Innergex Renewable Energy Inc

Latest Results (07.03.2026):

Innergex Renewable Energy Inc.'s first quarter 2025 (three months ended March 31, 2025) results show revenue growth and improved operating profitability alongside a major corporate development: Revenues and Production Tax Credits rose 12% to $271.5 million, Adjusted EBITDA Proportionate reached $181.9 million (up 7% year-over-year), net loss narrowed to $4.5 million, and the company announced a definitive $13.75-per-share cash acquisition by CDPQ that has received strong shareholder and certain regulatory approvals. Trailing‑12‑month Free Cash Flow per share was $1.07 and the dividend payout ratio declined to 34%.

CDPQ transaction and approvals

Innergex has entered into a definitive agreement to be acquired by Caisse de dépôt et placement du Québec (CDPQ) for $13.75 per common share in cash. Common shareholders approved the arrangement (99.86% of votes cast on May 1, 2025). The Competition Bureau has cleared the deal and the Superior Court of Québec granted the final order; remaining regulatory approvals (e.g., U.S. Federal Power Act, French Code monétaire et financier) are still required. Assuming conditions are satisfied, closing is expected at the latest by Q4 2025.

Key financials — Q1 2025 vs Q1 2024

Revenues and Production Tax Credits: $271.5M (up 12% from $242.5M). Production: 2,719,384 MWh (94% of long-term average vs 96% in Q1 2024). Operating income: $74.4M (vs $63.0M). Adjusted EBITDA (consolidated): $177.8M (up 8%); Adjusted EBITDA Proportionate: $181.9M (up 7%). Net loss narrowed to $4.5M (vs $37.7M loss a year earlier); Adjusted Net Loss was $(4.7)M (vs $(20.2)M). Basic/diluted loss per share: $(0.07) (vs $(0.21)).

Cash flow, free cash flow and dividend

Q1 cash flows from operating activities were $67.9M (down from $81.0M in Q1 2024) mainly due to non‑cash operating items and finance costs related to the Boswell Springs commissioning. Trailing‑12‑month cash flows from operations: $279.0M; Free Cash Flow: $216.4M (trailing 12 months); Free Cash Flow per share: $1.07 (down from $1.19). Payout ratio for the trailing 12 months declined to 34% (from 53%). Dividends declared to be paid July 15, 2025: common $0.0900 per share (record date June 30, 2025); Series A and C preferred amounts also declared.

Segment performance

By segment (Q1): Hydro Adjusted EBITDA fell to $37.4M from $53.0M (≈‑29%); Wind was a strong driver at $152.1M vs $117.7M (≈+29%); Solar was essentially flat/down slightly at $17.8M vs $18.2M (‑3%). Other corporate expenses increased ~22% to $(29.5)M.

Operations and projects

Operational milestone: commercial operation achieved at the Hale Kuawehi solar and battery-storage facility in Hawaii. Projects under construction (net/gross context in release) total ~180.2 MW net in construction, including Salvador BESS II (Chile, 20 MW/100 MWh, expected COD 2026), San Andrés BESS II (Chile, 42 MW/210 MWh, COD 2026), Rucacura hydro (Chile, ~3 MW, COD 2026), Mesgi’g Ugju’s’n 2 wind (Canada, 50% interest, 102.2 MW net, COD 2026) and La Cense (France, 13 MW net, COD 2026). Construction progress and key contracts (TSA/BOP) reported for several projects.

Non‑IFRS measures and caution

Innergex reports several non‑IFRS measures (e.g., Adjusted EBITDA, Adjusted EBITDA Proportionate, Free Cash Flow, Free Cash Flow per Share, Payout Ratio, Adjusted Net Loss). The company notes these metrics are not IFRS‑standardized and may not be comparable to peers. Forward‑looking statements and closing of the CDPQ transaction remain subject to customary risks, conditions and regulatory approvals.