All amounts in
BROOKFIELD, News,
“We had a strong start to the year, delivering record financial results, advancing our growth priorities and strengthening our balance sheet. The quarter was highlighted by our acquisition of Boralex, a global, listed renewable platform with a significant operating base and a large, de-risked development pipeline that complements our existing business and where we are uniquely positioned to accelerate growth and create value,” said Connor Teskey, CEO of
He added, “We also continue to increase our development activities, advance key workstreams to support new nuclear deployment at Westinghouse, and scale our capital recycling strategy, agreeing to sell nearly
| For the three months ended |
For the twelve months ended |
||||||||||||
| US$ millions (except per unit amounts), unaudited | 2026 | 2025 | 2026 | 2025 | |||||||||
| Net Income (Loss) attributable to Unitholders | $ | (229 | ) | $ | (197 | ) | $ | (51 | ) | $ | (541 | ) | |
| - per LP unit(1) | (0.40 | ) | (0.35 | ) | (0.31 | ) | (1.01 | ) | |||||
| Funds From Operations (FFO)(2) | 375 | 315 | 1,394 | 1,236 | |||||||||
| - per Unit(2)(3) | 0.55 | 0.48 | 2.08 | 1.86 | |||||||||
Strong Operating Performance
Our business performed well this quarter, delivering strong financial results driven by our diverse global fleet, contracted, inflation-linked cash flows, recent acquisitions as well as continued growth from our scaling development activities and asset sales.
-
Our hydroelectric segment delivered FFO of
$210 million , up almost 30% from the prior year, supported by strong pricing and robust generation at our Canadian and Colombian fleet, as well as realized gains from the closing of the sale of a 25% interest in a non-coreU.S. hydro portfolio. This was partially offset by weaker hydrology across ourU.S. fleet, which was partly attributable to a colder than average winter which delayed snowmelt, shifting some generation into the second quarter. -
Our wind and solar segments generated a combined FFO of
$245 million , up over 60% from the prior year, benefiting from contributions from development activities and the acquisitions of Neoen and Geronimo Power, as well as gains realized on asset sales across our Deriva and OnPath businesses, and the partial sale of our interest in CleanMax in a successful initial public offering inIndia . -
Our distributed energy, storage and sustainable solutions segments contributed FFO of
$58 million , increasing year-over-year on a same-store basis after reflecting the sale of our distributed generation platform in theU.S. in the fourth quarter of 2025. Results were supported by strong performance from Westinghouse, which continues to deliver solid results from its core fuel and maintenance services business alongside growth from its new reactor design and engineering activities.
We are executing on our growth priorities, committing and deploying up to
-
We announced an agreement to acquire Boralex, a Canadian publicly listed renewable power platform with over 4,000 megawatts of operating and under construction wind, solar, hydro and battery storage assets and an ~8,000 megawatt development pipeline diversified across
Canada ,France , theU.S. and theU.K. The acquisition further strengthens our position in several high value markets with significant barriers to entry, includingCanada , where the complementary portfolio enables us to do more in this highly attractive and growing market. The transaction reinforces our approach of acquiring scale operating platforms with attractive development pipelines where we are uniquely positioned to accelerate growth and create value using our proven playbook. -
We continue to progress key workstreams with Westinghouse and the
U.S. Government to advance the development of new utility-scale reactors in theU.S. focusing on delivering long lead time equipment orders for Westinghouse’s proprietary AP1000 technology. -
During the quarter we were successful delivering ~1,800 megawatts of new capacity globally across utility scale solar, wind, distributed energy and storage, and contracted ~1,700 megawatts of development projects from our advanced pipeline. We continue to expect to deliver ~10,000 megawatts of new projects per year by 2027.
We continue to execute on our normal course asset recycling program, generating
-
During the quarter, we signed an agreement to sell a ~2,300-megawatt portfolio of operating wind and solar assets in the
U.S. through the launch of the Northview Energy platform, a partnership between BCI,Norges Bank Investment Management and aBrookfield Fund . The transaction is expected to generate proceeds of approximately$1.3 billion (~$315 million net toBrookfield Renewable ). We also established a framework to sell an incremental up to$1.5 billion of assets to the platform, advancing our strategy of scaling asset recycling in a programmatic and recurring manner while continuing to support the growth of our development platforms. We are currently progressing similar initiatives across our global platform. -
We completed the IPO of CleanMax during the quarter, selling approximately half of our interest and realizing
~$185 million of proceeds (~$40 million net toBrookfield Renewable ). With the IPO we have returned all of our initial invested capital while retaining an approximate 20% ownership stake in the business (4% net toBrookfield Renewable ) and generated a ~25% IRR to date while maintaining exposure to the platform’s long-term growth trajectory. -
Agreed to sell our remaining 50% interest in a portfolio of non-core
U.S. hydro assets, crystallizing significant value created under our ownership and fully monetizing the investment. This follows the initial 50% stake sale announced in the third quarter last year at the same valuation. Total proceeds upon closing are expected to be~$1 billion (~$500 million net toBrookfield Renewable ). -
We closed a previously announced sale of a portfolio of operating solar assets in the
U.S. from our Deriva platform, generating~$400 million (~$70 million net toBrookfield Renewable ) in proceeds, securing strong returns and generating significant capital to redeploy into further growth.
