Boralex Income Statement

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

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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
Revenue	898	849	853	1,022	836	691
Revenue Growth (YoY)	9.25%	-0.47%	-16.54%	22.25%	20.98%	9.16%
Operations and Maintenance Expenses	357	337	330	484	346	214
Gross Profit	541	512	523	538	490	477
Depreciation & Amortization Expenses	335	321	297	293	295	297
Other Operating Expenses	13	25	0	19	83	-2
Operating Income	193	166	226	226	112	182
Interest Income	6	38	46	59	37	9
Interest Expense	-176	-162	-159	-129	-130	-144
Other Non-Operating Income (Expense)	-28	-5	-3	-2	-1	-3
Total Non-Operating Income (Expense)	-198	-129	-116	-72	-94	-138
Pretax Income	-5	37	110	154	18	44
Provision for Income Taxes	-6	4	36	39	10	18
Net Income	-32	7	36	78	30	17
Minority Interest in Earnings	33	26	38	37	-22	9
Net Income to Common	-32	7	36	78	30	17
Net Income Growth	-	-80.56%	-53.85%	160.00%	76.47%	-69.09%
Shares Outstanding (Basic)	104	103	103	103	100	106
Shares Outstanding (Diluted)	104	103	103	103	100	106
Shares Change (YoY)	-3.01%	-0.03%	0.18%	2.63%	-5.88%	6.25%
EPS (Basic)	-0.31	0.06	0.35	0.76	0.30	0.16
EPS (Diluted)	-0.31	0.06	0.35	0.76	0.30	0.16
EPS Growth	-	-82.86%	-53.95%	153.33%	87.50%	-70.91%
Shares Outstanding	102.76	102.76	102.77	102.77	102.76	102.62
Free Cash Flow	-88	-249	-183	236	267	178
Free Cash Flow Growth	-	-	-	-11.61%	50.00%	-17.97%
Free Cash Flow Per Share	-0.85	-2.42	-1.78	2.30	2.67	1.68
Dividends Per Share	0.660	0.660	0.660	0.660	0.660	0.660
Gross Margin	60.25%	60.31%	61.31%	52.64%	58.61%	69.03%
Operating Margin	21.49%	19.55%	26.49%	22.11%	13.40%	26.34%
Profit Margin	0.11%	3.89%	8.68%	11.25%	0.96%	3.76%
FCF Margin	-9.80%	-29.33%	-21.45%	23.09%	31.94%	25.76%
EBITDA	528	487	523	519	407	479
EBITDA Margin	58.80%	57.36%	61.31%	50.78%	48.68%	69.32%
EBIT	193	166	226	226	112	182
EBIT Margin	21.49%	19.55%	26.49%	22.11%	13.40%	26.34%
Effective Tax Rate	120.00%	10.81%	32.73%	25.32%	55.56%	40.91%

Updated May 14, 2026. Data Source: Fiscal.ai. Utilities template. Financial Sources.