0001791863-26-000004
SEC filingBrookfield Renewable Corporation (BEPC) reported a net loss of $2.34B for FY 2025, compared to net income of $433M in 2024 and $308M in 2023, primarily due to $1.66B in remeasurement losses on exchangeable shares and $813M remeasurement of interests held in BRHC. Revenues were $3.73B, down 10% from $4.14B in 2024, driven by asset sales and lower hydrology in U.S./Brazil offsetting inflation escalations and strong Colombian hydro performance. Direct operating costs decreased 15% to $1.50B from $1.77B. Total assets grew to $46.27B from $44.13B, with property, plant & equipment at fair value at $39.70B (up from $38.70B). Non-recourse borrowings rose to $15.35B from $13.84B. Proportionate Adjusted EBITDA was stable at $1.17B vs $1.30B, while FFO fell to $628M from $794M. Cash from operations was $502M, down from $549M. Balance sheet remains strong with $3.94B current assets vs $15.45B current liabilities. FY 2025 reflects capital recycling and development investments amid challenging hydrology, positioning for growth amid rising clean energy demand.
Brookfield Renewable Corporation reported revenues of $3.73B for FY 2025, down 10% from $4.14B in 2024, primarily due to asset sales reducing generation by 4,568 GWh and lower hydrology in U.S./Brazil. Net loss was $2.34B vs $433M profit in 2024, driven by $1.66B remeasurement losses on exchangeable shares and $813M remeasurement of BRHC interests. Proportionate Adjusted EBITDA remained stable at $1.17B (2024: $1.30B), reflecting operational resilience. Total assets grew to $46.27B (up 5%), with property, plant & equipment at $39.70B. Non-recourse borrowings increased to $15.35B. Cash from operations was $502M, supporting $1.14B capex and distributions.
Revenues declined to $3.73B from $4.14B, impacted by dispositions ($346M revenue reduction) and hydrology variances. Proportionate revenues were stable at $1.78B. Hydroelectric contributed $1.30B (+9% YoY), wind $151M (-32%), utility-scale solar $224M (-6%), distributed energy $107M (-14%). 90% of proportionate generation contracted (avg 13-year term). Geographic: North America dominant, with South America benefiting from inflation escalations despite hydrology challenges.
Direct operating costs fell 15% to $1.50B from $1.77B, aiding proportionate Adjusted EBITDA stability. FFO dropped to $628M from $794M due to asset sales and hydrology. Revaluation surplus increased property, plant & equipment to $39.70B. Debt-to-total capitalization at 37% (2024: 34%), maintaining investment-grade profile.
Operating cash flow $502M (2024: $549M), investing outflow $576M (capex $1.14B offset by $882M dispositions). Financing inflow $96M (net borrowings $1.42B offset by $1.93B distributions). Liquidity $4.63B. Current assets $3.94B vs liabilities $15.45B; total equity $9.23B.
Focus on capital recycling ($1.1B+ proceeds 2025), development pipeline, and 5-9% FFO growth target. Rising AI/data center demand supports renewables. Risks: hydrology variability, interest rates, regulatory changes.