Slides
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Brookfield Renewable Partners
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Delivering the Energy Solutions of the Future Converting Opportunities Into Sustained Growth Positioned for a Stronger Valuation Key Messages and Q&A
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Connor Teskey Chief Executive Officer Delivering the Energy Solutions of the Future
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BROOKFIELD.COM Another year of record performance 4 Record Financial results Record Development Record Capital raising Building on our track record of long-term value creation and sustainable cash flow growth
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BROOKFIELD.COM 13 67 144 2015-2020 2020-2025 2025-2030E We are in the Energy Addition 5 Reindustrialization, electrification and digitalization are driving an acceleration in electricity demand Average Annual Electricity Demand Growth (TWh) +54 TWh +77 TWh
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BROOKFIELD.COM Speed & cost Reliability Security Power has become a constraint on economic growth 6 All at a scale we have never seen before
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BROOKFIELD.COM Driving the need for development of grids of the future 7 We have the capabilities to deliver the next generation of energy solutions + + Speed & Cost Reliability Security Renewables Batteries Nuclear
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BROOKFIELD.COM Renewables are the dominant source of new generation 8 ~80% Net electricity additions in 2025 were from renewables Net Global Electric Capacity Additions by Technology (GW) 567 697 791 92 156 205 380 410 659 853 996 2021 2022 2023 2024 2025 Renewables (Solar & Wind) Other
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BROOKFIELD.COM 32 63 8712 14 21 10 18 44 77 108 2021 2022 2023 2024 2025 Utility-scale Behind-the-meter Commissioned Battery Capacity Globally (GW) Batteries are scaling fast 9 108GW Added globally in 2025 +80% Growth CAGR over 4 years ~90% Cost decline since 2010
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BROOKFIELD.COM Countries expanding the role of nuclear Reactors under construction or planned Nuclear is entering a new era of growth 10 38 ~200 Target expansion in U.S. by 2050 +300GW
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BROOKFIELD.COM We are best positioned to deliver what the market needs 11
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BROOKFIELD.COM Hydro Solar and Wind We have the leading global renewables business 12 ~8GW Operating capacity #1 Private operator in N.A. ~32GW Operating capacity ~8 GW Development run-rate
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BROOKFIELD.COM Battery Storage We are among the largest and most capable players in storage 13 ~5GW Operating capacity >80GW Development pipeline • Largest battery platforms in N.A. & Australia • Largest batteries in Sweden, Finland & Australia • Developing the largest battery in Canada
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BROOKFIELD.COM Westinghouse is critical to delivering nuclear power at scale 14 90+ Global pipeline of AP1000 reactors >50% of the world's reactors derive from its technology >60% of the global fleet serviced by Westinghouse
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BROOKFIELD.COM $80B Department of Commerce reactor projects $17.5B Department of Energy equipment financing 40 Advanced AP1000 reactor projects 50+ Origination stage AP1000 reactor projects 90%+ Reactor extension success rate in the U.S. 4 U.S. reactor restarts announced in past 2 years The nuclear renaissance is just getting started… 15 United States Global Extensions & Restarts
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BROOKFIELD.COM Differentiated sector expertise Large-scale project capabilities Access to scale capital …and we have what it takes to deliver it 16 Commercial and govt. relationships
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BROOKFIELD.COM Our platform is further differentiated by our capabilities 17
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BROOKFIELD.COM The scale of our business enhances solutions we can deliver… 18 Asia–Pacific $18B AUM Europe $30B AUM Latin America $24B AUM ~$150B Assets under management ~50GW Operating capacity >200GW Development pipeline North America $81B AUM
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BROOKFIELD.COM De-risks operations and growth Develops in-house expertise and capabilities Enables us to navigate and adapt to policy changes …strengthens our execution and mitigates risk… 19
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BROOKFIELD.COM …enables strategic, differentiated relationships… 20 Global Supplier relationships >10.5GW Global Renewable Energy Framework Agreement 3GW U.S. Hydro Framework Agreement $98B U.S. Government partnerships to deploy nuclear
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BROOKFIELD.COM …And allows us to be disciplined when pursuing opportunities 21 Batteries and nuclear are our fastest-growing businesses today Avoid mistakes Act decisively Deliver outsized returns= +
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BROOKFIELD.COM Bringing this all together… 22
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BROOKFIELD.COM We are better positioned today than ever before… 23 Capabilities • Diversity of opportunities • Identifiable growth areas • Stronger execution Scale • Higher-quality businesses • Stronger partnerships • Adaptability to change Discipline • Better investment outcomes • Ability to focus on the best • Asymmetric return potential ...to deliver outsized earnings growth, strong returns and long-term value for investors
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Amanda Laszutko Managing Director, Investments Converting Opportunities into Sustained Growth
