Banco Latinoamericano de Comercio Exterior (NYSE:BLX) 2026 Investor Day March 24, 2026 10:00 AM ET Company ParticipantsAlejandro Tizzoni - EVP and Chief Risk OfficerAndres Soto - Executive DirectorAnnette van Hoorde de Solis - CFOCarlos Raad - Chief Investor Relations OfficerEduardo Vivone - EVP of Treasury and Capital MarketsJorge Salas - CEOMiguel Heras - Chairman of the BoardOlazhir Ledezma - Chief Strategy OfficerSamuel Canineu - Chief Commercial OfficerConference Call ParticipantsRicardo Buchpiguel - E ...

MONTRÉAL, March 23, 2026 (GLOBE NEWSWIRE) -- Boralex Inc. (the "Corporation") is aware of recent statements in the media regarding a strategic review of alternatives being conducted by the Corporation. The Corporation confirms that its Board of Directors has formed a special committee to review and recommend strategic alternatives. The special committee is continuing its strategic review and there can be no assurance that such review will result in a transaction. The Corporation remains focused on its state ...

Core Viewpoint - Boralex has appointed Philippe Bonin as Executive Vice President and Chief Financial Officer, effective March 16, 2026, to support the company's 2030 Strategic Plan [1][3]. Group 1: Leadership Transition - Philippe Bonin's appointment follows a rigorous selection process, and Stéphane Milot will return to his role as Vice President, Investor Relations and Financial Planning & Analysis [2]. - Mr. Bonin is expected to bring renewed momentum to Boralex's development and contribute significantly from day one [3]. Group 2: Executive Background - Philippe Bonin has extensive experience in regulated industries, telecommunications, technology, media, and private equity, with a focus on strategic capital allocation, mergers and acquisitions, and long-term financial planning [3][4]. - He has held senior leadership roles in organizations such as Cogeco, TC Transcontinental, La Caisse, Talent.com, and Ernst & Young, and is a Chartered Professional Accountant (CPA) with an MBA from McGill University [4]. Group 3: Integration of Functions - As part of Mr. Bonin's arrival, the Corporate Social Responsibility (CSR) and Enterprise Risk Management (ERM) functions will be integrated into the Finance function starting March 2 [5]. - Mihaela Stefanov, who led CSR and ERM, will take on the role of Special Projects Lead in Asset Management, focusing on optimizing asset performance [5][6]. Group 4: Company Overview - Boralex has been providing affordable renewable energy for over 35 years and is a leader in the Canadian market, as well as France's largest independent producer of onshore wind power [7]. - The company's installed capacity has increased by over 50% in the past five years, reaching 3,783 MW as of December 31, 2025, with a project portfolio of 8.2 GW in wind, solar, and BESS projects [7].

Core Insights - Boralex Inc. reported improved financial results for Q4 2025, driven by favorable wind conditions and new project commissioning, although overall annual results declined due to lower short-term electricity contract production [6][7][12]. Financial Results - Q4 2025 power production increased by 18% to 1,800 GWh compared to Q4 2024, while annual production rose by 8% to 6,147 GWh [7][17]. - Revenues from energy sales and feed-in premiums for Q4 2025 reached $241 million, a 6% increase from Q4 2024, while annual revenues decreased by 3% to $796 million [13][17]. - Operating income for Q4 2025 was $68 million, down from $78 million in Q4 2024, and annual operating income decreased to $166 million from $226 million [7][18]. - EBITDA(A) for Q4 2025 was $178 million, up 6% from Q4 2024, while annual EBITDA(A) fell to $552 million from $581 million [7][18]. - Net earnings for Q4 2025 were $26 million, compared to a net loss of $2 million in Q4 2024, while annual net earnings decreased to $33 million from $74 million [7][18]. Development and Construction Activities - Boralex commissioned six new projects in 2025, increasing installed capacity to 3,783 MW, including the Limekiln wind farm in the UK and several battery energy storage systems [6][7]. - Projects totaling 688 MW moved to the secured stage, including solar and battery energy storage projects in the US, Canada, and the UK [7]. - The company secured ministerial approval for the Clashindarroch wind farm extension and a contract for difference for the Sallachy wind farm in the UK [7]. Strategic Outlook - Boralex's 2030 Strategic Plan aims to double installed capacity by 2030 with a focus on growth, diversification, and long-term value creation, supported by $8 billion in investments [19]. - The company continues to expand its portfolio in response to sustained demand for renewable energy, participating in various tender calls in key markets [8][19]. Dividend Declaration - The Board of Directors announced a quarterly dividend of $0.1650 per common share, payable on March 16, 2026 [20]. Corporate Recognition - Boralex received multiple awards in 2025 for its commitment to social responsibility and energy transition, including recognition as one of the best corporate citizens in Canada [9].

