Thank you for standing by, and welcome to the First Quarter 2026 Brookfield Renewable Partners L.P. earnings results and webcast. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. If your question has been answered and you would like to remove yourself from the queue, simply press star 11 again. As a reminder, today’s program is being recorded. I would now like to introduce your host for today’s program, Connor Teskey. Please go ahead, sir.

Good morning, everyone, and thank you for joining us for our first quarter 2026 conference call. Before we begin, I would like to remind you that a copy of our news release and investor supplement can be found on our website. We also want to remind you that we may make forward-looking statements on this call. These statements are subject to known and unknown risks, and our future results may differ materially. For more information, you are encouraged to review our regulatory filings available on SEDAR+ and EDGAR, and on our website. On today’s call, we will review our first quarter 2026 performance and discuss what we are seeing today in the broader energy market and what this means for our business. We will then turn the call over to our Chief Investment Officer to discuss our approach to growth through M&A and our recently announced agreement to acquire Boralex. Patrick will then conclude the call with a discussion of our operating results, financial position, and funding activities, along with the potential simplification of our structure to a single listed corporate entity. Following our comments, we look forward to taking your questions. We had a very strong start to the year, delivering record financial results, advancing key strategic initiatives, and further strengthening our balance sheet. We generated FFO of $375 million, up 19% year-over-year, and 15% on a per-unit basis, equating to $0.55 per unit. We deployed or committed $2.2 billion into growth, or $550 million net to BEP, highlighted by the privatization of Boralex, a leading global renewable platform with a significant operating base and a large and de-risked development pipeline. From a development perspective, we brought online 1.8 gigawatts of new capacity in the quarter and contracted 1.7 gigawatts of development projects from our advanced development pipeline. In addition, we continue to scale our capital recycling program, selling assets that will generate nearly $3 billion of proceeds, or over $800 million net to BEP, at returns in line with our targets. This includes the launch of Northview Energy, which represents a new and recurring way we are monetizing our de-risked assets in North America to some of the world’s largest and most sophisticated private investors. We did all of this while continuing to strengthen our balance sheet, opportunistically executing almost $4 billion of financings, and ending the quarter with over $4.7 billion of available liquidity. Now, taking a step back and looking at the global energy market today, this past quarter we saw the disruption with the outbreak of the conflict in the Middle East. First and foremost, the safety and well-being of our employees and our customers in the region remains our highest priority. We are happy to report that our teams are safe, our limited investments in the region today have not been directly impacted, and are all continuing to perform. While some markets are experiencing higher energy prices as a result of the conflict, our business is largely contracted, and therefore we do not expect a material impact on our cash flows in the near term. What the conflict has done is put a renewed spotlight on the importance of energy security. Reliable power is the essential foundation for economic growth and, without a secure, consistent, and affordable supply, corporations and governments cannot confidently commit to large-scale capital investments that underpin broader economic development. This is leading governments and corporates to increasingly prioritize energy security and domestic supply, reinforcing investments in renewables, which are the lowest-cost form of generation to meet demand today and do not rely on an imported fuel, and nuclear, which can meet the growing need for large-scale baseload generation while offering a high degree of energy security with the ability to store significant amounts of fuel on-site. Against this backdrop of accelerating energy demand and an increased focus on energy security, we are bringing on more new renewable generation capacity than ever before. In the last 12 months alone, we commissioned over 9 gigawatts of new capacity, which is nearly double the capacity we delivered just two years ago, and we remain on track to increase our annual commissioning run rate to approximately 10 gigawatts per year in 2027. Another great example of how accelerating energy demand is helping drive growth in our business is our recently announced partnership with the U.S. government to accelerate the build-out of new Westinghouse large-scale nuclear reactors in the United States. During the quarter, we made good progress advancing the development of new utility-scale reactors in the U.S., with a focus on progressing key workstreams including the ordering of long lead-time equipment for Westinghouse’s proprietary AP1000 technology. In summary, the current environment is defined by the convergence of accelerating energy demand—driven by electrification, reindustrialization, and digitalization—and an increased focus on energy security. Together, these dynamics are driving the need for an “any and all” approach to energy supply and creating one of the strongest backdrops we have seen for the sector and, in turn, our business. Those with operating assets and scale development capabilities stand to benefit the most, and we believe we are a leader on both fronts. Importantly, capturing this opportunity also requires significant access to capital, which has always been a key differentiator for our business. In this regard, we believe we are stronger today than at any point in our history. As a result, we remain well-positioned to deliver outsized earnings growth in the near term and, more importantly, we are better positioned than ever to generate significant value for our investors over the long term. With that, I will turn the call over to our Chief Investment Officer to discuss our approach to growth and our recently announced agreement to acquire Boralex.

