TORONTO, Nov. 12, 2026 (GLOBE NEWSWIRE) -- Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) today reported financial results for the three and nine months ended September 30, 2026. All dollar amounts set out herein are in Canadian dollars, unless otherwise stated.
Highlights
- Increased Adjusted EBITDA by 9% year-over-year, driven by new contributions from the Hai Long (1.0 GW) and Baltic Power (1.1 GW) offshore wind projects.
- Demonstrated Northland's execution excellence by achieving commercial operations ahead of schedule and under budget on the Jurassic (80 MW / 160 MWh) Battery Energy Storage System (BESS) project in Alberta.
- Achieved full turbine installation at Hai Long, with all 73 turbines installed and now generating power, and secured incremental debt funding to support the project.
- Reached a major milestone at Baltic Power by completing the installation of all 76 turbines, over 70% generating power and the project advancing through commissioning.
- Continued construction of the Kamionka (100 MW / 400 MWh) and Mieczysławów (200 MW / 800 MWh) BESS projects in Poland and secured project financing.
- Advanced approximately 900 MW of value accretive near-term development opportunities across core markets, with planned delivery by 2030.
- Achieved 93% commercial availability, with year-to-date electricity production in line with historical averages.
- Management reaffirmed its 2026 full-year guidance.
“This quarter marks an important phase for Northland as our major offshore wind projects begin to transition from construction into operations and generating cash flow. At the Baltic Power and Hai Long offshore wind projects we have installed all turbines, with all of Hai Long’s turbines now generating power. We continued to deliver on our commitments by completing the Jurassic BESS project ahead of schedule and under budget.” said Christine Healy, President and CEO of Northland. “I am proud of our team's continued excellence and disciplined execution. Our differentiated track record of execution, coupled with growing near-term development pipeline, position’s Northland to meet growing electricity demand across our core markets.”
Significant Events and Updates
Americas:
Jurassic BESS Project – Northland completed construction of the 80 MW / 160 MWh Jurassic BESS project in Alberta, Canada, ahead of schedule and under budget. The project has moved into commercial operations.
Midnight Alberta BESS Project – Northland converted an existing Alberta solar development project into a 200 MW / 800 MWh standalone battery project, driven by emerging storage market opportunity.
Canadian Renewable Pipeline Additions – Northland expanded its Canadian pipeline with the addition of approximately 350 MW of mid-stage development projects in Atlantic Canada and 250 MW of opportunities in central Canada.
International:
Baltic Power Offshore Wind Project – Northland continued to advance construction of the 1.1 GW Baltic Power project in Poland, with all 76 turbines installed and over 70% generating power. The project is advancing through commissioning in the fourth quarter of 2026. The project remains on track with costs aligned with original expectations.
Polish BESS Projects – Northland continued construction on its two BESS projects in Poland, totaling 300 MW / 1.2 GWh, and secured debt financing of approximately PLN 500 million (CAD 185 million) for both projects. The projects are on track with Project Kamionka’s (100 MW / 400 MWh) commercial operations expected in early 2028, and Project Mieczysławów’s (200 MW / 800 MWh) commercial operations expected in mid-2028.
Hai Long Offshore Wind Project – Northland continued to advance construction of the 1.0 GW Hai Long project in Taiwan, with all 73 turbines installed and generating power. The project remains on track, with final permitting approvals expected in the first half of 2027 and overall costs aligned with original expectations.
Gemini Co-located BESS Project – Northland advanced plans to co-locate an approximately 100 MW / 400 MWh hybridized BESS project on land occupied by the Gemini onshore substation in Eemshaven, Netherlands. The project is expected to enhance the value of Gemini’s existing offshore wind facility by reducing balancing costs and enabling participation in energy and ancillary services markets. The project is working towards a final investment decision in 2027.
Spain Co-located BESS Projects – Northland is advancing multiple opportunities, totaling approximately 250 MW / 1,000 MWh hybridized BESS projects across its existing wind and solar portfolio in Spain. The opportunities leverage Northland’s established operating platform and infrastructure across multiple sites. The projects are working towards final investment decisions in 2027.
Other Updates:
Executive Changes – In September 2026, Northland appointed Lyla Garzouzi as Executive Vice-President, Health, Safety, Security & Environment (HSSE) and Strategy Execution, strengthening the Company’s leadership team and supporting the execution of Northland’s strategy, operational initiatives, and safety culture. Chief Legal Officer, Jaime Hurtado, departed the Company to pursue another opportunity.
