Brookfield Renewable (BEPC) Q4 2025 earnings summary

Executive summary

• Achieved record FFO of $1,334 million ($2.01 per unit), up 10% year-over-year, driven by strong hydro performance, inflation-linked cash flows, growth activities, and capital recycling.

• Revenues rose to $6,407 million from $5,876 million year-over-year; Adjusted EBITDA increased to $2,698 million from $2,408 million.

• Net loss attributable to unitholders narrowed to $19 million from $464 million year-over-year.

• Delivered over 8 GW of new capacity globally and secured contracts for over 9 GW.

• Announced over 5% increase in annual distributions to $1.568 per unit.

Financial highlights

• FFO per unit rose to $2.01 from $1.83; normalized FFO per unit reached $2.23 from $2.06 year-over-year.

• Hydroelectric segment FFO rose 19% to $607 million, driven by strong generation and asset sales.

• Wind and solar segments generated $648 million of FFO, supported by acquisitions and new assets.

• Distributed energy, storage, and sustainable solutions delivered $614 million FFO, up nearly 90%.

• Ended 2025 with $4.6 billion in available liquidity and maintained BBB+ investment-grade credit rating.

Outlook and guidance

• Targeting a run rate of 10 GW of new capacity delivered annually by 2027.

• Long-term distribution growth targeted at 5–9% annually.

• Expecting continued acceleration in demand from corporates, especially hyperscalers, with growth in contracted capacity through 2030.

• Asset recycling proceeds expected to remain a recurring, predictable source of funding and earnings.

• Focused on delivering 12%-15% long-term total returns for investors.