Brookfield Renewable Partners (BEP) Q4 2025 earnings summary

Executive summary

• Achieved record financial and operational performance in 2025, with FFO per unit up 10% year-over-year to $2.01, meeting long-term growth targets and supported by strong hydro performance, inflation-linked cash flows, and capital recycling.

• Revenues rose to $6.4 billion from $5.9 billion year-over-year, and Adjusted EBITDA increased to $2.7 billion from $2.4 billion.

• Deployed or committed a record $8.9 billion in growth, highlighted by major acquisitions, including the privatization of Neoen, and expanded development activities.

• Signed contracts for over 9 GW of generation capacity and brought online 8 GW of new capacity globally, a company record.

• Announced a 5%+ increase to annual distribution, now $1.568 per unit, marking 15 consecutive years of 5%+ annual growth.

Financial highlights

• Full year FFO reached $1,334 million, or $2.01 per unit, up 10% year-over-year; normalized FFO per unit was $2.23.

• Revenues for 2025 were $6,407 million, up from $5,876 million in 2024; Adjusted EBITDA was $2,698 million, up from $2,408 million.

• Record $4.5 billion in asset recycling proceeds, delivering 2.4x invested capital and above-target returns.

• Over $37 billion in financings executed in 2025, including $2.2 billion in investment-grade up-financings and two major note issuances at record-low spreads.

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

Outlook and guidance

• Targeting a run rate of 10 GW of new capacity delivered per year by 2027, supported by a pipeline of 84,000 MW of advanced stage projects.

• Expecting continued acceleration in corporate demand for power, especially from hyperscalers and large technology firms.

• Asset recycling proceeds expected to remain a consistent, recurring source of funding and earnings, with new frameworks established for future sales.

• Focused on delivering 12%-15% long-term total returns for investors and targeting 10%+ FFO per unit growth annually.

• Expect to deliver ~$470 million annualized FFO from recently developed and advanced-stage projects.