Boralex : Investor Presentation - September 2023

Investor Presentation

September 2023

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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Boralex at a Glance

FINANCIAL METRICS	MARKET METRICS
(Year-ended December 31, 2022)	(August 29, 2023)

	Consolidated
Combined Revenue	$818 M
Combined EBITDA(A)(1)	$552 M
Combined Operating Income	$147 M
EBITDA(A) margin(2)	67%
Cash flows from operations(3)	$404 M
Discretionary Cash flows (AFFO)(3)	$167 M

O/S shares (in millions)	102.8
Estimated float(4) (in millions)	89.9
Market capitalization	$3.5 G
Average daily volume (90 days)	over 500,000
Enterprise value	$6.6 G
$0.66 annual dividend	1.9% yield

1. EBITDA(A) is a total of segment measures. For more details, see the Non-IFRSand other financial measures section in the 2022 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 similarly named measures used by other companies. For more details, see the Non-IFRSand other financial measures section in the 2022 Annual Report.
4. The Estimated float represents the number of outstanding shares available on the stock markets.

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Agenda

1. Key elements of success
2. Executing the Plan
3. The drivers and growth potential of our selected markets
4. ESG update

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1.

Key elements of success