{"success":true,"data":{"pressRelease":{"id":"34311","rtpr_id":"nGNEbvJvGZ","ticker":"NPI","exchange":"TSX","all_tickers":["NPI"],"title":"Northland Power Reports First Quarter 2026 Results","author":"Globe Newswire","published_at":"2026-05-14T01:05:27.547Z","article_body":"TORONTO, May 13, 2026 (GLOBE NEWSWIRE) -- Northland Power Inc.\n(“Northland” or the “Company”) (TSX: NPI) today reported financial\nresults for the three months ended March 31, 2026. All dollar amounts set out\nherein are in Canadian dollars, unless otherwise stated.\n\nHighlights\n* Delivered Adjusted EBITDA and Free Cash Flow per share increased 18% and\n17%, respectively, over the first quarter of 2025, driven by 31% higher wind\nproduction across European offshore wind assets.\n* Advanced construction on the Baltic Power (1.1 GW) and Hai Long (1.0 GW)\noffshore wind projects including fabrication of the remaining major components\nand installation of over 50% of the turbines across the two projects.\n* Secured a 30-year Corporate Power Purchase Agreement (CPPA) for the balance\nof the production of the Hai Long offshore wind Project.\n“We’ve had a positive start to the year, driven by strong operating\nperformance and continued progress across our construction portfolio,” said\nChristine Healy, President and CEO of Northland. “As demand for electricity\ngrows across our core markets, we’re focused on executing with discipline\nand driving value, including with the recently secured CPPA for Hai Long.”\n\nSignificant Events and Updates\n\nConstruction Projects Update:\n\nHai Long Offshore Wind Project – Northland continues to advance the 1.0 GW\nHai Long Project in Taiwan. During the quarter, fabrication of the remaining\ncomponents for the project was completed. The project began its 2026 wind\nturbine installation campaign, with 51 out of 73 turbines now installed and 32\nturbines generating power. There have been no material changes to the\npotential equity funding requirements since last reported. The project is on\ntrack for commercial operations in 2027, with overall costs aligned with\noriginal expectations.\n\nIn April 2026, Hai Long signed a 30-year Corporate Power Purchase Agreement.\nUpon completion of certain administrative conditions precedent later in 2026,\n100% of the project’s generating capacity will be contracted with the\ncurrent corporate off-taker.\n\nBaltic Power Offshore Wind Project – Northland continues to advance the 1.1\nGW Baltic Power Project in Poland. During the quarter, several important\nconstruction milestones were achieved, including completion of fabrication of\nthe remaining components for the project and the installation of all four\nexport cables, all inter-array cables, and 38 of 76 turbines. The project is\non track for commercial operations in the second half of 2026, with overall\ncosts aligned with original expectations.\n\nJurassic Battery Energy Storage Project – Northland continues to advance the\n80 MW / 160 MWh Jurassic Battery Energy Storage Project in Alberta, Canada.\nDuring the quarter, all 39 battery packs and 20 transformers were installed,\nand the project energized the main transformer. The project is on track for\ncommercial operations in late 2026, with overall costs aligned with original\nexpectations.\n\nOthers:\n\nPolish Battery Energy Storage Projects – During the quarter, Northland\ncontinued to advance the two late-stage, pre-construction, 300 MW / 1.2 GWh\nbattery energy storage projects in Poland. The 100 MW / 400 MWh Kamionka\nProject secured key permits and is expected to commence construction by the\nend of the first half of 2026. Meanwhile, the 200 MW / 800 MWh Mieczysławów\nProject is expected to commence construction in the second half of 2026.\n\nBoard Appointment – On March 25, 2026, Northland appointed Bahir Manios to\nits Board of Directors. Mr. Manios brings more than 20 years of senior\nleadership experience in asset management and North American capital markets.\n\nUpdates to Growth Pipeline – During the quarter, Northland continued to\nevaluate and streamline its growth pipeline. As part of this process, the\nCompany discontinued the 104 MW High Bridge Onshore Wind Project in New York\nState and did not renew a permit in South Korea for a 990 MW offshore project.\nThese changes have been reflected in the growth pipeline.\n\nFinancial Results for First Quarter\n\nThe first quarter of 2026 showed improved financial results compared to the\ncorresponding quarter last year, driven by higher production across the\noffshore wind facilities as well as the contribution from the Oneida Energy\nStorage Facility, which commenced operations in the second quarter of 2025.\nThis increase was partially offset by lower revenue from the onshore wind and\nsolar facilities in Spain, Canada and the United States.\n* Revenue from energy sales increased to $775 million in the first quarter of\n2026 compared to $665 million in the same quarter of 2025.\n* Net income increased to $161 million in the first quarter of 2026 compared\nto $111 million in the same quarter of 2025.\n* Adjusted EBITDA (a non-IFRS measure) increased to $427 million in the first\nquarter of 2026 compared to $361 million in the same quarter of 2025.\n* Free Cash Flow per share (a non-IFRS measure) increased to $0.70 in the\nfirst quarter of 2026 compared to $0.60 in the same quarter of 2025.\n* Cash provided by operating activities increased to $571 million in the first\nquarter of 2026 compared to $423 million in the same quarter of 2025.\nThe following table presents key IFRS and non-IFRS financial measures and\noperational results. Revenue from energy sales, operating income (loss) and\nnet income (loss), as reported under IFRS, include consolidated results of\nentities not wholly owned by Northland, whereas Northland’s non-IFRS\nfinancial measures include only Northland’s proportionate ownership\ninterest.\n\n Summary of Consolidated Results \n (in thousands of dollars, except per share amounts) Three months ended March 31, \n 2026 2025 \n FINANCIALS \n Revenue from energy sales ((1)) $ 774,581 $ 665,145 \n Operating income (loss) ((1)) 335,640 279,732 \n Net income (loss) ((1)) 160,507 110,817 \n Net income (loss) attributable to shareholders of Northland 88,615 66,832 \n Adjusted EBITDA (a non-IFRS measure) ((2)) 427,400 361,185 \n Cash provided by operating activities ((1)) 571,428 422,808 \n Free Cash Flow (a non-IFRS measure) ((2)) 182,034 157,276 \n Cash dividends paid 47,070 50,656 \n Total dividends declared ((3)) $ 47,070 $ 78,293 \n \n Per Share \n Weighted average number of shares — basic and diluted (000s) 261,502 260,688 \n Net income (loss) attributable to common shareholders — basic and diluted $ 0.33 $ 0.25 \n Free Cash Flow (a non-IFRS measure) ((2)) $ 0.70 $ 0.60 \n Total dividends declared $ 0.18 $ 0.30 \n \n ENERGY VOLUMES \n Electricity production ( GWh ) ((4)) 3,403 3,015 \n Northland’s share of electricity production ( GWh ) ((5)) 2,935 2,642 \n (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. \n (2) See Forward-Looking Statements and Non-IFRS Financial Measures below. \n (3) Represents total dividends declared to common shareholders, including dividends paid in cash or in shares under Northland’s Dividend Reinvestment Plan. \n (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. \n (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. \n \n\nFirst Quarter Highlights\n\nInternational Business Unit\n\nNorthland’s International business unit comprises a portfolio of two\noperating offshore wind facilities in Germany, one operating offshore wind\nfacility in the Netherlands, and a portfolio of onshore wind and solar assets\nlocated in Spain. The business unit also includes two under-construction\noffshore wind projects, namely the Hai Long Project in Taiwan and the Baltic\nPower Project in Poland, which Northland and its partners jointly own.