Brookfield Renewable中期報告：第二季淨虧損擴大惟FFO升13%至4.21億美元

bep-20260630_d2

OUR OPERATIONS
We invest in renewable power and sustainable solutions assets directly, as well as with institutional partners, joint venture partners and through other arrangements. Across our business, we leverage our extensive operating experience to maintain and enhance the value of assets, grow cash flows on an annual basis and cultivate positive relations with local stakeholders.
Our globally diversified portfolio of power assets has approximately 48,700 MW of operating capacity, annualized LTA generation of approximately 124,000 GWh and a development pipeline of over 200 GW with renewables making up over 97% of our operating capacity.
The table below outlines our portfolio of operating renewables facilities that we own, operate or own an economic interest in as at June 30, 2026 on a consolidated basis:

River
Systems
FacilitiesCapacity(1)
(MW)
LTA(2)
(GWh)
Storage
Capacity
(GWh)

Hydroelectric
North America(3)

United States29 139 2,905 11,868 2,559 
Canada19 33 1,368 5,264 1,261 
48 172 4,273 17,132 3,820 
Colombia(4)
11 31 3,373 16,656 3,703 
Brazil24 36 850 4,309 — 
83 239 8,496 38,097 7,523 
Wind(5)

North America— 59 7,158 22,504 — 
Europe— 61 5,221 17,726 — 
Brazil— 37 890 3,909 — 
Asia–Pacific— 80 3,584 9,433 — 
— 237 16,853 53,572 — 
Utility-scale solar(6)(7)
— 256 15,046 28,101 — 

Distributed generation & storage(8)
1 5,919 6,006 3,058 1,436 

Total renewable power84 6,651 46,401 122,828 8,959 

(1)Includes Assets held for sale. Refer to Note 4 - Assets held for sale.
(2)LTA is calculated based on our portfolio as at June 30, 2026, reflecting all facilities on a consolidated and an annualized basis from the beginning of the year, regardless of the acquisition, disposition or commercial operation date. See "Part 8 – Presentation to Stakeholders and Performance Measurement" for an explanation on our methodology in computing LTA and why we do not consider LTA for our pumped storage and certain of our other facilities.
(3)Includes three battery storage facilities in North America (36 MW).
(4)Includes two wind plants (32 MW) and ten solar plants (419 MW) in Colombia.
(5)Excludes 356 MW of wind capacity with an LTA of 911 GWh, included in our sustainable solutions segment.
(6)Excludes 333 MW of solar capacity with an LTA of 613 GWh, included in our sustainable solutions segment. 
(7)Includes one battery storage facility in North America (60 MW) and one battery storage facility in South America (3 MW).
(8)Includes pumped storage in North America (666 MW). 
We also have made investments in our sustainable solutions portfolio comprised of assets and businesses that enable the transition to net-zero where we can leverage our access to capital and partnerships to accelerate growth. This portfolio includes investments in Westinghouse (a leading global nuclear services business), a utility and independent power producer with operations in the Caribbean and Latin America, as well as both operating assets and a development pipeline of carbon capture and storage capacity, agricultural renewable natural gas, materials recycling and a pipeline of eFuels production capacity.

The following table presents the total annualized long-term average generation of our operating renewables facilities we own, operate, or own an economic interest in as at June 30, 2026 on a consolidated and quarterly basis: 

GENERATION (GWh)(1)
Q1Q2Q3Q4Total

Hydroelectric(2)
9,506 10,148 8,610 9,833 38,097 

Wind14,322 12,940 11,386 14,924 53,572 

Utility-scale solar5,853 8,086 8,473 5,689 28,101 

Distributed generation & storage663 908 878 609 3,058 

Total(3)
30,344 32,082 29,347 31,055 122,828 

(1)LTA is calculated based on our portfolio as at June 30, 2026 reflecting all renewables facilities we own, operate, or own an economic interest in on a consolidated and an annualized basis from the beginning of the year, regardless of the acquisition, disposition or commercial operation date. See "Part 8 – Presentation to Stakeholders and Performance Measurement" for an explanation on our methodology in computing LTA and why we do not consider LTA for our pumped storage and certain of our other facilities.
(2)Includes two wind plants (174 GWh) and ten solar plants (761 GWh) in Colombia.
(3)Excludes 613 GWh solar and 911 GWh wind LTA related to our sustainable solutions investments to facilitate the decarbonization of a utility and independent power producer with operations in the Caribbean and Latin America.

The following table presents the total annualized long-term average generation of our operating renewables facilities we own, operate, or own an economic interest in as at June 30, 2026 on a proportionate and quarterly basis:

GENERATION (GWh)(1)
Q1Q2Q3Q4Total

Hydroelectric(2)
5,464 5,890 4,857 5,469 21,680 

Wind2,407 2,268 1,907 2,513 9,095 

Utility-scale solar1,138 1,617 1,710 1,106 5,571 

Distributed generation132 181 173 122 608 

Total(3)
9,141 9,956 8,647 9,210 36,954 

(1)LTA is calculated based on our portfolio as at June 30, 2026 reflecting all renewables facilities we own, operate, or own an economic interest in on a proportionate and an annualized basis from the beginning of the year, regardless of the acquisition, disposition or commercial operation date. See "Part 8 – Presentation to Stakeholders and Performance Measurement" for an explanation on the calculation and relevance of proportionate information, our methodology in computing LTA and why we do not consider LTA for our pumped storage and certain of our other facilities.
(2)Includes two wind plants (65 GWh) and ten solar plants (284 GWh) in Colombia.
(3)Excludes 25 GWh solar and 39 GWh wind LTA related to our sustainable solutions investments to facilitate the decarbonization of a utility and independent power producer with operations in the Caribbean and Latin America.

