TORONTO, May 13, 2026 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) today reported financial results for the three months ended March 31, 2026. All dollar amounts set out herein are in Canadian dollars, unless otherwise stated.

Highlights

• Delivered Adjusted EBITDA and Free Cash Flow per share increased 18% and 17%, respectively, over the first quarter of 2025, driven by 31% higher wind production across European offshore wind assets.
• Advanced construction on the Baltic Power (1.1 GW) and Hai Long (1.0 GW) offshore wind projects including fabrication of the remaining major components and installation of over 50% of the turbines across the two projects.
• Secured a 30-year Corporate Power Purchase Agreement (CPPA) for the balance of the production of the Hai Long offshore wind Project.

“We’ve had a positive start to the year, driven by strong operating performance and continued progress across our construction portfolio,” said Christine Healy, President and CEO of Northland. “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.”

Significant Events and Updates

Construction Projects Update:

Hai Long Offshore Wind Project – Northland continues to advance the 1.0 GW Hai Long Project in Taiwan. During the quarter, fabrication of the remaining components for the project was completed. The project began its 2026 wind turbine installation campaign, with 51 out of 73 turbines now installed and 32 turbines generating power. There have been no material changes to the potential equity funding requirements since last reported. The project is on track for commercial operations in 2027, with overall costs aligned with original expectations.

In April 2026, Hai Long signed a 30-year Corporate Power Purchase Agreement. Upon completion of certain administrative conditions precedent later in 2026, 100% of the project’s generating capacity will be contracted with the current corporate off-taker.

Baltic Power Offshore Wind Project – Northland continues to advance the 1.1 GW Baltic Power Project in Poland. During the quarter, several important construction milestones were achieved, including completion of fabrication of the remaining components for the project and the installation of all four export cables, all inter-array cables, and 38 of 76 turbines. The project is on track for commercial operations in the second half of 2026, with overall costs aligned with original expectations.

Jurassic Battery Energy Storage Project – Northland continues to advance the 80 MW / 160 MWh Jurassic Battery Energy Storage Project in Alberta, Canada. During the quarter, all 39 battery packs and 20 transformers were installed, and the project energized the main transformer. The project is on track for commercial operations in late 2026, with overall costs aligned with original expectations.

Others:

Polish Battery Energy Storage Projects – During the quarter, Northland continued to advance the two late-stage, pre-construction, 300 MW / 1.2 GWh battery energy storage projects in Poland. The 100 MW / 400 MWh Kamionka Project secured key permits and is expected to commence construction by the end of the first half of 2026. Meanwhile, the 200 MW / 800 MWh Mieczysławów Project is expected to commence construction in the second half of 2026.

Board Appointment – On March 25, 2026, Northland appointed Bahir Manios to its Board of Directors. Mr. Manios brings more than 20 years of senior leadership experience in asset management and North American capital markets.

Updates to Growth Pipeline – During the quarter, Northland continued to evaluate and streamline its growth pipeline. As part of this process, the Company discontinued the 104 MW High Bridge Onshore Wind Project in New York State and did not renew a permit in South Korea for a 990 MW offshore project. These changes have been reflected in the growth pipeline.

Financial Results for First Quarter

The first quarter of 2026 showed improved financial results compared to the corresponding quarter last year, driven by higher production across the offshore wind facilities as well as the contribution from the Oneida Energy Storage Facility, which commenced operations in the second quarter of 2025. This increase was partially offset by lower revenue from the onshore wind and solar facilities in Spain, Canada and the United States.

• Revenue from energy sales increased to $775 million in the first quarter of 2026 compared to $665 million in the same quarter of 2025.
• Net income increased to $161 million in the first quarter of 2026 compared to $111 million in the same quarter of 2025.
• Adjusted EBITDA (a non-IFRS measure) increased to $427 million in the first quarter of 2026 compared to $361 million in the same quarter of 2025.
• Free Cash Flow per share (a non-IFRS measure) increased to $0.70 in the first quarter of 2026 compared to $0.60 in the same quarter of 2025.
• Cash provided by operating activities increased to $571 million in the first quarter of 2026 compared to $423 million in the same quarter of 2025.

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

First Quarter Highlights

International Business Unit

Northland’s International business unit comprises a portfolio of two operating offshore wind facilities in Germany, one operating offshore wind facility in the Netherlands, and a portfolio of onshore wind and solar assets located in Spain. The business unit also includes two under-construction offshore wind projects, namely the Hai Long Project in Taiwan and the Baltic Power Project in Poland, which Northland and its partners jointly own.

