65 slides from Boralex Inc. Class A's earnings presentation, Feb 27, 2026
Slide 1: Combining sustainable growth and performance
BORALEX 2025 | Toronto Combining sustainable growth and performance
Slide 2: Disclaimer
Disclaimer FORWARD-LOOKING MEASURES Some of the statements contained in this presentation including those regarding future results and performance strategic plan business model growth strategy revenues diversification optimization development in the solar sector and storage expansion of targeted cus
Slide 3: Our speakers today
Our speakers today ¥ N Patrick Decostre Bruno Guilmette Pascal Laprise-Demers Marie-Pierre Morel Adam Rosso President and CEO EVP and CFO SVP, Corporate Strategy and SD, Development SVP, Development Business Performance (Québec) North America Julie Cusson Nicolas Wolff Robin Deveaux Mihaela Stefanov
Slide 4: Agenda
Agenda ~ Opening Perspective from the CEO _ Delivering Value: Targets and Financial Strategy — Our Strategic Pillars and Projected Growth Trajectory - Capturing Market Opportunities ~ Operational Excellence: Supply Chain Focus ~ CSR and Risk: Building Organizational Resilience - Conclusion and Q&A
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Slide 6: Boralex at a glance
Boralex at a glance Acting today for a low-carbon tomorrow ie (Ef y Sad 2) g $5 + 826 | 3.2GW | 90% 11 $3.3 B years of success employees! in operation contracted years weighted in market in 4 countries? revenues? | averageremaining | capitalization’ 4 power purchase agreements durat ion? 3
Slide 7: Highlights of the plan
Highlights of the plan Building on a strong foundation Significant progress since (— our last strategic plan, updated in 2021 Pipeline Installed Operating EBITDA(A) of projects Capacity! Income Combined basis 2 Gw GW Consolidated $M 1 +27% CAGR? 4+9% CAGR $M 4 +7% CAGR 4 +7% CAGR 8.0 3.2 670 02 513
Slide 8: Delivering organic growth with discipline
Delivering organic growth with discipline a“ - Target high financial growth — Preserve financial discipline Supported by new metrics : Target minimum internal rate Consolidated net cash flows of return? (IRR) of 10% to from operating activities per 12%, adjusted for cost of share and Consolidated ca
Slide 9: Advancing our strategic position with vision
Advancing our strategic position with vision Gj — Capitalize on strong market fundamentals — Explore strategic mergers and and competitive strengths to deliver acquisitions opportunities in the sustainable value United Kingdom and key United States regions to complement organic — Increase in the wei
Slide 10: Delivering Value: Targets and Financial Strategy
Delivering Value: Targets and Financial Strategy We will continue to maintain a solid balance sheet while improving our financial flexibility to fund a higher level of expected investments. Bruno Guilmette Executive Vice President and Chief Financial Officer 10
Slide 11: Proven track record of financial discipline
Proven track record of financial discipline Outperforming the average of our peers! Growth in average Cash flow growth Cash flow return invested capital 2020-2024? on invested capital? 2020-2024 65% 8.5% 7.8% 14% 6.3% 24% we 4.6% 2020 2024 1. Peers considered: Innergex, Northland Power, Brookfield R
Slide 12: Methodical capital allocation approach
Methodical capital allocation approach Debt - Principal balance Consolidated Breakdown of borrowings ($ billion) (+3% CAGR) Principal Balance ($ billion) as at December 31, 2024 as at December 31, 2024 3.6 4.0 0.4 MH Total project debt 1% Total corporate debt 36 2020 2024 89% — Controlled debt _ Sei
Slide 13: Key assumptions and risk factors for 2030 targets
1 For more information on key assumptions and risk factors related to the 2030 strategic plan targets, see the Non-IFRS and other financial measures section in this presentation. 13
Slide 14: Our financial targets for 2030
Our financial targets for 2030 » Operating income EBITDA(A) EBITDA(A) Consolidated Consolidated Combined basis $M $M $M 447% to 9% | +8% to 10%) 1,030 1,190 AZ, G (As#12% to 14% 480 581 670 226 2024 2030 2024 2030 2024 2030 Target Target Target Achieve a CAGR of 12% to 14% of Consolidated operating
Slide 15: Our financial targets for 2030
Our financial targets for 2030 Net cash flows related Consolidated to Consolidated discretionary operating activities cash flows per share per share! $ S+8% to 10% Achieve a CAGR Rue) Z2 of 8% to 10% of net Pesto cash flows related to 270 4.00 Consolidated operating oe activities per share and Conso
Slide 16: Fund our organic growth ambitions
Fund our organic growth ambitions through disciplined and flexible capital allocation with no near-term equity issuance 1) Majority of funds, $6.8 billion dedicated to achieving our growth path to 2030. Dividend payout ratio? between 20% and 40% of discretionary cash flows. @A 0.5 5.9 8.0 a 7 (2) To
Slide 17: Increasing the weighted average remaining PPA duration