Core Insights - The Hagersville Battery Energy Storage Park, co-developed by Boralex and Six Nations of the Grand River Development Corporation (SNGRDC), is now operational, marking it as the largest battery energy storage facility in Canada with a capacity of 300 MW / 1,200 MWh [1][8] - The project has been recognized as the "Innovative Clean Energy Project of the Year" by the Canadian Renewable Energy Association, highlighting its significance in advancing energy infrastructure [2][8] - Boralex's total operational storage capacity has increased to 380 MW / 1,520 MWh, making it the largest battery storage operator in Canada [6] Project Development - The Hagersville project emphasizes local community involvement, with opportunities for Six Nations laborers during construction, facilitated by A6N General Partnerships [3][5] - The project is part of a broader strategy by SNGRDC, which has a total of 1 GW of storage capacity and is the largest Indigenous holder of battery storage assets in North America [6][8] Economic and Environmental Impact - The commissioning of the Hagersville facility is expected to stabilize the Ontario grid and enhance the integration of renewable energy, addressing critical system needs [5][8] - The project is anticipated to deliver cost savings for Ontario ratepayers and provide meaningful environmental benefits, aligning with commitments to environmental stewardship [9][10] Future Developments - An official inauguration event is planned for Spring 2026, celebrating the project's significance with community members and stakeholders [7] - Additional storage projects are in development, including the 125 MW / 500 MWh Oxford project, expected to begin construction shortly [6][8]

Core Insights - Boralex Inc. will release its fourth quarter results for 2025 on February 27, 2026, at 11 a.m. ET, with a conference call for financial analysts and investors [1][2] Group 1: Financial Results Announcement - The financial results will be presented during a conference call, and interested parties can attend via a webcast or phone registration [2][3] - A press release with financial information will be available on Boralex's website on February 27, 2026, at 7 a.m. [3] Group 2: Company Overview - Boralex has been a leader in providing affordable renewable energy for over 35 years, with a significant presence in Canada and France as the largest independent producer of onshore wind power [4] - The company's installed capacity has increased by over 50% in the past five years, reaching 3,403 MW as of now, following the commissioning of a new 100 MW wind farm [4] - Boralex is developing a portfolio of projects totaling 8 GW in wind, solar, and storage, emphasizing corporate social responsibility and sustainability [4]

Core Insights - Banco Latinoamericano de Comercio Exterior (BLADEx) reported a strong performance in 2025, achieving record results for the fourth consecutive year, driven by double-digit portfolio growth and a shift towards fee-based income despite a declining interest-rate environment [4][7]. Financial Performance - The bank's net income for 2025 was $227 million, reflecting a 10% year-over-year increase, with a return on equity (ROE) of 15.4% and an adjusted ROE of 15.8% [3][7]. - In Q4, the bank generated $56 million in net income, described as one of the strongest quarters in its history, supported by interest and fee income [2][7]. Portfolio and Growth - The total credit portfolio grew by 12% to $12.6 billion, with approximately $800 million in loan growth (10%) and a 21% increase in contingent business [1][6]. - Management targets a commercial portfolio growth of 13-15% for 2026, with net interest margin (NIM) expected around 2.3% and ROE between 14% and 15% [5][17]. Income Sources - Net interest income rose by 5% year-over-year, reaching a record level, while non-interest income surged by 54%, now accounting for approximately 19-20% of total revenue [5][13]. - The bank's fee-generating activities, particularly in trade finance and structuring, contributed significantly to non-interest income, with fees from letters of credit and guarantees totaling $31.8 million in 2025 [13][18]. Asset Quality and Capital Management - Asset quality remained strong, with Stage 1 exposures at 98.2% of the credit portfolio and a total allowance for credit losses of $107 million, representing 276% of impaired credits [15][16]. - The bank's capital structure was strengthened through its first AT1 issuance in September 2025, with a Tier 1 capital ratio of 17.4% and a regulatory capital adequacy ratio of 15.5% [16][17]. Funding and Deposits - Deposits increased by 22% year-over-year, representing 62% of total funding, supported by a $1.5 billion Yankee CD program [6][8]. - The bank's funding sources were diversified through transactions such as a Costa Rican colones issuance and a $150 million global syndicated loan [9].

