OUR OPERATIONS

Statement Regarding Forward-Looking Statements and Use of Non-IFRS Measures

OUR COMPETITIVE STRENGTHS

This Management’s Discussion and Analysis for the three and nine months ended September 30, 2025 is provided as of November 5, 2025. Unless the context indicates or requires otherwise, the terms “Brookfield Renewable”, “we”, “us”, and “our company” mean Brookfield Renewable Partners L.P. and its controlled entities. The ultimate parent of Brookfield Renewable is Brookfield Corporation (“Brookfield Corporation”). Brookfield Corporation and its subsidiaries, other than Brookfield Renewable, and unless the context otherwise requires, includes Brookfield Asset Management Ltd (“Brookfield Asset Management”), are also individually and collectively referred to as “Brookfield” in this Management’s Discussion and Analysis. The term “Brookfield Holders” means Brookfield, Brookfield Wealth Solutions and their related parties. The term “private fund managed by BAM” means a private fund managed by Brookfield Asset Management and its subsidiaries.

Brookfield Renewable’s consolidated equity interests include the non-voting publicly traded limited partnership units (“LP units”) held by public unitholders and Brookfield, class A BEPC exchangeable subordinate voting shares ("BEPC exchangeable shares") of Brookfield Renewable Corporation ("BEPC") held by public shareholders and Brookfield Wealth Solutions, class A.2 BRHC exchangeable non-voting shares (“class A.2 exchangeable shares”) of Brookfield Renewable Holdings Corporation (formerly, Brookfield Renewable Corporation) “BRHC” held by Brookfield, redeemable/exchangeable partnership units (“Redeemable/Exchangeable partnership units”) in Brookfield Renewable Energy L.P. (“BRELP”), a holding subsidiary of Brookfield Renewable, held by Brookfield, and general partnership interest (“GP interest”) in BRELP held by Brookfield. Holders of the LP units, Redeemable/Exchangeable partnership units, GP interest, BEPC exchangeable shares and class A.2 exchangeable shares will be collectively referred to throughout as “Unitholders” unless the context indicates or requires otherwise. LP units, Redeemable/Exchangeable partnership units, GP interest, BEPC exchangeable shares and class A.2 exchangeable shares will be collectively referred to throughout as "Units", or as "per Unit", unless the context indicates or requires otherwise. The LP units, BEPC exchangeable shares and class A.2 exchangeable shares, and Redeemable/Exchangeable partnership units have the same economic attributes in all respects. See – “Part 8 – Presentation to Stakeholders and Performance Measurement”.

Brookfield Renewable’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), which require estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as at the date of the financial statements and the amounts of revenue and expense during the reporting periods.

Certain comparative figures have been reclassified to conform to the current year’s presentation.

References to $, C$, €, R$, £, COP and A$ are to United States (“U.S.”) dollars, Canadian dollars, Euros, Brazilian reais, British pounds sterling, Colombian pesos and Australian dollars respectively. Unless otherwise indicated, all dollar amounts are expressed in U.S. dollars.

For a description of our operational and segmented information and for the non-IFRS financial measures we use to explain our financial results see “Part 8 – Presentation to Stakeholders and Performance Measurement”. For a reconciliation of the non-IFRS financial measures to the most comparable IFRS financial measures, see “Part 4 – Financial Performance Review on Proportionate Information – Reconciliation of non-IFRS measures”. This Management’s Discussion and Analysis contains forward-looking information within the meaning of U.S. and Canadian securities laws. Refer to – “Part 9 – Cautionary Statements” for cautionary statements regarding forward-looking statements and the use of non-IFRS measures. Our Annual Report and additional information filed with the Securities Exchange Commission (“SEC”) and with securities regulators in Canada are available on our website (https://bep.brookfield.com), on the SEC’s website (www.sec.gov/edgar.shtml), or on SEDAR+ (www.sedarplus.ca).

PART 1 – Q3 2025 HIGHLIGHTS

Operations

Funds From Operations of $302 million or $0.46 on a per unit basis is higher than the prior year driven by:

After deducting non-cash depreciation, foreign exchange and derivative gains or losses and other, net loss attributable to Unitholders for the three months ended September 30, 2025 was $120 million.

