Highlights
Financial results
• Higher EBITDA(A)1
, operating income and net earnings than in Q1-2023
? Increases mainly attributable to higher wind farm production in North America, the contribution from new facilities
commissioned and strategy to optimize electricity selling prices in France.
? EBITDA(A)1 of $195 million ($218 million on a Combined2 basis)3
in Q1-2024, up $28 million ($28 million) from
Q1-2023.
? Operating income of $106 million ($134 million) in Q1-2024, up $29 million ($32 million) from Q1-2023.
? Net earnings of $73 million in Q1-2024, up $28 million from Q1-2023.
• Higher discretionary cash flows2 and more financial flexibility to finance growth
? Discretionary cash flows of $78 million in Q1-2024, up $12 million from Q1-2023.
? $230 million in net cash flows related to operating activities in Q1-2024.
? $575 million in available cash resources and authorized financing2 as at March 31, 2024, $28 million more than
in the previous quarter.
Development and construction
• Secured, under construction and ready-to-build projects progressing according to plan
? Commissioning of a 21 MW wind farm in France.
? Ongoing construction at the Apuiat wind project in Québec and the Limekiln wind project in Scotland, with
commissioning scheduled for late 2024.
? Two storage projects in Ontario and the Des Neiges Sud wind project in Quebec progressing as planned, with
commissioning expected in 2025 and 2026.
• 239 MW added to the early stage project pipeline
? 171 MW for a solar project and a storage project in North America.
? 68 MW for solar and wind projects in Europe.
Boralex Inc. (“Boralex” or the “Company”) is pleased to report significantly higher
first quarter results for 2024.
“Boralex has once again demonstrated its ability to deliver strong results quarter after quarter, as illustrated by a 17% increase in
our EBITDA(A) and a 62% increase in our net earnings for the first three months of the year. This growth can mainly be attributed
to higher wind farm production in North America, the contribution of new facilities commissioned and our strategy to optimize
electricity selling prices in France,” said Patrick Decostre, President and Chief Executive Officer of Boralex.
“In the coming quarters, we will continue to pursue growth in our various target markets, where there are ample opportunities. Our
teams are busy preparing responses to upcoming tender calls in Quebec, Ontario, New York State, the United Kingdom and
France. This considerable diversity will allow us to pace our growth and focus on the most profitable markets,” Mr. Decostre added.
In the first quarter of 2024, Boralex produced 1,767 GWh (2,355 GWh) of electricity, 4% (3%) more than the 1,696 GWh
(2,286 GWh) produced in the same quarter of 2023. The increase was mainly attributable to commissionings in France and strong
wind farm performance. Boralex ended the quarter with total production in line with anticipated production4
.
Revenues from energy sales and feed-in premiums for the three-month period ended March 31, 2024, amounted to $259 million
($291 million), 13% (11% on a combined basis) lower than in the first quarter of 2023. The decrease was mainly attributable to
lower selling prices in France. EBITDA(A)3 amounted to $195 million ($218 million), up 17% (14%) compared to the first quarter of
2023. Operating income totalled $106 million ($134 million), compared to $77 million ($102 million) for the same quarter of 2023.
The strength of the quarterly results is primarily a reflection of higher production in North America, commissionings, and our
strategy to optimize electricity selling prices in France. Net earnings amounted to $73 million, up $28 million from $45 million in the
first quarter in 2023.
Outlook
Boralex’s 2025 Strategic Plan is built around the same four strategic directions as the plan launched in 2019 – growth,
diversification, customers and optimization – and six corporate targets. The details of the plan, which also sets out Boralex’s
corporate social responsibility strategy, are found in the Corporation’s annual report. Highlights of the main achievements of the
quarter ended on March 31, 2024 in relation to the 2025 Strategic Plan can be found in the 2024 Interim Report 1, which is
available in the Investors section of the Boralex website.
In the coming quarters, Boralex will continue to work on its various initiatives under the strategic plan, including project
development, analysis of acquisition targets and optimization of power sales and operating costs.
Finally, to fuel its organic growth, the Corporation has a pipeline of projects at various stages of development defined on the basis
of clearly identified criteria, totaling 6.7 GW of wind, solar and energy storage projects.
Dividend declaration
The Company’s Board of Directors has authorized and announced a quarterly dividend of $0.1650 per common share. This
dividend will be paid on June 17, 2024, to shareholders of record at the close of business on May 31, 2024. Boralex designates this
dividend as an “eligible dividend” pursuant to paragraph 89 (14) of the Income Tax Act (Canada) and all provincial legislation
applicable to eligible dividends.