Offshore wind facilities

Electricity production for the three months ended March 31, 2026 increased 31% or 350 GWh compared to the same quarter of 2025, due to higher wind resource across all offshore wind facilities.

Commercial availability for the three months ended March 31, 2026 was at 96%.

Revenue from energy sales of $418 million for the three months ended March 31, 2026 increased 31% or $100 million, compared to the same quarter of 2025, due to higher production across offshore wind facilities.

Adjusted EBITDA of $265 million for the three months ended March 31, 2026 increased 31% or $63 million compared to the same quarter of 2025, resulting from higher operating income.

Onshore renewable facilities

Electricity production for the three months ended March 31, 2026 of 315 GWh, increased 15% or 40 GWh, due to high wind and solar resources at the Spanish facilities.

Commercial availability for the three months ended March 31, 2026 was at 96%.

Revenue from energy sales of $42 million for the three months ended March 31, 2026 decreased 25% or $14 million compared to the same quarter of 2025, due to lower market prices at the Spanish facilities.

Adjusted EBITDA of $28 million for the three months ended March 31, 2026 decreased 34% or $15 million compared to the same quarter of 2025, due to the factors noted above.

Americas Business Unit

Northland’s Americas business unit comprises a portfolio of energy assets in Canada and the United States, including natural gas, onshore wind, solar, and energy storage facilities. In addition, the business unit operates regulated utility services in Colombia.

Onshore renewable & energy storage facilities

Electricity production for the three months ended March 31, 2026 of 531 GWh was 14% or 89 GWh lower compared to the same quarter of 2025, due to lower wind and solar resources at the New York and Canadian onshore facilities.

Commercial availability for the three months ended March 31, 2026 was at 98%.

Revenue from energy sales of $112 million for the three months ended March 31, 2026 increased 19% or $18 million compared to the same quarter of 2025, primarily due to the contribution from the Oneida energy storage facility, which commenced operations in the second quarter of 2025. This was partially offset by lower production at the New York wind facilities.

Adjusted EBITDA of $53 million for the three months ended March 31, 2026 was in line compared to the same quarter of 2025.

Natural gas facilities

Electricity production of 1,002 GWh for the three months ended March 31, 2026 was in line compared to the same quarter of 2025.

Commercial availability for the three months ended March 31, 2026 was at 96%.

Revenue from energy sales of $102 million for the three months ended March 31, 2026 was in line compared to the same quarter of 2025.

Adjusted EBITDA of $55 million for the three months ended March 31, 2026 was in line compared to the same quarter of 2025.

Utility

Revenue from energy sales of $98 million for the three months ended March 31, 2026 increased 3% or $2 million compared to the same quarter of 2025, due to growth in the asset base.

Adjusted EBITDA of $41 million for the three months ended March 31, 2026 was in line with the same quarter of 2025.

Consolidated statements of income (loss)

General and administrative (“G&A”) costs of $33 million increased $6 million compared to the same quarter of 2025, primarily due to one time restructuring costs.

Development costs of $12 million were in line with the same quarter of 2025.

Fair value loss on financial instruments of $63 million, due to net movement in the fair value of derivatives financial instruments related to foreign exchange and interest rate hedge contracts.

Share of profit from joint ventures of $33 million, due to pre-completion revenues from Hai Long and gain on fair value of derivative financial instruments.

Impairment expense of $23 million, recognized upon the termination of the High Bridge Wind Project in the United States.

Net income of $161 million in the first quarter of 2026 compared to $111 million in the same quarter of 2025, as a result of the factors described above.

Adjusted EBITDA

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

Adjusted EBITDA of $427 million for the three months ended March 31, 2026, increased by 18% or $66 million compared to the same quarter of 2025. The factors increasing Adjusted EBITDA include:

• $63 million increase in operating results from the offshore wind facilities, due to higher production, as described above;
• $18 million increase due to contribution from pre-completion revenue generated by Hai Long; and
• $15 million increase due to contribution from the Oneida energy storage facility, which commenced operations in the second quarter of 2025.

The factors partially offsetting the increase in Adjusted EBITDA were:

• $15 million decrease in operating results from the Spanish portfolio, due to lower average market prices as compared to the same quarter of 2025; and
• $13 million decrease in operating results due to lower wind and solar resources at the New York and Canadian onshore facilities, as described above.

Free Cash Flow

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

Free Cash Flow of $182 million for the three months ended March 31, 2026 increased by 16% or $25 million compared to the same quarter of 2025.

