Core Viewpoint - Boralex Inc. reported its Q2 2025 results, highlighting a strong project pipeline and ongoing construction activities, despite lower financial performance compared to the previous year [2][4][10]. Financial Results - Q2 2025 EBITDA(A) was $113 million, down 13% from $130 million in Q2 2024, primarily due to lower short-term power purchase contract prices in France [4][10]. - Operating income for Q2 2025 was $34 million, a slight decrease from $35 million in Q2 2024 [4][10]. - The company reported a net loss of $4 million in Q2 2025, compared to net earnings of $17 million in Q2 2024, marking a $21 million decline [4][10]. - Power production increased by 14% to 1,505 GWh in Q2 2025, but was 2% below anticipated production due to poor wind conditions [4][9]. Update on Development and Construction Activities - Boralex added new development-stage projects, including the Apuiat wind project in Québec, expected to be commissioned in September 2025 [2][4]. - The company secured contracts for two solar projects in New York State with a total capacity of 450 MW, marking a significant milestone [2][4]. - Ongoing construction includes the Hagersville (300 MW) and Tilbury (80 MW) storage projects in Ontario, with commissioning planned for Q4 2025 [4][10]. Outlook - Boralex's 2030 Strategy aims to double installed capacity with $8 billion in investments, focusing on growth, efficiency, and long-term value creation [3][16]. - The company is preparing high-quality projects for upcoming tenders in France, Ontario, and the UK [3][17]. Dividend Declaration - The Board of Directors declared a quarterly dividend of $0.1650 per common share, payable on September 15, 2025 [18]. Corporate Social Responsibility - Boralex was recognized as Canada's Best Corporate Citizen, emphasizing its commitment to sustainable development as a core part of its business strategy [6][20].

Core Points - Boralex Inc. announces the departure of Bruno Guilmette, Executive Vice President and Chief Financial Officer, who will leave the company on September 12, 2025, after nearly seven years [1][2] - Guilmette has been instrumental in Boralex's financial growth, helping the company double in size and implement a strategic plan during his tenure [2][4] - Stéphane Milot, Vice President of Investor Relations and Financial Planning, will take over as CFO starting September 13, 2025, ensuring business continuity [3][5] - The company is currently in the process of recruiting a permanent replacement for the CFO position, focusing on strong leadership to maintain financial discipline and growth momentum [6] Company Performance - Under Guilmette's leadership, Boralex completed significant transactions, including the sale of a 30% stake in its operating assets and development projects in France [2] - The company has established a solid and diversified financial structure, which is crucial for executing its new 2030 Strategy [2][4] - Boralex's installed capacity has increased by over 50% to 3.2 GW in the past five years, with ongoing projects totaling 8.2 GW in wind, solar, and storage [9]

Company Overview - Boralex has been providing affordable renewable energy for over 30 years and is a leader in the Canadian market, as well as the largest independent producer of onshore wind power in France [4] - The company has facilities in the United States and is developing projects in the United Kingdom [4] - Over the past five years, Boralex's installed capacity has increased by more than 50% to 3.2 GW [4] - The company is developing a portfolio of projects exceeding 8 GW in wind, solar, and storage, guided by corporate social responsibility values [4] - Boralex has been recognized as the Best Corporate Citizen in Canada by Corporate Knights and is actively participating in the fight against global warming [4] - Boralex's shares are listed on the Toronto Stock Exchange under the ticker symbol BLX [4] Upcoming Financial Results - Boralex will release its 2025 second quarter results on August 8, 2025, at 7 a.m. ET [3] - A conference call will be held on the same day at 11 a.m. ET for financial analysts and investors to discuss the results [1][2] - The conference will be available via a webcast and a full replay will be accessible on Boralex's website until August 8, 2026 [3]