Statement Regarding Forward-Looking Statements and Use of Non-IFRS Measures
This Interim Report contains forward-looking information within the meaning of U.S. and Canadian securities laws. We may make such statements in this Interim Report and in other filings with the U.S. Securities and Exchange Commission ("SEC") and with securities regulators in Canada – see "Part 8 – Presentation to Stakeholders and Performance Measurement". We make use of non-IFRS measures in this Interim Report – see "Part 8 – Presentation to Stakeholders and Performance Measurement". This Interim Report, our Form 20-F and additional information filed with the SEC and with securities regulators in Canada are available on our website at https://bep.brookfield.com, on the SEC's website at www.sec.gov or on SEDAR+'s website at www.sedarplus.ca.

OUR COMPETITIVE STRENGTHS
Brookfield Renewable Partners L.P. (together with its controlled entities, “Brookfield Renewable”) is a globally diversified, multi-technology, owner and operator of clean energy and sustainable solutions assets.
Our strategy is to utilize our global reach, scale capital and experience to acquire and develop high quality clean energy and sustainable solutions assets below intrinsic value, finance them on a long-term, low-risk and investment grade basis through a conservative financing strategy and then optimize cash flows by applying our operating expertise to enhance value or bring these assets into production, generating incremental cash flows for our business.
One of the largest, public decarbonization businesses globally with a strong track record of value creation. Brookfield Renewable has a 25-year track record as a publicly traded operator, developer and investor in renewable power and sustainable solution assets. Today we have a large, multi-technology and globally diversified portfolio that is supported by approximately 5,870 experienced employees (inclusive of employees employed by our consolidated portfolio companies). Brookfield Renewable invests in assets directly, as well as with institutional partners, joint venture partners and through other arrangements. We have also made investments in sustainable solutions, comprised of assets and businesses that enable the transition to net-zero where we can leverage our access to capital and partnerships to accelerate growth, and emerging transition asset classes where our initial investment positions us for potential future large scale decarbonization investment. Our sustainable solutions portfolio also includes investments in power transformation opportunities where we have invested in businesses to enable the reduction of greenhouse gas emissions through the deployment of traditional renewables.
Our globally diverse portfolio helps to mitigate resource variability, and improves consistency of our cash flows. Our organic growth and acquisitions are typically done through Brookfield's private funds and therefore on a proportionate basis Brookfield Renewable's business will continue to diversify but remain heavily weighted to our premium, critical hydroelectric assets.
Our renewable power portfolio consists of hydroelectric, wind, utility-scale solar, distributed generation and energy storage facilities in North America, South America, Europe and Asia-Pacific, and our total power portfolio consists of approximately 48,700 MW of installed capacity. We also have a large global development pipeline of over 200 GW. Our portfolio of sustainable solutions assets includes our investments in Westinghouse (a leading global nuclear services business), a utility and independent power producer with operations in the Caribbean and Latin America, as well as both operating assets and a development pipeline of carbon capture and storage capacity, agricultural renewable natural gas, materials recycling and a pipeline of eFuels production capacity.
 

Brookfield Renewable Partners L.P.Interim ReportJune 30, 2026

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The following charts illustrate Funds From Operations on a proportionate basis(1): 

(1) Figures based on Funds From Operations for the last twelve months, net to Brookfield Renewable, adjusted to long-term average generation and excluding other income.
Diverse and high-quality portfolio of renewable power and sustainable solutions assets. Brookfield Renewable has a complementary portfolio of hydroelectric, wind, utility-scale solar, energy storage and distributed generation and other sustainable solutions assets:
•Hydroelectric Power. Today, hydroelectric power is the largest segment in our portfolio and continues to be a premium and differentiated technology as one of the longest life, lowest-cost and cleanest forms of power generation. Hydroelectric plants have high cash margins and storage capacity with the ability to dispatch power at all hours of the day.
•Wind & Solar Power. Our wind and utility-scale solar generation facilities provide exposure to some of the fastest growing renewable power sectors, with high cash margins, zero fuel input cost, and diverse and scalable applications. Wind and solar are now among the lowest cost forms of power generation available globally. 
•Energy Storage & Distributed Generation. Our energy storage facilities provide the markets in which they are located with critical services to the grid, including dispatchable generation, and our distributed generation assets provide independent, secure, behind the meter power solutions to customers.
•Sustainable Solutions. Our sustainable solutions assets, such as carbon capture, renewable natural gas capacity, nuclear services and our eFuels business, are helping corporates and countries enhance their operations and achieve their net-zero goals.
With our scale, diversity, operating and development capabilities and the quality of our assets, we are competitively positioned relative to other renewable power and transition companies. Our large pipeline and differentiated capabilities provide significant scarcity value and growth potential for our investors. 

