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Boralex reports a decline in EBITDA in Q2 despite increased production

Boralex saw its earnings before interest, taxes, depreciation and amortization fall by 13% in the second quarter of 2025, despite a 14% increase in production, due to less favourable prices in France and lower revenues from joint ventures.

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Boralex Inc. reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA(A)) of C$113mn ($82.6mn) in the second quarter of 2025, down 13% from the previous year. This decrease was mainly due to lower short-term contract prices in France and a reduced share of results from joint ventures and associates in North America. Operating income fell to C$34mn ($24.8mn) from C$35mn in 2024, and the company recorded a net loss of C$4mn ($2.9mn), compared with a net income of C$17mn ($12.4mn) a year earlier.

Increased production but market conditions impact
Total electricity production reached 1,505 GWh, up 14% year-on-year, driven by strong performance in North America and the commissioning of new sites in Europe. However, it was 2% below forecasts, as unfavourable wind conditions in Europe and the United States limited performance. Revenues from energy sales and compensation totalled C$185mn ($135.2mn), up 3% from the second quarter of 2024.

Strategic deployment and new contracts
Boralex commissioned two wind farms in France, with a total capacity of 29 MW, and continued work on several major projects, including the Apuiat wind project in Quebec (200 MW) and storage facilities in Ontario. The company also signed two contracts for solar projects totalling 450 MW in New York State and added 242 MW of preliminary-phase projects to its portfolio.

Strengthening financial resources
As of June 30, 2025, Boralex had C$347mn ($253.9mn) in cash and cash equivalents, and C$689mn ($504mn) in available liquidity and authorised financing. The company also closed a C$250mn ($183.2mn) corporate financing deal with La Caisse and Fondaction. The board of directors declared a quarterly dividend of C$0.1650 per common share, payable on September 15, 2025.

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