Polaris Renewable Energy Announces Q2 2025 Results

TORONTO, ONTARIO / ACCESS Newswire / July 31, 2025 / Polaris Renewable Energy Inc. (TSX:PIF) ("Polaris Renewable Energy" or the "Company"), is pleased to report its financial and operating results for the three and six months ended June 30, 2025. This earnings release should be read in conjunction with the Company's condensed consolidated interim financial statements and management's discussion and analysis, which are available on the Company's website at www.PolarisREI.com and have been posted on SEDAR+ at www.sedarplus.ca. The dollar figures below are denominated in US Dollars unless noted otherwise.

2025 HIGHLIGHTS

• Second quarter consolidated energy production totaled 215,797 MWh, representing a 15% increase compared to 186,886 MWh in the same quarter last year. The increase is mainly attributable to stronger hydrological conditions in Peru and the contribution from the Puerto Rican wind farm, acquired on March 3, 2025, which did not contribute to consolidated energy production in the comparative quarter of 2024.

• The Company generated $21.6 million in revenue from energy sales for the three months ended June 30, 2025, compared to $18.7 million in the same period in 2024.

• Adjusted EBITDA was $15.4 million for the three-month period ended June 30, 2025, compared to $13.3 million in the same period in 2024.

• Net earnings attributable to shareholders of the Company for the quarter ended June 30, 2025 were $2,203 or $0.10 per share - basic, compared to $985 or $0.05 per share - basic in the comparative period of 2024.

• For the six months ended June 30, 2025, the Company generated $16.5 million in net cash flow from operating activities, ending with a cash position of $90.7 million, including restricted cash.

• Cost and G&A management improved year-over-year, (adjusting for Punta Lima Wind Farm acquisition) underscoring strong cost discipline and operational efficiency amid continuing inflationary pressure.

• Maintaining a quarterly dividend remains a goal for the Company. In respect of the second quarter of 2025, the Company declared and expects to pay a quarterly dividend of $0.15 per outstanding common share on August 22, 2025.

OPERATING AND FINANCIAL OVERVIEW

During the three months ended June 30, 2025, quarterly consolidated power production was 15% higher than the production in the same period of 2024. The year-over-year growth was primarily driven by the contribution of the Punta Lima Wind Farm, acquired in March 2025, and by stronger hydrological conditions in Peru, which significantly boosted output across its hydroelectric portfolio.

Production in Ecuador and Peru both exceeded prior-year levels, supported by favorable rainfall patterns. In contrast, production in Nicaragua was slightly lower versus the second quarter of 2024 , due to recurring but unpredictable well behavior that can intermittently impact generation.

The Canoa 1 facility in the Dominican Republic generated 7% more electricity during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase primarily reflects improved productivity from the newly installed solar panels, partially offset by system-wide curtailment that persisted throughout the second quarter and was higher than in Q1. Curtailment levels observed in Q2 are expected to continue for the remainder of the year.

Production at the Vista Hermosa Solar Park in Panama was slightly lower compared to the second quarter of 2024, primarily due to isolated technical issues, now fixed, with the internal transmission line and an unusually prolonged rainy season, which led to lower solar irradiation.

In contrast, the Punta Lima Wind Farm delivered strong results in Q2 2025, exceeding management's expectations, reflecting both favorable wind conditions and solid operational performance.

"We are pleased to report another quarter of strong operational and financial performance. The 15% year-over-year increase in energy production reflects both the successful integration of the Punta Lima Wind Farm and favorable hydrological conditions across our hydroelectric portfolio. These results highlight the benefits of our diversified asset base and disciplined operating model.

Our ability to grow revenue and adjusted EBITDA, while managing costs effectively, positions us well in the current inflationary environment. With over $90 million in cash and a stronger balance sheet, we are in a good position to pursue selective growth opportunities.

We continue to evaluate options to complement our generation portfolio with battery storage projects, particularly in jurisdictions where storage can enhance grid stability and improve revenue certainty. As we move into the second half of the year, we remain focused on operational execution and maintaining our quarterly dividend", said Marc Murnaghan, Chief Executive Officer of Polaris Renewable Energy.

About Polaris Renewable Energy Inc.

Polaris Renewable Energy Inc. is a Canadian publicly traded company engaged in the acquisition, development, and operation of renewable energy projects in Latin America & the Caribbean. We are a high-performing and financially sound contributor to the energy transition.

The Company's operations include a geothermal plant (82 MW), four run-of river hydroelectric plants (39 MW), three solar (photovoltaic) projects in operation (35 MW) and an onshore wind park (26 MW).

For more information, contact:

Investor Relations
Polaris Renewable Energy Inc.

Phone: +1 647-245-7199
Email: info@PolarisREI.com

SOURCE: Polaris Renewable Energy Inc.

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