We continued to be a global partner of choice to procure clean power:

Liquidity and Capital Resources

Our significant access to scale capital and strong investment grade balance sheet with BBB+ credit rating continues to differentiate our franchise and support our growth initiatives

Continued to execute on our asset recycling program, closing and agreeing to sell assets that will generate expected proceeds of ~$2.8 billion (~$900 million net to Brookfield Renewable), including:

Growth and Development

Following quarter end, Brookfield and Cameco, our partner in Westinghouse, entered an agreement with the U.S. Government to establish a strategic partnership which is expected to accelerate the scale deployment of Westinghouse’s nuclear reactor technologies in the United States and globally. Under the terms of the agreement, once the U.S. Government makes a final investment decision and enters into definitive agreements to complete the construction of new Westinghouse nuclear reactors in the United States with an aggregate value of at least $80 billion before January 2029, a contingent interest in Westinghouse will vest for the U.S. government whereby it will be entitled to receive 20% of any cash distributions in excess of $17.5 billion made by Westinghouse. We and our institutional partners own a 51% interest in Westinghouse (11% net to Brookfield Renewable).

Together with our institutional partners, we have deployed or committed to deploy approximately $2.1 billion (~$1.2 billion net to Brookfield Renewable) across multiple investments, adding leading platforms and assets in the U.S. and globally.

We continue to accelerate our development activities

PART 2 – FINANCIAL PERFORMANCE REVIEW ON CONSOLIDATED INFORMATION

The following table reflects key financial data for the three and nine months ended September 30:

Variance Analysis For The Three Months Ended September 30, 2025

Revenues totaling $1,596 million represents an increase of $126 million over the same period in the prior year as the growth of our business, inflation escalation on our contracted generation, the benefits of strong hydrology from our Canadian and Colombian hydroelectric assets, was partially offset by unfavorable hydrology at our U.S. and Brazil businesses and recently completed asset sales. Recently acquired and commissioned facilities that we consolidate contributed 3,612 GWh of generation and $286 million to revenues, partly offset by our recently completed asset sales that reduced generation by 931 GWh and revenues by $145 million.

The weakening of the U.S. dollar relative to the same period in the prior year across most currencies increased revenues by $14 million, which was partly offset by a $5 million unfavorable foreign exchange impact on our direct operating costs and interest expense for the quarter.

Direct operating costs totaling $721 million represents an increase of $98 million over the same period in the prior year primarily due to additional costs from our recently acquired and commissioned facilities, which were partially offset by our recently completed asset sales.

Other income included a $217 million gain resulting from the deconsolidation of the net assets of a renewable operating and development platform in India and the recognition of the fair value of our interest as an equity-accounted investment.

Management service costs totaling $57 million represents a decrease of $2 million over the same period in the prior due to the movement in the LP unit and BEPC exchangeable share price during the period.

Interest expense totaling $586 million represents an increase of $72 million over the same period in the prior year due primarily to recent acquisitions, including the cost of temporary bridge funding associated with the acquisition of Neoen and a fully integrated developer and operator of renewable power assets in the U.S. that are attributable to our institutional partners and financing initiatives to fund development activities, partially offset by recently completed asset sales.

Depreciation expense totaling $611 million represents an increase of $97 million over the same period in the prior year due to the growth of our business.

Deferred tax recovery totaling $66 million represents an increase of $95 million over the same period in the prior year.

Net income totaling $42 million represents an increase of $81 million over the prior year due to the above noted items.

Variance Analysis For The Nine Months Ended September 30, 2025

Revenues totaling $4,868 million represents an increase of $424 million over the same period in the prior year as the growth of our business, inflation escalation on our contracted generation, and the benefits of strong hydrology from our Canadian and Colombian hydroelectric assets, was partially offset by unfavorable hydrology at our U.S. and Brazil businesses and completed asset sales. Recently acquired and commissioned facilities that we consolidate contributed 11,059 GWh of generation and $795 million to revenue, offset by recently completed asset sales that reduced generation by 2,696 GWh and revenue by $310 million. On a same store, constant currency basis, revenues increased by $9 million as the benefits from higher resources at our Canadian and Colombia hydroelectric assets as well as inflation escalation on our contracted generation in Canada, Brazil and Colombia, were partially offset by unfavorable hydrology at our U.S. and Brazil businesses and lower spot prices on our uncontracted Colombian generation caused by higher system-wide hydrology.

