Innergex Renewable Energy Inc.

Reported hard numbers: Q4 2024 adjusted EBITDA proportionate was $210 million, up approximately 13% year over year; full-year 2024 adjusted EBITDA proportionate was $761 million, up approximately 3% year over year. Q4 free cash flow was $49.2 million and full-year free cash flow was approximately $214 million; free cash flow per share was $0.24 in Q4 and $1.06 for the full year. Production was 97% of LTA in Q4 versus 94% in Q4 2023, and 93% of LTA for full-year 2024 versus 90% in 2023. Year-end total debt was approximately $6.6 billion, liquidity was over $700 million, and the company completed approximately $450 million of financing initiatives plus a $250 million sell-down of its Texas portfolio. For 2025, guidance is adjusted EBITDA proportionate of $825 million to $875 million and free cash flow per share before prospective expenses of $0.75 to $0.95; management said 2025 assumptions include production in line with LTAs and about 95% asset availability.

Michel Letellier struck an upbeat but disciplined tone, saying the company met all objectives and exceeded some. He emphasized execution strength in operations and construction, highlighted Boswell’s commissioning, and pointed to major commercial wins in Canada and Chile as evidence of Innergex’s ability to win long-term, take-or-pay, inflation-linked PPAs. He also stressed that the company will remain selective, focus heavily on Canada, and keep pursuing growth without sacrificing returns.

Jean Trudel focused on the financial outperformance and balance-sheet flexibility. He said Q4 adjusted EBITDA proportionate of $210 million and full-year $761 million were helped by strong hydro performance, Boswell, and a roughly $16 million PTC recoverability adjustment in the quarter, while free cash flow per share for the year was $1.06; even excluding strategic transaction gains, he said it would still have been $0.87 and above guidance. He also noted total debt of about $6.6 billion, liquidity above $700 million, about $450 million of financing completed, remaining debt maturity of around 11 years versus 13 years of remaining PPA maturity, and said leverage remains about 90% non-recourse. For 2025, he pointed to EBITDA guidance of $825 million to $875 million and free cash flow per share of $0.75 to $0.95, with Boswell, Chile batteries, and Hale contributing to growth.

Analysts focused on capital allocation, regional growth priorities, tariffs, and self-funding capacity. Management said Canada remains the main focus because of strong RFP opportunities and long-term contracted returns, but France, the U.S., and Chile still matter; it added 16 prospective projects in the quarter, 10 of them in Canada. On tariffs and U.S. policy risk, management said the business is largely insulated, Palomino has some potential duty exposure of about $10 million but is partly protected by supply planning and FX hedging, and the team remains cautious but constructive on U.S. opportunities. On balance-sheet flexibility and buybacks, management said share repurchases remain part of the toolbox, but project funding and value-creating growth come first. On self-funding, management reiterated roughly 400 MW as a gross annual target, with flexibility to add recycling or refinancing if needed.