Brookfield Renewable Corporation · NYSE:BEPC
Brookfield Renewable — Brookfield Renewable Partners L.P. Limited Partnership Units — Q1 2024 Earnings Presentation
39 slides from Brookfield Renewable's earnings presentation, May 3, 2024
Slide 1: Three Months Ended March 31, 2024
THREE MONTHS ENDED MARCH 31, 2024
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
Slide 3: Q1 2024 Highlights
Q1 2024 Highlights (MILLIONS, EXCEPT AS NOTED) Three months ended 2024 2023 $296M 8% $4.4B Select Financial Information FUNDS FROM FUNDS FROM AVAILABLE Revenues 1,492 1,331 OPERATIONS OPERATIONS INCREASE LIQUIDITY Net income (loss) attributable to Unitholders (120) (32) Proportionate Adjusted EBITDA
Slide 4: Q1 2024 Highlights (cont'd)
Q1 2024 Highlights (cont’d) OPERATIONS LIQUIDITY AND CAPITAL RESOURCES (cont'd) • Continued to be one of the partners of choice to procure clean – Our financial position remains strong, with $4.4 billion of available power liquidity enabling us to deploy significant capital into growth – Signed a la
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 $102 billion ~33,600 TOTAL POWER AND SUSTAINABLE MEGAWATTS OF TOTAL SOLUTIONS ASSETS(1) OPERATING CAPACITY 7,584 powe
Slide 6: A Global Leader in Decarbonization
A Global Leader in Decarbonization 6
Slide 7: Overview of Our Operations
Overview of Our Operations Our global diversified portfolio of renewable power assets, which makes up over 97% of our business, has approximately 32,500 MW of operating capacity and annualized LTA generation of approximately 93,000 GWh and a development pipeline of approximately 157,000 MW. The tabl
Slide 8: Diversified Operating Portfolio
Diversified Operating Portfolio Strong exposure to developed regions and established renewable technologies FFO by Technology FFO by Region (proportionate basis)1 (proportionate basis)1 5% 2% 8% 15% Hydro 14% Wind North America Solar - utility Europe 50% Distributed energy & South America storage 23
Slide 9: 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 $0.355 per LP unit, is payable on June 28, 2024 t
Slide 10: Strong Track Record of Growth
Strong Track Record of Growth Over the past 10+ years we have delivered consistent growth for our unitholders, supporting our distribution $1,095 11% CAGR $347 2012(24) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 CAGR FFO (US$ M)(1)(23) $347 $594 $560 $467 $419 $581 $676 $761 $807 $934 $1
Slide 11: Generation and Financial Review for the Three Months Ended March 31
Generation and Financial Review for the Three Months Ended March 31 11
Slide 12: Performance Measurement
Performance Measurement Segmented Information Brookfield Renewable operations are segmented by – 1) hydroelectric, 2) wind, 3) utility-scale solar, 4) distributed energy and storage (distributed generation and pumped storage), 5) sustainable solutions (renewable natural gas, carbon capture and stora
Slide 13: 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
Slide 14: Hydroelectric Operations on Proportionate Basis
Hydroelectric Operations on Proportionate Basis FINANCIAL RESULTS The following table presents our proportionate results for the three months ended March 31: • FFO at our North American business was $137 million versus Three months ended $158 million in the prior year as the benefit from higher (MIL
Slide 15: Wind and Utility-scale Solar on Proportionate Basis
Wind and Utility-scale solar on Proportionate Basis The following table presents our proportionate results of our wind The following table presents our proportionate results of our business for the three months ended March 31: utility-scale solar business for the three months ended March 31: Three m
Slide 16: Distributed Energy & Storage, Sustainable Solutions and Corporate
Distributed energy & storage, sustainable solutions and Corporate on Proportionate Basis The following table presents our proportionate results for our Distributed The following table presents Corporate results for the three months energy and storage business for the three months ended March 31: end
Slide 17: 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 growth our debt in the form of asset-specific, non-recourse borrowings at initiatives, capital expen
Slide 18: Borrowings
Borrowings The following table summarizes our undiscounted principal and scheduled amortization repayments on a proportionate basis: Balance of (MILLIONS) 2024 2025 2026 2027 2028 Thereafter Total Principal repayments(1) Medium term notes(2) $ — $ 295 $ — $ 369 $ — $ 2,235 $ 2,899 Non-recourse borro
Slide 19: Contract Profile