Financial Data and Key Metrics Changes - The second quarter of 2025 marked one of the strongest quarters in the bank's history, with record net income of $64,200,000, up 24% from the first quarter and 28% year over year [9][27] - The commercial portfolio grew to $10,800,000,000, reflecting a 1% increase quarter over quarter and an 18% increase year over year [4][10] - Net interest income totaled nearly $68,000,000, up 4% from the previous quarter and 8% year over year, with a net interest margin of 2.36% [6][20] - The efficiency ratio improved to 23.1%, a 380 basis point gain versus the prior quarter [9][26] - Return on equity reached 18.5%, the highest quarterly ROE in over two decades [9][27] Business Line Data and Key Metrics Changes - The off-balance sheet business rose 11% quarter over quarter and 25% year over year, indicating strong demand across all segments [10] - Fee income stood at $20,000,000 for the quarter, up 88% quarter over quarter and 59% year over year, largely driven by a significant structured transaction [6][22] - The loan portfolio closed at $8,600,000,000, up 16% year over year, with average balances higher than the first quarter [10][12] Market Data and Key Metrics Changes - Deposits increased to $6,400,000,000, up 10% quarter over quarter and 23% year over year, now representing 62% of total funding [5][14] - The investment portfolio increased by 8% quarter over quarter and 20% year over year, reaching just over $1,300,000,000 [12] Company Strategy and Development Direction - The company is focused on executing high-impact deals that align with its risk appetite and mission, particularly in trade finance and structured lending [8][11] - A new digital platform for trade finance operations has been fully implemented, enhancing efficiency and client experience [34][36] - The company aims to diversify its funding base and maintain a robust capital position while supporting portfolio growth [17][19] Management's Comments on Operating Environment and Future Outlook - The macro environment remains complex, with trade tensions and geopolitical risks contributing to market volatility [30][31] - Latin America's fundamentals remain solid, with expectations for growth in several economies despite fiscal vulnerabilities [32][33] - The company is optimistic about the second half of the year, reaffirming its full-year guidance based on strong pipeline and operational performance [38] Other Important Information - The company issued a local bond in the Mexican market for MXN 4,000 million, which was oversubscribed, confirming strong demand from local investors [17] - Total assets reached $12,700,000,000, up 2% quarter over quarter and 16% year over year [12] Q&A Session Summary Question: What drove the strong performance in syndication fees and expectations for the future? - Management noted that the record results included a significant one-off transaction, but even without it, the quarter would have been record-breaking [41] Question: How does the competitive environment look for spreads and NIM? - The market remains liquid and competitive, with expectations for stabilization in short-term margins and potential upside depending on trade conditions [45] Question: Will there be an increase in fees from the new letters of credit platform? - The new platform is expected to significantly increase transactional volume and margins, with a focus on processing smaller transactions efficiently [52] Question: How is the current uncertainty in global trade impacting loan demand? - Management indicated that there has not been a significant impact on volume or pricing, and the region continues to prepare for rerouting exports [54]

Financial Performance Highlights - Net income reached $64.2 million, up 24% QoQ and 28% YoY[2] - Return on Equity (ROE) hit 18.5%, a 303 Bps increase QoQ and 222 Bps YoY[2] - Efficiency Ratio improved to 23.1%, down 380 Bps QoQ and 116 Bps YoY[2] Portfolio and Deposit Growth - Commercial portfolio reached $10.8 billion, up 1% QoQ and 18% YoY[2] - Total deposits reached $6.4 billion, up 10% QoQ and 23% YoY[2] - Deposits composition: Corporations 37%, Financial Institutions 21%, Central Banks or designees 12%, Class A shareholders 25%, Brokers 5%, Multilateral 15%[15] Asset Quality and Credit Risk - Non-Performing Loans (NPLs) stood at 0.15%, up 1 Bps QoQ and 6 Bps YoY[2] - Stage 1 exposure represents 97.9% of the total credit portfolio, amounting to $11.923 billion[8] - Total Allowance for Credit Losses to Impaired Credits is 20%[7,8] Margins and Fees - Net Interest Margin (NIM) remained steady at 2.36% QoQ, but decreased 7 Bps YoY[2] - Net fees reached $19.9 million, up 88% QoQ and 59% YoY[2] Capitalization and Dividends - Common Equity Tier 1 (CET1) ratio stood at 150%[19] - Dividend payout ratio is 36%[20] Portfolio Diversification - Loans represent 71% of the credit portfolio, Contingencies 17%, Investment Portfolio 11%[4] - Investment Grade represents 86% of the Investment Portfolio[4] Guidance - Commercial Portfolio Growth: 10% - 12%[42] - Average Deposit Growth: 15% - 17%[42] - NIM: ~2.30%[42] - Efficiency Ratio: ~27%[42] - ROE: 15% - 16%[42] - CET1: 15% - 16%[42]

