Highlights

• Polaris Renewable Energy declared a US$0.15 quarterly Dividend for holders of record on 12 November 2026.

• Third-quarter adjusted EBITDA reached US$12.3 million, while Revenue held steady at US$19.0 million year on year.

• El Niño reduced hydro output in Peru and Ecuador, while Puerto Rico wind generation proved exceptionally strong.

• Canadian-dollar yields shift with the Exchange Rate because the company declares its dividend in US dollars.

The plants sit in Latin America and the Caribbean and the dividend is set in US dollars, yet the shares change hands in Canadian dollars. Polaris Renewable Energy Inc. (TSX:PIF) declared another US$0.15 a share on 5 November 2026, payable on 20 November to holders of record on 12 November.

That mismatch shapes every Yield figure attached to the stock. Add a quarter in which drought trimmed hydro output and impairments produced a net loss, and the arithmetic deserves a careful read.

Three payments, not four

Quarterly dividends of US$0.15 went ex in February, May and August 2026. The previous payment went ex on 10 November 2025, one day before the 11 November 2025 to 10 November 2026 window, and the newly declared one goes ex after it. The trailing total is therefore US$0.45.

Converted at the Bank of Canada rate of 1.4123 for 9 November 2026, that equals about C$0.636. On the latest confirmed close of C$13.30, dated 13 October 2026, the trailing yield is roughly 4.78%. The annualised run rate of US$0.60 gives an indicated yield near 6.37%. Both figures are FX-dependent.

A mixed quarter across the fleet

Consolidated generation was 175,791 MWh, 3.0% lower year on year. Revenue was flat at US$19.0 million, helped by higher contracted prices in Peru and stronger output in Puerto Rico, where prices are also higher.

Adjusted EBITDA eased to US$12.3 million from US$12.8 million, and net cash from Operating Activities was US$12.1 million. A net loss of US$7.2 million stemmed mainly from US$8.3 million of non-cash Impairment charges.

Grid curtailment in the Dominican Republic averaged 18% in the quarter, against roughly 7% in earlier years. Nicaragua performed in line with expectations after heavy maintenance earlier in 2026. Wind output in Puerto Rico partly offset those shortfalls. Across the first nine months, production totalled 580,238 MWh, down 5.4%, and adjusted EBITDA reached US$39.5 million against US$43.2 million a year earlier.

Balance sheet and growth pipeline

Cash stood at US$99.1 million at 30 September, including US$8.7 million restricted, against total Debt of US$216.9 million.

In Puerto Rico, a 20-year agreement covers a 35.7 MW, eight-hour battery system at Punta Lima, with gross Capital costs estimated at US$55 million to US$60 million. In Mexico, a Subsidiary signed a mixed Investment agreement with the state Utility for about 250 MWdc of solar and 61.6 MW of storage, costing roughly US$250 million; definitive agreements, including power purchase agreements, are still being finalised.

Policy and index standing

The board says it remains committed to a quarterly dividend, while payments stay at its discretion. An exchange-traded fund tracking the S&P/TSX SmallCap Index held Polaris on 25 September 2026, with no later change found.

Management has said it will evaluate further increases as appropriate. Until the new contracts in Mexico close and the battery project is built, however, the dividend rests on the existing hydro, geothermal, solar and wind fleet.