TORONTO, Nov. 12, 2026 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) today reported financial results for the three and nine months ended September 30, 2026. All dollar amounts set out herein are in Canadian dollars, unless otherwise stated.

Highlights

• Increased Adjusted EBITDA by 9% year-over-year, driven by new contributions from the Hai Long (1.0 GW) and Baltic Power (1.1 GW) offshore wind projects.
• Demonstrated Northland’s execution excellence by achieving commercial operations ahead of schedule and under budget on the Jurassic (80 MW / 160 MWh) Battery Energy Storage System (BESS) project in Alberta.
• Achieved full turbine installation at Hai Long, with all 73 turbines installed and now generating power, and secured incremental debt funding to support the project.
• Reached a major milestone at Baltic Power by completing the installation of all 76 turbines, over 70% generating power and the project advancing through commissioning.
• Continued construction of the Kamionka (100 MW / 400 MWh) and Mieczysławów (200 MW / 800 MWh) BESS projects in Poland and secured project financing.
• Advanced approximately 900 MW of value accretive near-term development opportunities across core markets, with planned delivery by 2030.
• Achieved 93% commercial availability, with year-to-date electricity production in line with historical averages.
• Management reaffirmed its 2026 full-year guidance.

“This quarter marks an important phase for Northland as our major offshore wind projects begin to transition from construction into operations and generating cash flow. At the Baltic Power and Hai Long offshore wind projects we have installed all turbines, with all of Hai Long’s turbines now generating power. We continued to deliver on our commitments by completing the Jurassic BESS project ahead of schedule and under budget.” said Christine Healy, President and CEO of Northland. “I am proud of our team’s continued excellence and disciplined execution. Our differentiated track record of execution, coupled with growing near-term development pipeline, position’s Northland to meet growing electricity demand across our core markets.”

Significant Events and Updates

Americas:

Jurassic BESS Project – Northland completed construction of the 80 MW / 160 MWh Jurassic BESS project in Alberta, Canada, ahead of schedule and under budget. The project has moved into commercial operations.

Midnight Alberta BESS Project – Northland converted an existing Alberta solar development project into a 200 MW / 800 MWh standalone battery project, driven by emerging storage market opportunity.

Canadian Renewable Pipeline Additions – Northland expanded its Canadian pipeline with the addition of approximately 350 MW of mid-stage development projects in Atlantic Canada and 250 MW of opportunities in central Canada.

International:

Baltic Power Offshore Wind Project – Northland continued to advance construction of the 1.1 GW Baltic Power project in Poland, with all 76 turbines installed and over 70% generating power. The project is advancing through commissioning in the fourth quarter of 2026. The project remains on track with costs aligned with original expectations.

Polish BESS Projects – Northland continued construction on its two BESS projects in Poland, totaling 300 MW / 1.2 GWh, and secured debt financing of approximately PLN 500 million (CAD 185 million) for both projects. The projects are on track with Project Kamionka’s (100 MW / 400 MWh) commercial operations expected in early 2028, and Project Mieczysławów’s (200 MW / 800 MWh) commercial operations expected in mid-2028.

Hai Long Offshore Wind Project – Northland continued to advance construction of the 1.0 GW Hai Long project in Taiwan, with all 73 turbines installed and generating power. The project remains on track, with final permitting approvals expected in the first half of 2027 and overall costs aligned with original expectations.

Gemini Co-located BESS Project – Northland advanced plans to co-locate an approximately 100 MW / 400 MWh hybridized BESS project on land occupied by the Gemini onshore substation in Eemshaven, Netherlands. The project is expected to enhance the value of Gemini’s existing offshore wind facility by reducing balancing costs and enabling participation in energy and ancillary services markets. The project is working towards a final investment decision in 2027.

Spain Co-located BESS Projects – Northland is advancing multiple opportunities, totaling approximately 250 MW / 1,000 MWh hybridized BESS projects across its existing wind and solar portfolio in Spain. The opportunities leverage Northland’s established operating platform and infrastructure across multiple sites. The projects are working towards final investment decisions in 2027.

Other Updates:

Executive Changes – In September 2026, Northland appointed Lyla Garzouzi as Executive Vice-President, Health, Safety, Security & Environment (HSSE) and Strategy Execution, strengthening the Company’s leadership team and supporting the execution of Northland’s strategy, operational initiatives, and safety culture. Chief Legal Officer, Jaime Hurtado, departed the Company to pursue another opportunity.

Financial Results for the Third Quarter

The financial results for the third quarter of 2026 were as follows:

• Revenue from energy sales of $565 million in the third quarter of 2026 is largely in line with $558 million in the corresponding quarter of 2025.
• Net income of $201 million in the third quarter of 2026 increased from a net loss of $456 million in the corresponding quarter of 2025.
• Adjusted EBITDA (a non-IFRS measure) increased to $280 million in the third quarter of 2026 compared to $257 million in the corresponding quarter of 2025.
• Free Cash Flow per share (a non-IFRS measure) decreased to $0.06 in the third quarter of 2026 compared to $0.17 in the corresponding quarter of 2025.
• Cash provided by operating activities increased to $382 million in the third quarter of 2026 compared to $325 million in the corresponding quarter of 2025.

