Earnings release
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NORTHLAND POWER REPORTS THIRD QUARTER 2025 RESULTS Toronto, Ontario, November 12, 2025 - No rthland Power Inc. ( “Northland” or the “Company”) (TSX: NPI) today reported financial results for the three and nine months ended September 30, 2025. All dollar amounts set out herein are in thousands of Canadian dollars, unless otherwise stated. “Operating results were strong this quarter with availability of 96%, and the offshore wind resource in Europe improved. Construction of our two offshore wind projects continues. Both Baltic Power offshore substations have now been installed, and all export cables are complete at Hai Long. The Hai Long project remains on track, but the commissioning of turbines has been slower than anticipated,” stated Christine Healy, President and CEO of Northland. Ms. Healy continued, “As part of Northland’s strategy, we have assessed growth opportunities in our core markets in Canada and Europe. We see multiple value-accretive opportunities where Northland’s capabilities can be deployed to deliver long-term value for shareholders. To provide greater financial flexibility for self-funded growth while maintaining an investment grade balance sheet, the Board of Directors has decided to adjust Northland’s dividend to $0.72 per share on an annual basis. We are committed to this sustainable dividend and we look forward to providing our plan and outlook to the market at our upcoming Investor Day on November 20, 2025.” Significant Events and Updates Construction Projects Update: • Hai Long Offshore Wind Project – Northland continues to advance the 1.0 GW Hai Long project, installing more than half of the wind turbines and completing installation of export cables. Slower than expected commissioning could impact pre-completion revenues in the amount of approximately $150 million to $200 million (Northland share) in 2026. The fabrication of remaining components is continuing to advance as per schedule. The project remains on track for full commercial operations in 2027, with overall costs aligned with original expectations. • Baltic Power Offshore Wind Project – Northland continues to advance the 1.1 GW Baltic Power project with offshore construction activities progressing including the successful installation of both offshore substations. The project remains on track for full commercial operations in the second half of 2026, with overall costs aligned with original expectations. Others: • Common Shares Dividend – On November 12, 2025, Northland’s Board of Directors approved an adjustment to Northland’s dividend to $0.72 per share on an annual basis. The change will be applicable to the dividend payment on January 15, 2026, to shareholders of record on December 31, 2025. • ScotWind Offshore Wind Projects – Development on Spiorad na Mara, the fixed foundation offshore wind project, is ongoing with community consultation completed and consent submissions occurring in the coming months. Havbredey, the floating offshore wind project, has been de-prioritized. • Executive Changes – In September 2025, Northland made changes to its executive team. Jaime Hurtado was appointed as General Counsel, and Michelle Chislett, Executive Vice President of Onshore Renewables, departed the Company. Calvin MacCormack, Executive Vice President of Natural Gas & Utilities, has assumed the leadership role for both the Onshore Renewables and Natural Gas & Utilities teams and portfolios. 1
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Third Quarter Results • Revenue from energy sales was $554 million in the third quarter of 2025 compared to $491 million in the same quarter of 2024. • Net loss was $456 million in the third quarter of 2025 compared to a net loss of $191 million in the same quarter of 2024. • Adjusted EBITDA (a non-IFRS measure) was $257 million in the third quarter of 2025 compared to $228 million in the same quarter of 2024. • Free Cash Flow per share (a non-IFRS measure) was $0.17 in the third quarter of 2025 compared to $0.08 in the same quarter of 2024. • Cash provided by operating activities was $325 million in the third quarter of 2025 compared to $196 million in the same quarter of 2024. • Available corporate liquidity of $1,047 million as at September 30, 2025 including $180 million of cash on hand and approximately $867 million of available capacity on the corporate revolving credit facilities. The following table presents key IFRS and non-IFRS financial measures and operational results. Revenue from energy sales, operating income (loss) and net income (loss), as reported under IFRS, include consolidated results of entities not wholly owned by Northland, whereas Northland’s non-IFRS