\n\nOffshore wind facilities\n\nElectricity production for the three months ended March 31, 2026 increased 31%\nor 350 GWh compared to the same quarter of 2025, due to higher wind resource\nacross all offshore wind facilities.\n\nCommercial availability for the three months ended March 31, 2026 was at 96%.\n\nRevenue from energy sales of $418 million for the three months ended March 31,\n2026 increased 31% or $100 million, compared to the same quarter of 2025, due\nto higher production across offshore wind facilities.\n\nAdjusted EBITDA of $265 million for the three months ended March 31, 2026\nincreased 31% or $63 million compared to the same quarter of 2025, resulting\nfrom higher operating income.\n\nOnshore renewable facilities\n\nElectricity production for the three months ended March 31, 2026 of 315 GWh,\nincreased 15% or 40 GWh, due to high wind and solar resources at the Spanish\nfacilities.\n\nCommercial availability for the three months ended March 31, 2026 was at 96%.\n\nRevenue from energy sales of $42 million for the three months ended March 31,\n2026 decreased 25% or $14 million compared to the same quarter of 2025, due to\nlower market prices at the Spanish facilities.\n\nAdjusted EBITDA of $28 million for the three months ended March 31, 2026\ndecreased 34% or $15 million compared to the same quarter of 2025, due to the\nfactors noted above.\n\nAmericas Business Unit\n\nNorthland’s Americas business unit comprises a portfolio of energy assets in\nCanada and the United States, including natural gas, onshore wind, solar, and\nenergy storage facilities. In addition, the business unit operates regulated\nutility services in Colombia.\n\nOnshore renewable & energy storage facilities\n\nElectricity production for the three months ended March 31, 2026 of 531 GWh\nwas 14% or 89 GWh lower compared to the same quarter of 2025, due to lower\nwind and solar resources at the New York and Canadian onshore facilities.\n\nCommercial availability for the three months ended March 31, 2026 was at 98%.\n\nRevenue from energy sales of $112 million for the three months ended March 31,\n2026 increased 19% or $18 million compared to the same quarter of 2025,\nprimarily due to the contribution from the Oneida energy storage facility,\nwhich commenced operations in the second quarter of 2025. This was partially\noffset by lower production at the New York wind facilities.\n\nAdjusted EBITDA of $53 million for the three months ended March 31, 2026 was\nin line compared to the same quarter of 2025.\n\nNatural gas facilities\n\nElectricity production of 1,002 GWh for the three months ended March 31, 2026\nwas in line compared to the same quarter of 2025.\n\nCommercial availability for the three months ended March 31, 2026 was at 96%.\n\nRevenue from energy sales of $102 million for the three months ended March 31,\n2026 was in line compared to the same quarter of 2025.\n\nAdjusted EBITDA of $55 million for the three months ended March 31, 2026 was\nin line compared to the same quarter of 2025.\n\nUtility\n\nRevenue from energy sales of $98 million for the three months ended March 31,\n2026 increased 3% or $2 million compared to the same quarter of 2025, due to\ngrowth in the asset base.\n\nAdjusted EBITDA of $41 million for the three months ended March 31, 2026 was\nin line with the same quarter of 2025.\n\nConsolidated statements of income (loss)\n\nGeneral and administrative (“G&A”) costs of $33 million increased $6\nmillion compared to the same quarter of 2025, primarily due to one time\nrestructuring costs.\n\nDevelopment costs of $12 million were in line with the same quarter of 2025.\n\nFair value loss on financial instruments of $63 million, due to net movement\nin the fair value of derivatives financial instruments related to foreign\nexchange and interest rate hedge contracts.\n\nShare of profit from joint ventures of $33 million, due to pre-completion\nrevenues from Hai Long and gain on fair value of derivative financial\ninstruments.\n\nImpairment expense of $23 million, recognized upon the termination of the High\nBridge Wind Project in the United States.\n\nNet income of $161 million in the first quarter of 2026 compared to $111\nmillion in the same quarter of 2025, as a result of the factors described\nabove.\n\nAdjusted EBITDA\n\nThe following table reconciles net income (loss) to Adjusted EBITDA:\n\n Three months ended March 31, \n 2026 2025 \n Net income (loss) $ 160,507 $ 110,817 \n Adjustments: \n Finance costs, net 71,918 70,539 \n Provision for (recovery of) income taxes 75,427 55,333 \n Depreciation of property, plant and equipment 160,224 157,254 \n Amortization of contracts and intangible assets 15,537 14,846 \n Fair value (gain) loss on financial instruments 62,947 160,115 \n Foreign exchange (gain) loss (3,405 ) (30,469 ) \n Impairment of non-financial assets 23,077 — \n Elimination of non-controlling interests (104,609 ) (79,120 ) \n Share of (profit) loss from joint ventures (32,592 ) (75,354 ) \n Others ((1)) (1,631 ) (22,776 ) \n Adjusted EBITDA ((2)) $ 427,400 $ 361,185 \n (1) \"Others\" mainly includes Northland's proportion of Adjusted EBITDA from joint ventures, Gemini interest income, finance lease income, and other expenses (income). \n (2) See Forward-Looking Statements and Non-IFRS Financial Measures below. \n \n\nAdjusted EBITDA of $427 million for the three months ended March 31, 2026,\nincreased by 18% or $66 million compared to the same quarter of 2025. The\nfactors increasing Adjusted EBITDA include:\n* $63 million increase in operating results from the offshore wind facilities,\ndue to higher production, as described above;\n* $18 million increase due to contribution from pre-completion revenue\ngenerated by Hai Long; and\n* $15 million increase due to contribution from the Oneida energy storage\nfacility, which commenced operations in the second quarter of 2025.\nThe factors partially offsetting the increase in Adjusted EBITDA were:\n* $15 million decrease in operating results from the Spanish portfolio, due to\nlower average market prices as compared to the same quarter of 2025; and\n* $13 million decrease in operating results due to lower wind and solar\nresources at the New York and Canadian onshore facilities, as described above.\nFree Cash Flow\n\nThe following table reconciles cash flow from operations to Free Cash Flow:\n\n Three months ended March 31, \n 2026 2025 \n Cash provided by operating activities $ 571,428 $ 422,808 \n Adjustments: \n Net change in non-cash working capital balances related to operations (101,548 ) (23,202 ) \n Non-expansionary capital expenditures (425 ) (57 ) \n Restricted funding for major maintenance, debt and decommissioning reserves (3,942 ) (2,063 ) \n Interest (61,792 ) (64,146 ) \n Scheduled principal repayments on facility debt (63,129 ) (61,178 ) \n Funds set aside (utilized) for scheduled principal repayments (124,345 ) (111,303 ) \n Preferred share dividends (2,091 ) (1,432 ) \n Consolidation of non-controlling interests (62,789 ) (36,154 ) \n Growth expenditures 13,042 14,521 \n Others ((1)) 17,625 19,482 \n Free Cash Flow ((2)) $ 182,034 $ 157,276 \n (1) “Others” mainly includes the effect of foreign exchange rates and hedges, interest rate hedge, 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. \n (2) See Forward-Looking Statements and Non-IFRS Financial Measures below. \n \n\nFree Cash Flow of $182 million for the three months ended March 31, 2026\nincreased by 16% or $25 million compared to the same quarter of 2025.