Thank you, Connor, and good morning, everyone. In the current environment characterized by accelerating power demand and an increased focus on energy security, we are seeing some of the most compelling investment opportunities for our franchise to date—both to continue the execution of our 80-gigawatt advanced-stage development pipeline and in M&A. While the option set is better than ever, our proven M&A playbook and approach to investing has not changed. Our competitive advantage from an M&A perspective stems from the fact that we are able to invest at scale globally across both public and private markets, acquire or invest in assets and businesses spanning the development life cycle, and leverage deep commercial and operational know-how to drive value that others cannot—broadening our opportunity set and allowing us to be highly selective in when and where we deploy capital. Our first step in identifying potential opportunities is focusing on scale platforms and businesses in attractive markets with strong and growing demand for power. We look for businesses led by experienced management teams with large portfolios of assets and expertise in mature, proven technologies. Once we have identified a potential investment opportunity, we then evaluate the quality and durability of the business’s cash flows, ensuring highly contracted revenues with high-credit-quality counterparties that can underpin our investment returns. Lastly, we assess how we can enhance the value of the platform by leveraging our access to scale capital and differentiated capabilities through the value chain, with clearly defined initiatives in our business plan to drive sustainable growth and strong long-term returns. Some of the key initiatives we can usually execute on to help drive our returns include leveraging our commercial relationships with the largest buyers of power, including integrating newly acquired platforms into our existing frameworks such as our Microsoft and Google agreements. We are also able to leverage our global supplier relationships to enhance procurement and deliver economies of scale, as well as optimize the capital structure and provide financing for growth—supported by our strong relationships with financial institutions, significant liquidity, and robust funding sources. Taken together, these initiatives and capabilities enable us to accelerate growth across our business and support the delivery of stronger returns than others can deliver over the long term. Our recently announced privatization of Boralex alongside la Caisse is a great example of our disciplined, repeatable, and consistent approach to value creation through M&A. Similar to our recent successful acquisitions—our Nouyen in France and Australia; OnPath in the UK; and acquisitions in the U.S. of Geronimo, Dereva, Scout, and Urban Grid—where we were able to acquire excellent businesses that meet our investment criteria and execute on our value-enhancing initiatives, we are now adding a leading Canadian-based platform where we can execute our proven playbook. Boralex’s strong base in its core markets, including Canada, complements our current business and gives us an opportunity to do more in this highly attractive and growing market. Under the terms of the transaction, la Caisse will increase its ownership from 15% to 30%, while BEP, alongside institutional partners, will acquire the remaining 70% of the business at an implied enterprise value of $6.5 billion. The transaction is subject to shareholder and normal-course regulatory approvals and is expected to close later this year. The acquisition of Boralex is expected to contribute positively to our results on close, and we see significant opportunity to enhance value over time by accelerating growth and executing our business plan to deliver outsized returns. We expect to add value following acquisition by leveraging our access to capital and commercial and supplier relationships to accelerate development across the platform. We also see an opportunity to enhance Boralex’s leading position in its core markets by expanding its capabilities across technologies and delivering differentiated energy solutions, including incorporating battery storage. We expect to drive efficiencies within Boralex through the sharing of best practices across Brookfield’s global businesses and create value by establishing an asset recycling program within the platform—drawing on Brookfield’s experience to scale asset recycling alongside development, supporting a growth model of recycling capital into higher-returning opportunities at the business. Boralex has a strong and experienced management team, and we are looking forward to supporting them with the additional resources and flexibility that come from being part of Brookfield Renewable Partners L.P. as we work together to grow and enhance the value of the business. Going forward, we will continue to employ our disciplined approach to capital deployment in a market where we are seeing more attractive opportunities than ever for players such as ourselves. We have the capabilities and capital to unlock value through M&A and execute development of our large project pipeline. With that, I will pass it on to Patrick to discuss our operating results in more detail, our financial position and funding activities, and the potential simplification of our structure to a single listed corporate entity.

