Group 1 - The investment strategy focuses on long-only investment, evaluating companies from an operational and buy-and-hold perspective [1] - The approach does not prioritize market-driven dynamics or future price action, instead emphasizing the long-term earnings potential of companies [1] - The majority of recommendations will be holds, indicating a cautious approach to market conditions and a focus on fundamental analysis [1] Group 2 - The company expresses a belief that only a small fraction of companies should be considered a buy at any given time [1] - Hold articles are intended to provide valuable information for future investors and introduce skepticism in a generally bullish market [1]

Financial Data and Key Metrics Changes - In 2024, the company achieved a record annual net income of $206 million, a 24% increase from the previous year, with a return on equity of 16.2%, up from 14.7% in 2023 [19][11] - The commercial portfolio grew by 18%, reaching $10 billion, while deposits increased by 23% for year-end closing balances and 33% in average balances for the year [7][8] - The net interest income for the year reached $259 million, an 11% increase from the prior year, with a stable net interest margin of 2.47% [34][10] Business Line Data and Key Metrics Changes - The credit portfolio stood at approximately $11.2 billion, reflecting an 18% increase year-over-year, driven by a loan growth of $1.2 billion or 16% [24][22] - Fee income reached unprecedented levels, growing by 37% compared to the previous year, with letters of credit fees totaling $26.5 million for the year, up 24% year-over-year [35][36] - The efficiency ratio improved to 26.5% in 2024, compared to 27.2% in 2023, despite increased expenses related to strategic initiatives [41][42] Market Data and Key Metrics Changes - The company noted strong growth in Brazil, the Dominican Republic, and Guatemala, reflecting robust expansion and diversification [7] - The deposit base closed at $5.4 billion at year-end, representing 54% of total financial liabilities, with significant increases from corporate clients [26][28] - The company executed its largest syndicated loan to date, a $400 million facility, and remained active in the debt capital markets, particularly in Mexico [28][29] Company Strategy and Development Direction - The company is currently in the second phase of its five-year strategic plan, focusing on expanding its product offerings and deploying technological platforms [15][17] - The trade finance platform is 56% complete and expected to launch in the second half of the year, aimed at enhancing transaction processing capabilities [16] - The company anticipates a commercial portfolio growth of 10% to 12% for 2025, with average deposits expected to increase by 15% to 17% [50] Management's Comments on Operating Environment and Future Outlook - Management highlighted the potential negative impact of U.S. immigration policy on remittances and the economic trajectory of Latin America [45][44] - The company expressed confidence in its ability to adapt to new trade dynamics and maintain operational efficiency despite geopolitical uncertainties [49][50] - Projections for 2025 include maintaining an efficiency ratio around 27% and achieving a return on equity between 15% and 16% [51] Other Important Information - The board approved an increase in the quarterly dividend from $0.50 to $0.625 per share, reflecting confidence in the company's earnings trajectory [31][32] - The company recorded no write-offs during the year and recovered $1.4 million from previously written-off credits, indicating strong asset quality [40] Q&A Session Summary Question: Can you comment on NIM contraction estimate for 2025? - Management acknowledged tighter lending spreads and a competitive market environment, with expectations of continued pressure on lending spreads [60][62] Question: What are the potential drivers for the loan structuring syndication business? - Management noted a strong pipeline and historical growth in syndication fees, driven by project finance and infrastructure initiatives [63][64] Question: How do you see the current Trump administration tariffs affecting the outlook? - Management expressed confidence in the resilience of the Mexican portfolio and the ability to adapt to changing trade dynamics [70][71] Question: Why is the guidance for ROE lower for 2026? - Management clarified that the 2026 guidance was based on earlier assumptions of normalized Fed funds rates, but current performance suggests higher profitability potential [76][78] Question: What is the exposure of the loan portfolio to trade with the U.S.? - Management indicated that most exposure is in Mexico, with stress tests showing resilience among low-leverage corporations [81][83] Question: What is the status of the trade finance and treasury platform? - Management confirmed that the platforms will be deployed across all countries of operation, starting with key relationships [82][86]

Start Time: 10:00 January 1, 0000 10:55 AM ET Banco Latinoamericano de Comercio Exterior, S. A. (NYSE:BLX) Q4 2024 Earnings Conference Call February 28, 2025, 10:00 AM ET Company Participants Jorge Salas - CEO Ana Graciela de Mendez - EVP and CFO Annette van Hoorde - SVP, Funding and Asset-Liability Management Eduardo Vivone - EVP, Treasury and Capital Markets Samuel Canineu - Chief Commercial Officer, Brazil Conference Call Participants Ricardo Buchpiguel - BTG Daniel Mora - Credicorp Capital Operator Good ...

