Northland Power Inc

Latest Results (19.05.2026):

Northland Power Inc.'s fourth quarter of 2025 results show a strong operational Q4 driven by record German offshore wind production: Q4 revenue from energy sales was $723 million, net income was $290 million and Adjusted EBITDA was $390 million; Free Cash Flow was $0.46 per share in Q4. For full‑year 2025 Adjusted EBITDA was $1.25 billion and Free Cash Flow was $1.46 per share, while the year recorded a net loss of $108 million largely due to a $527 million non‑cash impairment at the Nordsee One facility. Management provided 2026 guidance with higher Adjusted EBITDA and lower Free Cash Flow per share as the company advances major offshore projects and battery storage additions.

Q4 financials

For the fourth quarter of 2025: revenue from energy sales $722.8M, net income $289.8M, Adjusted EBITDA $389.5M (up 25% y/y), Free Cash Flow $121.4M (or $0.46 per share, up from $0.31), and cash provided by operating activities $227.2M.

Full‑year 2025

Full‑year 2025: revenue from energy sales $2.435B (up vs. 2024), Adjusted EBITDA $1.253B (slightly down y/y), Free Cash Flow $382.1M (or $1.46 per share), cash provided by operations $1.426B, and a net loss of $108M driven primarily by a $527M non‑cash pre‑tax impairment for Nordsee One.

Operational drivers

Q4 strength came from record offshore wind production in Germany and high fleet availability (~96–97%). Contributions also came from Oneida energy storage (operational in Q2 2025) and higher natural gas dispatch demand; Spanish onshore results were softer due to lower market prices.

Construction & project updates

Key construction progress: Hai Long (1.0 GW) — 37 of 73 turbines installed, 20 generating; commissioning delays may reduce pre‑completion revenues by ~$150–200M (Northland share) but commercial ops still expected in 2027. Baltic Power (1.1 GW) — offshore works progressing, on track for commercial ops in H2 2026. Northland added two late‑stage Polish BESS projects (300 MW / 1.2 GWh).

2026 guidance

Management expects 2026 Adjusted EBITDA of $1.45–1.65B and Free Cash Flow of $1.05–1.25 per share. Expected EBITDA upside drivers include Hai Long ($150–200M) and Baltic Power ($70–120M, from H2 2026); FCF is guided lower due to one‑time 2025 items, hedging costs, and higher debt service, partially offset by Baltic Power net contribution.

Liquidity & capital actions

Available corporate liquidity at Dec. 31, 2025 was $931M (including $39M cash and ~$892M available on revolvers). The Board approved a dividend adjustment to $0.72 per share annually and Northland continues to outline a five‑year funding plan to support growth to a 7 GW target by 2030.