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Boralex deepens its losses in Q3 despite 7% production increase

Canadian company Boralex reported a net loss of CAD30mn in the third quarter, impacted by lower electricity prices in France and adverse weather conditions in North America.

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Renewable energy producer Boralex Inc. posted a net loss of CAD30mn in the third quarter of 2025, compared to CAD14mn in the same period of 2024. This decline came despite a 7% increase in electricity production, driven mainly by new sites commissioned in Europe.

Revenue decline amid price volatility

Revenue from energy sales and compensation totalled CAD144mn, down from CAD150mn a year earlier, representing a 4% drop. The decrease was primarily due to lower short-term power purchase agreement prices in France, which had positively impacted earnings in the previous year.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA(A)) fell to CAD85mn from CAD87mn in Q3 2024. Operating income turned negative, recording a loss of CAD1mn compared to a profit of CAD7mn in the prior year.

Ongoing investments and strengthened liquidity

Boralex continued executing its growth strategy, adding 395 MW to its development pipeline during the quarter. In October, the 200 MW Apuiat wind farm in Québec was commissioned, contributing 100 MW to the company’s installed capacity.

Battery storage projects Hagersville (300 MW) and Tilbury (80 MW) in Ontario are progressing as planned, with commissioning expected by year-end. A 250 MWac solar project in the United States has moved into a secured phase, and a power purchase agreement was signed for the 50 MW Milo wind farm with a local utility.

Stable financial position despite lower discretionary cash flow

Cash flows from operating activities reached CAD37mn, compared to a cash outflow of CAD184mn a year ago. However, discretionary cash flow stood at CAD9mn, a decrease of CAD7mn year-on-year.

As of September 30, the company held CAD288mn in cash and equivalents, with a total of CAD811mn in available liquidity and authorised financing.

Boralex also secured 125 MW in the latest French wind tender in November, strengthening its position in the European market. The company plans to submit further projects in Canada, the United Kingdom and New York State in the coming months.

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