revenues from energy sales and
feed-in premium
144
150
(6
)
(4
)
174
175
(1
)
(1
)
Operating income (loss)
(1
)
7
(8
)
>(100
)
13
22
(9
)
(46
)
EBITDA(A)
85
87
(2
)
(2
)
108
109
(1
)
(1
)
Net loss
(30
)
(14
)
(16
)
>(100
)
(30
)
(14
)
(16
)
>(100
)
Net loss attributable to
shareholders of Boralex
(27
)
(14
)
(13
)
(95
)
(27
)
(14
)
(13
)
(95
)
Per share – basic and diluted
($0.26
)
($0.13
)
($0.13
)
(97
)
($0.26
)
($0.13
)
($0.13
)
(97
)
Net cash flows related to operating
activities
37
(184
)
221
>100
—
—
—
—
Cash flows from operations(2)
55
64
(9
)
(15
)
—
—
—
—
Discretionary cash flows
9
16
(7
)
(43
)
—
—
—
—
(1) Includes compensation following electricity production limitations.
(2) The cash flows from operations is a non-GAAP financial measure and does not have a standardized meaning under IFRS. Accordingly, it may not be comparable to similarly named measures used by other companies. For more details, see the Non-IFRS and other financial measures section of this press release.
In the third quarter of 2025, Boralex produced 1,151 GWh (1,639 GWh) of electricity, 7% (9%) more than the 1,081 GWh (1,508 GWh) produced in the same quarter of 2024. The increase was mainly attributable to the contribution of newly commissioned sites in Europe. Boralex ended the quarter with a total production that was 13% (13%) below anticipated production owing to unfavourable weather conditions in North America and to a lesser extent in Europe.
Revenues from energy sales and feed-in premiums for the three-month period ended September 30, 2025, amounted to $144 million ($174 million), 4% (1%) lower than in the third quarter of 2024. The production increase generated by the newly commissioned sites was more than offset by the negative impact of a price drop in France, where Boralex had benefited from high prices last year. Boralex posted an operating loss of $1 million (income of $13 million), compared to operating income of $7 million ($22 million) in the same quarter of 2024. EBITDA(A) amounted to $85 million ($108 million), down 2% (1%) from the third quarter of 2024, impacted by the price drop in France. The Corporation posted a net loss of $30 million ($30 million) for the quarter, $16 million higher than the net loss of $14 million ($14 million) reported for the same quarter of 2024.
Nine-month periods ended September 30
Consolidated
Combined
(in millions of Canadian dollars,
unless otherwise specified) (unaudited)
2025
2024
Change
2025
2024
Change
$
%
$
%
Power production (GWh)(1)
4,347
4,171
176
4
6,048
5,745
303
5
Revenues from energy sales and
feed-in premium
555
589
(34
)
(6
)
656
675
(19
)
(3
)
Operating income
98
148
(50
)
(34
)
163
214
(51
)
(24
)
EBITDA(A)
374
412
(38
)
(9
)
452
479
(27
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