Third Quarter Highlights

International Business Unit

Northland’s international business unit comprises a portfolio of two offshore wind facilities in Germany, one offshore wind facility in the Netherlands, and a portfolio of onshore renewable (solar and wind) projects in Spain. The business unit has projects under construction, including the Hai Long offshore wind joint venture in Taiwan, the Baltic Power offshore wind joint venture, and the Kamionka and Mieczysławów BESS projects in Poland.

Offshore wind facilities

Electricity production for the three months ended September 30, 2026 decreased 14% or 120 GWh compared to the same quarter of 2025, due to lower production from Gemini and lower wind resource, across offshore wind projects.

Commercial availability for the three months ended September 30, 2026 was 92%, due to downtime at Gemini caused by an export cable failure.

Revenue from energy sales of $210 million for the three months ended September 30, 2026 decreased 17% or $43 million, compared to the same quarter of 2025, due to lower production.

Adjusted EBITDA of $94 million for the three months ended September 30, 2026 decreased 25% or $32 million compared to the same quarter of 2025, due to lower revenue, as noted above.

In September 2026, the Gemini offshore wind project’s export cable was successfully repaired and energized, bringing the project back to full operations. This outage is expected to have a minimal impact on Northland’s full-year results, net of insurance proceeds, which are anticipated to be received by the end of the year.

Onshore renewable facilities

Electricity production for the three months ended September 30, 2026 of 173 GWh was 11% or 20 GWh lower compared to the same quarter of 2025, due to lower wind and solar resources at the Spanish facilities.

Commercial availability for the three months ended September 30, 2026 was 97%.

Revenue from energy sales of $43 million for the three months ended September 30, 2026 decreased 13% or $6 million compared to the same quarter of 2025, due to lower production.

Adjusted EBITDA of $29 million for the three months ended September 30, 2026 decreased 14% or $5 million compared to the same quarter of 2025, due to lower revenue, as 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 September 30, 2026, was 350 GWh, up 10% or 32 GWh, compared to the same quarter of 2025, due to a higher wind resource.

Commercial availability for the three months ended September 30, 2026 was 97%.

Revenue from energy sales of $83 million for the three months ended September 30, 2026 was in line with the same quarter of 2025.

Adjusted EBITDA of $52 million for the three months ended September 30, 2026 was in line with the same quarter of 2025.

Natural gas facilities

Electricity production of 986 GWh for the three months ended September 30, 2026 was in line with the same quarter of 2025.

Commercial availability for the three months ended September 30, 2026 was 95%.

Revenue from energy sales of $93 million for the three months ended September 30, 2026 increased 14% or $11 million compared to the same quarter of 2025, due to higher gas prices.

Adjusted EBITDA of $46 million for the three months ended September 30, 2026 was in line with the same quarter of 2025.

Utility

Revenue from energy sales of $130 million for the three months ended September 30, 2026 increased 44% or $40 million compared to the same quarter of 2025, due to exchange rate movement and growth in the asset base.

Adjusted EBITDA of $56 million for the three months ended September 30, 2026 increased 39% or $16 million compared to the same quarter of 2025, due to the factors noted above.

Consolidated statements of income (loss)

Share of profit from joint ventures of $148 million was due to a gain on fair value of derivative financial instruments and pre-completion revenues from Hai Long and Baltic Power.

Finance costs of $89 million decreased $3 million compared to the same quarter of 2025, due to scheduled principal repayments on facility-level loans.

General and administrative (“G&A”) costs of $29 million were in line with the same quarter of 2025.

Development costs of $16 million were in line with the same quarter of 2025.

Foreign exchange gain of $9 million was due to fluctuations in foreign exchange rates.

Fair value loss on financial instruments was $6 million, due to net movement in the fair value of derivative financial instruments related to foreign exchange and interest rate hedge contracts.

Net income of $201 million in the third quarter of 2026 compared to a net loss of $456 million in the same period of 2025, primarily due a non-cash impairment expense of $527 million recorded during the third quarter of 2025.

Adjusted EBITDA

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

Adjusted EBITDA of $280 million for the three months ended September 30, 2026 increased 9% or $23 million compared to the same quarter of 2025. The factors increasing Adjusted EBITDA include:

• $35 million due to the contribution from Hai Long and Baltic Power projects; and
• $20 million due to operating results from EBSA and natural gas facilities.

The factor partially offsetting the increase in Adjusted EBITDA was:

• $32 million in lower operating results from offshore wind facilities.

Free Cash Flow

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

The following table reconciles Adjusted EBITDA to Free Cash Flow:

Free Cash Flow of $15 million for the three months ended September 30, 2026 was 66% or $30 million lower compared to the same quarter of 2025.

