BEPH

• 2025 was an excellent year with $2.01 FFO per unit, up 10% y/y. Deployed/committed $8.9 billion in growth, $1.9 billion net to BEP. • Commissioned over 8 gigawatts of new capacity globally in 2025. • Achieved $4.5 billion in asset recycling proceeds, $1.3 billion net to BEP. • Energy market shifted to energy addition due to rising demand from electrification, industrial activity, AI. • Scaling solar and onshore wind development, with target of 10 GW new capacity/year by 2027. • Hydro and nuclear positioned well with strong PPA signings and Westinghouse nuclear agreement. • Battery storage capacity to quadruple to over 10 GW by 2028 via NaoN acquisition and large projects. • Strong balance sheet with $4.6 billion liquidity, $37 billion in financings in 2025, and 650 million equity raise.

• 2025 FFO per unit $2.01, up 10% y/y, in line with long-term target. • Target to reach 10 GW of new capacity run rate per year by 2027. • Expect battery storage capacity to quadruple to over 10 GW by 2028. • Over 5% increase in annual distribution to $1.468 per unit, 15 consecutive years of at least 5% distribution growth. • Aim for 12%-15% long-term total returns for investors.

Hydroelectric segment: FFO of $607 million, up 19% from prior year. Wind and solar segments: Combined $648 million FFO, supported by acquisitions and offshore wind investments but offset by sales gains from prior year. Distributed energy storage and sustainable solutions: Record results of $614 million, up almost 90% from prior year, driven by development, acquisition, and Westinghouse performance.

Q: Sean Steuart asked about progress on Microsoft framework agreement and balance sheet liquidity.

A: Connor Teskey said demand from corporates and hyperscalers is accelerating, with growth expected in 2026 and beyond. Patrick Taylor noted comfort with $4 billion+ liquidity, complemented by capital recycling.

Q: Nelson Ng asked about US permitting headwinds for onshore wind/solar and hydro power prices.

A: Connor Teskey said solar in US is accelerating, onshore wind has some permitting slowdown but projects still progressing; realized hydro prices expected to increase due to high scarcity value and new contracts.

Q: Robert Hope asked about battery outlook and M&A environment.

A: Connor Teskey said batteries are fastest growing, outlook increased due to cost declines and grid incentives; Brookfield sees constructive M&A environment for growth deployment.

Q: Baltej Sidhu asked about asset opportunities, offshore wind, and merchant arbitrage for storage.

A: Connor Teskey discussed attractive opportunities in public companies, carve-outs, and developer market; Brookfield evaluating offshore wind opportunities and sees potential in merchant storage assets with contracting.

Q: Anthony Crowdell asked about PJM backstop auction.

A: Connor Teskey said it reflects energy demand tightness and should accelerate new capacity addition.