Boralex reports second quarter operating income comparable to 2024 and actively pursue its development and construction activities

Montreal, Québec, August 8, 2025 — Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) is pleased to report its results for the second quarter of 2025.

Highlights

Financial results

Lower EBITDA(A)¹, operating income and net earnings in Q2-2025:

• Production up 14% (10% on a Combined¹ basis)² from Q2-2024 owing to a strong performance by operating assets in North America and the contribution of newly commissioned sites in Europe. Production was nevertheless 2% (9%) below anticipated production¹ due to poor wind conditions in Europe and the United States.
• EBITDA(A) of $113 million ($145 million) in Q2-2025, down $17 million ($7 million) from Q2-2024, mainly due to lower prices of short-term power purchase contracts in France and, on a consolidated basis, to a reduced share in net losses (earnings) of joint ventures and associates in North America.
• Operating income of $34 million ($51 million) in Q2-2025, down $1 million ($7 million) from Q2-2024;
• Net loss of $4 million in Q2-2025, down $21 million from Q2-2024 mainly due to the decrease in EBITDA(A) and higher financing costs.

Lower cash flow related to operating activities for the quarter but a consistently strong balance sheet:

• Net cash flows related to operating activities of $107 million for Q2-2025 compared to $138 million for Q2-2024;
• Discretionary cash flows¹ of $12 million for Q2-2025, down $5 million from Q2-2024;
• $347 million in cash and cash equivalents and $689 million in available cash resources and authorized financing¹ as at June 30, 2025;
• Closing of a new corporate financing for $250 million with financial partners La Caisse (formerly CDPQ) and Fondaction.

Update on development and construction activities

Start of operations at two wind farms in France, Fontaine-Lès-Boulans and Febvin-Palfart, for a total of 29 MW;

Progress on under-construction and ready-to-build projects:

• Ongoing work at the Apuiat wind project in Québec (total 200 MW, Boralex’s share 100 MW), with commissioning expected in late September;
• Construction of the Hagersville (300 MW) and Tilbury (80 MW) storage projects in Ontario progressing on schedule, with commissioning planned for the fourth quarter of 2025;
• Ongoing work on the Des Neiges Sud³ wind project in Québec (total 400 MW, Boralex’s share 133 MW), with phased commissioning expected in 2027.

Signature of two contracts with New York State for solar projects totalling 450 MW;

242 MW added to the early-stage development project porfolio.

“During the quarter, we strengthened our project pipeline by adding new development-stage projects and we made steady progress on our projects under construction. Our Apuiat project, in particular, continues its trajectory and is expected to be commissioned in September. We are very proud to have been awarded two contracts in New York State, for the Fort Covington and Two Rivers solar projects, for a total capacity of 450 MW. The signature of those contracts marks an important milestone in the Corporation’s development in that high-potential market,” said Patrick Decostre, President and Chief Executive Officer of Boralex.

Commenting on Boralex’s outlook for the coming quarters, Mr. Decostre added: "Our organic growth is accelerating in line with the targets of our 2030 Strategy, which was presented to the market in June. The Des Neiges Sud project financing and new corporate financing that we closed during the quarter strengthen our financial capacity to execute the strategy with a disciplined approach. We are well positioned to meet the growing demand in our target markets, and our teams are working hard to prepare high-quality projects for submission under calls for tenders expected to be issued this summer in France and this fall in Ontario and the United Kingdom."

Lastly, Boralex remains firmly committed to corporate social responsibility and has been named Canada’s Best Corporate Citizen by Corporate Knights. This recognition underscores the importance that we assign to sustainable development, which is central to our business strategy, and inspires us to continue to strive in that direction.

See the full press release

¹ EBITDA(A) is a total of segment measures. Anticipated production is an additional financial measure. “Combined,” “discretionary cash flows” and “available cash resources and authorized financing” are non-GAAP financial measures and do not have a standardized definition under IFRS. Consequently, these measures may not be comparable to similar measures used by other companies. For more details, see the Non-IFRS financial measures and other financial measures section of this press release.

² Figures in brackets indicate results on a Combined basis as opposed to a Consolidated basis.

³ The Corporation holds 50% of the shares of the joint venture with a total capacity of 400 MW and does not have control over it. A minority shareholder holds an interest in the project entity, bringing the Corporation's net economic interest to 33%. For more details, refer to the section Interests in joint ventures and associates in the current report.