Innergex reports first quarter 2024 results

Press Release

Strategic Execution

• Secured 15-year 350 GWh per year PPA contract to supply clean energy to Codelco in Chile
• Advanced construction projects towards commissioning, including the 330 MW Boswell Springs wind project in Wyoming
• Subsequent to the quarter end, signed 30-year PPA with Hydro-Québec for the 100 MW Lotbinière Ndakina wind project. PPA for the 300 MW Manicouagan wind project to be signed in Q2 2024
• Active share buyback program for a total cash consideration of $7.6 million as at May 7, 2024
• Reaffirming full year 2024 financial guidance

Q1 2024 Financial Results (compared to same period prior year results)

• Production Proportionate was at 96% of LTA, up from 87%
• Adjusted EBITDA Proportionate1 reached $170.7 million, up 15%
• Free Cash Flow per Share1 at $1.19 for the trailing twelve-months ended March 31, 2024, compared to $0.67
• Payout Ratio1 of 53% for the trailing twelve-months ended March 31, 2024

LONGUEUIL, Quebec, May 8, 2024 – Innergex Renewable Energy Inc. (TSX: INE) (“Innergex” or the “Corporation”) a leading global independent renewable power producer, today reported financial results for the first quarter ended March 31, 2024.

“Innergex delivered a positive start to 2024 with Adjusted EBITDA Proportionate1 and Free Cash Flow per Share1 meeting our expectations. Our performance demonstrates the benefits of our portfolio diversification across technologies and geographies,” said Michel Letellier, President and Chief Executive Officer. “Our team is focused on executing our growth strategy. In addition to winning 400 MW of wind development projects in Quebec’s latest Request for Proposals (“RFP”) process, we secured a power purchase agreement (“PPA”) with Codelco in Chile, through which we will supply 350 GWh of clean energy per year for 15 years. We remain on track to complete several construction projects during 2024, including the Boswell Springs wind project. Following our capital allocation strategy update earlier this year, we continue to focus on delivering sustainable and disciplined growth by strategically deploying our cash flow to support greenfield development opportunities. Our teams have been active in securing land for new prospective projects in Saskatchewan, British Columbia, Quebec, Ontario, and in our other core markets. Innergex’s portfolio is well-aligned with global trends of accelerating demand for power, transition to clean energy, as well as need for energy security and cost competitiveness. Supported by these trends, we remain confident in our ability to execute our growth strategy and consistently create value for our shareholders.”

FINANCIAL HIGHLIGHTS

	Three months ended March 31
	2024		2023
Production (MWh)	2,522,980		2,312,655
Production as a percentage of LTA	96 %		87 %
Revenues and Production Tax Credits	242,535		218,328
Operating Income	63,019		62,969
Adjusted EBITDA1	164,734		145,100
Net Loss	(37,659)		(13,036)
Adjusted Net Loss1	(20,233)		(12,029)
Net Loss Attributable to Owners, $ per share – basic and diluted	(0.21)		(0.08)
Production Proportionate (MWh)1	2,586,369		2,359,970
Revenues and Production Tax Credits Proportionate1	252,000		224,455
Adjusted EBITDA Proportionate1	170,685		148,443
	Trailing twelve months ended
	March 31
	2024		2023
Cash Flow from Operating Activities	325,580		398,690
Free Cash Flow1,2	241,787		135,686

1. These measures are not recognized measures under IFRS and therefore may not be comparable to those presented by other issuers. Production and Production Proportionate are key performance indicators for the Corporation that cannot be reconciled with an IFRS measure. Please refer to the section NON-IFRS MEASURES for more information.
2. For more information on the calculation and explanation, please refer to 4- CAPITAL AND LIQUIDITY | Free Cash Flow and Payout Ratio of the MD&A.

FINANCIAL HIGHLIGHTS PER SEGMENT

			Consolidated			Proportionate1
		2024	2023	Change	2024	2023	Change
Revenues and Production Tax
Credits		242,535	218,328	11%	252,000	224,455	12%
Adjusted EBITDA
Hydro		53,034	40,736	30%	55,881	40,481	38%
Wind		117,676	113,481	4%	120,780	117,079	3%
Solar		18,239	13,884	31%	18,239	13,884	—%
Other corporate expenses2		(24,215)	(23,001)	(5)%	(24,215)	(23,001)	(5)%
Adjusted EBITDA1		164,734	145,100	14%	170,685	148,443	15%

1. These measures are not recognized measures under IFRS and therefore may not be comparable to those presented by other issuers. Revenues and Production Tax Credits Proportionate, Adjusted EBITDA and Adjusted EBITDA Proportionate are key performance indicators for the Corporation that cannot be reconciled with an IFRS measure. Please refer to Section 5- NON-IFRS MEASURES of the MD&A for more information.
2. Other corporate expenses include corporate general and administrative expenses and prospective project expenses.

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