MONTREAL, Quebec — November 7, 2025 — Leads & Copy — Boralex Inc. (TSX: BLX) reported its third-quarter results for 2025, highlighting both financial challenges and progress in development and construction activities.
EBITDA, operating income, and net earnings experienced declines in Q3 2025. Production saw a 7% increase (9% on a Combined basis) compared to Q3 2024, primarily due to newly commissioned sites in Europe. However, it fell 13% below anticipated levels due to unfavorable weather in North America and, to a lesser extent, Europe.
The operating loss was $1 million (compared to income of $13 million) in Q3 2025, a decrease of $8 million from Q3 2024. EBITDA amounted to $85 million in Q3 2025, down $2 million from Q3 2024, mainly due to lower prices under short-term power purchase agreements in France, partially offset by the impact of new sites.
The net loss reached $30 million in Q3 2025, a $16 million increase from Q3 2024, primarily attributed to higher financing costs related to new financings. The company had net cash flows related to operating activities of $37 million in Q3 2025, a notable turnaround from outflows of $184 million in Q3 2024.
Discretionary cash flows were $9 million for Q3 2025, down $7 million from Q3 2024. As of September 30, 2025, Boralex reported $288 million in cash and cash equivalents, with $811 million in available cash resources and authorized financing.
In October, the Apuiat wind farm in Québec began operations, with Boralex holding 50% of the shares in the 200 MW joint venture, representing an added 100 MW of installed capacity. The Hagersville (300 MW) and Tilbury (80 MW) battery energy storage projects in Ontario are under construction and are scheduled for commissioning in the fourth quarter of 2025.
A 250 MWac solar project in the United States has advanced to the secured project stage. Boralex signed a five-year power purchase agreement with Southwestern Public Service Company for the Milo wind farm (50 MW) in the United States. The company’s development projects portfolio has been expanded with 395 MW in new projects, and Boralex secured 125 MW in the latest French onshore wind auction in November.
According to Patrick Decostre, President and Chief Executive Officer of Boralex, the company has seen headway in its portfolio of development projects. Decostre noted that milestones achieved plus the upcoming commissioning of our Hagersville and Tilbury battery energy storage system projects, enable Boralex to approach the coming quarters with confidence in executing its strategic plan.
Boralex is continuing to optimize its energy commercialization strategy, which is demonstrated by the signature of a new power purchase agreement in the United States. The Hagersville storage system project has been named as the Innovative Canadian Clean Power Project of the Year by the Canadian Renewable Energy Association (CanREA).
Camille Laventure
Senior Advisor, Public Affairs and External Communications
Boralex Inc.
438-883-8580
camille.laventure@boralex.com
Coline Desurmont
Director, Investor Relations
Boralex inc.
33 7 85 37 75 10
coline.desurmont@boralex.com
Source: Boralex Inc.
