25 slides from Boralex Inc. Class A's earnings presentation, Nov 7, 2025
Slide 1: Financial Review 3rd quarter 2025
FINANCIAL REVIEW 3rd quarter 2025 Driven by disciplined actions RESULTS PRESENTATION November 7, 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 Chief Executive Officer
PATRICK DECOSTRE President and Chief Executive Officer
Slide 4: Highlights Q3 2025
Highlights Q3 2025 • Production in Q3-2025 is up 7% (9% on a Combined1 basis) compared to Q3-2024. • EBITDA(A)1 of $85 million ($108 million), down $2 million ($1 million) compared to Q3-2024: ◦ The increase in production, attributable to the commissioning of new capacity in Europe, was not sufficie
Slide 5: Start of operations at Apuiat wind farm
Start of operations at Apuiat wind farm Apuiat wind farm1 - Québec • 200 MW - 100 MW Boralex, partnership with Innu Communities • Commissioning on October 28, 2025 • 34 Vestas V162/6.0MW turbines • 30-year power purchase agreement with HQ 1 The Corporation holds a 50% interest in a joint venture wit
Slide 6: Updates of construction projects in Canada
Updates of construction projects in Canada Hagersville and Tilbury battery energy storage Des Neiges Sud wind farm project1 - Québec projects - Ontario • 380 MW / 1,520 MWh total • 400 MW - 133 MW Boralex, partnership with HQ and • Commissioning planned for Q4-2025 Energir • 22-year contract • Start
Slide 7: Business environment
Business environment Canada United Kingdom • HQ, the Government of Québec, the Mi’gmaq Nation and the • Review of Market Reform (REMA): rejection of full Eastern Energy Alliance have partnered to develop up to 6,000 MW zonal pricing. The government confirmed the of wind power, as part of a broader s
Slide 8: Boralex wins 125 MW in the latest French Onshore wind auction
Boralex wins 125 MW in the latest French Onshore wind auction • Boralex Participated in the France's 10th PPE2 wind auction in July 2025, and secured 2 projects totalling 125 MW. • In cumulative capacity Boralex ranked first among the 25 selected bidders. • The 42 projects selected were awarded a fa
Slide 9: Changes in the development projects portfolio and Growth path (in MW)
Changes in the development projects portfolio and Growth path (in MW) Opening balance 7,272 New projects 395 Development projects Transition to the secured stage -250 portfolio - 267 MW Sale/ Discontinuation -198 Change to the expected capacity -214 Closing balance 7,005 6,800 7,000 7,200 7,400 7,60
Slide 10: 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 400 MW but does not have control over it. A minority shareholder holds an interest in the project entity, bringing the Corporation's net economic interest to 33%. (2) The Corporat
Slide 11: Stéphane Milot, Executive Vice President and Chief Financial Officer
STÉPHANE MILOT Executive Vice President and Chief Financial Officer
Slide 12: Financial highlights
Financial highlights • For Q3-2025, total production is up 7% (9% on a Combined basis) compared to Q3-2024 but 13% (13%) lower than anticipated1. • EBITDA(A) of $85 million ($108 million) in Q3-2025, down $2 million ($1 million) from Q3-2024. • Operating loss of $1 million (income of $13 million) in
Slide 13: Power Production - Combined | Quarter (in GWh)
Power Production(1) - Combined | Quarter (in GWh) Q3 2025 vs Q3 2025 Anticipated (2)(3) Q3 2024 Q3 2025 vs Q3 2024 anticipated(2)(3) GWh GWh GWh GWh % GWh % North America Wind comparable - Canada 435 509 424 (74) (15) 11 3 Wind comparable - United-States 340 344 307 (4) (1) 33 11 Wind - Apuiat 17 84
Slide 14: Maintaining a strong balance sheet
Maintaining a strong balance sheet Breakdown of borrowings - Principal balance $4.4 billion as at September 30, 2025 • The balance of Cash and cash equivalents amounts to $288 million. $3,773 million • Available liquidity and authorized financing1 87% totalized $811 million in Q3-2025, an increase o
Slide 15: Our CSR commitments
Our CSR commitments ee ee e e . e Canadian Renewable | Association canadienne e Energy Association de I'énergie renouvelable °”". e WIND. SOLAR, STORAGE EOLIEN, SOLAIRE. STOCKAGE err e@ ee S ¥ @ —_€§& _ ¥ @ _ @ _ Safe Inclusive Responsible Net zero 2050 Foster a healthy Promote inclusion Prioritize
Slide 16: Conclusion
Conclusion • Increase in production compared to Q3-2024, despite less favourable weather conditions than anticipated. • Financial results impacted by the lower prices of short-term power purchase agreements in France. • Maintaining good financial flexibility with increased available liquidity and au
Slide 17: Appendices
APP SIN ES
Slide 18: Power Production - Consolidated | Quarter (in GWh)
Power Production(1) - Consolidated | Quarter (in GWh) Q3 2025 vs Q3 2025 Anticipated(2)(3) Q3 2024 Q3 2025 vs Q3 2024 Anticipated(2)(3) GWh GWh GWh GWh % GWh % North America Wind comparable - Canada 304 375 304 (71) (19) — — Total wind - North America 304 375 304 (71) (19) — — Hydro comparable - Can
Slide 19: 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 1,515 1,439 1,341 76 5 174 13 Total wind - North America 1,515 1,439 1,341 76 5 174 13 Hydro comparable - Canada 303 304
Slide 20: Revenues from Energy Sales - Segmented | Quarter
Revenues from Energy Sales(1) - Segmented | Quarter Consolidated Combined Change Change (in millions of Canadian dollars) (unaudited) Q3 2025 Q3 2024 $ % Q3 2025 Q3 2024 $ % North America Wind 41 41 — 1 71 66 5 8 Hydro 14 14 — (7) 14 14 — (7) Solar 14 13 1 7 14 13 1 7 Total North America 69 68 1 — 9
Slide 21: Discretionary Cash Flows | Consolidated
Discretionary Cash Flows(1) | Consolidated Quarter LTM Change Change (in millions of Canadian dollars, unless otherwise specified) (unaudited) Q3 2025 Q3 2024 $ % Sep 30, 2025 Dec 31, 2024 $ % Net cash flows related to operating activities 37 (184) 221 >100 347 215 132 61 Change in non-cash items re
Slide 22: Financial Position | Overview
Financial Position | Overview Consolidated Change (in millions of Canadian dollars, unless otherwise specified) (unaudited) Sep 30, 2025 Dec 31, 2024 $ % Total cash, including restricted cash 353 611 (258) (42) Property, plant and equipment and right-of-use assets 4,693 4,446 247 6 Goodwill and inta
Slide 23: Questions
QU ESTIONS
Slide 24: Coline Desurmont
For more information: Coline Desurmont Director - Investor Relations coline.desurmont@boralex.com +33 7 85 37 75 10 BORALEX.COM
Slide 25: Slide 25