Brookfield Renewable (BEPC) Q1 2026 earnings summary

Executive summary

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

• Advanced strategic initiatives, including the acquisition of Boralex, expanding the global renewable platform and development pipeline.

• Commissioned 1.8 GW of new capacity in Q1 and contracted 1.7 GW from the development pipeline; expect to deliver ~10,000 MW annually starting 2027.

• Strengthened balance sheet with $4 billion in financings and over $4.7 billion in available liquidity, maintaining a BBB+ credit rating.

• Launched Northview Energy, a new private renewable vehicle, and continued to scale capital recycling.

Financial highlights

• Q1 2026 FFO reached $375 million ($0.55 per unit), up 19% year-over-year; last twelve months FFO was $1,394 million ($2.08 per unit), up 12%.

• Q1 revenues were $1,514 million; Adjusted EBITDA was $756 million, up from $625 million in Q1 2025.

• Net loss attributable to unitholders for Q1 2026 was $229 million ($(0.40) per LP unit).

• Distributions per LP unit: $0.392 in Q1 2026, up over 5% year-over-year.

• Normalized FFO per unit: $0.56 in Q1, $2.28 for the last twelve months.

Outlook and guidance

• Well-positioned to exceed the long-term target of 10% FFO per unit growth, targeting 12%-15% long-term total returns and 5–9% annual distribution growth.

• On track to increase annual commissioning run rate to 10 GW per year by 2027.

• Expect continued strong demand for low-cost, locally sourced renewable energy, supporting long-term cash flow growth.