Northland Power Inc. has released its financial results for the three and nine months ending September 30, 2025, showcasing robust performance across several key metrics. During the third quarter, the company achieved an impressive availability rate of 96%, bolstered by improved offshore wind resources in Europe. Significant progress has been made on two offshore wind projects, with the installation of both Baltic Power offshore substations and the completion of all export cables at the Hai Long project, despite a slower-than-expected commissioning of turbines.
President and CEO Christine Healy highlighted the company’s commitment to sustainable growth, stating that Northland sees numerous value-accretive opportunities in its core markets of Canada and Europe. In light of this, Northland’s Board of Directors has approved an adjustment to its annual dividend, reducing it to $0.72 per share. This move aims to enhance financial flexibility for self-funded growth while maintaining an investment-grade balance sheet. The revised dividend will be applicable to shareholders of record by December 31, 2025, with a payment date set for January 15, 2026. The company anticipates detailing its strategic growth plan during the upcoming Investor Day on November 20, 2025.
In terms of construction updates, the Hai Long Offshore Wind Project is on track for full commercial operations by 2027, with more than half of its wind turbines installed. However, pre-completion revenues may be impacted by a projected slowdown of approximately $150 to $200 million (Northland’s share) due to delays in turbine commissioning. Similarly, the Baltic Power Offshore Wind Project is set to achieve commercial operations in the latter half of 2026, with overall costs in line with initial expectations.
On other developmental fronts, Northland is progressing with its Spiorad na Mara fixed foundation offshore wind project, having completed community consultations and moving towards the consent submission phase. Meanwhile, a floating offshore wind project, Havbredey, has been deprioritized.
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Financially, revenue from energy sales totaled $554 million in Q3 2025, a 13% increase compared to $491 million in Q3 2024. However, net loss for the quarter soared to $456 million, compared to a loss of $191 million in the same quarter the previous year. This loss has been primarily attributed to an impairment expense of $527 million related to the Nordsee One offshore wind facility. Adjusted EBITDA improved to $257 million, marking an increase from $228 million in Q3 2024, driven by higher production from offshore wind facilities and enhanced contributions from other renewable sources.
Free Cash Flow per share reached $0.17 for Q3 2025, doubling from $0.08 in the same quarter of the prior year. Northland reported an operating cash flow of $325 million, up significantly from $196 million year-over-year. The company holds a strong available corporate liquidity position of $1,047 million as of September 30, 2025.
Management’s financial outlook for 2025 remains consistent with previous guidance, projecting Adjusted EBITDA to be between $1.2 billion and $1.3 billion, and Free Cash Flow per share to fall within the range of $1.15 to $1.35. As Northland continues to expand its construction portfolio, these projects are set to enhance production capacity and reduce portfolio volatility, responding to increasing demand for energy.
Northland Power will host an earnings conference call on November 13, 2025, to discuss its third-quarter results, providing insights into the company’s performance and future strategies.
