Financials Northland Power Inc.

Equities

NPI

CA6665111002

Independent Power Producers

Market Closed - Toronto S.E. Other stock markets 04:00:00 2024-09-06 pm EDT			5-day change	1st Jan Change
20.44 ^CAD	-1.35%		-0.92%	-15.08%

Aug. 21	Northland Power Confirms Carbon Dioxide Leak at Hai Long Offshore Wind Project in Taiwan	MT
Aug. 15	Transcript : Northland Power Inc., Q2 2024 Earnings Call, Aug 15, 2024

Projected Income Statement: Northland Power Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,659	2,061	2,093	2,449	2,233	2,387	2,375	2,807
Change	-	24.21%	1.58%	16.99%	-8.82%	6.92%	-0.51%	18.18%
EBITDA ¹	984.7	1,170	1,137	1,398	1,240	1,305	1,315	1,551
Change	-	18.82%	-2.83%	22.97%	-11.32%	5.28%	0.73%	17.98%
EBIT ¹	521.1	900.2	808.6	1,051	741.2	854.2	814.5	963.4
Change	-	72.76%	-10.17%	30.01%	-29.5%	15.25%	-4.65%	18.28%
Interest Paid ¹	-331.2	-365.2	-342.4	-323.6	-321.8	-320.7	-345.5	-409.5
Earnings before Tax (EBT) ¹	530.5	600.1	423.2	1,260	-57	740.2	556.8	542.1
Change	-	13.12%	-29.47%	197.74%	-	-	-24.77%	-2.64%
Net income ¹	309	349.6	189.6	827.7	-175.2	440.5	328.6	332.7
Change	-	13.12%	-45.77%	336.66%	-	-	-25.4%	1.22%
Announcement Date	2/25/20	2/22/21	2/24/22	2/23/23	2/21/24	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	378.4	438.2	667.7	429.2	470.9	492.8	612.8	408.3	432.1	640.1	695.1	556.8	555.9	641.1	621.7	471.5	513.3	626.2	754.9	529	528.6	583.2	705.4	-	-	-
Change	-	15.79%	52.38%	-35.71%	9.7%	4.67%	24.34%	-33.36%	5.82%	48.14%	8.59%	-19.89%	-0.17%	15.34%	-3.03%	-24.15%	8.85%	22%	20.55%	-29.93%	-0.07%	10.34%	20.95%	-100%	-	-
EBITDA ¹	224.3	272.7	420.8	226.5	254.3	268.5	359.8	272.7	265.2	363.6	420.1	335.2	289.8	353.1	351.7	232.3	267.3	388.7	453.9	268.2	262.3	325.2	429.8	266.5	279	333
Change	-	21.58%	54.29%	-46.17%	12.27%	5.59%	34%	-24.21%	-2.74%	37.11%	15.54%	-20.22%	-13.55%	21.85%	-0.39%	-33.96%	15.07%	45.42%	16.78%	-40.91%	-2.21%	24.01%	32.14%	-37.99%	4.69%	19.35%
EBIT	-	-	-	-	179.5	177	306.3	117.8	89.02	295.5	373.7	231.6	216.5	229.6	272.5	102.6	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-1.36%	73.01%	-61.53%	-24.46%	231.93%	26.47%	-38.03%	-6.53%	6.04%	18.73%	-62.35%	-100%	-	-	-	-	-	-	-	-	-
Charge d'intérêts ¹	-78.13	-93.66	-93.38	-87.91	-88.79	-95.09	-87.09	-75.53	-80.19	-99.61	-81.76	-77.48	-77.81	-86.58	-67.21	-71.06	-72.42	-111.1	-72.44	-76.58	-78.93	-77.9	-	-	-	-
Earnings before Tax (EBT) ¹	134.2	58.43	329.6	93.69	127.6	49.1	203.7	-12.15	22.31	209.4	388.1	353.6	123.5	394.9	146	58.83	61.67	-323.5	229.8	313.4	81	158	-	-	-	-
Change	-	-56.47%	464.19%	-71.58%	36.24%	-61.53%	314.77%	-	-	838.62%	85.34%	-8.9%	-65.07%	219.77%	-63.03%	-59.7%	4.82%	-	-	36.36%	-74.16%	95.06%	-100%	-	-	-
Net income ¹	75.12	42.34	195.9	52.32	82.94	21.24	92.34	-17.26	-9.465	121.3	229.1	238	81.66	278.9	69.89	2.82	36.17	-285.6	75.6	244.5	35.1	95.7	-	-	-	-
Change	-	-43.64%	362.67%	-73.29%	58.53%	-74.4%	334.82%	-	-45.17%	-	88.98%	3.88%	-65.69%	241.53%	-74.94%	-95.97%	1,182.48%	-	-	223.45%	-85.65%	172.65%	-100%	-	-	-
Announcement Date	11/6/19	2/25/20	5/13/20	8/12/20	11/10/20	2/22/21	5/12/21	8/11/21	11/10/21	2/24/22	5/10/22	8/11/22	11/10/22	2/23/23	5/9/23	8/10/23	11/9/23	2/21/24	5/16/24	8/14/24	-	-	-	-	-	-

