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2nd quarter 2025 Driven by disciplined actions FINANCIAL REVIEW RESULTS PRESENTATION August 8, 2025
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Forward-looking statements Certain statements contained in this presentation, including those relating to results and performance for future periods, targets for installed capacity, growth in the number of megawatts and weighted average remaining duration of contracts, EBITDA(A), EBITDA(A) margins, cash flows related to operating activities per share and discretionary cash flows, targets for internal rate of return (IRR), strategic plan, the Corporation’s orientations, strategies and objectives, business prospects in various regions, business model and growth perspective and strategy of the Corporation, organic growth and growth through mergers and acquisitions, the compound annual growth rate (CAGR) target, operating results, capital expenditures and investment programs, quarterly dividend payments, financial objectives, project commissioning dates, the renewable energy production projects in the pipeline or on the Corporation’s Growth Path, the discussions underway to enter into corporate power purchase agreements (PPAs) in France and the United Kingdom and objectives related to corporate social responsibility (CSR) strategy are forward-looking statements based on current expectations, within the meaning of securities legislation. Forward-looking statements are based on significant assumptions, including assumptions about the performance of the Corporation’s projects based on management estimates and expectations with respect to wind and other factors, the opportunities that could arise in the various segments targeted for growth or diversification, assumptions about EBITDA(A) margins, assumptions about the industry and general economic conditions, the cost of financing, competition and availability of financing and partners. In addition, forward-looking information included within Boralex’ strategy 2030 objectives, including installed capacity targets for 2030, the weighted average remaining contract duration, internal rates of return (IRR) targets, operating results, EBITDA (A) and cash flows per share in 2030 are subject to the assumptions and specific risk factors mentioned in the section titled Assumptions Regarding Forward-Looking Information in section III - Non IFRS and Other Financial Measures in Boralex’ 2025 Interim Report 2. While the Corporation considers these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Boralex would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results or the measures it adopts could differ materially from those indicated by or underlying these statements, or could have an impact on the degree of realization of a particular forward-looking statement. The main factors that could lead to a material difference between the Corporation’s actual results and the forward-looking financial information or the expectations set forth in forward-looking statements include, but are not limited to, risks of strategic positioning, mergers and acquisitions risks, the general impact of economic conditions, fluctuations in various currencies, fluctuations in energy prices, the risk of not renewing PPAs or being unable to sign new corporate PPAs, the risk of not being able to capture the US or Canadian investment tax credit, counterparty risk, the performance of power stations and sites, compliance by the Corporation’s partners with their contractual commitments, personnel accidents and health and safety, personnel recruitment and retention, disasters and force majeure, CSR regulations and amendments thereto, the loss of reputation, pandemics, the Corporation’s financing capacity, cybersecurity risks, competition, changes in general market conditions, industry regulations and amendments thereto, particularly legislation, regulations and emergency measures that could be implemented from time to time to address high energy prices in Europe, litigation and other regulatory issues related to projects in operation or under development, as well as certain other factors discussed in the sections on risk factors and factors of uncertainty in Boralex’s Management’s Discussion and Analysis for the year ended December 31, 2024. Unless otherwise specified by the Corporation, the forward-looking statements do not take into account the possible impact on its activities, transactions, non-recurring items or other exceptional items announced or occurring after the statements are made. There can be no assurance as to the materialization of the results, performance or achievements as expressed or implied by forward-looking statements. The reader is cautioned not to place undue reliance on such forward-looking statements. Unless required to do so under applicable securities legislation, management of Boralex does not assume any obligation to update or revise forward-looking statements to reflect new information, future events or other changes. Non-IFRS financial measures and other financial measures In order to assess the performance of its assets and reporting segments, Boralex uses performance measures that are not in accordance with International Financial Reporting Standards ("IFRS"). Management believes that these measures are widely accepted financial indicators used by investors to assess the operational performance of a company and its ability to generate cash through operations. The non-IFRS financial measures and other financial measures also provide investors with insight into the Corporation’s decision making as the Corporation uses these non-IFRS financial measures to make financial, strategic and