Financial Results for the Third Quarter
The financial results for the third quarter of 2026 were as follows:
- Revenue from energy sales of $565 million in the third quarter of 2026 is largely in line with $558 million in the corresponding quarter of 2025.
- Net income of $201 million in the third quarter of 2026 increased from a net loss of $456 million in the corresponding quarter of 2025.
- Adjusted EBITDA (a non-IFRS measure) increased to $280 million in the third quarter of 2026 compared to $257 million in the corresponding quarter of 2025.
- Free Cash Flow per share (a non-IFRS measure) decreased to $0.06 in the third quarter of 2026 compared to $0.17 in the corresponding quarter of 2025.
- Cash provided by operating activities increased to $382 million in the third quarter of 2026 compared to $325 million in the corresponding quarter of 2025.
| Summary of Consolidated Results | ||||||||||||||
| (in thousands of dollars, except per share amounts) | Three months ended September 30, | Nine months ended September 30, | ||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| FINANCIALS | ||||||||||||||
| Revenue from energy sales(1) | $ | 564,635 | $ | 557,597 | $ | 1,849,074 | $ | 1,735,116 | ||||||
| Operating income (loss)(1) | 140,645 | (393,169 | ) | 596,143 | 11,862 | |||||||||
| Net income (loss)(1) | 201,089 | (455,842 | ) | 308,082 | (398,174 | ) | ||||||||
| Net income (loss) attributable to shareholders of Northland | 188,653 | (412,672 | ) | 215,433 | (408,584 | ) | ||||||||
| Adjusted EBITDA (a non-IFRS measure)(2) | 279,583 | 256,959 | 965,861 | 863,469 | ||||||||||
| Cash provided by operating activities(1) | 381,503 | 325,102 | 1,122,767 | 1,198,987 | ||||||||||
| Free Cash Flow (a non-IFRS measure)(2) | 15,100 | 44,978 | 219,704 | 260,696 | ||||||||||
| Cash dividends paid | 47,070 | 78,451 | 141,211 | 207,557 | ||||||||||
| Total dividends declared(3) | $ | 47,070 | $ | 78,451 | $ | 141,211 | $ | 235,195 | ||||||
| Per Share | ||||||||||||||
| Weighted average number of shares — basic and diluted (000s) | 261,502 | 261,502 | 261,502 | 261,234 | ||||||||||
| Net income (loss) attributable to common shareholders — basic and diluted | $ | 0.71 | $ | (1.58 | ) | $ | 0.80 | $ | (1.58 | ) | ||||
| Free Cash Flow (a non-IFRS measure)(2) | $ | 0.06 | $ | 0.17 | $ | 0.84 | $ | 1.00 | ||||||
| Total dividends declared | $ | 0.18 | $ | 0.30 | $ | 0.54 | $ | 0.90 | ||||||
| ENERGY VOLUMES | ||||||||||||||
| Electricity production (GWh)(4) | 2,495 | 2,373 | 7,938 | 7,481 | ||||||||||
| Northland’s share of electricity production (GWh)(5) | 2,243 | 2,062 | 6,957 | 6,529 | ||||||||||
| (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 pro rata share of Hai Long’s and Baltic Power’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, as well as Northland’s share of pre-completion production from Hai Long and Baltic Power. | ||||||||||||||
Third Quarter Highlights
International Business Unit
Northland’s international business unit comprises a portfolio of two offshore wind facilities in Germany, one offshore wind facility in the Netherlands, and a portfolio of onshore renewable (solar and wind) projects in Spain. The business unit has projects under construction, including the Hai Long offshore wind joint venture in Taiwan, the Baltic Power offshore wind joint venture, and the Kamionka and Mieczysławów BESS projects in Poland.
Offshore wind facilities
Electricity production for the three months ended September 30, 2026 decreased 14% or 120 GWh compared to the same quarter of 2025, due to lower production from Gemini and lower wind resource, across offshore wind projects.
Commercial availability for the three months ended September 30, 2026 was 92%, due to downtime at Gemini caused by an export cable failure.
Revenue from energy sales of $210 million for the three months ended September 30, 2026 decreased 17% or $43 million, compared to the same quarter of 2025, due to lower production.
Adjusted EBITDA of $94 million for the three months ended September 30, 2026 decreased 25% or $32 million compared to the same quarter of 2025, due to lower revenue, as noted above.