The strengthening of the U.S. dollar relative to the same period in the prior year across most currencies decreased revenues by $70 million, which was partly offset by a $45 million favorable foreign exchange impact on our direct operating costs and interest expense for the year.

Direct operating costs totaling $2,095 million represents an increase of $220 million over the same period in the prior year due primarily to additional costs from our recently acquired and commissioned facilities, which were partially offset by our recently completed asset sales and the above noted strengthening of the U.S. dollar.

Other income included a $217 million gain resulting from the deconsolidation of the net assets of a renewable operating and development platform in India and the recognition of the fair value of our interest as an equity-accounted investment.

Management service costs totaling $162 million represents an increase of $5 million over the same period in the prior year due to the growth of our business.

Interest expense totaling $1,819 million represents an increase of $340 million over the same period in the prior year due primarily to recent acquisitions, including the cost of temporary bridge funding associated with the acquisition of Neoen and a fully integrated developer and operator of renewable power assets in the U.S. that are attributable to our institutional partners and financing initiatives to fund development activities, partially offset by the above noted strengthening of the U.S. dollar.

Depreciation expense totaling $1,803 million represents an increase of $270 million over the same period in the prior year due to the growth of our business.

Deferred tax recovery totaling $292 million represents an increase of $310 million over the same period in the prior year due to the simplification of Neoen’s organizational structure that resulted in a deferred income tax recovery of $161 million.

Other during the period included stamp duties levied upon reaching prescribed ownership thresholds in certain jurisdictions Neoen operates that were factored into our underwriting.

Net income totaling $34 million represents an increase of $231 million over the prior year due to the above noted items.

PART 3 – ADDITIONAL CONSOLIDATED FINANCIAL INFORMATION

SUMMARY CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

The following table provides a summary of the key line items on the unaudited interim consolidated statements of financial position:

Property, plant and equipment & Equity-accounted investments

Property, plant and equipment totaled $71.6 billion as at September 30, 2025 compared to $73.5 billion as at December 31, 2024, representing a decrease of $1.9 billion. Our acquisition of a fully integrated developer and operator of renewable power assets in the U.S. increased property, plant and equipment by $0.5 billion. Our continued investments in the development of power generating assets increased property, plant and equipment by $5.1 billion, and the appreciation of most currencies against the U.S. dollar increased property, plant and equipment by $3.4 billion. These increases were offset by disposals and assets reclassified to held for sale, including the deconsolidation of a renewable operating and development platform in India and a 833 MW portfolio of utility scale solar assets in the U.S., a majority stake in a leading North American distributed generation business, a partial stake in a 845 MW portfolio of wind assets in the United States and the deconsolidation of a renewable operating and development platform in India, that decreased property, plant and equipment by $9.1 billion and depreciation expense that decreased property, plant and equipment by $1.8 billion.

Equity-accounted investments totaled $4.3 billion as at September 30, 2025, compared to $2.7 billion as at December 31, 2024, representing an increase of $2.0 billion from the integration of a recently acquired operator and developer in the U.S., the change in basis of accounting of a renewable operating and development platform in India and a 845 MW portfolio of wind assets in the United States to equity-accounted investments,and the weakening of the U.S. dollar, partially offset by distributions, investments reclassified as held for sale, and the dissolution of a joint venture.

Assets held for sale and Liabilities directly associated with assets held for sale

Assets held for sale and Liabilities directly associated with assets held for sale totaled $6.3 billion and $3.8 billion, respectively, as at September 30, 2025 and are comprised of a 633 MW under construction solar asset in India, a 50% interest in a multi-national distributed generation development business with a 200 MW portfolio of operating and under construction assets, a 315 MW portfolio of operating wind assets in Australia, a 47 MW portfolio of operating hydroelectric assets in the United States, a 1.5 GW portfolio of operating distributed generation assets in the United States, a distributed generation development platform with a pipeline of 2.3 GW in the United States, and an 833 MW portfolio of operating solar assets in the United States.

