Highlights
Financial results
Production and net earnings higher in Q4-2025
Quarterly production up 18% (17% on a Combined1 basis)2 from Q4-2024, owing mainly to favourable wind conditions and the impact of newly commissioned sites, and 5% (7%) below anticipated production1. Production for fiscal 2025 is up 8% (8%) from 2024 and 8% (10%) below anticipated production;
Operating income of $68 million ($85 million) in Q4-2025, down $10 million (up $32 million)3 from Q4-2024; operating income of $166 million ($248 million) for fiscal 2025, down $60 million ($19 million) from 2024;
EBITDA(A)1 of $178 million ($203 million) in Q4-2025, up $9 million ($12 million) from Q4-2024 due mainly to higher production and favourable exchange rates, partially offset by lower prices under short-term power purchase agreements in France; EBITDA(A) of $552 million ($655 million) for fiscal 2025, down $29 million ($15 million) from 2024;
Net earnings of $26 million in Q4-2025, $28 million better than in Q4-2024, net earnings of $33 million for fiscal 2025, down $41 million from 2024.
Higher net cash flows related to operating activities for the quarter, combined with a strong balance sheet and ample funds available to support growth:
Net cash flows related to operating activities of $46 million in Q4-2025 and $362 million for fiscal 2025, compared to $31 million for Q4-2024 and $215 million for fiscal 2024;
Discretionary cash flows1 of $56 million for Q4-2025, and $151 million for fiscal 2025, for a $9 million increase from Q4-2024 but a $7 million decrease from fiscal 2024;
$292 million in cash and cash equivalents and $681 million in available cash resources and authorized financing1 as at December 31, 2025;
Closing on over $1 billion in project financing4 in 2025 and an increase in the subordinated debt from La Caisse and Fondaction.
Annual update on development and construction activities
Six new projects have increased installed capacity to 3,783 MW since the beginning of the year.
Limekiln wind farm in the United Kingdom (106 MW);
Apuiat wind farm in Canada (100 MW)5;
Sanjgon (formerly known as Tilbury, 80 MW / 320 MWh) battery energy storage system (BESS);
Hagersville (300 MW /1,200 MWh) battery energy storage system (BESS), which began operations in Q4‑2025 and obtained commercial commissioning on February 18, 2026;
Fontaine-Lès-Boulans and Febvin-Palfart wind farms in France (totalling 29 MW).
Projects totalling 178 MW moved up to the construction or ready-to-build stage, including the Des Neiges Charlevoix project in Canada (Québec), as well as four projects in France.
Projects totalling 688 MW moved up to the secured stage, consisting of two solar projects in the United States, two BESS projects in Canada and another in the United Kingdom, and three wind projects in France.
New projects totalling 1,383MW added to the development projects portfolio.
Ministerial approval secured for the Clashindarroch wind farm Extension6 and adjacent BESS totalling 189 MW, and a contract for difference (CfD) secured in February 2026 for the consented Sallachy wind farm (44 MW) as part of the United Kingdom government's latest allocation round (AR7).
___________________________________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, and may therefore 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 Increase in Combined operating income due to the recognition in 2024 of an impairment loss on an investment in a joint venture.4 Include financing for a joint venture.5 The Corporation holds 50% of the shares in the joint venture with a total capacity of 200 MW but does not have control over the joint venture.6 The Corporation controls the joint venture.
"The year 2025 was marked by significant progress for Boralex. The unveiling of our 2030 Strategic Plan was a major milestone, supported by the commissioning of large-scale projects in our key markets. The commissioning of Limekiln, our first wind farm in the United Kingdom, reflects our expansion in that high-potential market, and the acceleration of our battery energy storage system activities in Ontario exemplifies the ongoing diversification of our portfolio, both geographically and technologically. Meanwhile, we also strengthened our financial flexibility with more than $1 billion in financing with major partners. These achievements confirm the soundness of our growth trajectory and our ability to create long-term value across all our markets," said Patrick Decostre, President and Chief Executive Officer of Boralex.