Thanks, and good morning to everyone on the call. We delivered record financial results this quarter, generating FFO of $375 million, or $0.55 per unit, up 19%—or 15% per unit—year-over-year. In the last 12 months, we delivered $1.394 billion of FFO, or $2.08 per unit, up 13%—or 12% on a per-unit basis—compared to the prior-year period. Our results reflect the strength of our diversified global platform and the continued execution of our strategy. Our hydroelectric segment generated $210 million of FFO, up almost 30% year-over-year, supported by strong generation across our Canadian and Colombian fleets and a realized gain on the sale of our 25% interest in the non-core hydro portfolio in the U.S., all of which offset weaker hydrology in our U.S. operations. Our wind and solar segments delivered a combined $245 million of FFO, up over 60% year-over-year, benefiting from contributions from development, acquisitions, and accretive capital recycling across several of our platforms. Lastly, our distributed energy, storage, and sustainable solutions businesses contributed $58 million of FFO, reflecting strong development activity and continued growth at Westinghouse, driven by new reactor design and engineering work and organic growth within its core fuel and maintenance services business. Turning to our balance sheet, we continue to strengthen our financial position, completing almost $4 billion of financings across the platform in the first three months of the year alone—extending maturities and optimizing our capital structure while ending the quarter with over $4.7 billion of available liquidity. The quarter was highlighted by the issuance of C$500 million of 30-year notes, priced at the tightest spread we have ever achieved. With this issuance, we now have an average maturity on our corporate-level debt of approximately 14 years, representing the longest average corporate maturity in our history. Put simply, during a period of significant growth and value creation, our business has the most durable and stable capital structure in its history. In addition to recent successful financings, we are also progressing recontracting initiatives on a scale portfolio of hydro assets in Ontario, which, once signed, will support significant up-financings that we plan to execute over the course of the year, providing additional capital to deploy into growth. We also had a very strong start to the year from a capital recycling perspective, closing or agreeing to sell assets expected to generate approximately $2.8 billion, or $820 million net to BEP. Recently, we agreed to sell our remaining 50% interest in a portfolio of non-core U.S. hydro assets, crystallizing significant value we created under our ownership. We also completed the IPO of CleanMax in India, selling approximately half of our interest. With the IPO, we have returned all of our original invested capital while continuing to maintain exposure to the platform’s long-term growth trajectory and generated a 25% IRR to date. We also closed a previously announced sale of a portfolio of operating solar assets in the U.S. from our Dereva platform. Our asset recycling in the quarter was also highlighted by the creation of a new private renewable vehicle focused on operating renewable assets in North America—Northview Energy—which is a partnership between BCI, Norges Bank Investment Management, and a Brookfield fund. The creation of Northview Energy is in response to the strong demand we are seeing from our institutional partners for high-quality, de-risked, infrastructure-like assets with long-term contracted and durable cash flows. We seeded the vehicle through the sale of 22 operating onshore wind and utility-scale solar assets, generating total proceeds of $1.3 billion, or $315 million net to BEP. Beyond the initial seed assets sold into the platform, the arrangement with BCI and Norges also established a framework to sell additional newly developed assets from our pipeline into the vehicle, with a framework to acquire assets generating up to an additional $1.5 billion of incremental gross proceeds over time. While Northview is the first vehicle of its kind we have launched, we continue to progress similar initiatives of meaningful scale across our global platform. During the quarter, we also launched our at-the-market equity issuance program for BEPC, which we paired with the buying of BEP units under our normal course issuer bid. In the first quarter, we issued 2.8 million BEPC shares, with proceeds from the issuance used to repurchase the same number of BEP units, resulting in approximately $27 million of realized cash gains. Lastly, as our business and the broader market continue to evolve, we remain focused on ensuring that our structure is aligned with the best interests of our shareholders. We are currently exploring whether a single combined corporate structure would better serve our investors going forward, with the goal to determine if, on a tax-free basis, we can create a single corporate security to enhance liquidity, increase index inclusion, and create value for our investors. We expect to have more details to provide later in the year as we begin our work and look forward to updating you on our progress. In closing, we remain focused on delivering 12% to 15% long-term total returns for our investors, supported by our strong operating platform, disciplined capital allocation, and our growing capital recycling program. On behalf of the board and management, we thank all our unitholders and shareholders for their ongoing support. We are excited about Brookfield Renewable Partners L.P.’s future and look forward to sharing further updates on our progress over the course of the year. We will now open the call for questions.

