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Brookfield Renewable Partners (BEP) investor relations material
Brookfield Renewable Partners Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record financial and operational performance in 2025, with FFO per unit up 10% year-over-year to $2.01, meeting long-term growth targets and supported by strong hydro performance, inflation-linked cash flows, and capital recycling.
Revenues rose to $6.4 billion from $5.9 billion year-over-year, and Adjusted EBITDA increased to $2.7 billion from $2.4 billion.
Deployed or committed a record $8.9 billion in growth, highlighted by major acquisitions, including the privatization of Neoen, and expanded development activities.
Signed contracts for over 9 GW of generation capacity and brought online 8 GW of new capacity globally, a company record.
Announced a 5%+ increase to annual distribution, now $1.568 per unit, marking 15 consecutive years of 5%+ annual growth.
Financial highlights
Full year FFO reached $1,334 million, or $2.01 per unit, up 10% year-over-year; normalized FFO per unit was $2.23.
Revenues for 2025 were $6,407 million, up from $5,876 million in 2024; Adjusted EBITDA was $2,698 million, up from $2,408 million.
Record $4.5 billion in asset recycling proceeds, delivering 2.4x invested capital and above-target returns.
Over $37 billion in financings executed in 2025, including $2.2 billion in investment-grade up-financings and two major note issuances at record-low spreads.
Net loss attributable to unitholders improved to $19 million from $464 million year-over-year.
Outlook and guidance
Targeting a run rate of 10 GW of new capacity delivered per year by 2027, supported by a pipeline of 84,000 MW of advanced stage projects.
Expecting continued acceleration in corporate demand for power, especially from hyperscalers and large technology firms.
Asset recycling proceeds expected to remain a consistent, recurring source of funding and earnings, with new frameworks established for future sales.
Focused on delivering 12%-15% long-term total returns for investors and targeting 10%+ FFO per unit growth annually.
Expect to deliver ~$470 million annualized FFO from recently developed and advanced-stage projects.
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