Core Insights - The company has experienced a significant turnaround in reservoir levels, leading to a return to stable electricity generation, attributed to warm and wet summer weather conditions [1] - Operating revenues for the first half of the year increased by 8%, with profit from core operations also rising by just under 8%, totaling USD 154.5 million [2][5] - The financial position remains robust, with an equity ratio of 62.6% and a year-on-year increase in return on equity to 8% from 7.3% [2][5] Demand and Expansion - Demand for the company's renewable energy continues to exceed supply, prompting one of the largest construction periods in its history [3] - Construction has begun on the Vaðalda wind farm, with expansion work on the Sigalda hydropower station and preparatory work for the Hvammur hydropower station expected to follow [3] - The additional generation capacity from these projects is anticipated to support societal growth and improve living standards in the coming years [3]

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]

Financial Performance Highlights - Q2 2025 revenue increased by 99% compared to Q2 2024, reaching $2340 million[13,28] - Q2 2025 adjusted EBITDA grew by 67% year-over-year to $1346 million[13,24,28] - H1 2025 revenue increased by 61% compared to H1 2024, totaling $4638 million[32,33] - H1 2025 adjusted EBITDA increased by 65% year-over-year to $2849 million[31,33] - Electricity segment revenue in Q2 2025 was $1599 million, a decrease of 38% compared to Q2 2024[28] - Product segment revenue in Q2 2025 increased by 576% to $596 million[28] - Storage segment revenue in Q2 2025 increased by 627% to $145 million[28] Strategic Initiatives and Growth - The company completed the acquisition of the 20MW Blue Mountain geothermal power plant for $88 million[15,60] - The company signed a $77 million tax equity partnership transaction for Heber 1 & 2 geothermal assets[15,41] - The company released for construction 50MW of new projects, including 28MW of geothermal and 22MW of solar projects[15] - The company expects approximately $160 million in cash proceeds from tax benefits on an annual basis for both tax equity transactions and PTC/ITC transfers[42]

Core Insights - Montauk Renewables, Inc. reported financial results for Q2 2025, highlighting a successful construction of a new RNG processing facility and a power purchase agreement for its project in North Carolina [1][3][4] Financial Performance - Total revenues for Q2 2025 were $45.1 million, a 4.1% increase from $43.3 million in Q2 2024 [3][4] - Average realized RIN price decreased by 22.4% to $2.42 from $3.12 in Q2 2024 [3][4] - Operating loss for Q2 2025 was $2.4 million, a decrease of $3.2 million compared to an operating income of $0.8 million in Q2 2024 [5][3] - Net loss for Q2 2025 was $5.5 million, an increase of $4.8 million from a loss of $0.7 million in Q2 2024 [5][3] Operational Highlights - RNG production remained flat at 1.4 million MMBtu compared to Q2 2024 [4][6] - RINs sold increased by 10.5% year-over-year to 11.1 million [4] - Renewable Electricity generation decreased to approximately 42 thousand MWh, down from 45 thousand MWh in Q2 2024 [6] Strategic Developments - The company formed a joint venture, GreenWave Energy Partners, LLC, aimed at enhancing RNG utilization for transportation [1] - A power purchase agreement was signed for the Montauk Ag Renewables project, covering 100% of the electricity produced for a term of 10 years at an average price of $48/MWh [1][3] Outlook - The company reaffirmed its full-year outlook for 2025, expecting RNG revenues between $150 million and $170 million and production volumes between 5.8 million and 6.0 million MMBtu [11]

