Northland Power Reports Surge in Q1 Revenue and Profit Driven by Offshore Wind – Shares Decline
Toronto (Canada) - Canadian energy company Northland Power significantly increased revenue, earnings, and operating income in the first quarter of 2026. Key drivers included higher wind power generation from offshore wind farms as well as contributions from new energy storage projects. Cash flow also rose by double digits. The stock is trading lower.
Q1 2026: Significant Revenue and Earnings Growth
Northland Power reported a marked improvement in financial performance in the first quarter of 2026. Energy sales increased to CAD 774.6 million (Q1 25: CAD 665.1 million), up around 16%. Adjusted EBITDA rose by 18% to CAD 427.4 million (CAD 361.2 million).
Operating income increased to CAD 335.6 million (CAD 279.7 million; +20%), while net income rose significantly to CAD 160.5 million (CAD 110.8 million; +45%). Earnings per share attributable to shareholders amounted to CAD 0.33 (CAD 0.25 in the prior-year quarter), an increase of around 32%. The improvement was supported by cash flow from operating activities rising to CAD 571.4 million (CAD 422.8 million; +35%).
“We’ve had a positive start to the year, driven by strong operating performance and continued progress across our construction portfolio.As demand for electricity grows across our core markets, we’re focused on executing with discipline and driving value, including with the recently secured CPPA for Hai Long,” said CEO Christine Healy.
Offshore Wind Drives Production and Earnings
Offshore wind remains the key growth driver. Electricity production increased by 13% to 3,403 GWh (3,015 GWh), mainly due to stronger wind conditions and the ongoing commissioning of large offshore projects in Europe.
The Baltic Power project in Poland (1.1 GW) and the Hai Long project in Taiwan (1.0 GW) remain under construction and reached key milestones. At Baltic Power, all export and inter-array cables have been installed and 38 of 76 turbines erected. Hai Long reported 51 installed turbines out of 73, with 32 already in operation. Northland Power has also secured a 30-year corporate power purchase agreement (CPPA) for the project. Following the fulfilment of certain administrative conditions precedent later in 2026, 100% of the project’s generation capacity will be contractually bound to the current corporate off-taker.
Project Pipeline and Energy Storage Gain Importance
In addition to offshore wind, Northland Power is expanding its energy storage business. The 80 MW / 160 MWh two-hour Jurassic Battery Energy Storage Project in Canada is in the final stage of development and is expected to enter commercial operation by the end of 2026. In Poland, the company is also developing two large four-hour storage projects totaling 300 MW and 1.2 GWh of capacity (100 MW / 400 MWh Kamionka project; 200 MW / 800 MWh Mieczysławów project).
The Oneida Energy Storage Facility (250 MW / 1,000 MWh) has been operational and earnings-relevant since Q2 2025. At the same time, Northland has streamlined its portfolio, terminating a U.S. onshore wind project in Q1 and not renewing an offshore permit in South Korea.
Outlook: 2026 Growth Path Confirmed
For the full year 2026, management confirmed its guidance. Adjusted EBITDA is expected to range between CAD 1.45 billion and CAD 1.65 billion, with free cash flow per share projected at CAD 1.05 to CAD 1.25.
Strategically, the focus remains on offshore wind, energy storage, and long-term contracted power sales. Northland Power continues to position itself as an international infrastructure operator within the global energy transition.
Stock Declines
Northland Power shares traded down 2% on Thursday evening at EUR 14.09 (closing price, May 14, 2026, Stuttgart Stock Exchange) after four trading days. The stock remains up 29% since the start of the year.
Source: IWR Online, 15 May 2026
