Adjusted EBITDA rose 6% to C$259 million in Q2 2026, helped by Taiwan's Hai Long project, Ontario's Oneida battery facility and lower gas-facility costs. Free cash flow fell 60% to C$23 million, primarily because of a one-time German tax refund received in the prior-year quarter. Northland reaffirmed its 2026 outlook of C$1.45 billion–C$1.65 billion in adjusted EBITDA and C$1.05–C$1.25 in free cash flow per share despite weak European offshore wind conditions.
Project execution advanced, with Baltic Power generating first power in Poland and Hai Long securing C$2.4 billion in financing without an expected equity injection. Northland also expects its Alberta Jurassic battery to enter commercial operations shortly and began construction on two battery projects in Poland. Northland Power (TSE:NPI) reported higher adjusted EBITDA in the second quarter of 2026, supported by contributions from projects in Taiwan and Ontario and lower costs at its natural-gas facilities, while weak European offshore wind resources and a year-earlier tax benefit weighed on free cash flow.
The company generated adjusted EBITDA of C$259 million, up 6% from the second quarter of 2025. Chief Financial Officer Jeff Hart said the increase reflected revenue from the Hai Long offshore wind project and a full quarter of operations from the Oneida battery storage facility, partially offset by offshore wind production in Europe that was about 11% below the long-term average. → Lumentum Just Delivered the AI Growth Investors Wanted Free cash flow totaled C$23 million, down about 60% year over year, or C$0.09 per share compared with C$0.22 per share in the prior-year period. Hart attributed the decline primarily to a one-time German trade-tax refund recorded in the second quarter of 2025.
Northland recorded a net loss of C$54 million, consistent with the loss reported a year earlier. President and CEO Christine Healy said wind conditions across Europe, particularly in the North Sea, were at the low end of historic averages during the quarter. However, the company reported 96% availability across its operating portfolio, while Spanish solar and onshore wind resources were generally in line with the prior year. → Ryman Checks Into a $1.38B Hospitality Upgrade Healy said the weaker wind performance was limited to the second quarter, with year-to-date generation in line with historical average levels after stronger conditions in the first quarter.
As a result, Northland reaffirmed its full-year 2026 outlook: Adjusted EBITDA of C$1.45 billion to C$1.65 billion. Free cash flow per share of C$1.05 to C$1.25. The company also said it has nearly C$1 billion of available liquidity and an investment-grade balance sheet. → Joby's Defense Pivot Accelerates With $500M Resonant Sciences Deal Northland's 1.1-gigawatt Baltic Power offshore wind project in Poland achieved first power in early July, marking the first electricity generated by an offshore wind project for Polish homes and businesses, Healy said.
The project is being developed with partner ORLEN. As of the call, 61 of Baltic Power's 76 turbines had been installed and 15 were generating electricity. Northland expects the project to reach commercial operations later in 2026, with costs aligned with original expectations.
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