All amounts in
BROOKFIELD, News,
“We had another strong quarter and further solidified our position as a partner of choice to the largest buyers of clean power, signing a first of its kind agreement with
He continued, “We were also successful investing in a number of highly accretive platforms and assets, such as increasing our stake in Isagen, one of our world-class hydro businesses. With scale capabilities in hydro, nuclear, wind, solar and batteries, we continue to differentiate ourselves as the global leader in providing diverse and scaled energy solutions that are critical to energy grids and needed to meet the tremendous growth in electricity demand.”
| For the three months ended |
For the six months ended |
|||||||||||
| US$ millions (except per unit amounts), unaudited | 2025 | 2024 | 2025 | 2024 | ||||||||
| Net loss attributable to Unitholders | $ | (112 | ) | $ | (154 | ) | $ | (309 | ) | $ | (274 | ) |
| – per LP unit(1) | (0.22 | ) | (0.28 | ) | (0.58 | ) | (0.51 | ) | ||||
| Funds From Operations (FFO)(2) | 371 | 339 | 686 | 635 | ||||||||
| – per Unit(2)(3) | 0.56 | 0.51 | 1.04 | 0.96 | ||||||||
Key highlights:
- Advanced commercial priorities securing contracts to deliver an incremental ~4,300 gigawatt hours per year of generation and signed the first of its kind Hydro Framework Agreement (“HFA”) with
Google to deliver up to 3,000 megawatts of hydroelectric capacity in theU.S.
- Committed or deployed up to
$2.6 billion (~$1.1 billion net toBrookfield Renewable ) across multiple investments, including growing our exposure to critical, scale, baseload power generating assets.
- Continued to execute our asset recycling program, generating
~$1.5 billion (~$400 million net toBrookfield Renewable ) in expected proceeds since the start of the second quarter, delivering strong returns and proceeds for reinvestment into growth.
- Strengthened our balance sheet and ended the quarter with
~$4.7 billion in liquidity. The quarter was highlighted by the issuance ofC$250 million of 30-year hybrid notes at the tightest corporate hybrid new issue spread and reset spread ever inCanada . We also successfully executed a €6.3 billion (~$7 billion ) project financing for Polenergia’s offshore wind development inPoland , the largest ever project financing for our business.
We Are The Partner of Choice To The Largest Buyers Of Power Globally
Over the past decade, we have positioned our business to partner with the largest buyers of clean power globally. We are focused on investing in the lowest cost, and most critical technologies, in markets with the greatest demand, while differentiating ourselves by delivering scale, tailored solutions to our customers. In the past two years alone, we have nearly doubled our annual contracted capacity to corporate customers, strengthening our credibility and relationships in the process.
As digitalization and AI continue to reshape industries, demand for energy in developed markets is surging at a pace not seen since the industrial revolution, propelled by the growth of the global hyperscalers. These players are investing in data centers in their home market in the
We are strategically invested in the technologies that are required to meet both accelerating energy demand and support reliability of the grid, while enabling increased deployment of low-cost wind and solar. Today, we are one of the largest private operators of hydro facilities globally—a technology that is core to our business and which we have owned and operated for decades. We also have significant capabilities in the nuclear sector through our ownership in Westinghouse, a leading provider of mission-critical technology, services and products to the nuclear industry. And, lastly, we are now one of the largest operators and developers of batteries globally with our acquisition of Neoen that we closed earlier this year.
We are seeing the importance of these technologies recognized with their favourable treatment in The One Big Beautiful Bill, which largely maintained their full tax credit eligibility, as well as other recent developments that highlight their critical nature. Notably, technology companies are now contracting hydro and nuclear generation at scale, there have been recent executive orders in the
We are beginning to see our strategic positioning over the past several years lead to truly differentiated opportunities for our business. This quarter, we signed the HFA with
The HFA, along with our Renewable Energy Framework Agreement signed in
After the quarter end, we agreed to increase our stake in our Colombian platform, Isagen, which consists primarily of fourteen operating hydro assets. The business generates almost 20% of Colombia’s electricity, and we continue to identify opportunities to drive performance improvements by leveraging our commercial relationships and marketing expertise. Our investment of up to
Our deep expertise as both an operator and investor in hydro, battery storage, and nuclear positions us strongly—not only to the benefit of our current business, but also to capitalize on future investment opportunities where we have unique competitive advantages and market leadership.
Going forward, we will continue to be active investing in the critical technologies that are required to support growing energy demand and the reliability of the grid, as well as working more with the largest buyers of power given our deep expertise, differentiated capabilities and asset base. This should assist our customers in achieving their critical path initiatives for growth, while propelling ours.
