Northland Power Q3 Results: Revenue Rises - Net Loss Doubles - Dividend Cut - Stock Plummets
Toronto (Canada) - Northland Power has released its results for the third quarter of 2025. Revenue increased by 13?percent to CAD?554?million (approx.?EUR?340?million), while adjusted EBITDA also rose by 13?percent to CAD?257?million (approx.?EUR?158?million). Free cash flow per share improved to CAD?0.17 (approx.?EUR?0.10).
In the offshore wind segment, production and revenue increased by 19?percent and 18?percent respectively, with stable availability of 96?percent. Onshore renewables and storage recorded a 9?percent revenue increase, while gas and utility infrastructure segments delivered stable results.
Construction of the Hai Long offshore wind project (1?GW) is delayed, although more than half of the turbines are installed and all export cables are in place. This is expected to result in foregone revenues of CAD?150-200?million (approx.?EUR?92-123?million) in 2026. At the Baltic Power offshore wind farm (1.1?GW), both substations have been installed; commercial operations are scheduled to start in the second half of 2026.
The Board of Directors has cut the dividend to CAD?0.72 per share annually (approx.?EUR?0.44), down from CAD?1.20 (CAD?0.10 per month). Payment will be made on January 15, 2026.
Northland Power confirmed its 2025 outlook, expecting adjusted EBITDA of CAD?1.2-1.3?billion (approx.?EUR?737-799?million) and free cash flow per share of CAD?1.15-1.35 (approx.?EUR?0.71-0.83).
Investors reacted negatively to the results and company developments: the stock is down sharply by 26?percent this morning to EUR?11.25, making it the weakest performer in the RENIXX index.
Source: IWR Online, 14 Nov 2025
