Northland Power Inc. · TSX:NPI
Northland Power — Q4 2025 Earnings Presentation
17 slides from Northland Power's earnings presentation, Feb 26, 2026
Slide 1: Investor Presentation
Investor Presentation February, 2026 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: Corporate Snapshot
Corporate Snapshot 3.5 GW1 >95% operating contracted revenue Proven track record of driving returns 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 December 31
Slide 4: Global Footprint
Global Footprint Multi-technology solutions for a sustainable future Americas International 1.4 GW Europe 1.8 GW in operations1 in operations1 80 MW 2.1 GW under construction1 under construction1 0.3 GW 59% storage1 2025 adjusted EBITDA2 Asia 500k utility customers 41% 2025 adjusted EBITDA2 1. Gross
Slide 5: 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 6: Sustainable Growth
Sustainable Growth 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 6
Slide 7: Construction Update – Hai Long
Construction Update – Hai Long Milestone Status1 Hai Long Foundations installed 73/73 Location: Taiwan Strait Technology: Offshore wind Onshore substation +90% complete Stage: Construction Capacity: 1,022 MW Export cables installed 4/4 Ownership: 30.6% Offshore substations installed 2/2 Largest offs
Slide 8: Construction Update – Baltic Power
Construction Update – Baltic Power Milestone Status1 Baltic Power Monopile foundations installed 78/78 Location: Baltic Sea, Poland Technology: Offshore wind Onshore substation +90% complete Stage: Construction Capacity: 1,140 MW Export cables installed 2/4 Ownership: 49% Offshore substations instal
Slide 9: Creating value that lasts
Creating value that lasts Grow Core Market Focus • Deepen in core markets • High-grade project pipeline 2025+ • Enhance value across the fleet International Americas Europe: Canada: Strengthen Poland, Spain, UK across provinces • Focus organization • Positive macro conditions • Home market advantage
Slide 10: Why Invest
Why Invest 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
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Slide 12: Key Metrics
Key Metrics1 Corporate Metrics Financial Metrics Total Employees 1,100+ Recent Share Price (TSX: NPI)4 $20.02 Total Assets2 $13B Shares (Common) 261.5M Gross Operating Assets 3.5 GW Annual Dividend $0.72 Gross Assets in Construction 2.2 GW 2026 EBITDA Guidance4,5 $1.45 – $1.65B Contracted Revenue >9
Slide 13: 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 14: 2026 Financial Guidance
2026 Financial Guidance Adjusted EBITDA1,2 2026 Adjusted EBITDA guidance of $1.45 - $1.65 billion Hai Long contribution (+$150 - $200 million)3 $70-120M 95 $15M 15 $1.45-1.65B • 685 $150-200M 175 -20 ($20M) • Baltic Power contribution EBITDA (+$70 - $120 million) $1.25B 420 • Full year contribution
Slide 15: 2026 Operating Adjusted EBITDA & Free Cash Flow Mix
2026 Operating Adjusted EBITDA & Free Cash Flow Mix 2026E Operating Adjusted EBITDA1,2 2026E Operating Free Cash Flow1,2 per share Americas – 35% Americas – 48% International – 65% International – 52% Offshore Spain Onshore3 NA Onshore3 BESS Gas Utility 1. See Reporting of Non-IFRS Measures. 2. Excl
Slide 16: Pipeline of Opportunities
Pipeline of Opportunities Strict capital allocation to support 12%+ 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 renewable
Slide 17: Global Headquarters
Global Headquarters 30 St. Clair Avenue West, 3rd Floor Toronto, 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