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Investor Presentation February, 2026 NPI:CA
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Forward Looking Statements This written presentation, together with the accompanying oral presentation, contains certain forward-looking statements concerning the business and operations of Northland Power Inc. (“Northland”) that constitute forward-looking information within the meaning of Canadian securities laws. Such forward-looking statements 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. The forward-looking statements contained in this presentation 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. 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 and dividend payout ratios, the implementation, timing and anticipated benefits of Northland’s growth strategy; the timing for and attainment of the Hai Long and Baltic Power offshore wind and Jurassic energy storage projects’ anticipated contributions to Adjusted EBITDA, Free Cash Flow and compound annual growth rate (“CAGR”), including receipt of any pre-construction revenues associated with such projects; the expected generating capacity and output of certain projects; potential for future production from project pipelines; targeted markets for deepening presence or expansion opportunities; potential growth- oriented acquisitions; cost and output of development projects; construction costs; the all-in interest cost for debt financing; 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, commercial operations and other significant milestones for each project; the impact of currency and interest rate hedges, future funding requirements; and the future operations, business, financial condition, financial results, priorities, ongoing objectives (including ESG-related objectives and targets), strategies and outlook (including all 5-year and 10-year outlook targets) 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 or joint venture 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 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 outage or 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, unforeseeable site conditions, including geological and geotechnical risks, climate change, health and worker safety risks, including investigations related thereto, market compliance risk, government regulations and policy risks, utility rate regulation risks, international activities, cybersecurity, data protection and reliance on information technology, labor relations, labor shortage risk, management transition risk, 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 Northland’s management’s discussion and analysis (MD&A) for the year ended December 31, 2025 included in Northland’s 2025 annual report ("2025 Annual Report") and Northland’s annual information form for the year ended December 31, 2025, both of which are filed electronically on Northland’s SEDAR+ profile at www.sedarplus.ca and Northland’s website www.northlandpower.com. Certain forward-looking statements in this presentation, including, but not limited to our projected Adjusted EBITDA and Free Cash Flow also constitute a “financial outlook” within the meaning of applicable Canadian 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 presentation. Such assumptions are based on management’s assessment of the relevant information currently available, and any financial outlook included in this presentation is provided for the purpose of helping readers understand Northland’s current expectations and plans for the future. 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. All figures are presented in Canadian dollars unless otherwise indicated. Unless otherwise indicated, the statistical and financial data in this presentation is presented as of December 31, 2025. Non-IFRS Financial Measures This written presentation, together with the accompanying oral presentation, includes references to the Northland’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. Rather, 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. Readers should refer to the disclosure under “Non-IFRS Financial Measures” in Sections 1, 4.5 and 4.6 of Northland’s management’s discussion and analysis dated February 25, 2026, which sections are incorporated by reference herein, for an explanation of key non-IFRS measures, and for a reconciliation of consolidated net income (loss) under IFRS to reported Adjusted EBITDA, and a reconciliation of cash provided by operating activities under IFRS to reported Free Cash Flow. 2
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Corporate Snapshot 3.5 GW1 operating Investment Grade credit rating 2.2 GW1 in construction >95% contracted revenue 1,100+ employees $13B2 total assets Proven track record of driving returns through project delivery, operational excellence, and strategic growth 3 1. Gross capacity 2. As of December 31, 2025