Contract Profile The following table sets out our contracts over the next five years for generation output in North America, Brazil, Europe, and other countries in Asia on a proportionate basis, assuming long-term average. The table excludes Brazil and Colombia hydroelectric portfolios, where we wou
Slide 20: Development Profile
Development Profile Expected to deliver $365 million of annualized FFO from our recently developed, under construction or construction-ready, and advanced stage development assets. The following table summarizes the 334 MW and 4,158 MW of assets that reached commercial operations in the last three a
Slide 21: Appendix 1 – Reconciliation of Non-IFRS Measures
Appendix 1 – Reconciliation of Non-IFRS Measures 21
Slide 22: Segment Reconciliation on a Proportionate Basis – Q1 2024
Segment Reconciliation on a Proportionate Basis – Three Months Ended March 31, 2024 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the three months ended March 31, 2024: Attributable to Unitholders Contribution from equity- Attributable to
Slide 23: Segment Reconciliation on a Proportionate Basis – Q1 2023
Segment Reconciliation on a Proportionate Basis – Three Months Ended March 31, 2023 The following table reflects Adjusted EBITDA and FFO and provides reconciliation to IFRS financial data for the three months ended March 31, 2023: Attributable to Unitholders Contribution Distributed from equity- Att
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, 2024: Hydroelectric Distributed UNAUDITED North Utility-scale ener
Slide 25: 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, 2023: Hydroelectric Distributed UNAUDITED North Utility-scale ener
Slide 26: 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) 2024 2023 Net income (loss) $ (70) $ 177 Add back or deduct the following: Deprec
Slide 27: 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
Slide 28: Segment Proportionate Balance Sheet
Segment Proportionate Balance Sheet Attributable to Unitholders Contribution Attributable to Utility- Distributed from equity- non- As per scale energy & Sustainable accounted controlling IFRS (MILLIONS) Hydroelectric Wind solar storage solutions Corporate Total investments interests financials As a
Slide 29: Appendix 2 – Additional Information
Appendix 2 – Additional Information 29
Slide 30: Annualized Proportionate Long-term Average Generation
Annualized Proportionate Long-term Average Generation GENERATION (GWh)(18) Q1 Q2 Q3 Q4 Total Hydroelectric North America United States 2,224 2,359 1,466 1,950 7,999 Canada 1,010 1,210 980 959 4,159 3,234 3,569 2,446 2,909 12,158 Colombia 843 922 900 1,016 3,681 Brazil 1,008 1,020 1,034 1,035 4,097 5
Slide 31: Annualized Consolidated Long-term Average Generation
Annualized Consolidated Long-term Average Generation GENERATION (GWh)(18) Q1 Q2 Q3 Q4 Total Hydroelectric North America United States 3,402 3,469 2,171 2,921 11,963 Canada 1,235 1,489 1,236 1,218 5,178 4,637 4,958 3,407 4,139 17,141 Colombia 3,697 4,048 3,944 4,454 16,143 Brazil 1,183 1,198 1,214 1,
Slide 32: Development Profile - Schedule
Development Profile - Schedule The following table summarizes the expected commissioning schedule of our renewable power and sustainable solutions development pipeline: Remaining Total Advanced Remaining Development Pipeline Rest of 2024 2025 2026 Advanced Stage Stage Pipeline Pipeline Total Pipelin
Slide 33: Appendix 3 – Presentation to Stakeholders and Performance Measurement
Appendix 3 – Presentation to Stakeholders and Performance Measurement 33
Slide 34: 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
Slide 35: 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
Slide 36: 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
Slide 37: Endnotes
Endnotes (1) Includes investments in North America businesses that have an operating portfolio of 57 thousand metric tonnes per annum (“TMTPA”) of carbon capture and storage (“CCS”), 3 million Metric Million British thermal units (“MMBtu”) of agricultural renewable natural gas (“RNG”) operating prod
Slide 38: Endnotes
Endnotes (26) For the reconciliations of historical Non-IFRS measures to the most directly comparable IFRS measure refer to the applicable Management's Discussion and Analysis ("MDA") or Annual Report available on SEDAR+ at www.sedarplus.ca: 2020-2021 figures - refer to "Reconciliation of Non-IFRS M
Slide 39: BEP BEPC BEP.UN BEPC
NYSE: NYSE: BEP BEPC TSX: TSX: BEP.UN BEPC https://bep.brookfield.com https://bep.brookfield.com/bepc 39
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