RELATED PARTY TRANSACTIONS

Brookfield Renewable's related party transactions are in the normal course of business and are recorded at the exchange amount. Brookfield Renewable's related party transactions are primarily with Brookfield and their related parties.

Brookfield Renewable sells electricity to Brookfield through a single long-term PPA across Brookfield Renewable’s New York hydroelectric facilities. Brookfield will support the price that Brookfield Renewable receives for energy generated by certain facilities in the United States.

Brookfield Renewable has entered into voting agreements with Brookfield, whereby Brookfield Renewable gained control of the entities that own certain renewable power generating facilities. Brookfield Renewable has also entered into a voting agreement with its consortium partners in respect of the Colombian business and Neoen. The voting agreements provide Brookfield Renewable the authority to direct the election of the Boards of Directors of the relevant entities, among other things, and therefore provide Brookfield Renewable with control. Accordingly, Brookfield Renewable consolidates the accounts of these entities.

Brookfield Renewable participates with institutional partners in Brookfield Americas Infrastructure Fund, Brookfield Infrastructure Fund II, Brookfield Infrastructure Fund III, Brookfield Infrastructure Fund IV, Brookfield Infrastructure Fund V, Brookfield Infrastructure Income Fund, Brookfield Infrastructure Debt Fund, Brookfield Global Transition Fund I, Brookfield Global Transition Fund II, and The Catalytic Transition Fund (“Private Funds”). Brookfield Renewable, together with our institutional partners, has access to financing under Brookfield sponsored credit facilities.

From time to time, in order to facilitate investment activities in a timely and efficient manner, Brookfield Renewable will fund deposits or incur other costs and expenses (including by use of loan facilities to consummate, support, guarantee or issue letters of credit) in respect of an investment that ultimately will be shared with or made entirely by Brookfield sponsored vehicles, consortiums and/or partnerships (including private funds, joint ventures and similar arrangements), Brookfield Renewable, or by co-investors.

Brookfield Corporation has provided a $400 million committed unsecured revolving credit facility maturing in December 2029 and the draws bear interest at Secured Overnight Financing Rate plus a margin. During the current period, there were no draws on the committed unsecured revolving credit facility provided by Brookfield Corporation.

Brookfield Corporation may from time to time place funds on deposit with Brookfield Renewable, which are repayable on demand including any interest accrued. There were nil funds placed on deposit with Brookfield Renewable as at September 30, 2025 (December 31, 2024: nil). The interest expense on the Brookfield Corporation revolving credit facility and deposit for the three and nine months ended September 30, 2025 totaled nil (2024: nil).

From time to time, Brookfield Wealth Solutions and its related entities may commercially agree to provide financings to Brookfield Renewable or participate in capital raises undertaken by Brookfield Renewable on an arm’s length basis alongside unaffiliated third parties. During the three and nine months ended September 30, 2025, Brookfield Renewable, together with its institutional partners agreed to $100 million and $200 million respectively, of tax equity financings through a preferred equity structure with Brookfield Wealth Solutions. As at September 30, 2025, Brookfield Renewable, together with its institutional partners had the following balances owing to Brookfield Wealth Solutions: $67 million of non-recourse borrowings (December 31, 2024: $65 million); $7 million of corporate borrowings (December 31, 2024: $7 million); tax equity financings classified as financial instrument liabilities of $20 million (December 31, 2024: $1 million); preferred limited partners equity of $11 million (December 31, 2024: $10 million); and $347 million of borrowings classified as due to related party (December 31, 2024: $348 million). During the third quarter of 2025, $32 million of financial liabilities were transferred to liabilities directly associated with assets held for sale.

Brookfield Renewable from time to time may enter into agreements with Brookfield and its subsidiaries to transfer income tax credits generated by renewable energy projects. During the three and nine months ended September 30, 2025, Brookfield Renewable transferred nil and $19 million, respectively (2024: nil and nil, respectively) of income tax credits to Brookfield and its subsidiaries.

