TORONTO, May 13, 2026 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) today reported financial results for the three months ended March 31, 2026. All dollar amounts set out herein are in Canadian dollars, unless otherwise stated.
Highlights
- Delivered Adjusted EBITDA and Free Cash Flow per share increased 18% and 17%, respectively, over the first quarter of 2025, driven by 31% higher wind production across European offshore wind assets.
- Advanced construction on the Baltic Power (1.1 GW) and Hai Long (1.0 GW) offshore wind projects including fabrication of the remaining major components and installation of over 50% of the turbines across the two projects.
- Secured a 30-year Corporate Power Purchase Agreement (CPPA) for the balance of the production of the Hai Long offshore wind Project.
“We’ve had a positive start to the year, driven by strong operating performance and continued progress across our construction portfolio,” said Christine Healy, President and CEO of Northland. “As demand for electricity grows across our core markets, we’re focused on executing with discipline and driving value, including with the recently secured CPPA for Hai Long.”
Significant Events and Updates
Construction Projects Update:
Hai Long Offshore Wind Project – Northland continues to advance the 1.0 GW Hai Long Project in Taiwan. During the quarter, fabrication of the remaining components for the project was completed. The project began its 2026 wind turbine installation campaign, with 51 out of 73 turbines now installed and 32 turbines generating power. There have been no material changes to the potential equity funding requirements since last reported. The project is on track for commercial operations in 2027, with overall costs aligned with original expectations.
In April 2026, Hai Long signed a 30-year Corporate Power Purchase Agreement. Upon completion of certain administrative conditions precedent later in 2026, 100% of the project’s generating capacity will be contracted with the current corporate off-taker.
Baltic Power Offshore Wind Project – Northland continues to advance the 1.1 GW Baltic Power Project in Poland. During the quarter, several important construction milestones were achieved, including completion of fabrication of the remaining components for the project and the installation of all four export cables, all inter-array cables, and 38 of 76 turbines. The project is on track for commercial operations in the second half of 2026, with overall costs aligned with original expectations.
Jurassic Battery Energy Storage Project – Northland continues to advance the 80 MW / 160 MWh Jurassic Battery Energy Storage Project in Alberta, Canada. During the quarter, all 39 battery packs and 20 transformers were installed, and the project energized the main transformer. The project is on track for commercial operations in late 2026, with overall costs aligned with original expectations.
Others:
Polish Battery Energy Storage Projects – During the quarter, Northland continued to advance the two late-stage, pre-construction, 300 MW / 1.2 GWh battery energy storage projects in Poland. The 100 MW / 400 MWh Kamionka Project secured key permits and is expected to commence construction by the end of the first half of 2026. Meanwhile, the 200 MW / 800 MWh Mieczysławów Project is expected to commence construction in the second half of 2026.
Board Appointment – On March 25, 2026, Northland appointed Bahir Manios to its Board of Directors. Mr. Manios brings more than 20 years of senior leadership experience in asset management and North American capital markets.
Updates to Growth Pipeline – During the quarter, Northland continued to evaluate and streamline its growth pipeline. As part of this process, the Company discontinued the 104 MW High Bridge Onshore Wind Project in New York State and did not renew a permit in South Korea for a 990 MW offshore project. These changes have been reflected in the growth pipeline.
Financial Results for First Quarter
The first quarter of 2026 showed improved financial results compared to the corresponding quarter last year, driven by higher production across the offshore wind facilities as well as the contribution from the Oneida Energy Storage Facility, which commenced operations in the second quarter of 2025. This increase was partially offset by lower revenue from the onshore wind and solar facilities in Spain, Canada and the United States.
- Revenue from energy sales increased to $775 million in the first quarter of 2026 compared to $665 million in the same quarter of 2025.
- Net income increased to $161 million in the first quarter of 2026 compared to $111 million in the same quarter of 2025.
- Adjusted EBITDA (a non-IFRS measure) increased to $427 million in the first quarter of 2026 compared to $361 million in the same quarter of 2025.
- Free Cash Flow per share (a non-IFRS measure) increased to $0.70 in the first quarter of 2026 compared to $0.60 in the same quarter of 2025.
- Cash provided by operating activities increased to $571 million in the first quarter of 2026 compared to $423 million in the same quarter of 2025.
