Mr. Patrick Decostre reports

BORALEX ANNOUNCES A SUBSTANTIAL 62% INCREASE IN NET EARNINGS AND CONTINUED DISCIPLINED DEVELOPMENT OF HIGHLY PROMISING PROJECTS

Boralex Inc. had significantly higher first quarter results for 2024.

Highlights:

• Financial results:
  • Higher EBITDA(A) (earnings before interest, taxes, depreciation and amortization, adjusted), operating income and net earnings than in Q1 2023:
    • Increases mainly attributable to higher wind farm production in North America, the contribution from new facilities commissioned and strategy to optimize electricity selling prices in France;
    • EBITDA(A) of $195-million ($218-million on a combined basis) in Q1 2024, up $28-million ($28-million) from Q1 2023;
    • Operating income of $106-million ($134-million) in Q1 2024, up $29-million ($32-million) from Q1 2023;
    • Net earnings of $73-million in Q1 2024, up $28-million from Q1 2023.
  • Higher discretionary cash flows and more financial flexibility to finance growth:
    • Discretionary cash flows of $78-million in Q1 2024, up $12-million from Q1 2023;
    • $230-million in net cash flows related to operating activities in Q1 2024;
    • $575-million in available cash resources and authorized financing as at March 31, 2024, $28-million more than in the previous quarter.
• Development and construction:
  • Secured, under construction and ready-to-build projects progressing according to plan:
    • Commissioning of a 21 MW (megawatt) wind farm in France;
    • Continuing construction at the Apuiat wind project in Quebec and the Limekiln wind project in Scotland, with commissioning scheduled for late 2024;
    • Two storage projects in Ontario and the Des Neiges Sud wind project in Quebec progressing as planned, with commissioning expected in 2025 and 2026.
  • 239 MW added to the early-stage project pipeline:
    • 171 MW for a solar project and a storage project in North America;
    • 68 MW for solar and wind projects in Europe.

"Boralex has once again demonstrated its ability to deliver strong results quarter-after-quarter, as illustrated by a 17-per-cent increase in our EBITDA(A) and a 62-per-cent increase in our net earnings for the first three months of the year. This growth can mainly be attributed to higher wind farm production in North America, the contribution of new facilities commissioned and our strategy to optimize electricity selling prices in France," said Patrick Decostre, president and chief executive officer of Boralex.

"In the coming quarters, we will continue to pursue growth in our various target markets, where there are ample opportunities. Our teams are busy preparing responses to upcoming tender calls in Quebec, Ontario, New York State, the United Kingdom and France. This considerable diversity will allow us to pace our growth and focus on the most profitable markets," Mr. Decostre added.

In the first quarter of 2024, Boralex produced 1,767 GWh (gigawatt-hours) (2,355 GWh) of electricity, 4 per cent (3 per cent) more than the 1,696 GWh (2,286 GWh) produced in the same quarter of 2023. The increase was mainly attributable to commissionings in France and strong wind farm performance. Boralex ended the quarter with total production in line with anticipated production.

Revenues from energy sales and feed-in premiums for the three-month period ended March 31, 2024, amounted to $259-million ($291-million), 13 per cent (11 per cent on a combined basis) lower than in the first quarter of 2023. The decrease was mainly attributable to lower selling prices in France. EBITDA(A) amounted to $195-million ($218-million), up 17 per cent (14 per cent) compared with the first quarter of 2023. Operating income totalled $106-million ($134-million), compared with $77-million ($102-million) for the same quarter of 2023. The strength of the quarterly results is primarily a reflection of higher production in North America, commissionings and the company's strategy to optimize electricity selling prices in France. Net earnings amounted to $73-million, up $28-million from $45-million in the first quarter in 2023.

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 the quarter ended on March 31, 2024, in relation to the 2025 strategic plan can be found in the 2024 interim report, which is available in the investors section of Boralex's 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 6.7 GW (gigawatts) of wind, solar and energy storage projects.

Dividend declaration

The company's board of directors has authorized and announced a quarterly dividend of 16.50 cents per common share. This dividend will be paid on June 17, 2024, to shareholders of record at the close of business on May 31, 2024. Boralex designates this dividend as an eligible dividend pursuant to Paragraph 89 (14) of the Income Tax Act (Canada) and all provincial legislation applicable to eligible dividends.

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 6.7 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.

We seek Safe Harbor.