25 slides from Boralex Inc. Class A's earnings presentation, Aug 8, 2025
Slide 1: Financial Review 2nd quarter 2025
FINANCIAL REVIEW 2nd quarter 2025 Driven by disciplined actions RESULTS PRESENTATION August 8, 2025
Slide 2: Disclaimer
Disclaimer Forward-looking statements Certain statements contained in this presentation, including those relating to results and performance for future periods, targets for installed capacity, growth in the number of megawatts and weighted average remaining duration of contracts, EBITDA(A), EBITDA(A
Slide 3: Patrick Decostre, President and CEO
PATRICK DECOSTRE President and Chief Executive Officer
Slide 4: Highlights Q2 2025
Highlights Q2 2025 • Production in Q2-2025 is up 14% (10% on a Combined1 basis) compared to Q2-2024. • EBITDA(A)1 of $113 million ($145 million), down $17 million ($7 million) compared to Q2-2024: ◦ The increase in production was not sufficient to offset the negative impact of lower prices of short-
Slide 5: Business environment
Business environment Canada United Kingdom • Review of Market Reform (REMA): confirms the • Québec – adoption of Bill 69: expanded autonomy granted to elimination of zonal pricing in favor of a single national Hydro-Québec, 60 TWh generation target by 2035, and tariff. authorization for direct elect
Slide 6: Start of operations at two wind farms in France
Start of operations at two wind farms in France Fontaine-Lès-Boulans Febvin-Palfart • Installed capacity 18 MW • Installed capacity 11 MW • 5 Vestas V112 turbines • 5 Vestas V100 turbines • Start of operation in April 2025 • Start of operation in May 2025 • 20-year CRAO contract obtained in 2023 • 1
Slide 7: Updates of construction projects in Canada
Updates of construction projects in Canada Apuiat wind farm project(1) - Hagersville and Tilbury storage Des Neiges Sud wind farm Québec projects - Ontario project(2) - Québec • 200 MW - 100 MW Boralex, partnership • 380 MW / 1520 MWh total • 400 MW - 133 MW Boralex, partnership with Innu Communitie
Slide 8: Changes in the development projects portfolio and Growth path (in MW)
Changes in the development projects portfolio and Growth path (in MW) Opening balance 7,086 New projects 242 Development projects Transition to the secured stage -25 portfolio + 186 MW Discontinuation / sale -20 Change to the expected capacity -11 Closing balance 7,272 7,000 7,100 7,200 7,300 7,400
Slide 9: Organic growth trajectory 2030
Organic growth trajectory 2030 1 The Corporation holds 50% of the shares in the joint venture with a total capacity of 200 MW but does not have control over it. 2 The Corporation holds 50% of the shares in the joint venture with a total capacity of 400 MW but does not have control over it. A minorit
Slide 10: Bruno Guilmette, Executive Vice President and CFO
BRUNO GUILMETTE Executive Vice President and Chief Financial Officer
Slide 11: Financial highlights
Financial highlights • For Q2-2025, total production is up 14% (10% on a Combined basis) compared to Q2-2024 but 2% (9%) lower than anticipated production1. • EBITDA(A) of $113 million ($145 million) in Q2-2025, down $17 million ($7 million) from Q2-2024. • Operating income of $34 million ($51 milli
Slide 12: Power Production - Combined | Quarter (in GWh)
Power Production(1) - Combined | Quarter (in GWh) Q2 2025 vs Q2 2025 Anticipated (2)(3) Q2 2024 Q2 2025 vs Q2 2024 anticipated(2)(3) GWh GWh GWh GWh % GWh % North America Wind comparable - Canada 669 621 599 48 8 70 12 Wind comparable - United-States 406 491 408 (85) (17) (2) (1) Wind non comparable
Slide 13: Maintaining a strong balance sheet
Maintaining a strong balance sheet Breakdown of borrowings - Principal balance $4.3 billion as at June 30, 2025 Financings of the quarter: $3,715 million • Financing of the Des Neiges Sud2 project for a total 87% amount of $960 million. • Closing of an additional corporate financing for $250 million
Slide 14: Our CSR commitments
Our CSR commitments The future is clear. So is our commitment. AE — © . HW BEST 50: NADA'S BEST CORPORATE CIT Safe Inclusive Responsible Foster a healthy Promote inclusion Prioritize responsible and and safe work and equitable ethical corporate environment. employment governance. practices. Support
Slide 15: Conclusion
Conclusion • Decrease in financial results in the second quarter of 2025. Higher production in North America partially offset the negative impact of lower prices of short-term power purchase contracts in France and the reduced share in net losses (earnings) of joint ventures and associates. • Mainta
Slide 16: Appendices
APP SIN ES
Slide 17: Power Production - Consolidated | Quarter (in GWh)
Power Production(1) - Consolidated | Quarter (in GWh) Q2 2025 vs Q2 2025 Anticipated(2)(3) Q2 2024 Q2 2025 vs Q2 2024 Anticipated(2)(3) GWh GWh GWh GWh % GWh % North America Wind comparable - Canada 506 463 448 43 9 58 13 Total wind - North America 506 463 448 43 9 58 13 Hydro comparable - Canada 12
Slide 18: Power Production - Consolidated | YTD (in GWh)
Power Production(1) - Consolidated | YTD (in GWh) 2025 Anticipated(2)(3) 2024 2025 vs Anticipated(2)(3) 2025 vs 2024 GWh GWh GWh GWh % GWh % North America Wind comparable - Canada 1,211 1,066 1,037 145 14 174 17 Total wind - North America 1,211 1,066 1,037 145 14 174 17 Hydro comparable - Canada 211
Slide 19: Revenues from Energy Sales - Segmented | Quarter
Revenues from Energy Sales(1) - Segmented | Quarter Consolidated Combined Change Change (in millions of Canadian dollars) (unaudited) Q2 2025 Q2 2024 $ % Q2 2025 Q2 2024 $ % North America Wind 70 61 9 15 100 90 10 11 Hydro 20 18 2 9 20 18 2 9 Solar 13 11 2 17 13 11 2 17 Total North America 103 90 13
Slide 20: Operating Income and EBITDA(A) - Segmented | Quarter
Operating Income and EBITDA(A)(1) - Segmented | Quarter Consolidated Combined Change Change (in millions of Canadian dollars) (unaudited) Q2 2025 Q2 2024 $ % Q2 2025 Q2 2024 $ % Operating Income 34 35 (1) (4) 51 58 (7) (12) EBITDA(A) North America Wind 64 71 (7) (10) 95 92 3 3 Hydro 11 12 (1) (9) 11
Slide 21: Discretionary Cash Flows | Consolidated
Discretionary Cash Flows(1) | Consolidated Quarter LTM Change Change (in millions of Canadian dollars, unless otherwise specified) (unaudited) Q2 2025 Q2 2024 $ % Jun 30, 2025 Dec 31, 2024 $ % Net cash flows related to operating activities 107 138 (31) (23) 126 215 (89) (42) Change in non-cash items
Slide 22: Financial Position | Overview
Financial Position | Overview Consolidated Change (in millions of Canadian dollars, unless otherwise specified) (unaudited) Jun 30, 2025 Dec 31, 2024 $ % Total cash, including restricted cash 412 611 (199) (33) Property, plant and equipment and right-of-use assets 4,644 4,446 198 4 Goodwill and inta
Slide 23: Questions
QU ESTIONS
Slide 24: Stéphane Milot, Investor Relations
For more information: STÉPHANE MILOT Vice President - Investor Relations and Financial Planning stephane.milot@boralex.com (514) 213-1045 BORALEX.COM
Slide 25: Slide 25