The following is a summary of the Boralex Inc. (BRLXF) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Boralex Inc. reported a year-over-year improvement in all financial metrics for the first nine months of 2024, with EBITDA up 7%, operating income increased by 15%, and net earnings rose by 32%.

• Total combined production was down 1% compared to the same quarter last year and 11% lower than expected due to unfavorable weather conditions.

• Combined EBITDA amounted to $109 million, down $4 million and FFO amounted to $16 million, down $7 million compared to the third quarter of 2023.

Business Progress:

• Advanced the construction of the Apuiat project in Quebec and the Limekiln project in Scotland with both expected to be commissioned by the end of the year.

• Started construction of the Hagersville and Tilbury storage projects in Ontario, with commissioning anticipated by the end of 2025.

• Progressed on the Des Neiges Sud wind project and Oxford storage projects with commissioning scheduled in 2026.

• Acquired the Sallachy project, a 50-megawatt advanced stage wind project in Scotland.

• Signed two long-term renewable energy purchase agreements in France with industrial companies Nestlé and Saint-Gobain.

Opportunities:

• Development and diversification activities continue to be driven by strong demand for renewable energy in the markets Boralex operates.

• The new political landscape in the U.S. and U.K. presents potential favorable conditions for growth in renewable energies, including the lifting of the ban on onshore wind power in England and initiatives to promote clean energy deployment.

Risks:

• Production impacted by adverse weather conditions in Canada and France, leading to lower than expected production levels.

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