The factors increasing Free Cash Flow include:

• $48 million increase in Adjusted EBITDA (excluding contributions from Hai Long’s pre-completion revenue and growth expenditures), driven by better operating results; and
• $3 million increase from foreign exchange and interest rate hedges, and other settlements.

The factors offsetting the increase in Free Cash Flow include:

• $14 million increase due to scheduled debt repayments on facility-level loans and funds set aside for maintenance and decommissioning reserves; and
• $10 million increase in current taxes as a result of higher operating results.

The following table reconciles Adjusted EBITDA to Free Cash Flow:

Outlook

Management maintains the Company’s 2026 financial outlook with Adjusted EBITDA expected in the range of $1.45 billion to $1.65 billion and Free Cash Flow per share expected in the range of $1.05 to $1.25.

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 document as well as the Risk Factors in the 2025 AIF.

First-Quarter Earnings Conference Call

Northland’s management will hold an earnings conference call and webcast at 10a.m. Eastern Time (ET) on Thursday May 14, 2026, to discuss the Company’s financial results and developments and answer questions from analysts.

Participants wishing to join the call and ask questions must register using the following URL below:

https://register-conf.media-server.com/register/BIb7c7c0e4c675408dbb0209ea0bab2b6b

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/8huqntmu

For those unable to attend the live call, an audio recording will be available on northlandpower.com starting on Friday, May 15, 2026.

Northland’s unaudited interim condensed consolidated financial statements for the three months ended March 31, 2026, 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 an inventory of early to mid-stage development opportunities encompassing approximately 8.0 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.

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 implementation, timing and anticipated benefits of Northland’s new strategic plan, the timing for and attainment of the Hai Long and Baltic Power offshore wind projects, Jurassic BESS battery energy storage project and other 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 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, Northland’s anticipated credit rating, litigation claims, 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 which could impair current guidance and expected returns, risks associated with merchant pool pricing and revenues, risks associated with sales contracts, Northland’s ability to execute on its growth strategy, 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, unforeseeable site conditions, including geological and geotechnical 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 2025 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:

Alison Holditch, Investor Relations

416-989-8734

investorrelations@northlandpower.com

northlandpower.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9524404b-f2c2-453b-a7a9-7b45379e45a2

TORONTO, April 30, 2026 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland”) (TSX: NPI) today announced the signing of a long-term Corporate Power Purchase Agreement (“CPPA”) with Taiwan Semiconductor Manufacturing Company (“TSMC”) for additional power from its Hai Long offshore wind project in Taiwan (“Hai Long” or the “Project”).

The Hai Long Project is being constructed by Northland (30.6%) jointly with Mitsui & Co. (40%) and Gentari International Renewables Pte. Ltd (29.4%). The project is located approximately 45 – 70 kilometers off the Changhua coast in the Taiwan Strait and consists of three offshore wind sites, the 294-megawatt (MW) Hai Long 2A, the 224 MW Hai Long 2B, and the 504 MW Hai Long 3 with a combined gross capacity of 1,022 MW.

The new 30-year agreement builds on the existing long-term partnership with TSMC, established in 2022, which already covers Hai Long 2B and Hai Long 3. Subject to completion of necessary administrative procedures later in 2026, Hai Long 2A will switch to the new CPPA, and TSMC will offtake 100% of the project’s generating capacity.

This agreement strengthens the Project’s economics and extends Hai Long’s revenue period, supporting Northland’s focus on value enhancement.

“This agreement with TSMC reinforces the strategic importance of Hai Long. Once the switch is complete it will enhance the project’s long-term economic fundamentals and contribute directly to value creation for Northland and its shareholders,” said Christine Healy, President & CEO of Northland Power.

TSMC is a Taiwan-based multinational semiconductor manufacturer and a global leader in advanced semiconductor fabrication. TSMC is listed on the Taiwan Stock Exchange (TWSE: 2330 TSMC) and the New York Stock Exchange (NYSE: TSM).

ABOUT NORTHLAND POWER

Northland Power is a Canada-based 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 early to mid-stage development opportunities encompassing approximately 9 GW of potential capacity. 

Publicly traded since 1997, Northland’s Common Shares, 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. 

