Canada's Northland Power reported a net loss of CA$456 million ($325 million) for the third quarter of 2025, compared to a net loss of CA$191 million in the same period of 2024. The company attributed the increased loss primarily to a CA$527 million non-cash impairment expense for the Nordsee One offshore wind facility.
Adjusted EBITDA for the quarter was $257 million, up from CA$228 million in Q3 2024, driven by higher production at offshore wind facilities, the contribution from the Oneida energy storage facility, and increased energy rates at natural gas facilities. Free cash flow per share rose to $0.17 from $0.08 in the prior-year quarter.
Construction on the Hai Long and Baltic Power offshore wind projects continues. At Hai Long, over half of the wind turbines are installed, and all export cables are complete.
However, slower-than-expected commissioning could impact 2026 pre-completion revenues by approximately CA$150-$200 million. Baltic Power remains on track for full commercial operations in the second half of 2026.
To enhance financial flexibility, Northland's board of directors approved an adjustment to the annual dividend to CA$0.72 per share, effective with the January 2026 payment.
President and CEO Christine Healy stated, "To provide greater financial flexibility for self-funded growth while maintaining an investment grade balance sheet, the board of directors has decided to adjust Northland’s dividend."
Northland maintained its 2025 financial guidance, expecting adjusted EBITDA between CA$1.2 billion and CA$1.3 billion and free cash flow per share in the range of CA$1.15 to CA$1.35.