operating decisions. The non-IFRS financial measures and other financial measures should not be considered as substitutes for IFRS measures. These non-IFRS financial measures are derived primarily from the audited consolidated financial statements, but do not have a standardized meaning under IFRS; accordingly, they may not be comparable to similarly named measures used by other companies. Non-IFRS financial measures and other financial measures are not audited. They have important limitations as analytical tools and investors are cautioned not to consider them in isolation or place undue reliance on ratios or percentages calculated using these non-IFRS financial measures. The Corporation uses the terms "EBITDA(A)", "Combined", "net debt ratio", "cash flows from operations", "discretionary cash flows", "payout ratio", "available cash resources and authorized financing", "anticipated production", "discretionary cash flow per share" and "compound annual growth rate" to assess the performance of its assets and business lines. For more details, see the Non-IFRS financial measures and other financial measures section of Boralex's 2025 Interim Report 2. General The data expressed as a percentage is calculated using amounts in thousands of dollars. Numbers in brackets indicate the Combined results, compared to the Consolidated results. Disclaimer
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PATRICK DECOSTRE President and Chief Executive Officer
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1 EBITDA(A) is a total of segments measures. The term Combined is a non-GAAP financial measure and does not have standardized definitions 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 the 2025 Interim Report 2. Highlights Q2 2025 Apuiat wind farm, Québec • Production in Q2-2025 is up 14% (10% on a Combined1 basis) compared to Q2-2024. • EBITDA(A)1 of $ 113 million ($ 145 million), down $ 17 million ($ 7 million) compared to Q2-2024: ◦ The increase in production was not sufficient to offset the negative impact of lower prices of short-term power purchase contracts in France and a reduced share in net losses (earnings) of joint ventures and associates. • Operating result of $ 34 million ($51 million), down $ 1 million ($7 million) compared to the corresponding period in 2024. • Installed capacity of 3.3 GW in Q2-2025 and projects under construction and ready- to-build totaling 654 MW. • Signature of two contracts with New York State for solar projects totalling 450 MW. • Ranked first in Corporate Knights’ annual Best 50 Corporate Citizens ranking in Canada. • Presentation of our Strategic Plan 2030 during our investor day in June.
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Canada • Q u é b e c – a d o p t i o n o f B i l l 6 9 : e x p a n d e d a u t o n o m y g r a n t e d t o H y d r o - Q u é b e c , 6 0 T W h g e n e r a t i o n t a r g e t b y 2 0 3 5 , a n d authorization for direct electricity sales. • T h e p u b l i c u t i l i t i e s t a x r e m a i n s a t 0 . 2 0 % f o r a s s e t s w i t h H y d r o - Q u é b e c c o n t r a c t s s i g n e d b e f o r e M a r c h 2 5 , 2 0 2 5 . • Ontario: IESO launched the first LT2 RFP window. United Kingdom • Review of Market Reform (REMA): confirms the elimination of zonal pricing in favor of a single national tariff. • AR7 tender process: Submission of applications in August 2025 and sealed bids from October through December. • The Onshore Wind Taskforce published its strategy, to accelerate the development of onshore wind projects. France • Adoption of the Multi-annual Energy Program (PPE) delayed. • France confirmed the EU two-year postponement of CSR reporting obligations. United States • Budget reconciliation bill: projects that are not safe harboured by July 2026 and cannot be in service by the end of 2027 will be ineligible for ITC or PTC. • Ongoing tariff threats and trade negotiations are creating uncertainty, impacting projects costs and schedules. • New York: adoption on the Clean Energy Standard. Business environment
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Start of operations at two wind farms in France Fontaine-Lès-Boulans Febvin-Palfart • Installed capacity 18 MW • 5 Vestas V112 turbines • Start of operation in April 2025 • 20-year CRAO contract obtained in 2023 • Installed capacity 11 MW • 5 Vestas V100 turbines • Start of operation in May 2025 • 15-year CPPA contract
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Updates of construction projects in Canada Apuiat wind farm project(1) - Québec Hagersville and Tilbury storage projects - Ontario Des Neiges Sud wind farm project(2) - Québec • 200 MW - 100 MW Boralex, partnership with Innu Communities • Commissioning planned end of September 2025 • 34 Vestas V162/6.0MW turbines • 30-year power purchase agreement with Hydro-Québec • Financing closed in September 2023 • 380 MW / 1520 MWh total • Commissioning planned for H2 2025 • 22-year contract awarded in the accelerated tender in 2023 • Financing closed in December 2024 • Work progress according to schedules • 400 MW - 133 MW Boralex, partnership with Hydro-Québec and Energir • Commissioning planned for 2027. • 57 Nordex N163 turbines • 30-year power purchase agreement with Hydro-Québec • Financing closed in May 2025 • Construction start date end of 2024 (1) The Corporation holds 50% of the shares in the joint venture with a total capacity of 200 MW but does not have control over it. (2) The Corporation holds 50% of the shares in the joint venture with a total capacity of 400 MW but does not have control over it. A minority shareholder holds an interest in the project entity, bringing the Corporation's net economic interest to 33%.