FORWARD-LOOKING STATEMENTS

This news 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 predictive in nature, depend upon or refer to future events or conditions, or include words such as “anticipates”, “expects,” “believes,” 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 Northland’s expectations for the CPPA with TSMC, the impact of the CPPA on Hai Long’s economics and revenue period, the timing of commercial operations and the cost expectations for the Project, all of which may differ from the expectations stated herein. These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including the provisions of contracts to which Northland or a subsidiary is a party, 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 include, but are not limited to, those described in the “Risks Factors” section of Northland’s Management’s Discussion and Analysis and Annual Information Form for the year ended December 31, 2025, 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.

For further information, please contact:

Alison Holditch, Investor Relations

+1 416-989-8734

investorrelations@northlandpower.com

TORONTO, April 14, 2026 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) announced today dates for its 2026 first quarter operating and financial results and accompanying earnings conference call, as well as details of its 2026 Annual General Meeting (AGM) in hybrid format on May 20, 2026.

First Quarter 2026 Financial Results and Earnings Call

Northland will release its 2026 first quarter operating and financial results after markets close on Wednesday, May 13, 2026. Northland’s management will hold an earnings conference call and webcast at 10 a.m. Eastern Time (ET) on Thursday, May 14, 2026, followed by a question-and-answer period with analysts.

Conference call details:

Date: Thursday, May 14, 2026
Start Time: 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/BIb7c7c0e4c675408dbb0209ea0bab2b6b

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/8huqntmu

For those unable to attend the live call, an audio recording will be available on Northland’s website at northlandpower.com on Friday, May 15, 2026.

2026 Annual General Meeting of Shareholders

Northland has filed its notice of meeting, management information circular (the “Circular”), and related documents (collectively, the “Meeting Materials”) with securities regulators in connection with its upcoming Annual General Meeting (the “Meeting”) of holders of common shares (“Shareholders”). The Meeting will take place on Wednesday, May 20, 2026, in a hybrid format, enabling Shareholders to attend in person or virtually.

Meeting details:

Date: Wednesday, May 20, 2026
Start Time: 11:00 a.m. ET
Location: 155 Wellington Street West, 40^th Floor, Toronto, ON, M5V 3J7

Shareholders wishing to attend the Meeting virtually can do so via the following link:

www.virtualshareholdermeeting.com/NPI2026

Details of the Meeting and instructions on how to participate and vote are set out in the related Meeting Materials, which can be accessed online on Northland’s website at www.northlandpower.com, and under the Company’s profile on SEDAR+ at www.sedarplus.ca.

Shareholders with questions or who require voting assistance may contact Northland’s proxy solicitation agent:

Laurel Hill Advisory Group
North America Toll Free: 1-877-452-7184
Outside North America: 1-416-304-0211
Text Message: Text “INFO” to 416-304-0211 or 1-877-452-7184
Email: assistance@laurelhill.com

ABOUT NORTHLAND POWER

Northland Power is a Canada-based 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 early- to mid-stage development opportunities encompassing approximately 9 GW of potential capacity.

Publicly traded since 1997, Northland’s common shares, 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.

For further information, please contact:

Alison Holditch, Senior Manager, Investor Relations

416-989-8734

investorrelations@northlandpower.com

TORONTO, Feb. 25, 2026 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) today reported financial results for the year ended December 31, 2025. All dollar amounts set out herein are in Canadian dollars, unless otherwise stated.

Highlights

• Record high wind production across German offshore wind assets in the fourth quarter contributed to delivering Adjusted EBITDA¹ of $1.25 billion, in-line with 2025 financial guidance and Free Cash Flow¹ of $1.46 per share, exceeding 2025 financial guidance.

• Introduced a new global strategy and 2030 outlook, targeting a doubling of gross operating capacity to 7 GW, with clear growth and financial priorities and a five-year funding plan.

• Progressed construction on the Baltic Power (1.1 GW) and Hai Long (1.0 GW) offshore wind projects.

• Expanded battery energy storage system (“BESS”) pipeline with the addition of two late-stage pre-construction projects totaling 300 MW / 1.2 GWh in Poland.

• Issued 2026 financial guidance with Adjusted EBITDA expected to be $1.45 – $1.65 billion, and Free Cash Flow expected to be $1.05 – $1.25 per share.

“In 2025, we set a clear direction for Northland through our five-year plan focused on maximizing long-term shareholder value. We are executing on our strategy and advancing our next phase of growth, including delivering our projects in construction and adding two late-stage pre-construction BESS projects in Poland. We also see value-accretive opportunities across our core markets in Canada and Europe,” stated Christine Healy, President and CEO of Northland.

