Press Release Q3-2025 Results

Montreal, Québec, November 7, 2025 — Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) is pleased to report its results for the third quarter of 2025.

Q3-2025 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 production¹because 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. 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.

Patrick Decostre
President and Chief Executive Officer

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.

See the full press release

¹EBITDA(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.

²Figures in brackets indicate results on a Combined basis as opposed to a Consolidated basis.

³The Corporation does not have control over the joint venture.