Brookfield Renewable (BEPC) Q3 2026 earnings summary

Executive summary

• Q3 FFO reached $346M, or $0.51 per unit, up 15% and 11% YoY, respectively; operating performance, acquisitions, development and asset-sale gains contributed.

• Growth investments and commitments totaled $3B, while available liquidity was $5.137B at quarter-end; expected 2026 earnings growth is in line with or ahead of long-term targets.

• Boralex closed in Q3 and Aypa closed after quarter-end; capital recycling and construction expansion supported growth plans.

Financial highlights

• Q3 FFO was $346M versus $302M; normalized FFO was $395M versus $356M, or $0.58 per unit versus $0.54.

• LTM FFO reached $1.488B, or $2.18 per unit, up 15% and 12% YoY, respectively.

• Revenue was $1.780B versus $1.596B, and net loss attributable to unitholders was $314M versus $120M.

• BEPC Q3 consolidated revenue was $1.143B versus $931M; net income of $2.293B primarily reflected a $2.540B non-cash exchangeable-share remeasurement gain.

• Operating cash flow was $556M for 9M versus $508M; total assets were $47.8B at Sept. 30, 2026.

Outlook and guidance

• Long-term targets are 10%+ annual FFO-per-unit growth, 5%-9% distribution growth and 12%-15% annualized returns; distribution growth is expected near the lower end of its range.

• New-build commissioning is expected to reach ~10,000 MW annually in 2027 and ~11,000 MW from 2028; 5,600 MW was commissioned YTD.

• Recently developed and pipeline assets are expected to generate ~$430M of annualized FFO over three years; ~4,200 MW of contracts were secured in Q3, including ~1,600 MW from the advanced pipeline.

• An 800 MW Ontario hydro portfolio is targeted for 20-year, inflation-linked PPAs before year-end, alongside upfinancings.

• The annualized distribution is $1.568 per LP unit; the long-term payout-ratio target is ~70%, compared with a 2025 ratio of 77%.