\n\nThe factors increasing Free Cash Flow include:\n* $48 million increase in Adjusted EBITDA (excluding contributions from Hai\nLong’s pre-completion revenue and growth expenditures), driven by better\noperating results; and\n* $3 million increase from foreign exchange and interest rate hedges, and\nother settlements.\nThe factors offsetting the increase in Free Cash Flow include:\n* $14 million increase due to scheduled debt repayments on facility-level\nloans and funds set aside for maintenance and decommissioning reserves; and\n* $10 million increase in current taxes as a result of higher operating\nresults.\nThe following table reconciles Adjusted EBITDA to Free Cash Flow:\n\n Three months ended March 31, \n 2026 2025 \n Adjusted EBITDA ((2)) $ 427,400 $ 361,185 \n Adjustments: \n Scheduled debt repayments (152,930 ) (139,891 ) \n Interest expense (45,885 ) (48,221 ) \n Current taxes (61,813 ) (51,634 ) \n Non-expansionary capital expenditure (444 ) (22 ) \n Utilization (funding) of maintenance and decommissioning reserves (3,460 ) (2,063 ) \n Lease payments, including principal and interest (3,764 ) (3,922 ) \n Preferred dividends (2,091 ) (1,432 ) \n Foreign exchange hedge gain (loss) 35,591 21,352 \n Growth expenditures 13,042 14,521 \n Others ((1)) (23,612 ) 7,403 \n Free Cash Flow ((2)) $ 182,034 $ 157,276 \n (1) “Others” mainly includes repayment of Gemini subordinated debt, interest rate and foreign currency hedge settlements, and the impact of Hai Long's net pre-completion revenue. \n (2) See Forward-Looking Statements and Non-IFRS Financial Measures below. \n \n\nOutlook\n\nManagement maintains the Company’s 2026 financial outlook with Adjusted\nEBITDA expected in the range of $1.45 billion to $1.65 billion and Free Cash\nFlow per share expected in the range of $1.05 to $1.25.\n\nThe information in this Outlook constitutes forward-looking information within\nthe meaning of applicable Canadian securities laws, is based on several\nassumptions and is subject to risks and uncertainties. See Forward-Looking\nStatements in this document as well as the Risk Factors in the 2025 AIF.\n\nFirst-Quarter Earnings Conference Call\n\nNorthland’s management will hold an earnings conference call and webcast at\n10a.m. Eastern Time (ET) on Thursday May 14, 2026, to discuss the Company’s\nfinancial results and developments and answer questions from analysts.\n\nParticipants wishing to join the call and ask questions must register using\nthe following URL below:\n\nhttps://register-conf.media-server.com/register/BIb7c7c0e4c675408dbb0209ea0bab2b6b\n\nFor all other attendees, the call will be broadcast live on the internet, in\nlisten-only mode and can be accessed using the following link:\n\nWebcast URL: https://edge.media-server.com/mmc/p/8huqntmu\n\nFor those unable to attend the live call, an audio recording will be available\non northlandpower.com (https://www.northlandpower.com) starting on Friday, May\n15, 2026.\n\nNorthland’s unaudited interim condensed consolidated financial statements\nfor the three months ended March 31, 2026, and related MD&A can be found on\nSEDAR+ at www.sedarplus.ca under Northland’s profile and on\nnorthlandpower.com (https://www.northlandpower.com).\n\nABOUT NORTHLAND POWER\n\nNorthland Power is a Canadian-owned global power producer dedicated to\naccelerating the global energy transition. Founded in 1987, with almost four\ndecades of experience, Northland has a long history of developing, owning and\noperating a diversified mix of energy infrastructure assets including offshore\nand onshore wind, solar, battery energy storage, and natural gas. Northland\nalso supplies energy through a regulated utility.\n\nHeadquartered in Toronto, Canada, with global offices in seven countries,\nNorthland owns or has an economic interest in 3.5 GW of gross operating\ngenerating capacity, 2.2 GW under construction and an inventory of early to\nmid-stage development opportunities encompassing approximately 8.0 GW of\npotential capacity.\n\nPublicly traded since 1997, Northland's Common Shares, and Series 1 and Series\n2 Preferred Shares trade on the Toronto Stock Exchange under the symbols NPI,\nNPI.PR.A and NPI.PR.B, respectively.\n\nNON-IFRS FINANCIAL MEASURES\n\nThis press release includes references to the Company’s adjusted earnings\nbefore interest, income taxes, depreciation and amortization (“Adjusted\nEBITDA”), Free Cash Flow and applicable payout ratios and per share amounts,\nwhich are measures not prescribed by International Financial Reporting\nStandards (“IFRS”), and therefore do not have any standardized meaning\nunder IFRS and may not be comparable to similar measures presented by other\ncompanies. Non-IFRS financial measures are presented at Northland’s share of\nunderlying operations. These measures should not be considered alternatives to\nnet income (loss), cash flow from operating activities or other measures of\nfinancial performance calculated in accordance with IFRS. Instead, these\nmeasures are provided to complement IFRS measures in the analysis of\nNorthland’s results of operations from management’s\nperspective. Management believes that Northland’s non-IFRS financial\nmeasures and applicable payout ratio and per share amounts are widely accepted\nand understood financial indicators used by investors and securities analysts\nto assess the performance of a company, including its ability to generate cash\nthrough operations.\n\nFORWARD-LOOKING STATEMENTS\n\nThis press release contains statements that constitute forward-looking\ninformation within the meaning of applicable securities laws\n(“forward-looking statements”) that are provided for the purpose of\npresenting information about management’s current expectations and plans.\nReaders are cautioned that such statements may not be appropriate for other\npurposes.\n\nNorthland’s actual results could differ materially from those expressed in,\nor implied by, these forward-looking statements and, accordingly, the events\nanticipated by the forward-looking statements may or may not transpire or\noccur. Forward-looking statements include statements that are not historical\nfacts and are predictive in nature, depend upon or refer to future events or\nconditions, or include words such as “expects,” “anticipates,”\n“plans,” “predicts,” “believes,” “estimates,” “intends,”\n“targets,” “projects,” “forecasts” or negative versions thereof\nand other similar expressions or future or conditional verbs such as\n“may,” “will,” “should,” “would” and “could”. These\nstatements may include, without limitation, statements regarding future\nAdjusted EBITDA and Free Cash Flow, including respective per share amounts,\ndividend payments and dividend payout ratios, the implementation, timing and\nanticipated benefits of Northland’s new strategic plan, the timing for and\nattainment of the Hai Long and Baltic Power offshore wind projects, Jurassic\nBESS battery energy storage project and other growth activity and the\nanticipated contributions therefrom to Adjusted EBITDA and Free Cash Flow, the\nexpected generating capacity of certain projects, guidance, anticipated dates\nof commercial operations, forecasts as to overall project costs, the\ncompletion of construction, acquisitions, dispositions, whether partial or\nfull, investments or financings and the timing thereof, the timing for and\nattainment of financial close and commercial operations for each project, the\npotential for future production from project pipelines, cost and output of\ndevelopment projects, the all-in interest cost for debt financing, the impact\nof currency and interest rate hedges, Northland’s anticipated credit rating,\nlitigation claims, future funding requirements, and the future operations,\nbusiness, financial condition, financial results, priorities, ongoing\nobjectives, strategies and the outlook of Northland, its subsidiaries and\njoint ventures.