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Asia Europe 4 Multi-technology solutions for a sustainable future Global Footprint 1.4 GW in operations1 500k utility customers 80 MW under construction1 2025 adjusted EBITDA2 41% 0.3 GW storage1 Americas International 1.8 GW in operations1 2.1 GW under construction1 2025 adjusted EBITDA2 59% 1. Gross capacity 2. See Non-IFRS financial measures
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5 7 GW expected to double gross operating capacity1, 2 1.4 – 1.8 GW new gross capacity growth2 ~$5.8-6.6B+ 5 year expected total gross investment3 2030 Outlook Targets $1.55 to $1.75 expected free cash flow per share5 12%+ project returns4 $50M annual cost savings by 2028 1. Double from current (2025) gross operating capacity of 3.5 GW. 2. 7GW target growth by 2030 assumes 1.4-1.8 GW of new growth + 2.2 GW construction projects 3. Five year (2026-2030) expected total gross investment. Includes projects with COD post 2030. See growth funding slide for more details. 4. Equity levered after tax returns 5. See Non-IFRS financial measures
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6 2025 Current Installed capacity 2030E Target Installed capacity 7+ GW 3.5 GW 2.2 GW 1.4 – 1.8 GW Organic + value enhancement projects + asset acquisitions Construction projects New growth 16% CAGR Target 2030+ Sustainable Growth Gross capacity expected to double to 7 GW by 2030
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Taiwan Hai Long 2022 Secured CPPA 2023 Construction commenced 2023 Financial close 2027 Expected COD 7 Location: Taiwan Strait T echnology: Offshore wind Stage: Construction Capacity: 1,022 MW Ownership: 30.6% Largest offshore wind farm in Asia Hai Long Construction Update – Hai Long Milestone Status 1 Foundations installed 73/73 Onshore substation +90% complete Export cables installed 4/4 Offshore substations installed 2/2 Turbines (WTG) installed 37/73 Turbines (WTG) operating 20/73 Phase 2 WTG installation starts Apr. 2026 Commercial operations 2027 1. As of February 25, 2026
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Baltic Power Poland 2021 Acquired interest/ secured CfD 2023 Financial close 2022 Project design and optimization 2026 Expected COD 2023 Construction commenced 8 Baltic Power Location: Baltic Sea, Poland T echnology: Offshore wind Stage: Construction Capacity: 1,140 MW Ownership: 49% Poland’s first offshore wind project Construction Update – Baltic Power 1. As of February 25, 2026 Milestone Status 1 Monopile foundations installed 78/78 Onshore substation +90% complete Export cables installed 2/4 Offshore substations installed 2/2 Turbines (WTG) installed 30/76 Turbines (WTG) operating 0/76 Commercial operations 2026
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AmericasInternational Creating value that lasts Strengthen Deliver Grow •Operate with excellence •Deliver on projects in construction •Be the partner of choice 9 •Focus organization •Reinforce capital discipline •Improve cost performance •Deepen in core markets •High-grade project pipeline •Enhance value across the fleet Disciplined Capital Allocation Core Market Focus 2025+ Europe: Poland, Spain, UK •Positive macro conditions •Large investment plans and need for energy security Canada: across provinces •Home market advantage •Electricity demand expected to double by 2050 Beyond 2030 Asia: across region •Favourable outlook International
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Contracted Stability •Business anchored by 95% long-term contracted cash flows, providing a defensive profile in volatile markets Disciplined Growth and Financial Rigour •Disciplined investment approach to markets and capital allocation to deliver high-quality risk-adjusted returns and 10% shareholder returns Multi-T echnology Solutions •Delivering offshore on onshore wind, solar, natural gas, and battery storage solutions in core markets Experienced Management T eam •Energy sector expertise with a commitment to operational excellence as a cornerstone of value creation 10 Built for long-term value Why Invest