We Continue To Execute Monetizations That Deliver Strong Returns
During the quarter we continued to deliver on our capital recycling initiatives, securing strong returns and locking in the value we have created across our platforms. As we continue to ramp up our development activities, we expect our asset recycling to also increase with a larger portfolio of derisked, cash flowing infrastructure assets that are attractive to private investors with a lower cost of capital. We are now seeing the return of an increasingly strong market for monetizations and expect to be very active throughout the second half of the year.
Continuing recent momentum, this quarter we successfully closed the sale of another 25% of our Shepherds Flat wind farm, delivering strong returns. In July, we reached agreements to sell two 25% stakes in a portfolio of stable, operating
In
Based on our advanced pipeline and the robust demand for high-quality stabilized assets produced by our development platforms, we expect total asset sale proceeds from transactions closed or signed in 2025 to exceed last year, with returns at or above our targets, illustrative of the increasing and recurring nature of asset monetizations as a highly accretive way to fund our growth.
Operating Results
In the second quarter, we generated record FFO of
Our hydroelectric segment delivered FFO of
Our wind and solar segments generated a combined FFO of
Our distributed energy, storage, and sustainable solutions segments contributed
Balance Sheet & Liquidity
We ended the quarter with approximately
In June, we were successful issuing
The issuance aligns with our strategy of conservatively accessing the market to optimize our capital structure as our cash flows increase. With the issuance we extended our debt maturity profile while maintaining our strong investment grade rating.
Also during the quarter, we successfully executed Brookfield Renewable’s largest ever project financing, raising €6.3 billion (
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.
Distribution Currency Option
The quarterly distributions payable on the BEP units and BEPC shares are declared in
Registered unitholders who are residents in
Distribution Reinvestment Plan
Additional information on Brookfield Renewable’s distributions and preferred share dividends can be found on our website at www.bep.brookfield.com.
Investors can access the portfolio either through
Please note that Brookfield Renewable’s previous audited annual and unaudited quarterly reports filed with the
| Contact information: | |
| Media: | Investors: |
| Managing Director – Communications | Vice President – Investor Relations |
| +44 (0)7398 909 278 | (416)-649-8196 |
| [email protected] | [email protected] |
Conference Call and Quarterly Earnings Details
Investors, analysts and other interested parties can access Brookfield Renewable’s Second Quarter 2025 Results as well as the Letter to Unitholders and Supplemental Information on Brookfield Renewable’s website at https://bep.brookfield.com.
To participate in the Conference Call on
| Consolidated Statements of Financial Position | ||||||||
| As of | ||||||||
| UNAUDITED (MILLIONS) |
||||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 1,907 | $ | 3,135 | ||||
| Trade receivables and other financial assets(4) | 7,164 | 6,705 | ||||||
| Equity-accounted investments | 3,709 | 2,740 | ||||||
| Property, plant and equipment, at fair value and |
82,484 | 78,909 | ||||||
| Deferred income tax and other assets(5) | 3,337 | 3,320 | ||||||
| Total Assets | $ | 98,601 | $ | 94,809 | ||||
| Liabilities | ||||||||
| Corporate borrowings(6) | $ | 4,563 | $ | 3,802 | ||||
| Borrowings which have recourse only to assets they finance(7) | 33,190 | 30,588 | ||||||
| Accounts payable and other liabilities(8) | 18,839 | 15,524 | ||||||
| Deferred income tax liabilities | 8,682 | 8,439 | ||||||