financial measures include only Northland’s proportionate ownership interest. Summary of Consolidated Results (in thousands of dollars, except per share amounts) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 FINANCIALS Revenue from energy sales (1) $ 554,477 $ 490,503 $ 1,712,129 $ 1,774,397 Operating income (loss) (1) (396,289) 98,127 (11,125) 596,321 Net income (loss) (1) (455,842) (190,733) (398,174) 220,920 Net income (loss) attributable to shareholders (412,672) (178,162) (408,584) 143,531 Adjusted EBITDA (a non-IFRS measure) (2) 256,959 227,756 863,469 949,812 Cash provided by operating activities (1) 325,102 195,923 1,198,987 669,337 Free Cash Flow (a non-IFRS measure) (2) 44,978 19,447 260,696 313,771 Cash dividends paid 78,451 50,210 207,557 151,204 Total dividends declared (3) $ 78,451 $ 77,422 $ 235,195 $ 231,182 Per Share Weighted average number of shares — basic and diluted (000s) 261,502 257,873 261,234 256,673 Net income (loss) attributable to common shareholders — basic and diluted $ (1.58) $ (0.70) $ (1.58) $ 0.54 Free Cash Flow — basic (a non-IFRS measure) (2) $ 0.17 $ 0.08 $ 1.00 $ 1.22 Total dividends declared $ 0.30 $ 0.30 $ 0.90 $ 0.90 ENERGY VOLUMES Electricity production in gigawatt hours (GWh) (4) 2,373 2,196 7,481 8,210 Northland’s share of electricity production (GWh) (5) 2,062 1,952 6,529 7,207 (1) Represents fully consolidated financial information on 100% basis for all direct and indirect subsidiaries including those partially owned by Northland. Share of profit (loss) from joint ventures have been included only in the net income measures, as required by IFRS. (2) See Forward-Looking Statements and Non-IFRS Financial Measures below. (3) Represents total dividends to common shareholders, including dividends in cash or in shares under Northland’s dividend reinvestment plan. (4) Includes 100% of electricity production from all direct and indirect subsidiaries, including those which are partially owned by Northland as well as Northland’s share of pre-completion production from Hai Long. (5) Presented at Northland’s economic interest. 2
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Adjusted EBITDA and Free Cash Flow for the three months ended September 30, 2025 were higher than the same quarter of 2024, primarily due to higher production across offshore wind facilities, contribution from the Oneida energy storage facility, increased energy rates and market demand for dispatchable power at natural gas facilities. This increase was partially offset by lower wind resource at Spanish facilities. Offshore wind facilities Electricity production for the three months ended September 30, 2025 increased 19% or 139 GWh compared to the same quarter of 2024. Commercial availability for the three months ended September 30, 2025 was at 96%. Revenue from energy sales of $253 million for the three months ended September 30, 2025 increased 18% or $39 million, compared to the same quarter of 2024, primarily due to higher production across all offshore wind facilities. Adjusted EBITDA of $126 million for the three months ended September 30, 2025 increased 17% or $18 million compared to the same quarter of 2024, primarily due to the same factors noted above. Onshore renewable & energy storage facilities Electricity production for the three months ended September 30, 2025 of 512 GWh was largely in line with the same quarter of 2024. Commercial availability for the three months ended September 30, 2025 was at 97%. Revenue from energy sales of $127 million for the three months ended September 30, 2025 increased 9% or $11 million compared to the same quarter of 2024, primarily due to the contribution from the Oneida energy storage facility commencing operations in the second quarter of 2025 , partially offset by lower production from Spanish facilities . Please refer to the Management’s Discussion and Analysis for the nine months ended September 30, 2025 , dated November 12, 2025 (“MD&A”) for a further breakdown of the Spanish portfolio revenue by component. Adjusted EBITDA of $85 million was largely in line with the same quarter of 2024. Natural gas facilities Electricity production of 980 GWh for the three months ended September 30, 2025 increased 4% or 35 GWh compared to the same quarter of 2024, primarily due to higher market demand for dispatchable power, partially offset by lower operating availability resulting from a planned maintenance outage. Commercial availability for the three months ended September 30, 2025 was at 93%. Revenue from energy sales of $82 million for the three months ended September 30, 2025 increased 10% or $8 million compared to the same quarter of 2024, primarily due to increased energy rates and higher market demand