Brookfield Renewable Corporation · NYSE:BEPC

Brookfield Renewable — Brookfield Renewable Partners L.P. Limited Partnership Units — Q1 2022 Earnings Presentation

36 slides from Brookfield Renewable's earnings presentation, May 6, 2022

  1. Slide 1: Three Months Ended March 31, 2022

    THREE MONTHS ENDED MARCH 31, 2022

  2. Slide 2: Cautionary Statement Regarding Forward-Looking Statements

    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

  3. Slide 3: Q1 2022 Highlights

    Q1 2022 Highlights (MILLIONS, EXCEPT AS NOTED) Three months ended 2022 2021 $292M 18% Selected Financial Information NORMALIZED FUNDS NORMALIZED FFO PER Revenues $ 1,136 $ 1,020 FROM OPERATIONS UNIT INCREASE Net loss attributable to Unitholders (78) (133) Proportionate Adjusted EBITDA(1) 499 489 FFO

  4. Slide 4: Q1 2022 Highlights (cont'd)

    Q1 2022 Highlights (cont’d) OPERATIONS GROWTH AND DEVELOPMENT • Continued to focus on extending our contract profile and • To date in 2022, together with our institutional partners, we closed leveraging our deep customer relationships or agreed to invest over $1.6 billion (approximately $340 million

  5. Slide 5: About Brookfield Renewable

    About Brookfield Renewable We are a global leader in decarbonization, with integrated operating platforms on five continents with operating, development and power marketing expertise $68 billion 21,000 3,200 TOTAL POWER ASSETS MEGAWATTS OF CAPACITY OPERATING EMPLOYEES 8,296 power generating faciliti

  6. Slide 6: A Global Leader in Decarbonization

    A Global Leader in Decarbonization 6

  7. Slide 7: Overview of Our Operations

    Overview of Our Operations Storage River Capacity LTA(1) Capacity Revenue by Source of Energy (1) As at March 31, 2022 Systems Facilities (MW) (GWh) (GWh) (proportionate basis) Hydroelectric North America United States(2) 30 137 2,905 11,981 2,543 13% Canada 19 33 1,361 5,178 1,261 49 170 4,266 17,1

  8. Slide 8: Distribution Profile

    Distribution Profile • We target a long-term distribution growth rate in the range of 5% to 9% annually • Distribution payout is reviewed with the Board of Directors in the first quarter of each year • The next quarterly distribution in the amount of $0.32 per LP unit, is payable on June 30, 2022 to

  9. Slide 9: Generation and Financial Review for the Three Months Ended March 31

    Generation and Financial Review for the Three Months Ended March 31 9

  10. Slide 10: Performance Measurement

    Performance Measurement Segmented Information Our operations are segmented by – 1) hydroelectric, 2) wind, 3) solar, 4) distributed generation, storage & other, and 5) corporate – with hydroelectric and wind further segmented by geography (i.e., North America, Colombia, Brazil, Europe and Asia). Thi

  11. Slide 11: Proportionate Results for the Three Months Ended March 31

    Proportionate Results for the Three Months Ended March 31 For each operating segment, this Supplemental Information outlines Brookfield Renewable’s proportionate share of results in order to demonstrate the impact of key value drivers of each operating segment on the partnership’s overall performanc

  12. Slide 12: Hydroelectric Operations on Proportionate Basis

    Hydroelectric Operations on Proportionate Basis FINANCIAL RESULTS 5,197 GWh $164M FFO decreased 4% or $6 million to $164 million PROPORTIONATE GENERATION FFO • FFO at our North American business was $84 million versus $104 million in the prior year as the benefit from strong asset availability, The

  13. Slide 13: Wind Operations on Proportionate Basis

    Wind Operations on Proportionate Basis FINANCIAL RESULTS FFO increased 1% or $1 million to $92 million, excluding a gain on sale in 1,626 GWh $92M the prior year PROPORTIONATE GENERATION FFO • FFO at our North American business was $44 million versus $62 million in the prior year as the benefit from

  14. Slide 14: Solar, Distributed Generation, Storage & Other, and Corporate on Proportionate Basis

    Solar, Distributed Generation, Storage & Other, and Corporate on Proportionate Basis The following table presents our proportionate results for our Solar The following table presents Corporate results for the three months business for the three months ended March 31: ended March 31: Three months end

  15. Slide 15: Distribution Payout Ratio

    Distribution Payout Ratio Our objective is to pay a distribution that is sustainable on a long-term basis while retaining sufficient liquidity within our operations to fund growth. We fund our growth initiatives through a combination of preferred equity and corporate debt issuances, asset sales, and

  16. Slide 16: Capitalization and Available Liquidity

    Capitalization and Available Liquidity CAPITALIZATION AVAILABLE LIQUIDITY A key element of our financing strategy is to raise the majority of We operate with sufficient liquidity to enable us to fund our debt in the form of asset-specific, non-recourse borrowings at growth initiatives, capital expen

  17. Slide 17: Borrowings

    Borrowings The following table summarizes our undiscounted principal and scheduled amortization repayments on a proportionate basis: Balance of (MILLIONS) 2022 2023 2024 2025 2026 Thereafter Total Principal repayments(1) Medium term notes(2) $ — $ — $ — $ 320 $ — $ 1,859 $ 2,179 Non-recourse borrowi

