Core Viewpoint - Brookfield Renewable is well-positioned to benefit from the growing demand for clean energy to support AI technologies, making it an attractive investment opportunity due to its high dividend yield and diversified energy portfolio [1]. Company Overview - Brookfield Renewable operates as an independent power producer, selling power under long-term contracts, which generates reliable cash flows for dividends and business expansion [2]. - The company actively manages its portfolio by building, buying, and selling assets, using proceeds from sales to acquire new assets [2]. Power Portfolio - The power portfolio is diversified across clean and renewable energy sources, including hydroelectric, solar, wind, battery, and nuclear power, with operations in North America, South America, Europe, and Asia [3]. - Approximately 75% of revenue is derived from developed markets, while 25% comes from emerging markets, showcasing geographical and technological diversification [3]. Investment Structure - Brookfield Renewable is managed by Brookfield Asset Management, which uses it to fund larger clean energy investments, meaning investors are effectively investing alongside Brookfield Asset Management [4]. - There are two investment structures available: a partnership with a 5.1% yield and a corporate structure with a 3.7% yield, both representing the same business but differing in demand and investor restrictions [5]. Market Opportunities - Brookfield Renewable is positioned as a comprehensive provider of clean energy, appealing to companies looking to establish data centers, particularly those focused on AI [6]. - Notable partnerships with Microsoft and Google for substantial power contracts (10.5 gigawatts and 3 gigawatts, respectively) highlight the company's role in supporting AI infrastructure [7][9]. Growth Potential - The company is targeting annual dividend growth of 5% to 9%, with plans to deploy up to $10 billion in growth capital over the next five years, indicating strong potential for continued dividend increases [10].

Financial Data and Key Metrics Changes - The company delivered $2.01 of FFO per unit, up 10% year-over-year, aligning with long-term growth targets [3][15] - In Q4, FFO was $346 million, up 14% year-over-year, or $0.51 per unit [15] - The company ended 2025 with $4.6 billion in available liquidity, maintaining a BBB+ investment-grade credit rating [17][18] Business Line Data and Key Metrics Changes - The hydroelectric segment generated FFO of $607 million, up 19% from the prior year, benefiting from solid generation in Canada and Colombia [16] - The wind and solar segments combined generated $648 million of FFO, supported by acquisitions and investments, though offset by prior year gains [16] - Distributed energy storage and sustainable solutions segments achieved record results of $614 million, up almost 90% from the prior year, driven by development growth and the acquisition of Neoen [17] Market Data and Key Metrics Changes - The energy demand is rising significantly, driven by electrification and industrial activity, with a shift from energy transition to energy addition [6][7] - The company is positioned to capitalize on the growing demand for power, particularly in solar and onshore wind, aiming for a run rate of delivering roughly 10 GW of new capacity per year by 2027 [8][12] Company Strategy and Development Direction - The company is focusing on scaling development of low-cost, fast-to-market solar and onshore wind to meet accelerating power demand [8] - Investments in hydro and nuclear are emphasized for their baseload and scale capabilities, with significant contracts signed with major corporates [9][10] - The company aims to expand its battery storage capacity to over 10 GW in the next three years, leveraging partnerships and technological advancements [12] Management's Comments on Operating Environment and Future Outlook - Management highlighted the strategic priority of power globally, indicating that energy demand growth is at a pace not seen in decades [5][6] - The company sees a constructive environment for M&A and growth deployment, with expectations of significant opportunities in the coming years [53] - The scarcity value of hydroelectric power is at an all-time high, with long-term contracts expected to drive higher contracted power prices [42] Other Important Information - The company announced a 5% increase in annual distribution to $1.468 per unit, marking 15 consecutive years of annual distribution growth of at least 5% [25] - A fully discretionary $400 million at-the-market equity issuance program was announced to repurchase BEP LP units [24] Q&A Session Summary Question: Update on Microsoft Framework Agreement and capacity cadence - Management noted that demand from corporates, especially hyperscalers, is at an all-time high, with expected growth in capacity from 2026 onwards [27][29] Question: Commentary on balance sheet and liquidity - Management expressed comfort with maintaining liquidity around the $4 billion mark, emphasizing the importance of capital recycling to support growth [30][32] Question: Headwinds in U.S. project development - Management indicated no slowdown in solar projects, while acknowledging some permitting slowdowns for onshore wind, but overall projects are progressing [39][40] Question: Realized hydro prices and future expectations - Management expects an increase in realized hydro prices due to high demand and new long-term contracts being layered in [42][43] Question: Capital recycling and repeat customers - Management confirmed that capital recycling activities have become a consistent source of funding, with frameworks established for future sales [44][45] Question: Battery storage development and M&A opportunities - Management highlighted a strong organic development pipeline for batteries, with ongoing evaluations of M&A opportunities in the sector [65][66] Question: Offshore wind opportunities - Management is open to evaluating offshore wind opportunities, particularly in Europe, while ensuring appropriate risk-return profiles [68][70]