During the first quarter of 2025, Brookfield Renewable, together with its institutional partners, completed the sale of a 52 MW utility-scale solar asset in Jamaica owned by Neoen to an associate of Brookfield Renewable for proceeds of approximately $19 million (approximately $2 million net to Brookfield Renewable). The asset was subject to a pre-existing sale and purchase agreement negotiated at arm's length that was entered into prior to Brookfield Renewable acquiring Neoen and therefore no gain or loss was recorded as a result of the transaction.

During the third quarter of 2025, Brookfield Renewable agreed to acquire up to an incremental 15% ownership in Isagen S.A. E.S.P. for $1 billion from institutional partners within a private fund managed by BAM, at a value equivalent to the purchase price agreed with an unaffiliated third party purchase price. Subsequent to the quarter, Brookfield Renewable completed the acquisition of the incremental 15% ownership in Isagen S.A. E.S.P. for $1 billion. Brookfield Renewable will continue to consolidate this business. In connection with closing of the transaction, Brookfield Renewable commercially agreed to $400 million in financings from Brookfield Wealth Solutions.

During the third quarter of 2025, Brookfield Renewable, together with its institutional partners, agreed to the sale of a 50% interest in a 403 MW portfolio of operating hydroelectric assets in the U.S. for expected proceeds of approximately $490 million ($237 million net to Brookfield Renewable), of which 25% was sold to a private fund managed by BAM, at a value equivalent to what was agreed to with the unaffiliated third party that acquired the other 25% interest in the portfolio. Brookfield Renewable will maintain control of the portfolio subsequent to the partial sale. The closing of this transaction is subject to customary closing conditions. After agreeing to this sale, Brookfield Renewable, together with its institutional partners, exercised their option to sell a 100% interest in a subset of these hydroelectric assets included in this portfolio to an unaffiliated third party at a higher valuation.

During the third quarter of 2025, Brookfield Renewable, together with its institutional partners, completed the sale of a 6% minority interest in a renewable operating and development platform in India for proceeds of $45 million ($9 million net to Brookfield Renewable) to an associate of a proposed initial public offering’s (“IPO”) founder group to facilitate the IPO of equity shares by the platform. The disposal was treated as an equity transaction under IFRS 10, Consolidated Financial Statements and therefore no gain or loss was recorded as a result of the transaction. Brookfield Renewable, together with its institutional partners, provided financing to the associate for approximately $70 million ($14 million net to Brookfield Renewable) to facilitate the sale. The remainder of the proceeds were used to acquire additional shares from unaffiliated third parties, at an equivalent value, as part of the IPO process.

During the third quarter of 2025, Brookfield Renewable, together with its institutional partners, agreed to the sale of a 100% interest in a 1.5 GW portfolio of operating distributed generation assets. 47% was sold to a third party and the remaining 53% was sold to a private fund managed by BAM, at a value equivalent to what was agreed to with the unaffiliated third party. Brookfield Renewable, together with its institutional partners, agreed to the sale of a 47% in a 2.3 GW distributed generation development platform in the U.S. for combined expected base proceeds of approximately $925 million ($395 million net to Brookfield Renewable). The closing of this transaction is subject to customary closing conditions.

In addition, our company has executed, amended, or terminated other agreements with Brookfield that are described in Note 29 - Related party transactions in Brookfield Renewable’s December 31, 2024 audited consolidated financial statements.

The following table reflects the related party agreements and transactions in the unaudited interim consolidated statements of income for the three and nine months ended September 30:

The following table reflects the impact of the related party agreements and transactions on the consolidated statements of

financial position:

EQUITY

General partnership interest in a holding subsidiary held by Brookfield

Brookfield, as the owner of the 1% GP interest in BRELP, is entitled to regular distributions plus an incentive distribution based on the amount by which quarterly LP unit distributions exceed specified target levels. As at September 30, 2025, to the extent that LP unit distributions exceed $0.20 per LP unit per quarter, the incentive is 15% of distributions above this threshold. To the extent that quarterly LP unit distributions exceed $0.2253 per LP unit per quarter, the incentive distribution is equal to 25% of distributions above this threshold. Incentive distributions of $36 million and $108 million were declared during the three and nine months ended September 30, 2025 (2024: $31 million and $96 million, respectively).