The factors decreasing Free Cash Flow include:

• $15 million lower Adjusted EBITDA (net of contribution from Hai Long’s and Baltic Power’s net pre-completion revenue of $35 million and gross of growth expenditures), as noted above;
• $8 million relating to net finance costs, scheduled repayments of facility-level debt; and
• $6 million from current taxes and hedge settlements.

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.

Third-Quarter Earnings Conference Call

Northland’s management will hold an earnings conference call and webcast at 9 a.m. Eastern Time (ET) on Friday November 13, 2026, to discuss the Company’s financial results, provide an update on growth 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

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

For those unable to attend the live call, an audio recording will be available on northlandpower.com starting on Monday, November 16, 2026.

Northland’s unaudited interim condensed consolidated financial statements for the nine months ended September 30, 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-headquartered global power producer delivering the electricity the world needs through offshore wind, onshore renewables, battery storage, and natural gas-fired generation. With offices in seven countries, Northland owns or has an economic interest in 3.6 GW of gross operating generating capacity, 2.4 GW under construction, and an approximately 7.4 GW development pipeline, reflecting nearly four decades of experience delivering large-scale energy infrastructure.

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 news 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 ratios 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 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,” “plans,” “targets,” “continues,” “on track,” “outlook,” or negative versions thereof and other similar expressions or future or conditional verbs such as “may,” “will,” and “could”.

These statements may include, without limitation, statements regarding Northland’s 2026 financial outlook, including expected Adjusted EBITDA and Free Cash Flow per share; Northland’s expectations for the timing of commercial operations, final permitting and cost expectations for the Baltic Power and Hai Long offshore wind projects and the Kamionka and Mieczysławów BESS projects; the expected benefits and targeted final investment decisions for the contribution of Gemini and Spain co-located BESS projects; the expected transition of Northland’s offshore wind projects into operations and their generation of cash flow; the expected timing and amount of insurance proceeds and the impact of the Gemini export cable failure on Northland’s full-year results; potential opportunities to expand Northland’s Canadian pipeline and upcoming power procurements; and the size of Northland’s development pipeline and its ability to meet growing electricity demand in Northland’s core markets, 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 design specifications of development projects, the provisions of contracts to which Northland or a subsidiary or joint venture 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, those 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, 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 outage or 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, including investigations related thereto, market compliance risk, government regulations and policy risks, utility rate regulation risks, international activities, cybersecurity, data protection and reliance on information technology, labor relations, labor 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 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.

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

TORONTO, Oct. 15, 2026 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) today announced that all 73 turbines at Hai Long, its 1.0 GW offshore wind project in the Taiwan Strait, are now installed and generating power. The milestone substantially advances Hai Long toward final completion and reduces the project’s remaining construction risk. The project remains on track for final permitting approvals in the first half of 2027 as planned, with overall construction costs aligned with original expectations.

This achievement builds on Northland’s nearly two decades of offshore wind experience across Europe and Asia and reinforces the Company’s disciplined approach and strong track record in developing, constructing, and operating large-scale energy infrastructure.

“Installing all 73 turbines and generating power across the entire Hai Long project demonstrates Northland’s ability to safely execute complex, large-scale offshore wind projects,” said Christine Healy, President and Chief Executive Officer of Northland. “This milestone reflects the dedication, expertise, and collaboration of our joint project teams, contractors, suppliers, and partners, who have worked together to advance one of Asia’s largest offshore wind projects. Hai Long showcases our project execution capabilities and reinforces our ability to develop, construct, and operate energy infrastructure globally.”

The Hai Long Project is being constructed by Northland (30.6%) jointly with Mitsui & Co. (40%) and Gentari International Renewables Pte. Ltd (29.4%). Hai Long is one of Asia’s largest offshore wind projects, located approximately 45 to 70 kilometres off the coast of Changhua County in the Taiwan Strait. The project will generate enough electricity to power more than one million Taiwanese households, supported by a 30-year offtake agreement providing contracted revenues to contribute to Northland’s long-term cash flow generation.

ABOUT NORTHLAND POWER

Northland Power is a Canadian-headquartered global power producer delivering the electricity the world needs through offshore wind, onshore renewables, battery storage, and natural gas-fired generation. With offices in seven countries, Northland owns, in whole or in part, 3.6 GW of gross operating generating capacity, 2.4 GW under construction, and an approximately 8 GW development pipeline.

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 INFORMATION

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 timing of commercial operations and final permitting and the cost expectations for the Project, the expected scale of the Project and its anticipated capacity to generate renewable electricity, the expected sufficiency of funding to cover Project requirements, the contribution of the Project to Northland’s targets and the size of Northland’s development pipeline, 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 “Risk 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, Head of Investor Relations

+ 1 (416) 989-8734

investorrelations@northlandpower.com

Victor Gravili, Vice President of Corporate Affairs

+1 (416) 895-5433

communications@northlandpower.com

• Baltic Power, Poland’s first offshore wind project, completed the installation of all 76 turbines across the 1.1 GW facility in the Baltic Sea.
• The project is advancing through commissioning and is on track for commercial operations in 2026, with overall costs aligned with original expectations.
• Once operational, Baltic Power is expected to generate approximately 4 terawatt-hours of electricity annually, providing enough clean energy to power more than 1.5 million Polish households.

