Financials Boralex Inc.

Equities

BLX

CA09950M3003

Electric Utilities

Market Closed - Toronto S.E. Other stock markets 16:27:55 2025-06-13 EDT			5-day change	1st Jan Change
32.18 ^CAD	-0.06%		+1.07%	+12.09%

06-12	Boralex Inc. Announces Executive Changes	CI
06-09	National Bank of Canada Switches Analyst Coverage of the Sustainable Infrastructure and Clean Technology Sector	MT

Projected Income Statement: Boralex Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	619	671	818	994	817	901.3	1,008	1,100
Change	-	8.4%	21.91%	21.52%	-17.81%	10.32%	11.83%	9.13%
EBITDA ¹	513	535	552	675	581	694.8	765.6	814.5
Change	-	4.29%	3.18%	22.28%	-13.93%	19.59%	10.19%	6.39%
EBIT ¹	190	238	112	226	226	311.2	365.4	389.7
Change	-	25.26%	-52.94%	101.79%	0%	37.71%	17.42%	6.63%
Interest Paid ¹	-113	-144	-130	-129	-124	-154.2	-177.9	-183
Earnings before Tax (EBT) ¹	66	44	18	154	110	162.8	212.8	227
Change	-	-33.33%	-59.09%	755.56%	-28.57%	47.95%	30.72%	6.7%
Net income ¹	55	17	30	78	36	87.18	122.1	143.5
Change	-	-69.09%	76.47%	160%	-53.85%	142.18%	40.09%	17.49%
Announcement Date	2/25/21	2/23/22	2/24/23	3/1/24	2/28/25	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	121	105	193	206	147	126	192	227	168	101	322	298	210	171	315	259	180	150	228	226	206.3	187.6	272.2
Change	-	-13.22%	83.81%	6.74%	-28.64%	-14.29%	52.38%	18.23%	-25.99%	-39.88%	218.81%	-7.45%	-29.53%	-18.57%	84.21%	-17.78%	-30.5%	-16.67%	52%	-0.88%	-8.71%	-9.08%	45.13%
EBITDA ¹	107	83	155	162	117	93	163	183	133	63	173	192	143	113	227	218	152	109	169	199	158.7	135.1	228.4
Change	-	-22.43%	86.75%	4.52%	-27.78%	-20.51%	75.27%	12.27%	-27.32%	-52.63%	174.6%	10.98%	-25.52%	-20.98%	100.88%	-3.96%	-30.28%	-28.29%	55.05%	17.75%	-20.26%	-14.87%	69.06%
EBIT ¹	28	3	68	88	34	7	88	91	45	-31	7	77	38	13	98	106	35	7	78	65	57	35	147
Change	-	-89.29%	2,166.67%	29.41%	-61.36%	-79.41%	1,157.14%	3.41%	-50.55%	-168.89%	122.58%	1,000%	-50.65%	-65.79%	653.85%	8.16%	-66.98%	-80%	1,014.29%	-16.67%	-12.31%	-38.6%	320%
Charge d'intérêts ¹	-31	-20	-29	-36	-36	-36	-37	-36	-34	-29	-31	-30	-34	-32	-33	-29	-30	-29	-36	-35	-38.5	-39	-40
Earnings before Tax (EBT) ¹	-8	-13	26	52	-13	-22	31	76	14	-71	-1	66	24	-11	75	97	20	-13	6	56	29.5	1	97.5
Change	-	-62.5%	300%	100%	-125%	-69.23%	240.91%	145.16%	-81.58%	-607.14%	98.59%	6,700%	-63.64%	-145.83%	781.82%	29.33%	-79.38%	-165%	146.15%	833.33%	-47.32%	-96.61%	9,650%
Net income ¹	-6	-6	25	34	-13	-22	17	50	10	-44	14	43	19	-3	19	55	11	-14	-16	30	15.67	-9	58.67
Change	-	0%	516.67%	36%	-138.24%	-69.23%	177.27%	194.12%	-80%	-540%	131.82%	207.14%	-55.81%	-115.79%	733.33%	189.47%	-80%	-227.27%	-14.29%	287.5%	-47.78%	-157.45%	751.85%
Announcement Date	8/7/20	11/11/20	2/25/21	5/5/21	8/6/21	11/12/21	2/23/22	5/11/22	8/3/22	11/9/22	2/24/23	5/10/23	8/14/23	11/9/23	3/1/24	5/15/24	8/14/24	11/14/24	2/28/25	5/14/25	-	-	-

