Core Insights - NHOA Energy is advancing the construction of the Broni Battery, a 10 MW/51 MWh energy storage project in Broni, Italy, for Neoen, a leading independent renewable energy producer [1] Company Developments - Civil works at the Broni Battery site are currently underway and progressing on schedule [1] - Commissioning activities for the Broni Battery are planned to start in late spring 2026 [1] Industry Context - The Broni Battery project is part of the growing trend in utility-scale energy storage systems, which are essential for providing flexibility in renewable energy production [1]

Financial Data and Key Metrics Changes - In 2025, the company raised $112 billion of capital, reflecting strong demand from various investor types [7] - Fee-bearing capital increased by 12% year-over-year to over $600 billion, with fee-related earnings reaching a record $3 billion, up 22% year-over-year [8] - Distributable earnings were $2.7 billion, an increase of 14% from the prior year [8][26] Business Line Data and Key Metrics Changes - In renewable power, significant investments included acquiring Neoen and National Grid's US renewables platform [15] - The private equity sector saw investments in Chemelex, a global industrial technology business [15] - Infrastructure investments included Hotwire Communications and Colonial Pipeline, enhancing the company's footprint in essential services [15] Market Data and Key Metrics Changes - The company entered 2026 with a favorable market backdrop, characterized by stabilized interest rates and resilient economic growth [9] - There is renewed global demand for real assets that generate stable cash flows, particularly in the context of inflation protection [9][10] Company Strategy and Development Direction - The company aims to double its business by 2030 and achieve a 15% annualized earnings growth [10] - A significant focus is on expanding access to private assets for individual investors through retirement and long-duration savings vehicles [10] - The company is well-positioned to capture growth opportunities in infrastructure, private equity, and credit sectors [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2026, expecting strong fundraising momentum and growth across various platforms [25] - The company anticipates a record year for fundraising, particularly in private equity and infrastructure [19][25] - Management highlighted the importance of maintaining a strong balance sheet and liquidity to support growth initiatives [33] Other Important Information - The board of directors approved a 15% increase in the quarterly dividend to $0.50025 per share, payable on March 31, 2026 [34] - The company plans to enhance disclosure around partner managers to provide clearer insights into its evolving platform [26] Q&A Session Summary Question: Is secondaries a strategically important area for the company? - Management acknowledged that secondaries are a growing segment and will be opportunistic in exploring this area, focusing on highly additive opportunities [37][38] Question: Can you elaborate on the growth outlook for 2026? - Management expects growth rates in the mid- to high teens, driven by strong fundraising and deployment activity, with several initiatives expected to add $200 million to fee-related earnings [40][42] Question: How does the company view AI-related disruption? - Management sees AI as a net positive, with minimal exposure to software businesses, focusing instead on long-term contracted real assets [48][49] Question: What is the company's liquidity position? - The company has over $3 billion in liquidity, which supports growth initiatives and capital deployment [52][56] Question: How is the company positioned in the credit market? - Management noted robust demand for credit, particularly in real asset and asset-backed lending, with modest redemptions in private wealth strategies [76][77] Question: What is the outlook for the wealth channel? - The company expects continued growth in the wealth channel, driven by new product launches and strong early reception [80][81]

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]