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Changes in the development projects portfolio and Growth path (in MW) Growth Path Development projects portfolio 7,086 242 -25 -20 -11 7,272 7,000 7,100 7,200 7,300 7,400 Opening balance New projects Transition to the secured stage Discontinuation / sale Change to the expected capacity Closing balance + 186 MW 887 25 -29 0 0 883 860 880 900 920 940 Opening balance Transition from the advanced stage Commissioning Discontinuation / sale Change to the expected capacity Closing balance - 4 MW
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1 The Corporation holds 50% of the shares in the joint venture with a total capacity of 200 MW but does not have control over it. 2 The Corporation holds 50% of the shares in the joint venture with a total capacity of 400 MW but does not have control over it. A minority shareholder holds an interest in the project entity, bringing the Corporation's net economic interest to 33%. 3 The Corporation holds 50% of the shares in the joint venture with a total capacity of 100 MW but does not have control over it. 4 Corresponds to the installed capacity as of June 30 and August 7, 2025. 1 The Corporation holds 50% of the shares in the joint venture with a total capacity of 200 MW but does not have control over it. 2 The Corporation holds 50% of the shares in the joint venture with a total capacity of 400 MW but does not have control over it. A minority shareholder holds an interest in the project entity, bringing the Corporation's net economic interest to 33%. 3 The Corporation holds 50% of the shares in the joint venture with a total capacity of 100 MW but does not have control over it. 4 Corresponds to the installed capacity as of June 30 and August 7, 2025. Organic growth trajectory 2030
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BRUNO GUILMETTE Executive Vice President and Chief Financial Officer
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1 The anticipated production is an additional financial measure. For more details, see the Non-IFRS financial measures and other financial measures section in the 2025 Interim Report 2. 2 The term discretionary cash flow is a non-GAAP financial measures and does not have a standardized definition under IFRS. Therefore, this measure 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 the 2025 Interim Report 2. • For Q2-2025, total production is up 14% ( 10% on a Combined basis) compared to Q2-2024 but 2% ( 9%) lower than anticipated production1. • EBITDA(A) of $ 113 million ($ 145 million) in Q2-2025, down $17 million ($7 million) from Q2-2024. • Operating income of $ 34 million ($ 51 million) in Q2-2025, down $1 million ($7 million) from Q2-2024. • Net cash flows related to operating activities of $107 million in Q2-2025 compared to $138 million in Q2-2024. • Discretionary cash flows 2 of $ 12 million in Q2-2025, down $5 million from Q2-2024. Financial highlights Apuiat wind farm in Québec
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(1) Includes compensation following electricity production limitations (2) Calculated based on adjusted historical averages of planned commissioning and shutdowns for the older sites and for other sites, based on the deliverables studies performed. (3) See Notice concerning forward-looking statements in the 2025 Interim Report 2. . Q2 2025 Anticipated (2)(3) Q2 2024 Q2 2025 vs anticipated(2)(3) Q2 2025 vs Q2 2024 GWh GWh GWh GWh % GWh % North America Wind comparable - Canada 669 621 599 48 8 70 12 Wind comparable - United-States 406 491 408 (85) (17) (2) (1) Wind non comparable - Canada 1 80 — (79) (99) 1 — Total wind - North America 1,076 1,192 1,007 (116) (10) 69 7 Hydro comparable - Canada 128 125 110 3 2 18 17 Hydro comparable - United-States 124 109 103 15 14 21 20 Total hydro - North America 252 234 213 18 8 39 19 Solar comparable - United-States 137 134 121 3 2 16 13 Total North America 1,465 1,560 1,341 (95) (6) 124 9 Europe Wind comparable - France 501 578 514 (77) (13) (13) (3) Wind commissioning - France 26 23 2 3 17 24 >100 Wind commissioning - UK 50 74 — (24) (33) 50 — Total wind - Europe 577 675 516 (98) (15) 61 12 Solar comparable - France 28 28 25 — 1 3 12 Solar commissioning - France 5 8 — (3) (44) 5 — Total solar - France 33 36 25 (3) (8) 8 29 Total Europe 610 711 541 (101) (14) 69 13 Total 2,075 2,271 1,882 (196) (9) 193 10 Power Production(1) - Combined | Quarter (in GWh)