\n\nThese statements are based upon certain material factors or assumptions that\nwere applied in developing the forward-looking statements, including the\ndesign specifications of development projects, the provisions of contracts to\nwhich Northland or a subsidiary is a party, management’s current plans and\nits perception of historical trends, current conditions and expected future\ndevelopments, the ability to obtain necessary approvals, satisfy any closing\nconditions, satisfy any project finance lender conditions to closing\nsell-downs or obtain adequate financing regarding contemplated construction,\nacquisitions, dispositions, investments or financings, as well as other\nfactors, estimates and assumptions that are believed to be appropriate in the\ncircumstances.\n\nAlthough these forward-looking statements are based upon management’s\ncurrent reasonable expectations and assumptions, they are subject to numerous\nrisks and uncertainties. Some of the factors that could cause results or\nevents to differ from current expectations include, but are not limited to,\nrisks associated with further regulatory and policy changes which could impair\ncurrent guidance and expected returns, risks associated with merchant pool\npricing and revenues, risks associated with sales contracts, Northland’s\nability to execute on its growth strategy, the emergence of widespread health\nemergencies or pandemics, Northland’s reliance on the performance of its\noffshore wind facilities at Gemini, Nordsee One and Deutsche Bucht for over\n50% of its Adjusted EBITDA, counterparty and joint venture risks, contractual\noperating performance, variability of sales from generating facilities powered\nby intermittent renewable resources, wind and solar resource risk, unplanned\nmaintenance risk, offshore wind concentration, natural gas and power market\nrisks, commodity price risks, operational risks, recovery of utility operating\ncosts, Northland’s ability to resolve issues/delays with the relevant\nregulatory and/or government authorities, permitting, construction risks,\nproject development risks, integration and acquisition risks, procurement and\nsupply chain risks, financing risks, disposition and joint-venture risks,\ncompetition risks, interest rate and refinancing risks, liquidity risk,\ninflation risks, commodity availability and cost risk, construction material\ncost risks, impacts of regional or global conflicts, credit rating risk,\ncurrency fluctuation risk, variability of cash flow and potential impact on\ndividends, taxation, natural events, environmental risks, unforeseeable site\nconditions, including geological and geotechnical risks, climate change,\nhealth and worker safety risks, market compliance risk, government regulations\nand policy risks, utility rate regulation risks, international activities,\ncybersecurity, data protection and reliance on information technology, labour\nrelations, labour shortage risk, management transition risk, geopolitical risk\nin and around the regions Northland operates in, large project risk,\nreputational risk, insurance risk, risks relating to co-ownership, bribery and\ncorruption risk, terrorism and security, litigation risk and legal\ncontingencies, and the other factors described in the “Risks Factors”\nsection of Northland’s MD&A and 2025 AIF, which can be found at\nwww.sedarplus.ca under Northland’s profile and on Northland’s website at\nnorthlandpower.com.\n\nNorthland has attempted to identify important factors that could cause actual\nresults to materially differ from current expectations; however, there may be\nother factors that cause actual results to differ materially from such\nexpectations. Northland’s actual results could differ materially from those\nexpressed in, or implied by, these forward-looking statements and,\naccordingly, no assurances can be given that any of the events anticipated by\nthe forward-looking statements will transpire or occur, and Northland cautions\nyou not to place undue reliance upon any such forward-looking statements.\n\nThe forward-looking statements contained in this release are, unless otherwise\nindicated, stated as of the date hereof and are based on assumptions that were\nconsidered reasonable as of the date hereof. Other than as specifically\nrequired by law, Northland undertakes no obligation to update any\nforward-looking statements to reflect events or circumstances after such date\nor to reflect the occurrence of unanticipated events, whether as a result of\nnew information, future events or results, or otherwise.\n\nCertain forward-looking information in this release and the MD&A may also\nconstitute a “financial outlook” within the meaning of applicable\nsecurities laws. Financial outlook involves statements about Northland’s\nprospective financial performance, financial position or cash flows and is\nbased on and subject to the assumptions about future economic conditions and\ncourses of action and the risk factors described above in respect of\nforward-looking information generally, as well as any other specific\nassumptions and risk factors in relation to such financial outlook noted in\nthis release and the MD&A. Such assumptions are based on management’s\nassessment of the relevant information currently available and any financial\noutlook included in this release and the MD&A is provided for the purpose of\nhelping readers understand Northland’s current expectations and plans.\nReaders are cautioned that reliance on any financial outlook may not be\nappropriate for other purposes or in other circumstances and that the risk\nfactors described above or other factors may cause actual results to differ\nmaterially from any financial outlook. The actual results of Northland’s\noperations will likely vary from the amounts set forth in any financial\noutlook and such variances may be material.\n\nFor further information, please contact:\n\nAlison Holditch, Investor Relations\n416-989-8734\ninvestorrelations@northlandpower.com\nnorthlandpower.com\n\nA photo accompanying this announcement is available at\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/9524404b-f2c2-453b-a7a9-7b45379e45a2","article_body_html":"","raw_payload":{"data":{"id":"nGNEbvJvGZ","title":"Northland Power Reports First Quarter 2026 Results","author":"Globe Newswire","ticker":"NPI","created":"2026-05-14T01:05:27.547Z","tickers":["NPI"],"exchange":"TSX","article_body":"TORONTO, May 13, 2026 (GLOBE NEWSWIRE) -- Northland Power Inc.\n(“Northland” or the “Company”) (TSX: NPI) today reported financial\nresults for the three months ended March 31, 2026. All dollar amounts set out\nherein are in Canadian dollars, unless otherwise stated.\n\nHighlights\n* Delivered Adjusted EBITDA and Free Cash Flow per share increased 18% and\n17%, respectively, over the first quarter of 2025, driven by 31% higher wind\nproduction across European offshore wind assets.\n* Advanced construction on the Baltic Power (1.1 GW) and Hai Long (1.0 GW)\noffshore wind projects including fabrication of the remaining major components\nand installation of over 50% of the turbines across the two projects.\n* Secured a 30-year Corporate Power Purchase Agreement (CPPA) for the balance\nof the production of the Hai Long offshore wind Project.\n“We’ve had a positive start to the year, driven by strong operating\nperformance and continued progress across our construction portfolio,” said\nChristine Healy, President and CEO of Northland. “As demand for electricity\ngrows across our core markets, we’re focused on executing with discipline\nand driving value, including with the recently secured CPPA for Hai Long.”