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] - For the full year, FFO totaled $1,334 million, reflecting a 10% increase year-on-year [15] Business Line Data and Key Metrics Changes - The hydroelectric segment reported FFO of $607 million, a 19% increase from the prior year, driven by solid generation in Canada and Colombia [16] - The wind and solar segments generated a combined $648 million of FFO, supported by acquisitions and investments, though offset by prior year gains from asset sales [16] - Distributed energy storage and sustainable solutions achieved record results of $614 million, up almost 90% from the previous year, fueled by development growth and the acquisition of Neoen [17] Market Data and Key Metrics Changes - The company ended 2025 with $4.6 billion in available liquidity, maintaining a strong balance sheet and a BBB+ investment-grade credit rating [17][18] - The energy demand environment is shifting, with rising demand driven by electrification and industrial activity, leading to a focus on large-scale renewable energy additions [6][7] Company Strategy and Development Direction - The company is scaling development of low-cost, fast-to-market solar and onshore wind to meet accelerating power demand, targeting a run rate of approximately 10 GW of new capacity per year by 2027 [8] - Investments in hydro and nuclear are prioritized for their reliability and scale, with significant contracts signed with major corporates [9][10] - The company is positioned to capitalize on the growing demand for energy solutions, leveraging strong partnerships and access to capital [14] Management's Comments on Operating Environment and Future Outlook - Management highlighted the strategic priority of power globally, noting that energy demand is rising at unprecedented rates [5][6] - The company expects to see higher contracted power prices across its hydro portfolio as new contracts are layered in [42][43] - The outlook for battery storage is optimistic, with expectations to quadruple capacity over the next three years [12] 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 L.P. units [24] Q&A Session Summary Question: Update on Microsoft Framework Agreement and project cadence - Management noted that demand from corporates, especially hyperscalers, is at an all-time high, with expectations for growth to accelerate from 2026 through the decade [27][29] Question: Commentary on balance sheet and liquidity - Management expressed comfort with maintaining liquidity around the $4 billion mark, emphasizing a focus on 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 delays for onshore wind, but overall progress is being made [39][40] Question: Realized power prices for U.S. hydro segment - Management expects an increase in realized hydro prices due to high demand and new long-term contracts being layered in [41][42] Question: Capital recycling and repeat customers - Management confirmed that capital recycling activities have become a consistent source of funding and earnings, with expectations for continued growth [44][45] Question: Battery storage development and M&A opportunities - Management highlighted a strong organic development pipeline for batteries, with ongoing M&A opportunities being evaluated [65][66] Question: Offshore wind opportunities - Management is open to evaluating offshore wind opportunities, particularly in Europe, but will assess risk-return profiles carefully [68][70]

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][14] - In Q4, FFO was $346 million, up 14% year-over-year, or $0.51 per unit [14] - The company ended 2025 with $4.6 billion in available liquidity, maintaining a BBB+ investment-grade credit rating [16][17] 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 [15] - The wind and solar segments combined generated $648 million of FFO, supported by acquisitions and investments, though offset by prior year gains [15] - Distributed energy storage and sustainable solutions segments achieved record results of $614 million, up almost 90% from the prior year [16] 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 [5][6] - The company is positioned to capitalize on the growing demand for reliable baseload power through hydro and nuclear assets [7][8] 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 [7] - Investments in battery technology are expected to quadruple storage capacity to over 10 gigawatts in the next three years [11] - The company aims to maintain a disciplined approach to capital allocation while pursuing growth opportunities in hydro, nuclear, and battery storage [23] Management's Comments on Operating Environment and Future Outlook - Management highlighted the strategic priority of power globally, with a need for substantial new generation capacity [5] - The company sees a constructive environment for M&A and growth deployment, anticipating a period of attractive opportunities [49] - The scarcity value of hydroelectric power is at an all-time high, with strong demand for long-term contracts [38] Other Important Information - The company executed over $37 billion in financings in 2025, a record for the franchise [17] - The capital recycling program generated record proceeds of $4.5 billion, or $1.3 billion net to BEP [20] - An increase of over 5% in annual distribution to $1.468 per unit was announced, marking 15 consecutive years of growth [23] Q&A Session Summary Question: Update on Microsoft Framework Agreement and capacity cadence - Management noted that demand from corporates, including Microsoft, is at an all-time high, with expected growth in capacity from 2026 onwards [25][26] Question: Commentary on liquidity position and ratios - Management expressed comfort with maintaining liquidity around the $4 billion mark, complementing growth with capital recycling [27][28][29] Question: Headwinds in U.S. permitting for onshore wind and solar - Management indicated no slowdown in solar deployment, while acknowledging some permitting delays for onshore wind [34][35][36] Question: Realized hydro prices and future expectations - Management expects an increase in hydro prices due to high demand and new long-term contracts coming online [37][39] Question: Capital recycling and repeat customers - Management confirmed that capital recycling activities have become a consistent source of funding and earnings, with frameworks established for future sales [40][41][43] Question: Battery storage development and M&A opportunities - Management highlighted a strong organic development pipeline for batteries, with a focus on long-term contracts rather than merchant arbitrage [61][63] Question: Offshore wind opportunities - Management is evaluating offshore wind opportunities, particularly in Europe, while ensuring appropriate risk-return profiles [65][66] Question: Impact of PJM backstop auction on development - Management views the PJM auction as a reflection of energy demand, potentially facilitating new capacity additions, which is positive for the business [70][72]