Brookfield Renewable Partners (NYSE:BEP) Q4 2025 Earnings call January 30, 2026 09:00 AM ET Company ParticipantsConnor Teskey - CEOPatrick Taylor - CFOConference Call ParticipantsNelson Ng - AnalystOperatorGood day, and thank you for standing by. Welcome to the Brookfield Renewable Partners' fourth quarter and full year 2025 results. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, y ...

Brookfield Renewable Partners (NYSE:BEP) Q4 2025 Earnings call January 30, 2026 09:00 AM ET Speaker1Good day, and thank you for standing by. Welcome to the Brookfield Renewable Partners' fourth quarter and full year 2025 results. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you'll need to press star one one on your telephone. You will then hear an automated message advising your ...

Year Ended December 31, 2025 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Supplemental Information contains forward-looking statements and information, within the meaning of Canadian securities laws and "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, "safe harbor" provisions of the United States Private ...

Core Insights - Brookfield Renewable Partners reported record financial results for 2025, highlighting its leadership in providing clean and reliable energy solutions to governments and corporations [2][3] - The company signed a Hydro Framework Agreement with Google to deliver up to 3,000 megawatts of hydro capacity, reflecting strong demand from hyperscalers for clean energy [4][7] Financial Performance - For the twelve months ended December 31, 2025, Brookfield Renewable reported Funds From Operations (FFO) of $1,334 million, or $2.01 per unit, representing a 10% increase year-over-year [3][4] - The net income attributable to unitholders for the same period was a loss of $19 million, compared to a loss of $464 million in 2024 [3][4] Operating Segments - The hydroelectric segment generated $607 million in FFO, up 19% year-over-year, driven by higher revenue and stronger generation in Canada and Colombia [4][7] - The wind and solar segments combined generated $648 million in FFO, benefiting from acquisitions and development activities [4][7] - The distributed energy, storage, and sustainable solutions segments contributed $614 million in FFO, nearly a 90% increase from the previous year [4][7] Strategic Initiatives - The company committed or deployed up to $8.8 billion across strategic technologies in core markets, enhancing its growth potential [5][6] - Brookfield Renewable executed a record ~$4.5 billion in asset recycling, generating expected proceeds that significantly exceeded invested capital [6][7] Capacity Expansion - The company delivered approximately 8,000 megawatts of new capacity globally in 2025, a 20% increase year-over-year, and expects to achieve a run-rate of ~10,000 megawatts per year by 2027 [7][8] - Brookfield Renewable's partnerships with leading corporates and governments are expected to drive further growth in large-scale clean energy solutions [5][7] Liquidity and Capital Structure - As of December 31, 2025, the company maintained $4.6 billion in available liquidity and completed over $37 billion in financings, optimizing its capital structure [9][14] - The company reaffirmed its BBB+ investment grade rating with major rating agencies during 2025 [14] Distribution Declaration - The next quarterly distribution is set at $0.392 per LP unit, reflecting a more than 5% increase, bringing the total annual distribution per unit to $1.568 [10][11]

Tech stocks have been a big story over the past year. Many are benefiting from monster AI tailwinds as demand for tech-related hardware, such as chips, accelerates. As a result, many investors have piled into the tech sector, overallocating their portfolios to the industry. With many tech companies trading at a premium valuation these days, investors might want to forget about the sector until prices come down. However, they can still benefit from AI-driven tailwinds in other sectors, such as energy. Brook ...