We are continuing to strengthen our balance sheet and liquidity position, opportunistically executing financings across our business
-
We ended the quarter with over
$4.7 billion of available liquidity, providing substantial flexibility to deploy capital into growth opportunities. During the quarter, we completed almost$4 billion of financings across our platform, reflecting our continued strong access to the capital markets. -
The quarter was highlighted by the opportunistic issuance of
C$500 million of 30-year notes at a fixed rate of 5.2%, representing the tightest new issue spread we have ever achieved, extending our debt maturity profile while maintaining our investment grade rating. With this issuance we now have an average maturity on our corporate level debt of approximately 14-years, representing the longest average corporate maturity in our history. We also progressed re-contracting initiatives on a scale portfolio of hydro assets inOntario , which once signed, we expect will support significant upfinancings that we plan to execute during 2026. -
During the quarter we launched our BEPC at-the-market equity issuance program with proceeds from the issuance of shares used for the repurchase of BEP units on a one-for-one basis under our existing normal course issuer bid. In the first quarter we issued ~2.8 million BEPC shares and repurchased the same number of BEP units resulting in
~$27 million of realized cash gains.
BEP and BEPC Structure
-
We have recently begun exploring whether a single combined corporate structure would be the best path forward. The goal is to determine if, on a tax-free basis, we can create a single corporate security that would enhance liquidity, increase index inclusion and create value for our investors.
Distribution Declaration
The next quarterly distribution in the amount of
The quarterly dividends on BEP's preferred shares and preferred LP units have also been declared.
Conference Call and Quarterly Earnings Details
Investors, analysts and other interested parties can access Brookfield Renewable’s First Quarter 2026 Results as well as Supplemental Information on Brookfield Renewable’s website.
To participate in the Conference Call on
Upon registering, you will be emailed a dial-in number and unique PIN. The Conference Call will also be Webcast live at https://edge.media-server.com/mmc/p/oghnzkv5
Investors can access the portfolio either through
Please note that Brookfield Renewable’s previous audited annual and unaudited quarterly reports filed with the U.S. Securities and Exchange Commission (“SEC”) and securities regulators in
| Contact information: | |
| Media: | Investors: |
| Simon Maine | Alex Jackson |
| Managing Director – Communications | Vice President – Investor Relations |
| +44 (0)7398 909 278 | (416)-484-8525 |
| [email protected] | [email protected] |
| Consolidated Statements of Financial Position | ||||||||
| As of | ||||||||
| UNAUDITED (MILLIONS) |
December 31 | |||||||
| 2026 | 2025 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 2,124 | $ | 2,093 | ||||
| Trade receivables and other financial assets(4) | 9,041 | 8,458 | ||||||
| Equity-accounted investments | 3,711 | 4,087 | ||||||
| Property, plant and equipment, at fair value and |
75,549 | 76,475 | ||||||
| Deferred income tax and other assets(5) | 7,816 | 7,588 | ||||||
| Total Assets | $ | 98,241 | $ | 98,701 | ||||
| Liabilities | ||||||||
| Corporate borrowings(6) | $ | 4,825 | $ | 3,686 | ||||
| Borrowings which have recourse only to assets they finance(7) | 31,775 | 31,206 | ||||||
| Accounts payable and other liabilities(8) | 17,009 | 19,440 | ||||||
| Deferred income tax liabilities | 9,390 | 9,395 | ||||||
| Equity | ||||||||
| Non-controlling interests | ||||||||
| Participating non-controlling interests – in operating subsidiaries | $ | 25,114 | $ | 24,164 | ||||
| General partnership interest in a holding subsidiary held by Brookfield | 48 | 52 | ||||||
| Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | 2,368 | 2,524 | ||||||
