Northland Power Reports Third Quarter 2025 Results
Press Release
TORONTO, Nov. 12, 2025 Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) today reported financial results for the three and nine months ended September 30, 2025. All dollar amounts set out herein are in thousands of Canadian dollars, unless otherwise stated.
“Operating results were strong this quarter with availability of 96%, and the offshore wind resource in Europe improved. Construction of our two offshore wind projects continues. Both Baltic Power offshore substations have now been installed, and all export cables are complete at Hai Long. The Hai Long project remains on track, but the commissioning of turbines has been slower than anticipated,” stated Christine Healy, President and CEO of Northland.
Ms. Healy continued, “As part of Northland’s strategy, we have assessed growth opportunities in our core markets in Canada and Europe. We see multiple value-accretive opportunities where Northland’s capabilities can be deployed to deliver long-term value for shareholders. To provide greater financial flexibility for self-funded growth while maintaining an investment grade balance sheet, the Board of Directors has decided to adjust Northland’s dividend to $0.72 per share on an annual basis. We are committed to this sustainable dividend and we look forward to providing our plan and outlook to the market at our upcoming Investor Day on November 20, 2025.”
Significant Events and Updates
Construction Projects Update:
- Hai Long Offshore Wind Project – Northland continues to advance the 1.0 GW Hai Long project, installing more than half of the wind turbines and completing installation of export cables. Slower than expected commissioning could impact pre-completion revenues in the amount of approximately $150 million to $200 million (Northland share) in 2026. The fabrication of remaining components is continuing to advance as per schedule. The project remains on track for full commercial operations in 2027, with overall costs aligned with original expectations.
- Baltic Power Offshore Wind Project – Northland continues to advance the 1.1 GW Baltic Power project with offshore construction activities progressing including the successful installation of both offshore substations. The project remains on track for full commercial operations in the second half of 2026, with overall costs aligned with original expectations.
Others:
- Common Shares Dividend – On November 12, 2025, Northland’s Board of Directors approved an adjustment to Northland’s dividend to $0.72 per share on an annual basis. The change will be applicable to the dividend payment on January 15, 2026, to shareholders of record on December 31, 2025.
- ScotWind Offshore Wind Projects – Development on Spiorad na Mara, the fixed foundation offshore wind project, is ongoing with community consultation completed and consent submissions occurring in the coming months. Havbredey, the floating offshore wind project, has been de-prioritized.
- Executive Changes – In September 2025, Northland made changes to its executive team. Jaime Hurtado was appointed as General Counsel, and Michelle Chislett, Executive Vice President of Onshore Renewables, departed the Company. Calvin MacCormack, Executive Vice President of Natural Gas & Utilities, has assumed the leadership role for both the Onshore Renewables and Natural Gas & Utilities teams and portfolios.
Third Quarter Results
- Revenue from energy sales was $554 million in the third quarter of 2025 compared to $491 million in the same quarter of 2024.
- Net loss was $456 million in the third quarter of 2025 compared to a net loss of $191 million in the same quarter of 2024.
- Adjusted EBITDA (a non-IFRS measure) was $257 million in the third quarter of 2025 compared to $228 million in the same quarter of 2024.
- Free Cash Flow per share (a non-IFRS measure) was $0.17 in the third quarter of 2025 compared to $0.08 in the same quarter of 2024.
- Cash provided by operating activities was $325 million in the third quarter of 2025 compared to $196 million in the same quarter of 2024.
- Available corporate liquidity of $1,047 million as at September 30, 2025 including $180 million of cash on hand and approximately $867 million of available capacity on the corporate revolving credit facilities.
The following table presents key IFRS and non-IFRS financial measures and operational results. Revenue from energy sales, operating income (loss) and net income (loss), as reported under IFRS, include consolidated results of entities not wholly owned by Northland, whereas Northland’s non-IFRS financial measures include only Northland’s proportionate ownership interest.
Summary of Consolidated Results
IBF4