for dispatchable power. Adjusted EBITDA of $42 million for the three months ended September 30, 2025 was largely in line with the same quarter of 2024. Utility Revenue from energy sales of $90 million for the three months ended September 30, 2025 increased 6% or $5 million compared to the same quarter of 2024, primarily due to growth in the asset base. Adjusted EBITDA of $40 million for the three months ended September 30, 2025 increased 13% or $5 million compared to the same quarter of 2024, primarily due to the same factor as noted above. Consolidated statements of income (loss) General and administrative (“G&A”) costs of $30 million in the third quarter were in line with the same quarter of 2024. Development costs of $17 million decreased $2 million compared to the same quarter of 2024, primarily due to lower personnel costs. Finance costs of $92 million decreased $16 million compared to the same quarter of 2024, primarily due to scheduled principal repayments on facility-level loans. Fair value loss on financial instruments was $140 million, primarily due to net movement in the fair value of derivatives related to foreign exchange and interest rate contracts. Foreign exchange gain of $20 million was primarily due to fluctuations in foreign exchange rates. Share of profit from joint ventures of $22 million was primarily due to gains on the fair value of derivatives. 3
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Impairment expense of $527 million was recognized as a non-cash accounting adjustment for the Nordsee One offshore wind facility primarily due to a transition from the subsidized price regime under the German Renewable Energy Sources Act to market pricing by May 2027. Net loss of $456 million in the third quarter of 2025 compared to net loss of $191 million in the same quarter of 2024, primarily as a result of the factors described above. Adjusted EBITDA The following table reconciles net income (loss) to Adjusted EBITDA: Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Net income (loss) $ (455,842) $ (190,733) $ (398,174) $ 220,920 Adjustments: Finance costs, net 77,600 91,852 230,876 240,876 Provision for (recovery of) income taxes (116,839) (6,065) (126,653) 125,552 Depreciation of property, plant and equipment 169,382 156,519 492,717 466,547 Amortization of contracts and intangible assets 16,227 14,823 46,725 43,650 Fair value (gain) loss on financial instruments 140,153 98,933 428,076 98,925 Foreign exchange (gain) loss (19,607) (8,734) (63,868) (7,069) Impairment of non-financial assets 526,525 — 526,525 — Fair value adjustment relating to the disposal group held for sale — — — 43,884 Elimination of non-controlling interests (58,243) (40,302) (192,549) (204,216) Share of (profit) loss from joint ventures (22,329) 112,823 (75,368) (20,629) Others (1) (68) (1,360) (4,838) (58,628) Adjusted EBITDA (2) $ 256,959 $ 227,756 $ 863,469 $ 949,812 (1) Others primarily include Northland’s share of Adjusted EBITDA from equity accounted investees, Gemini interest income, finance lease (lessor) and other expenses (income). (2) See Forward-Looking Statements and Non-IFRS Financial Measures below. Adjusted EBITDA of $257 million for the three months ended September 30, 2025 increased 13% or $29 million compared to the same quarter of 2024. The factors increasing Adjusted EBITDA include: • $18 million increase in operating results at the offshore wind facilities, primarily due to higher production, as described above; • $12 million increase due to the contribution from the Oneida energy storage facility commencing operations in the second quarter of 2025; and • $6 million increase in operating results from natural gas facilities and EBSA, as described above. The factor partially offsetting the increase in the Adjusted EBITDA was: • $11 million decrease in operating results from Spanish facilities, as described above. 4
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Free Cash Flow The following table reconciles cash flow from operations to Free Cash Flow: Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Cash provided by operating activities $ 325,102 $ 195,923 $ 1,198,987 $ 669,337 Adjustments: Net change in non-cash working capital balances related to operations (27,899) 49,418 (202,298) 348,393 Non-expansionary capital expenditures (362) (1,844) (1,254) (3,483) Restricted funding for major maintenance, debt and decommissioning reserves (100) 20 13,719 (12,145) Interest (66,301) (57,171) (203,525) (201,586) Scheduled principal repayments on facility debt (40,830) (44,805) (518,832) (373,867) Funds set aside (utilized) for scheduled principal repayments (157,614) (140,914) (60,934) (148,788) Preferred share dividends (1,377) (1,551) (4,197) (4,662) Consolidation