| BEPC exchangeable shares and class A.2 exchangeable shares | 2,221 | 2,330 | ||||||
| Preferred equity | 555 | 563 | ||||||
| Perpetual subordinated notes | 737 | 737 | ||||||
| Preferred limited partners' equity | 506 | 634 | ||||||
| Limited partners' equity | 3,693 | 35,242 | 3,970 | 34,974 | ||||
| Total Liabilities and Equity | $ | 98,241 | $ | 98,701 | ||||
| Consolidated Statements of Operating Results | ||||||
| FOR THE PERIODS ENDED |
Three Months Ended | |||||
| UNAUDITED (MILLIONS, EXCEPT AS NOTED) |
2026 | 2025 | ||||
| Revenues | $ | 1,514 | $ | 1,580 | ||
| Other income | 138 | 170 | ||||
| Direct operating costs(9) | (779 | ) | (675 | ) | ||
| Management service costs | (73 | ) | (49 | ) | ||
| Interest expense | (639 | ) | (609 | ) | ||
| Share of earnings (losses) from equity-accounted investments | 21 | (16 | ) | |||
| Foreign exchange and financial instrument gain | 220 | 249 | ||||
| Depreciation | (548 | ) | (583 | ) | ||
| Other | (184 | ) | (261 | ) | ||
| Income tax (expense) recovery | ||||||
| Current | (12 | ) | 41 | |||
| Deferred | 47 | 45 | ||||
| Net loss | $ | (295 | ) | $ | (108 | ) |
| Net (loss) income attributable to preferred equity, preferred limited partners' equity, perpetual subordinated notes and non-controlling interests in operating subsidiaries | $ | (66 | ) | $ | 89 | |
| Net loss attributable to Unitholders | (229 | ) | (197 | ) | ||
| Basic and diluted loss per LP unit | $ | (0.40 | ) | $ | (0.35 | ) |
| Consolidated Statements of Cash Flows | ||||||
| FOR THE PERIODS ENDED |
Three Months Ended | |||||
| UNAUDITED (MILLIONS) |
2026 | 2025 | ||||
| Operating activities | ||||||
| Net loss | $ | (295 | ) | $ | (108 | ) |
| Adjustments for the following non-cash items: | ||||||
| Depreciation | 548 | 583 | ||||
| Unrealized foreign exchange and financial instrument gain | (218 | ) | (188 | ) | ||
| Share of (earnings) losses from equity-accounted investments | (21 | ) | 16 | |||
| Deferred income tax recovery | (47 | ) | (45 | ) | ||
| Other non-cash items | 187 | 71 | ||||
| 154 | 329 | |||||
| Net change in working capital and other(10) | (3 | ) | 58 | |||
| 151 | 387 | |||||
| Financing activities | ||||||
| Net corporate borrowings | 359 | 307 | ||||
| Corporate credit facilities, net | 200 | (240 | ) | |||
| Non-recourse borrowings, commercial paper, and related party borrowings, net | (773 | ) | 2,308 | |||
| Capital contributions from participating non-controlling interests – in operating subsidiaries, net | 1,832 | 368 | ||||
| Issuance of equity instruments and related costs | 115 | — | ||||
| Redemption and repurchase of limited partner equity | (87 | ) | (27 | ) | ||
| Redemption and repurchase of preferred equity instruments | (128 | ) | — | |||
| Distributions paid: | ||||||
| To participating non-controlling interests - in operating subsidiaries | (433 | ) | (243 | ) | ||
| To unitholders of |
(315 | ) | (283 | ) | ||
| 770 | 2,190 | |||||
| Investing activities | ||||||
| Acquisitions, net of cash and cash equivalents in acquired entity | — | (2,743 | ) | |||
| Investment in property, plant and equipment | (1,258 | ) | (1,546 | ) | ||
| Disposal of associates and other assets | 616 | 457 | ||||
| Restricted cash and other | (216 | ) | 41 | |||
| (858 | ) | (3,791 | ) | |||
| Cash and cash equivalents | ||||||
| Increase (decrease) | 63 | (1,214 | ) | |||
| Foreign exchange (loss) gain on cash | (3 | ) | 56 | |||
| Net change in cash classified within assets held for sale | (29 | ) | (22 | ) | ||
| Balance, beginning of period | 2,093 | 3,135 | ||||
| Balance, end of period | $ | 2,124 | $ | 1,955 | ||
PROPORTIONATE RESULTS FOR THE THREE MONTHS ENDED
The following chart reflects the generation and summary financial figures on a proportionate basis for the three months ended
| (GWh) | (MILLIONS) | ||||||||||||||||||||||||||
| Renewable Actual Generation | Renewable LTA Generation | Revenues | Adjusted EBITDA(2) | FFO(2) | |||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||