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BROOKFIELD.COM 2 34 1 Our growth engine creates a virtuous cycle of value creation 25 Deploy scale capital into M&A and development Capture outsized energy demand, contracting cash flows Large leading platform with capabilities and capital Further scale platform, capital and differentiation
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BROOKFIELD.COM Growth focused on enhancing our capabilities further positions us as the partner of choice 26
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BROOKFIELD.COM We are uniquely positioned to deploy batteries at scale 27 Capturing rising demand through our proprietary operating fleet and pipeline Existing Asset Opportunity ~50GW Renewable Operating Fleet Existing Operating Assets ~5GW Battery Fleet Development Opportunity +80GW Total Battery Pipeline
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BROOKFIELD.COM Corporates and sovereigns are balancing their power needs 28 Delivering across the spectrum wins us more business, generates stronger returns and de-risks our growth Low cost Fast to market Flexibility 24/7 Power Security
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BROOKFIELD.COM We have flexibility in how and where we deploy capital 29 The scale and diversity of our growth means we are not reliant on any single project or acquisition ~90GW Advanced stage pipeline Development Growing our platforms ~$100B EV of M&A opportunities M&A Buying new platforms
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BROOKFIELD.COM 0 2,000 4,000 6,000 8,000 10,000 12,000 2021 2022 2023 2024 2025 M&A Development Evolving to continue investing in only the best opportunities 30 Acquired vs. Developed Capacity (MW) Balanced Growth M&A and Development
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BROOKFIELD.COM Our disciplined development activities are delivering growth 31 Development is a high-returning activity where we have differentiated capabilities Commercial & supplier relationships Scale capital Local expertise & global capabilities
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BROOKFIELD.COM 0 2,000 4,000 6,000 8,000 10,000 12,000 2021 2022 2023 2024 2025 2026 2027 2028 Delivered Capacity Expected Capacity Delivered We continue to scale development to meet demand Renewable Energy Development (MW) Expanding our operating capacity Growing our recycling pipeline ~11GW 32
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BROOKFIELD.COM M&A is a core competency that delivers value 33 150+ Differentiated execution Transact at scale Flexible structuring Investment professionals
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BROOKFIELD.COM We execute on large opportunities that others cannot 34 Collectively these platforms alone would create a leading global renewable power business Wind, solar & batteries Battery capabilities Hydro Baseload in a strong market Wind & solar Core growth markets Batteries & storage Battery capabilities $7B $6B $9B$11B ~$4B Co-invest ~$4B Co-invest ~$1B Co-invest~$1B Partner capital
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BROOKFIELD.COM We see significant opportunities to deploy capital 35 $11B+ Increasing our deployment over the next five years Baseload Nuclear Solar and wind 1 2 3 New technologies4
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BROOKFIELD.COM Key takeaways 36 Our ability to build, buy and deliver solutions at scale drives a sustainable long-term growth model and makes us the partner of choice Our scale and breadth creates a structural advantage to delivering growth We have deep relationships with the largest buyers of power and sovereigns Our flexibility in deployment helps to maximize returns and value creation Significant growth opportunities exist today for those with scale capital and capabilities
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Patrick Taylor Chief Financial Officer Positioned for a Stronger Valuation
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BROOKFIELD.COM Our business continues to deliver record performance 38 Record financial results and stable distribution growth Record financings and liquidity Increased diversification and capabilities 1 2 3
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BROOKFIELD.COM Building on our decade-long track record of cash flow growth 39 Expect to deliver on our target 10%+ FFO per unit growth and 5% to 9% distribution per unit growth 2016 2021 2026 CAG R | Trend FFO $419M $934M $1,444M 13% FFO per Unit $0.77 $1.45 $2.14 11% Distribution per Unit $0.95 $1.22 $1.57 5% Contracted Generation ~90% ~90% ~90% Stable Liquidity $1.2B $4.1B $5.1B +$4B Credit Rating BBB BBB+ BBB+ Improved Q2-2026 LTM shown for 2026 with exception of distributions and balance sheet figures as at Q2/2026
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BROOKFIELD.COM Contracted power for ~12 years Inflation-linked revenues FFO from mature technologies Our assets generate resilient cash flows 40 Fixed rate debt & 14-yr avg. maturity ~90% ~70% +90% +95%
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BROOKFIELD.COM Market trends FFO Contribution Sticky inflation Inflation escalation: 2-3% Energy supply-demand imbalance Re-contracting: 1-2% Execution is at a premium Margin enhancement: 1-2% Increasing energy demand Project development: 4-6% Sector consolidation Accretive M&A: + Total FFO growth: 10%+ FFO Macro trends reinforce our diverse growth levers 41
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BROOKFIELD.COM Our growth is supported by a differentiated funding model 42 Enabling us to deploy capital flexibly and at scale Hydro asset upfinancings Corporate financings Capital recycling Strategic equity financings
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BROOKFIELD.COM Our funding model is scaling alongside our cash flows 43