of non-controlling interests (10,081) 10,147 (60,813) (73,444) Growth expenditures 17,069 18,258 45,686 43,787 Others (1) 7,371 (8,034) 54,157 70,229 Free Cash Flow (2) $ 44,978 $ 19,447 $ 260,696 $ 313,771 (1) Others mainly include the effect of foreign exchange rates and hedges, interest rate hedge, Nordsee One interest on shareholder loans, acquisition costs, lease payments, interest income, Northland’s share of Free Cash Flow from equity accounted investees, investment income, and other non-cash expenses adjusted in working capital excluded from Free Cash Flow in the period. (2) See Forward-Looking Statements and Non-IFRS Financial Measures below. Free Cash Flow of $45 million for the three months ended September 30, 2025 was 131% or $26 million higher than the same quarter of 2024. The factors increasing Free Cash Flow were: • $28 million increase in Adjusted EBITDA (gross of growth expenditures) due to the factors described above; and • $4 million increase from foreign exchange hedges, lease payments, and other settlements. The factor offsetting the increase in Free Cash Flow was: • $8 million increase in scheduled debt repayments on facility-level loans. The following table reconciles Adjusted EBITDA to Free Cash Flow: Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Adjusted EBITDA (2) $ 256,959 $ 227,756 $ 863,469 $ 949,812 Adjustments: Scheduled debt repayments (157,988) (150,184) (468,010) (426,987) Interest expense (46,545) (48,176) (150,740) (144,964) Current taxes (22,088) (21,861) (60,649) (127,981) Non-expansionary capital expenditure (362) (1,602) (965) (3,063) Utilization (funding) of maintenance and decommissioning reserves (100) 108 10,686 (10,871) Lease payments, including principal and interest (3,137) (6,297) (9,863) (9,678) Preferred dividends (1,377) (1,551) (4,197) (4,662) Foreign exchange hedge gain (loss) (7,243) — 11,079 12,891 Growth expenditures 17,069 18,258 45,686 43,787 Others (1) 9,790 2,996 24,200 35,487 Free Cash Flow (2) $ 44,978 $ 19,447 $ 260,696 $ 313,771 (1) Others mainly include repayment of Gemini subordinated debt, and interest rate and foreign currency hedge settlements. (2) See Forward-Looking Statements and Non-IFRS Financial Measures below. 5
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Outlook As of November 12, 2025, management’s 2025 financial outlook remains unchanged from the revised guidance issued on August 13, 2025, including expected Adjusted EBITDA in the range of $1.2 billion to $1.3 billion and Free Cash Flow per share to be in the range of $1.15 to $1.35. In 2025, Northland continues to deliver key milestones across its construction portfolio. Upon reaching commercial operations, these projects will expand Northland’s operations and are expected to enhance production capacity and reduce portfolio volatility. Northland continues to pursue its development pipeline to further enhance its cash flow profile. To capitalize on the market opportunity presented by growing demand for electricity and energy security, Northland is pursuing opportunities in offshore wind, onshore renewables, battery storage and natural gas. The information in this Outlook constitutes forward-looking information within the meaning of applicable Canadian securities laws, is based on several assumptions and is subject to risks and uncertainties. See Forward-Looking Statements in this release as well as the Risk Factors in the 2024 AIF. Third-Quarter Earnings Conference Call Northland will hold an earnings conference call on November 13, 2025, to discuss its third quarter 2025 results. The call will be hosted by Northland’s Senior Management, who will discuss the Company’s financial results and developments and answer questions from analysts. Conference call details are as follows: Thursday, November 13, 2025, 10:00 a.m. ET Participants wishing to join the call and ask questions must register using the following URL below: https://register-conf.media-server.com/register/BI5f9ddfa224de42c59acee20c0b94c41a For all other attendees, the call will be broadcast live on the internet, in listen-only mode and can be accessed using the following link: Webcast URL: https://edge.media-server.com/mmc/p/ojhihxet For those unable to attend the live call, an audio recording will be available on northlandpower.com on Friday, November 14, 2025. Northland’s unaudited interim condensed consolidated financial statements for the nine months ended September 30, 2025, and related MD&A can be found on SEDAR+ at www.sedarplus.ca under Northland’s profile and on northlandpower.com. ABOUT NORTHLAND POWER Northland Power is a Canadian-owned global power producer dedicated to accelerating the global energy transition. Founded in 