BEPC · Brookfield Renewable Corporation

Brookfield Renewable delivered record first quarter results with FFO reaching $375 million, a 19% increase from $315 million in Q1 2025, or 15% per unit growth to $0.55, supported by its diversified global renewable fleet including hydroelectric, wind, solar, and emerging sustainable solutions. Hydroelectric FFO rose nearly 30% to $210 million on strong pricing, robust generation in Canada and Colombia, and gains from selling a 25% stake in non-core U.S. hydro assets, despite weaker U.S. hydrology from delayed snowmelt. Wind and solar segments surged over 60% to a combined $245 million, boosted by development contributions, acquisitions of Neoen and Geronimo Power, and sales gains from Deriva, OnPath, and CleanMax's India IPO. Distributed energy, storage, and solutions added $58 million, with Westinghouse driving growth in nuclear services and reactor engineering. Strategic growth included committing up to $2.2 billion ($550 million net) in capital, highlighted by the Boralex acquisition agreement for a platform with 4GW operating/under-construction assets and an 8GW pipeline in Canada, France, U.S., and U.K., enhancing scale in high-barrier markets. Development delivered 1.8GW new capacity and contracted 1.7GW, on track for 10GW annual pace by 2027. Capital recycling generated $2.8 billion ($820 million net) from deals like the $1.3 billion Northview U.S. wind/solar sale, CleanMax IPO yielding $185 million ($40 million net) with 25% IRR and retained 20% stake, full U.S. hydro monetization for $1 billion ($500 million net), and Deriva solar sale for $400 million (~$70 million net). Balance sheet strengthened via $4 billion financings, including C$500 million 30-year notes at record-tight 5.2% spread, lifting corporate debt maturity to 14 years and liquidity to $4.7 billion. Launched BEPC at-the-market program, issuing 2.8 million shares to repurchase equivalent BEP units for $27 million gains. Quarterly distribution of $0.392 per unit maintained, signaling confidence in sustainable cash flow growth amid rising energy demand and security focus.