Ms. Healy continued, “In the fourth quarter of 2025, our operating fleet availability was 96%, and our offshore wind assets in Germany set a new production record. Construction progress continues to be on track for our two offshore wind projects.”

Significant Events and Updates

Construction Projects Update:

• Hai Long Offshore Wind Project – Northland continues to advance the 1.0 GW Hai Long project. The project currently has 37 out of 73 turbines installed, with 20 turbines generating power. As reported last quarter, turbine commissioning has been slower than expected and could impact pre-completion revenues in the amount of approximately $150 – $200 million (Northland share). The project is optimizing the commissioning schedule in preparation for in-water activities expected to resume in April 2026. The project is on track for commercial operations in 2027, with overall costs aligned with original expectations.

• Baltic Power Offshore Wind Project – Northland continues to advance the 1.1 GW Baltic Power project. Offshore construction activities are progressing, including the installation of both offshore substations, all turbine monopile foundations, 30 of the turbines, and 2 out of 4 export cables. The local grid operator completed grid interconnection works, a key milestone for energization of the project. The project is on track for commercial operations in the second half of 2026, with overall costs aligned with original expectations.

Others:

• Secured Polish Battery Energy Storage Projects – On November 20, 2025, Northland acquired two late-stage pre-construction battery energy storage projects totaling 300 MW / 1.2 GWh in Poland.

• Announced New Strategic Plan and 2030 Outlook – On November 20, 2025, Northland held its 2025 Investor Day where management presented the Company’s five-year strategic growth and funding plan. Highlights included: targeting to double operating capacity to 7 GW by 2030; implementing a regional operating model with a deepened focus on core markets of Canada and Europe; improving cost efficiency; selectively advancing high-quality opportunities; and raising investment return targets to 12+%.

• Nordsee One Offshore Wind Facility – On November 18, 2025, Northland signed a five-year bilateral power purchase agreement for approximately one-third of the production from its 332 MW Nordsee One offshore wind farm.

• Previously Announced Dividend Change – On November 12, 2025, Northland’s Board of Directors approved an adjustment to Northland’s dividend to $0.72 per share on an annual basis.

• Thorold Natural Gas Facility Upgrade – On November 25, 2025, Northland completed the performance test for a 23 MW capacity upgrade at the Thorold facility and executed an amended PPA extending the contract to April 30, 2035.

Financial Results

Fourth Quarter

Fourth quarter 2025 financial results increased year-over-year, driven by higher production across the International business unit offshore wind facilities, contribution from the Oneida energy storage facility (which commenced operations in the second quarter of 2025), and increased market demand for dispatchable power at natural gas facilities.

• Revenue from energy sales of $723 million in the fourth quarter of 2025 increased from $572 million in 2024.

• Net income increased in the fourth quarter of 2025 to $290 million from $150 million in 2024.

• Adjusted EBITDA (a non-IFRS measure) increased in the fourth quarter of 2025 to $390 million from $312 million in 2024.

• Free Cash Flow per share (a non-IFRS measure) increased in the fourth quarter of 2025 to $0.46 from $0.31 in 2024.

• Cash provided by operating activities was $227 million in the fourth quarter of 2025 compared to $360 million in the same quarter of 2024.

Full-Year 2025

Full-year 2025 Adjusted EBITDA and Free Cash Flow decreased compared to 2024, due to low offshore wind resource in the first half of the year within the International business unit, partially offset by the contribution from Oneida and high wind conditions at the Americas business unit onshore facilities.

• Revenue from energy sales increased on a full-year basis to $2,435 million from $2,346 million in 2024.

• Net loss was $108 million in 2025 compared to net income of $371 million in 2024, primarily due to a $527 million non-cash pre-tax impairment expense for the Nordsee One offshore wind facility recognized in the third quarter of 2025.

• Adjusted EBITDA (a non-IFRS measure) decreased on a full-year basis to $1,253 million from $1,262 million in 2024.

• Free Cash Flow per share (a non-IFRS measure) decreased on a full-year basis to $1.46 from $1.53 in 2024.

• Cash provided by operating activities was $1,426 million on a full-year basis compared to $1,029 million in 2024.

• Available corporate liquidity of $931 million as at December 31, 2025 includes $39 million of cash on hand and approximately $892 million of available capacity on corporate revolving credit facilities.

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

Summary of Consolidated Results

Fourth Quarter Highlights

International Business Unit

Northland’s International business unit consists of operating offshore wind facilities located in Germany and the Netherlands, along with onshore wind and solar facilities in Spain.