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12 Financial Metrics Recent Share Price (TSX: NPI)4 $20.02 Shares (Common) 261.5M Annual Dividend $0.72 2026 EBITDA Guidance4,5 $1.45 – $1.65B 2026 FCF/sh Guidance4,5 $1.05 – $1.25 Total Debt, Net of Cash6 $8.1B Preferred Shares (NPI.PR.A, NPI.PR.B) $145M Market Capitalization (Common) $5.2B Enterprise Value6 $13.7B Credit Rating (S&P & Fitch)7 BBB Stable 1. Data as at December 31, 2025, unless stated otherwise 2. Weighted by net operating capacity and includes projects under construction 3. Performance as at December 31, 2024. Includes Joint Venture interest 4. See Reporting of Non-IFRS Measures 5. Reflecting closing share price on February 25, 2026. 6. Northland’s proportionate share 7. Reaffirmed in 2026 and June 2025, respectively Corporate Metrics Total Employees 1,100+ Total Assets2 $13B Gross Operating Assets 3.5 GW Gross Assets in Construction 2.2 GW Contracted Revenue >95% Weighted Average PPA Term2 ~14 year Carbon Intensity Reduction3 30% (since 2019) ESG Ratings MSCI AA Leader Rating Sustainalytics Med Risk - 25 Key Metrics1
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2025 Current Installed capacity 2030E Target Installed capacity 7+ GW 3.5 GW 2.2 GW 1.4 GW – 1.8 GW GrowthConstruction projects (Hai Long, Baltic Power, Jurassic BESS) ~$5.8-6.6B Corporate debt Cash & other NPI’s investment 2 Partners’ equity Project debt $0.8-1.0B $0.3-0.5B $0.5-0.7B $4.2-4.4B Growth capex and devex 5yr uses 5yr sources ~$5.8-6.6B1 Growth funding plan 2030 CAGR~16% (using mid-point for growth) 2030 gross targeted operating capacity 7 GW Cash sources & uses (2026-2030) Estimated $5.8 – $6.6B gross investment over five years (with no expected common equity issuances) 1. Of the total spend ~$2.8-3.0B is on projects that reach COD by 2030 2. Includes capital investments for the projects that will achieve commercial operations dates post 2030 13
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14 2026 Adjusted EBITDA guidance of $1.45 - $1.65 billion •Hai Long contribution (+$150 - $200 million) 3 •Baltic Power contribution EBITDA (+$70 - $120 million) •Full year contribution from Oneida and partial year contribution from Jurassic BESS (+$15 million) •Nordsee One scheduled contract step down (-$20 million) 2026 Free Cash Flow per share guidance of $1.05 - $1.25 •One-time 2025 items (German tax refund, Spanish debt deferral, and other items (-$0.22/sh) •FX hedging costs and higher debt service (gas assets) (-$0.15/sh) •Lower capitalized interest on hybrid debt as Oneida and Baltic Power assets will have commenced operations, plus other costs (-$0.15/sh) •Contribution from Baltic Power net of debt repayments and other various items (+$0.20/sh) 420 175 95 15 -20 685 2025A Hai Long Contribution Baltic Power Contribution BESS Contributions (Oneida, J.BESS) Nordsee One (PPA step-down) 2026 Guidance Adjusted EBITDA1,2 1.46 -0.22 -0.15 -0.15 0.2 1.14 2025A One-time Items FX Hedge & Debt Hybrid Interest & Other Costs Baltic Power & Other 2026 Guidance Free Cash Flow1,2 Per Share 2026 Financial Guidance 1. See Reporting of Non-IFRS Measures. 2. Excludes development and corporate costs. 3. Hai long revenue will be used to fund the construction of the project and will not be included in free cash flow until the project reaches commercial operations anticipated in 2027. $70-120M $150-200M $1.45-1.65B $1.05-1.25 $1.46 ($0.22) ($0.15) ($0.15) $0.20 ($20M) $15M $1.25B FX Hedge Costs & Higher Debt Pymts (Gas Assets)
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Offshore Spain Onshore NA Onshore BESS Gas Utility International – 65% Americas – 35% 15 2026 Operating Adjusted EBITDA & Free Cash Flow Mix 2026E Operating Adjusted EBITDA1,2 2026E Operating Free Cash Flow1,2 per share Americas – 48% International – 52% 1. See Reporting of Non-IFRS Measures. 2. Excludes development and corporate costs. 3. Onshore enewables includes solar and onshore wind 3 3
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16 Construction 2.2 GW Late-stage development 400 MW Mid-stage development 2.3 GW1 Early development 6.5 GW Pipeline of Opportunities Strict capital allocation to support 12%+ returns Project Acquisition (M&A) Evaluation •Mieczysławów BESS •Kamionka BESS •High Bridge •Hai Long •Baltic Power •Jurassic BESS •Canada onshore renewables •Canada natural gas •Offshore wind Poland2 •UK offshore wind (floating) •Southeast Asia offshore •New York renewables •Spain BESS •Canada onshore renewables •Collisard natural gas •Various Ontario projects •UK offshore wind (fixed) •Spain storage •Spain transmission line utilization •Spain wind repowering •Quebec expansion / extension •Behind the meter wind storage •Natural gas optimization Value enhancement projects 1. Inclusive of value enhancement projects totaling ~600 MW 2. Identified but not yet secured Hybridization Repowering Capacity Increases Contract Extensions
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Global Headquarters 30 St. Clair Avenue West, 3rd Floor T oronto, Ontario, Canada M4V 3A1 +1 (416) 962-6262 Contact Information Alison Holditch,, Head of Investor Relations +1 (416) 989-8734 investorrelations@northlandpower.com www.northlandpower.com TSX:NPI