Brookfield Renewable Partners L.P.Interim ReportJune 30, 2026

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Best-in-class operators and developers. Brookfield Renewable has approximately 5,870 experienced operators (inclusive of employees employed by our consolidated portfolio companies) that are located across the globe to help optimize the performance and maximize the returns of all our assets. Our experience operating, developing, and managing power generation facilities spans over 120 years. We continue to accelerate our development activities as we build out our over 200 GW renewable power pipeline, and further enhance our decarbonization offering to our customers through the build out of our sustainable solutions assets, which includes opportunities to invest in material recycling, CCS, RNG, eFuels and others. Increasingly, the combination of our operating and developing capabilities with our growth pipeline is differentiating our business as the partner of choice for buyers of clean power and entities looking to decarbonize, driving the growth of our business.
Positioned to meet growing demand for power, accelerate decarbonization and improve the stability of electricity grids. Energy demand continues to accelerate, driven by the multi-decade trends of electrification and reindustrialization, and this has been further amplified by AI in recent years. Today, renewables are the lowest cost source of bulk power generation in most regions, and the most readily deployable, making them among the most viable solutions to help meet energy demand growth. We are positioned to meet this demand with our large, diverse global development pipeline and differentiated capabilities. In addition to power demand growth, renewables help mitigate energy security risks while also enabling corporates and governments to achieve their decarbonization goals. We believe that our scale and global operating, development and investing capabilities make us well positioned to partner with governments and corporates to help them achieve their transition targets, while also improving the stability of grids through the delivery of secure, low-cost renewable power. 
Strong financial profile and conservative financing strategy. Brookfield Renewable maintains a robust balance sheet, strong investment grade rating, and access to global capital markets to ensure cash flow resiliency through the cycle and flexibility to opportunistically deploy capital. Our approach to financing is to raise the majority of our debt in the form of asset-specific, non-recourse borrowings at our subsidiaries on an investment grade basis with no financial maintenance covenants. Approximately 90% of our debt is either investment grade rated or sized to investment grade metrics. Our corporate debt to market capitalization is approximately 13% and approximately 90% of our borrowings are non-recourse. Corporate borrowings and proportionate non-recourse borrowings have weighted-average terms of approximately 14 years and 10 years, respectively, with no material maturities over the next five years. Approximately 84% of our financings are effectively fixed rate and only 12% of our debt outside North America and Europe is exposed to changes in interest rates. Our available liquidity as at June 30, 2026 is over $5.1 billion of cash and cash equivalents, investments in marketable securities and the available portion of credit facilities.
Well positioned for cash flow growth and an attractive long-term distribution profile. We have diverse, reliable and derisked cash flow growth levers that help enable our stable distribution growth target of 5% to 9% annually. Our business is funded by internally generated cash flows, asset recycling and upfinancing which support organic development and acquisition activities that contribute to cash flow growth. Our operating cash flows also have embedded growth levers including inflation escalations in the vast majority of our contracts, potential margin expansion through revenue growth and cost reduction initiatives.
Disciplined investment strategy and differentiated capabilities. Our global scale, access to capital and capabilities across technologies allow us to flexibly deploy capital in order to earn strong risk-adjusted returns. We take a disciplined approach to allocating capital into development and acquisitions focused on downside protection and preservation of capital, leveraging Brookfield’s team of over 150 investment professionals globally who are dedicated to sourcing and underwriting accretive acquisitions on an opportunistic basis. Our ability to develop and acquire assets is strengthened by our operating and project development teams across the globe, our commercial and supplier relationships, our strategic relationship with Brookfield, and our liquidity and capitalization profile.
Differentiated approach to asset development and asset management. We employ a conservative, differentiated approach with respect to asset development and management whereby we look to remove what we call “basis risk” before committing significant capital. To do this, we look to secure financing, customer agreements and engineering, procurement and construction contracts concurrently so we have strong visibility on cash flows and can lock-in our target returns. Where possible, we look to secure fixed rate financing, inflation indexed customer agreements and full wrap construction contracts to minimize uncertainty and provide strong visibility to our cash flows. 

Brookfield Renewable Partners L.P.Interim ReportJune 30, 2026

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Management’s Discussion and Analysis
For the three and six months ended June 30, 2026