Offshore wind facilities

Electricity production for the three months ended December 31, 2025 increased 21% or 271 GWh compared to the same quarter of 2024. Commercial availability for the three months ended December 31, 2025 was at 97%.

Revenue from energy sales of $385 million for the three months ended December 31, 2025 increased 38% or $105 million, compared to the same quarter of 2024, due to higher production across offshore wind facilities.

Adjusted EBITDA of $243 million for the three months ended December 31, 2025 increased 34% or $62 million compared to the same quarter of 2024, due to the same factor noted above.

Onshore renewable facilities

Electricity production for the three months ended December 31, 2025 of 248 GWh was in line with the same quarter of 2024. Commercial availability for the three months ended December 31, 2025 was at 97%.

Revenue from energy sales of $45 million for the three months ended December 31, 2025 decreased 17% or $9 million compared to the same quarter of 2024, due to lower market prices at the Spanish facilities.

Adjusted EBITDA of $29 million for the three months ended December 31, 2025 decreased 24% or $9 million compared to the same quarter of 2024, due to the same factor noted above.

Americas Business Unit

Northland’s Americas business unit includes natural gas, onshore wind, solar, and energy storage facilities in Canada, onshore wind projects in the United States, and regulated utility operations in Colombia.

Onshore renewable & energy storage facilities

Electricity production for the three months ended December 31, 2025 of 553 GWh was in line with the same quarter of 2024. Commercial availability for the three months ended December 31, 2025 was at 97%.

Revenue from energy sales of $91 million for the three months ended December 31, 2025 increased 30% or $21 million compared to the same quarter of 2024, due to the contribution from the Oneida energy storage facility commencing operations in the second quarter of 2025.

Adjusted EBITDA of $52 million for the three months ended December 31, 2025 increased 16% or $7 million compared to the same quarter of 2024, due to the same factor noted above.

Natural gas facilities

Electricity production of 1,088 GWh for the three months ended December 31, 2025 increased 42% or 324 GWh compared to the same quarter of 2024, due to higher market demand for dispatchable power. Commercial availability for the three months ended December 31, 2025 was at 90%.

Revenue from energy sales of $102 million for the three months ended December 31, 2025 increased 29% or $23 million compared to the same quarter of 2024, due to higher market demand for dispatchable power.

Adjusted EBITDA of $52 million for the three months ended December 31, 2025 increased 11% or $5 million compared to the same quarter of 2024, due to the factor noted above.

Utility

Revenue from energy sales of $97 million for the three months ended December 31, 2025 increased 6% or $5 million compared to the same quarter of 2024, due to growth in the asset base.

Adjusted EBITDA of $40 million for the three months ended December 31, 2025 was in line with the same quarter of 2024.

Consolidated statements of income (loss)

General and administrative (“G&A”) costs of $33 million increased $6 million compared to the same quarter of 2024, due to certain non-recurring administrative expenses.

Development costs of $21 million were in line with the same quarter of 2024.

Finance costs of $83 million decreased $14 million compared to the same quarter of 2024, due to scheduled principal repayments on facility-level loans.

Fair value gain on financial instruments was $50 million, due to net movement in the fair value of derivatives related to foreign exchange and interest rate contracts.

Foreign exchange loss of $8 million was due to fluctuations in foreign exchange rates.

Share of profit from joint ventures of $118 million was due to the gains on fair value of derivatives, partially offset by the foreign exchange losses, at the joint ventures.

Net income of $290 million in the fourth quarter of 2025 compared to net income of $150 million in the same quarter of 2024, as a result of the factors described above.

Adjusted EBITDA

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

Adjusted EBITDA of $390 million for the three months ended December 31, 2025 increased 25% or $77 million compared to the same quarter of 2024. The factors increasing Adjusted EBITDA include:

• $62 million increase in operating results at the International business unit offshore wind facilities, due to higher production, as described above;

• $14 million increase due to the pre-completion revenue from the Hai Long offshore wind project and lower joint venture project costs; and

• $11 million increase due to the contribution from the Oneida energy storage facility commencing operations in the second quarter of 2025.

The factor partially offsetting the increase in the Adjusted EBITDA was:

• $9 million decrease in operating results from the International business unit onshore wind facilities, as described above.

Free Cash Flow

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

Free Cash Flow of $121 million for the three months ended December 31, 2025 was 51% or $41 million higher than the same quarter of 2024.

The factor increasing Free Cash Flow was:

• $76 million increase in Adjusted EBITDA (gross of growth expenditures) due to the factors described above.

