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• Board and Executive Updates – On April 11, 2025, Northland announced that John Brace will transition out of his role as Chair of the Board and, if re-elected, will stay on as a director following the Annual General Meeting (AGM) on May 21, 2025. Ian Pearce, currently the Lead Independent Director and Chair of the Governance and Nominating Committee, will take over as Chair of the Board if re-elected at the AGM.
  

On April 21, 2025, Northland announced the appointment of Jeff Hart as the Company's new Chief Financial Officer (“CFO”), effective May 1, 2025. With Christine Healy starting as President and Chief Executive Officer (“CEO”) on January 20, 2025, and now with Mr. Hart as CFO, Northland has successfully appointed key members of its executive leadership team to advance the Company's strategic objectives and initiatives.

• Sustainability Report – On April 22, 2025, Northland issued its 2024 Sustainability Report, "Powering Possibility", highlighting the Company’s key sustainability achievements over the past year. The report is available at northlandpower.com.
  

First Quarter Results

• Maintained 2025 financial guidance reflecting Northland’s commitment to strong operational performance.

• Revenue from energy sales was $649 million in the first quarter of 2025 compared to $755 million in the same quarter of 2024.

• Net Income was $111 million in the first quarter of 2025 compared to $149 million in the same quarter of 2024.

• Adjusted EBITDA (a non-IFRS measure) was $361 million in the first quarter of 2025 compared to $454 million in the same quarter of 2024.

• Free Cash Flow per share (a non-IFRS measure) was $0.60 in the first quarter of 2025 compared to $0.88 in the same quarter of 2024.

• Cash provided by operating activities was $423 million in the first quarter of 2025 compared to $302 million in the same quarter of 2024.

• Available corporate liquidity of $1,113 million at March 31, 2025 reflecting financial strength and stability.

The following table presents key IFRS and non-IFRS financial measures and operational results. Revenue from energy sales, operating income and net income, 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.

Financial results for the three months ended March 31, 2025 were lower than the same quarter of 2024, primarily due to the lowest wind conditions over the last decade in Europe and high wind conditions in the same quarter of 2024. This decrease was partially offset by high wind conditions at the New York and Canadian onshore wind facilities, higher margins from natural gas facilities and higher revenue from EBSA.

Offshore wind facilities

Electricity production for the three months ended March 31, 2025 decreased 29% or 455 GWh compared to the same quarter of 2024, primarily due to the lowest wind conditions over the last decade in Europe and high wind conditions in the same quarter of 2024. Commercial availability for the three months ended March 31, 2025 was on plan at 95%.

Revenue from energy sales of $319 million for the three months ended March 31, 2025 decreased 29% or $130 million, compared to the same quarter of 2024, primarily due to lower production across offshore wind facilities.

Adjusted EBITDA of $202 million for the three months ended March 31, 2025 decreased 32% or $95 million compared to the same quarter of 2024, due to the same factors as noted above.

Onshore renewable facilities

Electricity production at the onshore renewable facilities for the three months ended March 31, 2025 was 10% or 85 GWh higher than the same quarter of 2024, primarily due to high wind conditions at the New York and Canadian onshore wind facilities, partially offset by low wind conditions at the Spanish onshore renewable facilities. Commercial availability for the three months ended March 31, 2025 was on plan at 97%.

Revenue from energy sales of $134 million for the three months ended March 31, 2025 increased 8% or $10 million compared to the same quarter of 2024, primarily due to higher production from New York and Canadian onshore wind facilities, partially offset by lower production from Spanish onshore renewable facilities. Please refer to the Management’s Discussion and Analysis for the year ended March 31, 2025, dated May 13, 2025 (“MD&A”) for a further breakdown of the Spanish portfolio revenue by component.

Adjusted EBITDA of $95 million was 7% or $6 million higher than the same quarter of 2024, primarily due to the same factors as above.

Natural gas facilities

Electricity production of 995 GWh for the three months ended March 31, 2025 was largely in line with the same quarter of 2024. Commercial availability for the three months ended March 31, 2025 was on plan at 98%.

Revenue from energy sales of $98 million for the three months ended March 31, 2025 increased 11% or $10 million as compared to the same quarter of 2024, primarily due to higher margins on market electricity.

Adjusted EBITDA of $54 million for the three months ended March 31, 2025 was largely in line with the same quarter of 2024.

Utility

Revenue from energy sales of $96 million for the three months ended March 31, 2025 increased 8% or $7 million compared to the same quarter of 2024, primarily due to the growth in the asset base.

Adjusted EBITDA of $41 million for the three months ended March 31, 2025 increased 20% or $7 million compared to the same quarter of 2024, primarily due to the same factor as above.

Consolidated statement of income (loss)

General and administrative (“G&A”) costs of $28 million in the first quarter decreased $3 million compared to the same quarter of 2024, primarily due to one-time personnel costs and sale of the La Lucha solar project in 2024.