| Equity | ||||||||
| Non-controlling interests | ||||||||
| Participating non-controlling interests – in operating subsidiaries | $ | 23,627 | $ | 26,168 | ||||
| General partnership interest in a holding subsidiary held by Brookfield | 47 | 50 | ||||||
| Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield | 2,280 | 2,457 | ||||||
| BEPC exchangeable shares and class A.2 exchangeable shares | 2,106 | 2,269 | ||||||
| Preferred equity | 568 | 537 | ||||||
| Perpetual subordinated notes | 737 | 737 | ||||||
| Preferred limited partners' equity | 634 | 634 | ||||||
| Limited partners' equity | 3,328 | 33,327 | 3,604 | 36,456 | ||||
| Total Liabilities and Equity | $ | 98,601 | $ | 94,809 | ||||
| Consolidated Statements of Operating Results | |||||||||||||
| UNAUDITED | For the three months ended |
For the six months ended |
|||||||||||
| (MILLIONS, EXCEPT AS NOTED) | 2025 | 2024 | 2025 | 2024 | |||||||||
| Revenues | $ | 1,692 | $ | 1,482 | $ | 3,272 | $ | 2,974 | |||||
| Other income | 62 | 62 | 232 | 96 | |||||||||
| Direct operating costs(9) | (699 | ) | (618 | ) | (1,374 | ) | (1,252 | ) | |||||
| Management service costs | (56 | ) | (53 | ) | (105 | ) | (98 | ) | |||||
| Interest expense | (624 | ) | (489 | ) | (1,233 | ) | (965 | ) | |||||
| Share of loss from equity-accounted investments | (57 | ) | (25 | ) | (73 | ) | (58 | ) | |||||
| Foreign exchange and financial instrument gain | 255 | 116 | 504 | 236 | |||||||||
| Depreciation | (609 | ) | (517 | ) | (1,192 | ) | (1,019 | ) | |||||
| Other | (61 | ) | (27 | ) | (322 | ) | (39 | ) | |||||
| Income tax recovery (expense) | |||||||||||||
| Current | 16 | (16 | ) | 57 | (44 | ) | |||||||
| Deferred | 181 | (3 | ) | 226 | 11 | ||||||||
| Net income (loss) | $ | 100 | $ | (88 | ) | $ | (8 | ) | $ | (158 | ) | ||
| Net income attributable to preferred equity, preferred limited partners' equity, perpetual subordinated notes and non-controlling interests in operating subsidiaries | $ | 212 | $ | 66 | $ | 301 | $ | 116 | |||||
| Net loss attributable to Unitholders | (112 | ) | (154 | ) | (309 | ) | (274 | ) | |||||
| Basic and diluted loss per LP unit | $ | (0.22 | ) | $ | (0.28 | ) | $ | (0.58 | ) | $ | (0.51 | ) | |
| Consolidated Statements of Cash Flows | |||||||||||||
| For the three months ended |
For the six months ended |
||||||||||||
| UNAUDITED (MILLIONS) |
2025 | 2024 | 2025 | 2024 | |||||||||
| Operating activities | |||||||||||||
| Net income (loss) | $ | 100 | $ | (88 | ) | $ | (8 | ) | $ | (158 | ) | ||
| Adjustments for the following non-cash items: | |||||||||||||
| Depreciation | 609 | 517 | 1,192 | 1,019 | |||||||||
| Unrealized foreign exchange and financial instrument gain | (301 | ) | (122 | ) | (489 | ) | (239 | ) | |||||
| Share of loss from equity-accounted investments | 57 | 25 | 73 | 58 | |||||||||
| Deferred income tax (expense) recovery | (181 | ) | 3 | (226 | ) | (11 | ) | ||||||
| Other non-cash items | 104 | 37 | 175 | 93 | |||||||||
| 388 | 372 | 717 | 762 | ||||||||||
| Net change in working capital and other(10) | (9 | ) | (141 | ) | 49 | (207 | ) | ||||||
| 379 | 231 | 766 | 555 | ||||||||||
| Financing activities | |||||||||||||
| Net corporate borrowings | (107 | ) | — | 200 | 297 | ||||||||
| Corporate credit facilities, net | 169 | 300 | (71 | ) | 300 | ||||||||
| Non-recourse borrowings, commercial paper, and related party borrowings, net | 2,353 | 765 | 4,661 | 1,412 | |||||||||
| Capital contributions from participating non-controlling interests – in operating subsidiaries, net | 999 | 138 | 1,367 | 289 | |||||||||
| (Repurchase) issuance of equity instruments, net and related costs | (7 | ) | (155 | ) | (34 | ) | (37 | ) | |||||
| Distributions paid: | |||||||||||||
| To participating non-controlling interests - in operating subsidiaries | (568 | ) | (269 | ) | (811 | ) | (401 | ) | |||||