1987, with almost four decades of experience, Northland has a long history of developing, owning and operating a diversified mix of energy infrastructure assets including offshore and onshore wind, solar, battery energy storage, and natural gas. Northland also supplies energy through a regulated utility. Headquartered in Toronto, Canada, with global offices in seven countries, Northland owns or has an economic interest in 3.5 GW of gross operating generating capacity, 2.2 GW under construction and a significant inventory of early to mid-stage development opportunities encompassing approximately 9 GW of potential capacity. Publicly traded since 1997, Northland's Common Shares, and Series 1 and Series 2 Preferred Shares trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A and NPI.PR.B, respectively. 6
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NON-IFRS FINANCIAL MEASURES This press release includes references to the Company’s adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”), Free Cash Flow and applicable payout ratios and per share amounts, which are measures not prescribed by International Financial Reporting Standards (“IFRS”), and therefore do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. Non-IFRS financial measures are presented at Northland’s share of underlying operations. These measures should not be considered alternatives to net income (loss), cash flow from operating activities or other measures of financial performance calculated in accordance with IFRS. Instead, these measures are provided to complement IFRS measures in the analysis of Northland’s results of operations from management’s perspective. Management believes that Northland’s non-IFRS financial measures and applicable payout ratio and per share amounts are widely accepted and understood financial indicators used by investors and securities analysts to assess the performance of a company, including its ability to generate cash through operations. FORWARD-LOOKING STATEMENTS This press release contains statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that are provided for the purpose of presenting information about management’s current expectations and plans. Readers are cautioned that such statements may not be appropriate for other purposes. Northland’s actual results could differ materially from those expressed in, or implied by, these forward- looking statements and, accordingly, the events anticipated by the forward-looking statements may or may not transpire or occur. Forward-looking statements include statements that are not historical facts and are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects,” “anticipates,” “plans,” “predicts,” “believes,” “estimates,” “intends,” “targets,” “projects,” “forecasts” or negative versions thereof and other similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would” and “could”. These statements may include, without limitation, statements regarding future Adjusted EBITDA and Free Cash Flow, including respective per share amounts, dividend payments (including the anticipated dividend payment on January 15, 2026) and dividend payout ratios, the timing for and attainment of the Hai Long and Baltic Power offshore wind, Jurassic BESS battery energy storage project and other growth activity and the anticipated contributions therefrom to Adjusted EBITDA and Free Cash Flow, the expected generating capacity of certain projects, guidance, anticipated dates of full commercial operations, forecasts as to overall project costs, the completion of construction, acquisitions, dispositions, whether partial or full, investments or financings and the timing thereof, the timing for and attainment of financial close and commercial operations for each project, the potential for future production from project pipelines, cost and output of development projects, the all-in interest cost for debt financing, the impact of currency and interest rate hedges, litigation claims, future funding requirements, and the future operations, business, financial condition, financial results, priorities, ongoing objectives, strategies and the outlook of Northland, its subsidiaries and joint ventures. These statements are based upon certain material factors or assumptions that were applied in developing the forward- looking statements, including the design specifications of development projects, the provisions of contracts to which Northland or a subsidiary is a party, management’s current plans and its perception of historical trends, current conditions and expected future developments, the ability to obtain necessary approvals, satisfy any closing conditions, satisfy any project finance lender conditions to closing sell-downs or obtain adequate