Financial Data and Key Metrics Changes - In 2025, the company achieved record net income of $227 million, up 10% year-over-year, with an adjusted return on equity (ROE) of 15.8% [8][9] - Net interest income reached another record, increasing by 5% year-over-year, with a net interest margin (NIM) of 2.36%, slightly above guidance [4][25] - Non-interest income grew 54% year-over-year, now representing 20% of total revenues, up from 13% four years ago [5][26] Business Line Data and Key Metrics Changes - The commercial portfolio grew 11.5% year-over-year, driven by a solid expansion in the loan book and a contingent portfolio increase of over 20% [3][11] - Loan growth was led by Guatemala, Colombia, Mexico, the Dominican Republic, and Argentina, reflecting selective origination in attractive risk-adjusted opportunities [3][12] - Non-interest income from letters of credit increased by 20% year-over-year, while syndication fees rose more than 70% [5][27] Market Data and Key Metrics Changes - The investment portfolio totaled $1.4 billion, representing a 19% increase year-over-year, with approximately 91% investment-grade exposure [15] - Total liquidity closed the quarter at $1.9 billion, representing about 15% of total assets, with 91% placed with the Federal Reserve [15][19] Company Strategy and Development Direction - The company aims to transition into a more transactional trade banking platform for Latin America, focusing on scalability and capturing trade flows [34][35] - The 2026 guidance reflects a disciplined approach to profitable growth, with expectations for commercial portfolio growth between 13% and 15% [36] Management's Comments on Operating Environment and Future Outlook - The macro environment remains uncertain, with expectations of gradual easing and potential rate cuts in 2026 [32][33] - Latin America is expected to experience growth supported by easing cycles and recovery in consumption and investment, despite potential volatility from elections [33] Other Important Information - The efficiency ratio closed at 26.7%, reflecting ongoing cost discipline while investing in strategic initiatives [30] - The board approved an increase in quarterly cash dividends to $0.6875 per share, representing a 46% payout of fourth-quarter earnings [23] Q&A Session Summary Question: Clarification on ROE guidance - The guidance is for adjusted ROE, excluding the impact of additional Tier 1 capital issued [39] Question: Expectations for non-interest income in 2026 - Guidance for 2026 in terms of fee income will be around what was seen in 2025, targeting between 18% and 20% growth [40] Question: Impact of portfolio duration on NIM - The record NIM in 2025 was influenced by medium-term transactions and efficient liquidity management, with expectations for stability in 2026 [41][43] Question: Contribution of market growth vs. market share gains to portfolio growth - The growth in 2025 was well-balanced, with specific countries like Guatemala showing higher demand, but overall market share is not a primary focus [46][49] Question: Countries driving loan growth and those with high competitive pressures - Growth is expected to be balanced across regions, with concerns in Colombia and Brazil due to fiscal situations and potential defaults [61][62]