| To unitholders of |
(281 | ) | (271 | ) | (564 | ) | (531 | ) | |||||
| 2,558 | 508 | 4,748 | 1,329 | ||||||||||
| Investing activities | |||||||||||||
| Acquisitions, net of cash and cash equivalents in acquired entity | (1,686 | ) | — | (4,429 | ) | (11 | ) | ||||||
| Investment in property, plant and equipment | (1,478 | ) | (820 | ) | (3,024 | ) | (1,660 | ) | |||||
| Disposal of associates and other assets | 266 | (50 | ) | 723 | (48 | ) | |||||||
| Restricted cash and other | (168 | ) | (24 | ) | (127 | ) | (10 | ) | |||||
| (3,066 | ) | (894 | ) | (6,857 | ) | (1,729 | ) | ||||||
| Cash and cash equivalents | |||||||||||||
| (Decrease) increase | (129 | ) | (155 | ) | (1,343 | ) | 155 | ||||||
| Foreign exchange gain (loss) on cash | 65 | (27 | ) | 121 | (44 | ) | |||||||
| Net change in cash classified within assets held for sale | 16 | (5 | ) | (6 | ) | (16 | ) | ||||||
| Balance, beginning of period | 1,955 | 1,423 | 3,135 | 1,141 | |||||||||
| Balance, end of period | $ | 1,907 | $ | 1,236 | $ | 1,907 | $ | 1,236 | |||||
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) | |||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||
| Hydroelectric | |||||||||||||||||||||||||||
| 3,797 | 2,987 | 3,565 | 3,562 | $ | 344 | $ | 256 | $ | 227 | $ | 165 | $ | 158 | $ | 97 | ||||||||||||
| 893 | 1,029 | 968 | 1,020 | 52 | 53 | 37 | 35 | 33 | 30 | ||||||||||||||||||
| 978 | 670 | 919 | 908 | 61 | 72 | 37 | 31 | 14 | 9 | ||||||||||||||||||
| 5,668 | 4,686 | 5,452 | 5,490 | 457 | 381 | 301 | 231 | 205 | 136 | ||||||||||||||||||
| Wind | 2,117 | 2,108 | 2,405 | 2,444 | 146 | 154 | 126 | 136 | 84 | 103 | |||||||||||||||||
| Utility-scale solar | 1,349 | 1,109 | 1,569 | 1,262 | 126 | 120 | 135 | 117 | 100 | 91 | |||||||||||||||||
| Distributed energy & storage | 408 | 395 | 393 | 326 | 67 | 61 | 57 | 54 | 44 | 44 | |||||||||||||||||
| Sustainable solutions | — | — | — | — | 178 | 114 | 85 | 51 | 74 | 42 | |||||||||||||||||
| Corporate | — | — | — | — | — | — | (4 | ) | 40 | (136 | ) | (77 | ) | ||||||||||||||
| Total | 9,542 | 8,298 | 9,819 | 9,522 | $ | 974 | $ | 830 | $ | 700 | $ | 629 | $ | 371 | $ | 339 | |||||||||||
PROPORTIONATE RESULTS FOR THE SIX MONTHS ENDED
The following chart reflects the generation and summary financial figures on a proportionate basis for the six months ended
| (GWh) | (MILLIONS) | ||||||||||||||||||||||||||
| Renewable Actual Generation |
Renewable LTA Generation |
Revenues | Adjusted EBITDA(2) | FFO(2) | |||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||
| Hydroelectric | |||||||||||||||||||||||||||
| 6,829 | 6,608 | 6,796 | 6,796 | $ | 632 | $ | 559 | $ | 399 | $ | 371 | $ | 261 | $ | 234 | ||||||||||||
| 1,950 | 2,043 | 1,924 | 2,028 | 100 | 112 | 73 | 77 | 63 | 66 | ||||||||||||||||||
| 1,904 | 1,364 | 1,769 | 1,751 | 138 | 151 | 90 | 76 | 44 | 29 | ||||||||||||||||||
| 10,683 | 10,015 | 10,489 | 10,575 | 870 | 822 | 562 | 524 | 368 | 329 | ||||||||||||||||||
| Wind | 4,514 | 4,236 | 4,975 | 4,944 | 311 | 324 | 255 | 257 | 170 | 190 | |||||||||||||||||
| Utility-scale solar | 2,295 | 1,829 | 2,708 | 2,106 | 222 | 213 | 230 | 207 | 163 | 152 | |||||||||||||||||
| Distributed energy & storage | 720 | 679 | 646 | 551 | 120 | 113 | 179 | 97 | 158 | 78 | |||||||||||||||||
| Sustainable solutions | — | — | — | — | 308 | 233 | 107 | 86 | 86 | 75 | |||||||||||||||||
| Corporate | — | — | — | — | — | — | (8 | ) | 33 | (259 | ) | (189 | ) | ||||||||||||||
| Total | 18,212 | 16,759 | 18,818 | 18,176 | $ | 1,831 | $ | 1,705 | $ | 1,325 | $ | 1,204 | $ | 686 | $ | 635 | |||||||||||
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) | $ | 64 | $ | 301 | $ | (165 | ) | $ | (23 | ) | $ | 47 | $ | (124 | ) | $ | 100 | ||||
| Add back or deduct the following: | |||||||||||||||||||||
| Depreciation | 170 | 224 | 143 | 61 | 11 | — | 609 | ||||||||||||||