¹CAD in Million

Estimates

Forecast Balance Sheet: Northland Power Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,947	7,154	6,960	5,505	7,113	7,092	8,816	11,487
Change	-	2.98%	-2.71%	-20.91%	29.21%	-0.29%	24.31%	30.3%
Announcement Date	2/25/20	2/22/21	2/24/22	2/23/23	2/21/24	-	-	-

¹CAD in Million

Estimates

Cash Flow Forecast: Northland Power Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	766	226.6	469.8	452.6	441.1	2,231	3,312	3,070
Change	-	-70.42%	107.35%	-3.66%	-2.53%	405.77%	48.43%	-7.3%
Free Cash Flow (FCF) ¹	1,198	1,127	1,140	380.5	423.7	326.7	389.3	244
Change	-	-5.88%	1.08%	-66.61%	11.37%	-22.9%	19.16%	-37.32%
Announcement Date	2/25/20	2/22/21	2/24/22	2/23/23	2/21/24	-	-	-

¹CAD in Million

Estimates

Forecast Financial Ratios: Northland Power Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	59.36%	56.78%	54.32%	57.1%	55.53%	54.68%	55.36%	55.27%
EBIT Margin (%)	31.41%	43.69%	38.63%	42.93%	33.19%	35.78%	34.29%	34.32%
EBT Margin (%)	31.98%	29.12%	20.22%	51.46%	-2.55%	31.01%	23.44%	19.31%
Net margin (%)	18.63%	16.96%	9.06%	33.8%	-7.85%	18.45%	13.84%	11.85%
FCF margin (%)	72.2%	54.71%	54.44%	15.54%	18.98%	13.68%	16.39%	8.69%
FCF / Net Income (%)	387.57%	322.5%	601.13%	45.97%	-241.87%	74.16%	118.46%	73.35%
Profitability
ROA	-	3.2%	1.56%	6.11%	3.18%	3.45%	2.5%	1.6%
ROE	-	26.5%	8.33%	23.16%	10.32%	10.65%	7.78%	6.3%
Financial Health
Leverage (Debt/EBITDA)	7.05x	6.11x	6.12x	3.94x	5.74x	5.43x	6.7x	7.4x
Debt / Free cash flow	5.8x	6.35x	6.11x	14.47x	16.78x	21.71x	22.64x	47.08x
Capital Intensity
CAPEX / Current Assets (%)	46.18%	11%	22.44%	18.48%	19.76%	93.45%	139.43%	109.37%
CAPEX / EBITDA (%)	77.79%	19.36%	41.32%	32.37%	35.58%	170.91%	251.84%	197.87%
CAPEX / FCF (%)	63.96%	20.1%	41.23%	118.95%	104.1%	682.89%	850.65%	1,258.11%
Items per share
Cash flow per share ¹	6.526	6.73	7.353	7.762	3.107	3.837	3.85	5.495
Change	-	3.13%	9.25%	5.56%	-59.97%	23.48%	0.35%	42.73%
Dividend per Share ¹	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2
Change	-	0%	0%	0%	0%	0%	0%	0%
Book Value Per Share ¹	5.927	7.791	12.15	17.56	16.42	16.07	16.77	18.92
Change	-	31.44%	55.97%	44.54%	-6.53%	-2.11%	4.36%	12.82%
EPS ¹	1.68	1.75	0.82	3.46	-0.72	1.671	1.306	1.835
Change	-	4.17%	-53.14%	321.95%	-120.81%	-332.12%	-21.88%	40.55%
Nbr of stocks (in thousands)	180,439	201,892	226,670	246,320	254,562	257,653	257,653	257,653
Announcement Date	2/25/20	2/22/21	2/24/22	2/23/23	2/21/24	-	-	-