Financial Data and Key Metrics Changes - In 2024, the company achieved a record annual net income of $206 million, a 24% increase from the previous year, with a return on equity of 16.2%, up from 14.7% in 2023 [19][11] - The commercial portfolio grew by 18%, reaching $10 billion, while deposits increased by 23% for year-end closing balances and 33% in average balances for the year [7][8] - The net interest income for the year reached $259 million, an 11% increase from the prior year, with a stable net interest margin of 2.47% [34][10] Business Line Data and Key Metrics Changes - The credit portfolio stood at approximately $11.2 billion, reflecting an 18% increase year-over-year, driven by a loan growth of $1.2 billion or 16% [24][22] - Fee income reached unprecedented levels, growing by 37% compared to the previous year, with letters of credit fees totaling $26.5 million for the year, up 24% year-over-year [35][36] Market Data and Key Metrics Changes - The company noted strong growth in Brazil, the Dominican Republic, and Guatemala, indicating robust expansion and diversification in these markets [7] - The deposit base closed at $5.4 billion at year-end, representing 54% of total financial liabilities, with significant increases from corporate clients [26] Company Strategy and Development Direction - The company is currently in the second phase of its five-year strategic plan, focusing on expanding its product offerings and deploying technological platforms [15][17] - The trade finance platform is 56% complete and expected to launch in the second half of the year, aimed at enhancing transaction processing capabilities [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in adapting to changes in the trade environment, particularly regarding the implications of U.S. foreign policy on Latin America [44][45] - Projections for 2025 include a commercial portfolio growth of 10% to 12% and average deposits expected to increase by 15% to 17% [50] Other Important Information - The company maintained a strong capital ratio with a tier one capital ratio of 15.5%, well within its defined target [10] - The board approved an increase in the quarterly dividend from $0.50 to $0.625 per share, reflecting confidence in the company's earnings trajectory [31] Q&A Session Summary Question: Can you comment on NIM contraction estimate for 2025? - Management indicated that tighter lending spreads and competitive market conditions are contributing factors, with expectations of continued pressure [60][62] Question: What are the potential drivers for the loan structuring syndication business? - Management noted a strong pipeline and historical growth in syndication fees, driven by project finance and enhanced structuring capabilities [63][64] Question: How do you see the current tariffs affecting the company's outlook? - Management expressed confidence in the resilience of the Mexican portfolio, with stress tests indicating low leverage among key clients [70][71] Question: What is the expected target for provisions in 2025? - Management projected reserves for 2025 to be in the $17 to $20 million range, similar to 2024 levels [95] Question: What countries are expected to lead portfolio growth in 2025? - Management indicated balanced growth across countries, with a focus on Mexico and potential opportunities in Central America and Argentina [92][94]

February 2025 1 Record Perfomance in 2024 ROE FY 16.2% ↓ 83 bps QoQ | ↑153 bps YoY Net Income FY $206M ↓ 3% QoQ |↑ 24% YoY All-Time High Earnings and Strong RoE Commercial Book $10.0 Bn ↑ 4% QoQ |↑ 18% YoY Deposits $5.4 Bn ↓ 4% QoQ |↑ 23% YoY Record Commercial Portfolio and Record Total Deposits NIM FY 2.47% ↓ 11 bps QoQ | ↓ 2 bps YoY Margins Increasing and Robust Asset Quality Net Fees $44.4M ↑ 13% QoQ | ↑ 37% YoY Efficiency Ratio FY 26.5% ↑ 207 bps QoQ | ↓74 bps YoY Stable Fee Income and Operational Effic ...

