"Operating results were strong this quarter with availability of 96%, and the offshore wind resource in Europe improved. Construction of our two offshore wind projects continues. Both Baltic Power offshore substations have now been installed, and all export cables are complete at Hai Long. The Hai Long project remains on track, but the commissioning of turbines has been slower than anticipated," stated Christine Healy, President and CEO of Northland.
Ms. Healy continued, "As part of Northland's strategy, we have assessed growth opportunities in our core markets in Canada and Europe. We see multiple value-accretive opportunities where Northland's capabilities can be deployed to deliver long-term value for shareholders. To provide greater financial flexibility for self-funded growth while maintaining an investment grade balance sheet, the Board of Directors has decided to adjust Northland's dividend to $0.72 per share on an annual basis. We are committed to this sustainable dividend and we look forward to providing our plan and outlook to the market at our upcoming Investor Day on November 20, 2025."
Significant Events and Updates
Construction Projects Update:
Hai Long Offshore Wind Project, Northland continues to advance the 1.0 GW Hai Long project, installing more than half of the wind turbines and completing installation of export cables. Slower than expected commissioning could impact pre-completion revenues in the amount of approximately $150 million to $200 million (Northland share) in 2026. The fabrication of remaining components is continuing to advance as per schedule. The project remains on track for full commercial operations in 2027, with overall costs aligned with original expectations.
Baltic Power Offshore Wind Project, Northland continues to advance the 1.1 GW Baltic Power project with offshore construction activities progressing including the successful installation of both offshore substations. The project remains on track for full commercial operations in the second half of 2026, with overall costs aligned with original expectations.
Others:
Common Shares Dividend, On November 12, 2025, Northland's Board of Directors approved an adjustment to Northland's dividend to $0.72 per share on an annual basis. The change will be applicable to the dividend payment on January 15, 2026, to shareholders of record on December 31, 2025.
ScotWind Offshore Wind Projects, Development on Spiorad na Mara, the fixed foundation offshore wind project, is ongoing with community consultation completed and consent submissions occurring in the coming months. Havbredey, the floating offshore wind project, has been de-prioritized.
Executive Changes, In September 2025, Northland made changes to its executive team. Jaime Hurtado was appointed as General Counsel, and Michelle Chislett, Executive Vice President of Onshore Renewables, departed the Company. Calvin MacCormack, Executive Vice President of Natural Gas & Utilities, has assumed the leadership role for both the Onshore Renewables and Natural Gas & Utilities teams and portfolios.
Third Quarter Results
Revenue from energy sales was $554 million in the third quarter of 2025 compared to $491 million in the same quarter of 2024.
Net loss was $456 million in the third quarter of 2025 compared to a net loss of $191 million in the same quarter of 2024.
Adjusted EBITDA (a non-IFRS measure) was $257 million in the third quarter of 2025 compared to $228 million in the same quarter of 2024.
Free Cash Flow per share (a non-IFRS measure) was $0.17 in the third quarter of 2025 compared to $0.08 in the same quarter of 2024.
Cash provided by operating activities was $325 million in the third quarter of 2025 compared to $196 million in the same quarter of 2024.
Available corporate liquidity of $1,047 million as at September 30, 2025 including $180 million of cash on hand and approximately $867 million of available capacity on the corporate revolving credit facilities.
The following table presents key IFRS and non-IFRS financial measures and operational results. Revenue from energy sales, operating income (loss) and net income (loss), as reported under IFRS, include consolidated results of entities not wholly owned by Northland, whereas Northland's non-IFRS financial measures include only Northland's proportionate ownership interest.