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BROOKFIELD.COM We are continuing to grow our capital recycling activities 44 Last 5 Year Asset Recycling Proceeds $1B+ 2022 2023 2024 2025 2026E $1B+ Annual Expected Recycling Proceeds Net to BEP ~18% Average IRR
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BROOKFIELD.COM 0 200 400 600 800 1,000 1,200 1,400 2022 2023 2024 2025 As development grows, so does our pipeline of saleable assets 45 0 2,000 4,000 6,000 8,000 10,000 2022 2023 2024 2025 Capacity Commissioned (MW) Recycling Proceeds ($M) ~8x since 2022 ~2x since 2022
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BROOKFIELD.COM We are expanding our recycling toolkit 46 Plus framework for up to $1.5 billion in future sales proceeds European Renewable Vehicle ~$1.3B Private Renewable Vehicles Plus framework for up to $2 billion in future sales proceeds ~$500M
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BROOKFIELD.COM In addition to delivering on our strategic initiatives, there are multiple catalysts to drive a re-rating of our shares 47
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BROOKFIELD.COM Well positioned to achieve a stronger valuation 48 What is changing Why it matters Corporate simplification Value accretive and improves flexibility 1 Nuclear sector growth Ownership in the leading nuclear business globally2 Scaling our accretive funding model Delivering returns above of our targets3
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BROOKFIELD.COM 1 Broader investor access 2 Increased liquidity 3 Increased index demand 4 Flexibility to use shares for strategic M&A 1. Simplifying our corporate structure to create value 49 No change in underlying asset exposure, strategy or cost to the business
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BROOKFIELD.COM Hydro Nuclear Long-life Strategic Clean Baseload Sector tailwinds New build 2. Nuclear offers differentiated exposure with strong tailwinds 50 Truly differentiated one-of-a-kind business Our shares do not fully reflect the benefit of Westinghouse to our franchise
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BROOKFIELD.COM 3. Scaling our accretive funding model to deliver strong returns 51 Upfinancing Assets ~6% Cost of capital ~$500M Corporate Financings ~6% Cost of capital ~$500M + + Accretive funding supports returns at or above our 12-15% target Annual average upfinancing proceeds Annual average corporate financing proceeds Monetizations 8–10% Buyer target IRRs $1B+ Annual run-rate recycling proceeds
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BROOKFIELD.COM Key takeaways 52 Well positioned to deliver on our long-term financial targets of 12–15% total returns, 10%+ FFO per unit growth and 5–9% distribution growth Delivered record results, building on our 15-year track record Durable business and proven growth model, supported by sector tailwinds Scaling funding model to drive growth and strong returns Positioned to achieve a stronger valuation through execution and near-term catalysts
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Connor Teskey Chief Executive Officer Key Messages and Q&A
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BROOKFIELD.COM We have the capabilities, scale and discipline to deliver the grids of the future Our growth engine provides a structural advantage to delivering sustained long-term value We are positioned to re-rate on the back of execution of our strategy and near-term catalysts Key messages 54
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Q&A
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Thank You
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BROOKFIELD.COM End Notes Slide 5 • Electricity demand growth: per IEA Electricity 2026 Slide 8 • Net capacity additions: per IEA Global Energy Review 2026 Slide 9 • Commissioned battery capacity globally: per IEA Global Energy Review 2026 • Battery pack cost declines per BNEF Slide 10 • Countries expanding nuclear, reactors planned or under construction per World Nuclear Association • U.S. 2050 target per Executive Order 14300 Slide 12 • Largest private operator of U.S. hydro by FERC licenses and megawatts Slide 13 • Storage includes pumped storage capacity • Largest platform and battery claims measured by capacity, batteries in Finland, Sweden and Australia were largest when constructed • The closing of Aypa is expected to occur in the second half of 2026 and is subject to customary closing conditions Slide 15 • Extension success rate: 88 of the 95 reactors in the U.S. have received approval of their first 20-year extension; per Department of Energy • 4 U.S. nuclear restarts include: Palisades, Three Mile Island Unit, Duane Arnold Energy Center, and V.C. Summer Station Slide 21 • U.S. partnership value of ~$98 billion consists of announced partnership with the Department of Commerce on October 28, 2025 for $80 billion and the announced partnership with the Department of Energy on June 23, 2026 Slide 21 • The closing of Aypa is expected to occur in the second half of 2026 and is subject to customary closing conditions Slide 29 • $100B enterprise value for investment targets and opportunities may differ from investment size and is based on preliminary diligence by Brookfield and various estimations and assumptions made by Brookfield, any of which may prove to be incorrect. Actual value and investment size may vary materially and are subject to market conditions and other factors and risk. Slide 32 • Expect to deliver 11 GW per year of development starting in 2028 Slide 34 • Expected co-investment capital for Aypa, subject to closing conditions Slide 40 • 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. Slide 44 • Last 5-year average IRR on an after tax levered basis Slide 46 • Proceeds net to BEP; framework amounts do not represent guaranteed proceeds 57