MONTREAL, May 14, 2025 (GLOBE NEWSWIRE) — Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) is pleased to report its results for the first quarter of 2025.1^{stIn the first quarter of 2025, Boralex produced 1,691 GWh (2,334 GWh) of electricity, 4% (1%) less than the 1,767 GWh (2,355 GWh) produced in the same quarter of 2024. The decrease was attributable mainly to unfavourable wind conditions in France and to a lesser degree to hydropower in the United States. Boralex ended the quarter with production that was 10% (11%) below anticipated production.$176 million ($199 million), down 10% (9%) from the first quarter of 2024. The lower prices in France were partly offset by a decrease in the inframarginal rent contribution, which no longer applies in 2025. Operating income totalled $65 million ($99 million), compared to $106 million ($134 million) for the same quarter of 2024. Boralex posted net earnings of $41 million, down $32 million from $73 million in the same quarter of 2024.(ii) additions to property, plant and equipment (maintenance of operations);
(iii) repayments on non-current debt (projects) and repayments to tax equity investors;(iv) principal payments related to lease liabilities;
(v) adjustments for non-operational items; plus
(vi) development costs (from the statement of earnings).(1)CombinedEBITDA(A)2025 vs 2024Cash flow from operations and discretionary cash flowsAvailable cash resources and authorized financing20252024Disclaimer regarding forward-looking statements
(GlobeNewsWire)}