Brookfield Renewable Partners (BEP) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 FFO of $371 million ($0.56 per unit), up 10% year-over-year, driven by strong hydro performance, inflation-linked cash flows, and growth from acquisitions and new projects.

• Delivered ~7,700 MW of new renewable capacity in the last 12 months and expect to commission ~8,000 MW in 2025, a record for the business.

• Signed landmark Hydro Framework Agreements with Google for up to 3,000 MW in the U.S., following a major deal with Microsoft, reinforcing position as a key partner to major power buyers.

• Continued asset recycling, generating ~$1.5 billion in proceeds since Q2, with 2025 asset sales expected to exceed prior year.

• Committed or deployed up to $2.6 billion in new investments, including increasing stake in Colombian hydro platform Isagen.

Financial highlights

• Q2 revenues reached $1.69 billion, up from $1.48 billion year-over-year; proportionate Adjusted EBITDA was $700 million, up from $629 million.

• FFO for the quarter was $371 million, up from $339 million; FFO per unit was $0.56, up from $0.51.

• Net loss attributable to unitholders was $112 million for Q2, improved from $154 million loss last year.

• Declared a quarterly distribution of $0.373 per LP unit, targeting 5–9% annual growth.

• Available liquidity at quarter-end was $4.7 billion, supporting financial flexibility.

Outlook and guidance

• Targeting over 10% annual FFO per unit growth for 2025, maintaining a long-term total return target of 12–15%.

• Expect to bring ~8,000 MW of new renewable capacity online in 2025.

• Anticipate asset sale proceeds in 2025 to exceed last year, with returns at or above targets.

• Confident in securing tax credit eligibility for nearly all U.S. projects through 2029, preserving development margins.

• Anticipate ~$430 million in annualized FFO from recently developed and advanced-stage projects over the next three years.