In September 2026, the Gemini offshore wind project’s export cable was successfully repaired and energized, bringing the project back to full operations. This outage is expected to have a minimal impact on Northland’s full-year results, net of insurance proceeds, which are anticipated to be received by the end of the year.
Onshore renewable facilities
Electricity production for the three months ended September 30, 2026 of 173 GWh was 11% or 20 GWh lower compared to the same quarter of 2025, due to lower wind and solar resources at the Spanish facilities.
Commercial availability for the three months ended September 30, 2026 was 97%.
Revenue from energy sales of $43 million for the three months ended September 30, 2026 decreased 13% or $6 million compared to the same quarter of 2025, due to lower production.
Adjusted EBITDA of $29 million for the three months ended September 30, 2026 decreased 14% or $5 million compared to the same quarter of 2025, due to lower revenue, as 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 September 30, 2026, was 350 GWh, up 10% or 32 GWh, compared to the same quarter of 2025, due to a higher wind resource.
Commercial availability for the three months ended September 30, 2026 was 97%.
Revenue from energy sales of $83 million for the three months ended September 30, 2026 was in line with the same quarter of 2025.
Adjusted EBITDA of $52 million for the three months ended September 30, 2026 was in line with the same quarter of 2025.
Natural gas facilities
Electricity production of 986 GWh for the three months ended September 30, 2026 was in line with the same quarter of 2025.
Commercial availability for the three months ended September 30, 2026 was 95%.
Revenue from energy sales of $93 million for the three months ended September 30, 2026 increased 14% or $11 million compared to the same quarter of 2025, due to higher gas prices.
Adjusted EBITDA of $46 million for the three months ended September 30, 2026 was in line with the same quarter of 2025.
Utility
Revenue from energy sales of $130 million for the three months ended September 30, 2026 increased 44% or $40 million compared to the same quarter of 2025, due to exchange rate movement and growth in the asset base.
Adjusted EBITDA of $56 million for the three months ended September 30, 2026 increased 39% or $16 million compared to the same quarter of 2025, due to the factors noted above.
Consolidated statements of income (loss)
Share of profit from joint ventures of $148 million was due to a gain on fair value of derivative financial instruments and pre-completion revenues from Hai Long and Baltic Power.
Finance costs of $89 million decreased $3 million compared to the same quarter of 2025, due to scheduled principal repayments on facility-level loans.
General and administrative (“G&A”) costs of $29 million were in line with the same quarter of 2025.
Development costs of $16 million were in line with the same quarter of 2025.
Foreign exchange gain of $9 million was due to fluctuations in foreign exchange rates.
Fair value loss on financial instruments was $6 million, due to net movement in the fair value of derivative financial instruments related to foreign exchange and interest rate hedge contracts.
Net income of $201 million in the third quarter of 2026 compared to a net loss of $456 million in the same period of 2025, primarily due a non-cash impairment expense of $527 million recorded during the third quarter of 2025.
Adjusted EBITDA
The following table reconciles net income (loss) to Adjusted EBITDA:
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net income (loss) | $ | 201,089 | $ | (455,842 | ) | $ | 308,082 | $ | (398,174 | ) | |||||
| Adjustments: | |||||||||||||||
| Finance costs, net | 73,057 | 77,600 | 223,718 | 230,876 | |||||||||||
| Provision for (recovery of) income taxes | 50,888 | (116,839 | ) | 136,989 | (126,653 | ) | |||||||||
| Depreciation of property, plant and equipment | 146,106 | 169,382 | 465,396 | 492,717 | |||||||||||
| Amortization of contracts and intangible assets | 11,572 | 16,227 | 42,938 | 46,725 | |||||||||||
| Fair value (gain) loss on financial instruments | 6,041 | 140,153 | 156,267 | 447,943 | |||||||||||
| Foreign exchange (gain) loss | (8,772 | ) | (19,607 | ) | (29,096 | ) | (63,868 | ) | |||||||
| Impairment of non-financial assets | — | 526,525 | 23,077 | 526,525 | |||||||||||
| Elimination of non-controlling interests | (43,496 | ) | (58,243 | ) | (198,861 | ) | (192,549 | ) | |||||||
| Share of (profit) loss from joint ventures | (147,544 | ) | (22,329 | ) | (165,992 | ) | (75,368 | ) | |||||||
| Others(1) | (9,358 | ) | (68 | ) | 3,343 | (24,705 | ) | ||||||||
| Adjusted EBITDA(2) | $ | 279,583 | $ | 256,959 | $ | 965,861 | $ | 863,469 | |||||||
| (1) "Others" includes Northland's proportion of Adjusted EBITDA from equity-accounted investees, Gemini interest income, finance lease income, and other expenses (income). | |||||||||||||||
| (2) See Forward-Looking Statements and Non-IFRS Financial measures below. | |||||||||||||||
Adjusted EBITDA of $280 million for the three months ended September 30, 2026 increased 9% or $23 million compared to the same quarter of 2025. The factors increasing Adjusted EBITDA include:
- $35 million due to the contribution from Hai Long and Baltic Power projects; and
- $20 million due to operating results from EBSA and natural gas facilities.