This Management’s Discussion and Analysis for the three and six months ended June 30, 2026 is provided as of July 31, 2026. Unless the context indicates or requires otherwise, the terms “Brookfield Renewable”, “we”, “us”, and “our company” mean Brookfield Renewable Partners L.P. and its controlled entities. The ultimate parent of Brookfield Renewable is Brookfield Corporation (“Brookfield Corporation”). Brookfield Corporation and its subsidiaries, other than Brookfield Renewable, and unless the context otherwise requires, includes Brookfield Asset Management Ltd (“Brookfield Asset Management”), are also individually and collectively referred to as “Brookfield” in this Management’s Discussion and Analysis. The term “Brookfield Holders” means Brookfield, Brookfield Wealth Solutions and their related parties. The term “Brookfield Fund” means a private fund managed by Brookfield Asset Management and its subsidiaries. The term “consortium managed by BAM” means an investment vehicle managed by Brookfield Asset Management and its subsidiaries.
Brookfield Renewable’s consolidated equity interests include the non-voting publicly traded limited partnership units (“LP units”) held by public unitholders and Brookfield, class A BEPC exchangeable subordinate voting shares ("BEPC exchangeable shares") of Brookfield Renewable Corporation ("BEPC") held by public shareholders and Brookfield Wealth Solutions, class A.2 BRHC exchangeable non-voting shares (“class A.2 exchangeable shares”) of Brookfield Renewable Holdings Corporation (formerly, Brookfield Renewable Corporation) “BRHC” held by Brookfield, redeemable/exchangeable partnership units (“Redeemable/Exchangeable partnership units”) in Brookfield Renewable Energy L.P. (“BRELP”), a holding subsidiary of Brookfield Renewable, held by Brookfield, and a general partnership interest (“GP interest”) in BRELP held by Brookfield. Holders of the LP units, Redeemable/Exchangeable partnership units, GP interest, BEPC exchangeable shares and class A.2 exchangeable shares will be collectively referred to throughout as “Unitholders” unless the context indicates or requires otherwise. LP units, Redeemable/Exchangeable partnership units, GP interest, BEPC exchangeable shares and class A.2 exchangeable shares will be collectively referred to throughout as "Units", or as "per Unit", unless the context indicates or requires otherwise. The LP units, BEPC exchangeable shares and class A.2 exchangeable shares, and Redeemable/Exchangeable partnership units have the same economic attributes in all respects. See – “Part 8 – Presentation to Stakeholders and Performance Measurement”.
Brookfield Renewable’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), which require estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as at the date of the financial statements and the amounts of revenue and expense during the reporting periods.
Certain comparative figures have been reclassified to conform to the current year’s presentation.
References to $, C$, €, R$, £, COP and A$ are to United States (“U.S.”) dollars, Canadian dollars, Euros, Brazilian reais, British pounds sterling, Colombian pesos and Australian dollars respectively. Unless otherwise indicated, all dollar amounts are expressed in U.S. dollars.
For a description of our operational and segmented information and for the non-IFRS financial measures we use to explain our financial results see “Part 8 – Presentation to Stakeholders and Performance Measurement”. For a reconciliation of the non-IFRS financial measures to the most comparable IFRS financial measures, see “Part 4 – Financial Performance Review on Proportionate Information – Reconciliation of non-IFRS measures”. This Management’s Discussion and Analysis contains forward-looking information within the meaning of U.S. and Canadian securities laws. Refer to – “Part 9 – Cautionary Statements” for cautionary statements regarding forward-looking statements and the use of non-IFRS measures. Our Annual Report and additional information filed with the Securities Exchange Commission (“SEC”) and with securities regulators in Canada are available on our website (https://bep.brookfield.com), on the SEC’s website (www.sec.gov/edgar.shtml), or on SEDAR+ (www.sedarplus.ca).

Organization of the Management’s Discussion and Analysis

Part 1 – Q2 2026 Highlights8
Part 5 – Liquidity and Capital Resources (continued)
Borrowings30

Part 2 – Financial Performance Review on Consolidated Information11
Capital expenditures31

Consolidated statements of cash flows32

Shares and units outstanding33

Part 3 – Additional Consolidated Financial Information13
Dividends and distributions34

Summary consolidated statements of financial position13
Contractual obligations34

Related party transactions13
Supplemental guarantor financial information34

Equity18
Off-statement of financial position arrangements35

Part 4 – Financial Performance Review on Proportionate Information20Part 6 – Selected Quarterly Information36

Summary of historical quarterly results36

Proportionate results for the three months ended June 3020

Reconciliation of non-IFRS measures25
Part 7 – Critical Estimates, Accounting Policies and Internal Controls41

Contract profile28

Part 8 – Presentation to Stakeholders and Performance Measurement43

Part 5 – Liquidity and Capital Resources29

Capitalization29
Part 9 – Cautionary Statements47

Available liquidity29

Brookfield Renewable Partners L.P.Interim ReportJune 30, 2026

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PART 1 – Q2 2026 HIGHLIGHTS

Three months ended June 30Six months ended June 30

(MILLIONS, EXCEPT AS NOTED)2026202520262025
Select financial information
Revenues$1,710 $1,692 $3,224 $3,272 
Net loss attributable to Unitholders(1)
(213)(112)(442)(309)
Basic and diluted loss per LP unit(2)
(0.37)(0.22)(0.77)(0.58)

Proportionate Adjusted EBITDA(3)
831 700 1,587 1,325 
Funds From Operations(3)
421 371 796 686 
Funds From Operations per Unit(3)(4)
0.62 0.56 1.17 1.04 
Distribution per LP unit0.39 0.37 0.78 0.75 

Operational information
Capacity (MW)48,676 47,549 48,676 47,549 
Total generation (GWh)
Long-term average generation32,061 31,450 62,654 61,926 
Actual generation30,086 30,650 60,458 59,658 

Proportionate generation (GWh)

Actual Renewable generation9,378 9,542 18,260 18,212 

(1)For the three and six months ended, includes $112 million and $234 million of loss attributed to Limited Partner equity, $69 million and $140 million of loss attributed to BEPC exchangeable shares and class A.2 exchangeable shares, $72 million and $149 million of loss attributed to Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield, and $40 million and $81 million of income attributed to General partnership interest in a holding subsidiary held by Brookfield.
(2)Average LP units for the three and six months ended June 30, 2026 were 302.3 million and 303.9 million, respectively (2025: 283.8 million and 284.3 million).
(3)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure, See “Part 4 – Financial Performance Review on Proportionate Information – Reconciliation of non-IFRS measures” and “Part 9 – Cautionary Statements”.
(4)Average Units outstanding for the three and six months ended June 30, 2026 were 684.3 million and 684.4 million, respectively (2025: 661.9 million and 662.4 million), being inclusive of our LP units, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and class A.2 exchangeable shares and GP interest.

