Northland Power Inc. · TSX:NPI
Northland Power — Investor Day (November 2025)
76 slides from Northland Power's investor day presentation, Nov 20, 2025
Slide 1: Investor Day
Investor Day November 20, 2025 NPI:CA
Slide 2: Forward Looking Statements
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
Slide 3: Land acknowledgement
Land acknowledgement We acknowledge the land we are meeting on is the traditional territory of many nations including the Mississaugas of the Credit, the Anishnabeg, the Chippewa, the Haudenosaunee and the Wendat peoples and is now home to many diverse people. We also acknowledge that Toronto is cov
Slide 4: Agenda
Agenda 1 Event and venue info • Forward looking statements • Land acknowledgement • Safety moment 2 Welcome 3 Chair of the Board remarks 4 Strategy and growth 5 Project management and delivery 6 Americas overview 7 International overview 8 Finance overview 9 Closing remarks 5
Slide 5: Safety moment
Safety moment Building evacuation procedures 6
Slide 6: Welcome
Welcome Christine Healy President & CEO 7
Slide 7: Powering what’s next.
Powering what’s next. 8
Slide 8: Proven track record
Proven track record 3.5 GW1 operating >95% contracted revenue Driving success through project delivery, operational excellence, and strategic growth 2.2 GW1 $13B2 in construction total assets Investment 1,100+ Grade employees credit rating 1. Gross capacity 2. As of September 30, 2025 9
Slide 9: We generate and store electricity globally
Americas Europe Asia We generate and store electricity globally Multi-technology solutions for a sustainable future 10
Slide 10: Committed to safety
TZ) NORTHLAND POWER Committed to safety
Slide 11: Sustainability leadership and performance
Sustainability leadership and performance Zero Material environmental incidents1 30% Reduction in carbon intensity from 2019,1,2 +2.7Mt Avoided emissions1,2 1. Performance as at Dec. 31, 2024 2. Includes Joint Venture interest 12
Slide 12: Enhanced strategic position since 2024
Enhanced strategic position since 2024 Hai Long - Taiwan New leadership including CEO, CFO, and Board Chair Completed 250 MW/1,000 MWh Oneida Energy Storage facility ahead of schedule and under budget Advanced three projects under construction totaling 2.2 GW Oneida – Ontario, Canada Focused on high
Slide 13: Building value
Building value Focus on balance sheet resilience & flexibility Adjusted dividend to maintain financial Provide capital for growth flexibility and enable growth Reduce reliance on market cycles to raise capital 14
Slide 14: New growth opportunities
Mieczysławów and Kamionka Late-stage (pre-construction) battery storage • Location: Poland, Europe • Capacity: 300 MW / 1,200 MWh New growth opportunities Collisard Mid-stage natural gas • Location: Alberta, Canada • Capacity: 120 MW Multiple value enhancement projects • Identified multiple opportun
Slide 15: Ian Pearce
Ian Pearce Chair, Board of Directors 16
Slide 16: Globally seasoned, industry proven
Globally seasoned, industry proven Board of Directors Ian Pearce Doyle Beneby Sébastien Clerc Lisa Colnett Kevin Glass Board Chair Director Director Director Director Keith Halbert Christine Healy Helen Mallovy Hicks Eckhardt Ruemmler Ellen Smith Director Director, President & CEO Director Director
Slide 17: Strategy & growth
Strategy & growth Christine Healy President & CEO 18
Slide 18: Strong fundamentals for the power sector
Strong fundamentals for the power sector Electrification Economic demand and digitization Energy security Decarbonization 19
Slide 19: Growing global electricity demand
Growing global electricity demand Thousand TWh1 +34% 38 28 2025 2035 1. Total Final Electricity Consumption Source: IEA World Energy Outlook 2025 (Current Policies) 20
Slide 20: Outlook Targets
7 GW ~$5.8-6.6B+ expected to double gross 5 year expected total gross operating capacity1, 2 investment3 2030 1.4 – 1.8 GW 12%+ new gross capacity growth2 Outlook project returns4 Targets $50M $1.55 to $1.75 annual cost savings by 2028 expected free cash flow per share5 1. Double from current (2025)
Slide 21: Driving shareholder value
Driving Grow shareholder • Deepen in core markets • High-grade project pipeline • Enhance value across the fleet value Strengthen ~10% • Focus organization target total • Reinforce capital discipline shareholder returns • Improve cost performance Deliver • Operate with excellence • Deliver on projec
Slide 22: Lead with our proven strengths
Deliver Lead with our proven strengths Project delivery Operational Partner of excellence choice 23