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 company reported funds from operations (FFO) of $371 million or $0.56 per unit, a 10% increase year over year, driven by strong hydro generation and growth initiatives [19][21] - FFO per unit is expected to continue growing at a target of over 10% for the year [10] - The company ended the quarter with $4.7 billion of available liquidity, indicating strong financial flexibility [21][22] Business Line Data and Key Metrics Changes - The hydroelectric segment saw FFO increase by over 50% from the prior year, benefiting from strong performance in the U.S. and Colombian fleets [19][20] - The Distributed Energy, Storage, and Sustainable Solutions segments delivered FFO growth of almost 40% year over year, driven by Westinghouse's performance [21] - Wind and solar segments reported flat FFO compared to the prior year due to asset dispositions and gains from the previous year [20] Market Data and Key Metrics Changes - The company has a robust pipeline of over 230 gigawatts of projects, including significant battery storage solutions [9] - The demand for energy is described as exceptionally strong, with a significant supply-demand imbalance across regions [8][9] - The company anticipates bringing on approximately 8 gigawatts of new renewable energy capacity in 2025, which would be a record for the business [10] Company Strategy and Development Direction - The company is focusing on expanding its capabilities in low-cost wind and solar generation while emphasizing critical technologies like hydro, nuclear, and batteries [15][16] - A recent Hydro Framework Agreement with Google aims to deliver up to 3 gigawatts of hydroelectric capacity, reflecting the company's strategic partnerships with major power buyers [13][14] - The company plans to continue investing in critical technologies to support growing energy demand and grid reliability [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in securing tax credit eligibility for nearly all U.S. projects through 2029, despite potential regulatory changes [7][36] - The outlook for the business remains robust, driven by strong demand for power and the need for diverse energy generation solutions [11][12] - Management highlighted the increasing sophistication of large tech companies in their energy procurement strategies, seeking reliable baseload power [31][32] Other Important Information - The company successfully completed $19 billion of financings year to date, optimizing its capital structure [22][23] - The acquisition of a 15% stake in the Colombian hydro platform Isahen is expected to be approximately 2% accretive to FFO in 2026 [16] Q&A Session Summary Question: Can you accelerate the pace of development in light of the recent PJM auction results? - Management indicated that the results reflect a supply-demand imbalance and they are pulling projects forward as quickly as possible while leveraging M&A capabilities [26][27] Question: What is the hydro M&A environment in the U.S.? - Management noted that the hydro market is becoming more liquid, and they are well-positioned to pursue opportunities that fit their framework agreements [40][41] Question: How are you adapting to challenges in the U.S. market? - Management emphasized the importance of interconnection speed in development activities and their ongoing strategy to prioritize regions with better procurement capabilities [46][47] Question: What are the key milestones for nuclear development? - Management highlighted the focus on new build nuclear projects in the U.S. and the significant demand expected from both government and corporate sectors [68][70] Question: How have discussions with tech companies changed regarding new facilities? - Management noted an increased appetite for diverse energy solutions beyond wind and solar, with a focus on broader relationships with tech companies [78][79] Question: Has the M&A market for renewable developers changed due to tax credit changes? - Management observed subdued M&A activity due to market uncertainty but expects significant increases in the coming year due to high demand for power [82][83]