| Hydroelectric | 5,366 | 5,015 | 5,518 | 5,037 | $ | 485 | $ | 413 | $ | 341 | $ | 261 | $ | 210 | $ | 163 | |||||||||||
| Wind | 2,270 | 2,397 | 2,509 | 2,570 | 160 | 165 | 163 | 129 | 119 | 86 | |||||||||||||||||
| Utility-scale solar | 1,033 | 946 | 1,179 | 1,139 | 97 | 96 | 157 | 95 | 126 | 63 | |||||||||||||||||
| Distributed energy & storage | 213 | 312 | 128 | 253 | 44 | 53 | 37 | 122 | 28 | 114 | |||||||||||||||||
| Sustainable solutions | — | — | — | — | 153 | 130 | 41 | 22 | 30 | 12 | |||||||||||||||||
| Corporate | — | — | — | — | — | — | 17 | (4 | ) | (138 | ) | (123 | ) | ||||||||||||||
| Total | 8,882 | 8,670 | 9,334 | 8,999 | $ | 939 | $ | 857 | $ | 756 | $ | 625 | $ | 375 | $ | 315 | |||||||||||
PROPORTIONATE RESULTS FOR THE TWELVE MONTHS ENDED
The following chart reflects the generation and summary financial figures on a proportionate basis for the twelve months ended
| (GWh) | (MILLIONS) | |||||||||||||||||||||||||
| Renewable Actual Generation | Renewable LTA Generation | Revenues | Adjusted EBITDA(2) | FFO(2) | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||
| Hydroelectric | 18,902 | 17,266 | 20,901 | 19,796 | $ | 1,679 | $ | 1,450 | $ | 1,103 | $ | 870 | $ | 654 | $ | 481 | ||||||||||
| Wind | 8,279 | 8,545 | 9,475 | 9,674 | 591 | 624 | 515 | 639 | 336 | 483 | ||||||||||||||||
| Utility-scale solar | 4,846 | 3,938 | 5,739 | 4,660 | 470 | 419 | 556 | 469 | 408 | 351 | ||||||||||||||||
| Distributed energy & storage | 1,342 | 1,407 | 1,157 | 1,139 | 252 | 228 | 419 | 308 | 367 | 266 | ||||||||||||||||
| Sustainable solutions | — | — | — | — | 632 | 507 | 217 | 152 | 179 | 122 | ||||||||||||||||
| Corporate | — | — | — | — | — | — | 19 | 20 | (550 | ) | (467 | ) | ||||||||||||||
| Total | 33,369 | 31,156 | 37,272 | 35,269 | $ | 3,624 | $ | 3,228 | $ | 2,829 | $ | 2,458 | $ | 1,394 | $ | 1,236 | ||||||||||
RECONCILIATION OF NON-IFRS MEASURES
The following table reflects Adjusted EBITDA and provides a reconciliation from Net income (loss) to Adjusted EBITDA for the three months ended
| (MILLIONS) | Hydroelectric | Wind | Utility-scale solar | Distributed energy & storage | Sustainable solutions | Corporate | Total | ||||||||||||||
| Net income (loss) | $ | (61 | ) | $ | (82 | ) | $ | (111 | ) | $ | (20 | ) | $ | 117 | $ | (138 | ) | $ | (295 | ) | |
| Add back or deduct the following: | |||||||||||||||||||||
| Depreciation | 180 | 193 | 120 | 55 | — | — | 548 | ||||||||||||||
| Deferred income tax (recovery) expense | (8 | ) | (19 | ) | (3 | ) | (1 | ) | 2 | (18 | ) | (47 | ) | ||||||||
| Foreign exchange and financial instrument loss (gain) | 58 | (57 | ) | (114 | ) | (12 | ) | (92 | ) | (3 | ) | (220 | ) | ||||||||
| Other(11) | 91 | 81 | 185 | 34 | 13 | 38 | 442 | ||||||||||||||
| Management service costs | — | — | — | — | — | 73 | 73 | ||||||||||||||
| Interest expense | 238 | 170 | 143 | 22 | 1 | 65 | 639 | ||||||||||||||
| Current income tax expense (recovery) | 7 | 3 | 3 | (1 | ) | — | — | 12 | |||||||||||||
| Amount attributable to equity-accounted investments and non-controlling interests(12) | (164 | ) | (126 | ) | (66 | ) | (40 | ) | — | — | (396 | ) | |||||||||
| Adjusted EBITDA attributable to Unitholders | $ | 341 | $ | 163 | $ | 157 | $ | 37 | $ | 41 | $ | 17 | $ | 756 | |||||||
The following table reflects Adjusted EBITDA and provides a reconciliation from Net income (loss) to Adjusted EBITDA for the three months ended
| (MILLIONS) | Hydroelectric | Wind | Utility-scale solar | Distributed energy & storage | Sustainable solutions | Corporate | Total | ||||||||||||||
| Net income (loss) | $ | 74 | $ | (105 | ) | $ | (103 | ) | $ | 118 | $ | 24 | $ | (116 | ) | $ | (108 | ) | |||
| Add back or deduct the following: | |||||||||||||||||||||
| Depreciation | 159 | 221 | 134 | 57 | 12 | — | 583 | ||||||||||||||
| Deferred income tax (recovery) expense | (3 | ) | (30 | ) | (26 | ) | 22 | — | (8 | ) | (45 | ) | |||||||||
| Foreign exchange and financial instrument loss (gain) | 2 | (133 | ) | (79 | ) | (8 | ) | (36 | ) | 5 | (249 | ) | |||||||||