(MILLIONS, EXCEPT AS NOTED)June 30, 2026December 31, 2025
Liquidity and Capital Resources
Available liquidity$5,127$4,625
Debt to capitalization – Corporate13 %14 %
Debt to capitalization – Consolidated38 %39 %
Non-recourse borrowings as a percentage of total borrowings – Consolidated90 %90 %
Fixed rate debt as a percentage of total borrowings on a proportionate basis(1)
96 %96 %
Corporate borrowings
Weighted average debt term to maturity14 years13 years
Weighted average interest rate4.6 %4.6 %
Non-recourse borrowings on a proportionate basis
Weighted average debt term to maturity10 years10 years
Weighted average interest rate6.1 %5.9 %

(1)Total floating rate debt as a percentage of total borrowings is 16% (2025: 16%) of which 12% (2025: 12%) is related to floating rate debt of certain regions outside of North America and Europe due to the high cost of hedging associated with those regions.

Brookfield Renewable Partners L.P.Interim ReportJune 30, 2026

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Operations
Funds From Operations of $421 million or $0.62 on a per Unit basis, representing an 11% increase from the prior year driven by:
•Contributions from our diverse, global fleet with embedded growth from our contracted and inflation-linked cash flows;
•Recent acquisitions, including Geronimo Power and our increased stake in Isagen;
•Continued growth from our scaling development activities, including approximately 8,300 MW of new development projects reaching commercial operation in the past 12 months; and
•Gains on sales from our recurring and scaling capital recycling activities
After deducting non-cash depreciation, foreign exchange and derivative gains or losses and other, net loss attributable to Unitholders for the three months ended June 30, 2026 was $213 million.
We strengthened our position as the global partner of choice for the world’s largest buyers of power delivering differentiated energy solutions. 
•Advanced commercial initiatives, contracting ~2,600 MW of our advanced stage projects during the quarter
During the quarter the U.S. Department of Energy conditionally committed up to $17.5 billion in loan facilities to finance long-lead equipment for the deployment of up to 10 Westinghouse AP1000 nuclear reactors in the U.S.
Liquidity and Capital Resources
Our best-in-class balance sheet with investment grade BBB+ credit rating and access to diverse sources of capital continues to differentiate our business and support our growth initiatives:
•Our financial position remains strong with $5.1 billion of available liquidity providing substantial flexibility to deploy capital into growth opportunities across our core markets;
•We completed a C$200 million preferred unit issuance that was upsized in response to strong investor demand and priced with a 5.75% coupon, achieving our second-lowest reset spread ever for this type of instrument
Together with our institutional partners, we completed or reached agreements to sell assets generating ~$2.2 billion (~$630 million net to Brookfield Renewable), including:
•Signing an agreement to sell a ~570 MW portfolio of operating solar and wind assets from our European development businesses to a newly formed European renewable power platform. The transaction is expected to generate proceeds of approximately $490 million (~$85 million net to Brookfield Renewable);
•We agreed to sell a portfolio of solar assets that we developed and small non-core hydro assets from our Isagen business in Colombia across two transactions for ~$590 million in expected proceeds (~$220 million net to Brookfield Renewable). The transactions will crystallize development gains and value creation across our hydro fleet through the extension of contracts and operational improvements;
•Closed the sale of an additional 25% interest in a 403 MW portfolio of non-core operating hydro assets in the U.S., generating proceeds of approximately $260 million (~$125 million net to Brookfield Renewable); and
•We closed two-thirds of the sale of ~2,100 MW of assets to the Northview Energy platform in the quarter, generating proceeds of $790 million (~$200 million net to Brookfield Renewable), and closed the remaining third subsequent to quarter-end
BEP Simplification
•Approved plans to simplify our corporate structure by converting BEP and BEPC into one publicly traded corporation. We expect the simplification to be tax-deferred for Canadian and U.S. investors and provide several benefits to all securityholders. The simplification is subject to unitholder and shareholder approval and expected to close before year-end

Brookfield Renewable Partners L.P.Interim ReportJune 30, 2026

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Growth and Development
We continue to execute on our growth priorities, committing or deploying up to $5 billion (~$760 million net to Brookfield Renewable) of capital, further enhancing and diversifying our cash flows:
•Together with our institutional investors, we announced an agreement to acquire Aypa, the largest standalone battery energy storage platform in North America with ~3,000 MW of highly contracted operating and under construction battery storage assets, an additional ~3,500 MW of contracted projects and a further +20 GW development pipeline in strategic markets
We continue to accelerate our development activities 
•Commissioned approximately 3,100 MW and 8,300 MW of new utility-scale solar, wind and battery storage projects year to date and in the last twelve months, respectively, and continue to expect to deliver ~10,000 MW of new projects per year starting in 2027

Brookfield Renewable Partners L.P.Interim ReportJune 30, 2026

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PART 2 – FINANCIAL PERFORMANCE REVIEW ON CONSOLIDATED INFORMATION
The following table reflects key financial data for the three and six months ended June 30:

Three months ended June 30Six months ended June 30
(MILLIONS, EXCEPT AS NOTED)2026202520262025

Revenues$1,710 $1,692 $3,224 $3,272 
Other income246 62 384 232 
Direct operating costs(783)(699)(1,562)(1,374)
Management service costs(77)(56)(150)(105)
Interest expense(658)(624)(1,297)(1,233)

Foreign exchange and financial instrument gain4 255 224 504 
Depreciation(558)(609)(1,106)(1,192)
Other(221)(61)(405)(322)
Income tax recovery 5 197 40 283 
Net (loss) income$(287)$100 $(582)$(8)

Average FX rates to USD
C$1.38 1.38 1.38 1.41 
€0.86 0.88 0.86 0.92 
R$5.05 5.67 5.15 5.76 

COP3,610 4,198 3,654 4,195 

Variance Analysis For The Three Months Ended June 30, 2026
Revenues totaling $1,710 million represents an increase of $18 million over the same period in the prior year as the benefits from the growth of our business, higher realized pricing and favorable foreign exchange were partially offset by recently completed asset sales and unfavorable generation in our U.S and Colombia hydroelectric businesses. Recently acquired and commissioned facilities, that we consolidate, contributed 1,002 GWh of generation and $64 million to revenues which was partially offset by our recently completed asset sales that reduced generation by 3,152 GWh and revenues by $235 million. On a same store, constant currency basis, revenue increased by $109 million from the benefits of higher spot pricing in Colombia caused by lower system-wide hydrology, higher generation at our wind assets in the U.S. and stronger hydrology in Canada, which were partially offset by lower hydrology at our U.S. and Colombia hydroelectric businesses.
The strengthening of foreign currencies against the U.S. dollar relative to the same period in the prior year increased revenues by $80 million, which was partially offset by a $61 million unfavorable foreign exchange impact on our direct operating costs and interest expense for the quarter.
Direct operating costs totaling $783 million represents an increase of $84 million over the same period in the prior year primarily due to higher power purchases in Colombia, which are passed through to our customers, additional costs from our recently acquired and commissioned facilities and the above noted strengthening of foreign currencies against the U.S. dollar, partially offset by recently completed asset sales.
Other income totaling $246 million represents an increase of $184 million due to the gains on sale of a portfolio of solar and wind assets in the U.S. and the benefit of commercial initiatives as part of our capital recycling initiatives. 
Management service costs totaling $77 million represents an increase of $21 million over the same period in the prior due to the growth of our business.
Interest expense totaling $658 million represents an increase of $34 million over the same period in the prior year due to financing initiatives to fund growth and the above noted strengthening of foreign currencies against the U.S. dollar, partially offset by recently completed asset sales.
Foreign exchange and financial instruments gain totaling $4 million represents a decrease of $251 million due to unrealized foreign exchange impacts associated with shareholder loans.

Brookfield Renewable Partners L.P.Interim ReportJune 30, 2026

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Depreciation expense totaling $558 million represents a decrease of $51 million over the same period in the prior year due to recently completed asset sales.
Income tax recovery represents a decrease of $192 million over the same period in the prior year due primarily to the simplification of Neoen’s organizational structure that resulted in a deferred income tax recovery of $161 million benefiting the prior year.
Net loss totaling $287 million represents a decrease of $387 million over the prior year primarily due to the above noted items.

Variance Analysis For The Six Months Ended June 30, 2026 
Revenues totaling $3,224 million represents a decrease of $48 million over the same period in the prior year as the benefits from the growth of our business, higher realized pricing and favorable foreign exchange were more than offset by unfavorable hydrology at our U.S. business and recently completed asset sales. Recently acquired and commissioned facilities that we consolidate contributed 1,514 GWh of generation and $100 million to revenue, offset by recently completed asset sales that reduced generation by 4,867 GWh and revenue by $396 million. On a same store, constant currency basis, revenues increased by $85 million as the benefits from higher resources at our Canada and Colombia hydroelectric assets and higher spot pricing in Colombia caused by lower system-wide hydrology were partially offset by unfavorable hydrology at our U.S. businesses and lower generation at our solar assets in Europe.
The strengthening of foreign currencies against the U.S. dollar relative to the same period in the prior year across most currencies increased revenues by $163 million, which was partially offset by a $125 million unfavorable foreign exchange impact on our direct operating costs and interest expense for the year.
Direct operating costs totaling $1,562 million represents an increase of $188 million over the same period in the prior year due primarily to higher power purchases in Colombia, which are passed through to our customers, additional costs from our recently acquired and commissioned facilities and the above noted strengthening of foreign currencies against the U.S. dollar, partially offset by recently completed asset sales.
Other income totaling $384 million represents an increase of $152 million due to the gains on sale of a portfolio of solar and wind assets in the U.S. and the benefit of commercial initiatives as part of our capital recycling initiatives. 
Management service costs totaling $150 million represents an increase of $45 million over the same period in the prior year due to the growth of our business.
Interest expense totaling $1,297 million represents an increase of $64 million over the same period in the prior year due to financing initiatives to fund growth and the above noted strengthening of foreign currencies against the U.S. dollar.
Foreign exchange and financial instruments gain totaling $224 million represents a decrease of $280 million as increases in global power prices led to a $185 million mark-to-market impact on our long-term energy derivative contracts compared to the prior year and unrealized foreign exchange impacts associated with shareholder loans were partially offset by increased tax equity gains associated with our growing development activities.
Depreciation expense totaling $1,106 million represents a decrease of $86 million over the same period in the prior year due to recently completed asset sales.
Income tax recovery represents a decrease of $243 million over the same period in the prior year primarily due to the simplification of Neoen’s organizational structure that resulted in a deferred income tax recovery of $161 million benefiting the prior year.
Net loss totaling $582 million represents an increase of $574 million over the prior year due to the above noted items, which was partially offset by stamp duties levied in the prior year upon reaching prescribed ownership thresholds in certain jurisdictions Neoen operates.