Financial Data and Key Metrics Changes - In 2025, the company achieved record net income of $227 million, up 10% year-over-year, with an adjusted return on equity (ROE) of 15.8% [8][9] - Net interest income reached another record, increasing by 5% year-over-year, with a net interest margin (NIM) of 2.36%, slightly above guidance [4][25] - Non-interest income grew 54% year-over-year, now representing 20% of total revenues, up from 13% four years ago [5][26] Business Line Data and Key Metrics Changes - The commercial portfolio grew 11.5% year-over-year, driven by a solid expansion in the loan book and a contingent portfolio increase of over 20% [3][11] - Loan growth was led by Guatemala, Colombia, Mexico, the Dominican Republic, and Argentina, reflecting selective origination in attractive risk-adjusted opportunities [3][12] - Non-interest income from letters of credit increased by 20% year-over-year, while syndication fees rose more than 70% [5][26] Market Data and Key Metrics Changes - The investment portfolio totaled $1.4 billion, representing a 19% increase year-over-year, with approximately 91% investment-grade exposure [15] - Total liquidity closed the quarter at $1.9 billion, representing about 15% of total assets, with 91% of liquidity placed with the Federal Reserve [15] Company Strategy and Development Direction - The company aims to transition into a more transactional trade banking platform for Latin America, focusing on scalability and capturing trade flows [34][35] - The 2026 guidance reflects a disciplined approach to profitable growth, with expectations for commercial portfolio growth between 13% and 15% [36] Management's Comments on Operating Environment and Future Outlook - The macro environment remains uncertain, with expectations of two additional rate cuts in 2026, but the company anticipates continued growth supported by a resilient Latin American market [32][33] - The company is well-positioned to expand the loan book without altering its credit risk profile, focusing on prudent capital management [14] Other Important Information - The efficiency ratio closed at 26.7%, reflecting ongoing cost discipline while investing in strategic initiatives [30] - The board approved an increase in quarterly cash dividends to $0.6875 per share, representing a 46% payout of fourth-quarter earnings [23] Q&A Session Summary Question: Clarification on ROE guidance - The guidance is for adjusted ROE, excluding the impact of additional Tier 1 capital issued in September [39] Question: Expectations for non-interest income in 2026 - Fee income is expected to be around what was seen in 2025, with nominal growth but similar relative performance due to one-off transactions in 2025 [40] Question: Impact of portfolio duration on NIM - The record NIM in 2025 was influenced by medium-term transactions and efficient liquidity management, with expectations for stability in 2026 [41][43] Question: Portfolio growth guidance breakdown - The growth is expected to be well-balanced across regions, with specific opportunities in Guatemala and Argentina, while monitoring risks in Colombia and Brazil [60][61]

Financial Data and Key Metrics Changes - In 2025, the company achieved record net income of $227 million, up 10% year-over-year, with an adjusted return on equity (ROE) of 15.8% [8][9] - Net interest income reached another record, increasing by 5% year-over-year, with a net interest margin (NIM) of 2.36%, slightly above guidance [4][25] - Non-interest income grew 54% year-over-year, now representing 20% of total revenues, up from 13% four years ago [5][26] Business Line Data and Key Metrics Changes - The commercial portfolio grew 11.5% year-over-year, driven by a solid expansion in the loan book and a contingent portfolio increase of over 20% [3][11] - Loan growth was led by Guatemala, Colombia, Mexico, the Dominican Republic, and Argentina, reflecting selective origination in attractive risk-adjusted opportunities [3][12] - Non-interest income from letters of credit increased by 20% year-over-year, while syndication fees rose more than 70% [5][27] Market Data and Key Metrics Changes - The investment portfolio totaled $1.4 billion, representing a 19% increase year-over-year, with approximately 91% investment-grade exposure [14][15] - Total liquidity closed the quarter at $1.9 billion, representing about 15% of total assets, with 91% of liquidity placed with the Federal Reserve [15][19] Company Strategy and Development Direction - The company aims to transition into a more transactional trade banking platform for Latin America, focusing on scalability and capturing trade flows across the region [34][35] - The 2026 guidance reflects a disciplined approach to profitable growth, with expectations of commercial portfolio growth between 13% and 15% [36] Management's Comments on Operating Environment and Future Outlook - The macro environment remains uncertain, with expectations of additional rate cuts and ongoing spread compression in the region [32][36] - The company anticipates that regional growth will converge towards potential, supported by easing cycles and recovery in consumption and investment [33] Other Important Information - The efficiency ratio closed at 26.7%, reflecting ongoing cost discipline while investing in strategic initiatives [30] - The board approved an increase in quarterly cash dividends to $0.6875 per share, representing a 46% payout of fourth-quarter earnings [23] Q&A Session Summary Question: Clarification on ROE guidance - The guidance is for adjusted ROE, excluding the impact of additional Tier 1 capital issued [39] Question: Expectations for non-interest income in 2026 - Guidance for 2026 in terms of fee income will be around what was seen in 2025, targeting between 18% and 20% [40] Question: Impact of portfolio duration on NIM - The record NIM in 2025 was influenced by medium-term transactions and efficient liquidity management, with expectations of stability in 2026 [42][44] Question: Contribution of market growth vs. market share gains to portfolio growth - The growth in 2025 was well-balanced, with specific countries like Guatemala showing higher demand, while market share is not a primary focus [46][49] Question: Countries driving loan growth and those with high competitive pressures - Growth is expected to be balanced across various countries, with concerns in Colombia and Brazil due to fiscal situations and potential defaults [58][61]