Financial Data and Key Metrics Changes - In 2024, the company achieved a record net income of $206 million, marking a 24% increase from the previous year, with a return on equity of 16.2%, up from 14.7% in 2023 [7][13][19] - The commercial portfolio grew by 18%, reaching $10 billion, while deposits increased by 23% year-over-year [5][6][15] - Net interest income for the year reached $259 million, an 11% increase from the prior year, with a stable net interest margin of 2.47% [19][20] Business Line Data and Key Metrics Changes - The commercial portfolio, which is the bank's core business, saw a loan growth of $1.2 billion or 16% year-over-year [15] - Fee income reached unprecedented levels, growing by 37% compared to the previous year, with letters of credit fees totaling $26.5 million, up 24% year-over-year [20][21] - The efficiency ratio improved to 26.5% in 2024 from 27.2% in 2023, despite increased expenses due to strategic investments [24] Market Data and Key Metrics Changes - The bank's deposit base closed at $5.4 billion at year-end, representing 54% of total financial liabilities, with significant increases from corporate clients [17] - The company executed its largest syndicated loan of $400 million in 2024, enhancing its funding stability [17] - The investment securities portfolio is primarily focused on investment-grade non-Latin American issuers, providing diversification and liquidity [16][18] Company Strategy and Development Direction - The company is in the second phase of its five-year strategic plan, focusing on expanding its product offerings and deploying technological platforms [10][12] - The trade finance platform is 56% complete and expected to launch in the second half of 2025, aimed at enhancing transaction processing capabilities [11] - The company anticipates a commercial portfolio growth of 10% to 12% in 2025, with average deposits expected to increase by 15% to 17% [30] Management's Comments on Operating Environment and Future Outlook - Management highlighted the potential negative impact of U.S. immigration and trade policies on remittances and trade dynamics in Latin America [26][27] - The company remains confident in its ability to adapt to new trade realities and maintain operational efficiency [30] - Projections for 2025 include maintaining an efficiency ratio around 27% and achieving a return on equity between 15% and 16% [30] Other Important Information - The board approved an increase in the quarterly dividend from $0.50 to $0.625 per share, reflecting confidence in the bank's earnings trajectory [19] - Non-performing loans remained minimal at just 0.2% of total exposure, with robust reserve coverage [22][23] Q&A Session Summary Question: What is implying your NIM contraction X estimate for 2025? - Management acknowledged tighter lending spreads and competitive market conditions impacting net interest margin [35][38] Question: Can you comment on the performance of the loan structuring and syndication business? - Management indicated a strong pipeline and sustainable growth in syndication fees due to strategic changes and increased project finance activity [36][41] Question: How do you see the current Trump administration tariffs affecting the outlook? - Management expressed confidence in the resilience of their Mexican portfolio and the potential for other Latin American countries to benefit from changing trade dynamics [47][48] Question: What is the target for credit provisions in 2025? - Management projected reserves for 2025 to be around $17 million to $20 million, similar to 2024 levels [70] Question: What countries do you expect to lead portfolio growth in 2025? - Management indicated balanced growth across countries, with a focus on Mexico and potential opportunities in Central America and Argentina [67][69] Question: What is the largest concentration in your portfolio and how is it managed? - Management noted that while the bank is naturally concentrated due to its wholesale nature, it maintains a diversified portfolio across countries and sectors [71][73]

Core Viewpoint - Boralex Inc. has announced a normal course issuer bid (NCIB) to repurchase up to 8,669,245 Class A shares, representing approximately 10% of the public float, to optimize fund usage and create long-term value for shareholders [1][4]. Group 1: NCIB Details - The NCIB will commence on March 4, 2025, and end no later than March 3, 2026, with a total of 102,766,580 Common Shares outstanding as of February 19, 2025 [1]. - Boralex is permitted to purchase a maximum of 72,088 Common Shares daily, which is 25% of the average daily trading volume of 288,355 Common Shares over the six-month period ending January 31, 2025 [2]. - The shares will be acquired at the prevailing market price, with any purchases under an exemption order being at a discount [1]. Group 2: Automatic Share Purchase Plan (ASPP) - Boralex will implement an automatic share purchase plan (ASPP) to facilitate share repurchases during periods when the company cannot buy its securities due to regulatory restrictions [3]. - The designated broker will make purchases based on pre-set parameters without further instructions from Boralex during blackout periods [3]. Group 3: Strategic Rationale - The company believes its shares are undervalued and the NCIB will enhance shareholder value by increasing equity interest for remaining shareholders when repurchased shares are canceled [4]. - The decision on the timing and size of purchases will depend on various factors, including capital positions, financial performance, and market conditions [5]. Group 4: Company Overview - Boralex is a leader in renewable energy, particularly in onshore wind power, with over 3.1 GW of installed capacity and a project portfolio exceeding 8 GW in development [7]. - The company has been active in the renewable energy sector for over 30 years and is committed to sustainable growth and corporate social responsibility [7].