| Other(11) | 27 | 167 | 149 | 6 | 2 | 10 | 361 | ||||||||||||||
| Management service costs | — | — | — | — | — | 49 | 49 | ||||||||||||||
| Interest expense | 181 | 196 | 129 | 48 | 1 | 54 | 609 | ||||||||||||||
| Current income tax expense (recovery) | 31 | (1 | ) | 8 | (81 | ) | — | 2 | (41 | ) | |||||||||||
| Amount attributable to equity-accounted investments and non-controlling interests(12) | (210 | ) | (186 | ) | (117 | ) | (40 | ) | 19 | — | (534 | ) | |||||||||
| Adjusted EBITDA attributable to Unitholders | $ | 261 | $ | 129 | $ | 95 | $ | 122 | $ | 22 | $ | (4 | ) | $ | 625 | ||||||
RECONCILIATION OF NON-IFRS MEASURES (cont'd)
The following table reflects Adjusted EBITDA and provides a reconciliation from Net income (loss) to Adjusted EBITDA for the twelve months ended
| (MILLIONS) | Hydroelectric | Wind | Utility-scale solar | Distributed energy & storage | Sustainable solutions | Corporate | Total | ||||||||||||||
| Net income (loss) | $ | 85 | $ | (69 | ) | $ | (291 | ) | $ | 346 | $ | 971 | $ | (517 | ) | $ | 525 | ||||
| Add back or deduct the following: | |||||||||||||||||||||
| Depreciation | 687 | 850 | 564 | 258 | 31 | — | 2,390 | ||||||||||||||
| Deferred income tax (recovery) expense | (43 | ) | (202 | ) | (146 | ) | 75 | 3 | (54 | ) | (367 | ) | |||||||||
| Foreign exchange and financial instrument loss (gain) | 25 | (421 | ) | (483 | ) | (249 | ) | (300 | ) | 23 | (1,405 | ) | |||||||||
| Other(11) | 204 | 246 | 590 | 518 | (566 | ) | 70 | 1,062 | |||||||||||||
| Management service costs | — | — | — | — | — | 247 | 247 | ||||||||||||||
| Interest expense | 846 | 668 | 542 | 178 | 4 | 249 | 2,487 | ||||||||||||||
| Current income tax expense (recovery) | 52 | 14 | 62 | (325 | ) | — | 1 | (196 | ) | ||||||||||||
| Amount attributable to equity-accounted investments and non-controlling interests(12) | (753 | ) | (571 | ) | (282 | ) | (382 | ) | 74 | — | (1,914 | ) | |||||||||
| Adjusted EBITDA attributable to Unitholders | $ | 1,103 | $ | 515 | $ | 556 | $ | 419 | $ | 217 | $ | 19 | $ | 2,829 | |||||||
The following table reflects Adjusted EBITDA and provides a reconciliation from Net income (loss) to Adjusted EBITDA for the twelve months ended
| (MILLIONS) | Hydroelectric | Wind | Utility-scale solar | Distributed energy & storage | Sustainable solutions | Corporate | Total | ||||||||||||||
| Net income (loss) | $ | 202 | $ | 35 | $ | (192 | ) | $ | 208 | $ | 140 | $ | (440 | ) | $ | (47 | ) | ||||
| Add back or deduct the following: | |||||||||||||||||||||
| Depreciation | 634 | 816 | 452 | 170 | 19 | — | 2,091 | ||||||||||||||
| Deferred income tax (recovery) expense | (3 | ) | (25 | ) | (19 | ) | 26 | 4 | (45 | ) | (62 | ) | |||||||||
| Foreign exchange and financial instrument (gain) loss | (86 | ) | (259 | ) | (261 | ) | (215 | ) | (190 | ) | 2 | (1,009 | ) | ||||||||
| Other(11) | 92 | 280 | 554 | 208 | 33 | 88 | 1,255 | ||||||||||||||
| Management service costs | — | — | — | — | — | 208 | 208 | ||||||||||||||
| Interest expense | 751 | 576 | 399 | 175 | 12 | 208 | 2,121 | ||||||||||||||
| Current income tax expense (recovery) | 83 | (16 | ) | (77 | ) | (218 | ) | — | (1 | ) | (229 | ) | |||||||||
| Amount attributable to equity-accounted investments and non-controlling interests(12) | (803 | ) | (768 | ) | (387 | ) | (46 | ) | 134 | — | (1,870 | ) | |||||||||
| Adjusted EBITDA attributable to Unitholders | $ | 870 | $ | 639 | $ | 469 | $ | 308 | $ | 152 | $ | 20 | $ | 2,458 | |||||||
RECONCILIATION OF NON-IFRS MEASURES (cont'd)
The following table reconciles the non-IFRS financial metrics to the most directly comparable IFRS measures or financial data. Net income is reconciled to Funds From Operations:
| FOR THE PERIODS ENDED |
Three Months Ended | Twelve Months Ended | |||||||||||
| UNAUDITED (MILLIONS) |
2026 | 2025 | 2026 | 2025 | |||||||||
| Net (loss) income | $ | (295 | ) | $ | (108 | ) | $ | 525 | $ | (47 | ) | ||
| Add back or deduct the following: | |||||||||||||