/ average remaining power purchase agreements (PPA) duration Increasing the weighted In years Weighted average remaining PPA duration, current asset base Weighted average remaining PPA duration new assets Weighted average remaining PPA duration total 1 2024 2025 12 2026 13 2027 13 2028 2029 2030 17
Slide 18: Financing strategy on track
i y Financing strategy on track — Potential capital - Ongoing discussions - Project debt recycling through to increase refinancing : sale of Canadian corporate debt under analysis hydro assets
Slide 19: Our Strategic Pillars and Projected Growth Trajectory
Our Strategic Pillars and Projected Growth Trajectory Our 2030 Strategy will enable us to fully leverage the strengths of our business model and execute projects from our 8 GW development projects portfolio and Growth path. Pascal Laprise-Demers Senior Vice President, Corporate Strategy and Business
Slide 20: Our business model
Our business model fe 4 Ve A disciplined approach to value creation combining growth and profitability - Rigorous industrial approach to - Long-term investment strategy operations and comprehensive balancing risks and cash flows asset management ~ Entrepreneurial approach to —~ Management of the pro
Slide 21: Combining sustainable growth with performance
Combining sustainable growth with performance Our 3 pillars Growth Efficiency & resilience Long-term differentiation — Bring our organic projects to life in our four key markets: Canada, France, the United States and the United Kingdom — Double our installed capacity every 5 years — Improve performa
Slide 22: High demand for renewable energy
High demand for renewable energy * «jn all our selected markets ~——, Quebec Ontario Generation Ontario Storage New York State Wind capacity! capacity? capacity? Renewable capacity> i in in GW i in GW 4 46 in 29 in GW 26 38 4 | 0.4 65 2024 2035 2024 2034 2024 2030 2022 2030 French market French marke
Slide 23: Our 2030 Growth Trajectory - Organic Growth
Our 2030 Growth Trajectory - Organic Growth Total 5 GW 227 MW 133 MW ee 615 MW 18 MW a 1 841MW Des Neiges Ouest Des Neiges Charlevoix 133 MW Wind? 3.2 GW 133 MW Wind? Canada (Québec) “ Les Cents Mencaudées Des Neiges: orl Canada (Québec) Arthabaska 1@ MW Wind France 135MW Wind (comeh 133MW Wina* Lim
Slide 24: Scaling smart
Scaling smart . ee . . Deploy a dedicated Acquire projects — | Nn a Nn ex pa a) d | Nn g regional team noe phase) market Leverage developed Effectively capabilities and develop projects insights Harness Boralex’s ~ a. or full integrated expertise capital recycling resources of projects
Slide 25: Capturing Market Opportunities
Capturing Market Opportunities In Québec, our approach is a model for future development in the province. Marie-Pierre Morel Senior Director, Development (Québec) 25
Slide 26: Québec - Our positioning
Québec - Our positioning A strong home base, geared for what’s next _— 30 years —Deep — Strong relationships Ch) (6) of experience for understanding with the government Wind Hydro e one of Québec’s of the market and Hydro-Québec . largest Independent and grid Power Producers e ; ; @e -Solid partners
Slide 27: Québec - Market overview
Québec - Market overview +10 GW of additional wind capacity! by 2035 _ Québec aims for _ Partnerships with _ Favourable 37.5% GHG First Nations and political reduction communities at the and regulatory by 2030 center of priorities environment
Slide 28: Québec - On track
Québec - On track 683 MW of contracted projects to power Québec’s energy transition (Boralex share) ( \ ~ @ Commissioning expected Commissioning expected in summer 2025 in early 2027 Other key projects expected to be commissioned before 2030 Des Neiges 1) Ch) Charlevoix 400 MW Apuiat Des Neiges Sud
Slide 29: Québec - Our ambition
Québec - Our ambition fet-Jehdtia-w 1/3 of the wind market and complementary opportunities — Leverage development and large-scale project expertise = Grow ready to bid wind portfolio — Nurture and strengthen our relationships with key stakeholders and partners ~ Act with agility to capture potential
Slide 30: Capturing Market Opportunities
Capturing Market Opportunities We are very well positioned to capitalize on strong expected electricity demand in the Ontario and New York markets, with potential upside from M&A in selected regions of the United States. Adam Rosso Senior Vice President Development, North America
Slide 31: Ontario - Our positioning
Ontario - Our positioning An established footprint to seize the market’s full potential @® © 346MwW — Extensive knowledge — Diversified ; oncambined and local experience development project Wind Hydro ‘ . portfolio installed capacity - Execution capability — Strong municipal, and commercial communit
Slide 32: Ontario - Market overview
Ontario - Market overview y A thriving market for growth — Electricity demand — System expected — Regular procurements with expected to grow by to be dual peaking 20+ year contracts providing 75% by 2050, with by 2030 high visibility until 2030 rapid increases over the next decade _+7.5 GW of — +2.5