Preferred equity

The Class A Preference Shares of Brookfield Renewable Power Preferred Equity Inc. (“BRP Equity”) do not have a fixed maturity date and are not redeemable at the option of the holders. As at September 30, 2025, none of the issued Class A Preference Shares have been redeemed by BRP Equity.

During the year, Brookfield Renewable declared the fixed quarterly distributions on the Class A Preference Shares, Series 1 of BRP Equity during the five years commencing May 1, 2025 will be paid at an annual rate of 5.203%. During the year, Brookfield Renewable declared the floating quarterly distributions on the Class A Preference Shares, Series 2 of BRP Equity during the three months commencing May 1, 2025 will be paid at an annualized rate of 5.27%.

During the year, 1,619 Class A Preference Shares, Series 1 of BRP Equity were converted, on a one-for-one basis, into Class A Preference Shares, Series 2 of BRP Equity.

During the year, 1,524,396 Class A Preference Shares, Series 2 of BRP Equity were converted, on a one-for-one basis, into Class A Preference Shares, Series 1 of BRP Equity.

In December 2024, the Toronto Stock Exchange accepted notice of BRP Equity’s intention to renew the normal course issuer bid in connection with its outstanding Class A Preference Shares for another year to December 17, 2025, or earlier should the repurchases be completed prior to such date. Under this normal course issuer bid, BRP Equity is permitted to repurchase up to 10% of the total public float for each respective series of the Class A Preference Shares. There were no repurchases of Class A Preference Shares during the three and nine ended September 30, 2025 and 2024.

Perpetual subordinated notes

The perpetual subordinated notes are classified as a separate class of non-controlling interest on Brookfield Renewable's consolidated statements of financial position. Brookfield Renewable incurred interest of $10 million and $30 million (2024: $10 million and $27 million) on the perpetual subordinated notes during the three and nine months ended September 30, 2025. Interest incurred on the perpetual subordinated notes are presented as distributions in the consolidated statements of changes in equity.

Preferred limited partners' equity

The Class A Preferred Limited Partnership Units (“Preferred units”) of Brookfield Renewable do not have a fixed maturity date and are not redeemable at the option of the holders.

In December 2024, the Toronto Stock Exchange accepted notice of Brookfield Renewable's intention to renew the normal course issuer bid in connection with the outstanding Class A Preferred Limited Partnership Units for another year to December 17, 2025, or earlier should the repurchases be completed prior to such date. Under this normal course issuer bid, Brookfield Renewable is permitted to repurchase up to 10% of the total public float for each respective series of its Class A Preferred Limited Partnership Units. No units were repurchased during the three and nine months ended September 30, 2025 and 2024.

Limited partners' equity, Redeemable/Exchangeable partnership units, and exchangeable shares

As at September 30, 2025, Brookfield Holders held a direct and indirect interest of approximately 48% of Brookfield Renewable on a fully-exchanged basis. Brookfield Holders held a direct and indirect interest of 313,640,823 LP units, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and class A.2 exchangeable shares, on a combined basis, and the remaining is held by public investors.

During the three and nine months ended September 30, 2025, 71,536 and 210,756 LP units, respectively (2024: 58,696 and 216,208 LP units, respectively) were issued under the distribution reinvestment plan at a total value of $2 million and $5 million, respectively (2024: $2 million and $6 million, respectively).

During the three and nine months ended September 30, 2025, exchangeable shareholders of BEPC exchanged 497 and 36,058 BEPC exchangeable shares, respectively (2024: 193 and 10,335 BEPC exchangeable shares, respectively) for an equivalent number of LP units amounting to less than $1 million (2024: less than $1 million).