| Depreciation | 548 | 583 | 2,390 | 2,091 | |||||||||
| Deferred income tax recovery | (47 | ) | (45 | ) | (367 | ) | (62 | ) | |||||
| Foreign exchange and financial instruments gain | (220 | ) | (249 | ) | (1,405 | ) | (1,009 | ) | |||||
| Other(13) | 442 | 361 | 1,062 | 1,255 | |||||||||
| Amount attributable to equity accounted investments and non-controlling interests(14) | (53 | ) | (227 | ) | (811 | ) | (992 | ) | |||||
| Funds From Operations | $ | 375 | $ | 315 | $ | 1,394 | $ | 1,236 | |||||
The following table reconciles the per Unit non-IFRS financial metrics to the most directly comparable IFRS measures or financial data. Net income per LP unit is reconciled to Funds From Operations per Unit:
| FOR THE PERIODS ENDED |
Three Months Ended | Twelve Months Ended | |||||||||||
| UNAUDITED (MILLIONS) |
2026 | 2025 | 2026 | 2025 | |||||||||
| Basic loss per LP unit(1) | $ | (0.40 | ) | $ | (0.35 | ) | $ | (0.31 | ) | $ | (1.01 | ) | |
| Adjusted for proportionate share of: | |||||||||||||
| Depreciation | 0.39 | 0.43 | 1.71 | 1.58 | |||||||||
| Deferred income tax recovery | (0.05 | ) | (0.06 | ) | (0.46 | ) | (0.12 | ) | |||||
| Foreign exchange and financial instruments (gain) loss | (0.08 | ) | 0.01 | (0.21 | ) | (0.34 | ) | ||||||
| Other(15) | 0.69 | 0.45 | 1.35 | 1.75 | |||||||||
| Funds From Operations per Unit(3) | $ | 0.55 | $ | 0.48 | $ | 2.08 | $ | 1.86 | |||||
REPORTS FIRST QUARTER RESULTS
All amounts in
The Board of Directors of
The Shares of BEPC are structured with the intention of being economically equivalent to the non-voting limited partnership units of
| For the periods ended |
Three Months Ended | ||||||
| US$ millions, unaudited | 2026 | 2025 | |||||
| Select Financial Information | |||||||
| Net (loss) income attributable to the partnership | $ | (2,186 | ) | $ | 5 | ||
| Funds From Operations (FFO)(2) | 171 | 139 | |||||
BEPC reported FFO of
BEP and BEPC Structure
We have recently begun exploring whether a single combined corporate structure would be the best path forward. The goal is to determine if, on a tax-free basis, we can create a single corporate security that would enhance liquidity, increase index inclusion and create value for our investors.
| Consolidated Statements of Financial Position | ||||||||||
| As of | ||||||||||
| UNAUDITED (MILLIONS) |
December 31 | |||||||||
| 2026 | 2025 | |||||||||
| Assets | ||||||||||
| Cash and cash equivalents | $ | 651 | $ | 682 | ||||||
| Trade receivables and other financial assets(4) | 3,561 | 3,230 | ||||||||
| Equity-accounted investments | 948 | 1,014 | ||||||||
| Property, plant and equipment, at fair value and |
39,281 | 40,508 | ||||||||
| Deferred income tax and other assets(5) | 2,553 | 833 | ||||||||
| Total Assets | $ | 46,994 | $ | 46,267 | ||||||
| Liabilities | ||||||||||
| Borrowings which have recourse only to assets they finance(7) | $ | 14,995 | $ | 15,264 | ||||||
| Accounts payable and other liabilities(8) | 5,195 | 4,171 | ||||||||
| Deferred income tax liabilities | 7,410 | 7,339 | ||||||||
| Shares classified as financial liabilities | 12,411 | 10,261 | ||||||||
| Equity | ||||||||||
| Non-controlling interests: | ||||||||||
| Participating non-controlling interests – in operating subsidiaries | $ | 9,279 | $ | 9,305 | ||||||
| Participating non-controlling interests – in a holding subsidiary held by the partnership | 336 | 333 | ||||||||
| The partnership | (2,632 | ) | 6,983 | (406 | ) | 9,232 | ||||
| Total Liabilities and Equity | $ | 46,994 | $ | 46,267 | ||||||
| Consolidated Statements of Income (Loss) | |||||||
| FOR THE PERIODS ENDED MARCH 31 UNAUDITED (MILLIONS) |
Three Months Ended | ||||||
| 2026 | 2025 | ||||||
| Revenues | $ | 883 | $ | 907 | |||
| Other income | 47 | 23 | |||||
| Direct operating costs(9) | (415 | ) | (368 | ) | |||
| Management service costs | (46 | ) | (23 | ) | |||
| Interest expense | (373 | ) | (413 | ) | |||
| Share of losses from equity-accounted investments | (6 | ) | (2 | ) | |||