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PART 3 – ADDITIONAL CONSOLIDATED FINANCIAL INFORMATION
SUMMARY CONSOLIDATED STATEMENTS OF FINANCIAL POSITION 
The following table provides a summary of the key line items on the unaudited interim consolidated statements of financial position:

(MILLIONS)June 30, 2026December 31, 2025
Current assets$10,775 $12,298 
Equity-accounted investments3,714 4,087 
Property, plant and equipment69,616 70,456 
Assets held for sale4,534 6,142 
Total assets96,745 98,701 
Corporate borrowings4,882 3,686 
Non-recourse borrowings32,050 31,206 
Deferred income tax liabilities9,409 9,395 
Liabilities directly associated with assets held for sale1,902 4,021 
Total liabilities and equity96,745 

98,701 

Spot FX rates to USD
C$1.42 1.37 
€0.88 0.85 
R$5.18 5.50 

COP3,444 3,757 

Property, plant and equipment & Equity-accounted investments
Property, plant and equipment totaled $69.6 billion as at June 30, 2026 compared to $70.5 billion as at December 31, 2025, representing a decrease of $0.9 billion. Our continued investments in the development of power generating assets increased property, plant and equipment by $2.3 billion, and the appreciation of most currencies against the U.S. dollar increased property, plant and equipment by $1.3 billion. These increases were offset by disposals and assets reclassified to held for sale that decreased property, plant and equipment by $3.4 billion and depreciation expense that decreased property, plant and equipment by $1.1 billion.
Equity-accounted investments totaled $3.7 billion as at June 30, 2026, compared to $4.1 billion as at December 31, 2025, representing a decrease of $0.4 billion from distributions and the partial disposition of a renewable power operating and development platform in India.
Assets held for sale and Liabilities directly associated with assets held for sale
Assets held for sale and Liabilities directly associated with assets held for sale totaled $4.5 billion and $1.9 billion, respectively, as at June 30, 2026 and are comprised of a 448 MW portfolio of operating hydroelectric assets in the United States, a 218 MW portfolio of operating solar and hydroelectric assets in Colombia, a 39 MW portfolio of operating hydroelectric assets in Colombia, a 420 MW portfolio of operating solar and wind assets in Europe, a 33% interest in a 2.1 GW portfolio of operating solar and wind assets in the United States, and a 246 MW portfolio of solar assets in the United States.

RELATED PARTY TRANSACTIONS 
Brookfield Renewable's related party transactions are in the normal course of business and are recorded at the exchange amount. Brookfield Renewable's related party transactions are primarily with Brookfield and their related parties.
Brookfield Renewable sells electricity to Brookfield through a single long-term PPA across Brookfield Renewable’s New York hydroelectric facilities. Brookfield will support the price that Brookfield Renewable receives for energy generated by certain facilities in the United States.