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][14] - In Q4 2025, FFO was $346 million, a 14% increase year-over-year, or $0.51 per unit [14] - For the full year, FFO totaled $1,334 million, reflecting a 10% year-over-year growth [14] Business Line Data and Key Metrics Changes - The hydroelectric segment reported FFO of $607 million, up 19% from the prior year, driven by solid generation in Canada and Colombia [15] - The wind and solar segments generated a combined FFO of $648 million, supported by acquisitions and investments, though offset by prior year gains [15] - Distributed energy storage and sustainable solutions achieved record results of $614 million, up almost 90% from the previous year, driven by development growth and strong performance at Westinghouse [16] Market Data and Key Metrics Changes - The energy demand environment is experiencing unprecedented growth, driven by electrification and industrial activity, with a shift from energy transition to energy addition [5][6] - The company is positioned to capitalize on the demand for renewable energy, particularly in solar and onshore wind, with a target of delivering roughly 10 gigawatts of new capacity per year by 2027 [7][11] Company Strategy and Development Direction - The company is focusing on scaling development of low-cost, fast-to-market solar and onshore wind to meet rising power demand [7] - Investments in hydro and nuclear are emphasized for their reliability and scale, with significant contracts signed with major corporates [8][9] - The company aims to enhance its capital recycling program, generating significant liquidity and supporting growth initiatives [20][21] Management's Comments on Operating Environment and Future Outlook - Management highlighted the strategic priority of power globally, with energy demand rising at an unprecedented pace [5] - The company is optimistic about the future, expecting to enter a period of outsized earnings growth backed by strong partnerships and access to capital [12] - Management noted that the scarcity value of hydroelectric power is at an all-time high, with long-term contracts expected to drive higher power prices [39][40] Other Important Information - The company ended 2025 with $4.6 billion in available liquidity and reaffirmed its BBB+ investment-grade credit rating [16][17] - A 5% increase in annual distribution to $1.468 per unit was announced, marking 15 consecutive years of annual distribution growth [24] Q&A Session Summary Question: Update on Microsoft Framework Agreement projects - Management noted that demand from corporates, including Microsoft, is at an all-time high, with expectations for growth to accelerate through 2030 [26][27] 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 [28][29][30] Question: Headwinds in U.S. project development - Management indicated no slowdown in solar projects, while acknowledging some permitting delays for onshore wind, but overall progress is being made [35][36] Question: Realized hydro prices and future expectations - Management expects an increase in realized hydro prices due to high demand and new long-term contracts coming online [38][40] Question: Capital recycling and repeat customers - Management confirmed that repeat customers streamline the asset recycling process, with expectations for continued growth in this area [41][42] Question: Battery storage development and revenue model - Management highlighted a strong organic development pipeline for batteries, with a shift towards long-term contracted revenue models [61][64] Question: Offshore wind opportunities - Management is evaluating offshore wind opportunities, particularly in Europe, but will only pursue if the risk-return profile is favorable [66][67] Question: Impact of PJM backstop auction on development - Management views the PJM auction as a positive reflection of energy demand, which aligns with the company's development pipeline [70][72]

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]