Summary of Consolidated Results
(in thousands of dollars, except per share amounts)
Three months ended September 30,
Nine months ended September 30,
2025
2024
2025
2024
FINANCIALS
Revenue from energy sales(1)
$
554,477
$
490,503
$
1,712,129
$
1,774,397
Operating income (loss)(1)
(396,289
)
98,127
(11,125
)
596,321
Net income (loss)(1)
(455,842
)
(190,733
)
(398,174
)
220,920
Net income (loss) attributable to shareholders
(412,672
)
(178,162
)
(408,584
)
143,531
Adjusted EBITDA (a non-IFRS measure)(2)
256,959
227,756
863,469
949,812
Cash provided by operating activities(1)
325,102
195,923
1,198,987
669,337
Free Cash Flow (a non-IFRS measure)(2)
44,978
19,447
260,696
313,771
Cash dividends paid
78,451
50,210
207,557
151,204
Total dividends declared(3)
$
78,451
$
77,422
$
235,195
$
231,182
Per Share
Weighted average number of shares, basic anddiluted (000s)
261,502
257,873
261,234
256,673
Net income (loss) attributable to commonshareholders, basic and diluted
$
(1.58
)
$
(0.70
)
$
(1.58
)
$
0.54
Free Cash Flow, basic (a non-IFRS measure)(2)
$
0.17
$
0.08
$
1.00
$
1.22
Total dividends declared
$
0.30
$
0.30
$
0.90
$
0.90
ENERGY VOLUMES
Electricity production in gigawatt hours (GWh)(4)
2,373
2,196
7,481
8,210
Northland's share of electricity production (GWh)(5)
2,062
1,952
6,529
7,207
(1) Represents fully consolidated financial information on 100% basis for all direct and indirect subsidiaries including those partially owned by Northland. Share of profit (loss) from joint ventures have 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 to common shareholders, including dividends in cash or in shares under Northland's dividend reinvestment plan.
(4) Includes 100% 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.
(5) Presented at Northland's economic interest.
Adjusted EBITDA and Free Cash Flow for the three months ended September 30, 2025 were higher than the same quarter of 2024, primarily due to higher production across offshore wind facilities, contribution from the Oneida energy storage facility, increased energy rates and market demand for dispatchable power at natural gas facilities. This increase was partially offset by lower wind resource at Spanish facilities.
Offshore wind facilities
Electricity production for the three months ended September 30, 2025 increased 19% or 139 GWh compared to the same quarter of 2024. Commercial availability for the three months ended September 30, 2025 was at 96%.
Revenue from energy sales of $253 million for the three months ended September 30, 2025 increased 18% or $39 million, compared to the same quarter of 2024, primarily due to higher production across all offshore wind facilities.
Adjusted EBITDA of $126 million for the three months ended September 30, 2025 increased 17% or $18 million compared to the same quarter of 2024, primarily due to the same factors noted above.
Onshore renewable & energy storage facilities
Electricity production for the three months ended September 30, 2025 of 512 GWh was largely in line with the same quarter of 2024. Commercial availability for the three months ended September 30, 2025 was at 97%.
Revenue from energy sales of $127 million for the three months ended September 30, 2025 increased 9% or $11 million compared to the same quarter of 2024, primarily due to the contribution from the Oneida energy storage facility commencing operations in the second quarter of 2025, partially offset by lower production from Spanish facilities. Please refer to the Management's Discussion and Analysis for the nine months ended September 30, 2025, dated November 12, 2025 ("MD&A") for a further breakdown of the Spanish portfolio revenue by component.
Adjusted EBITDA of $85 million was largely in line with the same quarter of 2024.
Natural gas facilities
Electricity production of 980 GWh for the three months ended September 30, 2025 increased 4% or 35 GWh compared to the same quarter of 2024, primarily due to higher market demand for dispatchable power, partially offset by lower operating availability resulting from a planned maintenance outage. Commercial availability for the three months ended September 30, 2025 was at 93%.
Revenue from energy sales of $82 million for the three months ended September 30, 2025 increased 10% or $8 million compared to the same quarter of 2024, primarily due to increased energy rates and higher market demand for dispatchable power.
Adjusted EBITDA of $42 million for the three months ended September 30, 2025 was largely in line with the same quarter of 2024.
Utility
Revenue from energy sales of $90 million for the three months ended September 30, 2025 increased 6% or $5 million compared to the same quarter of 2024, primarily due to growth in the asset base.
Adjusted EBITDA of $40 million for the three months ended September 30, 2025 increased 13% or $5 million compared to the same quarter of 2024, primarily due to the same factor as noted above.
Consolidated statements of income (loss)
General and administrative ("G&A") costs of $30 million in the third quarter were in line with the same quarter of 2024.
Development costs of $17 million decreased $2 million compared to the same quarter of 2024, primarily due to lower personnel costs.
Finance costs of $92 million decreased $16 million compared to the same quarter of 2024, primarily due to scheduled principal repayments on facility-level loans.
Fair value loss on financial instruments was $140 million, primarily due to net movement in the fair value of derivatives related to foreign exchange and interest rate contracts.
Foreign exchange gain of $20 million was primarily due to fluctuations in foreign exchange rates.
Share of profit from joint ventures of $22 million was primarily due ...