\n\nSignificant Events and Updates\n\nConstruction Projects Update:\n\nHai Long Offshore Wind Project – Northland continues to advance the 1.0 GW\nHai Long Project in Taiwan. During the quarter, fabrication of the remaining\ncomponents for the project was completed. The project began its 2026 wind\nturbine installation campaign, with 51 out of 73 turbines now installed and 32\nturbines generating power. There have been no material changes to the\npotential equity funding requirements since last reported. The project is on\ntrack for commercial operations in 2027, with overall costs aligned with\noriginal expectations.\n\nIn April 2026, Hai Long signed a 30-year Corporate Power Purchase Agreement.\nUpon completion of certain administrative conditions precedent later in 2026,\n100% of the project’s generating capacity will be contracted with the\ncurrent corporate off-taker.\n\nBaltic Power Offshore Wind Project – Northland continues to advance the 1.1\nGW Baltic Power Project in Poland. During the quarter, several important\nconstruction milestones were achieved, including completion of fabrication of\nthe remaining components for the project and the installation of all four\nexport cables, all inter-array cables, and 38 of 76 turbines. The project is\non track for commercial operations in the second half of 2026, with overall\ncosts aligned with original expectations.\n\nJurassic Battery Energy Storage Project – Northland continues to advance the\n80 MW / 160 MWh Jurassic Battery Energy Storage Project in Alberta, Canada.\nDuring the quarter, all 39 battery packs and 20 transformers were installed,\nand the project energized the main transformer. The project is on track for\ncommercial operations in late 2026, with overall costs aligned with original\nexpectations.\n\nOthers:\n\nPolish Battery Energy Storage Projects – During the quarter, Northland\ncontinued to advance the two late-stage, pre-construction, 300 MW / 1.2 GWh\nbattery energy storage projects in Poland. The 100 MW / 400 MWh Kamionka\nProject secured key permits and is expected to commence construction by the\nend of the first half of 2026. Meanwhile, the 200 MW / 800 MWh Mieczysławów\nProject is expected to commence construction in the second half of 2026.\n\nBoard Appointment – On March 25, 2026, Northland appointed Bahir Manios to\nits Board of Directors. Mr. Manios brings more than 20 years of senior\nleadership experience in asset management and North American capital markets.\n\nUpdates to Growth Pipeline – During the quarter, Northland continued to\nevaluate and streamline its growth pipeline. As part of this process, the\nCompany discontinued the 104 MW High Bridge Onshore Wind Project in New York\nState and did not renew a permit in South Korea for a 990 MW offshore project.\nThese changes have been reflected in the growth pipeline.\n\nFinancial Results for First Quarter\n\nThe first quarter of 2026 showed improved financial results compared to the\ncorresponding quarter last year, driven by higher production across the\noffshore wind facilities as well as the contribution from the Oneida Energy\nStorage Facility, which commenced operations in the second quarter of 2025.\nThis increase was partially offset by lower revenue from the onshore wind and\nsolar facilities in Spain, Canada and the United States.\n* Revenue from energy sales increased to $775 million in the first quarter of\n2026 compared to $665 million in the same quarter of 2025.\n* Net income increased to $161 million in the first quarter of 2026 compared\nto $111 million in the same quarter of 2025.\n* Adjusted EBITDA (a non-IFRS measure) increased to $427 million in the first\nquarter of 2026 compared to $361 million in the same quarter of 2025.\n* Free Cash Flow per share (a non-IFRS measure) increased to $0.70 in the\nfirst quarter of 2026 compared to $0.60 in the same quarter of 2025.\n* Cash provided by operating activities increased to $571 million in the first\nquarter of 2026 compared to $423 million in the same quarter of 2025.\nThe following table presents key IFRS and non-IFRS financial measures and\noperational results. Revenue from energy sales, operating income (loss) and\nnet income (loss), as reported under IFRS, include consolidated results of\nentities not wholly owned by Northland, whereas Northland’s non-IFRS\nfinancial measures include only Northland’s proportionate ownership\ninterest.\n\n Summary of Consolidated Results \n (in thousands of dollars, except per share amounts) Three months ended March 31, \n 2026 2025 \n FINANCIALS \n Revenue from energy sales ((1)) $ 774,581 $ 665,145 \n Operating income (loss) ((1)) 335,640 279,732 \n Net income (loss) ((1)) 160,507 110,817 \n Net income (loss) attributable to shareholders of Northland 88,615 66,832 \n Adjusted EBITDA (a non-IFRS measure) ((2)) 427,400 361,185 \n Cash provided by operating activities ((1)) 571,428 422,808 \n Free Cash Flow (a non-IFRS measure) ((2)) 182,034 157,276 \n Cash dividends paid 47,070 50,656 \n Total dividends declared ((3)) $ 47,070 $ 78,293 \n \n Per Share \n Weighted average number of shares — basic and diluted (000s) 261,502 260,688 \n Net income (loss) attributable to common shareholders — basic and diluted $ 0.33 $ 0.25 \n Free Cash Flow (a non-IFRS measure) ((2)) $ 0.70 $ 0.60 \n Total dividends declared $ 0.18 $ 0.30 \n \n ENERGY VOLUMES \n Electricity production ( GWh ) ((4)) 3,403 3,015 \n Northland’s share of electricity production ( GWh ) ((5)) 2,935 2,642 \n (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. \n (2) See Forward-Looking Statements and Non-IFRS Financial Measures below. \n (3) Represents total dividends declared to common shareholders, including dividends paid in cash or in shares under Northland’s Dividend Reinvestment Plan. \n (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. \n (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. \n \n\nFirst Quarter Highlights\n\nInternational Business Unit\n\nNorthland’s International business unit comprises a portfolio of two\noperating offshore wind facilities in Germany, one operating offshore wind\nfacility in the Netherlands, and a portfolio of onshore wind and solar assets\nlocated in Spain. The business unit also includes two under-construction\noffshore wind projects, namely the Hai Long Project in Taiwan and the Baltic\nPower Project in Poland, which Northland and its partners jointly own.\n\nOffshore wind facilities\n\nElectricity production for the three months ended March 31, 2026 increased 31%\nor 350 GWh compared to the same quarter of 2025, due to higher wind resource\nacross all offshore wind facilities.\n\nCommercial availability for the three months ended March 31, 2026 was at 96%.\n\nRevenue from energy sales of $418 million for the three months ended March 31,\n2026 increased 31% or $100 million, compared to the same quarter of 2025, due\nto higher production across offshore wind facilities.\n\nAdjusted EBITDA of $265 million for the three months ended March 31, 2026\nincreased 31% or $63 million compared to the same quarter of 2025, resulting\nfrom higher operating income.\n\nOnshore renewable facilities\n\nElectricity production for the three months ended March 31, 2026 of 315 GWh,\nincreased 15% or 40 GWh, due to high wind and solar resources at the Spanish\nfacilities.\n\nCommercial availability for the three months ended March 31, 2026 was at 96%.\n\nRevenue from energy sales of $42 million for the three months ended March 31,\n2026 decreased 25% or $14 million compared to the same quarter of 2025, due to\nlower market prices at the Spanish facilities.\n\nAdjusted EBITDA of $28 million for the three months ended March 31, 2026\ndecreased 34% or $15 million compared to the same quarter of 2025, due to the\nfactors noted above.