Boralex : Investor Presentation - May 2024

Investor Presentation

May 2024

Disclaimer

FORWARD-LOOKING STATEMENTS

Some of the statements contained in this presentation including those regarding future results and performance strategic plan business model growth strategy revenues diversification optimization development in the solar sector and storage expansion of targeted customers through signature of contracts directly with companies consuming electricity sale of minority interests and 2025 corporate objectives are forward-looking statements based on current expectations within the meaning of securities legislation.

Boralex would like to point out that by their very nature forward-looking statements involve risks and uncertainties such that its results or the measures it adopts could differ materially from those indicated by or underlying these statements or could have an impact on the degree of realization of a particular forward-looking statement.

Unless otherwise specified by the Corporation the forward-looking statements do not take into account the possible impact on its activities transactions non- recurring items or other exceptional items announced or occurring after the statements are made. There can be no assurance as to the materialization of the results performance or achievements as expressed or implied by forward-looking statements. The reader is cautioned not to place undue reliance on such forward-looking statements.

Unless required to do so under applicable securities legislation Boralex management does not assume any obligation to update or revise forward- looking statements to reflect new information future events or other changes.

COMBINED BASIS - NON-IFRS MEASURE

The combined information ("Combined") presented above and in the MD&A of the Corporation resulted from the combination of the financial information of Boralex Inc. ("Boralex" or the "Corporation") under IFRS and the share of the financial information of the Interests. The Interests represent significant investments by Boralex and although IFRS does not permit the consolidation of their financial information within that of Boralex management considers that information on a Combined basis is useful data to evaluate the Corporation's performance. In order to prepare the Combined information Boralex first prepares its financial statements and those of the Interests in accordance with IFRS. Then the Interests in Joint Ventures and associates Share in earnings of the Joint Ventures and associates and Distributions received from the Joint Ventures and associates line items are replaced by Boralex's respective share (ranging from 50% to 59.96%) in the financial statement items of the Interests (revenues expenses assets liabilities, etc.). See the Non-IFRS measures section in the Third Quarter 2019 Interim Report for more information.

OTHER NON-IFRS MEASURES

This presentation contains certain financial measures that are not in accordance with International Financial Reporting Standard ("IFRS"). In order to assess the performance of its assets and reporting segments Boralex uses the terms "EBITDA", "EBITDA(A)", "cash flows from operations", "net debt ratio", "discretionary cash flows" and "payout ratio". For more information, please refer to Boralex's MD&A.

GENERAL

The data expressed as a percentage is calculated using amounts in thousands of dollars.

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Agenda

1. Boralex at a Glance
2. Changes in the Market Environment
3. Recent Achievements
4. ESG Update
5. Conclusion

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1.

Boralex at a Glance

Boralex Financial and Market Highlights

Financial Metrics

(Year-ended December 31, 2023)

Combined Revenue	$1104 M
Combined EBITDA(A)(1)	$675 M
Combined Operating Income	$306 M
EBITDA(A) margin(2)	61%
Cash flows from operations(3)	$445 M
Discretionary Cash flows (AFFO)(3)	$179 M

Market Metrics

(May 14th, 2024)

O/S shares (in millions)	102.8
Estimated float(4) (in millions)	87.2
Market capitalization	$3.0 G
Average daily volume (90 days)	Close to 500,000
Enterprise value	$6.1 G
$0.66 annual dividend	2.2% yield

(1)	EBITDA(A) is a total of segment measures. For more details, see the Non-IFRSand other financial measures section in the 2023 Annual Report.
(2)	EBITDA(A) margin represents EBITDA(A) as a percentage of revenues.
(3)	Cash flows from operations and discretionary cash flows are non-GAAP financial measures and do not have a standardized meaning under IFRS. Accordingly, it may not be comparable to	4
	similarly named measures used by other companies. For more details, see the Non-IFRSand other financial measures section in the 2023 Annual Report.

1. The Estimated float represents the number of outstanding shares available on the stock markets.

Why Boralex? Attractive Entry Point in a Renewable Energy Leader

A Fully Integrated Pure Play Renewable Energy Player

Developer	Operator
Project	Construction	Operator and	Seller of electricity
developer	manager	asset optimiser	directly to clients
		Operator /	Seller of
Boots on the		clean
Manager of	maintenance
ground wind,	electricity to
overall	and repair
solar, hydro and	utilities,
project	optimizer and
storage project	corporations
construction	repowering of
developer	and in power
	assets
		markets

Over 30 years of experience in the renewable energy industry ESG/risk management deeply integrated in the strategic plan and corporate culture

Strong organic development engine and strategic acquisition expertise

93% of capacity under contracts with a weighted average remaining term of contracts of 11 years

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A diverse portfolio and a high quality pipeline, in line with our 2030 target

Geographic breakdown

Technology breakdown

Current capacity	Pipeline	2030 Target
3.1 GW	6.7 GW	10-12 GW

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Profitable Growth with Limited Risks

Growth of installed capacity fuelled by a large pipeline of projects and strategic acquisitions

Predictable project revenues ( FiT /PPA) and EBITDA increasing with capacity

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Supported by a Strong Balance Sheet

$575 million in available cash and authorized financing facilities as at March 31, 2024

Additional flexibility expected in coming quarters through innovative debt financing optimizing the capital structure and AFFO generation

Boralex only issued $194 million in equity (net proceeds) since the end of 2018

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