In December 2024, Brookfield Renewable renewed its normal course issuer bid in connection with its LP units and outstanding BEPC exchangeable shares. Brookfield Renewable is authorized to repurchase up to 14,255,578 LP units and 8,982,042 BEPC exchangeable shares, representing 5% of each of its issued and outstanding LP units and BEPC exchangeable shares. The bids will expire on December 17, 2025, or earlier should Brookfield Renewable complete its repurchases prior to such date. During the three and nine months ended September 30, 2025, there were nil and 1,522,975 LP units, respectively (2024: nil and 2,279,654 LP units, respectively) repurchased and cancelled at a total cost of nil and $34 million, respectively (2024: nil and $52 million, respectively). There were no BEPC exchangeable shares repurchased during the three and nine months ended September 30, 2025 and 2024.

PART 4 – FINANCIAL PERFORMANCE REVIEW ON PROPORTIONATE INFORMATION

SEGMENTED DISCLOSURES

Segmented information is prepared on the same basis that Brookfield Renewable's Chief Executive Officer and Chief Financial Officer (collectively, the chief operating decision maker or "CODM") manages the business, evaluates financial results, and makes key operating decisions. See "Part 8 – Presentation to Stakeholders and Performance Measurement" for information on segments and an explanation on the calculation and relevance of proportionate information, Adjusted EBITDA and Funds From Operations, which are non-IFRS measures.

FINANCIAL RESULTS FOR THE THREE MONTHS ENDED SEPTEMBER 30

The following chart reflects the generation and summary financial figures on a proportionate basis for the three months ended September 30:

HYDROELECTRIC OPERATIONS

The following table presents our proportionate results for hydroelectric operations for the three months ended September 30:

The following table presents our proportionate results by geography for hydroelectric operations for the three months ended September 30:

North America

Funds From Operations at our North American business was $60 million compared to $44 million in the prior year as the business benefited from higher average pricing on our contracted generation due to inflation indexation, stronger realized pricing on uncontracted generation, and increased earnings from commercial and operational activities, partially offset by lower resources in the U.S. and the weakening of the Canadian dollar versus the U.S. dollar.

Brazil

Funds From Operations at our Brazilian business was $29 million versus $28 million in the prior year as the benefit of higher average revenue per MWh from inflation indexation on our contracted generation was partially offset by lower hydrology.

Colombia

Funds From Operations at our Colombian business was $30 million versus $24 million in the prior year as the business benefited from stronger hydrology, inflation indexation on contracted generation, and lower cash taxes partially offset by lower spot prices on our uncontracted generation caused by higher system-wide hydrology.

WIND OPERATIONS

The following table presents our proportionate results for wind operations for the three months ended September 30:

Funds From Operations at our wind business was $47 million versus $80 million in the prior year as the benefit from newly acquired and commissioned facilities, including our investments in Neoen and an offshore wind portfolio in the U.K. was offset by tax recoveries and gains on the sale of development assets that benefited the prior year, and the impact from the sale of wind assets in the U.S., Portugal and Spain that reduced results compared to the prior year.

UTILITY-SCALE SOLAR OPERATIONS

The following table presents our proportionate results for utility-scale solar operations for the three months ended September 30:

Funds From Operations at our utility-scale solar business was $130 million versus $127 million in the prior year due to the benefit of newly acquired and commissioned facilities, including Neoen and a fully integrated developer and operator of renewable power assets in the U.S.

DISTRIBUTED ENERGY & STORAGE OPERATIONS

The following table presents our proportionate results for distributed energy & storage operations for the three months ended September 30:

Funds From Operations at our distributed energy & storage business was $89 million compared to $85 million in the prior as the benefits from recently acquired and commissioned facilities, including our investment in Neoen and contributions from our pumped storage were offset by increased financing to support growth and the sale of our pumped storage business in the U.K. that reduced results compared to the prior year.

SUSTAINABLE SOLUTIONS OPERATIONS

The following table presents our proportionate results for sustainable solutions operations for the three months ended September 30:

Funds From Operations at our sustainable solutions business were $38 million in 2025 versus $30 million in the prior year as the benefits of growth and contributions from our global nuclear services business were partially offset by tax recoveries that benefited the prior year.

