Boralex Income Statement

Financials in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Revenue	796	817	994	818	671
Other Revenue	53	36	28	18	20
Revenue	849	853	1,022	836	691
Revenue Growth (YoY)	-0.47%	-16.54%	22.25%	20.98%	9.16%
Selling, General & Admin	71	75	71	55	37
Depreciation & Amortization	-	-	-	-	297
Amortization of Goodwill & Intangibles	321	297	293	295	-
Other Operating Expenses	212	193	367	256	147
Total Operating Expenses	666	622	776	639	505
Operating Income	183	231	246	197	186
Interest Expense	-162	-133	-135	-130	-137
Interest Income	-	19	16	8	-
Net Interest Expense	-162	-114	-119	-122	-137
Income (Loss) on Equity Investments	38	46	59	37	9
Other Non-Operating Income (Expenses)	-5	-12	-9	-5	-6
EBT Excluding Unusual Items	54	151	177	107	52
Total Merger & Restructuring Charges	-	-1	-3	-4	-4
Impairment of Goodwill	-	-	-	-4	-
Gain (Loss) on Sale of Investments	-	-35	-	-	-
Asset Writedown	-17	-5	-20	-81	-4
Pretax Income	37	110	154	18	44
Income Tax Expense	4	36	39	10	18
Earnings From Continuing Ops.	33	74	115	8	26
Minority Interest in Earnings	-26	-38	-37	22	-9
Net Income	7	36	78	30	17
Net Income to Common	7	36	78	30	17
Net Income Growth	-80.56%	-53.85%	160.00%	76.47%	-69.09%
Shares Outstanding (Basic)	117	103	103	103	103
Shares Outstanding (Diluted)	117	103	103	103	103
Shares Change (YoY)	13.48%	-0.00%	0.02%	0.02%	4.16%
EPS (Basic)	0.06	0.35	0.76	0.29	0.17
EPS (Diluted)	0.06	0.35	0.76	0.29	0.16
EPS Growth	-82.86%	-53.89%	159.90%	82.52%	-70.91%
Free Cash Flow	-249	-183	236	267	178
Free Cash Flow Per Share	-2.13	-1.78	2.29	2.60	1.73
Dividend Per Share	-	0.660	0.660	0.660	0.660
Profit Margin	0.82%	4.22%	7.63%	3.59%	2.46%
Free Cash Flow Margin	-29.33%	-21.45%	23.09%	31.94%	25.76%
EBITDA	504	503	516	467	461
EBITDA Margin	59.36%	58.97%	50.49%	55.86%	66.72%
D&A For EBITDA	321	272	270	270	275
EBIT	183	231	246	197	186
EBIT Margin	21.55%	27.08%	24.07%	23.57%	26.92%
Effective Tax Rate	10.81%	32.73%	25.32%	55.56%	40.91%
Revenue as Reported	849	853	1,022	836	691

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Utility template. Financial Sources.