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NORTHLAND POWER NORTHLAND POWER REPORTS SECOND QUARTER 2021 RESULTS Company Advances on Significant Growth Initiatives in the Quarter , Executes Initial Green Financings and Refines 2021 Financial Guidance due to Lower Performance in the Offshore Wind Facilities Toronto , Ontario , August 11 , 2021 - Northland Power Inc. ( " Northland " or the " Company " ) ( TSX : NPI ) today reported financial results for three and six months ended June 30 , 2021. All dollar amounts set out herein are in thousands of Canadian dollars , unless otherwise stated . " Our second quarter financial performance was impacted by a lower wind resource in the North Sea , which was trending below the long - term average , " said Mike Crawley , Northland's President and Chief Executive Officer . " However , these near term financial impacts do not affect our long - term objectives nor our long - term performance . In the quarter , we continued to execute on the key priorities to further enhance our development portfolio and position ourselves to achieve our long term growth and diversification targets . We advanced the Baltic Power offshore wind project in Poland , which was awarded a 25 - year contract for difference offtake agreement , further increased our presence in Europe with the acquisition of an operating portfolio of onshore wind and solar assets in Spain and achieved financial close at two of the New York onshore wind projects as well as our Helios solar project in Colombia . These milestones bolster our development pipeline and enhance our competitive positioning to enable us to participate in the accelerating build out of renewables globally . " Second Quarter Highlights Financial Results Sales decreased 5 % to $ 408 million from $ 429 million in 2020 and gross profit decreased 5 % to $ 368 million from $ 386 million . Adjusted EBITDA ( a non - IFRS measure ) decreased 10 % to $ 203 million from $ 227 million in 2020 . Free Cash Flow per share ( a non - IFRS measure ) decreased 67 % to $ 0.03 from $ 0.09 in 2020 . Adjusted Free Cash Flow per share ( a non - IFRS measure ) decreased 47 % to $ 0.10 from $ 0.19 in 2020 . Net Income decreased to a net loss of $ 6 million from a net income of $ 74 million in 2020 . 2021 Financial Guidance Update management is providing an update to its 2021 guidance and now expects Adjusted EBITDA and Free Cash Flow per share to be at the low end of their respected ranges . For Adjusted Free Cash Flow per share , management is revising the range to $ 1.60 to $ 1.70 ( formerly $ 1.80 to $ 2.00 ) . Refer to the Outlook section for additional information . Sales , gross profit and net income , as reported under IFRS , include consolidated results of entities not wholly - owned by Northland , whereas non - IFRS financial measures include Northland's proportionate interest . 1