| Foreign exchange and financial instrument loss | (70 | ) | (21 | ) | |||
| Depreciation | (294 | ) | (307 | ) | |||
| Other | (14 | ) | (17 | ) | |||
| Remeasurement of financial liability associated with our exchangeable shares(16) | (2,035 | ) | 223 | ||||
| Income tax (expense) recovery | |||||||
| Current | (11 | ) | (36 | ) | |||
| Deferred | 32 | 29 | |||||
| Net loss | $ | (2,302 | ) | $ | (5 | ) | |
| Net (loss) income attributable to: | |||||||
| Non-controlling interests: | |||||||
| Participating non-controlling interests – in operating subsidiaries | (113 | ) | (10 | ) | |||
| Participating non-controlling interests – in a holding subsidiary held by the partnership | (3 | ) | — | ||||
| The partnership | (2,186 | ) | 5 | ||||
| $ | (2,302 | ) | $ | (5 | ) | ||
| Consolidated Statements of Cash Flows | |||||||
| FOR THE PERIODS ENDED UNAUDITED (MILLIONS) |
Three Months Ended | ||||||
| 2026 | 2025 | ||||||
| Operating activities | |||||||
| Net loss | $ | (2,302 | ) | $ | (5 | ) | |
| Adjustments for the following non-cash items: | |||||||
| Depreciation | 294 | 307 | |||||
| Unrealized foreign exchange and financial instruments loss | 85 | 2 | |||||
| Share of losses from equity-accounted investments | 6 | 2 | |||||
| Deferred income tax recovery | (32 | ) | (29 | ) | |||
| Other non-cash items | 19 | 51 | |||||
| Remeasurement of financial liability associated with our exchangeable shares(16) | 2,035 | (223 | ) | ||||
| 105 | 105 | ||||||
| Net change in working capital and other(10) | (48 | ) | 5 | ||||
| 57 | 110 | ||||||
| Financing activities | |||||||
| Non-recourse borrowings and related party borrowings, net | 41 | 152 | |||||
| Capital contributions from participating non-controlling interests | 305 | 101 | |||||
| Issuance of exchangeable shares, net | 115 | — | |||||
| Distributions paid: | |||||||
| To participating non-controlling interests | (284 | ) | (149 | ) | |||
| 177 | 104 | ||||||
| Investing activities | |||||||
| Investment in property, plant and equipment | (195 | ) | (248 | ) | |||
| Investment in equity-accounted investments | (15 | ) | (20 | ) | |||
| Restricted cash and other | (41 | ) | 16 | ||||
| (251 | ) | (252 | ) | ||||
| Cash and cash equivalents | |||||||
| Decrease | (17 | ) | (38 | ) | |||
| Foreign exchange gain on cash | 8 | 27 | |||||
| Net change in cash classified within assets held for sale | (22 | ) | 1 | ||||
| Balance, beginning of period | 682 | 624 | |||||
| Balance, end of period | $ | 651 | $ | 614 | |||
RECONCILIATION OF NON-IFRS MEASURES
The following table reconciles Net income (loss) to Funds From Operations:
| FOR THE PERIODS ENDED UNAUDITED (MILLIONS) |
Three Months Ended | |||||
| 2026 | 2025 | |||||
| Net loss | $ | (2,302 | ) | $ | (5 | ) |
| Add back or deduct the following: | ||||||
| Depreciation | 294 | 307 | ||||
| Deferred income tax recovery | (32 | ) | (29 | ) | ||
| Foreign exchange and financial instruments loss | 70 | 21 | ||||
| Other(17) | 103 | 50 | ||||
| Dividends on BEPC exchangeable, class A.2 exchangeable shares and exchangeable shares of BRHC(18) | 71 | 163 | ||||
| Remeasurement of financial liability associated with our exchangeable shares(16) | 2,035 | (223 | ) | |||
| Amount attributable to equity accounted investments and non-controlling interests(19) | (68 | ) | (145 | ) | ||
| Funds From Operations | $ | 171 | $ | 139 | ||
Cautionary Statement Regarding Forward-looking Statements
This news release contains forward-looking statements and information within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of Section 27A of the
The foregoing list of important factors that may affect future results is not exhaustive. The forward-looking statements represent our views as of the date of this news release and should not be relied upon as representing our views as of any subsequent date. While we anticipate that subsequent events and developments may cause our views to change, we disclaim any obligation to update the forward-looking statements, other than as required by applicable law.