financing regarding contemplated construction, acquisitions, dispositions, investments or financings, as well as other factors, estimates and assumptions that are believed to be appropriate in the circumstances. Although these forward-looking statements are based upon management’s current reasonable expectations and assumptions, they are subject to numerous risks and uncertainties. Some of the factors that could cause results or events to differ from current expectations include, but are not limited to, risks associated with further regulatory and policy changes which could impair current guidance and expected returns, risks associated with merchant pool pricing and revenues, risks associated with sales contracts, the emergence of widespread health emergencies or pandemics, Northland’s reliance on the performance of its offshore wind facilities at Gemini, Nordsee One and Deutsche Bucht for over 50% of its Adjusted EBITDA, counterparty and joint venture risks, contractual operating performance, variability of sales from generating facilities powered by intermittent renewable resources, wind and solar resource risk, unplanned maintenance risk, offshore wind concentration, natural gas and power market risks, commodity price risks, operational risks, recovery of utility operating costs, Northland’s ability to resolve issues/delays with the relevant regulatory and/or government authorities, permitting, construction risks, project development risks, integration and acquisition risks, procurement and supply chain risks, financing risks, disposition and joint-venture risks, competition risks, interest rate and refinancing risks, liquidity risk, inflation risks, commodity availability and cost risk, construction material cost risks, impacts of regional or global conflicts, credit rating risk, currency fluctuation risk, variability of cash flow and potential impact on dividends, taxation, natural events, environmental risks, climate change, health and worker safety risks, market compliance risk, government regulations and policy risks, utility rate regulation risks, international activities, cybersecurity, data protection and reliance on information technology, labour relations, labour shortage risk, management transition risk, 7
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geopolitical risk in and around the regions Northland operates in, large project risk, reputational risk, insurance risk, risks relating to co-ownership, bribery and corruption risk, terrorism and security, litigation risk and legal contingencies , and the other factors described in the “Risks Factors” section of Northland’s MD&A and 2024 AIF, which can be found at www.sedarplus.ca under Northland’s profile and on Northland’s website at northlandpower.com. Northland has attempted to identify important factors that could cause actual results to materially differ from current expectations; however, there may be other factors that cause actual results to differ materially from such expectations. Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, and Northland cautions you not to place undue reliance upon any such forward-looking statements. The forward-looking statements contained in this release are, unless otherwise indicated, stated as of the date hereof and are based on assumptions that were considered reasonable as of the date hereof. Other than as specifically required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise. Certain forward-looking information in this release and the MD&A may also constitute a “financial outlook” within the meaning of applicable securities laws. Financial outlook involves statements about Northland’s prospective financial performance, financial position or cash flows and is based on and subject to the assumptions about future economic conditions and courses of action and the risk factors described above in respect of forward-looking information generally, as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this release and the MD&A. Such assumptions are based on management’s assessment of the relevant information currently available and any financial outlook included in this release and the MD&A is provided for the purpose of helping readers understand Northland’s current expectations and plans. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above or other factors may cause actual results to differ materially from any financial outlook. The actual results of Northland’s operations will likely vary from the amounts set forth in any financial outlook and such variances may be material. For further information, please contact: Adam Beaumont, Senior Vice President, Capital Markets 647-288-1019 investorrelations@northlandpower.com northlandpower.com 8