Core Insights - Banco Latinoamericano de Comercio Exterior, S.A. (Bladex) reported historic profitability and business growth for the fourth quarter and full year 2024, achieving a record net income of $206 million, a 24% year-over-year increase [4][7] - The bank's commercial loan portfolio grew by 18%, surpassing $10 billion for the first time, with non-performing loans near zero, indicating strong risk management practices [1][4] - Deposits reached $5.4 billion, representing 54% of total funding, with a 23% increase in year-end balances and a 33% rise in average balances for the year, exceeding the bank's growth target of 30% [2] Financial Performance - Fee income reached a record $44 million, up 37% from 2023, driven by a 24% increase in letter of credit fees and a 38% rise in syndication fees, with total transactions exceeding $2.5 billion [3][7] - The bank achieved a 10% asset growth and maintained a 26.5% efficiency ratio, reflecting effective cost management [4] - Return on equity (ROE) reached 16.2%, up 153 basis points from 2023, highlighting the efficiency and profitability of Bladex's business model [4] Strategic Developments - The Board of Directors approved a 25% increase in the quarterly dividend, reinforcing confidence in Bladex's growth trajectory and commitment to shareholder value [5][6] - The CEO emphasized that 2024 was a historic year for Bladex, with record profitability and portfolio growth, and indicated plans to launch a digital trade finance platform in the second half of 2025 to enhance product offerings and operational efficiency [6]

Financial Results - Boralex reported a Q4-2024 EBITDA(A) of $169 million, down 17% from Q4-2023, with a total EBITDA(A) of $581 million for fiscal 2024, a slight increase from the previous year [5][11][15] - Power production in Q4-2024 was 1,520 GWh, a 16% decrease compared to Q4-2023, and total production for fiscal 2024 was 5,691 GWh, down 5% from 2023 [10][14] - Revenues from energy sales and feed-in premiums for Q4-2024 were $228 million, a decrease of 28% from Q4-2023, while total revenues for fiscal 2024 were $817 million, down 18% from the previous year [11][14] Development and Construction Activities - Boralex acquired the Clashindarroch Wind Farm Extension project in the UK, with a total capacity of 195 MW, and has a 50% interest in the project [2][4] - The company has a portfolio of projects under development totaling 8,005 MW, which is 18% higher than in 2023, focusing on high growth potential markets [5][19] - Progress is being made on several projects, including the Limekiln wind farm in the UK and the Apuiat wind farm in Quebec, with commissioning planned for 2025 [5][18] Financial Position and Cash Flow - Boralex secured nearly $1.2 billion in financing in 2024, a record for the company, despite market volatility [4][8] - As of December 31, 2024, Boralex had $592 million in cash and cash equivalents and $523 million in available cash resources and authorized financing [5][38] - Net cash flows related to operating activities for Q4-2024 were $31 million, down from $107 million in Q4-2023, with discretionary cash flows of $47 million for the quarter [5][33] Corporate Social Responsibility - Boralex's greenhouse gas emission reduction targets were validated by the Science Based Targets initiative (SBTi), demonstrating its commitment to achieving net zero emissions by 2050 [9] - The company ranked 94th out of 215 S&P/TSX Composite Index companies in a corporate responsibility assessment, improving from 102nd in the previous year [9]

Group 1 - Bladex announced a quarterly cash dividend of US$0.625 per share for the fourth quarter of 2024, payable on March 25, 2025, to stockholders as of the record date of March 10, 2025 [1] - As of December 31, 2024, Bladex had 36,790,818.86 shares outstanding across all classes [1] - Bladex is a multinational bank established in 1979 to promote foreign trade and economic integration in Latin America and the Caribbean [2] Group 2 - Bladex is headquartered in Panama and has offices in Argentina, Brazil, Colombia, Mexico, the United States, and a Representative License in Peru [2] - The bank is listed on the NYSE since 1992, with shareholders including central banks, state-owned banks, and institutional and retail investors from 23 Latin American countries [3] - Bladex's customer base includes financial institutions and corporations, supporting regional expansion [2]