Start Time: 10:00 January 1, 0000 10:55 AM ET Banco Latinoamericano de Comercio Exterior, S. A. (NYSE:BLX) Q4 2024 Earnings Conference Call February 28, 2025, 10:00 AM ET Company Participants Jorge Salas - CEO Ana Graciela de Mendez - EVP and CFO Annette van Hoorde - SVP, Funding and Asset-Liability Management Eduardo Vivone - EVP, Treasury and Capital Markets Samuel Canineu - Chief Commercial Officer, Brazil Conference Call Participants Ricardo Buchpiguel - BTG Daniel Mora - Credicorp Capital Operator Good ...

February 2025 1 Record Perfomance in 2024 ROE FY 16.2% ↓ 83 bps QoQ | ↑153 bps YoY Net Income FY $206M ↓ 3% QoQ |↑ 24% YoY All-Time High Earnings and Strong RoE Commercial Book $10.0 Bn ↑ 4% QoQ |↑ 18% YoY Deposits $5.4 Bn ↓ 4% QoQ |↑ 23% YoY Record Commercial Portfolio and Record Total Deposits NIM FY 2.47% ↓ 11 bps QoQ | ↓ 2 bps YoY Margins Increasing and Robust Asset Quality Net Fees $44.4M ↑ 13% QoQ | ↑ 37% YoY Efficiency Ratio FY 26.5% ↑ 207 bps QoQ | ↓74 bps YoY Stable Fee Income and Operational Effic ...

Core Viewpoint - Boralex Inc. has announced a normal course issuer bid (NCIB) to repurchase up to 8,669,245 Class A shares, representing approximately 10% of the public float, to optimize fund usage and create long-term value for shareholders [1][4]. Group 1: NCIB Details - The NCIB will commence on March 4, 2025, and end no later than March 3, 2026, with a total of 102,766,580 Common Shares outstanding as of February 19, 2025 [1]. - Boralex is permitted to purchase a maximum of 72,088 Common Shares daily, which is 25% of the average daily trading volume of 288,355 Common Shares over the six-month period ending January 31, 2025 [2]. - The shares will be acquired at the prevailing market price, with any purchases under an exemption order being at a discount [1]. Group 2: Automatic Share Purchase Plan (ASPP) - Boralex will implement an automatic share purchase plan (ASPP) to facilitate share repurchases during periods when the company cannot buy its securities due to regulatory restrictions [3]. - The designated broker will make purchases based on pre-set parameters without further instructions from Boralex during blackout periods [3]. Group 3: Strategic Rationale - The company believes its shares are undervalued and the NCIB will enhance shareholder value by increasing equity interest for remaining shareholders when repurchased shares are canceled [4]. - The decision on the timing and size of purchases will depend on various factors, including capital positions, financial performance, and market conditions [5]. Group 4: Company Overview - Boralex is a leader in renewable energy, particularly in onshore wind power, with over 3.1 GW of installed capacity and a project portfolio exceeding 8 GW in development [7]. - The company has been active in the renewable energy sector for over 30 years and is committed to sustainable growth and corporate social responsibility [7].

Core Insights - Banco Latinoamericano de Comercio Exterior, S.A. (Bladex) reported historic profitability and business growth for the fourth quarter and full year 2024, achieving a record net income of $206 million, a 24% year-over-year increase [4][7] - The bank's commercial loan portfolio grew by 18%, surpassing $10 billion for the first time, with non-performing loans near zero, indicating strong risk management practices [1][4] - Deposits reached $5.4 billion, representing 54% of total funding, with a 23% increase in year-end balances and a 33% rise in average balances for the year, exceeding the bank's growth target of 30% [2] Financial Performance - Fee income reached a record $44 million, up 37% from 2023, driven by a 24% increase in letter of credit fees and a 38% rise in syndication fees, with total transactions exceeding $2.5 billion [3][7] - The bank achieved a 10% asset growth and maintained a 26.5% efficiency ratio, reflecting effective cost management [4] - Return on equity (ROE) reached 16.2%, up 153 basis points from 2023, highlighting the efficiency and profitability of Bladex's business model [4] Strategic Developments - The Board of Directors approved a 25% increase in the quarterly dividend, reinforcing confidence in Bladex's growth trajectory and commitment to shareholder value [5][6] - The CEO emphasized that 2024 was a historic year for Bladex, with record profitability and portfolio growth, and indicated plans to launch a digital trade finance platform in the second half of 2025 to enhance product offerings and operational efficiency [6]