| Deferred income tax expense (recovery) | 4 | (205 | ) | (6 | ) | 39 | — | (13 | ) | (181 | ) | ||||||||||
| Foreign exchange and financial instrument loss (gain) | 21 | (201 | ) | (33 | ) | (22 | ) | (28 | ) | 8 | (255 | ) | |||||||||
| Other(11) | 16 | (11 | ) | 109 | 19 | 20 | 14 | 167 | |||||||||||||
| Management service costs | — | — | — | — | — | 56 | 56 | ||||||||||||||
| Interest expense | 203 | 194 | 117 | 54 | 1 | 55 | 624 | ||||||||||||||
| Current income tax expense (recovery) | 7 | — | 31 | (54 | ) | — | — | (16 | ) | ||||||||||||
| Amount attributable to equity accounted investments and non-controlling interests(12) | (184 | ) | (176 | ) | (61 | ) | (17 | ) | 34 | — | (404 | ) | |||||||||
| Adjusted EBITDA attributable to Unitholders | $ | 301 | $ | 126 | $ | 135 | $ | 57 | $ | 85 | $ | (4 | ) | $ | 700 | ||||||
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) | $ | 6 | $ | 8 | $ | (18 | ) | $ | 17 | $ | 9 | $ | (110 | ) | $ | (88 | ) | ||||
| Add back or deduct the following: | |||||||||||||||||||||
| Depreciation | 159 | 196 | 128 | 34 | — | — | 517 | ||||||||||||||
| Deferred income tax expense (recovery) | 6 | (1 | ) | 3 | 3 | (1 | ) | (7 | ) | 3 | |||||||||||
| Foreign exchange and financial instrument gain | (7 | ) | (72 | ) | (2 | ) | (15 | ) | (17 | ) | (3 | ) | (116 | ) | |||||||
| Other(11) | 50 | 43 | 37 | 12 | (18 | ) | 61 | 185 | |||||||||||||
| Management service costs | — | — | — | — | — | 53 | 53 | ||||||||||||||
| Interest expense | 199 | 118 | 79 | 40 | 6 | 47 | 489 | ||||||||||||||
| Current income tax expense (recovery) | 4 | 10 | 2 | 1 | — | (1 | ) | 16 | |||||||||||||
| Amount attributable to equity accounted investments and non-controlling interests(12) | (186 | ) | (166 | ) | (112 | ) | (38 | ) | 72 | — | (430 | ) | |||||||||
| Adjusted EBITDA attributable to Unitholders | $ | 231 | $ | 136 | $ | 117 | $ | 54 | $ | 51 | $ | 40 | $ | 629 | |||||||
RECONCILIATION OF NON-IFRS MEASURES
The following table reflects Adjusted EBITDA and provides a reconciliation to net income (loss) to Adjusted EBITDA for the six months ended
| (MILLIONS) | Hydroelectric | Wind | Utility- scale solar |
Distributed energy & storage |
Sustainable solutions |
Corporate | Total | ||||||||||||||
| Net income (loss) | $ | 138 | $ | 196 | $ | (268 | ) | $ | 95 | $ | 71 | $ | (240 | ) | $ | (8 | ) | ||||
| Add back or deduct the following: | |||||||||||||||||||||
| Depreciation | 329 | 445 | 277 | 118 | 23 | — | 1,192 | ||||||||||||||
| Deferred income tax expense (recovery) | 1 | (235 | ) | (32 | ) | 61 | — | (21 | ) | (226 | ) | ||||||||||
| Foreign exchange and financial instrument loss (gain) | 23 | (334 | ) | (112 | ) | (30 | ) | (64 | ) | 13 | (504 | ) | |||||||||
| Other(11) | 43 | 156 | 258 | 25 | 22 | 24 | 528 | ||||||||||||||
| Management service costs | — | — | — | — | — | 105 | 105 | ||||||||||||||
| Interest expense | 384 | 390 | 246 | 102 | 2 | 109 | 1,233 | ||||||||||||||
| Current income tax expense (recovery) | 38 | (1 | ) | 39 | (135 | ) | — | 2 | (57 | ) | |||||||||||
| Amount attributable to equity accounted investments and non-controlling interests(12) | (394 | ) | (362 | ) | (178 | ) | (57 | ) | 53 | — | (938 | ) | |||||||||
| Adjusted EBITDA attributable to Unitholders | $ | 562 | $ | 255 | $ | 230 | $ | 179 | $ | 107 | $ | (8 | ) | $ | 1,325 | ||||||
The following table reflects Adjusted EBITDA and provides a reconciliation to net income (loss) to Adjusted EBITDA for the six months ended
| (MILLIONS) | Hydroelectric | Wind | Utility- scale solar |
Distributed energy & storage |
Sustainable solutions |
Corporate | Total | ||||||||||||||
| Net income (loss) | $ | 128 | $ | 17 | $ | (79 | ) | $ | (11 | ) | $ | 3 | $ | (216 | ) | $ | (158 | ) | |||
| Add back or deduct the following: | |||||||||||||||||||||