Certainly. Our first question comes from the line of Sean Steuart from TD Cowen. Your question, please.

Thanks. Good morning, everyone. I wanted to start with asset recycling. You have a lot on the go there; the magnitude is accelerating, I guess, in tandem with an expanding organic pipeline as well. Can you give us updated perspective on the cadence and magnitude of overall asset recycling plans over the next year? And you referenced the CleanMax IRR, but a broader perspective on returns you are crystallizing through those initiatives. Second question is with respect to the M&A opportunity set. The previous quarter’s commentary was that public equities offered a more compelling opportunity than private M&A opportunities, and that is consistent with the Boralex deal. Do you still see that gap in place, and post-Boralex can you qualify your continued M&A appetite?

Good morning, and thanks for the question, Sean. Three things are worth highlighting about capital recycling. First, the growth in our asset recycling activities is a very natural expansion of our business that is tied, on a slightly lagged basis, to the growth in our organic and development activities. As we build more wind, solar, and other assets in-house, we increasingly look to sell those down to lower cost-of-capital buyers, capture our development margin, and redeploy that capital into accretive growth. While it has been growing incrementally in recent years, we expect it to grow on a similar trajectory going forward, and it is increasingly becoming a very normal course and consistent part of our business. Second, in terms of targets for size and scale, we will continue to be entirely driven by the values we see in the market. If we see opportunities to sell assets at values above where we think they will produce within our portfolio, we will sell them for cash and redeploy that cash. We are not working to a fixed target, but for direction, at our Investor Day last year we spoke about a $9 billion to $10 billion deployment of equity into growth over a five-year period, and we would expect at least a third of that capital over five years to come from asset recycling—and perhaps more if we see strong values in the market. Lastly, we have a fairly robust capital recycling program ahead of us in 2026, purely as a result of the strong bids we are seeing for both platforms and stabilized assets in the current market. On balance, the returns that we are generating through this program are consistently at the high end, or even above the high end, of our target range. On your M&A question, we continue to see opportunities in both public and private markets. For all the same reasons we mentioned last quarter, public markets still present compelling opportunities; those opportunities did not stop with Boralex. Some public companies are more constrained for capital and therefore not able to capture the tremendous demand environment we are operating in. Public companies with access to capital that they can use to capitalize on this environment are performing well, while companies that do not have the right access to capital are struggling. We therefore continue to see opportunities in public markets, and we are also seeing a robust pipeline across private markets for the remainder of the year.

Thank you. Our next question comes from the line of Mark Jarvi from CIBC. Your question, please.