\n\nAmericas Business Unit\n\nNorthland’s Americas business unit comprises a portfolio of energy assets in\nCanada and the United States, including natural gas, onshore wind, solar, and\nenergy storage facilities. In addition, the business unit operates regulated\nutility services in Colombia.\n\nOnshore renewable & energy storage facilities\n\nElectricity production for the three months ended March 31, 2026 of 531 GWh\nwas 14% or 89 GWh lower compared to the same quarter of 2025, due to lower\nwind and solar resources at the New York and Canadian onshore facilities.\n\nCommercial availability for the three months ended March 31, 2026 was at 98%.\n\nRevenue from energy sales of $112 million for the three months ended March 31,\n2026 increased 19% or $18 million compared to the same quarter of 2025,\nprimarily due to the contribution from the Oneida energy storage facility,\nwhich commenced operations in the second quarter of 2025. This was partially\noffset by lower production at the New York wind facilities.\n\nAdjusted EBITDA of $53 million for the three months ended March 31, 2026 was\nin line compared to the same quarter of 2025.\n\nNatural gas facilities\n\nElectricity production of 1,002 GWh for the three months ended March 31, 2026\nwas in line compared to the same quarter of 2025.\n\nCommercial availability for the three months ended March 31, 2026 was at 96%.\n\nRevenue from energy sales of $102 million for the three months ended March 31,\n2026 was in line compared to the same quarter of 2025.\n\nAdjusted EBITDA of $55 million for the three months ended March 31, 2026 was\nin line compared to the same quarter of 2025.\n\nUtility\n\nRevenue from energy sales of $98 million for the three months ended March 31,\n2026 increased 3% or $2 million compared to the same quarter of 2025, due to\ngrowth in the asset base.\n\nAdjusted EBITDA of $41 million for the three months ended March 31, 2026 was\nin line with the same quarter of 2025.\n\nConsolidated statements of income (loss)\n\nGeneral and administrative (“G&A”) costs of $33 million increased $6\nmillion compared to the same quarter of 2025, primarily due to one time\nrestructuring costs.\n\nDevelopment costs of $12 million were in line with the same quarter of 2025.\n\nFair value loss on financial instruments of $63 million, due to net movement\nin the fair value of derivatives financial instruments related to foreign\nexchange and interest rate hedge contracts.\n\nShare of profit from joint ventures of $33 million, due to pre-completion\nrevenues from Hai Long and gain on fair value of derivative financial\ninstruments.\n\nImpairment expense of $23 million, recognized upon the termination of the High\nBridge Wind Project in the United States.\n\nNet income of $161 million in the first quarter of 2026 compared to $111\nmillion in the same quarter of 2025, as a result of the factors described\nabove.\n\nAdjusted EBITDA\n\nThe following table reconciles net income (loss) to Adjusted EBITDA:\n\n Three months ended March 31, \n 2026 2025 \n Net income (loss) $ 160,507 $ 110,817 \n Adjustments: \n Finance costs, net 71,918 70,539 \n Provision for (recovery of) income taxes 75,427 55,333 \n Depreciation of property, plant and equipment 160,224 157,254 \n Amortization of contracts and intangible assets 15,537 14,846 \n Fair value (gain) loss on financial instruments 62,947 160,115 \n Foreign exchange (gain) loss (3,405 ) (30,469 ) \n Impairment of non-financial assets 23,077 — \n Elimination of non-controlling interests (104,609 ) (79,120 ) \n Share of (profit) loss from joint ventures (32,592 ) (75,354 ) \n Others ((1)) (1,631 ) (22,776 ) \n Adjusted EBITDA ((2)) $ 427,400 $ 361,185 \n (1) \"Others\" mainly includes Northland's proportion of Adjusted EBITDA from joint ventures, Gemini interest income, finance lease income, and other expenses (income). \n (2) See Forward-Looking Statements and Non-IFRS Financial Measures below. \n \n\nAdjusted EBITDA of $427 million for the three months ended March 31, 2026,\nincreased by 18% or $66 million compared to the same quarter of 2025. The\nfactors increasing Adjusted EBITDA include:\n* $63 million increase in operating results from the offshore wind facilities,\ndue to higher production, as described above;\n* $18 million increase due to contribution from pre-completion revenue\ngenerated by Hai Long; and\n* $15 million increase due to contribution from the Oneida energy storage\nfacility, which commenced operations in the second quarter of 2025.\nThe factors partially offsetting the increase in Adjusted EBITDA were:\n* $15 million decrease in operating results from the Spanish portfolio, due to\nlower average market prices as compared to the same quarter of 2025; and\n* $13 million decrease in operating results due to lower wind and solar\nresources at the New York and Canadian onshore facilities, as described above.\nFree Cash Flow\n\nThe following table reconciles cash flow from operations to Free Cash Flow:\n\n Three months ended March 31, \n 2026 2025 \n Cash provided by operating activities $ 571,428 $ 422,808 \n Adjustments: \n Net change in non-cash working capital balances related to operations (101,548 ) (23,202 ) \n Non-expansionary capital expenditures (425 ) (57 ) \n Restricted funding for major maintenance, debt and decommissioning reserves (3,942 ) (2,063 ) \n Interest (61,792 ) (64,146 ) \n Scheduled principal repayments on facility debt (63,129 ) (61,178 ) \n Funds set aside (utilized) for scheduled principal repayments (124,345 ) (111,303 ) \n Preferred share dividends (2,091 ) (1,432 ) \n Consolidation of non-controlling interests (62,789 ) (36,154 ) \n Growth expenditures 13,042 14,521 \n Others ((1)) 17,625 19,482 \n Free Cash Flow ((2)) $ 182,034 $ 157,276 \n (1) “Others” mainly includes the effect of foreign exchange rates and hedges, interest rate hedge, 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. \n (2) See Forward-Looking Statements and Non-IFRS Financial Measures below. \n \n\nFree Cash Flow of $182 million for the three months ended March 31, 2026\nincreased by 16% or $25 million compared to the same quarter of 2025.\n\nThe factors increasing Free Cash Flow include:\n* $48 million increase in Adjusted EBITDA (excluding contributions from Hai\nLong’s pre-completion revenue and growth expenditures), driven by better\noperating results; and\n* $3 million increase from foreign exchange and interest rate hedges, and\nother settlements.\nThe factors offsetting the increase in Free Cash Flow include:\n* $14 million increase due to scheduled debt repayments on facility-level\nloans and funds set aside for maintenance and decommissioning reserves; and\n* $10 million increase in current taxes as a result of higher operating\nresults.\nThe following table reconciles Adjusted EBITDA to Free Cash Flow:\n\n Three months ended March 31, \n 2026 2025 \n Adjusted EBITDA ((2)) $ 427,400 $ 361,185 \n Adjustments: \n Scheduled debt repayments (152,930 ) (139,891 ) \n Interest expense (45,885 ) (48,221 ) \n Current taxes (61,813 ) (51,634 ) \n Non-expansionary capital expenditure (444 ) (22 ) \n Utilization (funding) of maintenance and decommissioning reserves (3,460 ) (2,063 ) \n Lease payments, including principal and interest (3,764 ) (3,922 ) \n Preferred dividends (2,091 ) (1,432 ) \n Foreign exchange hedge gain (loss) 35,591 21,352 \n Growth expenditures 13,042 14,521 \n Others ((1)) (23,612 ) 7,403 \n Free Cash Flow ((2)) $ 182,034 $ 157,276 \n (1) “Others” mainly includes repayment of Gemini subordinated debt, interest rate and foreign currency hedge settlements, and the impact of Hai Long's net pre-completion revenue. \n (2) See Forward-Looking Statements and Non-IFRS Financial Measures below. \n \n\nOutlook\n\nManagement maintains the Company’s 2026 financial outlook with Adjusted\nEBITDA expected in the range of $1.45 billion to $1.65 billion and Free Cash\nFlow per share expected in the range of $1.05 to $1.25.