Northland Power (NPI) Investor presentation summary

Strategic growth and operational excellence

• Operating gross capacity of 3.5 GW with a target to double to 7 GW by 2030, supported by 2.2 GW under construction and 1.4–1.8 GW of new growth projects.

• Over 95% of revenue is contracted, providing stable cash flows and a defensive profile in volatile markets.

• Five-year gross investment of $5.8–6.6B planned, with no expected common equity issuances, funded through project debt, partners’ equity, and internal investment.

• Focus on disciplined capital allocation, deepening presence in core markets (Europe, Americas, Asia), and enhancing value across the asset fleet.

• Multi-technology solutions include offshore and onshore wind, solar, natural gas, and battery storage.

Major construction projects and pipeline

• Hai Long (Taiwan): 1,022 MW offshore wind project, 30.6% owned, with commercial operations expected in 2027; key milestones include all foundations and substations installed, 37/73 turbines installed.

• Baltic Power (Poland): 1,140 MW offshore wind project, 49% owned, targeting commercial operations in 2026; all foundations and substations installed, 30/76 turbines installed.

• Pipeline includes 6.5 GW in early development, 2.3 GW in mid-stage, 400 MW in late-stage, and 2.2 GW under construction, with strict capital allocation for 12%+ returns.

Financial performance and guidance

• 2026 Adjusted EBITDA guidance of $1.45–1.65B, with Hai Long contributing $150–200M and Baltic Power $70–120M.

• 2026 free cash flow per share guidance of $1.05–1.25, with one-time 2025 items and higher debt service costs impacting results.

• Americas expected to contribute 35% of 2026 operating Adjusted EBITDA and 48% of operating free cash flow; international operations contribute the remainder.

• Investment grade credit rating (BBB Stable), $13B in total assets, and over 1,100 employees.