The factors offsetting the increase in Free Cash Flow were:

• $13 million increase in current taxes as a result of higher operating results;

• $12 million decrease from foreign exchange hedges, lease payments, and other settlements; and

• $10 million increase in scheduled debt repayments on facility-level loans and net movement in funds set aside for maintenance and decommissioning reserves.

The following table reconciles Adjusted EBITDA to Free Cash Flow:

Outlook

The Company’s outlook focuses on execution during a period of elevated construction activity. Near‑term priorities include the safe construction and delivery of Hai Long and Baltic Power projects. The Company has also implemented a simplified, regionally focused operating structure to enhance efficiency and align strategic and financial objectives.

Northland anticipates generating revenue from Hai Long and Baltic Power in 2026. For Hai Long, the revenue generated will be used to fund the construction of the project and will not be included in Free Cash Flow until the project reaches commercial operations, anticipated in 2027. Baltic Power is expected to achieve commercial operations in the second half of 2026.

Adjusted EBITDA

Management expects 2026 Adjusted EBITDA of $1.45 – $1.65 billion, representing an increase from 2025 Adjusted EBITDA of $1.25 billion. Several factors are expected to contribute to this increase:

• Hai Long contribution of $150 – $200 million;

• Baltic Power contribution of $70 – $120 million expected to start in the second half of 2026; and

• Full year contribution from Oneida and partial year contribution from Jurassic BESS of approximately $15 million.

Increase in Adjusted EBITDA is expected to be partially offset by:

• Lower Nordsee One contribution of approximately $20 million due to scheduled contract step-down.

Northland has assumed development expenditures will be approximately $50 million. The Company intends to be selective and pursue only those projects that meet its strategic objectives and targeted returns.

Free Cash Flow

Management expects 2026 Free Cash Flow of $1.05 – $1.25 per share, which is lower than the 2025 Free Cash Flow of $1.46 per share. Several factors contributing to this variance include:

• One-time 2025 items including the non-recurrence of the German tax benefit ($0.12), deferral of Spanish debt repayments ($0.07), and other items ($0.03) that combine to approximately $0.22 per share;

• Foreign exchange hedging costs ($0.10) and higher debt service for the natural gas business ($0.05) are anticipated to total approximately $0.15 per share; and

• Lower capitalized interest on hybrid debt as Oneida has commenced operations and Baltic Power assets will have commenced operations ($0.10), along with other costs ($0.05) that combines to approximately $0.15 per share.

Decrease in Free Cash Flow is expected to be partially offset by:

• Baltic Power contribution net of debt repayments and other various items by approximately $0.20 per share.

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 document as well as the Risk Factors in the 2025 AIF.

Fourth-Quarter Earnings Conference Call

Northland will hold an earnings conference call on February 26, 2026, to discuss its fourth quarter 2025 results. The call will be hosted by Northland’s Senior Management, who will discuss the Company’s financial results and developments and answer questions from analysts.

Conference call details are as follows:

Thursday, February 26, 2026, 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/BIa0157d1deac442dda5e66371e5e79582

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/au4w68kp

For those unable to attend the live call, an audio recording will be available on northlandpower.com on Friday, February 27, 2026.

Northland’s audited consolidated financial statements for the year ended December 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 9 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.

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 implementation, timing and anticipated benefits of Northland’s new strategic plan, the timing for and attainment of the Hai Long and Baltic Power offshore wind projects, Jurassic BESS battery energy storage project and other 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 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, Northland’s anticipated credit rating, litigation claims, 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 which could impair current guidance and expected returns, risks associated with merchant pool pricing and revenues, risks associated with sales contracts, Northland’s ability to execute on its growth strategy, 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, unforeseeable site conditions, including geological and geotechnical 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 2025 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:

Alison Holditch, Investor Relations

416-989-8734

investorrelations@northlandpower.com

northlandpower.com

¹ Adjusted EBITDA and Free Cash Flow are non-IFRS financial measures. Non-IFRS financial measures do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. See “Non-IFRS Financial Measures”, and sections entitled “5.5: Adjusted EBITDA” and “5.6: Free Cash Flow” in the Management’s Discussion and Analysis for the year ended December 31, 2025, dated February 25, 2026 (“MD&A”) incorporated by reference herein for more information about each of these measures.