Slide 23: Strengthen / Deliver
Strengthen Deliver 24
Slide 24: Streamline operations and focus spend
Strengthen Streamline operations and focus spend Optimize organizational design Focus devex $50M annual savings target by 2028 Improve opex 25
Slide 25: Optimize organizational structure to unlock value
Strengthen Optimize organizational structure to unlock value 26
Slide 26: Strong leadership driving our next chapter
Strengthen Strong leadership driving our next chapter Jeff Hart Jaime Hurtado Cola Rachel Stephenson Chief Financial Officer General Counsel Chief People Officer Christine Healy President & CEO Pierre-Emmanuel Frot Calvin MacCormack Toby Edmonds EVP, Safety, Projects and EVP, Americas EVP, Internati
Slide 27: Strengthen / Grow
Strengthen Grow 28
Slide 28: Drive Value from Our Fleet
Growth Drive Value from Our Fleet Shorter cycle, Capacity Repowering Hybridization Contract strong rate of return Increases Extensions Organic Pipeline Decision gates to Early-stage Mid-stage Late-stage advance pipeline Asset Acquisitions Value accretive growth Mid-stage Late-stage Thorold Co-Genera
Slide 29: Northland is growing
Grow Northland is growing Gross capacity expected to double to 7+ GW by 2030 16% CAGR 2030+ Target 1.4 – 1.8 GW 7+ GW 2.2 GW New growth 3.5 GW 2025 Construction Organic + value 2030E Current projects enhancement projects Target Installed + asset acquisitions Installed capacity capacity 30
Slide 30: Disciplined market & technology selection
Grow Disciplined market & technology selection Market Northland’s approach selection Investment screen 31
Slide 31: Disciplined market & technology selection
Grow Market selection Disciplined market & Macro technology selection Underlying GDP, grid investment, decarbonization Northland’s approach Technology Suitable for geography (resource); highest level returns, reduced risk Commercial Fundamentals: PPA, license, capex, time vs investment 32
Slide 32: Core market focus
Grow Core market focus Beyond 2025+ 2030 International Americas International Europe: Canada: Asia: Poland, Spain, UK across provinces across region Positive macro conditions Home market advantage Favourable outlook 33
Slide 33: Europe
Grow Europe Large investment plans and need for energy security 34
Slide 34: Reliability, security & decarbonization driving growth in Europe
Grow Reliability, security & decarbonization driving growth in Europe 61 GW | +43% 49 GW | +66% 51 GW | +40% Capacity Additions by 2035 Incremental GW Energy & Poland Spain UK Decarbonization & security Reliability & electrification Demand & security Offshore Wind Onshore Wind Solar BESS Gas Other S
Slide 35: Mixed technology approach to energy and capacity needed in Poland
Grow Mixed technology approach to energy and capacity needed in Poland Installed capacity mix in Poland by fuel (GW) 208 GW Total installed GW Energy & Capacity Additions by 2050 123 GW 99 GW 75% 15% Fossil fuels in 74 GW Fossil 2023 fuels by 2050 2025 2030 2035 2050 Offshore Wind Onshore Wind Solar
Slide 36: Canada
Grow Canada Electricity demand expected to double by 2050 37
Slide 37: Canada home-court advantage
Grow Canada home-court advantage 15 GW | +35% 4 provinces account for 14 GW | +41% ~75% of added capacity Incremental GW Capacity Additions by 2035 7 GW | +34% 5 GW | +30% 4 GW | +71% 4 GW | +41% 3 GW | +31% Quebec Ontario Alberta BC Saskatchewan Maritimes 1 Manitoba Offshore Onshore Solar BESS Natu
Slide 38: High-grading our opportunities
Grow High-grading our opportunities Reducing risk and improving returns Early development Mid-stage development Late-stage development Construction 6.5 GW 2.3 GW1 400 MW 2.2 GW • Canada onshore renewables • Spain BESS • Mieczysławów BESS • Hai Long • Canada natural gas • Canada onshore renewables •
Slide 39: Value through disciplined capital management
Financial resilience Value through disciplined capital Disciplined capital allocation management Sustainable shareholder returns 40
Slide 40: Project management and delivery
Project management and delivery Pierre-Emmanuel Frot EVP, Safety, Projects and Development 41
Slide 41: Global competition for capital allocation and development
Grow Global competition for capital allocation and development 1 2 3 A centralized, disciplined Rigorous project Market & technology and repeatable process delivery planning and knowledge with global for evaluating growth structured due diligence scale projects 42
Slide 42: Project delivery excellence
Deliver Project delivery excellence One-team partnership approach Empowered local teams Solid scenario planning & tracking 43
