Highlights
Record high wind production across German offshore wind assets in the fourth quarter contributed to delivering Adjusted EBITDA1 of $1.25 billion, in-line with 2025 financial guidance and Free Cash Flow1 of $1.46 per share, exceeding 2025 financial guidance.
Introduced a new global strategy and 2030 outlook, targeting a doubling of gross operating capacity to 7 GW, with clear growth and financial priorities and a five-year funding plan.
Progressed construction on the Baltic Power (1.1 GW) and Hai Long (1.0 GW) offshore wind projects.
Expanded battery energy storage system ("BESS") pipeline with the addition of two late-stage pre-construction projects totaling 300 MW / 1.2 GWh in Poland.
Issued 2026 financial guidance with Adjusted EBITDA expected to be $1.45 - $1.65 billion, and Free Cash Flow expected to be $1.05 - $1.25 per share.
"In 2025, we set a clear direction for Northland through our five-year plan focused on maximizing long-term shareholder value. We are executing on our strategy and advancing our next phase of growth, including delivering our projects in construction and adding two late-stage pre-construction BESS projects in Poland. We also see value-accretive opportunities across our core markets in Canada and Europe," stated Christine Healy, President and CEO of Northland.
Ms. Healy continued, "In the fourth quarter of 2025, our operating fleet availability was 96%, and our offshore wind assets in Germany set a new production record. Construction progress continues to be on track for our two offshore wind projects."
Significant Events and Updates
Construction Projects Update:
Hai Long Offshore Wind Project, Northland continues to advance the 1.0 GW Hai Long project. The project currently has 37 out of 73 turbines installed, with 20 turbines generating power. As reported last quarter, turbine commissioning has been slower than expected and could impact pre-completion revenues in the amount of approximately $150 - $200 million (Northland share). The project is optimizing the commissioning schedule in preparation for in-water activities expected to resume in April 2026. The project is on track for 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. Offshore construction activities are progressing, including the installation of both offshore substations, all turbine monopile foundations, 30 of the turbines, and 2 out of 4 export cables. The local grid operator completed grid interconnection works, a key milestone for energization of the project. The project is on track for commercial operations in the second half of 2026, with overall costs aligned with original expectations.
Others:
Secured Polish Battery Energy Storage Projects, On November 20, 2025, Northland acquired two late-stage pre-construction battery energy storage projects totaling 300 MW / 1.2 GWh in Poland.
Announced New Strategic Plan and 2030 Outlook, On November 20, 2025, Northland held its 2025 Investor Day where management presented the Company's five-year strategic growth and funding plan. Highlights included: targeting to double operating capacity to 7 GW by 2030; implementing a regional operating model with a deepened focus on core markets of Canada and Europe; improving cost efficiency; selectively advancing high-quality opportunities; and raising investment return targets to 12+%.
Nordsee One Offshore Wind Facility, On November 18, 2025, Northland signed a five-year bilateral power purchase agreement for approximately one-third of the production from its 332 MW Nordsee One offshore wind farm.
Previously Announced Dividend Change, 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.
Thorold Natural Gas Facility Upgrade – On November 25, 2025, Northland completed the performance test for a 23 MW capacity upgrade at the Thorold facility and executed an amended PPA extending the contract to April 30, 2035.
Financial Results
Fourth Quarter
Fourth quarter 2025 financial results increased year-over-year, driven by higher production across the International business unit offshore wind facilities, contribution from the Oneida energy storage facility (which commenced operations in the second quarter of 2025), and increased market demand for dispatchable power at natural gas facilities.
Revenue from energy sales of $723 million in the fourth quarter of 2025 increased from $572 million in 2024.
Net income increased in the fourth quarter of 2025 to $290 million from $150 million in 2024.
Adjusted EBITDA (a non-IFRS measure) increased in the fourth quarter of 2025 to $390 million from $312 million in 2024.
Free Cash Flow per share (a non-IFRS measure) increased in the fourth quarter of 2025 to $0.46 from $0.31 in 2024.
Cash provided by operating activities was $227 million in the fourth quarter of 2025 compared to $360 million in the same quarter of 2024.
Full-Year 2025
Full-year 2025 Adjusted EBITDA and Free Cash Flow decreased compared to 2024, due to low offshore wind resource in the first half of the year within the International business unit, partially offset by the contribution from Oneida and high wind conditions at the Americas business unit onshore facilities.
Revenue from energy sales increased on a full-year basis to $2,435 million from $2,346 million in 2024.
Net loss was $108 million in 2025 compared to net income of $371 million in 2024, primarily due to a $527 million non-cash pre-tax impairment expense for the Nordsee One offshore wind facility recognized in the third quarter of 2025.
Adjusted EBITDA (a non-IFRS measure) decreased on a full-year basis to $1,253 million from $1,262 million in 2024.
Free Cash Flow per share (a non-IFRS measure) decreased on a full-year basis to $1.46 from $1.53 in 2024.
Cash provided by operating activities was $1,426 million on a full-year basis compared to $1,029 million in 2024.