Core Insights - Plenitude, a subsidiary of Eni, is acquiring a 760-MW portfolio of renewable assets in France from Neoen, which includes 37 solar plants, 14 wind farms, and one battery storage facility, producing approximately 1.1 TWh of electricity annually [1][2] Group 1: Acquisition Details - The acquisition is one of the largest renewable M&A transactions in France in recent years and is part of Plenitude's Strategic Plan targeting 10 GW of installed renewable capacity by 2028 [2] - The new capacity will enhance operational synergies with Plenitude's existing portfolio in France, strengthening its position in a competitive power market [2][3] Group 2: Strategic Implications - The deal supports Plenitude's integrated model that includes renewables, energy solutions, retail supply, and EV charging, with a goal to increase its retail customer base from 1 million in France to over 11 million in Europe by 2028 and 15 million by 2030 [3] - CEO Stefano Goberti emphasized that the acquisition accelerates the company's strategic trajectory in expanding energy solutions and e-mobility offerings [3] Group 3: Market Context - For Neoen, the sale reflects strong investor interest in mature, subsidy-backed renewable assets in France, as utilities and integrated energy players seek to enhance their clean-energy portfolios [4] - The completion of this transaction will contribute to Plenitude's efforts to expand its renewable generation capacity and support Eni's decarbonization goals [4]

Financial Data and Key Metrics Changes - The company generated $302 million of funds from operations (FFO) during Q3 2025, or $0.46 per unit, representing a 10% year-over-year increase [4][20] - The hydroelectric segment delivered FFO of $119 million, up over 20% from the prior year, driven by solid generation and higher pricing [20] - The wind and solar segments combined generated $177 million of FFO, supported by acquisitions, although offset by the sale of wind assets in various regions [21] Business Line Data and Key Metrics Changes - The hydroelectric segment's strong performance reflects growing demand for scale base load power and improved pricing [20] - The distributed energy, storage, and sustainable solutions segments generated FFO of $127 million, up from the prior year, supported by growth from acquisitions [21] - The company signed contracts to deliver approximately 4,000 gigawatt-hours per year, including a significant 20-year contract with Microsoft [23] Market Data and Key Metrics Changes - The demand for power is accelerating across nearly all markets, driven by electrification, reindustrialization, and energy demand from hyperscalers [5][6] - The company is well-positioned to capture increasing demand for hydro capacity, with approximately five terawatt-hours of generation coming up for recontracting [9] - The battery storage segment is seeing costs decrease by over 50% in the past year, with increased interest in long-term capacity contracts [10] Company Strategy and Development Direction - The company is focusing on a diversified energy strategy, leveraging solar, wind, hydro, gas, nuclear, and other technologies to meet electricity demand [5][6] - A strategic partnership with the U.S. government aims to support the development of new Westinghouse nuclear reactors, with an investment value of at least $80 billion [6][13] - The company is committed to maintaining high levels of liquidity and access to capital to capitalize on growth opportunities [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth prospects of the business, driven by strong demand for clean energy solutions and strategic investments [12][19] - The partnership with the U.S. government is expected to catalyze growth in the nuclear sector, enhancing the company's position in the market [19][62] - Management noted that while there is intent to accelerate permitting processes, progress has been incremental [29][30] Other Important Information - The company executed $7.7 billion in financings during the quarter, with a total of $38 billion over the last 12 months [22] - The company is actively pursuing capital recycling opportunities, having closed sales and agreements expected to generate $2.8 billion [24][25] - The company anticipates significant asset recycling activities in North America, Western Europe, Australia, and India over the next few quarters [72] Q&A Session Summary Question: Improvements in permitting pace in the U.S. - Management noted that while there is intent to accelerate permitting, progress has been limited but is expected to improve [29][30] Question: Data center power discussions outside the U.S. - Management indicated that discussions are occurring globally, with significant activity in Western Europe, Australia, India, and South America [31][32] Question: Timeline for U.S. buildout associated with the Westinghouse agreement - Management expects the first projects to begin development in the next quarter or two, with revenues starting relatively quickly [35][38] Question: Capital investment in nuclear projects - Management stated that investments would only proceed with appropriate protections around cost overruns and risk-adjusted returns [40][41] Question: Potential for additional hydro deals with Microsoft - Management confirmed that the existing framework agreement with Microsoft includes hydro and more deals could be expected in the future [47][48] Question: Engagement with stakeholders regarding the U.S. government partnership - Management reported positive reception from construction and technology providers regarding participation in the nuclear buildout [52][53] Question: Expected margins during different stages of reactor development - Management indicated that the energy systems division of Westinghouse typically operates at around 20% margins during the development and construction phases [66] Question: Valuations in private markets versus public markets - Management noted that valuations for high-quality operating cash-generative renewable assets are significantly higher in private markets than in public markets [70][71] Question: Nuclear deployment strategy and potential growth - Management expects nuclear to grow as a percentage of the business over time, with no internal constraints on capital allocation [76][78]

