Brookfield Renewable Partners (BEP) investor relations material

Executive summary

• Achieved record Q1 2026 results with FFO of $375 million ($0.55 per unit), up 19% year-over-year and 15% per unit, driven by global fleet growth, acquisitions, and capital recycling.

• Advanced key growth initiatives, including the $6.5 billion acquisition of Boralex, commissioning 1.8 GW of new renewable capacity, and expanding the development pipeline.

• Strengthened balance sheet and liquidity, ending the quarter with over $4.7 billion in available liquidity and maintaining investment grade ratings.

• Asset recycling generated nearly $3 billion in proceeds, supporting ongoing capital deployment and capital recycling programs.

• Net loss attributable to unitholders was $229 million, mainly due to non-cash depreciation, FX, and derivative impacts.

Financial highlights

• Q1 2026 FFO reached $375 million ($0.55 per unit), up 19% year-over-year and 15% per unit.

• Last 12 months FFO totaled $1.394 billion ($2.08 per unit), up 13% year-over-year.

• Adjusted EBITDA for the quarter was $756 million, up from $625 million in the prior year.

• Revenues for the quarter were $1,514 million, down from $1,580 million year-over-year.

• Distributions per LP unit increased to $0.39 (annualized $1.57), up 5% year-over-year.

Outlook and guidance

• Positioned to exceed the long-term 10% FFO per unit growth target, with 12%-15% long-term total returns targeted for investors.

• Targeting delivery of approximately 10,000 MW of new projects per year by 2027.

• Development pipeline exceeds 80 GW, with advanced-stage projects across all major regions and technologies.

• Exploring simplification to a single listed corporate entity to enhance liquidity and index inclusion.