Northland Power Inc., a leader in renewable energy, announced its financial results for the third quarter of 2025 on November 12. The company reported a revenue of $554 million, marking an increase from $491 million recorded in the same quarter of 2024. However, net losses rose to $456 million in Q3 2025, compared to a loss of $191 million in the previous year.
Key Financial Highlights
- Revenue: $554 million in Q3 2025, up 13% year-on-year.
- Net Loss: $456 million in Q3 2025, compared to a loss of $191 million in Q3 2024.
- Adjusted EBITDA: Increased to $257 million from $228 million in Q3 2024, representing a 13% rise.
- Free Cash Flow per Share: $0.17, up from $0.08 in Q3 2024.
- Cash Provided by Operating Activities: $325 million in Q3 2025, compared to $196 million a year earlier.
Operational Performance
Northland achieved a commercial availability rate of 96% during the quarter, supported by robust performance from offshore wind projects. Electricity production increased by 19%, totaling 139 GWh compared to the same period in 2024. The company noted that the commissioning of turbines for the Hai Long Offshore Wind Project was slower than expected, potentially impacting pre-completion revenues by $150 to $200 million in 2026.
Project Updates
Northland is currently advancing two major offshore wind projects:
- Hai Long Offshore Wind Project: Aiming for 1.0 GW capacity, the project is on track for commercial operations in 2027.
- Baltic Power Offshore Wind Project: The 1.1 GW project expects to begin operations in the second half of 2026. Both offshore substations have been successfully installed.
Additionally, development of the ScotWind offshore projects continues, with community consultations recently completed. However, the floating wind project, Havbredey, has been deprioritized.
Dividend Adjustment
To enhance financial flexibility, Northland’s Board of Directors approved an adjustment to its annual dividend, now set at $0.72 per share. This change will be effective for the dividend payment on January 15, 2026, for shareholders on record as of December 31, 2025.
Management Insights
Christine Healy, Northland’s President and CEO, expressed confidence in their growth strategy. The company is exploring opportunities across Canada and Europe to provide long-term value for shareholders. Healy indicated that Northland aims to maintain an investment-grade balance sheet while pursuing self-funded growth.
The company plans to discuss its outlook and strategy in further detail during the Investor Day scheduled for November 20, 2025.
Future Outlook
Northland’s financial outlook for 2025 remains unchanged, with anticipated Adjusted EBITDA between $1.2 billion and $1.3 billion. The company is well-positioned to capitalize on increasing demand for energy security and is actively pursuing additional growth opportunities in offshore wind, battery storage, and natural gas.