Slide 43: Agile approach to supply chain
Deliver Agile approach to supply chain Strong shortlist of top-tier suppliers to facilitate agile supply chain Multi-level supplier relationships Multi-technology differentiated approach 44
Slide 44: Supplier approach by technology
Deliver Supplier approach by technology Battery Solar Natural Gas Wind Supplier optionality to Suppliers scale Supply chain defined by Turbine scale narrows capture rapid to project design supply chain technology innovation More Less flexible flexible 45
Slide 45: Americas
Americas Calvin MacCormack EVP Americas 46
Slide 46: Americas overview
Americas overview 1.4 GW 0.3 GW in operations1 storage1 80 MW 500k under construction 1 utility customers 35% of 2024 adjusted EBITDA2 1. Gross capacity 2. See Non-IFRS financial measures 47
Slide 47: Operating availability above industry benchmarks
100% 99% 98% Operating 97% availability above 96.8% 96% 96.5% industry Industry average 95% 95% 95% benchmarks 94% 93% Industry average 93% 92% 91% 90% Onshore renewables Natural gas Sources: PowerMag; Industry Benchmark 48
Slide 48: Continuing operational excellence
Deliver Continuing operational excellence Entrepreneurial Full lifecycle Innovative mindset optimization performance analytics 49
Slide 49: Expansion / extension in Quebec
Value enhancement spotlight • Potential to expand existing operations to make Expansion / full use of available substation and transmission capacity extension in Quebec Location: Quebec, Canada Technology: Onshore Wind Stage: Mid-stage Current capacity: 100 MW Ownership: 100% Quebec Mont Louis 52
Slide 50: Jurassic BESS construction update
Construction update 2026 key milestones • Deliver and install battery packs and transformer Unlocking grid flexibility in Alberta equipment Jurassic BESS • • Achieve grid interconnection Target full commercial operations by end of 2026 Location: Cypress County, Alberta 2023 2025 2025 2026 (H2) Techn
Slide 51: Asset acquisition Collisard
Asset acquisition Project details • Acquired in 2025 Expanding natural gas in Canada • Leveraging existing footprint in Canada Collisard • Active development work including community engagement and discussions with potential Location: Red Deer, Alberta off-takers Technology: Natural gas • Target ful
Slide 52: International
International Toby Edmonds EVP International 55
Slide 53: International overview
International overview 1.8 GW 2.1 GW under construction 1 in operations1 65% of 2024 Adjusted EBITDA2 1. Gross capacity 2. See Non-IFRS financial measures 56
Slide 54: Operating availability above industry benchmarks
100% 99% 98% Operating 97% availability above 96.8% 96% industry Industry average 95% 95.4% 95% Industry Average benchmarks 94% 93% 94% 92% 91% 90% Offshore wind Onshore renewables Sources: PowerMag; Industry Benchmark 57
Slide 55: Achieving operational excellence
Deliver Achieving operational excellence Data Performance driven analysis Integrated Full-service management system capability 58
Slide 56: Grid scale battery storage
Value enhancement spotlight Add co-located BESS to leverage existing Spanish Grid scale • portfolio interconnection and permitting rights, streamlining development and maximizing grid battery storage access Location: Lebrija, Spain Technology: BESS Stage: Mid-stage Potential Capacity: 180 MW / TBD M
Slide 57: Hai Long construction update
Construction update 2026 key milestones Largest offshore wind farm in Asia • Install and commission remaining turbines Target full commercial operations in 2027 Hai Long • Location: Taiwan Strait Technology: Offshore wind 2022 2023 2023 2027 Stage: Construction Secured CPPA Financial Construction Ex
Slide 58: Hai Long commissioning update and recovery plan
Construction update Commissioning update Recovery plan Hai Long • Energization and commissioning in progress • Technical part replacement at onshore substation Impacted by the following: expected by the end of 2025 • Slower turbine commissioning • Target full commercial operations in 2027 • Onshore
Slide 59: Baltic Power construction update
Construction update 2026 key milestones • Install remaining foundations, turbines, and Poland’s first offshore wind project array cabling Baltic Power • • Connect to grid and achieve first power generation Target full commercial operations by end of 2026 Location: Baltic Sea, Poland Technology: Offs
Slide 60: Poland BESS growth spotlight