Available corporate liquidity of $931 million as at December 31, 2025 includes $39 million of cash on hand and approximately $892 million of available capacity on 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 December 31,
Year ended December 31,
2025
2024
2025
2024
FINANCIALS
Revenue from energy sales(1)
$
722,841
$
571,867
$
2,434,970
$
2,346,264
Operating income (loss)(1)
290,518
216,571
279,393
812,892
Net income (loss)(1)
289,815
150,469
(108,359
)
371,389
Net income (loss) attributable to shareholders
245,336
128,294
(163,248
)
271,825
Adjusted EBITDA (a non-IFRS measure)(2)
389,523
312,139
1,252,991
1,261,951
Cash provided by operating activities(1)
227,177
359,631
1,426,164
1,028,968
Free Cash Flow (a non-IFRS measure)(2)
121,399
80,650
382,094
394,420
Cash dividends paid
78,451
49,284
286,008
200,488
Total dividends declared(3)
$
67,991
$
77,832
$
303,185
$
309,024
Per Share
Weighted average number of shares, basic and diluted (000s)
261,502
259,166
261,301
257,300
Net income (loss) attributable to common shareholders, basic and diluted
$
0.93
$
0.49
$
(0.65
)
$
1.03
Free Cash Flow (a non-IFRS measure)(2)
$
0.46
$
0.31
$
1.46
$
1.53
Total dividends declared
$
0.26
$
0.30
$
1.16
$
1.20
ENERGY VOLUMES
Electricity production in gigawatt hours (GWh)(4)
3,472
2,836
10,953
11,046
Northland's share of electricity production (GWh)(5)
2,973
2,414
9,502
9,621
(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 declared 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.
Fourth Quarter Highlights
International Business Unit
Northland's International business unit consists of operating offshore wind facilities located in Germany and the Netherlands, along with onshore wind and solar facilities in Spain.
Offshore wind facilities
Electricity production for the three months ended December 31, 2025 increased 21% or 271 GWh compared to the same quarter of 2024. Commercial availability for the three months ended December 31, 2025 was at 97%.
Revenue from energy sales of $385 million for the three months ended December 31, 2025 increased 38% or $105 million, compared to the same quarter of 2024, due to higher production across offshore wind facilities.
Adjusted EBITDA of $243 million for the three months ended December 31, 2025 increased 34% or $62 million compared to the same quarter of 2024, due to the same factor noted above.
Onshore renewable facilities
Electricity production for the three months ended December 31, 2025 of 248 GWh was in line with the same quarter of 2024. Commercial availability for the three months ended December 31, 2025 was at 97%.
Revenue from energy sales of $45 million for the three months ended December 31, 2025 decreased 17% or $9 million compared to the same quarter of 2024, due to lower market prices at the Spanish facilities.
Adjusted EBITDA of $29 million for the three months ended December 31, 2025 decreased 24% or $9 million compared to the same quarter of 2024, due to the same factor noted above.
Americas Business Unit
Northland's Americas business unit includes natural gas, onshore wind, solar, and energy storage facilities in Canada, onshore wind projects in the United States, and regulated utility operations in Colombia.
Onshore renewable & energy storage facilities
Electricity production for the three months ended December 31, 2025 of 553 GWh was in line with the same quarter of 2024. Commercial availability for the three months ended December 31, 2025 was at 97%.
Revenue from energy sales of $91 million for the three months ended December 31, 2025 increased 30% or $21 million compared to the same quarter of 2024, due to the contribution from the Oneida energy storage facility commencing operations in the second quarter of 2025.
Adjusted EBITDA of $52 million for the three months ended December 31, 2025 increased 16% or $7 million compared to the same quarter of 2024, due to the same factor noted above.
Natural gas facilities
Electricity production of 1,088 GWh for the three months ended December 31, 2025 increased 42% or 324 GWh compared to the same quarter of 2024, due to higher market demand for dispatchable power. Commercial availability for the three months ended December 31, 2025 was at 90%.
Revenue from energy sales of $102 million for the three months ended December 31, 2025 increased 29% or $23 million compared to the same quarter of 2024, due to higher market demand for dispatchable power.
Adjusted EBITDA of $52 million for the three months ended December 31, 2025 increased 11% or $5 million compared to the same quarter of 2024, due to the factor noted above.
Utility
Revenue from energy sales of $97 million for the three months ended December 31, 2025 increased 6% or $5 million compared to the same quarter of 2024, due to growth in the asset base.
Adjusted EBITDA of $40 million for the three months ended December 31, 2025 was in line with the same quarter of 2024.
Consolidated statements of income (loss)
General and administrative ("G&A") costs of $33 million increased $6 million compared to the same quarter of 2024, due to certain non-recurring administrative expenses.
Development costs of $21 million were in line with the same quarter of 2024.
Finance costs of $83 million decreased $14 million compared to the same quarter of 2024, due to scheduled principal repayments on facility-level loans.
Fair value gain on financial instruments was $50 million, due to net movement in the fair value of derivatives related to foreign exchange and interest rate contracts.
Foreign exchange loss of $8 million was due to fluctuations in foreign exchange rates.
Share of profit from joint ventures of $118 million was due to the gains on fair value of derivatives, partially offset by the foreign exchange losses, at the joint ventures.
Net income of $290 million in the fourth quarter of 2025 compared to net income of $150 million in the same quarter of 2024, as a result of the factors described above.
Adjusted EBITDA
The following table reconciles net income (loss) to Adjusted EBITDA:
Three months ended December 31,
Year ended December 31,