| Depreciation | 320 | 406 | 224 | 65 | 4 | — | 1,019 | ||||||||||||||
| Deferred income tax expense (recovery) | 8 | (7 | ) | 2 | — | (1 | ) | (13 | ) | (11 | ) | ||||||||||
| Foreign exchange and financial instrument (gain) loss | (41 | ) | (147 | ) | 5 | (7 | ) | (40 | ) | (6 | ) | (236 | ) | ||||||||
| Other(11) | 3 | 14 | 16 | (12 | ) | (8 | ) | 77 | 90 | ||||||||||||
| Management service costs | — | — | — | — | — | 98 | 98 | ||||||||||||||
| Interest expense | 397 | 229 | 164 | 72 | 9 | 94 | 965 | ||||||||||||||
| Current income tax expense (recovery) | 22 | 19 | 2 | 2 | — | (1 | ) | 44 | |||||||||||||
| Amount attributable to equity accounted investments and non-controlling interests(12) | (313 | ) | (274 | ) | (127 | ) | (12 | ) | 119 | — | (607 | ) | |||||||||
| Adjusted EBITDA attributable to Unitholders | $ | 524 | $ | 257 | $ | 207 | $ | 97 | $ | 86 | $ | 33 | $ | 1,204 | |||||||
The following table reconciles the non-IFRS financial metrics to the most directly comparable IFRS measures. Net income is reconciled to Funds From Operations:
| For the three months ended |
For the six months ended |
||||||||||||
| UNAUDITED (MILLIONS) |
2025 | 2024 | 2025 | 2024 | |||||||||
| Net loss | $ | 100 | $ | (88 | ) | $ | (8 | ) | $ | (158 | ) | ||
| Add back or deduct the following: | |||||||||||||
| Depreciation | 609 | 517 | 1,192 | 1,019 | |||||||||
| Deferred income tax (recovery) gain | (181 | ) | 3 | (226 | ) | (11 | ) | ||||||
| Foreign exchange and financial instruments gain | (255 | ) | (116 | ) | (504 | ) | (236 | ) | |||||
| Other(13) | 167 | 185 | 528 | 90 | |||||||||
| Amount attributable to equity accounted investments and non-controlling interests(14) | (69 | ) | (162 | ) | (296 | ) | (69 | ) | |||||
| Funds From Operations | $ | 371 | $ | 339 | $ | 686 | $ | 635 | |||||
The following table reconciles the per Unit non-IFRS financial metrics to the most directly comparable IFRS measures. Net income per LP unit is reconciled to Funds From Operations per Unit:
| For the three months ended |
For the six months ended |
||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| Basic loss per LP unit(1) | $ | (0.22 | ) | $ | (0.28 | ) | $ | (0.58 | ) | $ | (0.51 | ) | |
| Adjusted for proportionate share of: | |||||||||||||
| Depreciation | 0.45 | 0.39 | 0.86 | 0.77 | |||||||||
| Deferred income tax recovery | (0.10 | ) | (0.01 | ) | (0.10 | ) | (0.05 | ) | |||||
| Foreign exchange and financial instruments gain | (0.03 | ) | (0.05 | ) | (0.03 | ) | (0.11 | ) | |||||
| Other(15) | 0.46 | 0.46 | 0.89 | 0.86 | |||||||||
| Funds From Operations per Unit(3) | $ | 0.56 | $ | 0.51 | $ | 1.04 | $ | 0.96 | |||||
REPORTS SECOND 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 three months ended |
For the six months ended |
||||||||||||||
| US$ millions (except per unit amounts), unaudited | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Select Financial Information | |||||||||||||||
| Net (loss) income attributable to the partnership | $ | (1,410 | ) | $ | (342 | ) | $ | (1,405 | ) | $ | 149 | ||||
| Funds From Operations (FFO)(2) | 198 | 219 | 337 | 438 | |||||||||||
BEPC reported FFO of
After deducting non-cash depreciation, remeasurement of shares classified as financial liability, and other non-cash items our Net loss attributable to the partnership for the three months ended
| Consolidated Statements of Financial Position | ||||||||
| As of | ||||||||
| UNAUDITED (MILLIONS) |
||||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 556 | $ | 624 | ||||
| Trade receivables and other financial assets(4) | 3,552 | 3,162 | ||||||
| Equity-accounted investments | 816 | 753 | ||||||
| Property, plant and equipment, at fair value and |
40,849 | 39,388 | ||||||
| Deferred income tax and other assets(5) | 261 | 202 | ||||||
| Total Assets | $ | 46,034 | $ | 44,129 | ||||
| Liabilities | ||||||||