Growth spotlight Project details • Two late-stage (pre-construction) battery storage projects Expanding in a core market • 17-year capacity contract with indexation Poland BESS • • Remaining revenue from arbitrage and ancillary markets Estimated total project costs approximately €200M Location: Miec
Slide 61: Finance
Finance Jeff Hart Chief Financial Officer 66
Slide 62: Financial framework
Financial framework Financial Disciplined Sustainable funding & resilience capital allocation shareholder returns 67
Slide 63: Balance sheet strength
Balance sheet strength Committed to investment grade Project finance accounts for ~90%2 of total debt credit ratings Project debt repaid over Non-recourse structure revenue contract period provides scalability Credit Rating1 Outlook S&P BBB Stable High quality Supporting project risk mindset returns
Slide 64: Improving cost structure
Improving cost structure G&A cost efficiencies Development cost efficiencies Current run-rate operating cost efficiencies Target $50M in annual cost savings by 2028 (G&A, development, and operating) • Aligned organizational structure and strategic objectives ~$10M ~$20M ~$20M target reduction1 targe
Slide 65: Contracted revenue base with strong customer base
Contracted revenue base with strong customer base 95%+ Revenue under long-term 1 A+ Credit quality ~14 2 Year weighted average power purchase agreement PPA term (PPA) or contract for difference 1. For year-ended 2024 2. Weighted by net operating capacity and includes projects under construction 70
Slide 66: Financial resilience
Financial resilience Americas 2026 2027 2028 2029 2030 2031 Expiry Year 2026 2027 2028 2029 2030 2031 Expiry Year International Canada Wind - 394 MW 2029-2036 2/3 2027 & Nordsee One - 332 MW 1/3 2032 Canada Natural Gas - Gemini - 600 MW 2031 2030-2036 737 MW Canadian Solar – 2033-2035 130 MW Spanish
Slide 67: Our disciplined approach to growth opportunities
Grow Capital allocation Our disciplined Capital allocation options approach to growth Asset optimization, debt repayment, organic growth, M&A, share buyback, etc. opportunities Project risk considerations Execution, cash flow variability, contracted/tenor, jurisdiction, inflation protection, permitt
Slide 68: More profitable growth
Comparison of target risk adjusted project returns1 More profitable growth 12%+ Fund top-return projects first, then 9-12% allocate to next best alternatives Prior Future 1. Project returns are equity levered after tax returns 73
Slide 69: Capital allocation and investment funnel examples
Capital allocation and investment Alberta Alberta Poland funnel examples Jurassic BESS Collisard Poland BESS Investment criteria Macro (market fundamentals) Technology (BESS, natural gas, solar, wind) Commercial (contract or merchant) In progress Project risk consideration (contracte
Slide 70: Growth funding plan
Growth funding plan Cash sources & uses (2026-2030) Estimated $5.8 – $6.6B gross investment over five years 2030 gross targeted operating capacity 7 GW (with no expected common equity issuances) 5yr uses 5yr sources 2030 CAGR~16% (using mid-point for growth) $4.2-4.4B Project debt 1.4 GW – 1.8 GW 7+
Slide 71: Sustainable shareholder return
Sustainable shareholder return Free cash flow per share1 Dividend / share $1.55-1.75 buybacks $1.15-1.35 Organic growth M&A 5-year target Value Cost savings Free cash flow1 per enhancement (G&A, development investments and operating) share CAGR2 ~6% Total shareholder return ~10% 2025 2030E guidance
Slide 72: Focused to ensure robust and resilient finance structure
Finance Summary De-risking business via execution of value accretive opportunities Predictable cash flows from long-term contracted asset base Focused to ensure robust and resilient finance structure Committed to maintaining investment grade credit rating Prioritizing high-returns and strategically
Slide 73: Closing remarks
Closing remarks Christine Healy President & CEO 78
Slide 74: Creating value that lasts
Creating value that lasts Deliver shareholder value (10%+ TSR) Deliver Strengthen Grow Focus on the execution of Maintain balance sheet flexibility, High-grade pipeline with 12%+ construction projects investment grade rating, invest project returns in core markets in growth, and value enhancement Ma
Slide 75: Creating value that lasts.
Creating value that lasts. 80
Slide 76: Key Metrics
Key Metrics1 Corporate Metrics Financial Metrics Total Employees 1,100+ Recent Share Price (TSX: NPI) $18.48 Gross Operating Assets2 3.5 GW Shares (Common)2 261.5M Gross Assets in Construction2 2.2 GW Annual Dividend $0.72 Carbon Intensity Reduction6 30% (since 2019) 2025 EBITDA Guidance3 $1.2 – $1.