CORPORATE

The following table presents our results for Corporate for the three months ended September 30:

Funds From Operations was $121 million due to additional corporate level financing initiatives to support growth over the last twelve months.

RECONCILIATION OF NON-IFRS MEASURES

The following table reconciles the non-IFRS financial measures to the most directly comparable IFRS measures. Net income (loss) is reconciled to Adjusted EBITDA for the three months ended September 30, 2025:

The following table reconciles the non-IFRS financial measures to the most directly comparable IFRS measures. Net income (loss) is reconciled to Adjusted EBITDA for the three months ended September 30, 2024:

The following table reconciles the non-IFRS financial measures to the most directly comparable IFRS measures. Net income (loss) is reconciled to Funds From Operations for the three months ended September 30:

The following table reconciles the per unit non-IFRS financial measures to the most directly comparable IFRS measures. Basic earnings (loss) per LP unit is reconciled to Funds From Operations per Unit, for the three months ended September 30:

CONTRACT PROFILE

We operate our power business on a largely contracted basis to provide a high degree of predictability in Funds From Operations. We maintain a long-term view that electricity prices and the demand for electricity will rise due to electrification of the global economy including segments like industrial and transportation as well as from increasing digitalization. We also expect demand for clean power to grow as renewables are the cheapest form of bulk electricity generation, on the increasing level of acceptance around climate change and the legislated requirements in some areas to diversify away from fossil fuel based generation.

In Brazil and Colombia, we also expect power prices will continue to be supported by the need to build new supply over the medium-to-long term to serve growing demand and therefore we would expect to capture rising prices as we re-contract our power over the medium-term.

The following table sets out our power contracts over the next five years for generation output in North America, Brazil, Europe and certain other countries, assuming long-term average on a proportionate basis. The table excludes Brazil and Colombia hydroelectric portfolios, where we would expect the energy associated with maturing contracts to be re-contracted in the normal course given the construct of the respective power markets. In these countries, for the remainder of 2025, we currently have a contracted profile of approximately 80% and 85%, respectively, of the long-term average. Overall, our power portfolio has a weighted-average remaining contract duration of 13 years on a proportionate basis.

Weighted-average remaining contract durations on a proportionate basis are 14 years in North America, 18 years in Europe, 9 years in Brazil, 5 years in Colombia, and 16 years across our remaining jurisdictions.

In North America, over the next five years, a number of contracts will expire at our hydroelectric facilities. Based on current market prices for energy and ancillary products, we expect a net positive impact to cash flows.

In our Colombian portfolio, we continue to focus on securing long-term contracts while maintaining a certain percentage of uncontracted generation to mitigate hydrology risk.

The majority of Brookfield Renewable’s long-term power purchase agreements within our North American and European businesses are with investment-grade rated or creditworthy counterparties. The economic exposure of our contracted generation on a proportionate basis is distributed as follows: power authorities (31%), distribution companies (23%), commercial & industrial users (34%) and Brookfield (12%).

PART 5 – LIQUIDITY AND CAPITAL RESOURCES

CAPITALIZATION

A key element of our financing strategy is to raise the majority of our debt in the form of asset-specific, non-recourse borrowings at our subsidiaries on an investment-grade basis with no maintenance covenants. Substantially all of our debt is either investment grade rated or sized to investment grade and approximately 90% of debt is project level.

The following table summarizes our capitalization:

AVAILABLE LIQUIDITY

The following tables summarizes the available liquidity:

We operate with sufficient liquidity to enable us to fund growth initiatives, capital expenditures, distributions or other expenditures and withstand sudden adverse changes in economic circumstances or short-term fluctuations in generation. We maintain a strong, investment grade balance sheet characterized by a conservative capital structure, access to multiple funding levers including a focus on capital recycling on an opportunistic basis, and diverse sources of capital. Principal sources of liquidity are cash flows from operations, our credit facilities, up-financings on non-recourse borrowings and proceeds from the issuance of various securities through public markets.

BORROWINGS

The composition of debt obligations, overall maturity profile, and average interest rates associated with our borrowings and credit facilities on a proportionate basis is presented in the following table: