Boralex reports net earnings of $41 million for the first quarter of 2025 and the start of production at the Limekiln wind farm, its first operational project in the United Kingdom

Core Insights - Boralex Inc. reported a challenging first quarter in 2025, with lower production and financial metrics compared to the same period in 2024, primarily due to unfavorable wind conditions in France and lower contributions from short-term contracts [3][8][12] Financial Results - EBITDA(A) for Q1-2025 was $176 million, down from $195 million in Q1-2024, reflecting a decrease of 10% [8][12] - Operating income decreased to $65 million in Q1-2025 from $106 million in Q1-2024, a decline of 39% [8][12] - Net earnings fell to $41 million in Q1-2025, down $32 million from $73 million in Q1-2024, representing a 44% decrease [8][12] - Power production was 1,691 GWh in Q1-2025, a 4% decrease from 1,767 GWh in Q1-2024, and 10% below anticipated production [11][12] Development and Construction Activities - The commissioning of the Limekiln wind farm in Scotland marks a significant step in Boralex's growth strategy in the UK [3] - Ongoing construction projects include the Apuiat wind project in Québec (200 MW), Hagersville (300 MW), and Tilbury (80 MW) storage projects in Ontario, with commissioning planned for late 2025 [8][12] - A total of 129 MW has been added to the early-stage project pipeline, contributing to a total of 8 GW of projects in various stages of development [8][14] Cash Flow and Financial Position - Net cash flows related to operating activities were $172 million in Q1-2025, down from $230 million in Q1-2024 [8][28] - Discretionary cash flows decreased to $74 million in Q1-2025 from $78 million in Q1-2024 [8][28] - As of March 31, 2025, Boralex had $388 million in cash and cash equivalents and $504 million in available cash resources and authorized financing [8][30] Strategic Outlook - Boralex's 2025 Strategic Plan focuses on growth, diversification, customer engagement, and optimization, continuing from the previous plan launched in 2019 [13][14] - The company plans to bid on multiple projects under upcoming calls for tender in its target markets [4][14] - An Investor Day is scheduled for June 17, 2025, to share updates on the 2025-2030 strategic plan [4]