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Maintaining a strong balance sheet • The balance of Cash and cash equivalents amounts to $347 million. • Available liquidity and authorized financing1 totalized $689 million in Q2-2025, an increase of $166 million compared to December 31, 2024. 1 Available cash resources and authorized financing is a non-GAAP financial measure and doesn't have a standardized definition under IFRS. Therefore, this measure 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 in the 2025 Interim Report 2. 2 The Corporation holds 50% of the shares in the joint venture with a total capacity of 400 MW but does not have control over it. A minority shareholder holds an interest in the project entity, bringing the Corporation's net economic interest to 33%. Financings of the quarter: • Financing of the Des Neiges Sud 2 project for a total amount of $960 million. • Closing of an additional corporate financing for $250 million with financial partners La Caisse investing $200 million, and Fondaction investing $50 million. • Closing of a $32 million (€20 million) revolving credit facility to finance the constru ction of future projects in France. • Financing in July 2025 of an incremental tranche on the term loans for the Boralex Production and Sainte-Christine portfolio of wind farms and projects, totaling $164 million (€104 million). Breakdown of borrowings - Principal balance $4.3 billion as at June 30, 2025 $550 million 13% $3,715 million 87% Total corporate debt Total project debt
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Our CSR commitments
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(1) EBITDA(A) is a total of segments measures. For more details, see the Non-IFRS financial measures and other financial measures section of the 2025 interim report 2. (2) Discretionary cash flow and available cash resources and authorized financing are non-GAAP measures and do not have a standardized meaning under IFRS. Accordingly, they may not be comparable to similarly named measures used by other companies. For more details, see the Non-IFRS and other financial measures section in this report. • Decrease in financial results in the second quarter of 2025. Higher production in North America partially offset the negative impact of lower prices of short-term power purchase contracts in France and the reduced share in net losses (earnings) of joint ventures and associates. • Maintaining good financial flexibility with increased available liquidity and authorized financing of $689 million in Q2-2025. • Continued development and successful execution of our projects in our target markets: ◦ Start of operation of two wind farms in France, Fontaine-Lès-Boulans et Febvin-Palfart, totaling 29 MW; ◦ Ongoing construction work on the Apuiat wind farm project (200 MW total, 100 MW Boralex's share) in Québec; ◦ Progress in the construction of the Hagersville (300 MW) and Tilbury (80 MW) storage projects in Ontario, with commissioning expected by the end of the year. Conclusion
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4 APPENDICES