The factor partially offsetting the increase in Adjusted EBITDA was:
- $32 million in lower operating results from offshore wind facilities.
Free Cash Flow
The following table reconciles cash flow from operations to Free Cash Flow:
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Cash provided by operating activities | $ | 381,503 | $ | 325,102 | $ | 1,122,767 | $ | 1,198,987 | |||||||
| Adjustments: | |||||||||||||||
| Net change in non-cash working capital balances related to operations | (108,427 | ) | (24,779 | ) | (99,105 | ) | (179,311 | ) | |||||||
| Non-expansionary capital expenditures | (1,661 | ) | (362 | ) | (4,156 | ) | (1,254 | ) | |||||||
| Restricted funding for major maintenance, debt and decommissioning reserves | — | (100 | ) | (7,827 | ) | 13,719 | |||||||||
| Interest | (66,885 | ) | (66,301 | ) | (198,616 | ) | (203,525 | ) | |||||||
| Scheduled principal repayments on facility debt | (37,583 | ) | (40,830 | ) | (450,596 | ) | (518,832 | ) | |||||||
| Funds set aside (utilized) for scheduled principal repayments | (168,190 | ) | (157,614 | ) | (136,484 | ) | (60,934 | ) | |||||||
| Preferred share dividends | (2,104 | ) | (1,377 | ) | (6,287 | ) | (4,197 | ) | |||||||
| Consolidation of non-controlling interests | 6,440 | (10,081 | ) | (60,189 | ) | (60,813 | ) | ||||||||
| Growth expenditures | 14,291 | 17,069 | 42,221 | 45,686 | |||||||||||
| Others(1) | (2,284 | ) | 4,251 | 17,976 | 31,170 | ||||||||||
| Free Cash Flow(2) | $ | 15,100 | $ | 44,978 | $ | 219,704 | $ | 260,696 | |||||||
| (1) “Others” includes the effect of foreign exchange rates and hedges, interest rate hedges, Nordsee One interest on shareholder loans, acquisition costs, lease payments, interest income, Northland’s portion of Free Cash Flow from joint ventures, investment income, and other non-cash expenses adjusted in working capital excluded from Free Cash Flow in the period. | |||||||||||||||
| (2) See Forward-Looking Statements and Non-IFRS Financial Measures below. | |||||||||||||||
The following table reconciles Adjusted EBITDA to Free Cash Flow:
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Adjusted EBITDA(2) | $ | 279,583 | $ | 256,959 | $ | 965,861 | $ | 863,469 | |||||||
| Adjustments: | |||||||||||||||
| Scheduled debt repayments | (161,493 | ) | (157,988 | ) | (470,965 | ) | (468,010 | ) | |||||||
| Interest expense | (54,516 | ) | (46,545 | ) | (148,094 | ) | (150,740 | ) | |||||||
| Current taxes | (25,307 | ) | (22,088 | ) | (101,991 | ) | (60,649 | ) | |||||||
| Non-expansionary capital expenditure | (904 | ) | (362 | ) | (3,076 | ) | (965 | ) | |||||||
| Utilization (funding) of maintenance and decommissioning reserves | — | (100 | ) | (6,862 | ) | 10,686 | |||||||||
| Lease payments, including principal and interest | (1,429 | ) | (3,137 | ) | (8,294 | ) | (9,863 | ) | |||||||
| Preferred dividends | (2,104 | ) | (1,377 | ) | (6,287 | ) | (4,197 | ) | |||||||
| Foreign exchange hedge gain (loss) | 5,489 | (7,243 | ) | 33,235 | 11,079 | ||||||||||
| Growth expenditures | 14,291 | 17,069 | 42,221 | 45,686 | |||||||||||
| Net pre-completion revenue from the joint ventures(3) | (34,756 | ) | — | (62,335 | ) | — | |||||||||
| Others(1) | (3,754 | ) | 9,790 | (13,709 | ) | 24,200 | |||||||||
| Free Cash Flow(2) | $ | 15,100 | $ | 44,978 | $ | 219,704 | $ | 260,696 | |||||||
| (1) Others include repayment of Gemini subordinated debt and interest rate and foreign currency hedge settlements. | |||||||||||||||
| (2) See Forward-Looking Statements and Non-IFRS Financial measures below. | |||||||||||||||
| (3) Represents Northland’s pro rata share of the net pre-completion revenues from Hai Long and Baltic Power. | |||||||||||||||
Free Cash Flow of $15 million for the three months ended September 30, 2026 was 66% or $30 million lower compared to the same quarter of 2025.