"Boralex's financial results improved in the last quarter of 2025, driven by good wind conditions and the impact of new commissioning. The overall results for the year were down, however, mainly due to the decline in short-term electricity contract prices in France. Given that context, we strengthened our business strategy, as seen by the signature of new power purchase agreements in our key markets and our success in European calls for tender. In the last quarter, we participated in various tender calls in Ontario, New York State and the United Kingdom while paying close attention to the coming wind power call for tender announced by Hydro-Québec for 2026. Driven by sustained demand for renewable energy, Boralex continues to expand in a rigorous yet ambitious manner, backed by a renewed team that is fully engaged and committed to supporting growth," Mr. Decostre added.
Boralex received various awards in 2025 that reflect its ongoing commitment to social responsibility and the energy transition. The Corporation's ranking at the top of the best 50 corporate citizens in Canada by Corporate Knights, the recognition bestowed on Boralex France for its diversity initiatives and the award granted to the Hagersville BESS by the Canadian Renewable Energy Association (CanREA) all illustrate the Corporation's ability to merge performance, innovation and a lasting positive impact.
4th quarter highlights
Three-month periods ended December 31
Consolidated
Combined
(in millions of Canadian dollars, unless otherwise specified)
2025
2024
Change
2025
2024
Change
$
%
$
%
Power production (GWh)(1)
1,800
1,520
280
18
2,454
2,099
355
17
Revenues from energy sales and feed-in premium
241
228
13
6
279
258
21
8
Operating income
68
78
(10
)
(13
)
85
53
32
59
EBITDA(A)
178
169
9
6
203
191
12
7
Net earnings (loss)
26
(2
)
28
>100
26
(2
)
28
>100
Net earnings (loss) attributable to shareholders of Boralex
14
(16
)
30
>100
14
(16
)
30
>100
Per share - basic and diluted
$0.13
($0.15
)
$0.28
>100
$0.13
($0.15
)
$0.28
>100
Net cash flows related to operatingactivities
46
31
15
47
—
—
—
—
Cash flows from operations(2)
118
105
13
12
—
—
—
—
Discretionary cash flows
56
47
9
17
—
—
—
—
(1) Includes compensation following electricity production limitations.(2) The cash flows from operations is a non-GAAP financial measure and does not have a standardized meaning under IFRS. Accordingly, it may not be comparable to similarly named measures used by other companies. For more details, see the Non-IFRS and other financial measures section of this press release.
In the fourth quarter of 2025, Boralex produced 1,800 GWh (2,454 GWh) of electricity, an increase of 18% (17%) compared to 1,520 GWh (2,099 GWh) produced in the same quarter of 2024. The increase was mainly attributable to better wind conditions and the contribution of newly commissioned sites in Europe and Canada. Boralex ended the quarter with total production that was 5% (7%) below anticipated production.
Revenues from energy sales and feed-in premiums for the three-month period ended December 31, 2025, amounted to $241 million ($279 million), up 6% (8%) from the fourth quarter of 2024. The higher production was partially offset by the negative impact of a price decrease in France, where Boralex had benefited from high contract prices last year. Operating income was $68 million ($85 million), compared to $78 million ($53 million) in the same quarter of 2024. EBITDA(A) amounted to $178 million ($203 million), up 6% (7%) from the fourth quarter of 2024, due to higher production and favourable exchange rates. The Corporation posted a net earnings of $26 million ($26 million) for the quarter, compared to the net loss of $2 million ($2 million) in the corresponding quarter of 2024, an increase of $28 million ($28 million).
Years ended December 31
Consolidated
Combined
(in millions of Canadian dollars, unless otherwise specified)
2025
2024
Change
2025
2024
Change
$
%
$
%
Power production (GWh)(1)
6,147
5,691
456
8
8,502
7,845
657
8
Revenues from energy sales and feed-in premium
796
817
(21
)
(3
)
935
933
2
—
Operating income
166
226
(60
)
(27
)
248
267
(19
)
(8
)
EBITDA(A)
552
581
(29
)
(5
)
655
670
(15
)
(2
)
Net earnings
33
74
(41
)
(56
)
33
74
(41
)
(56
)
Net earnings attributable toshareholders of Boralex
7
36
(29
)
(82
)
7
36
(29
)
(82
)
Per share - basic and diluted
$0.06
$0.35
($0.29
)
(83
)
$0.06
$0.35
($0.29
)
(83