Thanks. Good morning, everyone. Could you clarify the comments you made about progress with the U.S. government and Westinghouse in terms of long lead items? Have those long lead items actually been signed now, and are you starting to get support from the U.S. government at this point? If not, when does that come? And then a follow-up: you mentioned an outsized ability to drive growth in the near term. Is the expectation that you can exceed 10% FFO per-unit growth in the next couple of years, and if so, what are the primary drivers? Excluding asset sale gains, is the ability to drive FFO growth from organic development and M&A stronger today?

Hi, Mark. This is a very live discussion, and we hope to be in a position to announce significant progress not only in 2026 but in the near term. Since our announcement in Q4 of last year, we continue to see tremendous demand for nuclear around the world and particularly in the U.S., from the government as well as the utilities. That demand is coming from all stakeholders—offtakers, utilities, and government. We are making significant progress on establishing frameworks under which initial orders can be made, and we hope to make announcements as soon as practicable. On growth, in the current environment we feel well-positioned to exceed our long-term target of 10% per year. This is driven by three things: M&A, significant new capacity coming online from organic growth, and our ability to recycle assets at very attractive values in the current environment. There can be timing variability, but based on fundamentals we are well positioned in the short to medium term to exceed 10%. Excluding gains on asset sales, we would still say the operating fundamentals and organic growth profile of our business are as strong as they have ever been; gains on sale and accretive recycling are upside to that.

Thank you. Our next question comes from the line of Analyst from National Bank of Canada. Your question, please.

Good morning. On Northview Energy, how should we think about the cadence of future dropdowns and the potential mix of assets into this vehicle? Should we think of this as more of a steady-state annual funding lever or something that could scale more opportunistically depending on market conditions? And a second one: on the prevailing hyperscaler agreements, could you provide an update on how those agreements are progressing and what the potential pipeline looks like? How are conversations evolving?

Thank you. From BEP’s perspective, it is important to recognize that we have the option, but not the obligation, to sell assets into Northview Energy. The assets that fit that pool of capital are high-credit, contracted, long-duration wind and solar assets in North America, at prices and go-forward returns consistent with what we have seen and expect to achieve in third-party asset sales outside this vehicle. This structure helps us de-risk development and enables funding of further high-margin growth. In terms of cadence, the additional capital for future dropdowns is expected to be utilized over a two- to four-year period, among asset sales to third parties outside of Northview. At the end of the initial allotment, we will consider next steps—potentially expanding this vehicle or creating new vehicles—but for now we are focused on consuming the initial commitment over that two- to four-year horizon. On hyperscalers, two things characterize our activity. First, demand continues to increase—higher today than last quarter and last year—and we expect it to be higher next year than it is today, particularly in their core markets. Second, our activities continue to broaden and evolve. For example, our first framework agreement with Microsoft focused on wind and solar; we continue to contract more of those, but last quarter we also contracted some hydro under a long-term contract, and we are increasingly including battery storage either with the projects or as part of the broader arrangement. The broadening of scope is where our scale and diversity differentiate us in serving the largest corporate consumers of electricity.

Thank you. As a reminder, if you do have a question at this time, please press 11 on your telephone. Our next question comes from the line of Christine Cho from Barclays. Your question, please.

Good morning. I wanted to ask about the potential single combined corporate structure. You have been trying to increase the liquidity of BEPC for a while, so this seems like a natural progression. What led you to evaluate this, and what is on the table other than the tax-free aspect? Could you talk about other considerations in trying to do this, and would this change how you view your distribution policy? Also, are there any regions or technologies where execution risk has increased more than you would have thought, especially with the surge in power demand from hyperscalers and community pushback around permitting, interconnection, and supply chain?