| Borrowings which have recourse only to assets they finance(7) | $ | 14,362 | $ | 13,775 | ||||
| Accounts payable and other liabilities(8) | 4,425 | 3,153 | ||||||
| Deferred income tax liabilities | 6,840 | 6,493 | ||||||
| Shares classified as financial liabilities | 9,653 | 8,600 | ||||||
| Equity | ||||||||
| Non-controlling interests: | ||||||||
| Participating non-controlling interests – in operating subsidiaries | $ | 10,368 | $ | 10,508 | ||||
| Participating non-controlling interests – in a holding subsidiary held by the partnership | 270 | 259 | ||||||
| The partnership | 116 | 10,754 | 1,341 | 12,108 | ||||
| Total Liabilities and Equity | $ | 46,034 | $ | 44,129 | ||||
| Consolidated Statements of Income (Loss) | ||||||||||||||
| UNAUDITED (MILLIONS) |
For the three months ended |
For the six months ended |
||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| Revenues | $ | 952 | $ | 989 | $ | 1,859 | $ | 2,114 | ||||||
| Other income | 39 | 43 | 62 | 67 | ||||||||||
| Direct operating costs(9) | (353 | ) | (419 | ) | (721 | ) | (903 | ) | ||||||
| Management service costs | (26 | ) | (22 | ) | (49 | ) | (43 | ) | ||||||
| Interest expense | (425 | ) | (341 | ) | (838 | ) | (704 | ) | ||||||
| Share of gain (loss) from equity-accounted investments | 1 | (7 | ) | (1 | ) | (22 | ) | |||||||
| Foreign exchange and financial instrument (loss) gain | (26 | ) | 37 | (47 | ) | 66 | ||||||||
| Depreciation | (319 | ) | (312 | ) | (626 | ) | (657 | ) | ||||||
| Other | (15 | ) | (24 | ) | (32 | ) | 2 | |||||||
| Remeasurement of financial liability associated with our exchangeable shares(21) | (1,276 | ) | (277 | ) | (1,053 | ) | 271 | |||||||
| Income tax (expense) recovery | ||||||||||||||
| Current | (12 | ) | (9 | ) | (48 | ) | (29 | ) | ||||||
| Deferred | 13 | 3 | 42 | (10 | ) | |||||||||
| Net (loss) income | $ | (1,447 | ) | $ | (339 | ) | $ | (1,452 | ) | $ | 152 | |||
| Net (loss) income attributable to: | ||||||||||||||
| Non-controlling interests: | ||||||||||||||
| Participating non-controlling interests – in operating subsidiaries | (37 | ) | 1 | (47 | ) | 2 | ||||||||
| Participating non-controlling interests – in a holding subsidiary held by the partnership | — | 2 | — | 1 | ||||||||||
| The partnership | (1,410 | ) | (342 | ) | (1,405 | ) | 149 | |||||||
| $ | (1,447 | ) | $ | (339 | ) | $ | (1,452 | ) | $ | 152 | ||||
| Consolidated Statements of Cash Flows | ||||||||||||||
| UNAUDITED (MILLIONS) |
For the three months ended |
For the six months ended |
||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| Operating activities | ||||||||||||||
| Net (loss) income | $ | (1,447 | ) | $ | (339 | ) | $ | (1,452 | ) | $ | 152 | |||
| Adjustments for the following non-cash items: | ||||||||||||||
| Depreciation | 319 | 312 | 626 | 657 | ||||||||||
| Unrealized foreign exchange and financial instruments loss (gain) | 7 | (38 | ) | 9 | (66 | ) | ||||||||
| Share of (gain) loss from equity-accounted investments | (1 | ) | 7 | 1 | 22 | |||||||||
| Deferred income tax (recovery) expense | (13 | ) | (3 | ) | (42 | ) | 10 | |||||||
| Other non-cash items | 6 | 30 | 57 | 46 | ||||||||||
| Remeasurement of financial liability associated with our exchangeable shares(21) | 1,276 | 277 | 1,053 | (271 | ) | |||||||||
| 147 | 246 | 252 | 550 | |||||||||||
| Net change in working capital and other(10) | (8 | ) | (106 | ) | (3 | ) | (153 | ) | ||||||
| 139 | 140 | 249 | 397 | |||||||||||
| Financing activities | ||||||||||||||
| Non-recourse borrowings and related party borrowings, net | 73 | 99 | 225 | 230 | ||||||||||
| Capital contributions from participating non-controlling interests | 56 | 43 | 157 | 125 | ||||||||||
| Return of capital to participating non-controlling interests | — | (36 | ) | — | (36 | ) | ||||||||
| Distributions paid: | ||||||||||||||