\n\nThe information in this Outlook constitutes forward-looking information within\nthe meaning of applicable Canadian securities laws, is based on several\nassumptions and is subject to risks and uncertainties. See Forward-Looking\nStatements in this document as well as the Risk Factors in the 2025 AIF.\n\nFirst-Quarter Earnings Conference Call\n\nNorthland’s management will hold an earnings conference call and webcast at\n10a.m. Eastern Time (ET) on Thursday May 14, 2026, to discuss the Company’s\nfinancial results and developments and answer questions from analysts.\n\nParticipants wishing to join the call and ask questions must register using\nthe following URL below:\n\nhttps://register-conf.media-server.com/register/BIb7c7c0e4c675408dbb0209ea0bab2b6b\n\nFor all other attendees, the call will be broadcast live on the internet, in\nlisten-only mode and can be accessed using the following link:\n\nWebcast URL: https://edge.media-server.com/mmc/p/8huqntmu\n\nFor those unable to attend the live call, an audio recording will be available\non northlandpower.com (https://www.northlandpower.com) starting on Friday, May\n15, 2026.\n\nNorthland’s unaudited interim condensed consolidated financial statements\nfor the three months ended March 31, 2026, and related MD&A can be found on\nSEDAR+ at www.sedarplus.ca under Northland’s profile and on\nnorthlandpower.com (https://www.northlandpower.com).\n\nABOUT NORTHLAND POWER\n\nNorthland Power is a Canadian-owned global power producer dedicated to\naccelerating the global energy transition. Founded in 1987, with almost four\ndecades of experience, Northland has a long history of developing, owning and\noperating a diversified mix of energy infrastructure assets including offshore\nand onshore wind, solar, battery energy storage, and natural gas. Northland\nalso supplies energy through a regulated utility.\n\nHeadquartered in Toronto, Canada, with global offices in seven countries,\nNorthland owns or has an economic interest in 3.5 GW of gross operating\ngenerating capacity, 2.2 GW under construction and an inventory of early to\nmid-stage development opportunities encompassing approximately 8.0 GW of\npotential capacity.\n\nPublicly traded since 1997, Northland's Common Shares, and Series 1 and Series\n2 Preferred Shares trade on the Toronto Stock Exchange under the symbols NPI,\nNPI.PR.A and NPI.PR.B, respectively.\n\nNON-IFRS FINANCIAL MEASURES\n\nThis press release includes references to the Company’s adjusted earnings\nbefore interest, income taxes, depreciation and amortization (“Adjusted\nEBITDA”), Free Cash Flow and applicable payout ratios and per share amounts,\nwhich are measures not prescribed by International Financial Reporting\nStandards (“IFRS”), and therefore do not have any standardized meaning\nunder IFRS and may not be comparable to similar measures presented by other\ncompanies. Non-IFRS financial measures are presented at Northland’s share of\nunderlying operations. These measures should not be considered alternatives to\nnet income (loss), cash flow from operating activities or other measures of\nfinancial performance calculated in accordance with IFRS. Instead, these\nmeasures are provided to complement IFRS measures in the analysis of\nNorthland’s results of operations from management’s\nperspective. Management believes that Northland’s non-IFRS financial\nmeasures and applicable payout ratio and per share amounts are widely accepted\nand understood financial indicators used by investors and securities analysts\nto assess the performance of a company, including its ability to generate cash\nthrough operations.\n\nFORWARD-LOOKING STATEMENTS\n\nThis press release contains statements that constitute forward-looking\ninformation within the meaning of applicable securities laws\n(“forward-looking statements”) that are provided for the purpose of\npresenting information about management’s current expectations and plans.\nReaders are cautioned that such statements may not be appropriate for other\npurposes.\n\nNorthland’s actual results could differ materially from those expressed in,\nor implied by, these forward-looking statements and, accordingly, the events\nanticipated by the forward-looking statements may or may not transpire or\noccur. Forward-looking statements include statements that are not historical\nfacts and are predictive in nature, depend upon or refer to future events or\nconditions, or include words such as “expects,” “anticipates,”\n“plans,” “predicts,” “believes,” “estimates,” “intends,”\n“targets,” “projects,” “forecasts” or negative versions thereof\nand other similar expressions or future or conditional verbs such as\n“may,” “will,” “should,” “would” and “could”. These\nstatements may include, without limitation, statements regarding future\nAdjusted EBITDA and Free Cash Flow, including respective per share amounts,\ndividend payments and dividend payout ratios, the implementation, timing and\nanticipated benefits of Northland’s new strategic plan, the timing for and\nattainment of the Hai Long and Baltic Power offshore wind projects, Jurassic\nBESS battery energy storage project and other growth activity and the\nanticipated contributions therefrom to Adjusted EBITDA and Free Cash Flow, the\nexpected generating capacity of certain projects, guidance, anticipated dates\nof commercial operations, forecasts as to overall project costs, the\ncompletion of construction, acquisitions, dispositions, whether partial or\nfull, investments or financings and the timing thereof, the timing for and\nattainment of financial close and commercial operations for each project, the\npotential for future production from project pipelines, cost and output of\ndevelopment projects, the all-in interest cost for debt financing, the impact\nof currency and interest rate hedges, Northland’s anticipated credit rating,\nlitigation claims, future funding requirements, and the future operations,\nbusiness, financial condition, financial results, priorities, ongoing\nobjectives, strategies and the outlook of Northland, its subsidiaries and\njoint ventures.\n\nThese statements are based upon certain material factors or assumptions that\nwere applied in developing the forward-looking statements, including the\ndesign specifications of development projects, the provisions of contracts to\nwhich Northland or a subsidiary is a party, management’s current plans and\nits perception of historical trends, current conditions and expected future\ndevelopments, the ability to obtain necessary approvals, satisfy any closing\nconditions, satisfy any project finance lender conditions to closing\nsell-downs or obtain adequate financing regarding contemplated construction,\nacquisitions, dispositions, investments or financings, as well as other\nfactors, estimates and assumptions that are believed to be appropriate in the\ncircumstances.