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Adjusted EBITDA: $257 million, a 13% increase compared to the same quarter of 2024.

Free Cash Flow: $45 million, approximately 130% higher than the same quarter last year.

Free Cash Flow Per Share: $0.17 compared to $0.08 in the third quarter of 2024.

Net Loss: $456 million, primarily due to a $527 million non-cash impairment at the North Sea 1 offshore wind facility.

Dividend Adjustment: Adjusted to $0.72 per share on an annual basis.

Investment Program Expenditure: Approximately $12 billion spent to date on Hai Long and Baltic Power projects, with $5 billion remaining expected gross capital expenditures.

Financial Guidance for 2025: Adjusted EBITDA expected to be in the range of $1.2 billion to $1.3 billion; free cash flow projected to be between $1.15 and $1.35 per share.

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Release Date: November 13, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Northland Power Inc (NPIFF) received an Ontario Electrical Safety Award for the Oneida battery storage project's safety practices, highlighting their commitment to safety with zero lost time incidents.

The company reported strong third-quarter results with a 13% increase in adjusted EBITDA compared to the same quarter in 2024, driven by higher production at offshore wind assets and contributions from the Oneida battery facility.

Northland Power Inc (NPIFF) is advancing its development pipeline with opportunities in core markets like Canada and Europe, focusing on renewable power and battery storage projects.

The company is maintaining an investment-grade balance sheet and has recalibrated its dividend to provide greater financial flexibility for self-funded growth.

Northland Power Inc (NPIFF) has identified multiple value-accretive opportunities in its core markets, which are expected to deliver long-term value for shareholders.

The company announced a dividend cut to $0.72 per share annually, which was a difficult decision but deemed necessary for long-term shareholder value.

Northland Power Inc (NPIFF) faced a $527 million non-cash impairment for the North Sea 1 offshore wind facility due to a transition from subsidy pricing to market pricing by 2027.

Pre-completion revenues for the Hailong project were lower than expected due to longer commissioning times and technical issues with the onshore substation.

The company experienced historically low winds in the North Sea and a softening of corporate PPA activity in Europe, impacting revenue forecasts.

There are ongoing challenges with the commissioning of turbines at the Hailong project, with only two out of 14 commissioned turbines currently energized and generating revenue.

Q: Could you shed some light on the magnitude of the impairment at North Sea 1 and the factors leading to the recalibration of market expectations? A: Jeff Hart, CFO, explained that the impairment was primarily due to pricing changes as the project transitions from the initial subsidy pricing regime to market pricing by 2027. The expected market price for PPAs is around EUR60 to EUR70 per megawatt hour, reflecting a step down from the initial contract period.

Q: Can you provide more details on the rationale for the dividend cut and how it aligns with your growth strategy? A: Christine Healy, CEO, stated that the dividend cut is aimed at freeing up capital to fund an expanding investment opportunity set. The decision allows Northland to invest in value-enhancing projects and maintain financial flexibility without relying on equity markets, aligning with their long-term growth strategy.

Q: What are the specific issues causing the delayed pre-completion revenue at the onshore substation, and when do you expect it to be resolved? A: Christine Healy explained that the delay was due to a bushing issue identified during testing, which could affect long-term reliability. The replacement requires a 20-day outage, expected to be completed by year-end. The issue is managed within the supplier's contract, with no direct financial impact on Northland.

Q: How many of the installed turbines at Hai Long are currently commissioned and feeding power to the grid? A: Christine Healy noted that while 37 turbines are installed, only 14 are commissioned, and just two are currently energized and generating revenue. The commissioning process has been slower due to challenging weather conditions, but a recovery plan is in place.

Q: Regarding the dividend cut, is the main target to internally fund all equity requirements for the next five years? A: Jeff Hart confirmed that the intent is to have a self-funded plan, allowing Northland to execute its growth strategy effectively and create shareholder value without relying on external equity.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.