Transaction Highlights 

• Acquired two late-stage pre-construction battery energy storage system (“BESS”) projects totaling 300 MW / 1.2 GWh in Poland;
• Builds on Northland’s strategy to deepen its presence in its core market of Poland; and
• Value-accretive opportunity to deploy Northland’s proven expertise in BESS.

TORONTO, Nov. 20, 2025 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland“) (TSX: NPI) is pleased to announce the acquisition of 100% equity interests in two BESS projects (together, the “Projects”) totaling 300 MW /1.2 GWh in Poland. The Projects were acquired from Greenvolt Power Group sp. z o. o., a global developer of renewable energy projects.

This acquisition strengthens Northland’s growing presence in Poland and underscores its commitment to supporting the country’s energy requirements. Poland’s power system is evolving rapidly as it shifts from predominantly coal-based generation toward renewables, with solar PV and wind capacity projected to increase from approximately 31 GW today to 139 GW by 2050 according to Aurora research. As Poland’s electricity markets evolve, there is a need for large-scale battery storage.

The Projects, Mieczysławów (200 MW / 800 MWh) and Kamionka (100 MW / 400 MWh), each have a four-hour duration and are located in western Poland. A portion of revenue is secured under 17-year capacity auction contracts indexed to inflation, and additional revenue is expected to be realized through energy arbitrage and participation in ancillary service markets. Financing and the start of construction are expected in 2026, with an estimated total cost of €200 million. Once operational, the Projects will be some of the first BESS facilities operating in Poland.

“This acquisition marks an important milestone in advancing Poland’s energy transformation and expanding Northland’s portfolio in a core market,” said Christine Healy, President and Chief Executive Officer of Northland. “Battery storage is essential to enabling a reliable, lower-carbon energy system, and these projects represent a strong strategic fit with our growth ambitions.”

ABOUT NORTHLAND POWER

Northland Power is a Canada-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 3.2 GW of gross operating generating capacity, 2.4 GW under construction and a significant inventory of early to mid-stage development opportunities encompassing approximately 9 GW of potential capacity.

Publicly traded since 1997, Northland’s Common Shares, 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.

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, Poland’s expected power generation needs and projections, the timing of financing and the start of construction of the Projects, and forecasts as to overall economics of the Projects, all of which may differ from the expectations stated herein.

These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including 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, 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 are described in the “Risks Factors” section of Northland’s Management’s Discussion and Analysis and Annual Information Form for the year ended December 31, 2024, 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.

For further information, please contact:

Adam Beaumont, Senior Vice President, Capital Markets

+1-647-288-1019

investorrelations@northlandpower.com

Victor Gravili, Chief of Staff and Global Head of Brand & Communications

+1-647-288-1105

communications@northlandpower.com

TORONTO, Nov. 18, 2025 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) announced the signing of a five-year bilateral Power Purchase Agreement (“PPA”) with Shell Energy Europe Ltd (“Shell”) for approximately one‑third of the production from its 332 megawatt Nordsee One offshore wind farm.

Nordsee One is located in the North Sea, in the German Exclusive Economic Zone and was commissioned in December 2017. Northland has an 85% ownership interest in Nordsee One, with the remaining 15% held by RWE Offshore Wind GmbH.

The facility is currently operating under the German Renewable Energy Sources Act regime, which is scheduled to step down in 2027. The PPA, secured through a structured tendering process, starts in June 2027 for a five-year term for the supply of electricity to Shell.

“We are proud to supply Shell with power that advances their energy transition goals,” said Christine Healy, President and CEO. “Our Nordsee One offshore wind facility is producing renewable electricity for Europe, and we are leveraging that strength to continue delivering value from our portfolio.”

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 9 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

FORWARD-LOOKING STATEMENTS 

This news 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 predictive in nature, depend upon or refer to future events or conditions, or include words such as “anticipates”, “expects,” “believes,” 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 Northland’s expectations for the step down under the German Renewable Energy Sources Act regime and the anticipated timing and amount of power to be supplied under the PPA, the expected generating capacity of the project, and the future operations of the project, all of which may differ from the expectations stated herein. These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including the provisions of contracts to which Northland or a subsidiary is a party, 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 include, but are not limited to, those described in the “Risks Factors” section of Northland’s Management’s Discussion and Analysis and Annual Information Form for the year ended December 31, 2024, 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.

For further information, please contact:

Adam Beaumont, Senior Vice President, Capital Markets

647-288-1019

investorrelations@northlandpower.com

northlandpower.com

Victor Gravili, Chief of Staff and Global Head of Brand & Communications

647-288-1105

communications@northlandpower.com