Boralex Inc

Latest Results (11.10.2025):

Boralex Inc. reported its financial results for the fourth quarter of 2024, highlighting a decline in production and EBITDA(A) due to adverse wind and hydropower conditions. Despite these challenges, the company maintained a strong balance sheet and made significant progress in its development and construction projects.

Financial Results

In Q4-2024, Boralex Inc. saw production decrease by 16% compared to Q4-2023 and 16% below anticipated levels, primarily due to unfavorable climate conditions. EBITDA(A) for the quarter was $169 million, down $33 million from the previous year. Operating income fell to $78 million, a decrease of $20 million, and the company reported a net loss of $2 million for Q4-2024. For the fiscal year 2024, net earnings were $74 million, $41 million lower than in 2023.

Cash Flow and Balance Sheet

Net cash flows from operating activities declined to $31 million in Q4-2024 and $215 million for the fiscal year, compared to $107 million and $496 million respectively in 2023. Discretionary cash flows also decreased to $47 million for the quarter and $158 million for the year. However, Boralex ended 2024 with $592 million in cash and cash equivalents and $523 million in available cash resources and authorized financing, supported by nearly $1.2 billion in project and bridge financing secured during the year.

Development and Construction Activities

Boralex expanded its project pipeline to 8,005 MW, an 18% increase over 2023, targeting high-growth markets in Canada, the United States, the United Kingdom, and France. Key projects include the Limekiln wind farm in the UK, the Apuiat wind farm in Quebec, and the Hagersville and Tilbury storage projects in Ontario, all progressing on schedule. Additionally, the acquisition of the Clashindarroch Wind Farm Extension project and its adjacent battery energy storage system in the UK enhances Boralex's capacity and strategic portfolio.