TORONTO, Oct. 07, 2026 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) today announced the completion of turbine installation at Baltic Power, the 1.1 GW offshore wind project in Poland jointly owned by Northland and ORLEN. All 76 turbines are now installed, with over one-third currently generating power. The project is advancing through commissioning and is on track for commercial operations in 2026, with costs aligned with original expectations. Baltic Power achieved first power in July 2026, delivering the first electricity ever generated from offshore wind to Poland’s national grid.

The project strengthens Northland’s presence in one of Europe’s most attractive power markets and reflects the Company’s disciplined approach to developing, financing, constructing, and operating large-scale energy infrastructure. With nearly two decades of offshore wind experience, Northland continues to leverage its expertise to grow a diversified portfolio positioned to benefit from electrification, energy security, and increasing demand for reliable, low-carbon power.

“Installing all 76 turbines at Baltic Power demonstrates Northland’s ability to safely execute complex, large-scale offshore wind projects,” said Christine Healy, President and Chief Executive Officer of Northland. “Since entering Poland in 2021, we remain committed to building the country’s energy future by combining Polish expertise and ingenuity with Northland’s global offshore wind experience. Baltic Power demonstrates what can be achieved when local knowledge and international expertise come together to deliver a first-of-its-kind project. As Baltic Power advances toward commercial operations, it will provide long-term contracted power to Poland’s grid, strengthen the country’s energy security, and support the transition to a more resilient and diversified energy system.”

Baltic Power is located approximately 20 kilometres offshore in the Baltic Sea and has a total capacity of 1.1 GW, underpinned by a 25-year contract-for-difference mechanism that will provide contracted revenue certainty. Once operational, Baltic Power is expected to generate approximately 4 terawatt-hours of electricity annually, equivalent to approximately 3% of Poland’s current electricity demand and enough to power more than 1.5 million Polish households.

Baltic Power is a cornerstone of Northland’s multi-technology platform in Poland. Northland is concurrently constructing two grid-scale battery energy storage projects in Poland, representing a combined 300 MW / 1.2 GWh of storage capacity. Together, these projects reflect Northland’s diversified approach to supporting Poland’s energy transition.

ABOUT NORTHLAND POWER

Northland Power is a Canadian-headquartered global power producer delivering the electricity the world needs through offshore wind, onshore renewables, battery storage, and natural gas-fired generation. With offices in seven countries, Northland owns or has an economic interest in 3.6 GW of gross operating generating capacity, 2.4 GW under construction, and an approximately 8 GW development pipeline, reflecting nearly four decades of experience delivering large-scale energy infrastructure.

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 INFORMATION

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 timing of commercial operations and the cost expectations for the Project, the expected scale of the Project, its anticipated capacity to generate renewable electricity and contribution to the size of Northland’s portfolio, the expected sufficiency of funding to cover Project requirements and the contribution of the Project to Northland’s targets, 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 “Risk 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, Head of Investor Relations

+ 1 (416) 989-8734

investorrelations@northlandpower.com

Victor Gravili, Vice President of Corporate Affairs

+1 (416) 895-5433

communications@northlandpower.com

TORONTO, Sept. 30, 2026 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) today announced the close of approximately PLN 500 million (CAD 185 million) in project financing for its Mieczysławów (200 MW / 800 MWh) and Kamionka (100 MW / 400 MWh) battery energy storage system (“BESS”) projects in Poland, both of which are currently under construction.

The financing was secured with Canadian and Polish financial institutions and completes the funding structure for the projects. Both projects have also received grants totaling approximately PLN 280 million (CAD 105 million) from Poland’s National Fund for Environmental Protection and Water Management. Northland has already fulfilled its equity commitment for both projects using corporate cash and available funding. Total capital costs for Kamionka and Mieczysławów are estimated to be approximately PLN 1.0 billion (CAD 0.4 billion).

“Securing financing for Kamionka and Mieczysławów completes the funding structure for both projects and marks another important milestone in Northland’s growth in Poland,” said Jeff Hart, Chief Financial Officer of Northland Power. “These projects demonstrate our disciplined approach to capital allocation and our ability to execute on projects. As demand for flexible grid infrastructure continues to grow, battery storage is an important part of our portfolio and a key driver of long-term value creation.”

Kamionka and Mieczysławów remain on track, with commercial operations expected in early 2028 and mid-2028, respectively. Once fully operational, the projects are expected to contribute approximately $40 million to $50 million of combined annual Adjusted EBITDA.

Acquired in November 2025 as late-stage, pre-construction projects, Northland has since advanced both projects through development, secured grant funding and project financing, and commenced construction. Together, the facilities will provide 300 MW / 1.2 GWh of battery storage capacity, with a portion of revenues contracted under 17-year inflation-indexed auction agreements and additional revenue opportunities through energy arbitrage and ancillary services markets.