Financial Performance - Banco Latinoamericano de Comercio Exterior, S.A. (Bladex) reported a net profit of $64.2 million for 2Q25, representing a 28% year-over-year increase, and $115.9 million for 6M25, a 14% increase year-over-year [5] - Net Interest Income (NII) reached a record-high of $67.7 million in 2Q25 (+8% YoY) and $133.0 million in 6M25 (+6% YoY), driven by higher average business volumes and margin stability [5] - Total revenues for 2Q25 were $90.0 million, up from $75.0 million in 2Q24, and $168.0 million for 6M25, compared to $147.6 million for 6M24 [4][5] Efficiency and Profitability - The Bank's Efficiency Ratio improved to 23.1% for 2Q25 and 24.9% for 6M25, as revenue growth outpaced ongoing investments in technology and modernization [5] - Annualized Return on Equity (ROE) increased to 18.5% in 2Q25 (+222bps YoY) and 17.0% in 6M25 (+47bps YoY), reflecting stronger income growth and effective strategy execution [5][6] Credit and Asset Quality - The Credit Portfolio reached an all-time high of $12,182 million as of June 30, 2025, an 18% increase year-over-year, with the Commercial Portfolio also peaking at $10,819 million [5][6] - The Bank maintained healthy asset quality, with 97.9% of the credit portfolio classified as low risk or Stage 1, and impaired credits totaling only $19 million, or 0.2% of the total Credit Portfolio [5][6] Liquidity and Capital Adequacy - Bladex reported a strong liquidity position of $1,959 million, representing 15.5% of total assets, primarily consisting of deposits with the Federal Reserve Bank of New York [5][6] - The Bank's Tier 1 Capital and Regulatory Capital Adequacy Ratios stood at 15.0% and 13.9%, respectively, indicating strong earnings generation within the Bank's risk appetite [5][6] Recent Developments - Moody's, S&P, and Fitch Ratings affirmed Bladex's credit ratings, with stable outlooks, reflecting the Bank's solid financial position and credit quality [7][8]

Group 1 - Bladex announced a quarterly cash dividend of US$0.625 per share for Q2 2025, payable on September 3, 2025, to stockholders as of the record date of August 15, 2025 [1] - As of June 30, 2025, Bladex had 37,231,194.86 shares outstanding across all classes [1] Group 2 - Bladex is a multinational bank established in 1979 by the central banks of Latin American and Caribbean countries to promote foreign trade and economic integration [2] - The bank is headquartered in Panama and has offices in Argentina, Brazil, Colombia, Mexico, the United States, and a representative license in Peru [2] - Bladex has been listed on the NYSE since 1992, with shareholders including central banks, state-owned banks, commercial banks, financial institutions, and retail investors from 23 Latin American countries [3]

Financing Overview - IDB Invest and Bladex are providing a financing package of up to $205 million to Telemóvil El Salvador, S.A. de C.V. (Tigo) for the expansion of its broadband network and mobile infrastructure [1][7] - The financing package includes a $150 million loan, with $75 million from each IDB Invest and Bladex, a $30 million Revolving Credit Facility (RCF), and a $25 million Digital Account Receivables Discount Facility, all aimed at enhancing Tigo's services [2] Project Objectives - The project aims to improve productivity, digital inclusion, and economic resilience by expanding and upgrading network infrastructure in response to expected surges in data traffic [3] - Enhanced broadband services are intended to unlock access to digital education, telehealth, and e-commerce opportunities for underserved populations [3] Company Profiles - IDB Invest is a multilateral development bank focused on promoting economic development in Latin America and the Caribbean through private sector financing, managing a portfolio of $21 billion [4] - Bladex, founded in 1979, promotes trade finance and economic integration in Latin America and the Caribbean, providing financial solutions to institutions and corporations in the region [5] - Tigo, a subsidiary of Millicom, has been a leader in El Salvador's digital evolution since 1992, offering high-speed internet, mobile services, and promoting financial inclusion through Tigo Money [6]

Core Points - Bladex will hold a conference call to discuss its second quarter 2025 results on August 5, 2025, at 11:00 a.m. Eastern Time [1] - The earnings release for the second quarter will be announced on August 4, 2025, after market close [2] - Bladex is a multinational bank established in 1979 to promote foreign trade and economic integration in Latin America and the Caribbean [3] - The bank is headquartered in Panama and has offices in several countries, including Argentina, Brazil, Colombia, Mexico, and the USA [3] - Bladex has been listed on the NYSE since 1992, with shareholders including central banks and state-owned entities from 23 Latin American countries [4]

Core Points - Boralex Inc. will release its 2025 second quarter results on August 8, 2025, at 11 a.m. ET [1] - A conference call will be held for financial analysts and investors to discuss the results [1] - The financial information will be available through a press release and on Boralex's website at 7 a.m. on the same day [3] Company Overview - Boralex has been providing affordable renewable energy for over 30 years and is a leader in the Canadian market [4] - The company is the largest independent producer of onshore wind power in France and has facilities in the United States and development projects in the United Kingdom [4] - Over the past five years, Boralex's installed capacity has increased by more than 50% to 3.2 GW [4] - The company is developing a portfolio of over 8 GW in wind, solar, and storage projects, guided by corporate social responsibility values [4] - Boralex has been recognized as the Best Corporate Citizen in Canada by Corporate Knights [4] - The company's shares are listed on the Toronto Stock Exchange under the ticker symbol BLX [4]