Canada's Northland Power Q1 adjusted EBITDA up 18%, beats estimates

Northland Power (Ontario)

14/05/2026 05:14

Overview

Canada renewable energy producer's Q1 revenue rose 16% yr/yr

Adjusted EBITDA for Q1 grew 18% and beat analyst expectations

Company advanced Baltic Power and Hai Long offshore wind projects, with over half of turbines installed

Outlook

Northland Power maintains 2026 Adjusted EBITDA guidance at C$1.45 bln to C$1.65 bln

Company expects 2026 Free Cash Flow per share between C$1.05 and C$1.25

Northland says major construction projects remain on track and costs are aligned with expectations

Result Drivers

OFFSHORE WIND OUTPUT - Higher wind resource drove a 31% increase in offshore wind production, boosting revenue and Adjusted EBITDA

ENERGY STORAGE CONTRIBUTION - Oneida Energy Storage Facility, operational since Q2 2025, added to revenue and Adjusted EBITDA growth

ONSHORE RENEWABLE WEAKNESS - Lower market prices and weaker wind and solar resources at Spanish, Canadian, and U.S. onshore facilities reduced revenue and Adjusted EBITDA

Company press release: ID:nGNX5nDrKs

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Sales
Beat
C$774.58 mln
C$763 mln (2 Analysts)
Q1 Net Income
C$160.51 mln
Q1 Adjusted EBITDA
Beat
C$427.40 mln
C$422.24 mln (8 Analysts)
Q1 Adjusted Free Cash Flow
C$182.03 mln
Q1 EBIT
C$335.64 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 5 "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) is C$24.00, about 1.9% above its May 13 closing price of C$23.56

The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 14 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(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.)