Slide 33: Ontario - On track
Ontario - On track Leading the way in battery storage development 22 years capacity contracts with Ontario IESO, complemented by trading activities. All projects eligible for 30% Investment tax credits (ITC). Hagersville 300 MW COD expected end of 2025 Six Nations of the Grand River partner Tilbury
Slide 34: Ontario - Our ambition
Ontario - Our ambition Establishing [eluigsaiesmemaale developer of choice | 3A _ Develop a large-scale diversified portfolio - Collaborate with First Nations, municipalities, government and corporations — Build on past wins to secure a new development pipeline and partnerships 34
Slide 35: United States - Our positioning
United States - Our positioning 20 years of expertise in the United States Boralex operates in 6 states, including in the CAISO, e ERCOT,NYISOand SPP markets CAISO - California Independent System Operator ERCOT - The Electric Reliability Council of Texas NY ISO - New York Independent System Operator
Slide 36: United States - Market overview
United States - Market overview of Unlocking United States renewable energy N ODDO — Strong demand growth, _ Mid-stage projects available — Growing opportunities including ambitious for well-positioned buyers for collaboration renewable energy transition and increasing demand for between businesses
Slide 37: United States - On track
United States - On track 450 MW of projects signed & Signing of Renewable Energy Standard contract with NYSERDA for two solar projects Fort Covington solar project Two Rivers solar project 250 MW 200 MW Expected COD 2028 Expected COD 2028 Located in the town of Fort Covington, Located in the towns o
Slide 38: United States - Our ambition
United States - Our ambition Adopt Ee[Eelle)iTit=xe R=] ¢) elaer-leun| ww to developing (S) a leadership position in selected areas — Prioritize favorable markets — Strengthen regional teams — Acquire projects or teams to accelerate establishment of leadership position ~ Navigate uncertainty with ri
Slide 39: Capturing Market Opportunities
Capturing Market Opportunities We are building a strong growth engine to fully benefit from the unique energy transition opportunities lying ahead in the United Kingdom. Julie Cusson Senior Vice President, United Kingdom 39
Slide 40: United Kingdom - Our Positioning
United Kingdom - Our Positioning A new growth driver for Boralex — Present in the United Kingdom since 2017 — Consolidating our position with the acquisition of Infinergy in 2022 = Successfully built our flagship project, the Limekiln wind farm, operational since the first trimester of 2025 Wind 106
Slide 41: United Kingdom - Market overview
United Kingdom - Market overview 2 A high-potential market ready for renewables — Clean Power 2030 Action _ Labour government _CfD contracts provide a Plan targets: strongly pro-renewables 15-year guaranteed revenue 27-29 GW of onshore wind stream 43-50 GW of offshore wind — Fragmented actors with 4
Slide 42: United Kingdom - Market overview
United Kingdom - Market overview HD Driving efficiency rough market reforms — Review of Electrical and Market — National Grid announced a £ 60 billion Arrangement (REMA): Launched in investment plan over the next 5 years to 2022 to enable a decarbonized, modernize the UK electricity cost-effective,
Slide 43: United Kingdom - Our ambition
United Kingdom - Our ambition Accelerate [ellige|ceyitim-lire, enhance our positioning to become a leading IPP - Focus on M&A opportunities - Increase our capability to generate development leads - Expand our team by adding complementary skills to both grow the existing pipeline and develop new oppo
Slide 44: Capturing Market Opportunities
BORALEX Capturing Market Opportunities We will continue to develop Our unique expertise in the optimization of revenue generation while pursuing the good execution of our projects. Nicolas Wolff Executive Vice President and General Manager, Europe 44
Slide 45: France - Our positioning
France - Our positioning A leading player . . . a . eo with a unique positioning C) ° e e e ° o, e e ; e e — The largest independent —A strong development producer of onshore projects portfolio and e e wind power, with 1.3 GW Growth path of 2,000 of assets owned and MW+ Ch) © operated to support gro
Slide 46: France - Market overview
France - Market overview y> A mature market offering optionality — Strong regulatory framework: — Adecarbonized and — Acompetitive auction Net Zero Industrial Act, competitive electricity system to meet France’s Multiannual Planning for system based on nuclear renewable energy targets Energy program
Slide 47: France - Our ambition
France - Our ambition Consolidate [eltia (eye ille) and deliver innovative energy solutions = Consolidate our positioning in wind energy — Specialize development teams to improve efficiency and maintain our focus in solar energy - Repower relevant Boralex wind assets — Create energy solutions tailor
