Innergex Reports First Quarter 2025 Results
Innergex Reports First Quarter 2025 Results
Innergex has entered into a definitive agreement to be acquired by CDPQ for $13.75 per common share in cashThe arrangement resolution was approved by 99.86% of the votes cast by common shareholders present virtually or represented by proxy at the annual and special meeting of shareholders held on May 1, 2025, excluding common shares held by the rollover shareholdersReached commercial operation of the Hale Kuawehi solar and storage facility in HawaiiAdjusted EBITDA Proportionate1 reached $181.9 million, up 7% compared to Q1 2024Free Cash Flow per Share1 at $1.07 for the trailing twelve months year ended March 31, 2025All amounts are in thousands of Canadian dollars, unless otherwise indicated.LONGUEUIL, QC, May 7, 2025 /CNW/ - 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, 2025. "This quarter marked a major milestone for Innergex with the announcement of the proposed acquisition by CDPQ to take the company private. We were pleased to see our shareholders overwhelmingly approve the arrangement at our recent annual and special meeting of shareholders. We are now focused on securing the necessary regulatory approvals and look forward to completing the transaction at the latest by Q4 2025. During the first quarter, we also continued to make solid progress on our development and construction activities, including achieving the commercial operation of the Hale Kuawehi solar farm in Hawaii," said Michel Letellier, President and Chief Executive Officer.FINANCIAL HIGHLIGHTSThree months ended March 3120252024Production (MWh)2,719,3842,522,981Production as a percentage of LTA94 %96 %Revenues and Production Tax Credits 271,488242,535Operating Income74,40163,019Adjusted EBITDA1177,819164,734Net Loss(4,532)(37,659)Adjusted Net Earnings (Loss)1(4,737)(20,233)Net Earnings (Loss) Attributable to Owners, $ per share - basic (0.07)(0.21)Net Earnings (Loss) Attributable to Owners, $ per share - diluted(0.07)(0.21)Production Proportionate (MWh)12,771,5002,587,793Revenues and Production Tax Credits Proportionate1279,600252,000Adjusted EBITDA Proportionate1181,896170,685Trailing twelve months ended March 3120252024Cash Flow from Operating Activities279,016325,580Free Cash Flow1,2216,382241,787Free Cash Flow per Share1,21.071.19Payout Ratio1,234 %53 %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 NON-IFRS MEASURES section for more information.2.For more information on the calculation and explanation, please refer to the 4- CAPITAL AND LIQUIDITY | Free Cash Flow and Payout Ratio section of the MD&A for the quarter ended March 31, 2025 for more information.FINANCIAL HIGHLIGHTS PER SEGMENTConsolidatedProportionate1Three months ended March 31Three months ended March 3120252024Change20252024ChangeRevenues and Production Tax Credits271,488242,53512 %279,600252,00011 %Adjusted EBITDAHydro37,43053,034(29) %37,50655,881(33) %Wind152,127117,67629 %156,128120,78029 %Solar17,75218,239(3) %17,75218,239(3) %Other corporate expenses2(29,490)(24,215)(22) %(29,490)(24,215)(22) %Adjusted EBITDA1177,819164,7348 %181,896170,6857 %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 the NON-IFRS MEASURES section for more information.2.Other corporate expenses include corporate general and administrative expenses and prospective project expenses.OPERATING PERFORMANCEFIRST QUARTER 2025For the three months ended March 31, 2025, Revenues and Production Tax Credits were up 12% to $271.5 million compared with the same period last year. The increase is mainly explained by the sale of production tax credits, the Boswell Springs wind facility, higher prices at the wind facilities in Chile and the hydro production in Quebec. The increase is partly offset by lower prices at the Texas facilities in the United States, lower production at the hydro facilities in British Columbia and at the Curtis Palmer in the United States and wind facilities in France.Adjusted EBITDA Proportionate1 was 7% higher at $181.9 million, compared with the same period last year.CASH FLOW FROM OPERATING ACTIVITIES, FREE CASH FLOW1 AND FREE CASH FLOW PER SHARE1For the three months ended March 31, 2025, cash flows from operating activities totaled $67.9 million, compared with cash flows from operating activities of $81.0 million in the same period last year. The decrease is mainly related to an unfavourable change in the non-cash operating items. The decrease also stems from the finance costs paid following the recent commissioning of the Boswell Springs facility. These items were partly offset by the operating performance previously discussed, and by the distributions received on the Innavik preferred units.Free Cash Flow1 for the trailing twelve months ended March 31, 2025 amounted to $216.4 million, compared with $241.8 million for the corresponding period last year. The decrease is mainly explained by the decrease in the gains realized on strategic transactions relating to the French portfolio during Q4 2023 compared to the Texas Portfolio Transaction during Q2 2024, partly offset by the above factors and the commissioning of the Boswell Springs wind facility.For the trailing twelve months ended March 31, 2025, Free Cash Flow per share1 amounted to $1.07, a decrease compared to $1.19 of the corresponding period last year.For the trailing twelve months ended March 31, 2025, the dividends on common shares declared by the Corporation amounted to 34% of Free Cash Flow1, compared with 53% for the corresponding period last year.PROJECTS UNDER CONSTRUCTIONName (Location)TypeOwnership(%)Grossinstalled capacity (MW)PPA term (years)Expected CODSalvador BESS II (Chile)Storage10020.02-42026San Andrés BESS II (Chile)Storage10042.03-42026Rucacura (Chile)HydroFull story available on Benzinga.com
