Strategic Execution Secured 15-year 350 GWh per year PPA contract to supply clean energy to Codelco in Chile Advanced construction projects towards commissioning, including the 330 MW Boswell Springs wind project in Wyoming Subsequent to the quarter end, signed 30-year PPA with Hydro-Québec for the 100 MW Lotbinière Ndakina wind project. PPA for the 300 MW Manicouagan wind project to be signed in Q2 2024 Active share buyback program for a total cash consideration of $7.6 million as at May 7, 2024 Reaffirming full year 2024 financial guidance Q1 2024 Financial Results (compared to same period prior year results) Production Proportionate was at 96% of LTA, up from 87% Adjusted EBITDA Proportionate1 reached $170.7 million, up 15% Free Cash Flow per Share1 at $1.19 for the trailing twelve-months ended March 31, 2024, compared to $0.67 Payout Ratio1 of 53% for the trailing twelve-months ended March 31, 2024 All amounts are in thousands of Canadian dollars, unless otherwise indicated. LONGUEUIL, QC, May 8, 2024 /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, 2024. "Innergex delivered a positive start to 2024 with Adjusted EBITDA Proportionate1 and Free Cash Flow per Share1 meeting our expectations. Our performance demonstrates the benefits of our portfolio diversification across technologies and geographies," said Michel Letellier, President and Chief Executive Officer. "Our team is focused on executing our growth strategy. In addition to winning 400 MW of wind development projects in Quebec's latest Request for Proposals ("RFP") process, we secured a power purchase agreement ("PPA") with Codelco in Chile, through which we will supply 350 GWh of clean energy per year for 15 years. We remain on track to complete several construction projects during 2024, including the Boswell Springs wind project. Following our capital allocation strategy update earlier this year, we continue to focus on delivering sustainable and disciplined growth by strategically deploying our cash flow to support greenfield development opportunities. Our teams have been active in securing land for new prospective projects in Saskatchewan, British Columbia, Quebec, Ontario, and in our other core markets. Innergex's portfolio is well-aligned with global trends of accelerating demand for power, transition to clean energy, as well as need for energy security and cost competitiveness. Supported by these trends, we remain confident in our ability to execute our growth strategy and consistently create value for our shareholders." FINANCIAL HIGHLIGHTS Three months ended March 31 2024 2023 Production (MWh) 2,522,980 2,312,655 Production as a percentage of LTA 96 % 87 % Revenues and Production Tax Credits 242,535 218,328 Operating Income 63,019 62,969 Adjusted EBITDA1 164,734 145,100 Net Loss (37,659) (13,036) Adjusted Net Loss1 (20,233) (12,029) Net Loss Attributable to Owners, $ per share - basic and diluted (0.21) (0.08) Production Proportionate (MWh)1 2,586,369 2,359,970 Revenues and Production Tax Credits Proportionate1 252,000 224,455 Adjusted EBITDA Proportionate1 170,685 148,443 Trailing twelve months ended March 31 2024 2023 Cash Flow from Operating Activities 325,580 398,690 Free Cash Flow1,2 241,787 135,686 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 section NON-IFRS MEASURES for more information. 2. For more information on the calculation and explanation, please refer to 4- CAPITAL AND LIQUIDITY | Free Cash Flow and Payout Ratio of the MD&A. FINANCIAL HIGHLIGHTS PER SEGMENT Consolidated Proportionate1 2024 2023 Change 2024 2023 Change Revenues and Production Tax Credits 242,535 218,328 11 % 252,000 224,455 12 % Adjusted EBITDA Hydro 53,034 40,736 30 % 55,881 40,481 38 % Wind 117,676 113,481 4 % 120,780 117,079 3 % Solar 18,239 13,884 31 % 18,239 13,884 — % Other corporate expenses2 (24,215) (23,001) (5) % (24,215) (23,001) (5) % Adjusted EBITDA1 164,734 145,100 14 % 170,685 148,443 15 % 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 Section 5- NON-IFRS MEASURES of the MD&A for more information. 2. Other corporate expenses include corporate general and administrative expenses and prospective project expenses. OPERATING PERFORMANCE FIRST QUARTER 2024 Production in the quarter was marked by a substantial increase in water flows at the hydro facilities in British Columbia and Chile, partly offset by below average wind regimes in most regions. The increase in Revenues and Production Tax Credits compared to the same period last year was mainly due to higher production in the hydro segment in British Columbia and Chile and in the wind segment in Quebec as well as the acquisition of the Sault Ste. Marie solar facilities and higher prices in the wind segment in Chile. Adjusted EBITDA Proportionate1 was favourably impacted by the same factors noted above, partially offset by higher prospective project expenses. CASH FLOW FROM OPERATING ACTIVITIES, FREE CASH FLOW1 AND FREE CASH FLOW PER SHARE1 Cash flows from operating activities for the three months ended March 31, 2024 increased to $81.0 million, compared with $53.3 million in the prior year period. The primary contributor was the decrease in financial expenses paid as a result of the timing of interest payments on certain project and corporate debts compared with the first quarter of 2023. Free Cash Flow1 for the trailing twelve months ended March 31, 2024 increased to $241.8 million, compared with $135.7 million for the corresponding period last year. The increase is mainly due to a gain realized upon disposition of a 30% non-controlling interest in Innergex's portfolio in France, to the Sault Ste. Marie Acquisition and the performance of hydro facilities in British Columbia. Free Cash Flow1 per share for the trailing twelve months ended March 31, 2024 increased to $1.19 from $0.67 for the corresponding period last year. For the trailing twelve months ended March 31, 2024, the dividends on common shares declared by the Corporation amounted to 53% of Free Cash Flow1, compared with 108% for the corresponding period last year, following Innergex updated capital allocation strategy prioritizing the funding of our growth ambitions. PROJECTS UNDER CONSTRUCTION Name (Location) Type Ownership (%) Gross installed capacity (MW) Gross estimated LTA1 (GWh) PPA term (years) Expected COD San Andrés Battery Energy Storage (Chile) Storage 100 35 4