Slide 48: France - Marketing strategy
France - Marketing strategy Creating optionality to optimize our revenues ~ Our ability to address multiple segments based on market conditions is a key success factor _ Diversification will continue to be critical to mitigate risks and seize new opportunities - Dynamic portfolio management: combina
Slide 49: France - Marketing strategy
France - Marketing strategy Commercials and Industrials (C&l) at the heart of our energy marketing strategy Become the go-to green IPP by delivering tailored solutions to our clients METRO whe Auchan SAINT-GOBAIN -C&ls no longer see electricity — Benefits for Boralex: as a stable commodity * Stay st
Slide 50: Operational Excellence: Supply Chain Focus
BORALEX Operational Excellence: Supply Chain Focus Procurement is a strategic driver of business growth. Robin Deveaux Executive Vice President and General Manager, North America
Slide 51: Procurement as a growth enabler
Operational Excellence: Supply Chain Focus Rot ~— Procurement as a growth enabler _Enables project —Reduces exposure Critical for bankability timelines and cost to market volatility and and scaling of projects efficiency regulatory risks
Slide 52: Successfully addressing market challenges
Operational Excellence: Supply Chain Focus Successfully addressing market challenges Ya Wind - Consolidated market with Increased component sizes impacting logistics Integrated logistics and risk planning early Solar - Exceeding supply market under regulatory uncertainty and compliance challenges St
Slide 53: Procurement pillars
Operational Excellence: Supply Chain Focus Procurement pillars Driving long-term value — Business Intelligence Monitor trends and secure competitive advantages — Risk Management Proactively identify and mitigate risks, including tariffs and local content requirements — Strategic Partnerships Build t
Slide 54: Supply chain optimization
Supply chain optimization A risk-aware, agile approach to capital procurement EES New York Solar @®) Weare here Execute and transfer to Operations and Maintenance Understand options, risks and sensitivity Refine strategy and influence Select and Secure — Grandfather the project by securing safe-harb
Slide 55: CSR & Risk: Building Resilience
o CSR & Risk: Building Resilience CSR and risk management are fully integrated into Boralex’s strategy and how we manage our business on a day-to-day basis. Mihaela Stefanov Senior Vice President, Integrated Risk Management and Corporate Social Responsibility BORALEX ' 55
Slide 56: CSR & Risk: Building Resilience
CSR & Risk: Building Resilience a Balancing risk with return Operational and stakeholder environment Integrated enterprise risk @ management Business strategy Value creation Value protection Governance Corporate Social Responsibility Organizational performance 56
Slide 57: CSR: a key driver of our performance since 2020
CSR & Risk: Building Resilience CSR: a key driver of our performance since 2020 2020 Integration of 2024 2025 CSR objectives { into our Strategic Directions Corporate Snights MIL WcppP BEST 50 ovsc.osne met ATO CORPORATE CITIZENS Board Games Ranked 94th Score of B Ranked 15th with a score of 80/100
Slide 58: Our CSR commitments to our stakeholders
CSR & Risk: Building Resilience Safe Foster a healthy and safe work environment Support wellbeing and mental health Our CSR commitments to our stakeholders we Inclusive Promote inclusion and equitable employment practices Engage and get involved in local and Indigenous communities. — & Responsible P
Slide 59: Key Takeaways
Key Takeaways Patrick Decostre President and Chief Executive Officer 59
Slide 60: Combining sustainable growth with performance
Combining sustainable growth with performance Acceleration of organic growth Focus on the development of our two consolidating markets and our two expanding markets Total planned investments of $8 billion Proactive asset recycling and partnership strategy limiting need for equity issuances CAGR of 1
Slide 61: Q&A
Q&A BORALEX
Slide 62: For additional information
For additional information Stéphane Milot Vice President - Investors Relations and FP&A 514-213-1045 stephane.milot@boralex.com Coline Desurmont Director - Investor Relations +33 785377510 coline.desurmont@boralex.com Camille Laventure Senior Advisor - Public Affairs and External Communications 438-
Slide 63: Non-GAAP financial measures - Non-GAAP ratios
Non-GAAP financial measures Non-GAAP financial measures - Non-GAAP ratios 63
Slide 64: Non-IFRS financial measures and other financial measures
Non-IFRS financial measures and other financial measures ‘Other financial measures - Total of segment measures ‘Specific financial measure ‘Most directly comparable IFRS measure EBITDACAD [Operating income (Other financial measures - Total of segment measures ‘Specific financial measure ‘Most direct
Slide 65: Combine Sustainable Growth And Performance
BORALEX 2025 | Toronto Combine Sustainable Growth And Performance