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 | |||||||
| (in thousands of dollars, except per share amounts) | Three months ended March 31, | ||||||
| 2026 | 2025 | ||||||
| FINANCIALS | |||||||
| Revenue from energy sales (1) | $ | 774,581 | $ | 665,145 | |||
| Operating income (loss) (1) | 335,640 | 279,732 | |||||
| Net income (loss) (1) | 160,507 | 110,817 | |||||
| Net income (loss) attributable to shareholders of Northland | 88,615 | 66,832 | |||||
| Adjusted EBITDA (a non-IFRS measure) (2) | 427,400 | 361,185 | |||||
| Cash provided by operating activities (1) | 571,428 | 422,808 | |||||
| Free Cash Flow (a non-IFRS measure) (2) | 182,034 | 157,276 | |||||
| Cash dividends paid | 47,070 | 50,656 | |||||
| Total dividends declared (3) | $ | 47,070 | $ | 78,293 | |||
| Per Share | |||||||
| Weighted average number of shares — basic and diluted (000s) | 261,502 | 260,688 | |||||
| Net income (loss) attributable to common shareholders — basic and diluted | $ | 0.33 | $ | 0.25 | |||
| Free Cash Flow (a non-IFRS measure) (2) | $ | 0.70 | $ | 0.60 | |||
| Total dividends declared | $ | 0.18 | $ | 0.30 | |||
| ENERGY VOLUMES | |||||||
| Electricity production (GWh) (4) | 3,403 | 3,015 | |||||
| Northland’s share of electricity production (GWh) (5) | 2,935 | 2,642 | |||||
| (1) Represents fully consolidated financial information on a 100% basis for all direct and indirect subsidiaries, including those partially owned by Northland. The share of profit (loss) from joint ventures has been included only in the net income measures, as required by IFRS. | |||||||
| (2) See Forward-Looking Statements and Non-IFRS Financial Measures below. | |||||||
| (3) Represents total dividends declared to common shareholders, including dividends paid in cash or in shares under Northland’s Dividend Reinvestment Plan. | |||||||
| (4) Represents 100% of electricity produced by Northland’s direct and indirect subsidiaries, including those partially owned by Northland, and Northland’s portion of Hai Long’s pre-completion production. | |||||||
| (5) Presented at Northland’s economic interest of electricity production from all direct and indirect subsidiaries, including those which are partially owned by Northland as well as Northland’s share of pre-completion production from Hai Long. | |||||||
First Quarter Highlights
International Business Unit
Northland’s International business unit comprises a portfolio of two operating offshore wind facilities in Germany, one operating offshore wind facility in the Netherlands, and a portfolio of onshore wind and solar assets located in Spain. The business unit also includes two under-construction offshore wind projects, namely the Hai Long Project in Taiwan and the Baltic Power Project in Poland, which Northland and its partners jointly own.
Offshore wind facilities
Electricity production for the three months ended March 31, 2026 increased 31% or 350 GWh compared to the same quarter of 2025, due to higher wind resource across all offshore wind facilities.
Commercial availability for the three months ended March 31, 2026 was at 96%.
Revenue from energy sales of $418 million for the three months ended March 31, 2026 increased 31% or $100 million, compared to the same quarter of 2025, due to higher production across offshore wind facilities.
Adjusted EBITDA of $265 million for the three months ended March 31, 2026 increased 31% or $63 million compared to the same quarter of 2025, resulting from higher operating income.
Onshore renewable facilities
Electricity production for the three months ended March 31, 2026 of 315 GWh, increased 15% or 40 GWh, due to high wind and solar resources at the Spanish facilities.
Commercial availability for the three months ended March 31, 2026 was at 96%.
Revenue from energy sales of $42 million for the three months ended March 31, 2026 decreased 25% or $14 million compared to the same quarter of 2025, due to lower market prices at the Spanish facilities.
Adjusted EBITDA of $28 million for the three months ended March 31, 2026 decreased 34% or $15 million compared to the same quarter of 2025, due to the factors noted above.
Americas Business Unit
Northland’s Americas business unit comprises a portfolio of energy assets in Canada and the United States, including natural gas, onshore wind, solar, and energy storage facilities. In addition, the business unit operates regulated utility services in Colombia.
Onshore renewable & energy storage facilities
Electricity production for the three months ended March 31, 2026 of 531 GWh was 14% or 89 GWh lower compared to the same quarter of 2025, due to lower wind and solar resources at the New York and Canadian onshore facilities.
Commercial availability for the three months ended March 31, 2026 was at 98%.
Revenue from energy sales of $112 million for the three months ended March 31, 2026 increased 19% or $18 million compared to the same quarter of 2025, primarily due to the contribution from the Oneida energy storage facility, which commenced operations in the second quarter of 2025. This was partially offset by lower production at the New York wind facilities.
Adjusted EBITDA of $53 million for the three months ended March 31, 2026 was in line compared to the same quarter of 2025.
Natural gas facilities
Electricity production of 1,002 GWh for the three months ended March 31, 2026 was in line compared to the same quarter of 2025.
Commercial availability for the three months ended March 31, 2026 was at 96%.
Revenue from energy sales of $102 million for the three months ended March 31, 2026 was in line compared to the same quarter of 2025.
Adjusted EBITDA of $55 million for the three months ended March 31, …