Financial Data and Key Metrics Changes - The company reported funds from operations (FFO) of $371 million or $0.56 per unit, representing a 10% year-over-year increase driven by strong hydro generation and growth initiatives [18][20] - FFO per unit is expected to continue growing at a target rate of over 10% for the year [8] - The company ended the quarter with $4.7 billion of available liquidity, maintaining a strong financial position [20][21] Business Line Data and Key Metrics Changes - The hydroelectric segment saw FFO increase by over 50% year-over-year, attributed to strong performance from U.S. and Colombian fleets [18][19] - The Distributed Energy, Storage, and Sustainable Solutions segments delivered FFO growth of nearly 40% year-over-year, driven by Westinghouse's performance [19] - Wind and solar segments reported flat FFO compared to the prior year due to asset dispositions and gains from the previous year [19] Market Data and Key Metrics Changes - The company has commissioned 2.1 gigawatts of new renewable energy capacity in the quarter and anticipates a record 8 gigawatts in 2025 [9] - The demand for power is exceptionally strong, necessitating the development of various energy generation forms [10][12] - The company is well-positioned to meet energy demand with a pipeline of over 230 gigawatts of projects, including significant battery storage solutions [8][10] Company Strategy and Development Direction - The company signed a Hydro Framework Agreement with Google to deliver up to 3 gigawatts of hydroelectric capacity, reinforcing its position as a partner for large power buyers [11][12] - The strategy includes expanding capabilities in low-cost wind and solar while emphasizing critical technologies like hydro, nuclear, and batteries [13][17] - The company plans to continue investing in critical technologies to support growing energy demand and grid reliability [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in securing tax credit eligibility for U.S. projects through 2029, despite potential regulatory changes [36][38] - The outlook remains robust, driven by strong demand for power and the need for diverse energy solutions [10][12] - Management highlighted the importance of partnerships with large tech companies to meet evolving energy needs [79] Other Important Information - The company completed $19 billion in financings year-to-date, optimizing its capital structure and extending maturities [21][23] - The acquisition of Nayeon significantly expanded the company's battery capabilities, making it one of the largest operators in the sector [16][52] Q&A Session Summary Question: Can you accelerate the pace of development in light of recent capacity auction results? - Management indicated that the supply-demand imbalance is evident and they are pulling projects forward as quickly as possible while leveraging M&A capabilities and partnerships with large power buyers [26][27] Question: What is the hydro M&A environment in the U.S.? - Management noted that the hydro market is becoming more liquid, and they are well-positioned to pursue opportunities that fit their framework agreements [39][40] Question: How are you adapting to challenges in the U.S. market? - Management emphasized the ongoing consideration of interconnection speed in development activities and the importance of existing platforms that provide preferential positions [46][48] Question: What are the key milestones for nuclear development? - Management highlighted the focus on new build nuclear projects in the U.S. and the significant demand expected from both government and corporate sectors [70][75] Question: How have discussions with tech companies changed regarding new facilities? - Management observed an increased appetite for diverse technologies beyond wind and solar, with a focus on broader relationships to derisk growth paths for tech companies [78][79]

Financial Data and Key Metrics Changes - The company reported funds from operations (FFO) of $371 million or $0.56 per unit, representing a 10% year-over-year increase driven by strong hydro generation and growth initiatives [16] - FFO per unit is expected to continue growing at a target rate of over 10% for the year [6] - The company ended the quarter with $4.7 billion of available liquidity, indicating strong financial flexibility [18] Business Line Data and Key Metrics Changes - The hydroelectric segment saw FFO increase by over 50% from the prior year, attributed to strong performance from U.S. and Colombian fleets [16] - The Distributed Energy, Storage, and Sustainable Solutions segments delivered FFO growth of almost 40% year-over-year, driven by Westinghouse's performance in the nuclear sector [18] - Wind and solar segments experienced flat FFO compared to the prior year due to asset dispositions and gains from the previous year [17] Market Data and Key Metrics Changes - The company has commissioned 2.1 gigawatts of new renewable energy capacity in the quarter and anticipates bringing on approximately 8 gigawatts in 2025, a record for the business [7] - The company is witnessing a significant supply-demand imbalance for energy across its operational regions, necessitating substantial expansion in energy generation [5] Company Strategy and Development Direction - The company is focusing on a safe harboring strategy to secure tax credit eligibility for nearly all U.S. projects through 2029 [5] - The company aims to deepen relationships with large power buyers, leveraging its diversified portfolio across hydro, wind, solar, nuclear, and battery storage [8] - The company is actively pursuing M&A opportunities to enhance its hydro capabilities and meet growing energy demand [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the robust demand for power, which is expected to drive the development of all forms of energy [8] - The company is well-positioned to meet exponential energy demand with a pipeline of over 230 gigawatts of projects, including significant battery storage solutions [6] - Management highlighted the increasing sophistication of large tech companies in seeking baseload power solutions, indicating a shift in procurement strategies [30] Other Important Information - The company successfully executed its largest project financing, raising EUR 6.3 billion for an offshore wind development project in Poland [19] - The company is committed to delivering long-term total returns of 12% to 15% for investors while maintaining disciplined capital allocation [20] Q&A Session Summary Question: Can you accelerate the pace of development in light of recent capacity auction results? - Management indicated that the supply-demand imbalance is a persistent issue and they are pulling forward projects as quickly as possible while leveraging M&A capabilities and partnerships with large power buyers [23][25] Question: What is the hydro M&A environment in the U.S.? - Management noted that the hydro market is becoming more liquid and they are positioned to pursue opportunities that fit their framework agreements with confidence [36][37] Question: How are discussions with tech companies changing regarding new facilities? - Management observed an increased appetite for diverse energy solutions beyond wind and solar, with a focus on integrated relationships that span multiple energy sources [77][78] Question: What are the key milestones for nuclear development? - Management highlighted the U.S. government's intention to start construction on 10 new reactors by the end of the decade, positioning Westinghouse as a key player in this initiative [70][73]