\n\nAlthough these forward-looking statements are based upon management’s\ncurrent reasonable expectations and assumptions, they are subject to numerous\nrisks and uncertainties. Some of the factors that could cause results or\nevents to differ from current expectations include, but are not limited to,\nrisks associated with further regulatory and policy changes which could impair\ncurrent guidance and expected returns, risks associated with merchant pool\npricing and revenues, risks associated with sales contracts, Northland’s\nability to execute on its growth strategy, the emergence of widespread health\nemergencies or pandemics, Northland’s reliance on the performance of its\noffshore wind facilities at Gemini, Nordsee One and Deutsche Bucht for over\n50% of its Adjusted EBITDA, counterparty and joint venture risks, contractual\noperating performance, variability of sales from generating facilities powered\nby intermittent renewable resources, wind and solar resource risk, unplanned\nmaintenance risk, offshore wind concentration, natural gas and power market\nrisks, commodity price risks, operational risks, recovery of utility operating\ncosts, Northland’s ability to resolve issues/delays with the relevant\nregulatory and/or government authorities, permitting, construction risks,\nproject development risks, integration and acquisition risks, procurement and\nsupply chain risks, financing risks, disposition and joint-venture risks,\ncompetition risks, interest rate and refinancing risks, liquidity risk,\ninflation risks, commodity availability and cost risk, construction material\ncost risks, impacts of regional or global conflicts, credit rating risk,\ncurrency fluctuation risk, variability of cash flow and potential impact on\ndividends, taxation, natural events, environmental risks, unforeseeable site\nconditions, including geological and geotechnical risks, climate change,\nhealth and worker safety risks, market compliance risk, government regulations\nand policy risks, utility rate regulation risks, international activities,\ncybersecurity, data protection and reliance on information technology, labour\nrelations, labour shortage risk, management transition risk, geopolitical risk\nin and around the regions Northland operates in, large project risk,\nreputational risk, insurance risk, risks relating to co-ownership, bribery and\ncorruption risk, terrorism and security, litigation risk and legal\ncontingencies, and the other factors described in the “Risks Factors”\nsection of Northland’s MD&A and 2025 AIF, which can be found at\nwww.sedarplus.ca under Northland’s profile and on Northland’s website at\nnorthlandpower.com.\n\nNorthland has attempted to identify important factors that could cause actual\nresults to materially differ from current expectations; however, there may be\nother factors that cause actual results to differ materially from such\nexpectations. Northland’s actual results could differ materially from those\nexpressed in, or implied by, these forward-looking statements and,\naccordingly, no assurances can be given that any of the events anticipated by\nthe forward-looking statements will transpire or occur, and Northland cautions\nyou not to place undue reliance upon any such forward-looking statements.\n\nThe forward-looking statements contained in this release are, unless otherwise\nindicated, stated as of the date hereof and are based on assumptions that were\nconsidered reasonable as of the date hereof. Other than as specifically\nrequired by law, Northland undertakes no obligation to update any\nforward-looking statements to reflect events or circumstances after such date\nor to reflect the occurrence of unanticipated events, whether as a result of\nnew information, future events or results, or otherwise.\n\nCertain forward-looking information in this release and the MD&A may also\nconstitute a “financial outlook” within the meaning of applicable\nsecurities laws. Financial outlook involves statements about Northland’s\nprospective financial performance, financial position or cash flows and is\nbased on and subject to the assumptions about future economic conditions and\ncourses of action and the risk factors described above in respect of\nforward-looking information generally, as well as any other specific\nassumptions and risk factors in relation to such financial outlook noted in\nthis release and the MD&A. Such assumptions are based on management’s\nassessment of the relevant information currently available and any financial\noutlook included in this release and the MD&A is provided for the purpose of\nhelping readers understand Northland’s current expectations and plans.\nReaders are cautioned that reliance on any financial outlook may not be\nappropriate for other purposes or in other circumstances and that the risk\nfactors described above or other factors may cause actual results to differ\nmaterially from any financial outlook. The actual results of Northland’s\noperations will likely vary from the amounts set forth in any financial\noutlook and such variances may be material.\n\nFor further information, please contact:\n\nAlison Holditch, Investor Relations\n416-989-8734\ninvestorrelations@northlandpower.com\nnorthlandpower.com\n\nA photo accompanying this announcement is available at\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/9524404b-f2c2-453b-a7a9-7b45379e45a2"},"type":"article","timestamp":"2026-05-14T01:05:27.656088057Z","server_sent_at_ms":1778720727656},"received_at":"2026-05-14T01:05:27.728Z","source_url":"https://www.globenewswire.com/news-release/2026/05/14/3294576/0/en/Northland-Power-Reports-First-Quarter-2026-Results.html"},"analysis":{"id":"24276","press_release_id":"34311","analysis_json":{"industry":{"label":"Independent Power and Renewable Electricity Producers","sector":"Utilities"},"redFlags":[],"eventType":"earnings","narrative":"Northland Power reported Q1 2026 revenue of $774.581 million, a 16% increase from $665.145 million in Q1 2025.\n\nNet income increased to $160.507 million in Q1 2026, up from $110.817 million in Q1 2025.\n\nAdjusted EBITDA for Q1 2026 was $427.400 million, an 18% increase from $361.185 million in Q1 2025.\n\nFree Cash Flow per share increased to $0.70 in Q1 2026, up from $0.60 in Q1 2025.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Strong Q1 earnings with significant EBITDA and Free Cash Flow growth; positive project updates and maintained 2026 guidance."},"keyFigures":{"eps":0.33,"epsBeat":0,"revenue":774581000,"guidance":"2026 Adjusted EBITDA $1.45B-$1.65B; Free Cash Flow per share $1.05-$1.25","revenueYoy":"16%","customDimensions":{"adjusted_ebitda":427400000,"electricity_production":3403000000,"free_cash_flow_per_share":0.7,"cash_provided_by_operating_activities":571428000,"northland_share_of_electricity_production":2935000000}},"quotedText":"We’ve had a positive start to the year, driven by strong operating performance and continued progress across our construction portfolio","namedEntities":{"people":[{"name":"Christine Healy","role":"President and CEO"},{"name":"Bahir Manios","role":"Board of Directors"}],"products":[],"companies":[{"name":"Northland Power Inc.","ticker":"NPI"},{"name":"Hai Long Offshore Wind Project","relationship":"project"},{"name":"Baltic Power Offshore Wind Project","relationship":"project"},{"name":"Jurassic Battery Energy Storage Project","relationship":"project"},{"name":"High Bridge Onshore Wind Project","relationship":"discontinued project"},{"name":"Oneida Energy Storage Facility","relationship":"facility"}],"dollarAmounts":[{"amount":"$774.581 million","context":"Q1 2026 revenue from energy sales"},{"amount":"$665.145 million","context":"Q1 2025 revenue from energy sales"},{"amount":"$160.507 million","context":"Q1 2026 net income"},{"amount":"$110.817 million","context":"Q1 2025 net income"},{"amount":"$427.400 million","context":"Q1 2026 Adjusted EBITDA"},{"amount":"$361.185 million","context":"Q1 2025 Adjusted EBITDA"},{"amount":"$0.70","context":"Q1 2026 Free Cash Flow per share"},{"amount":"$0.60","context":"Q1 2025 Free Cash Flow per share"},{"amount":"$571.428 million","context":"Q1 2026 cash provided by operating activities"},{"amount":"$422.808 million","context":"Q1 2025 cash provided by operating activities"},{"amount":"$47.070 million","context":"Q1 2026 total dividends declared"},{"amount":"$78.293 million","context":"Q1 2025 total dividends declared"}]},"materialImpact":{"score":4,"reasoning":"Northland Power reported strong Q1 2026 results with significant increases in Adjusted EBITDA and Free Cash Flow per share. 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