Northland Power (NPI) Q1 2026 earnings summary

Executive summary

• Adjusted EBITDA and Free Cash Flow per share rose 18% and 17% year-over-year, driven by strong offshore wind production, favorable wind conditions in Northern Europe, and high fleet availability of 96%.

• Diversified portfolio includes offshore wind, onshore renewables, natural gas, and battery storage across Canada, Europe, and Asia, with 3.5 GW operating and 2.2 GW under construction.

• Secured a 30-year Corporate Power Purchase Agreement for Hai Long, fully contracting its output upon completion of conditions.

• Board expanded with the appointment of Bahir Manios, bringing significant asset management and capital markets experience.

• Safety culture reinforced following a fatal incident at the EBSA utility in Colombia, with immediate action and a detailed action plan implemented.

Financial highlights

• Q1 Adjusted EBITDA reached CAD 427 million (or $427 million), up 18% year-over-year, supported by strong offshore wind production and contributions from Oneida Energy Storage.

• Net income was CAD 161 million, compared to CAD 111 million in Q1 2025.

• Free Cash Flow per share was CAD 0.70, up from CAD 0.60 in Q1 2025.

• Revenue from energy sales increased to $775 million, up from $665 million year-over-year.

• Realized one-time gains of approximately CAD 35 million from interest rate hedge optimizations.

Outlook and guidance

• 2026 Adjusted EBITDA guidance reaffirmed at CAD 1.45–1.65 billion; Free Cash Flow per share guidance at CAD 1.05–1.25.

• Baltic Power and Jurassic BESS targeted for commercial operations in 2026; Hai Long on track for 2027 commissioning.

• Strong Q1 performance supports constructive outlook for the year.