Once operational, Kamionka and Mieczysławów are expected to be among the first utility-scale standalone battery storage facilities operating in Poland. Together with Baltic Power, the projects further strengthen the Company’s presence in one of its core growth markets. The facilities will support grid reliability, increase system flexibility and help integrate Poland’s growing renewable energy generation.

ABOUT NORTHLAND POWER

Northland Power is a Canadian-headquartered global power producer delivering the electricity the world needs through offshore wind, onshore renewables, battery storage, and natural gas-fired generation. With offices in seven countries, Northland owns, in whole or in part, 3.6 GW of gross operating generating capacity, 2.4 GW under construction, and an approximately 8 GW development pipeline, reflecting nearly four decades of experience delivering large-scale energy infrastructure.

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 INFORMATION

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 timing of commercial operations and the capital cost expectations for the Projects, the expected scale of the Projects and its anticipated capacity to generate renewable electricity, the expected sufficiency of funding to cover Project requirements, the contribution of the Projects to Northland’s Adjusted EBITDA and the size of Northland’s development pipeline, 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.

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.

For further information, please contact:

Alison Holditch, Head of Investor Relations

+ 1 (416) 989-8734

investorrelations@northlandpower.com 

Victor Gravili, Vice President of Corporate Affairs

+1 (416) 895-5433

communications@northlandpower.com 

• Jurassic Battery Energy Storage System is Alberta’s largest battery energy storage facility, delivering 80 MW / 160 MWh of grid-balancing capacity
• Northland’s second storage project was delivered ahead of schedule and under budget with zero lost-time incidents
• 15-year offtake agreement covering 100% of capacity provides long-term contracted cash flows

TORONTO, Sept. 29, 2026 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) today announced that its 80 MW / 160 MWh Jurassic Battery Energy Storage System (BESS) has achieved commercial operations, bringing Alberta’s largest battery storage facility online and marking another milestone in Northland’s successful project delivery.

The Jurassic BESS facility was delivered ahead of schedule and under budget. The project was constructed with zero lost-time incidents across nearly 75,000 hours worked. The project is supported by a 15-year offtake agreement covering 100% of its capacity, providing long-term contracted cash flows.

“Achieving commercial operations at Jurassic BESS demonstrates Northland’s ability to consistently deliver energy infrastructure safely, efficiently, and as planned,” said Christine Healy, President and Chief Executive Officer of Northland Power. “Jurassic BESS highlights our exceptional project execution and multi-technology capabilities and operations across electricity generation and storage.”

ABOUT NORTHLAND POWER

Northland Power is a Canadian-headquartered global power producer delivering the electricity the world needs through offshore wind, onshore renewables, battery storage, and natural gas-fired generation. With offices in seven countries, Northland owns, in whole or in part, 3.6 GW of gross operating generating capacity, 2.4 GW under construction, and an approximately 8 GW development pipeline, reflecting nearly four decades of experience delivering large-scale energy infrastructure.

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.

For further information, please contact:

Alison Holditch, Head of Investor Relations

+ 1 (416) 989-8734

investorrelations@northlandpower.com

Victor Gravili, Vice President of Corporate Affairs

+1 (416) 895-5433

communications@northlandpower.com

FORWARD LOOKING INFORMATION

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 operating capacity of the Project and the size of Northland’s development pipeline, 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.

TORONTO, Aug. 12, 2026 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) today reported financial results for the three and six months ended June 30, 2026. All dollar amounts set out herein are in Canadian dollars, unless otherwise stated.

Highlights

• Delivered strong operational performance across the fleet during the second quarter, achieving 96% commercial availability.
• The offshore wind resource in Europe was low for the quarter, with year-to-date generation in line with historical average levels due to strong first-quarter wind conditions.
• Adjusted EBITDA increased by 6% year over year, reflecting strong operational performance, while free cash flow per share decreased, primarily due to a one-time tax item refund recognized in 2025.
• Advancing 2.5 GW construction portfolio, with all projects in construction remaining on track:
  • Achieved first power at the Baltic Power (1.1 GW) offshore wind project, marking the first delivery of offshore wind-generated electricity to Poland’s national grid;
  • Expanded the Hai Long (1.0 GW) offshore wind project’s existing 30-year Corporate Power Purchase Agreement (CPPA) for 100 percent of the offtake and, subsequent to quarter end, secured an incremental debt funding;
  • Completing final testing and commissioning on the Jurassic (80 MW / 160 MWh) Battery Energy Storage System (BESS) project in Alberta; and
  • Commenced construction of the Kamionka (100 MW / 400 MWh) and Mieczysławów (200 MW / 800 MWh) BESS projects in Poland.
• Management reaffirmed its 2026 full-year guidance.

“We reached several important milestones across our construction portfolio, including achieving first power at Baltic Power and delivering the first offshore wind-generated electricity to Poland’s national grid, achieving commercial and financial milestones at Hai Long, and commencing construction of our two battery storage projects in Poland,” said Christine Healy, President and CEO of Northland Power. “As Baltic Power and Hai Long progress toward commercial operations, we are approaching an important inflection point where our proven execution capabilities will deliver incremental long term contracted cash flow. With electricity demand expected to grow globally, Northland is well positioned to leverage its execution capabilities and development pipeline to deliver long-term value for shareholders.”