Core Insights - Brookfield Renewable Partners is positioned as a key player in supplying renewable energy to major AI companies like Microsoft and Google, ensuring their data centers remain operational [1][4] - The company has a diversified portfolio of clean energy assets, including solar, wind, hydroelectric, battery, and nuclear power, which supports its long-term power supply contracts and reliable cash flows [2][3] Company Overview - Brookfield Renewable Partners owns a globally diversified portfolio of clean energy assets, making it a one-stop shop for companies seeking renewable or zero-carbon power [2] - The average contract length for power supply agreements is 13 years, with approximately 70% indexed for inflation, providing stability and reliability [3] AI Opportunity - Brookfield Renewable Partners has secured contracts to supply Google with 3 gigawatts and Microsoft with 10.5 gigawatts of power for their data centers, indicating significant future growth potential [4] - The company anticipates capital investments between $9 billion and $10 billion over the next five years to support these developments [4] Financial Performance - The company has a market capitalization of $8.8 billion, with a current price of $28.81 and a dividend yield of 5.18% [6] - Expected growth in funds from operations is projected at 10% or more annually, supporting a long-term distribution increase of 5% to 9% per year [6] Investment in Westinghouse - Brookfield Renewable Partners' investment in Westinghouse is noteworthy, especially with a new $80 billion deal with the U.S. government for nuclear reactors, which could enhance revenue streams as demand for electricity rises [7] Alternative Investment Option - For investors preferring a corporate structure, Brookfield Renewable Corporation offers a similar investment opportunity, albeit with a lower yield of 3.7% due to high institutional demand [8]

Summary of Key Points from the Conference Call Industry Overview - **Sector**: Global Alternative Energy - **Outlook**: Improved investor sentiment driven by increased policy certainty in the US and global electricity load growth [2][7] Core Insights - **Load Growth**: - Load growth has been stagnant at approximately 0.5% annually over the past decade, but estimates have recently risen to around 2% or higher for the next five years due to AI-driven data center demand and broader electrification trends [5][6] - This growth is expected to exert upward pressure on power pricing, benefiting baseload power sources such as gas turbines, nuclear, and renewables paired with battery energy storage systems (BESS) [5][6] - **Policy Environment**: - Increased clarity in US renewable energy policy through the passage of significant legislation, though risks remain, including potential investigations and tariff decisions that could impact solar costs [5][6] - The Department of Commerce's investigations and permitting issues for solar and wind projects on federal land present uncertainties [6] Investment Preferences - **Top Picks in Clean Energy**: - **US**: GE Vernova (GEV), Brookfield Renewable (BEP/BEPC), NextPower (NXT), and EVgo (EVGO) [2][12][19] - **Europe**: Siemens Energy (ENR), Vestas (VWS), and Prysmian (PRY) [2][15][17] - **Asia**: Orient Cables (603606 CH), Daqo (DQ), GCL Tech (3800 HK), Arctech (688408 CH), and Sungrow (300274 CH) [2] Market Dynamics - **Solar Market**: - Preference for utility-scale solar over residential due to better positioning regarding policy and economic factors [7] - In China, polysilicon prices have recovered by approximately 50% due to policy interventions, with Daqo and GCL Tech highlighted as strong picks [20] - **Wind Market**: - BNEF forecasts significant growth in global wind installations, with a projected 16% growth in 2026 [17] - Vestas is expected to outperform the European Capital Goods sector due to stable input prices and lower interest rates [17] - **Energy Storage**: - Global energy storage demand exceeded expectations in 2025, with a forecasted 57% increase in battery shipments for 2025 [7] - The forecast for 2026 global ESS installations has been raised by approximately 30% [7] - **Electric Vehicle Charging**: - Sentiment around EV charging remains cautious, with anticipated declines in US EV sales [7] - EVgo is preferred due to its growing customer base and network throughput potential [19] Additional Insights - **Nuclear Fuel Cycle**: - Global nuclear generation is expected to reach record highs, increasing demand for enriched uranium [8] - Centrus Energy (LEU) is noted as a key player, though it faces execution risks [8] - **US Clean Energy Outlook**: - BNEF anticipates a decline in US clean energy build from 2026 to 2028 before returning to modest growth through 2035 [62] - The market is expected to consolidate as larger projects become more complex, favoring tier-1 developers [63] - **Residential Solar Market**: - A projected decline of 15-20% in US residential solar installations in 2026 due to the expiration of certain tax credits [64] - RUN is highlighted as a preferred pick in the residential space due to its visibility in solar lease/PPA qualifications [65] Conclusion - The global alternative energy sector is poised for growth driven by load demand and supportive policies, though challenges remain in the form of regulatory uncertainties and market dynamics. Key investment opportunities exist in diversified companies with strong balance sheets and exposure to emerging technologies.

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