The factors decreasing Free Cash Flow include:
- $15 million lower Adjusted EBITDA (net of contribution from Hai Long’s and Baltic Power’s net pre-completion revenue of $35 million and gross of growth expenditures), as noted above;
- $8 million relating to net finance costs, scheduled repayments of facility-level debt; and
- $6 million from current taxes and hedge settlements.
Outlook
Management maintains the Company’s 2026 financial outlook with Adjusted EBITDA expected in the range of $1.45 billion to $1.65 billion and Free Cash Flow per share expected in the range of $1.05 to $1.25.
The information in this Outlook constitutes forward-looking information within the meaning of applicable Canadian securities laws, is based on several assumptions and is subject to risks and uncertainties. See Forward-Looking Statements in this document as well as the Risk Factors in the 2025 AIF.
Third-Quarter Earnings Conference Call
Northland’s management will hold an earnings conference call and webcast at 9 a.m. Eastern Time (ET) on Friday November 13, 2026, to discuss the Company’s financial results, provide an update on growth and developments, and answer questions from analysts.
Participants wishing to join the call and ask questions must register using the following URL below:
https://register-conf.media-server.com/register
For all other attendees, the call will be broadcast live on the internet, in listen-only mode and can be accessed using the following link:
Webcast URL: https://edge.media-server.com/mmc
For those unable to attend the live call, an audio recording will be available on northlandpower.com starting on Monday, November 16, 2026.
Northland’s unaudited interim condensed consolidated financial statements for the nine months ended September 30, 2026, and related MD&A can be found on SEDAR+ at www.sedarplus.ca under Northland’s profile and on northlandpower.com.
ABOUT NORTHLAND POWER
Northland Power is a Canadian-headquartered global power producer delivering the electricity the world needs through offshore wind, onshore renewables, battery storage, and natural gas-fired generation. With offices in seven countries, Northland owns or has an economic interest in 3.6 GW of gross operating generating capacity, 2.4 GW under construction, and an approximately 7.4 GW development pipeline, reflecting nearly four decades of experience delivering large-scale energy infrastructure.
Publicly traded since 1997, Northland's Common Shares, and Series 1 and Series 2 Preferred Shares trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A and NPI.PR.B, respectively.
NON-IFRS FINANCIAL MEASURES
This news release includes references to the Company’s adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”), Free Cash Flow and applicable payout ratios and per share amounts, which are measures not prescribed by International Financial Reporting Standards (“IFRS”), and therefore do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. Non-IFRS financial measures are presented at Northland’s share of underlying operations.
These measures should not be considered alternatives to net income (loss), cash flow from operating activities or other measures of financial performance calculated in accordance with IFRS. Instead, these measures are provided to complement IFRS measures in the analysis of Northland’s results of operations from management’s perspective. Management believes that Northland’s non-IFRS financial measures and applicable payout ratios and per share amounts are widely accepted and understood financial indicators used by investors and securities analysts to assess the performance of a company, including its ability to generate cash through operations.
FORWARD-LOOKING STATEMENTS
This news release contains statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that are provided for the purpose of presenting information about management’s current expectations and plans. Readers are cautioned that such statements may not be appropriate for other purposes.
Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, the events anticipated by the forward-looking statements may or may not transpire or occur. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “anticipates,” “expects,” “believes,” “plans,” “targets,” “continues,” “on track,” “outlook,” or negative versions thereof and other similar expressions or future or conditional verbs such as “may,” “will,” and “could”.