Significant Events and Updates

Construction Projects Update:

Hai Long Offshore Wind Project – Northland continues to advance construction of the 1.0 GW Hai Long Project in Taiwan, with 71 of 73 turbines installed and 59 generating power. The project continues its wind turbine installation and commissioning campaign and is on track for commercial operations in 2027, with overall costs aligned with original expectations.

As disclosed in the previous quarter, in April 2026, Hai Long expanded its existing 30-year CPPA. Under the CPPA, 100% of the project’s generating capacity will be contracted with the current corporate off-taker, subject to completion of necessary administrative procedures, which are expected to be completed by the end of 2026.

Subsequent to the quarter end, in August 2026, the project optimized its capital structure by securing a 20-year debt financing of NTD 55 billion ($2.4 billion). Of the new debt facilities, approximately $0.9 billion represents incremental funding available through project completion. The incremental funding and expected pre-completion revenues are expected to be sufficient to cover project funding requirements. The remaining $1.5 billion of proceeds replaces existing debt. Together, these measures optimize the project’s capital structure and cost of financing.

Baltic Power Offshore Wind Project – Northland continues to advance construction of the 1.1 GW Baltic Power Project in Poland. The project achieved first power and delivered the first offshore wind-generated electricity into Poland’s national grid. The project has 61 of 76 turbines installed and 15 generating power. The project continued its wind turbine installation and commissioning campaign and is on track for commercial operations in the second half of 2026, with overall costs aligned with original expectations.

Jurassic Battery Energy Storage System (BESS) Project – Northland continues to advance construction of the 80 MW / 160 MWh Jurassic BESS Project in Alberta, Canada, completing the remaining construction activities and starting the final testing and commissioning phase. The project is on track for commercial operations by the end of 2026, with overall costs aligned with original expectations.

Polish BESS Projects – During the quarter, Northland commenced construction of two BESS projects in Poland, totaling 300 MW / 1.2 GWh. Both projects are on track with Project Kamionka’s commercial operations expected in early 2028, and Project Mieczysławów’s commercial operations expected mid-2028.

Financial Results for the Second Quarter

The second quarter of 2026 was driven by strong operating performance across the fleet, achieving 96% commercial availability. In the quarter, the offshore wind resource in Europe was low.

• Revenue from energy sales of $510 million in the second quarter of 2026 is largely in line with $512 million in the corresponding quarter of 2025.
• Net loss of $54 million in the second quarter of 2026 is largely in line with $53 million in the corresponding quarter of 2025.
• Adjusted EBITDA (a non-IFRS measure) increased to $259 million in the second quarter of 2026 compared to $245 million in the corresponding quarter of 2025.
• Free Cash Flow per share (a non-IFRS measure) decreased to $0.09 in the second quarter of 2026 compared to $0.22 in the corresponding quarter of 2025.
• Cash provided by operating activities decreased to $170 million in the second quarter of 2026 compared to $451 million in the corresponding quarter of 2025.

Second Quarter Highlights

International Business Unit

Northland’s International business unit comprises a portfolio of two offshore wind facilities in Germany, one offshore wind facility in the Netherlands, and a portfolio of onshore renewable (solar and wind) projects in Spain. The business unit has projects under construction, including the Hai Long offshore wind joint venture project in Taiwan, and the Baltic Power offshore wind joint venture project and two BESS in Poland.

Subsequent to the quarter in July 2026, one of Gemini’s two export cables experienced failure due to a short circuit and was taken out of service. Gemini has commenced the subsea cable repair work, with completion expected within 2026. The production continued via the inter-connector and second export cable albeit with a reduced maximum transport capacity of 300 MW. This event occurred during the lower-production season, and the Company expects the impact on Northland’s full-year results to be immaterial, net of anticipated insurance proceeds.

Offshore wind facilities

Electricity production for the three months ended June 30, 2026 decreased 4% or 28 GWh compared to the same quarter of 2025, due to lower wind resource at the offshore wind facilities.

Commercial availability for the three months ended June 30, 2026 was at 95%.

Revenue from energy sales of $196 million for the three months ended June 30, 2026 decreased 8% or $17 million, compared to the same quarter of 2025, due to lower production at the offshore wind facilities.

Adjusted EBITDA of $96 million for the three months ended June 30, 2026 decreased 11% or $12 million compared to the same quarter of 2025, due to lower operating results for the second quarter.

Onshore renewable facilities

Electricity production for the three months ended June 30, 2026 of 210 GWh was in line with the same quarter of 2025.

Commercial availability for the three months ended June 30, 2026 was at 97%.

Revenue from energy sales of $38 million for the three months ended June 30, 2026 was in line with the same quarter of 2025.

Adjusted EBITDA of $25 million for the three months ended June 30, 2026 was in line with the same quarter of 2025.