Financial Results - Boralex reported a Q4-2024 EBITDA(A) of $169 million, down 17% from Q4-2023, with a total EBITDA(A) of $581 million for fiscal 2024, a slight increase from the previous year [5][11][15] - Power production in Q4-2024 was 1,520 GWh, a 16% decrease compared to Q4-2023, and total production for fiscal 2024 was 5,691 GWh, down 5% from 2023 [10][14] - Revenues from energy sales and feed-in premiums for Q4-2024 were $228 million, a decrease of 28% from Q4-2023, while total revenues for fiscal 2024 were $817 million, down 18% from the previous year [11][14] Development and Construction Activities - Boralex acquired the Clashindarroch Wind Farm Extension project in the UK, with a total capacity of 195 MW, and has a 50% interest in the project [2][4] - The company has a portfolio of projects under development totaling 8,005 MW, which is 18% higher than in 2023, focusing on high growth potential markets [5][19] - Progress is being made on several projects, including the Limekiln wind farm in the UK and the Apuiat wind farm in Quebec, with commissioning planned for 2025 [5][18] Financial Position and Cash Flow - Boralex secured nearly $1.2 billion in financing in 2024, a record for the company, despite market volatility [4][8] - As of December 31, 2024, Boralex had $592 million in cash and cash equivalents and $523 million in available cash resources and authorized financing [5][38] - Net cash flows related to operating activities for Q4-2024 were $31 million, down from $107 million in Q4-2023, with discretionary cash flows of $47 million for the quarter [5][33] Corporate Social Responsibility - Boralex's greenhouse gas emission reduction targets were validated by the Science Based Targets initiative (SBTi), demonstrating its commitment to achieving net zero emissions by 2050 [9] - The company ranked 94th out of 215 S&P/TSX Composite Index companies in a corporate responsibility assessment, improving from 102nd in the previous year [9]

Core Viewpoint - Banco Latinoamericano de Comercio Exterior, S.A. (Bladex) reported strong financial results for the Fourth Quarter and Full Year 2024, highlighting record net profits and growth in key financial metrics driven by increased revenues and efficient operations [1][5]. Financial Performance - Net Interest Income (NII) for 4Q24 was $66.9 million, a 2% increase year-over-year, and $259.2 million for FY24, up 11% year-over-year [4][5]. - Total revenues reached $78.4 million in 4Q24 and $303.6 million for FY24, reflecting a 14% year-over-year growth [4][5]. - The Bank's profit for the period was $51.5 million in 4Q24, an 11% increase year-over-year, and $205.9 million for FY24, a 24% increase year-over-year [4][5]. Profitability Metrics - Return on Equity (ROE) improved to 16.2% for FY24, up 153 basis points year-over-year, with an annualized ROE of 15.5% in 4Q24 [5][6]. - Earnings per Share (EPS) for FY24 was $5.60, compared to $4.55 in FY23 [4][5]. Efficiency and Cost Management - The Efficiency Ratio was 29.2% for 4Q24 and 26.5% for FY24, indicating effective cost management as operating expenses increased by 7% year-over-year in 4Q24 and 11% for FY24 [5][6]. - Operating expenses totaled $22.9 million in 4Q24 and $80.5 million for FY24 [4][5]. Asset Quality and Portfolio Growth - The Credit Portfolio reached a record level of $11,224 million as of December 31, 2024, an 18% increase year-over-year [5][6]. - The Commercial Portfolio also hit a new high of $10,035 million at the end of 4Q24, reflecting strong demand and business growth [5][6]. Liquidity and Capital Position - The Bank's liquidity position was $1,918 million, representing 16% of total assets, with a significant portion held in deposits with the Federal Reserve Bank of New York [5][6]. - Tier 1 Capital and Regulatory Capital Adequacy Ratios stood at 15.5% and 13.6%, respectively, indicating a strong capital position [5][6]. Recent Developments - The Board of Directors approved a quarterly dividend of $0.625 per share for 4Q24, to be paid on March 25, 2025 [7]. - The Bank received authorization for the public offering of up to COP $300 billion in ordinary bonds in Colombia [8]. - A succession plan was announced for the Chief Financial Officer position, with a new appointment effective April 2025 [9].

