Boralex (TSE:BLX) Releases Earnings Results

Boralex (TSE:BLX) announced its earnings results on Friday. The company reported C$0.13 EPS for the quarter, FiscalAI reports. The business had revenue of C$258.00 million for the quarter. Boralex had a return on equity of 4.29% and a net margin of 7.55%.

Here are the key takeaways from Boralex’s conference call:

• FY2025 production was up 8% YoY but came in 10% below forecasts, and combined EBITDA of CAD 655 million was down 2% vs. 2024, driven mainly by lower short‑term prices in France.
• Boralex increased installed capacity to 3.8 GW (+615 MW, all organic) and commissioned two battery projects (Sanjgon and Hagersville), adding 380 MW and making it the largest battery storage operator in Canada.
• The development pipeline and growth path remain large, with a portfolio exceeding 8.2 GW and secured projects including the NYSERDA-backed Fort Covington and Two Rivers solar projects (450 MW) and the 125 MW Oxford BESS.
• Financial flexibility was strengthened with available liquidity and authorized financing of CAD 681 million, CAD 1 billion in project financing closed during the year, and a CAD 250 million corporate financing led by La Caisse and Fondaction.
• Boralex is advancing a repowering pipeline (~450 MW) (about 200 MW net new) such as Le Mercure (to 104 MW by 2028) and expects recontracting headwinds in France to ease after 2026 as longer‑term contracts are pursued.

Boralex Stock Up 0.8%

BLX stock traded up C$0.23 during mid-day trading on Friday, hitting C$27.70. 418,355 shares of the company were exchanged, compared to its average volume of 526,266. The company has a debt-to-equity ratio of 233.60, a quick ratio of 1.54 and a current ratio of 0.86. Boralex has a 1-year low of C$23.48 and a 1-year high of C$33.30. The firm’s 50 day simple moving average is C$26.22 and its 200 day simple moving average is C$26.95. The firm has a market cap of C$2.85 billion, a P/E ratio of -125.91, a P/E/G ratio of 2.01 and a beta of 0.58.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Scotiabank lowered their price objective on shares of Boralex from C$41.00 to C$39.00 and set an “outperform” rating for the company in a research report on Wednesday, January 21st. Royal Bank Of Canada dropped their price objective on Boralex from C$38.00 to C$36.00 in a report on Monday, November 10th. Finally, Canadian Imperial Bank of Commerce reduced their target price on shares of Boralex from C$37.00 to C$36.00 in a research note on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of C$38.88.

About Boralex

Boralex Inc is an electric utility company involved in the development, construction, and operation of renewable energy power facilities. The company controls a portfolio of electricity producing plants that utilize wind, hydroelectric, thermal, and solar fuel sources. Most of Boralex’s plants rely on wind power, while a significant number also employ hydroelectric power. The company generates the vast majority of its revenue from the sale of energy through long-term contracts to customers in Canada, France, and the United States.