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Q2 2025 Anticipated(2)(3) Q2 2024 Q2 2025 vs Anticipated(2)(3) Q2 2025 vs Q2 2024 GWh GWh GWh GWh % GWh % North America Wind comparable - Canada 506 463 448 43 9 58 13 Total wind - North America 506 463 448 43 9 58 13 Hydro comparable - Canada 128 125 110 3 2 18 17 Hydro comparable - United-States 124 109 103 15 14 21 20 Total hydro - North America 252 234 213 18 8 39 19 Solar comparable - United-States 137 134 121 3 2 16 13 Total North America 895 831 782 64 8 113 15 Europe Wind comparable - France 501 578 514 (77) (13) (13) (3) Wind commissioning - France 26 23 2 3 17 24 >100 Wind commissioning - UK 50 74 — (24) (33) 50 — Total wind - Europe 577 675 516 (98) (15) 61 12 Solar comparable - France 28 28 25 — 1 3 12 Solar commissioning - France 5 8 — (3) (44) 5 — Total solar - France 33 36 25 (3) (8) 8 29 Total Europe 610 711 541 (101) (14) 69 13 Total 1,505 1,542 1,323 (37) (2) 182 14 (1) Includes compensation following electricity production limitations. (2) Calculated based on adjusted historical averages of planned commissioning and shutdowns for the older sites and for other sites, based on the deliverables studies performed. (3) See Notice concerning forward-looking statements in the 2025 Interim report 2. Power Production(1) - Consolidated | Quarter (in GWh)
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(1) Includes compensation following electricity production limitations. (2) Calculated based on adjusted historical averages of planned commissioning and shutdowns for the older sites and for other sites, based on the deliverables studies performed. (3) See Notice concerning forward-looking statements in the 2025 Interim report 2. 2025 Anticipated(2)(3) 2024 2025 vs Anticipated(2)(3) 2025 vs 2024 GWh GWh GWh GWh % GWh % North America Wind comparable - Canada 1,211 1,066 1,037 145 14 174 17 Total wind - North America 1,211 1,066 1,037 145 14 174 17 Hydro comparable - Canada 211 203 198 8 4 13 7 Hydro comparable - United-States 202 215 241 (13) (6) (39) (16) Total hydro - North America 413 418 439 (5) (1) (26) (6) Solar comparable - United-States 216 205 189 11 6 27 14 Total North America 1,840 1,689 1,665 151 9 175 11 Europe Wind comparable - France 1,160 1,437 1,372 (277) (19) (212) (15) Wind commissioning - France 71 84 15 (13) (17) 56 >100 Wind commissioning - UK 75 165 — (90) (54) 75 — Total wind - Europe 1,306 1,686 1,387 (380) (23) (81) (6) Solar comparable - France 42 44 38 (2) (5) 4 8 Solar commissioning - France 8 13 — (5) (36) 8 — Total solar - France 50 57 38 (7) (12) 12 30 Total Europe 1,356 1,743 1,425 (387) (22) (69) (5) Total 3,196 3,432 3,090 (236) (7) 106 3 Power Production(1) - Consolidated | YTD (in GWh)
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Consolidated Combined Change Change (in millions of Canadian dollars) (unaudited) Q2 2025 Q2 2024 $ % Q2 2025 Q2 2024 $ % North America Wind 70 61 9 15 100 90 10 11 Hydro 20 18 2 9 20 18 2 9 Solar 13 11 2 17 13 11 2 17 Total North America 103 90 13 14 133 119 14 12 Europe Wind 77 87 (10) (10) 77 87 (10) (10) Solar 5 3 2 38 5 3 2 38 Total Europe 82 90 (8) (8) 82 90 (8) (8) Total 185 180 5 3 215 209 6 3 (1) Includes feed-in premium. Revenues from Energy Sales(1) - Segmented | Quarter
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(1) EBITDA(A) is a total of segments measures. For more details, see the Non-IFRS financial measures and other financial measures section of the 2025 Interim Report 2. Consolidated Combined Change Change (in millions of Canadian dollars) (unaudited) Q2 2025 Q2 2024 $ % Q2 2025 Q2 2024 $ % Operating Income 34 35 (1) (4) 51 58 (7) (12) EBITDA(A) North America Wind 64 71 (7) (10) 95 92 3 3 Hydro 11 12 (1) (9) 11 12 (1) (9) Solar 9 6 3 51 10 6 4 51 Overhead - BU North America (12) (8) (4) (54) (12) (8) (4) (54) Total North America 72 81 (9) (11) 104 102 2 — Europe Wind 61 70 (9) (13) 61 70 (9) (13) Solar 3 2 1 38 3 2 1 38 Overhead - BU Europe (13) (12) (1) (5) (13) (12) (1) (4) Total Europe 51 60 (9) (15) 51 60 (9) (15) Corporate Administration (10) (11) 1 7 (10) (10) — 7 Total corporate (10) (11) 1 7 (10) (10) — 7 Total - EBITDA(A) 113 130 (17) (13) 145 152 (7) (5) Net earnings (loss) (4) 17 (21) >(100) (4) 17 (21) >(100) Operating Income and EBITDA(A)(1) - Segmented | Quarter