Group 1 - Bladex announced a quarterly cash dividend of US$0.625 per share for the fourth quarter of 2024, payable on March 25, 2025, to stockholders as of the record date of March 10, 2025 [1] - As of December 31, 2024, Bladex had 36,790,818.86 shares outstanding across all classes [1] - Bladex is a multinational bank established in 1979 to promote foreign trade and economic integration in Latin America and the Caribbean [2] Group 2 - Bladex is headquartered in Panama and has offices in Argentina, Brazil, Colombia, Mexico, the United States, and a Representative License in Peru [2] - The bank is listed on the NYSE since 1992, with shareholders including central banks, state-owned banks, and institutional and retail investors from 23 Latin American countries [3] - Bladex's customer base includes financial institutions and corporations, supporting regional expansion [2]

Core Points - Boralex Inc. will release its 2024 fourth quarter results on February 28, 2025, at 11 a.m. ET [1] - A conference call will be held for financial analysts and investors to discuss the results [1] - The financial information will be available through a press release and on Boralex's website at 7 a.m. on the same day [3] Company Overview - Boralex has been providing affordable renewable energy for over 30 years and is a leader in the Canadian market [4] - The company is the largest independent producer of onshore wind power in France and has facilities in the United States and development projects in the United Kingdom [4] - Over the past five years, Boralex's installed capacity has more than doubled to over 3.1 GW, with a portfolio of more than 7.2 GW in wind, solar, and storage projects [4] - Boralex is committed to sustainable growth and actively participates in combating global warming [4] - The company's shares are listed on the Toronto Stock Exchange under the ticker symbol BLX [4]

Core Points - Boralex has declared a quarterly dividend of $0.165 per common share, payable on March 17, 2025, to shareholders of record as of February 28, 2025 [1] - The dividend is designated as an eligible dividend under Canadian tax law [1] Company Overview - Boralex has been providing affordable renewable energy for over 30 years and is a leader in the Canadian market, as well as the largest independent producer of onshore wind power in France [2] - The company has facilities in the United States and development projects in the United Kingdom, with installed capacity more than doubling to over 3 GW in the past five years [2] - Boralex has a project pipeline totaling over 7.2 GW in wind, solar, and electricity storage projects, guided by corporate social responsibility values [2] - The company is actively participating in the fight against global warming through profitable and sustainable growth [2] - Boralex's shares are listed on the Toronto Stock Exchange under the ticker symbol BLX [2]

Core Points - Boralex Inc. will release its 2024 fourth quarter results on February 28, 2025, at 11 a.m. ET [1] - Financial analysts and investors are invited to attend a conference call for the presentation of the financial results [1][2] - The financial information will be available through a press release and on Boralex's website at 7 a.m. on the same day [3] Company Overview - Boralex has been providing affordable renewable energy for over 30 years and is a leader in the Canadian market [4] - The company is the largest independent producer of onshore wind power in France and has facilities in the United States and development projects in the United Kingdom [4] - Over the past five years, Boralex's installed capacity has more than doubled to over 3.1 GW, with a portfolio of more than 7.2 GW in wind, solar, and storage projects [4] - Boralex is committed to sustainable growth and actively participates in combating global warming [4]