Northland Power (NPI) Q2 2026 earnings summary

Executive summary

• Delivered strong operating performance with 96% commercial availability in Q2 2026, advancing major construction projects including Baltic Power and Hai Long offshore wind, and battery storage in Poland and Canada.

• Achieved first power at Baltic Power in Poland and expanded Hai Long's PPA to 100% output with a 30-year contract.

• Operational availability was 96% in Q2, with year-to-date generation in line with historical averages despite low Q2 wind resources.

• Advanced 2.5 GW construction portfolio, including Baltic Power and expanded CPPA and debt funding for Hai Long.

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

Financial highlights

• Q2 Adjusted EBITDA was CAD 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 (down 60% year-over-year) due to a one-time German tax refund in 2025.

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

• Net loss was CAD 54 million in Q2 2026, similar to Q2 2025.

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

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.

• Major projects Baltic Power and Hai Long expected to reach full commercial operations in late 2026 and 2027, respectively.

• No additional equity required for Hai Long; incremental debt and pre-completion revenues expected to cover funding needs.