| To participating non-controlling interests | (303 | ) | (188 | ) | (452 | ) | (264 | ) | ||||||
| To the partnership | (5 | ) | — | (5 | ) | — | ||||||||
| (179 | ) | (82 | ) | (75 | ) | 55 | ||||||||
| Investing activities | ||||||||||||||
| Investment in property, plant and equipment | (302 | ) | (199 | ) | (550 | ) | (476 | ) | ||||||
| Investment in equity-accounted investments | (21 | ) | — | (41 | ) | — | ||||||||
| (Purchases) disposals of subsidiaries, associates and other securities, net | 314 | 191 | 314 | 78 | ||||||||||
| Restricted cash and other | (27 | ) | (43 | ) | (11 | ) | (24 | ) | ||||||
| (36 | ) | (51 | ) | (288 | ) | (422 | ) | |||||||
| Cash and cash equivalents | ||||||||||||||
| (Decrease) increase | (76 | ) | 7 | (114 | ) | 30 | ||||||||
| Foreign exchange gain (loss) on cash | 19 | (30 | ) | 46 | (39 | ) | ||||||||
| Net change in cash classified within assets held for sale | (1 | ) | (2 | ) | — | (4 | ) | |||||||
| Balance, beginning of period | 614 | 639 | 624 | 627 | ||||||||||
| Balance, end of period | 556 | 614 | $ | 556 | $ | 614 | ||||||||
RECONCILIATION OF NON-IFRS MEASURES
The following table reconciles Net income (loss) to Funds From Operations:
| For the three months ended |
For the six months ended |
||||||||||||
| UNAUDITED (MILLIONS) |
2025 | 2024 | 2025 | 2024 | |||||||||
| Net (loss) income | $ | (1,447 | ) | $ | (339 | ) | (1,452 | ) | 152 | ||||
| Add back or deduct the following: | |||||||||||||
| Depreciation | 319 | 312 | 626 | 657 | |||||||||
| Deferred income tax (recovery) expense | (13 | ) | (3 | ) | (42 | ) | 10 | ||||||
| Foreign exchange and financial instruments loss (gain) | 26 | (37 | ) | 47 | (66 | ) | |||||||
| Other(16) | 17 | 59 | 67 | (145 | ) | ||||||||
| Dividends on BEPC exchangeable, class A.2 exchangeable shares and exchangeable shares of BRHC(17) | 133 | 64 | 296 | 129 | |||||||||
| Remeasurement of financial liability associated with our exchangeable shares(21) | 1,276 | 277 | 1,053 | (271 | ) | ||||||||
| Amount attributable to equity accounted investments and non-controlling interests(18) | (113 | ) | (114 | ) | (258 | ) | (28 | ) | |||||
| Funds From Operations | $ | 198 | $ | 219 | $ | 337 | $ | 438 | |||||
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, please see “Reconciliation of Non-IFRS Measures - Three Months Ended June 30” included elsewhere herein and “Financial Performance Review on Proportionate Information - Reconciliation of Non-IFRS Measures” included in our unaudited Q2 2025 interim report. For a reconciliation of FFO and FFO per Unit to the most directly comparable IFRS measure, please see “Reconciliation of Non-IFRS Measures - Six Months Ended June 30” included elsewhere herein and “Financial Performance Review on Proportionate Information - Reconciliation of Non-IFRS Measures” included in our unaudited Q2 2025 interim report.
References to
Endnotes
1) For the three and six months ended
2) Non-IFRS measures. Refer to “Cautionary Statement Regarding Use of Non-IFRS Measures”.
3) Average Units outstanding for the three and six 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 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 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) Other corresponds to amounts that are not related to the revenue earnings 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 concessions 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.
17) Balance is included within interest expense on the consolidated statements of income (loss).
18) 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.
19) Any references to capital refer to Brookfield's cash deployed, excluding any debt financing.
20) Available liquidity of over
(21) Reflects (losses) gains on shares with an exchange/redemption option that are classified as liabilities under IFRS.
Source:
| Title | Document |
|---|---|
English |