In This Article:
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Combined Operating Income: CAD 267 million for fiscal year 2024.
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Combined EBITDA: CAD 670 million, down 1% from 2023.
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Total Combined Production: Down 2% from 2023 and 8% below anticipated production for fiscal year 2024.
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Fourth Quarter Combined EBITDA: CAD 191 million, down CAD 38 million from the previous year.
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Fourth Quarter Consolidated AFFO: CAD 47 million, down CAD 44 million from the fourth quarter of 2023.
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Installed Capacity: Increased from 2.2 gigawatts in 2020 to 3.2 gigawatts at the end of 2024.
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Total Debt: Increased to CAD 4 billion in 2024, with project debt representing 89%.
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Long-term Financing Secured: CAD 1.2 billion in 2024.
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North America Wind Production: 9% higher than the same quarter last year, but 2% lower than anticipated.
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Hydro Sector Production: 30% lower than last year and 23% lower than anticipated.
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Solar Assets Production in the US: 4% higher than the same quarter last year, but 13% lower than anticipated.
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Europe Production: 29% lower compared to the same quarter last year and 23% lower than anticipated.
Release Date: February 28, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Boralex Inc (BRLXF) closed a record CAD1.2 billion in long-term financing, enhancing financial flexibility.
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The company successfully connected its Limekiln project in Scotland to the grid, marking a significant milestone.
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Boralex Inc (BRLXF) expanded its development portfolio to over 8 gigawatts, a 1.2 gigawatt increase over 2023.
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The company is well-positioned in high-growth markets like Quebec and Ontario, with strong local expertise and partnerships.
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Boralex Inc (BRLXF) announced a share buyback program, indicating confidence in the company's undervalued stock price.
Negative Points
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Combined production for fiscal year 2024 was 2% lower than in 2023 and 8% below anticipated production due to unfavorable weather conditions.
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Financial performance in 2024 was below expectations, with combined EBITDA down 1% from 2023.
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The Apuiat project in Quebec faced construction delays due to harsh winter conditions, impacting timelines.
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Total combined production in the fourth quarter was down 11% compared to the same quarter last year.
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Boralex Inc (BRLXF) has not yet found appropriate M&A targets to meet its 2025 capacity objectives, impacting growth projections.
Q & A Highlights
Q: How does recent private equity activity in Quebec impact Boralex's view of the competitive landscape and future investment opportunities in the province? A: Patrick Decostre, President and CEO, stated that the recent transactions provide Hydro-Quebec with more independence, as they are no longer shareholders of a competitor. The demand in Quebec is significant, and Hydro-Quebec needs all players to realize its plans. Boralex is well-positioned due to its experience with large wind projects in partnership with Hydro-Quebec and Energir.