Financial Data and Key Metrics Changes - The company reported funds from operations (FFO) of $371 million or $0.56 per unit, representing a 10% year-over-year increase driven by strong hydro generation and growth initiatives [18][20] - FFO per unit is expected to continue growing at a target rate of over 10% for the year [8] - The company has $4.7 billion of available liquidity, indicating strong financial flexibility [20] Business Line Data and Key Metrics Changes - The hydroelectric segment saw FFO increase by over 50% year-over-year, attributed to strong performance from U.S. and Colombian fleets [18][19] - The Distributed Energy, Storage, and Sustainable Solutions segments delivered nearly 40% year-over-year FFO growth, driven by Westinghouse's performance in the nuclear sector [20] - Wind and solar segments reported flat FFO compared to the prior year due to asset dispositions and gains from the previous year [19] Market Data and Key Metrics Changes - The company has commissioned 2.1 gigawatts of new renewable energy capacity in the quarter and anticipates bringing on approximately 8 gigawatts in 2025, a record for the business [8][9] - The company is experiencing a significant supply-demand imbalance for energy across its operating regions, necessitating substantial expansion of energy generation [7] Company Strategy and Development Direction - The company is focusing on a safe harboring strategy to secure tax credit eligibility for nearly all U.S. projects through 2029 [6][39] - The recent Hydro Framework Agreement with Google aims to deliver up to 3 gigawatts of hydroelectric capacity, reflecting a shift in procurement strategies among large tech companies [11][12] - The company is actively investing in critical technologies, including hydro, nuclear, and battery storage, to support growing energy demand and grid reliability [13][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate changes in tax credit eligibility and maintain development margins [37][39] - The outlook for the business remains robust, driven by strong demand for power and the need for diverse energy solutions [9][20] - Management highlighted the increasing sophistication of large tech companies in their energy procurement strategies, emphasizing the importance of long-term partnerships [79] Other Important Information - The company has successfully completed $19 billion of financings year-to-date, optimizing its capital structure and extending maturities [21][23] - The company is well-positioned to benefit from the growing nuclear capacity in the U.S. and globally, with Westinghouse playing a leadership role [70][74] Q&A Session Summary Question: Can the company accelerate development in light of recent capacity auction results? - Management noted that the supply-demand imbalance is evident and they are pulling projects forward as quickly as possible while leveraging M&A capabilities and partnerships with large power buyers [26][28] Question: What is the outlook for the hydro M&A environment in the U.S.? - Management indicated that the hydro market is becoming more liquid, and they are well-positioned to pursue opportunities that fit their framework agreements [40][41] Question: How is the company adapting to challenges in the U.S. market? - Management emphasized the importance of interconnection speed in development activities and has been prioritizing regions with better connection capabilities [46][48] Question: What are the key milestones for nuclear development in the Westinghouse business? - Management highlighted the focus on new build nuclear projects in the U.S. and Europe, with significant government interest in expanding nuclear capacity [72][74] Question: How have discussions with tech companies changed regarding new facilities? - Management noted an increased appetite for diverse energy solutions beyond wind and solar, with a focus on broader relationships with tech companies [78][79]