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 a regulated utility services in Colombia.

Onshore renewable & energy storage facilities

Electricity production for the three months ended June 30, 2026 of 450 GWh decreased 9% or 44 GWh, compared to the same quarter of 2025, due to lower wind resource at the New York and Canadian onshore wind facilities.

Commercial availability for the three months ended June 30, 2026 was at 99%.

Revenue from energy sales of $93 million for the three months ended June 30, 2026 was in line with the same quarter of 2025. The contribution from the Oneida energy storage facility, which commenced operations in the second quarter of 2025, was offset by lower production, as discussed above.

Adjusted EBITDA of $61 million for the three months ended June 30, 2026 was in line with the same quarter of 2025.

Natural gas facilities

Electricity production of 590 GWh for the three months ended June 30, 2026 decreased 12% or 82 GWh compared to the same quarter of 2025.

Commercial availability for the three months ended June 30, 2026 was at 93%.

Revenue from energy sales of $72 million for the three months ended June 30, 2026 was in line compared to the same quarter of 2025.

Adjusted EBITDA of $46 million for the three months ended June 30, 2026 increased 9% or $4 million compared to the same quarter of 2025, due to lower operating costs.

Utility

Revenue from energy sales of $111 million for the three months ended June 30, 2026 increased 25% or $22 million compared to the same quarter of 2025, due to exchange rate movement and growth in the asset base.

Adjusted EBITDA of $46 million for the three months ended June 30, 2026 increased 15% or $6 million compared to the same quarter of 2025, due to higher revenue and operating income.

Consolidated statements of income (loss)

General and administrative (“G&A”) costs of $29 million were in line with the same quarter of 2025.

Development costs of $16 million increased 21% or $3 million with the same quarter of 2025, due to one-time restructuring costs.

Finance costs of $91 million decreased $6 million compared to the same quarter of 2025, due to scheduled principal repayments on facility-level loans.

Fair value loss on financial instruments was $87 million, due to net movement in the fair value of derivative financial instruments related to foreign exchange and interest rate hedge contracts.

Foreign exchange gain of $17 million was due to fluctuations in foreign exchange rates.

Share of loss from joint ventures of $14 million was due to loss on fair value of derivative financial instruments partially offset by pre-completion revenues from Hai Long.

Net loss of $54 million in the second quarter of 2026 compared to $53 million in the same period 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 $259 million for the three months ended June 30, 2026 increased 6% or $14 million compared to the same quarter of 2025. The factors increasing Adjusted EBITDA include:

• $12 million increase due to the contribution from Hai Long;
• $10 million increase due to operating results from EBSA and natural gas facilities; and
• $5 million increase due to the contribution from the Oneida energy storage facility, which commenced operations in the second quarter of 2025.

The factor partially offsetting the increase in Adjusted EBITDA was:

• $12 million decrease in operating results from the offshore wind facilities due to lower wind resources, as described earlier.

Free Cash Flow

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

Free Cash Flow of $23 million for the three months ended June 30, 2026 was 61% or $36 million lower compared to the same quarter of 2025.

The factors decreasing Free Cash Flow include:

• $28 million increase in current taxes for second quarter of 2026, resulting from Northland receiving a one-time German trade tax refund last year, which lowered taxes in the same quarter of 2025; and
• $11 million decrease from foreign exchange and interest rate hedges, and other settlements.

The factor offsetting the decrease in Free Cash Flow was:

• $4 million decrease relating to scheduled repayments of facility-level debt and funds set aside for maintenance and decommissioning reserves.

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.

Second-Quarter Earnings Conference Call

Northland’s management will hold an earnings conference call and webcast at 10 a.m. Eastern Time (ET) on Thursday August 13, 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

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

For those unable to attend the live call, an audio recording will be available on northlandpower.com starting on Friday, August 14, 2026.

Northland’s unaudited interim condensed consolidated financial statements for the six months ended June 30, 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-headquartered global power producer delivering the electricity the world needs through offshore wind, onshore renewables, battery storage, and natural gas-fired generation. With offices in seven countries, Northland owns or has an economic interest in 3.5 GW of gross operating generating capacity, 2.5 GW under construction, and an approximately 7.7 GW development pipeline, reflecting nearly four decades of experience delivering large-scale energy infrastructure.

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 and Polish 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 annualized 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/proceeds, 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

Financing Highlights

• $2.4 billion of new Taiwan dollar-denominated debt facilities at the 100% project interest level, including $0.9 billion of incremental funding through project completion
• Optimizes the Project’s capital structure and financing costs
• Expands and diversifies funding sources, demonstrating lender confidence and reducing execution risk
• The incremental funding and pre-completion revenue are expected to cover future project funding requirements
• Construction activities are continuing as the project is on track for commercial operations in 2027, with overall costs aligned with original expectations.

TORONTO, Aug. 11, 2026 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) today announced that its Hai Long offshore wind project (“Hai Long” or the “Project”) in Taiwan has secured approximately NT$55 billion (equivalent to CAD $2.4 billion) of new Taiwan dollar-denominated debt with a 20-year tenor.

