Northland Power Inc.

Welcome to the Northland Power Conference call to discuss the first quarter 2026 results. As a reminder, this call is being recorded on Thursday, May 14th, 2026 at 10 a.m. Eastern. Present for this call are Christine Healy, President and CEO, Jeff Hart, Chief Financial Officer, and Adam Beaumont, Head of Capital Markets. Before we begin, Northlands Management has asked me to remind listeners that all figures presented during today's call are in Canadian dollars, and to caution that certain information presented and responses to questions may contain forward-looking statements that include assumptions and are subject to various risks. Actual results may differ materially from management's expected or forecasted results, Please read the forward-looking statements section in yesterday's news release announcing Northland Power's results and be guided by its contents when making investment decisions or recommendations. The release is available at www.northlandpower.com. I will now turn the call over to Ms. Christine Healy. Please go ahead.

Thank you, and good morning, everyone. Thanks for joining us. I'd like to begin with a few perspectives on the broader macro environment that's shaping our business and the energy sector overall. Recent geopolitical developments reinforce the importance of energy security for governments, businesses, and consumers. We're operating in a dynamic global environment where evolving market fundamentals underscore the need for resilient and flexible energy systems. Across markets, we see a clear and consistent theme, tightening supply and growing demand driven in part by accelerating electrification. And together, these dynamics are reinforcing the critical role of renewables as a scalable, domestically sourced and increasingly cost competitive solution, playing a central role in strengthening energy independence and system resilience. As energy security becomes more critical around the world, Demand for long-term contracted solutions that provide price certainty and system reliability continues to grow. We're seeing this play out across our portfolio. In Europe, we see power pricing continuing to reflect underlying macro events, particularly in markets such as Germany and the Netherlands, where natural gas prices are a driver of marginal electricity pricing. And here in Canada, we see an increase in power demand with the need to nearly double electricity generation in coming years. We see that already within our natural gas facilities in Canada, where there is a trend of increasing utilization month over month. Stepping back, the current environment reinforces our strategy at Northland, which is anchored in creating value through disciplined execution, operational excellence, and effective operation of our high-quality asset base. Northland is well positioned given our multi-technology expertise. We own and operate a diversified portfolio spanning offshore wind, onshore renewables, natural gas-fired power, and grid-scale battery energy storage across Canada, Europe, and Asia, comprised of 3.5 gigawatts of gross operating capacity and 2.2 gigawatts of capacity under construction. Our scale, operating expertise, and technology breadth position us well to capture growing demand and increasing value across our markets. Our diversification helps us deliver stable performance while creating value through recontracting, optimizing our existing fleet, and disciplined execution of our development pipeline. Before turning to our first quarter results, I want to acknowledge a tragic incident that occurred during the quarter at our EPSA utility in Columbia, where a contractor lost his life while performing work on one of our transmission lines. We took immediate action to support the family and colleagues and have implemented a detailed action plan. We've completed a thorough investigation and our action plan is directed at strengthening our safety culture and applying the lessons learned to protect everyone who works at our sites around the world. This terrible incident reinforces the importance and the need for relentless focus on improving safety culture. With that, I will begin with an overview of our first quarter results, our strategic priorities, and updates on our construction activities. Jeff will then take us through the financial results in more detail, after which we will open the line for questions. Strong wind conditions in Northern Europe contributed to solid financial performance in the first quarter, with adjusted EBITDA and free cash flow per share increasing 18% and 17%, respectively, compared to the first quarter of last year. While strong wind conditions underpinned that performance, our high fleet availability of 96% enabled us to capture these favorable wind resources and convert them into generation. We continued to advance construction at the 1 gigawatt Heilong offshore wind project in Taiwan, the 1.1 gigawatt Baltic Power offshore wind project in Poland, and the 80 megawatt two-hour Jurassic Best project in Alberta, together representing more than 2.2 gigawatts of generation and storage capacity under construction. At Heilong, we recently signed a new 30-year corporate power purchase agreement with our current corporate offtaker, which will cover 100% of the project's generating capacity. As electricity demand grows and energy security becomes a greater policy priority, we see commercial off-takers seeking long-term contracted supply, providing price certainty and reliability. And Northland is well positioned to meet that demand. Turning to a bit more detail about our construction projects, at Heilong, fabrication of all the remaining major components has been completed. Our turbine installation campaign is underway following the opening of the weather window on April 1st. We have 51 out of 73 turbines now installed, with 32 of those turbines generating power, and all cabling work now complete. The project remains on track for commercial operation in 2027. At Baltic Power, we completed several important construction milestones, including fabrication of the remaining components and installation of all four export cables, all the inter-array cables, all the transition pieces, and 38 of the 76 turbines. The project remains on track for commercial operation in the second half of 2026. At Jurassic Bess in Alberta, we installed all 39 battery packs and 20 medium voltage transformers during the quarter, and successfully energized the project's main transformer. That project remains on track for commercial operations in the second half of this year. And we are advancing our two battery energy storage projects in Poland. We expect to start construction on one of those projects in the coming weeks, with the second project beginning in the coming months. Disciplined capital allocation remains central to our strategy. We continue to refine and high-grade our development pipeline and prioritize projects with returns that meet our investment criteria. During the quarter, we decided to discontinue the 100-megawatt high-bridge onshore wind project in New York State following the government's suspension of permit applications. We had previously minimized spending on this project pending certainty on the permitting path. and we've now determined that the issues are unlikely to reverse in the near term and our development money is better spent elsewhere. We also chose not to renew a permit for a 990 megawatt offshore wind project in South Korea due to the project not meeting our investment criteria. The remainder of our 1.6 gigawatt development portfolio in South Korea remains paused as we continue to assess the regulatory environment. These are the right decisions for our business. Our objective is disciplined growth supported by strong returns and execution certainty. We are also evaluating opportunities across our core markets, and we're maturing value enhancement opportunities within our existing fleet. And we look forward to providing you with updates and more details on that as the year unfolds. With that, I'll turn it over to Jeff to walk us through the financial results.

