Boralex reports higher operating income and the addition of new growth projects in the first quarter of 2026

Press Release

Montreal, Québec, May 14, 2026 — Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) is pleased to report its results for the first quarter of fiscal 2026.

Highlights

Financial results

• Higher production and operating income in Q1-2026:
  • Production up 12% (8% on a Combined basis) from Q1-2025, driven by new site commissioning and better wind conditions, and 1% (4%) below anticipated production;¹
  • Operating income of $92 million ($103 million) in Q1-2026, up $27 million ($4 million) from Q1-2025;
  • EBITDA(A)¹ of $174 million ($207 million) in Q1-2026, down $2 million (up $8 million) from Q1-2025 owing mainly to a lower contribution from sites held as joint ventures, as well as to lower short-term power purchase agreement prices in France, both of which were almost entirely offset by the impact of new commissioning;
  • Net earnings of $9 million in Q1-2026, down $32 million from Q1-2025, owing mainly to the recognition of non-recurring expenses arising from the definitive agreement for the acquisition of Boralex by Brookfield and La Caisse.
• Consistently strong balance sheet and ample funds available to support growth:
  • Net cash flows related to operating activities of $153 million in Q1-2026 compared to $172 million in Q1-2025;
  • Discretionary cash flows¹ of $71 million for Q1-2026, down $3 million from  Q1-2025;
  • $375 million in cash and cash equivalents and $645 million in available cash resources and authorized financing¹ as at March 31, 2026;
  • Completion of a $202 million financing arrangement for the Oxford battery energy storage system (BESS), including a $166 construction loan, a $25 million bridge loan and $11 million in letters of credit.

Quarterly update on development and construction activities

• New projects totalling 394 MW added to the development project portfolio;
• 43  MW Sallachy wind project in the United Kingdom transitioned to the secured stage;
• 125 MW (500 MWh) Oxford BESS project in Canada moved up to the construction or ready-to-build stage;
• Acquisition of two wind power projects in the United Kingdom for an installed capacity of 59 MW.

¹ EBITDA(A) is a total of segment measures. Anticipated production is an additional financial measure. Combined, discretionary cash flows and available cash resources and authorized financing are non-GAAP financial measures and do not have a standardized definition under IFRS, and may therefore not be comparable to similar measures used by other companies. For more details, see the Non-IFRS financial measures and other financial measures section of this press release.

² Figures in brackets indicate results on a Combined basis as opposed to a Consolidated basis.

The first quarter of 2026 saw real progress in the execution of our 2030 strategic plan. The acquisition of projects for 59 MW in the United Kingdom has strengthened our position in that high-potential market. In Canada, the advancement of a 125 MW (500 MWh) battery storage project to the construction or ready-to-build stage, supported by $202 million in new green financing, reflects the disciplined execution of our technology diversification strategy.

Patrick Decostre, President and Chief Executive Officer of Boralex

On the operations front, production was higher than the same period of 2025, driven by better wind conditions in Europe and the contribution of newly commissioned sites. With the support of our fully mobilized team, we continue to prepare for the many calls for tender expected in our target markets.

Patrick Decostre, President and Chief Executive Officer of Boralex

During the quarter, Boralex announced the signing of an arrangement agreement with BIF Thunder Holdings Inc. (the Purchaser), a newly formed entity to be jointly owned by Brookfield Infrastructure Fund V and/or its affiliates (“Brookfield”) and Caisse de dépôt et placement du Québec (“La Caisse”) in connection with a proposed going-private transaction. The transaction will allow Boralex greater agility in pursuing its growth and increased access to capital to accelerate the deployment of its projects. The transaction is subject to shareholder approval at the annual and special general meeting scheduled for June 4, as well as the necessary court and regulatory approvals. Closing of the transaction is expected by the fourth quarter of 2026. Boralex shareholders would receive $37.25 in cash per common share, representing a 31.8% premium to the closing price on the TSX on March 20, 2026, and a 36.4% premium to the 30-day volume-weighted average trading price for the period ending March 20, 2026, the last full trading day prior to the first media mention of a strategic review of alternatives.

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