Mr. Patrick Decostre reports

BORALEX POSTS RECORD NET EARNINGS OF $115 MILLION FOR 2023 AND INCREASES ITS FINANCIAL FLEXIBILITY, WITH NEARLY $550 MILLION IN AVAILABLE CASH RESOURCES AND AUTHORIZED FINANCING1 TO SUPPORT ITS GROWTH

Boralex Inc. saw a significant increase in earnings in the fourth quarter of 2023 and for fiscal 2023 overall.

"We are very proud to announce 22-per-cent growth in our combined EBITDA [earnings before interest, taxes, depreciation and amortization] and generation of $179-million in discretionary cash flows for fiscal 2023. In a year punctuated by major challenges for our industry, we have set ourselves apart with record results at different levels and sustainable growth, driven by our agility and discipline. This growth is mainly attributable to the acquisition of wind power assets in the United States and the commissioning of assets in France. The fourth quarter results also reflected good energy availability following maintenance optimization and more favourable wind conditions in France as well as tight cost management overall. I want to thank the Boralex teams for their dedication and for the significant progress achieved this year," said Patrick Decostre, president and chief executive officer of Boralex.

Commenting on what lies ahead for Boralex, Mr. Decostre added: "In the coming quarters, we will continue with construction of our Apuiat wind project in Quebec and the Limekiln project in Scotland, both major projects slated for commissioning in the last quarter of 2024. Our secured-stage projects, namely the Des Neiges projects in Quebec and our Hagersville and Tilbury projects in Ontario, are progressing according to plan. We are very proud to have recently been awarded two projects totalling 315 megawatts under Hydro-Quebec's wind power call for tenders, demonstrating both our competitiveness and our ability to work closely with local partners. Finally, in line with our goal of pursuing growth in all our regions of activity, we recently submitted bids for 525 MW of storage in Ontario and 240 MW of solar projects under New York State's expedited renewable energy solicitation. Given our experience, the strength of our balance sheet and our financial flexibility, we are confident that we can successfully complete these various projects, which are spread over the next several years."

Boralex also released its 2023 corporate social responsibility (CSR) report today. Highlights for 2023 include winning an EcoVadis gold medal for the second year in a row, surpassing one million tonnes of carbon dioxide emissions avoided -- nearly triple the 2022 figure -- and achieving its 32.5-per-cent target for women in management positions, originally set for 2025. In addition, the company has redesigned the "our commitments" section of its website to ensure maximum transparency and dissemination of clear information on its CSR strategy.

In the fourth quarter of 2023, Boralex produced 1,814 gigawatt-hours (2,351 GWh) of electricity, 12 per cent (30 per cent) more than the 1,619 GWh (1,814 GWh) produced in the same quarter of 2022. The increase on a consolidated basis is attributable to the commissioning of wind and solar farms and the good performance of comparable wind sites in France. The increase on a combined basis is primarily due to the integration of the wind farms acquired in the United States in late 2022 as well as from elements contributing to the increase on a consolidated basis. The diversification of the corporation's activities both by region and by technology enabled Boralex to partly compensate for the unfavourable wind conditions in Canada during the quarter. Boralex thus ended the quarter with total production 3 per cent (1 per cent) above anticipated production.

For the three-month period ended Dec. 31, 2023, revenues from energy sales and feed-in premiums totalled $315-million ($345-million), 2 per cent less (stable in combined) than in the fourth quarter of 2022. EBITDA(A) (earnings before interest, taxes, depreciation and amortization (adjusted to exclude other items such as acquisition costs and other loss (gains)) amounted to $202-million ($229-million), up 28 per cent (32 per cent) compared with the fourth quarter of 2022. This growth is mainly attributable to the acquisition of wind assets in the United States, the commissioning and the significant increase in production in France, as well as a tight cost management implemented by the company. Operating income amounted to $98-million ($119-million), which compares with an operating income of $7-million ($14-million) for the same quarter of 2022. The increase is mainly attributable to the increase in EBITDA(A) and the decrease in depreciation. The net learning for the quarter was $58-million, a $65-million improvement compared to the net loss of $7-million for the same quarter of 2022.

For the year ended Dec. 31, 2023, Boralex produced 5,973 GWh (8,020 GWh) of power, which represents an increase of 6 per cent (27 per cent) compared with the 5,617 GWh (6,300 GWh) produced in the same period in 2022. Revenues from energy sales and feed-in premiums for the year ended Dec. 31, 2023, amounted to $994-million ($1,104-million), up $176-million ($211-million) or 21 per cent (24 per cent) compared with the same period in 2022.

EBITDA(A) was $578-million ($675-million), up $76-million ($123-million) or 15 per cent (22 per cent) from the same period last year. Operating income totalled $226-million ($306-million), up $114-million (up $159-million) from the same period in 2022. The increase is mainly attributable to the increase in EBITDA(A) and the decrease in depreciation. Over all, for the year ended Dec. 31, 2023, Boralex recorded a net earnings of $115-million ($115-million) compared with a net earnings of $8-million ($8-million) for the same period in 2022.

Outlook

Boralex's 2025 strategic plan is built around the same four strategic directions as the plan launched in 2019 -- growth, diversification, customers and optimization -- and six corporate targets. The details of the plan, which also sets out Boralex's corporate social responsibility strategy, are found in the corporation's annual report. Highlights of the main achievements of fiscal 2023 in relation to the 2025 strategic plan can be found in the 2023 annual report, which is available in the investors section of the Boralex website.

In the coming quarters, Boralex will continue to work on its various initiatives under the strategic plan, including project development, analysis of acquisition targets, and optimization of power sales and operating costs.

Finally, to fuel its organic growth, the corporation has a pipeline of projects at various stages of development defined on the basis of clearly identified criteria, totalling 6.8 GW of wind, solar and energy storage projects.

About Boralex Inc.

Boralex has been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France's largest independent producer of onshore wind power, it also has facilities in the United States and development projects in the United Kingdom. Over the past five years, Boralex's installed capacity has more than doubled to over three GW. The company is developing a portfolio of projects in development and construction of close to 6.8 GW in wind, solar and storage projects, guided by its values and its corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to its fearlessness, its discipline, its expertise and its diversity, Boralex continues to be an industry leader. Boralex's shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

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