Development costs of $13 million increased $5 million compared to the same quarter of 2024, primarily due to higher spending on priority offshore renewable projects and reimbursement for business development costs relating to certain early-stage development activity in 2024.

Finance costs of $84 million decreased 6% or $5 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 $143 million, primarily due to net movement in the fair value of derivatives related to interest rate and foreign exchange contracts.

Foreign exchange gain of $30 million was primarily due to fluctuations in the foreign exchange rates.

Share of profit from joint ventures of $75 million was primarily due to gain on fair value of derivatives, partially offset by foreign exchange fluctuations at the joint ventures.

Net income of $111 million in the first quarter of 2025 compared to $149 million in the same quarter of 2024, was primarily as a result of the factors described above.

Adjusted EBITDA

The following table reconciles net income (loss) to Adjusted EBITDA:

Adjusted EBITDA of $361 million for the three months ended March 31, 2025 decreased 20% or $93 million compared to the same quarter of 2024. The significant factors decreasing Adjusted EBITDA include:

• $95 million decrease in operating results at the offshore wind facilities, primarily due to lower production across offshore wind facilities in 2025 and high wind conditions in 2024, as described above; and

• $4 million decrease in operating results from the Spanish portfolio, as described above, and the sale of La Lucha solar facility in 2024.

The factors partially offsetting the decrease in the Adjusted EBITDA were:

• $10 million increase in operating results at the New York and Canadian onshore wind facilities, as described above; and

• $7 million increase in operating results at EBSA, as described above.

Free Cash Flow

The following table reconciles cash flow from operations to Free Cash Flow:

Free Cash Flow of $157 million for the three months ended March 31, 2025 was 30% or $68 million lower than the same quarter of 2024.

The significant factors decreasing Free Cash Flow were:

• $86 million decrease in Adjusted EBITDA (gross of growth expenditures) due to the factors described above; and

• $9 million increase in net finance costs.

The factors partially offsetting the decrease in Free Cash Flow were:

• $18 million decrease in current taxes as a result of lower operating results; and

• $7 million increase from foreign exchange and interest rate hedges, and other settlements.

The following table reconciles Adjusted EBITDA to Free Cash Flow:

Outlook

2025 is a year of delivering key milestones on three large construction projects: Baltic Power, Hai Long, and Oneida. The Hai Long offshore wind project is expected to start contributing to electricity production later in 2025, continuing through 2026, and will achieve full commercial operations in 2027. The Baltic Power offshore wind project is expected to achieve commercial operations in the latter half of 2026.

Upon achieving commercial operations, these projects will further diversify Northland’s operations into new jurisdictions and resource geographies, including the Taiwan Strait and Baltic Sea, which will increase production capacity and diversify the portfolio, thereby limiting volatility.

On May 7, 2025, Northland announced that the Oneida project successfully achieved commercial operations ahead of schedule and under budget, which will further contribute to Northland’s cash flow profile and demonstrates its strong track record in project delivery and execution.

Additionally, Northland continues to pursue its development pipeline to further enhance its cash flow profile while pursuing offshore wind, onshore renewables, battery storage, and natural gas opportunities to capitalize on the growing demand of electricity and energy security, which presents a significant market opportunity.

Management maintains the Company’s 2025 financial outlook. This outlook reflects Northland’s commitment to strong operational performance, with key financial projections for 2025 including expected Adjusted EBITDA in the range of $1.3 billion to $1.4 billion and Free Cash Flow per share to be in the range of $1.30 to $1.50 reflecting the Company’s commitment to prudent financial management.

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.

First-Quarter Earnings Conference Call

Northland will hold an earnings conference call on May 14, 2025, to discuss its first quarter 2025 results. The call will be hosted by Northland’s Senior Management, who will discuss the Company’s financial results and developments as well as answering questions from analysts.

Conference call details are as follows:

Wednesday, May 14, 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/BI9bb851fbab784d8b8f180fa69c1edc28

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/xwpxsnfh

For those unable to attend the live call, an audio recording will be available on northlandpower.com on Thursday, May 15, 2025.

Northland’s unaudited interim condensed consolidated financial statements for the three months ended March 31, 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 10 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.

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.

Effective first quarter of 2025, to better align with peers, Northland will report Free Cash Flow as cash generation from the business excluding growth expenditures and will discontinue the use of ‘Adjusted Free Cash Flow’. Growth expenditures will continue to be reported on quarterly basis.

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 and dividend payout ratios, the timing for and attainment of the Hai Long and Baltic Power offshore wind, Oneida energy storage projects, Jurassic BESS battery energy storage project and other renewables 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, anticipated results from the optimization of the Thorold Co-Generation facility and the timing related thereto, 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 in Spain 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, 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

Images accompanying this announcement are available at:

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