Canada · Delayed Price · Currency is CAD Boralex Earnings Call Transcripts
Fiscal Year 2025
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Fiscal 2025 saw strong organic growth, with installed capacity up 615 MW and a robust project pipeline, despite lower-than-expected production and pricing headwinds in France. Major battery storage projects and new contracts in key markets position the company for continued expansion.
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Q3 2025 saw a 9% production increase year-over-year, driven by new European assets, but EBITDA declined slightly due to lower French power prices. Major project milestones were achieved in Canada and France, and the company remains well-positioned for growth with a strong pipeline and solid liquidity.
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Production rose 10% year-over-year, but EBITDA fell $7 million due to lower French contract prices. Major project milestones were achieved in North America and Europe, with strong liquidity and new financings supporting growth. Leadership transitions and market reforms position the company for continued expansion.
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Plans to double capacity to 7 GW by 2030 are underpinned by an 8 GW organic pipeline, disciplined capital allocation, and a focus on contracted, de-risked growth. Strategic M&A and asset recycling will complement organic expansion, with strong ESG and stakeholder engagement supporting execution.
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Combined production fell 1% year-over-year as strong Canadian wind was offset by weak French wind, leading to a $19 million drop in EBITDA. Growth continues with 660 MW in construction, a robust 7.1 GW pipeline, and strategic expansion in the UK and North America.
Fiscal Year 2024
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2024 saw disciplined execution, with EBITDA and operating income slightly down due to weak wind in France and Canada, but growth in the U.S. and a record CAD 1.2B in financing. Asset recycling and a new share buyback program support capital flexibility, while a robust project pipeline positions for future growth.
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Q3 2024 results showed year-to-date growth in EBITDA, operating income, and net earnings, despite weather-related production declines. Major projects in Canada, the UK, and Ontario storage advanced, with strong liquidity and a positive outlook for meeting 2025 capacity goals.
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EBITDA rose 11% and net earnings 41% year-over-year, with 851 MW in active development. Despite lower production from weather and curtailments, financial flexibility improved, and the project pipeline reached nearly 6 GW.