We will seize the business opportunities offered by the global energy transition.

Boralex offers growth, dividend returns and long-term value creation

1. Unique positioning and acknowledged expertise
2. Company growth
3. Well-defined strategic plan and financial objectives in an industry with robust potential
4. Disciplined financial management and strong financial position

Our strength lies in the expertise, skills and ingenuity of our employees. We’re committed to carrying out our strategic plan:

• By acting ethically
• By being a model corporate citizen
• By giving back to communities
• By offering sustained financial performance to shareholders and partners

Unique positioning and acknowledged expertise

• 3,020 MW of highly diversified production capacity as of February 24, 2023
• Expertise in developing small and mid-sized projects
• As at December 31, 2022, 88% (1) of Boralex’s installed capacity was covered by indexed, fixed-price energy sales contracts or feed-in premium contracts in effect. The weighted average remaining term (2) of these contracts is 11 years - 12 years in Canada and in the United States and 10 years in France.

(1) The percentage of installed capacity covered by energy sales contracts or feed-in premium contracts is a supplementary financial measure. For more details, refer to the Non-IFRS and other financial measures section of this report. Newly commissioned sites whose feed-in premium contracts are not yet in effect are considered as not being subject to fixed-price contracts. If these contracts were to be activated, the proportion of installed capacity subject to set prices would increase to 94%.

(2) The average remaining term includes feed-in premium contracts that are not yet in effect for newly commissioned facilities.

Company Growth

• Since December 31, 2017, Boralex’s share price and market capitalization have increased at compound annual growth rates (1) of 11% and of 18%, respectively.
• Boralex’s operating income has grown at compound annual growth rates1 of 3% (3% on a Combined (2) basis). For EBITDA(A), the rate is 13% (12% on a Combined basis).

(1) Compound annual growth rate is a supplementary financial measure. For more details, refer to the Non-IFRS and other financial measures section of the Annual Report 2022.

(2) Combined basis 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 in the Annual Report 2022.

Well-defined strategic plan and corporate objectives in an industry with robust potential

• 4 strategic orientations: growth, diversification, customer base and optimization
• 6 corporate objectives
• 10 ESG priority issues
• Project portfolio of 4 GW of energy production capacity and close to 800 MW of energy storage

Disciplined financial management and strong financial position

• Major cash flows from long-term contracts
• Strong balance sheet and the financial flexibility to support growth
• Limited exposure to interest rate fluctuations with fixed long-term rates timed to contract maturity
• Exchange rates hedged with forward contracts for France

Invest in a company with a solid ESG strategy

The markets are clear: the carbon footprint of a portfolio is increasingly important to investors. That’s why we have built a corporate social responsibility (CSR) strategy based on transparency and strong governance, and why our approach is based on the priorities of our internal and external stakeholders, including our investors and financial analysts.

ESG: Our actions, our commitments and our approach

Our growth strategy is tied directly to our Environmental, Social and Governance actions. In fact, we have raised our CSR objectives to the same level as our financial objectives in our updated Strategic Plan for 2025.

Investing in Boralex means participating in the growth of a renewable energy company that goes far beyond its industry in terms of sustainable development.

In 2022, Boralex decreased its Scope 1 GHG emissions by 95% with respect to 2021 and avoided the emission of 354,442 tonnes of CO2 in 2022 through renewable energy generation. The company also increased representation of women in management roles to 29.6%, surpassing the 2022 target of 26.5%, and on the Board of Directors to 45%, surpassing the new target of 40%.

Boralex also launched its Sustainable Procurement Charter and the EcoVadis assessment process for strategic suppliers, and updated its Code of Ethics, Environmental Mission Statement and Commitment to health and safety.

Strong CSR governance

Boralex’s CSR leaders also worked to establish strong governance that would ensure the success of our strategy in the three categories of ESG criteria. Among the solutions implemented in 2022:

• Creation of the new role of Senior Vice President, Enterprise Risk Management and Corporate Social Responsibility;
• Mandate of the Board of Directors broadened to include CSR oversight;
• Increased representation of women on the Board of Directors to 45%, surpassing our new target of 40%;
• Launched the Sustainable Procurement Charter and the EcoVadis assessment process for our strategic suppliers for product purchases of 150,000 CAD/USD/EUR and more;
• Updated Code of Ethics, which will be deployed in 2023, to ensure a healthy workplace, safeguard and enhance the Company’s reputation, and comply with legal requirements.

Our Executive Committee and Board of Directors

Financial analysts

Financial coverage of Boralex

• National Bank - Ruper Merer
• BMO - Ben Pham
• CIBC - Mark Jarvi
• Cormark - Nicholas Boychuk
• Credit Suisse - Andrew Kuske
• Desjardins - Brent Stadler
• Industrial Alliance - Naji Baydoun
• Peters & Co - Ken Chmela
• Raymond James - David Quezeda
• RBC - Nelson NG
• Scotiabank - Justin Strong
• TD - Sean Steuart
• Tudor Pickering Holt & Co - Matthew Taylor

The above list is strictly informative. The opinions, estimates or forecasts provided by these analysts with respect to Boralex’s performance are their own and do not represent those of either Boralex or its management.