Financial Data and Key Metrics Changes - The company generated $302 million of funds from operations (FFO) during the quarter, or $0.46 per unit, representing a 10% year-over-year increase [3][21] - The hydroelectric segment delivered FFO of $119 million, up over 20% from the prior year [21] - The wind and solar segments generated a combined $177 million of FFO, supported by acquisitions, although offset by the sale of wind assets in various regions [21] Business Line Data and Key Metrics Changes - The hydroelectric segment's strong performance was driven by solid generation from Canadian and Colombian fleets, higher pricing in the U.S., and increased earnings from commercial activities [21] - The distributed energy, storage, and sustainable solutions segments generated FFO of $127 million, reflecting growth from acquisitions and strong performance at Westinghouse [21] Market Data and Key Metrics Changes - There is accelerating demand for power across nearly all markets, driven by electrification, reindustrialization, and demand from hyperscalers [4][6] - The company is well-positioned to capture increasing demand for hydro capacity, with approximately five terawatt hours of generation coming up for recontracting [9] Company Strategy and Development Direction - The company is focusing on strategic investments in critical technologies to support energy demand and grid reliability, particularly in nuclear energy [6][10] - A strategic partnership with the U.S. government aims to support the construction of new Westinghouse nuclear reactors, with an investment value of at least $80 billion [14][17] - The company is also exploring opportunities in battery storage, with costs decreasing significantly and an increase in long-term capacity contracts [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth prospects of the business, highlighting the strong demand for clean, dispatchable base load power and the company's strategic positioning in the nuclear sector [12][85] - The company anticipates significant earnings growth from the Westinghouse partnership and expects to see contributions from this agreement relatively quickly [39][63] Other Important Information - The company maintained strong liquidity of $4.7 billion and a sector-leading balance sheet, reaffirming its BBB Plus investment-grade rating [21][23] - The company executed $7.7 billion in financings during the quarter, reflecting strong investor demand for its high-quality assets [23][24] Q&A Session Summary Question: Improvements in permitting pace in the U.S. - Management noted that while there is intent to accelerate permitting, progress has been limited but is expected to improve over time [30][31] Question: Data center power discussions outside the U.S. - Management indicated that discussions are occurring globally, with significant activity in Western Europe, Australia, India, and South America [32] Question: Timeline for U.S. buildout associated with the Westinghouse agreement - Management expects the first projects to begin development in the next quarter or two, with revenues starting relatively quickly [36][39] Question: Capital investment in nuclear projects - Management emphasized the need for appropriate protections around cost overruns and key risks before investing in nuclear projects [42][46] Question: Contracting existing hydro assets versus building new wind and solar - Management confirmed that the Microsoft Framework Agreement included hydro and indicated potential for more hydro deals in the future [48][49] Question: Engagement with stakeholders regarding the U.S. government partnership - Management reported positive reception from construction and technology providers regarding participation in new nuclear projects [55] Question: Federal tax credits eligibility for U.S. development pipeline - Management confirmed clarity around safe harboring for the U.S. development pipeline and expressed confidence in their position [69] Question: Valuations in private markets versus public markets - Management noted that demand and valuations for high-quality operating cash-generative renewables assets are significantly higher in private markets [71][73] Question: Nuclear deployment strategy and potential growth - Management indicated that nuclear currently represents about 5% of the business and is expected to grow over time, with no internal constraints on capital allocation [78][80]