¹CAD in Million

Estimates

Forecast Balance Sheet: Boralex Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	3,332	3,653	3,246	3,141	3,426	3,857	3,859	3,968
Change	-	9.63%	-11.14%	-3.23%	9.07%	12.58%	0.05%	2.82%
Announcement Date	2/25/21	2/23/22	2/24/23	3/1/24	2/28/25	-	-	-

¹CAD in Million

Estimates

Cash Flow Forecast: Boralex Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	145	167	246	260	398	705.2	638.4	619.8
Change	-	15.17%	47.31%	5.69%	53.08%	77.19%	-9.47%	-2.92%
Free Cash Flow (FCF) ¹	217	196	157	185	17	180.2	170.2	296
Change	-	-9.68%	-19.9%	17.83%	-90.81%	960%	-5.57%	73.95%
Announcement Date	2/25/21	2/23/22	2/24/23	3/1/24	2/28/25	-	-	-

¹CAD in Million

Estimates

Forecast Financial Ratios: Boralex Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	82.88%	79.73%	67.48%	67.91%	71.11%	77.09%	75.96%	74.05%
EBIT Margin (%)	30.69%	35.47%	13.69%	22.74%	27.66%	34.53%	36.26%	35.42%
EBT Margin (%)	10.66%	6.56%	2.2%	15.49%	13.46%	18.06%	21.11%	20.64%
Net margin (%)	8.89%	2.53%	3.67%	7.85%	4.41%	9.67%	12.12%	13.05%
FCF margin (%)	35.06%	29.21%	19.19%	18.61%	2.08%	19.99%	16.88%	26.91%
FCF / Net Income (%)	394.55%	1,152.94%	523.33%	237.18%	47.22%	206.69%	139.33%	206.27%
Profitability
ROA	-	-	1.13%	1.45%	1.04%	1.5%	1.7%	1.9%
ROE	6.65%	1.71%	5.19%	5.75%	4.58%	4.6%	5.53%	7.25%
Financial Health
Leverage (Debt/EBITDA)	6.5x	6.83x	5.88x	4.65x	5.9x	5.55x	5.04x	4.87x
Debt / Free cash flow	15.35x	18.64x	20.68x	16.98x	201.53x	21.4x	22.68x	13.41x
Capital Intensity
CAPEX / Current Assets (%)	23.42%	24.89%	30.07%	26.16%	48.71%	78.24%	63.34%	56.34%
CAPEX / EBITDA (%)	28.27%	31.21%	44.57%	38.52%	68.5%	101.5%	83.38%	76.09%
CAPEX / FCF (%)	66.82%	85.2%	156.69%	140.54%	2,341.18%	391.34%	375.16%	209.38%
Items per share
Cash flow per share ¹	3.43	3.532	3.92	4.328	4.036	4.245	4.67	5.03
Change	-	2.98%	11%	10.4%	-6.74%	5.17%	10.01%	7.71%
Dividend per Share ¹	0.66	0.66	0.66	0.66	0.66	0.66	0.663	0.6775
Change	-	0%	0%	0%	0%	0%	0.45%	2.19%
Book Value Per Share ¹	9.638	9.755	16.36	15.84	15.58	15.86	16.58	17.41
Change	-	1.21%	67.7%	-3.14%	-1.67%	1.77%	4.6%	4.97%
EPS ¹	0.55	0.16	0.3	0.76	0.35	0.85	1.188	1.395
Change	-	-70.91%	87.5%	153.33%	-53.95%	142.86%	39.8%	17.39%
Nbr of stocks (in thousands)	102,554	102,619	102,763	102,766	102,766	102,779	102,779	102,779
Announcement Date	2/25/21	2/23/22	2/24/23	3/1/24	2/28/25	-	-	-