  18. Slide 18: Contract Profile

    Contract Profile The following table sets out our contracts over the next five years for generation output in North America, Europe, and other countries in Asia on a proportionate basis, assuming long-term average. The table excludes Brazil and Colombia hydroelectric portfolios, where we would expec

  19. Slide 19: Development Profile

    Development Profile Expect to deliver $157 million of FFO from our recently commissioned, under construction, construction-ready, and advanced stage development assets The following table summarizes the 536 MW of assets that reached commercial operations during the year to date: Annualized Country /

  20. Slide 20: Appendix 1 – Reconciliation of Non-IFRS Measures

    Appendix 1 – Reconciliation of Non-IFRS Measures 20

  21. Slide 21: Segment Reconciliation on a Proportionate Basis – Three Months Ended March 31, 2022

    Segment Reconciliation on a Proportionate Basis – Three Months Ended March 31, 2022 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the three months ended March 31, 2022: Attributable to Unitholders Contribution Distributed from equity- Att

  22. Slide 22: Segment Reconciliation on a Proportionate Basis – Three Months Ended March 31, 2021

    Segment Reconciliation on a Proportionate Basis – Three Months Ended March 31, 2021 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the three months ended March 31, 2021: Attributable to Unitholders Contribution Distributed from equity- Att

  23. Slide 23: Reconciliation of Non-IFRS Measures

    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 March 31, 2022: Attributable to Unitholders Hydroelectric Wind DG, UNAUDITED

  24. Slide 24: Reconciliation of Non-IFRS Measures

    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 March 31, 2021: Attributable to Unitholders Hydroelectric Wind DG, UNAUDITED

  25. Slide 25: Reconciliation of Non-IFRS Measures

    Reconciliation of Non-IFRS Measures The following table reconciles the non-IFRS financial metrics presented in this report to the most directly comparable IFRS measures: Three months ended March 31 UNAUDITED (MILLIONS) 2022 2021 Net income (loss) $ 33 $ (55) Add back or deduct the following: Depreci

  26. Slide 26: Reconciliation of Non-IFRS Measures (cont'd)

    Reconciliation of Non-IFRS Measures (cont'd) The following table reconciles the non-IFRS per unit financial metrics to the most directly comparable IFRS measures. Earnings per LP unit is reconciled to FFO per Unit and Normalized FFO per Unit for the three months ended March 31: Three months ended Ma

  27. Slide 27: Segment Proportionate Balance Sheet

    Segment Proportionate Balance Sheet Attributable to Unitholders Contribution Attributable to DG, from equity- non- As per storage & accounted controlling IFRS (MILLIONS) Hydro Wind Solar other Corporate Total investments interests financials As at March 31, 2022 Cash and cash equivalents $ 93 $ 130

  28. Slide 28: Appendix 2 – Additional Information

    Appendix 2 – Additional Information 28

  29. Slide 29: Annualized Proportionate Long-term Average Generation

    Annualized Proportionate Long-term Average Generation GENERATION (GWh)(10) Q1 Q2 Q3 Q4 Total Hydroelectric North America United States 2,227 2,361 1,469 1,952 8,009 Canada 1,010 1,210 980 959 4,159 3,237 3,571 2,449 2,911 12,168 Colombia 865 948 916 1,058 3,787 Brazil(11) 988 998 1,009 1,009 4,004 5

  30. Slide 30: Annualized Consolidated Long-term Average Generation

    Annualized Consolidated Long-term Average Generation GENERATION (GWh)(10) Q1 Q2 Q3 Q4 Total Hydroelectric North America United States 3,407 3,474 2,175 2,925 11,981 Canada 1,235 1,489 1,236 1,218 5,178 4,642 4,963 3,411 4,143 17,159 Colombia 3,593 3,936 3,802 4,395 15,726 Brazil(11) 1,215 1,228 1,24

  31. Slide 31: Appendix 3 – Presentation to Stakeholders and Performance Measurement

    Appendix 3 – Presentation to Stakeholders and Performance Measurement 31

  32. Slide 32: Presentation to Stakeholders

    Presentation to Stakeholders Actual and Long-term Average Generation For assets acquired, disposed or reaching commercial operation during the period, reported generation is calculated from the acquisition, disposition or commercial operation date and is not annualized. As it relates to Colombia onl

  33. Slide 33: Performance Measurement

    Performance Measurement One of our primary business objectives is to generate reliable and growing cash flows while minimizing risk for the benefit of all stakeholders. We monitor our performance in this regard through four key metrics – i) Net Income (Loss), ii) Adjusted Earnings Before Interest, T

  34. Slide 34: Performance Measurement (cont'd)

    Performance Measurement (cont'd) • Cash Available for Distribution – Cash Available for Distribution is a non-IFRS measure used by investors to analyze net earnings from operations without the effects of certain volatile items that generally have no current financial impact or items not directly rel

  35. Slide 35: Endnotes

    Endnotes (1) Share of earnings from equity-accounted investments of $19 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participating non-controlling interests – in operating subsidiaries

  36. Slide 36: BEP BEPC BEP.UN BEPC

    NYSE: NYSE: BEP BEPC TSX: TSX: BEP.UN BEPC https://bep.brookfield.com https://bep.brookfield.com/bepc 36

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