No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Cautionary Statement Regarding Use of Non-IFRS Measures
This news release contains references to FFO and FFO per Unit, which are not generally accepted accounting measures under IFRS and therefore may differ from definitions of Adjusted EBITDA, FFO and FFO per Unit used by other entities. We believe that FFO and FFO per Unit are useful supplemental measures that may assist investors in assessing the financial performance and the cash anticipated to be generated by our operating portfolio. None of FFO and FFO per Unit should be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS. For a reconciliation of FFO and FFO per Unit to the most directly comparable IFRS measure or financial data, please see “Reconciliation of Non-IFRS Measures - Three Months Ended March 31” included elsewhere herein and “Financial Performance Review on Proportionate Information - Reconciliation of Non-IFRS Measures” included in our unaudited Q1 2026 interim report. For a reconciliation of FFO and FFO per Unit to the most directly comparable IFRS measure or financial data, please see “Reconciliation of Non-IFRS Measures - Three Months Ended March 31” included elsewhere herein and “Financial Performance Review on Proportionate Information - Reconciliation of Non-IFRS Measures” included in our unaudited Q1 2026 interim report.
References to
Endnotes
(1) For the three months ended
(2) Non-IFRS measures. Refer to “Cautionary Statement Regarding Use of Non-IFRS Measures”.
(3) Average Units outstanding for the three months ended
(4) Balance includes restricted cash, trade receivables and other current assets, financial instrument assets, and due from related parties on the consolidated statements of financial of position.
(5) Balance includes deferred income tax assets, assets held for sale, and other long-term assets on the consolidated statements of financial position.
(6) Balance includes current and non-current portion of corporate borrowings on the consolidated statements of financial position.
(7) Balance includes current and non-current portion of non-recourse borrowings on the consolidated statements of financial position.
(8) Balance includes accounts payable and accrued liabilities, financial instrument liabilities, due to related parties, provisions, liabilities directly associated with assets held for sale and other long-term liabilities on the consolidated statements of financial position.
(9) Direct operating costs exclude depreciation expense disclosed below.
(10) Balance includes net change in working capital, dividends received from equity accounted investments and changes in due to or from related parties on the consolidated statements of cash flows.
(11) Other corresponds to amounts that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. Other also includes derivative and other revaluations and settlements, gains or losses on debt extinguishment/modification, transaction costs, legal, provisions, amortization of concession assets and Brookfield Renewable’s economic share of foreign currency hedges and other hedges, income earned on financial assets and structured investments in sustainable solutions, monetization of tax attributes at certain development projects over the long-term and realized disposition gains and losses on equity transactions that are included within Adjusted EBITDA.
(12) Amount attributable to equity accounted investments corresponds to the Adjusted EBITDA to
(13) Other corresponds to amounts that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. Other also includes derivative and other revaluations and settlements, gains or losses on debt extinguishment/modification, transaction costs, legal, provisions, amortization of concession assets and Brookfield Renewable’s economic share of foreign currency hedges and other hedges, income earned on financial assets and structured investments in sustainable solutions, monetization of tax attributes at certain development projects and realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term that are included in Funds From Operations.
(14) Amount attributable to equity accounted investments corresponds to the Funds From Operations that are generated by its investments in associates and joint ventures accounted for using the equity method. Amounts attributable to non-controlling interest are calculated based on the economic ownership interest held by non-controlling interests in consolidated subsidiaries, excluding amounts attributable to Unitholders. By adjusting Funds From Operations attributable to non-controlling interest,
(15) Other corresponds to amounts that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. Other also includes derivative and other revaluations and settlements, gains or losses on debt extinguishment/modification, transaction costs, legal, provisions, amortization of concession assets and Brookfield Renewable’s economic share of foreign currency hedges and other hedges, income earned on financial assets and structured investments in sustainable solutions, monetization of tax attributes at certain development projects and realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term that are included in Funds From Operations as well as amounts attributable to holders of Redeemable/Exchangeable partnership units, GP interest, BEPC exchangeable shares and class A.2 exchangeable shares.
(16) Reflects gains (losses) on shares with an exchange/redemption option that are classified as liabilities under IFRS.
(17) Other corresponds to amounts that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. Other also includes derivative and other revaluations and settlements, gains or losses on debt extinguishment/modification, transaction costs, legal, provisions, amortization of concession assets and the company's economic share of foreign currency hedges and other hedges, income earned on financial assets and structured investments in sustainable solutions, monetization of tax attributes at certain development projects and realized disposition gains and losses on assets that we developed and/or did not intent to hold over the long-term that are included in Funds from Operations.
(18) Balance is included within interest expense on the consolidated statements of income (loss).
(19) Amount attributable to equity accounted investments corresponds to the Funds From Operations that are generated by its investments in associates and joint ventures accounted for using the equity method. Amounts attributable to non-controlling interest are calculated based on the economic ownership interest held by non-controlling interests in consolidated subsidiaries. By adjusting Funds From Operations attributable to non-controlling interest, our company is able to remove the portion of Funds From Operations earned at non-wholly owned subsidiaries that are not attributable to our company.
(20) Any references to capital refer to Brookfield's cash deployed, excluding any debt financing.
(21) Available liquidity of over
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