Brookfield Renewable Reports Third Quarter Results

Executive Summary

• Brookfield Renewable Partners L.P. reported Q3 2025 unaudited results: Funds From Operations (FFO) of $302 million ($0.46 per unit), a 10% YoY increase, while net loss narrowed to $120 million versus $181 million a year earlier.
• The company announced a transformational partnership with the U.S. Government and Cameo to deploy Westinghouse nuclear reactors, with the government committing at least $80 billion to new reactor construction.
• Liquidity remains strong with $4.7 billion of available cash and $7.7 billion of financings completed in the quarter, supporting further growth investments and up‑financings.

Key Details

• Financial Performance (Three months ended Sep 30, 2025)
• Net loss attributable to unitholders: $(120) million (‑$0.23 per unit).
• Funds From Operations (FFO): $302 million, or $0.46 per unit (+10% YoY).

• Adjusted EBITDA: $629 million (up from $578 million in Q3 2024).

• Financial Performance (Nine months ended Sep 30, 2025)

• Net loss attributable to unitholders: $(429) million (‑$0.81 per unit).

• FFO for nine months: $988 million, or $1.49 per unit (+8% YoY).

• Operating Highlights

• Hydro segment FFO: $119 million (up YoY), driven by Canadian/Colombian generation and higher U.S. pricing.
• Wind & Solar combined FFO: $177 million, supported by acquisitions of Neoen, Geronimo Power, and UK wind assets.

• Distributed Energy, Storage & Sustainable Solutions segment FFO: $127 million, up >30% YoY on Westinghouse growth and Neoen acquisition.

• Strategic Partnerships & Transactions

• U.S. Government–Westinghouse partnership: U.S. to invest ≥ $80 billion in new nuclear reactors; Brookfield gains long‑term upside and up‑financing pipeline.
• Isagen incremental investment: Closed, increasing Brookfield’s stake in Colombian hydro platform (≈$2.1 billion total commitment, ~$1.2 billion net to Brookfield).

• Battery deployment: Delivered a ~340 MW battery system in Australia – now the largest operating battery in the country.

• Capital Allocation & Asset Recycling

• Up‑financings at Holtwood and Safe Harbor hydro facilities, plus an innovative PJM hydro up‑financing; total proceeds ≈ $1.1 billion (≈$400 million net to Brookfield).

• Asset recycling generated ~$2.8 billion of expected proceeds in Q3, with ~$900 million net to Brookfield; further sales anticipated for record‑year recycling.

• Dividends & Distributions

• Quarterly distribution declared: $0.373 per LP unit, payable Dec 31, 2025 (record date Nov 28, 2025).

• Equivalent quarterly dividend of $0.373 per share announced by Brookfield Renewable Corp., maintaining economic equivalence between units and shares.

• Liquidity & Financing

• Available liquidity at quarter‑end: $4.7 billion.
• Total financings completed in Q3: $7.7 billion, bringing year‑to‑date financing to $27 billion.

• Up‑financing proceeds for three hydro assets: ≈ $1.1 billion (≈$400 million net).

• Growth Outlook

• Targeting >10% FFO per unit growth for the full year 2025.
• Expectation to deliver ~8,000 MW of new capacity in 2025; already delivered ~1,800 MW globally this quarter.

Notable Quotes

• “We had another strong quarter…the transformational partnership with the U.S. Government should significantly accelerate deployment of Westinghouse’s leading reactor technology…” – Connor Teskey, CEO, Brookfield Renewable.
• “Our diversified global fleet and contracted, inflation‑linked cash flows are driving solid financial results and positioning us for continued growth.” – Connor Teskey, CEO, Brookfield Renewable.