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Brookfield Renewable has entered into voting agreements with Brookfield, whereby Brookfield Renewable gained control of the entities that own certain renewable power generating facilities. Brookfield Renewable has also entered into a voting agreement with its consortium partners in respect of Isagen and Neoen. The voting agreements provide Brookfield Renewable the authority to direct the election of the Boards of Directors of the relevant entities, among other things, and therefore provide Brookfield Renewable with control. Accordingly, Brookfield Renewable consolidates the accounts of these entities.
Brookfield Renewable participates with institutional partners in Brookfield Americas Infrastructure Fund, Brookfield Infrastructure Fund II, Brookfield Infrastructure Fund III, Brookfield Infrastructure Fund IV, Brookfield Infrastructure Fund V, Brookfield Infrastructure Income Fund, Brookfield Infrastructure Debt Fund, Brookfield Global Transition Fund I, Brookfield Global Transition Fund II, and The Catalytic Transition Fund (“Private Funds”). Brookfield Renewable, together with our institutional partners, has access to financing under Brookfield sponsored credit facilities.
From time to time, in order to facilitate investment activities in a timely and efficient manner, Brookfield Renewable will fund deposits or incur other costs and expenses (including by use of loan facilities to consummate, support, guarantee or issue letters of credit) in respect of an investment that ultimately will be shared with or made entirely by Brookfield sponsored vehicles, consortiums and/or partnerships (including private funds, joint ventures and similar arrangements), Brookfield Renewable, or by co-investors.
Brookfield Corporation has provided a $400 million committed unsecured revolving credit facility maturing in December 2030 and the draws bear interest at Secured Overnight Financing Rate plus a margin of 1.80%. During the current period, there were no draws on the committed unsecured revolving credit facility provided by Brookfield Corporation. 
Brookfield Corporation may from time to time place funds on deposit with Brookfield Renewable, which are repayable on demand including any interest accrued. There were nil funds placed on deposit with Brookfield Renewable as at June 30, 2026 (December 31, 2025: nil). The interest expense on the Brookfield Corporation revolving credit facility and deposit for the three and six months ended June 30, 2026 totaled nil (2025: nil). 
From time to time Brookfield Renewable may enter into short-term arrangements with private funds consolidated by Brookfield that permit such entities to place funds on deposit with Brookfield Renewable up to a limit of $750 million per deposit. Interest earned or incurred on such deposits is between the interest rate that would otherwise be payable by Brookfield Renewable under its commercial paper program or credit facilities with unrelated parties and the interest rate that would otherwise be available to the applicable depositing party in similar transactions on an arms’ length basis with unrelated parties. Each deposit carries a maturity date which must not exceed three months, however the private fund consolidated by Brookfield may request repayment upon three business days’ written notice. As at June 30, 2026, there were nil (December 31, 2025: $268 million) funds placed on deposit with Brookfield Renewable, which carries an interest rate of nil. Deposits placed are reflected within due to related parties on the consolidated statements of financial position. Interest expense paid on the deposits for the for the three and six months ended June 30, 2026 totaled less than $1 million (2025: nil).
From time to time, Brookfield Wealth Solutions and its related entities may agree to provide financing to Brookfield Renewable. In addition, Brookfield Wealth Solutions and its related entities may also participate, alongside unaffiliated third parties on market terms and at market rates, in capital raises undertaken by Brookfield Renewable that are recognized within preferred limited partners’ equity, corporate and non-recourse borrowings in the statement of financial position. As at June 30, 2026, Brookfield Renewable, together with its institutional partners had the following balances owing to Brookfield Wealth Solutions: $268 million of non-recourse borrowings (December 31, 2025: $58 million); $7 million of corporate borrowings (December 31, 2025: $7 million); tax equity financings classified as financial instrument liabilities of $59 million (December 31, 2025: $49 million); preferred limited partners equity of $11 million (December 31, 2025: $11 million); and $743 million of borrowings classified as due to related party (December 31, 2025: $750 million). 
From time to time, Brookfield Renewable, together with its institutional partners, may enter into agreements with Brookfield and its subsidiaries to transfer income tax credits generated by renewable energy projects. During the three and six months ended June 30, 2026, Brookfield Renewable transferred nil and nil, respectively (2025: nil and $19 million, respectively) of income tax credits to Brookfield and its subsidiaries.
During the six months ended, June 30, 2026, an associate of Brookfield Renewable executed tax credit transfer agreements on market terms to subsidiaries of Brookfield Infrastructure Partners L.P. for $46 million, an associate of Brookfield Business Corporation for $92 million, and a subsidiary of Brookfield for $19 million. 

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During the first quarter of 2026, as part of the finalization of the Neoen structure, certain interest bearing loans due to affiliates of Brookfield Renewable were reclassified from current to non-current and continue to be recorded within due to related parties. These loans mature in 2037.
During the first quarter of 2026, Brookfield Renewable, together with its institutional partners, agreed to the sale of a 2.3 GW portfolio of operating solar and wind assets in the United States for proceeds of approximately $1.3 billion ($316 million net to Brookfield Renewable), of which 33% was agreed to be sold to a Brookfield Fund, at a value equivalent to what was agreed to with the unaffiliated third parties that agreed to acquire the remaining 67% interest in the portfolio. During the second quarter of 2026, Brookfield Renewable, together with its institutional partners, completed the sale of a 33% interest in 2.1 GW of the portfolio for proceeds of approximately $394 million ($100 million net to Brookfield Renewable), to the Brookfield Fund. 
During the second quarter of 2026, Brookfield Renewable, together with its institutional partners, agreed to the sale of its remaining 50% interest in a 403 MW portfolio of operating hydroelectric assets in the United States for proceeds of up to $522 million ($249 million net to Brookfield Renewable), to a consortium managed by BAM, at a value equivalent to what was agreed to with an unaffiliated third party that acquired 25% of the portfolio during the first quarter of 2026. As part of this transaction, the sale of a 25% interest in the portfolio closed during the second quarter of 2026 for proceeds of approximately $261 million ($127 million net to Brookfield Renewable). The closing of the remainder of this transaction is subject to customary closing conditions.
During the second quarter of 2026, Brookfield Renewable, together with its institutional partners, agreed to the sale of a 420 MW portfolio of operating solar and wind assets in Europe for proceeds of approximately €352 million ($408 million) (€65 million ($76 million) net to Brookfield Renewable). As part of this transaction, an associate of Brookfield Renewable agreed to sell a 151 MW portfolio of operating solar assets in Europe. A 50% interest in these portfolios was agreed to be sold to Brookfield Fund, at a value equivalent to what was agreed to with the unaffiliated third party that agreed to acquire the remaining 50% interest. The closing of this transaction is subject to customary closing conditions. 
During the second quarter of 2026, an entity affiliated with Brookfield Renewable completed the syndication of a 1.63% interest in Neoen for proceeds of approximately €160 million ($182 million), to a Brookfield Fund, at a value equivalent to the initial invested capital agreed to with unaffiliated third parties.