These statements may include, without limitation, statements regarding Northland’s 2026 financial outlook, including expected Adjusted EBITDA and Free Cash Flow per share; Northland’s expectations for the timing of commercial operations, final permitting and cost expectations for the Baltic Power and Hai Long offshore wind projects and the Kamionka and Mieczysławów BESS projects; the expected benefits and targeted final investment decisions for the contribution of Gemini and Spain co-located BESS projects; the expected transition of Northland’s offshore wind projects into operations and their generation of cash flow; the expected timing and amount of insurance proceeds and the impact of the Gemini export cable failure on Northland’s full-year results; potential opportunities to expand Northland’s Canadian pipeline and upcoming power procurements; and the size of Northland’s development pipeline and its ability to meet growing electricity demand in Northland’s core markets, all of which may differ from the expectations stated herein.
These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including the design specifications of development projects, the provisions of contracts to which Northland or a subsidiary or joint venture is a party, management’s current plans and its perception of historical trends, current conditions and expected future developments, the ability to obtain necessary approvals, satisfy any closing conditions, satisfy any project finance lender conditions to closing sell-downs or obtain adequate financing regarding contemplated construction, acquisitions, dispositions, investments or financings, as well as other factors, estimates, and assumptions that are believed to be appropriate in the circumstances.
Although these forward-looking statements are based upon management’s current reasonable expectations and assumptions, they are subject to numerous risks and uncertainties. Some of the factors that could cause results or events to differ from current expectations include, but are not limited to, those risks associated with further regulatory and policy changes which could impair current guidance and expected returns, risks associated with merchant pool pricing and revenues, risks associated with sales contracts, the emergence of widespread health emergencies or pandemics, Northland’s reliance on the performance of its offshore wind facilities at Gemini, Nordsee One and Deutsche Bucht for over 50% of its Adjusted EBITDA, counterparty and joint venture risks, contractual operating performance, variability of sales from generating facilities powered by intermittent renewable resources, wind and solar resource risk, unplanned outage or maintenance risk, offshore wind concentration, natural gas and power market risks, commodity price risks, operational risks, recovery of utility operating costs, Northland’s ability to resolve issues/delays with the relevant regulatory and/or government authorities, permitting, construction risks, project development risks, integration and acquisition risks, procurement and supply chain risks, financing risks, disposition and joint-venture risks, competition risks, interest rate and refinancing risks, liquidity risk, inflation risks, commodity availability and cost risk, construction material cost risks, impacts of regional or global conflicts, credit rating risk, currency fluctuation risk, variability of cash flow and potential impact on dividends, taxation, natural events, environmental risks, climate change, health and worker safety risks, including investigations related thereto, market compliance risk, government regulations and policy risks, utility rate regulation risks, international activities, cybersecurity, data protection and reliance on information technology, labor relations, labor shortage risk, management transition risk, geopolitical risk in and around the regions Northland operates in, large project risk, reputational risk, insurance risk, risks relating to co-ownership, bribery and corruption risk, terrorism and security, litigation risk and legal contingencies, and the other factors described in Northland’s Management’s Discussion and Analysis and Annual Information Form for the year ended December 31, 2025, which can be found at www.sedarplus.ca under Northland’s profile and on Northland’s website at northlandpower.com.
Northland has attempted to identify important factors that could cause actual results to materially differ from current expectations; however, there may be other factors that cause actual results to differ materially from such expectations. Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, and Northland cautions you not to place undue reliance upon any such forward-looking statements.
The forward-looking statements contained in this release are, unless otherwise indicated, stated as of the date hereof and are based on assumptions that were considered reasonable as of the date hereof. Other than as specifically required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
Certain forward-looking information in this release and the MD&A may also constitute a “financial outlook” within the meaning of applicable securities laws. Financial outlook involves statements about Northland’s prospective financial performance, financial position or cash flows and is based on and subject to the assumptions about future economic conditions and courses of action and the risk factors described above in respect of forward-looking information generally, as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this release and the MD&A. Such assumptions are based on management’s assessment of the relevant information currently available and any financial outlook included in this release and the MD&A is provided for the purpose of helping readers understand Northland’s current expectations and plans. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above or other factors may cause actual results to differ materially from any financial outlook. The actual results of Northland’s operations will likely vary from the amounts set forth in any financial outlook and such variances may be material.
For further information, please contact:
Alison Holditch, Investor Relations
416-989-8734
investorrelations@northlandpower.com
northlandpower.com