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Quarter LTM Change Change (in millions of Canadian dollars, unless otherwise specified) (unaudited) Q2 2025 Q2 2024 $ % Jun 30, 2025 Dec 31, 2024 $ % Net cash flows related to operating activities 107 138 (31) (23) 126 215 (89) (42) Change in non-cash items related to operating activities (23) (49) 26 54 262 200 62 31 Cash flows from operations(1) 84 89 (5) (5) 388 415 (27) (6) Repayments on non-current debt (projects)(2) (76) (74) (2) (3) (240) (240) — — Adjustment for non-operational items(3) 3 1 2 >100 13 7 6 >100 11 16 (5) (26) 161 182 (21) (11) Principal payments related to lease liabilities(4) (3) (3) — 5 (20) (19) (1) (4) Distributions paid to non-controlling shareholders(5) (9) (7) (2) (37) (40) (52) 12 22 Additions to property, plant and equipment (operational maintenance) (2) (2) — (28) (10) (10) — (6) Development costs (from statement of earnings) 15 13 2 14 58 57 1 3 Discretionary cash flows 12 17 (5) (28) 149 158 (9) (6) Dividends paid to shareholders of Boralex 17 17 — — 68 68 — — Weighted average number of outstanding shares basic (in thousands) 102,758 102,766 (8) — 102,765 102,766 (1) — Discretionary cash flows per share $0.12 $0.17 ($0.05) (28) $1.45 $1.54 ($0.09) (6) Dividends paid to shareholders per share $0.1650 $0.1650 — — $0.6600 $0.6600 — — Payout ratio 45% 43% (1) The terms Cash flows from operations and Discretionary cash flow are non-GAAP financial measures and do not have a standardized meaning under IFRS. Accordingly, they may not be comparable to similarly named measures used by other companies. For more details, see the Non-IFRS financial measures and other financial measures section in the 2025 interim report 2. (2) Includes repayments on non-current debt (projects) and repayments to tax equity investors, and excludes VAT bridge financing, early debt repayments and repayments under the construction facility - Boralex Energy Investments portfolio. (3) For the twelve-month periods ended June 30, 2025 and December 31, 2024, favourable adjustment consisting mainly of acquisition and restructuring costs. (4) Excludes the principal payments related to lease liabilities for projects under development and construction. (5) Includes distributions paid to non-controlling shareholders as well as the portion of discretionary cash flows attributable to the non-controlling shareholder of Boralex Europe Sàrl. Discretionary Cash Flows(1) | Consolidated
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Consolidated Change (in millions of Canadian dollars, unless otherwise specified) (unaudited) Jun 30, 2025 Dec 31, 2024 $ % Total cash, including restricted cash 412 611 (199) (33) Property, plant and equipment and right-of-use assets 4,644 4,446 198 4 Goodwill and intangible assets 1,202 1,200 2 — Financial net assets 122 100 22 22 Total assets 7,564 7,604 (40) (1) Debt - Principal balance 4,265 4,032 233 6 Total Projects debt(1) 3,715 3,608 107 3 Total Corporate debt 550 424 126 30 Average rate - total debt (%) 4.27 4.02 0.25 6 Equity attributable to shareholders 1,573 1,601 (28) (2) Net debt to market capitalization ratio (%)(2) 51% 50% — 1 (1) Project loans are normally amortized over the life of the energy contracts of the related sites and are without recourse to Boralex. (2) The Net Debt Ratio is a capital management measure. For more details, see the Non-IFRS financial measures and other financial measures section of the 2025 Interim Report 2. Financial Position | Overview
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QUESTIONS
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BORALEX.COM For more information: STÉPHANE MILOT Vice President - Investor Relations and Financial Planning stephane.milot@boralex.com (514) 213-1045
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BORALEX Beyond RENEWABLE ENERGY®