Boralex Q3 revenue misses on lower power prices in France

Overview

• Boralex Q3 revenue misses analyst expectations, net loss widens year-over-year

• Company reports EBITDA of C$85 mln, down from Q3 2024 due to lower French prices

• Boralex commissions 100 MW Apuiat wind farm, boosting installed capacity

Outlook

• Boralex aims to double installed capacity by 2030 with C$8 bln in investments

• Company plans to commission Hagersville and Tilbury projects in Q4 2025

• Boralex submitted wind project proposals for Ontario's LT2 tender

Result Drivers

• PRODUCTION INCREASE - Production rose 7% from Q3-2024 due to newly commissioned sites in Europe

• WEATHER IMPACT - Production fell 13% below anticipated levels due to unfavorable weather in North America and Europe

• PRICE DROP IN FRANCE - Lower prices in France under short-term power purchase agreements impacted EBITDA

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the electric utilities peer group is "buy"

• Wall Street's median 12-month price target for Boralex Inc is C$38.50, about 27.1% above its November 6 closing price of C$28.07

• The stock recently traded at 24 times the next 12-month earnings vs. a P/E of 27 three months ago

Press Release: ID:nGNX8qlK8Y

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