Brookfield Renewable (BEPC) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 results with FFO of $375 million ($0.55 per unit), up 19% year-over-year, driven by global fleet growth, acquisitions, and capital recycling gains.

• Twelve-month FFO reached $1,394 million ($2.08 per unit), up 12% year-over-year.

• Completed or announced the acquisition of Boralex, expanding the platform with 4,000 MW operating and 8,000 MW development pipeline.

• Commissioned 1,800 MW of new projects in Q1 and 9,150 MW over the past year; targeting ~10,000 MW annually by 2027.

• Liquidity exceeded $4.7 billion, supported by $4 billion in financings and a BBB+ credit rating.

Financial highlights

• Q1 2026 FFO was $375 million ($0.55 per unit), up 19% year-over-year; last twelve months FFO was $1,394 million ($2.08 per unit), up 12%.

• Q1 revenues: $939 million; Q1 Adjusted EBITDA: $756 million, up from $625 million year-over-year.

• Net loss attributable to unitholders: $(229) million for Q1 2026, mainly due to non-cash items.

• Distribution per LP unit: $0.39 in Q1, up over 5% year-over-year; declared $0.392 per LP unit for Q2.

• Available liquidity stood at $4.7 billion at quarter-end.

Outlook and guidance

• Targeting 12%-15% long-term total returns and FFO growth of 10%+ per year.

• On track to deliver ~10,000 MW of new projects per year starting in 2027.

• Distribution growth targeted at 5–9% per unit annually.

• Exploring simplification to a single listed corporate entity to enhance liquidity and index inclusion.