Boralex Powers Through Market Headwinds with Global Expansion and Strong Q4 Finish

MONTREAL, QC – February 27, 2026 – Renewable energy giant Boralex Inc. has presented a complex but ultimately forward-looking financial picture for its 2025 fiscal year. While annual net earnings saw a decline, a robust fourth-quarter performance, coupled with the successful commissioning of large-scale projects in Canada and the United Kingdom, signals a company aggressively executing its long-term growth strategy amidst a volatile European energy market.

For the fiscal year ending December 31, 2025, the Montreal-based producer reported net earnings of $33 million. This figure marks a $41 million decrease from the $74 million reported in 2024, a downturn the company primarily attributes to lower prices under short-term power purchase agreements in France. However, a closer look at the final quarter reveals a significant positive momentum; Boralex posted net earnings of $26 million in Q4-2025, a stark and favorable contrast to the $2 million net loss recorded in the same period of the previous year.

"The year 2025 was marked by significant progress for Boralex," stated Patrick Decostre, President and Chief Executive Officer of Boralex, in the company's official release. He highlighted the commissioning of large-scale projects and strengthened financial flexibility as key achievements that "confirm the soundness of our growth trajectory and our ability to create long-term value across all our markets."

A Tale of Two Ledgers: Annual Profits Dip Amidst Strong Q4 Recovery

The full-year financial results reflect the challenging conditions in the European energy sector. The dip in annual net earnings was a direct consequence of pricing pressures in France, where Boralex had previously benefited from high contract prices in 2024. The subsequent normalization of electricity prices in 2025 directly impacted the company's revenue streams from its extensive French portfolio.

Despite this headwind, the company's operational metrics demonstrated underlying strength. Total power production for fiscal 2025 rose by 8% to 6,147 GWh, driven by favorable wind conditions late in the year and the contribution of newly operational sites. This increased output, however, couldn't fully offset the lower European prices, resulting in a 5% decrease in annual EBITDA(A) to $552 million.

The fourth quarter, however, tells a different story. Production surged 18% compared to Q4-2024, buoyed by strong winds and the first contributions from major new assets. This operational success translated directly to the bottom line, delivering a $28 million year-over-year improvement in net earnings and suggesting a strong operational base as the company heads into 2026.

"Boralex’s financial results improved in the last quarter of 2025, driven by good wind conditions and the impact of new commissioning," Decostre noted, acknowledging the annual dip. "Given that context, we strengthened our business strategy, as seen by the signature of new power purchase agreements in our key markets and our success in European calls for tender."

Global Green Expansion Powers Ambitious 2030 Vision

While market fluctuations impacted the 2025 income statement, Boralex's primary focus remained on strategic expansion. The company made significant strides in executing its '2030 Strategic Plan,' which aims to double its installed capacity through an $8 billion investment program. By the end of 2025, total installed capacity reached 3,783 MW, a more than 50% increase over the last five years.

Key projects commissioned in 2025 underscore the company's dual strategy of geographic and technological diversification:

• United Kingdom Entry: The 106 MW Limekiln wind farm in Scotland came online, marking Boralex's first operational asset in the high-potential UK market.
• Canadian Wind Power: The 200 MW Apuiat wind farm in Québec, a 50/50 joint venture with Innu communities, began operations, representing a major addition to Canada's renewable capacity.
• Battery Storage Leadership: Boralex cemented its position in the growing energy storage sector by commissioning two massive battery energy storage systems (BESS) in Ontario: the 300 MW / 1,200 MWh Hagersville project and the 80 MW / 320 MWh Sanjgon (formerly Tilbury) project. These systems are critical for grid stability and enabling further renewable energy integration.

Beyond these commissioned projects, the company's development pipeline swelled to a formidable 8.2 GW across wind, solar, and storage. The company successfully moved 688 MW of new projects to the 'secured' stage, including solar in the United States and battery storage in Canada and the UK.

Fortifying Financials to Navigate Market Volatility

To fuel its ambitious growth, Boralex demonstrated significant financial acumen in 2025. The company successfully closed over $1 billion in project financing during the year, a testament to investor confidence in its long-term strategy. This, combined with an increase in subordinated debt from key partners La Caisse and Fondaction, has fortified its balance sheet.

As of December 31, 2025, Boralex reported having $681 million in available cash resources and authorized financing, providing substantial liquidity to pursue its development pipeline. This financial cushion is crucial as the company navigates not only market price volatility but also competitive tender processes.

In his statement, Decostre confirmed the company's active participation in upcoming bids: "In the last quarter, we participated in various tender calls in Ontario, New York State and the United Kingdom while paying close attention to the coming wind power call for tender announced by Hydro-Québec for 2026." This forward-looking posture indicates a strategy focused on securing long-term, stable revenue streams to mitigate the risks associated with short-term market prices.

More Than Megawatts: A Commitment to Innovation and Citizenship

Boralex's 2025 was also marked by significant external recognition for its commitment to sustainability and corporate responsibility, reinforcing its brand identity as more than just a power producer. The company was named one of the 'Best 50 Corporate Citizens in Canada' by Corporate Knights, a prestigious honor reflecting its ESG performance.

Furthermore, its leadership in innovation was celebrated when the Hagersville BESS project received an award from the Canadian Renewable Energy Association (CanREA). In Europe, Boralex France was recognized for its diversity initiatives, showcasing a holistic approach to corporate social responsibility.

Shareholders were also reassured of the company's stability with the announcement of a quarterly dividend of $0.1650 per common share. This consistent return, even in a year of mixed financial results, underscores management's confidence in the company's operational cash flow and long-term prospects. By successfully pairing aggressive expansion and technological innovation with a robust commitment to financial discipline and social responsibility, Boralex is positioning itself to be a resilient and influential leader in the global energy transition for years to come.