Thanks, Christine, and good morning, everyone. It was a strong quarter with operational availability of 96%, which allowed us to capture strong wind resource across our European offshore fleet. In addition, our results were supported by lower curtailments related to negative pricing and grid outages. And the Oneida Energy Storage Facility, which commenced operations in May of last year, also contributed meaningfully. These drivers were partially offset by lower production from our onshore wind and solar facilities in Spain, Canada and the U.S. Overall, we generated first quarter adjusted EBITDA of $427 million, which represents an 18% increase compared to the first quarter of 2025. This increase, as I mentioned, was due to higher production from offshore wind and contributions from Oneida, as well as pre-completion revenues from Highlawn. Net income for the quarter was $161 million compared to $111 million in 2025. And free cash flow per share for the quarter was $0.70 compared with $0.60 in 2025. And in relation to our major construction projects, Baltic Power and Heilong, both are on track for commercial operations as planned, with overall costs aligned with original expectations. And as previously disclosed in the fall of 2025, slower than expected turbine commissioning of Heilong may require a potential equity injection of $150 to $200 million north one share. And this can be funded by several sources, including corporate liquidity. However, we and our project partners are actively looking at optimizations at the project level and will provide an update later this summer. The signing of the new 30-year high long corporate power purchase agreement extends our weighted average contract length and creates incremental capacity for further project level optimizations. The Northland team is pursuing more value creation activities across our fleet. We are reaffirming our 2026 financial guidance. with 2026 adjusted EBITDA expected to be in the range of $1.45 to $1.65 billion and free cash flow per share in the range of $1.05 to $1.25. And given the seasonality of our business, where the first and fourth quarters are typically key, our strong Q1 performance provides a constructive start and supports our outlook for the year. And turning to our balance sheet, with nearly $1 billion of available liquidity in our investment-grade credit rating, We are well positioned to execute on our capital allocation plan. With that, I'll hand it back to Christine.