Northland Power (NPI) Q2 2026 earnings summary

Executive summary

• Achieved strong operational performance with 96% fleet availability in Q2 2026, advancing major construction projects including Baltic Power (Poland) and Hai Long (Taiwan) offshore wind farms, and battery storage projects in Poland and Canada.

• Achieved first power at Baltic Power, with 61 of 76 turbines installed and 15 generating; Hai Long expanded its PPA to 100% output, secured CAD 2.4 billion in financing, and expanded its 30-year CPPA.

• Offshore wind resource in Europe was low for Q2, but year-to-date generation remains in line with historical averages due to strong Q1 wind conditions.

• Management reaffirmed full-year 2026 Adjusted EBITDA and free cash flow per share guidance.

Financial highlights

• Q2 Adjusted EBITDA was CAD 259 million (or $259 million), up 6% year-over-year, driven by Hai Long and Oneida contributions and lower gas facility costs.

• Q2 free cash flow was CAD 23 million (or $22.6 million), down 60–61% year-over-year due to a one-time German tax refund in 2025.

• Free cash flow per share was CAD 0.09 (or $0.09), compared to CAD 0.22 (or $0.22) in Q2 2025.

• Net loss was CAD 54 million (or $54 million), consistent with Q2 2025.

• Revenue from energy sales was $510 million in Q2 2026, nearly flat year-over-year.

Outlook and guidance

• Reaffirmed 2026 Adjusted EBITDA guidance of CAD 1.45–1.65 billion (or $1.45–$1.65 billion) and free cash flow per share of CAD 1.05–1.25 (or $1.05–$1.25).

• Major projects (Baltic Power, Hai Long, Jurassic BESS, Kamionka, Mieczysławów) are on track for commercial operations, expected to drive EBITDA and cash flow growth.

• Focused on disciplined growth in core markets (Poland, Spain, UK, Canada) and value enhancement initiatives.