Boralex Inc.

Hello, ladies and gentlemen, and welcome to the telephone conference on the financial results of the third quarter and exercise 2025 of Boralex. Please note that all lines are in listening mode only. At the end of the presentation, there will be a question and answer period during which financial analysts, shareholders and investors will be invited to ask their questions by tapping star 1 and 1 on your phone ou en utilisant la boîte de questions-réponses sur le Web. Vous pouvez également noter que cette conférence est enregistrée. Pour les participants à la webdiffusion, vous pouvez également poser des questions au cours de la conférence, mais celles-ci obtiendront réponse par courriel après l'appel. Enfin, les représentants des médias qui ont des questions sont invités à contacter directement Camille L'Aventure, conseillère principale des affaires publiques et communications externes chez Boralex, aux coordonnées indiquées à la fin du communiqué trimestriel. J'aimerais maintenant passer la parole à Colline de Surmont, directrice des relations investisseurs de Boralex. Good morning, ladies and gentlemen, and welcome to Boralex's third quarter 2025 financial results conference call. Note that all lines are in a listen-only mode. Following the presentation, we will conduct a question and answer session in which financial analysts, shareholders, and investors will be invited to ask their questions by pressing star 1 and 1, their telephone, and wait for the name to be announced, or by using the Q&A box on the webcast. Also note that the call is being recorded. For webcast participants, you can also ask questions during the conference, but they will be answered by email after the call. Finally, media representatives are invited to contact Camille Aventure, Senior Advisor, Public Affairs and External Communications at Boralex. Her contact information is provided at the end of the quarterly press release. I would now like to turn the conference over to Coline de Surmont, Direct Investor Relations for Boralex. Please go ahead.

Thank you, operator, and good morning, everyone. Welcome to Boralex Third Quarter's Results Conference Call. On today's call, Patrick Decote, our President and Chief Executive Officer, will provide an update of our business. Afterwards, Stéphane Milot, our Interim Executive Vice President and Chief Financial Officer, will present the financial highlights of the quarter. Then, we will be available to answer your questions. During this call, we will discuss historical as well as forward-looking information. When talking about the future, there are a variety of risk factors that have been listed in our different filings, which can materially change our estimated results. These documents are all available for consultations on CEDAW. Mr. Decote will now start with his comments. Please go ahead, Patrick.

Thank you, Colleen, and good morning, everyone, and thank you for joining us today. It's a pleasure for me to present our results and achievements for the third quarter of 2025. The total combined production for the third quarter increased by nine persons compared to the same period of 2024, primarily driven by the contribution of newly commissioned sites in Europe. The third quarter clearly reflects the benefits of our diversification by technology and region, while wind conditions in North America had been compensating for unfavorable conditions in France since the beginning of the year, the situation completely changed in the third quarter. Conditions in France, while still below expectations, were more favorable than in North America. Combined EBITDA was 108 million, down 1 million compared to Q3 2024. The increase in production was not sufficient, to offset the negative impact of lower prices of short-term power purchase agreements in France. During this quarter, we continue to make progress across our development project portfolio, adding 395 megawatts of new projects. Additionally, four convicted solar projects in the United States reached the secured stage, adding 250 MW AC to our growth path. This quarter is also marked by a significant headway in construction and commissioning of major projects in Canada. We now have 3.4 GW of assets in operation in our four key geographies and 558 MW of projects under the construction and ready-to-build stage. In particular, the commissioning of the Apuit wind farm co-developed with the Innu communities is a key strategic milestone for Boralex. Apuit is the first wind farm on the Côte-Nord region and a powerful symbol of the revival of Quebec wind energy. As we wrap up our 2025 strategic plan, and look ahead to 2030, Upwith illustrate our vision of sustainable growth and our deep commitment to the energy transition. We would like to thank our team for their resilience, adaptability and focus that were key to deliver this landmark project. During this quarter, we also continued to make progress with the construction of our projects in Canada. In Ontario, the construction of the two battery storage projects, Agersville and Tilbury, is advancing as planned, with commissioning scheduled by the end of the year. We were thrilled to share that Agersville was recognized by the Canadian Renewable Energy Association, CANRIA, with the Innovative Canadian Clean Power Project of the Year Award. This recognition reflects our commitment to innovation and active contribution to the energy transition. It is part of a series of acknowledgments that highlight our dedication to sustainable development, which remains at the core of our business strategy. The Deneige Sud project is also progressing well. as we have started building the wind turbines foundation at the site in recent weeks. Turning to market updates, Quebec continues to show strong momentum in renewable energy development amid rising pressure to meet growing energy needs. The upcoming Plan de gestion intégrée des ressources énergétiques, expected in April, will provide a detailed assessment of these needs and could introduce more ambitious targets, potentially requiring Hydro-Québec to revise its capacity expansion plans upwards. At the federal level, the latest budget introduced a 15-person clean electricity investment tax credit equivalent to the 30% clean technology investment tax credit already available, further enhancing the investment landscape for future projects. In Ontario, the ISO launched its long-term 2 RFP LT2 to support new energy and storage capacity. Boralex submitted a proposal during the October energy window and is now advancing preparations for the second phase, the December capacity window, further strengthening our position in the ski gross market. In the United States, NYSERDA launched its 2025 renewable energy solicitation with final results expected in February 2026. Boralex is preparing to submit bids supporting its expansion this market in the united kingdom the united kingdom remains a strategic market for boralex with strong growth ambitions over the coming years the ar-7 procurement round is currently open with submission deadlines scheduled between november and january our uk team is actively preparing to submit competitive bids in france Boralex participated in the onshore wind call for tender last July, and we are pleased to announce that we were awarded two projects totaling 125 megawatts, placing us first in cumulative capacity. Across the tender, 42 projects were awarded out of 90 submissions at an average tariff of 86.6 euros. per MWh. These results confirm our strong position in the French onshore wind market and highlight our ability to deliver ambitious projects under competitive conditions. Contracts awarded to Boralex will benefit from above-the-average prices, confirming the excellence of our bidding teams. I will now briefly review the main variances in our development project portfolio and gross pass. The decrease in our development project portfolio was mainly due to the transition of Ford Convington solar project to the secure stage. The disposal of a portfolio of small solar project in France and the revision of the installed capacity of a battery project in Ontario partially offset by the addition of 395 megawatt of wind and solar project in the early and mid stage. In total, our portfolio of early, mid and advanced stages project now consists of project totaling more than seven gigawatts of wind, solar and battery storage project. In the third quarter, our growth pass represents a capacity of 1,030 megawatt reflecting a net increase of 147 MW compared to the previous quarter. The transition to the secured stage of Ford Convington Solar Project in the United States partially offsets the commissioning of APRIT in Canada. In addition, the Grand Grand Repowering Wind Project in France, with a total planned capacity of 14 MW moved, from the secured stage to the construction or ready-to-build stage during this quarter. This completes my part of the presentation. I will now hand over to Stéphane, who will provide a more detailed overview of our financial results. I will be back later for the Q&A session.