Boralex Inc. Cl A’s Mixed Earnings Call Highlights Growth and Challenges

Boralex Inc. Cl A ((TSE:BLX)) has held its Q3 earnings call. Read on for the main highlights of the call.

The recent earnings call for Boralex Inc. Cl A painted a mixed picture of the company’s financial health and operational achievements. While there were notable accomplishments such as increased production and successful project developments, the financial metrics like EBITDA and discretionary cash flows showed a decline. The company faced challenges, including lower-than-expected production due to unfavorable weather and market conditions, which tempered the overall sentiment of the call.

Increase in Production

Boralex reported a 9% increase in total combined production for the third quarter compared to the same period in 2024. This growth was primarily driven by newly commissioned sites in Europe, showcasing the company’s ability to expand its operational capacity effectively.

Project Development and Expansion

The company made significant strides in project development, adding 395 megawatts of new projects. Notably, Boralex progressed in the construction and commissioning of major projects in Canada, including the Apuiat wind farm, which is a strategic milestone for the company.

Strong Market Position in France

Boralex’s strong market position in France was underscored by the awarding of two projects totaling 125 megawatts in the French onshore wind market. This achievement highlights the company’s competitive edge in key international markets.

Innovative Projects Recognized

The Hagersville project was recognized as the Innovative Canadian Clean Power Project of the Year, reflecting Boralex’s commitment to innovation and excellence in clean energy projects.

Increased Liquidity

Boralex’s available liquidity increased to $811 million as of September 30, 2025, marking an increase of $288 million compared to the end of 2024. This boost in liquidity provides the company with greater financial flexibility to pursue future growth opportunities.

Decrease in EBITDA

Despite higher production levels, Boralex experienced a decrease in combined EBITDA, which was down $1 million to $108 million. This decline was attributed to lower prices of short-term power purchase agreements in France.

Lower than Expected Production

Production was 13% lower than anticipated for Q3 2025, despite a year-over-year increase. Unfavorable weather conditions were cited as a key factor affecting production levels.

Decreased Discretionary Cash Flows

Discretionary cash flows were reported at $9 million, down $7 million compared to Q3 2024. This decline highlights the financial pressures faced by the company amidst challenging market conditions.

Challenges in North American Wind and Hydro

Boralex faced challenges in North America, with production falling below expectations. The delayed commissioning of the Apuiat project was a significant factor contributing to these challenges.

Forward-Looking Guidance

Looking ahead, Boralex emphasized its commitment to sustainable growth and strategic objectives. The company operates 3.4 gigawatts of assets with 558 megawatts under construction or ready-to-build. The advancement of a 250-megawatt solar project in the U.S. to the secured stage was highlighted as a key development. Despite the financial challenges, Boralex remains focused on expanding its renewable energy portfolio and strengthening its market position.

In conclusion, Boralex Inc. Cl A’s earnings call reflected a blend of operational successes and financial challenges. While the company achieved significant production growth and project development milestones, financial metrics such as EBITDA and discretionary cash flows were under pressure. The forward-looking guidance indicates a strategic focus on sustainable growth, positioning Boralex for future success in the renewable energy sector.