Canada’s Northland Power reported record offshore wind production in Germany in the fourth quarter of 2025 and reaffirmed its 2026 financial guidance, supported by progress at its Hai Long and Baltic Power projects.
The company said revenue from energy sales rose to C$723 million in the three months to Dec. 31, 2025, from C$572 million a year earlier, while net income increased to C$290 million from C$150 million.
President and Chief Executive Christine Healy said the company continued to execute on its longer-term strategy.
“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,” Healy said.
She added: “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.”
Full-year 2025 Adjusted EBITDA was C$1.25 billion, in line with guidance, while free cash flow reached $1.46 per share, above expectations. Available corporate liquidity stood at $931 million at year-end, including $39 million in cash and approximately $892 million in undrawn revolving credit facilities.
Fourth-quarter Adjusted EBITDA increased to $390 million from $312 million a year earlier. The rise was driven primarily by higher output from international offshore wind facilities, pre-completion revenue from the Hai Long offshore wind project and contributions from the Oneida energy storage facility. Lower operating results from international onshore wind facilities partially offset the gains.
Offshore wind production in the international business unit rose 21% year-on-year, or 271 GWh, with commercial availability of 97%. Revenue from offshore energy sales increased 38% to C$385 million, while Adjusted EBITDA climbed 34% to C$243 million.
By contrast, onshore renewables in the international unit produced 248 GWh during the quarter, with 97% commercial availability. Revenue from energy sales fell 17% to C$45 million and Adjusted EBITDA declined 24% to C$29 million, reflecting lower market prices at Spanish facilities.
The company said construction continues at the 1.0 GW Hai Long offshore wind project, where 37 of 73 turbines have been installed and 20 are generating power. Turbine commissioning is progressing more slowly than expected and could reduce pre-completion revenues by approximately $150 million to $200 million on Northland’s share. Overall project costs remain aligned with original expectations, and commercial operations are targeted for 2027.
At the 1.1 GW Baltic Power offshore wind project, both offshore substations and all monopile foundations have been installed. Thirty turbines and two of four export cables are in place, and the local grid operator has completed interconnection works. The project remains on track for commercial operations in the second half of 2026, with costs in line with initial plans.
Northland also expanded its battery energy storage portfolio in November 2025 by acquiring two late-stage pre-construction projects in Poland totaling 300 MW/1.2 GWh. The company expects a full-year contribution from Oneida and a partial-year contribution from the Jurassic BESS project of around $15 million to 2026 Adjusted EBITDA.
On Nov. 20, 2025, Northland unveiled a new strategic plan targeting a doubling of gross operating capacity to 7 GW by 2030, with a greater focus on Canada and Europe and an investment return target of more than 12%.