Hi, Christine. There is not much more we can say beyond our opening remarks and press release. Our focus as we begin the work is to determine whether we can achieve a simplified structure on a tax-free rollover basis for our investors, and capture potential benefits around broader index inclusion and enhanced trading liquidity that we see among corporate securities relative to partnerships. Lastly, we are focused on whether this can create value for the entire investor base. We cannot provide further details at this time, and we would not expect any change in our distribution policy if we proceed.

On execution dynamics, a few points. First, this is an “all of the above” environment—the demand for energy will require multiple sources. We are seeing the greatest growth in renewables because they are quick to deploy and low cost, but demand additions will come across the spectrum. Second, the fastest-growing technology across Brookfield Renewable Partners L.P. today is batteries and energy storage. We are seeing this within all our development platforms and increasingly as stand-alone opportunities. They remove grid congestion rather than add to it and are very quick to deploy. Further, CapEx for batteries and storage is down roughly 65% to 70% over the last 24 months, making these investments very economic. Third, we are seeing a dramatic increase in interest and growth in behind-the-meter solutions. The reality is that the demand trajectory is greater than the pace of grid expansion, so while the vast majority of growth will still go through grids, behind-the-meter solutions are growing faster off a very low base.

Thank you. Our next question comes from the line of Nelson Ng from RBC Capital Markets. Your question, please.

Great, thanks. Connor, you previously talked about how battery storage is a big opportunity. Looking at your current solar and wind portfolio, is it economic to add batteries to existing sites, and are offtakers willing to pay extra to firm up their power given many assets are contracted? And then switching gears to South America: the environment is not great for renewable development and rates are high, and you are not that active on the development front, but on M&A you recently increased your stake in Isagen—are there other M&A opportunities you are seeing in South America?

Absolutely—yes in no uncertain terms. The value proposition for batteries in today’s market is very compelling for offtakers in terms of providing a load profile that better matches their 24/7 demand curve. We are seeing batteries deployed alongside existing projects, in new developments, and on a stand-alone basis. In South America, we will continue to pursue opportunities when we can do so at strong risk-adjusted returns. Our more modest activity over the last two to three years outside of the Isagen transaction has been episodic. Brazil experienced very high hydrology and rapid build-out that pushed prices down and made new build less compelling for a period; we are seeing hydrology normalize and markets strengthen again. We continue to do significant growth in Colombia within the Isagen platform, so it does not show up as a discrete M&A transaction, and we have completed smaller transactions in other countries, including Chile and parts of Central America. It remains a compelling region, but it will be a smaller portion of our business relative to our core markets in North America and Western Europe.

Thank you. Our next question comes from the line of Anthony Crowdell from Mizuho. Your question, please.

Thanks so much. Two quick ones. First, a follow-up on the corporate consolidation: is there a timeline for when you hope to have a decision? Is it next quarter or by year-end? Second, on nuclear—you talk about the success and momentum with the AP1000 and the U.S. government. Where do you see the bottleneck before we get an announcement: utility side, government side, regulatory?

Hi, Anthony. We have just begun our assessment, so we cannot provide an indicative timeline or add more at this time.

On nuclear, I would not characterize it as a bottleneck. The potential for new-build nuclear reactors in the U.S. represents a step-change versus the last 10 to 20 years. We are talking about additions that in one shot could exceed 10 times what has been done over the last 15 years. That scale requires alignment from all stakeholders—the government, nuclear-eligible utility operators, regulators, and financing parties. The momentum and traction over the last six to nine months have been incredibly significant and reflect the demand for growth in the asset class. The interest and support for getting this done are overwhelming; it is about finalizing alignment among the appropriate groups.

Thank you. This concludes the question-and-answer session of today’s program. I would like to hand the program back to Connor Teskey for any further remarks.

Thank you, everyone, for joining our earnings call this quarter. We deeply appreciate your continued support and interest in Brookfield Renewable Partners L.P., and we look forward to updating you following our Q2 results. Thank you, and have a great day.

Thank you, ladies and gentlemen, for your participation in today’s conference. This concludes the program. You may now disconnect. Good day.