Of the new debt facilities, approximately $0.9 billion represents incremental funding available through project completion. The incremental funding and expected pre-completion revenues are expected to be sufficient to cover project funding requirements. The remaining approximately $1.5 billion of proceeds replaces existing debt. Together, these measures optimize the Project’s capital structure and cost of financing.

In total, 35 financial institutions are supporting the transaction, including seven export credit agencies from the original financing. This includes 17 financial institutions including international and local Taiwanese commercial and state-owned banks, that are providing the new project debt. The addition of more local Taiwanese commercial and state-owned banks further broadens the Project’s funding base across both construction and operations phases.

“We have achieved a significant milestone at Hai Long, and this financing reflects the strength of the Project and the critical role offshore wind plays in Taiwan’s energy future,” said Christine Healy, President and Chief Executive Officer of Northland. “Northland is among the few companies in the world with the proven capabilities to develop, finance and deliver projects of this scale. This outcome reinforces our confidence in the Project and in offshore wind as a long-term investment platform.”

Jeff Hart, Northland’s Chief Financial Officer commented, “This financing strengthens Hai Long’s fundamentals and reflects Northland’s focus on driving value. We recognize the significant contributions of our partners and stakeholders who collaborated to support achieving this important milestone.”

Hai Long is located approximately 45 to 70 kilometers off the Changhua County coast in the Taiwan Strait and has a total capacity of 1,022 MW. Long-term offtake contracts of 30 years underpin the Project and provide the contracted revenue visibility that supports Northland’s Energize 2030 targets.

The project is on track for commercial operations in 2027, with overall costs aligned with original expectations. Once completed, Hai Long is expected to be one of the largest offshore wind projects in Asia.

ABOUT NORTHLAND POWER

Northland Power is a Canadian-headquartered global power producer delivering the electricity the world needs through offshore wind, onshore renewables, battery storage and natural gas-fired generation. With offices in seven countries, Northland owns or has an economic interest in 3.5 GW of gross operating generating capacity, 2.5 GW under construction and an approximately 8.0 GW development pipeline, reflecting nearly four decades of experience delivering large-scale energy infrastructure.

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 INFORMATION

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 timing of commercial operations and the cost expectations for the Project, the expected scale of the Project and its anticipated capacity to generate renewable electricity, the expected sufficiency of funding to cover Project requirements and the contribution of the Project to Northland’s Energize 2030 targets, 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
northlandpower.com

TORONTO, July 10, 2026 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) today announced that Baltic Power – its 1.1-gigawatt offshore wind project, owned 49% by Northland and 51% by ORLEN – has achieved first power, delivering the first electricity ever generated from offshore wind to Poland’s national grid.

“Today, the first electricity from offshore wind flows to Polish homes and businesses — a historic moment for the country,” said Christine Healy, President and CEO of Northland Power. “Northland is proud to stand with our partner ORLEN to launch the offshore wind industry in Poland. Together we are providing a more secure, resilient energy system for generations to come, and marking the start of a new chapter in Poland’s energy future.”

Once operational, Baltic Power is expected to generate approximately 4 terawatt-hours of electricity annually – enough to power more than 1.5 million Polish households.

Northland is playing an important role in building Poland’s offshore wind sector, drawing on its world-class development and operating experience. Baltic Power demonstrates Northland’s ability to deliver offshore wind projects at scale in partnership with industry and government.

Once operational, Baltic Power will add to Northland’s gross installed offshore wind capacity, increasing it from approximately 1.2 GW to 2.3 GW and reinforcing the Company’s position as one of the world’s leading offshore wind operators.

Northland continues its commitment in Poland through two grid-scale battery energy storage projects, totaling 300 MW / 1.2 GWh.

Construction and Commissioning Status

Offshore installation and commissioning activities continue, with 54 of the project’s 76 turbines installed. Work is focused on completing the remaining turbine installations and commissioning, and the project remains on track for commercial operations in the second half of 2026, with costs aligned with original expectations.

Project Overview

Baltic Power is Poland’s first offshore wind project, located approximately 23 kilometres off the Polish coast near Choczewo and Łeba and spanning 130 square kilometres of the Baltic Sea. Once complete, the project will consist of 76 Vestas turbines, each with a capacity of 15 MW. This is the largest turbine model available from European manufacturers, and Baltic Power is among the first wind farms in the world to install it.

The project is underpinned by a 25-year Contract for Difference secured from Poland’s Energy Regulatory Office in 2021.

ABOUT NORTHLAND POWER

Northland Power is a Canadian-headquartered global power producer delivering the electricity the world needs through offshore wind, onshore renewables, battery storage and natural gas-fired generation. With offices in seven countries, Northland owns or has an economic interest in 3.5 GW of gross operating generating capacity, 2.5 GW under construction and an approximately 8.0 GW development pipeline, reflecting nearly four decades of experience delivering large-scale energy infrastructure.

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 INFORMATION

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 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

northlandpower.com