Overview

* Northland Q3 revenue grows 13% yr/yr, beating analyst expectations

* Company reports Q3 net loss of C$456 mln, up from last year

* Adjusted EBITDA for Q3 misses analyst estimates

* Northland reduces annual dividend to C$0.72 per share for growth flexibility

Outlook

* Northland Power maintains 2025 Adjusted EBITDA guidance of C$1.2 bln to C$1.3 bln

* Company expects Free Cash Flow per share between C$1.15 and C$1.35 in 2025

* Slower turbine commissioning at Hai Long may impact future revenues by C$150-200 mln

Result Drivers

* OFFSHORE WIND PRODUCTION - Increased production from offshore wind facilities drove higher energy sales revenue

* HAI LONG COMMISSIONING DELAY - Northland continues to advance the 1.0 GW Hai Long project, installing more than half of the wind turbines and completing installation of export cables

* DIVIDEND ADJUSTMENT - Co adjusts dividend to C$0.72 per share annually to support growth flexibility

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Sales Beat C$554.48 C$527.50

mln mln (2

Analysts

)

Q3 Net -C$455.8

Income 4 mln

Q3 Miss C$256.96 C$272.80

Adjusted mln mln (7

EBITDA Analysts

)

Q3 C$44.98

Adjusted mln

Free

Cash

Flow

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the independent power producers peer group is "buy"

* Wall Street's median 12-month price target for Northland Power Inc (Ontario) ( NPIFF ) is C$28.00, about 10.5% above its November 12 closing price of C$25.07

* The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 15 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)