6-K - BEP - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________________________________________________________________________

Form 6-K

_____________________________________________________________________________________________________________________

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2025

Commission File Number: 001-35530

BROOKFIELD RENEWABLE

PARTNERS L.P.

(Translation of registrant's name into English)

_____________________________________________________________________________________________________________________

73 Front Street, 5th Floor

Hamilton HM 12

Bermuda

(Address of principal executive office)

_____________________________________________________________________________________________________________________

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ý Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

The information contained in Exhibits 99.2 and 99.3 of this Form 6-K is incorporated by reference into (i) the registration statement on Form F-3ASR filed with the Securities and Exchange Commission (the “SEC”) on March 15, 2024 (File Nos. 333-277987, 333-277987-01, 333-277987-02, 333-277987-03, 333-277987-04 and 333-277987-05), (ii) the registrant’s registration statement on Form F-3 that was declared effective by the SEC on December 20, 2024 (File No. 333-282962), (iii) the registrant's registration statement on Form S-8 that became effective with the SEC on February 14, 2025 (File No. 333-284930), and (iv) the registrant's registration statement on Form F-3 that was declared effective by the SEC on April 2, 2025 (File No. 333-278523-01).

EXHIBIT LIST

Exhibit
99.1	Q3 2025 Interim Report
99.2	Interim Consolidated Financial Statements and Notes as at September 30, 2025 and December 31, 2024 and for the Three and Nine Months Ended September 30, 2025 and 2024
99.3	Management's Discussion and Analysis for the Three and Nine Months Ended September 30, 2025 and 2024
99.4	Form 52-109F2 – Certification of Interim Filings – CEO
99.5	Form 52-109F2 – Certification of Interim Filings – CFO

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BROOKFIELD RENEWABLE PARTNERS L.P. by<br><br>its general partner, Brookfield Renewable Partners Limited
Date: November 5, 2025	By:	/s/ James Bodi
		Name: James Bodi<br>Title: President

Document

OUR OPERATIONS

We invest in renewable power and sustainable solutions assets directly, as well as with institutional partners, joint venture partners and through other arrangements. Across our business, we leverage our extensive operating experience to maintain and enhance the value of assets, grow cash flows on an annual basis and cultivate positive relations with local stakeholders.

Our global diversified portfolio of power assets, of which renewables makes up over 97%, has approximately 48,700 MW of operating capacity and annualized LTA generation of approximately 127,000 GWh and a development pipeline of over 200 GW.

The table below outlines our portfolio of operating renewables facilities that we own, operate or own an economic interest in as at September 30, 2025 on a consolidated basis:

	River<br><br>Systems	Facilities	Capacity(1)<br><br>(MW)	LTA(2)<br><br>(GWh)	Storage<br><br>Capacity<br><br>(GWh)
Hydroelectric
North America(3)
United States	29	139	2,905	11,882	2,559
Canada	19	33	1,368	5,193	1,261
	48	172	4,273	17,075	3,820
Colombia(4)	11	27	3,153	16,348	3,703
Brazil	24	36	850	4,309	—
	83	235	8,276	37,732	7,523
Wind(5)
North America	—	59	7,158	22,614	—
Europe	—	78	5,384	17,931	—
Brazil	—	37	890	3,909	—
Asia–Pacific	—	89	3,917	10,944	—
	—	263	17,349	55,398	—
Utility-scale solar(6)(7)	—	323	14,713	27,406	—
Distributed generation & storage(8)	1	7,552	6,007	4,723	1,434
Total renewable power	84	8,373	46,345	125,259	8,957

(1)Includes Assets held for sale. Refer to Note 4 - Assets held for sale.

(2)LTA is calculated based on our portfolio as at September 30, 2025, reflecting all facilities on a consolidated and an annualized basis from the beginning of the year, regardless of the acquisition, disposition or commercial operation date. See "Part 8 – Presentation to Stakeholders and Performance Measurement" for an explanation on our methodology in computing LTA and why we do not consider LTA for our pumped storage and certain of our other facilities.

(3)Includes three battery storage facilities in North America (36 MW).

(4)Includes two wind plants (32 MW) and seven solar plants (199 MW) in Colombia.

(5)Excludes 356 MW of wind capacity with an LTA of 911 GWh, included in our sustainable solutions segment.

(6)Excludes 273 MW of solar capacity with an LTA of 579 GWh, included in our sustainable solutions segment.

(7)Includes one battery storage facility in North America (60 MW) and one battery storage facility in South America (3 MW).

(8)Includes nine fuel cell facilities in North America (10 MW) and pumped storage in North America (666 MW).

We also have investments in our sustainable solution portfolio comprised of assets and businesses that enable the transition to net-zero through established but emerging technologies that require capital to scale, and in businesses where we believe we can leverage our access to capital and partnerships to accelerate growth. This portfolio includes our investment in a leading global nuclear services business and a portfolio of investments in carbon capture and storage capacity, agricultural renewable natural gas, materials recycling and eFuels manufacturing capacity.

The following table presents the total annualized long-term average generation of our operating renewables facilities we own, operate, or own an economic interest in as at September 30, 2025 on a consolidated and quarterly basis:

GENERATION (GWh)(1)	Q1	Q2	Q3	Q4	Total
Hydroelectric
North America
United States	3,370	3,435	2,166	2,911	11,882
Canada	1,239	1,493	1,240	1,221	5,193
	4,609	4,928	3,406	4,132	17,075
Colombia(2)	3,757	4,090	3,992	4,509	16,348
Brazil	1,059	1,073	1,087	1,090	4,309
	9,425	10,091	8,485	9,731	37,732
Wind	14,784	13,414	11,822	15,378	55,398
Utility-scale solar	5,828	7,749	8,137	5,692	27,406
Distributed generation & storage	1,032	1,420	1,347	924	4,723
Total(3)	31,069	32,674	29,791	31,725	125,259

(1)LTA is calculated based on our portfolio as at September 30, 2025 reflecting all renewables facilities we own, operate, or own an economic interest in on a consolidated and an annualized basis from the beginning of the year, regardless of the acquisition, disposition or commercial operation date. See "Part 8 – Presentation to Stakeholders and Performance Measurement" for an explanation on our methodology in computing LTA and why we do not consider LTA for our pumped storage and certain of our other facilities.

(2)Includes two wind plants (174 GWh) and seven solar plants (453 GWh) in Colombia.

(3)Excludes 579 GWh solar and 911 GWh wind LTA related to our sustainable solutions investments to facilitate the decarbonization of a utility and independent power producer with operations in the Caribbean and Latin America.

The following table presents the annualized long-term average generation of our operating renewables facilities we own, operate, or own an economic interest in as at September 30, 2025 on a proportionate and quarterly basis:

GENERATION (GWh)(1)	Q1	Q2	Q3	Q4	Total
Hydroelectric
North America
United States	2,217	2,352	1,465	1,948	7,982
Canada	1,014	1,214	984	962	4,174
	3,231	3,566	2,449	2,910	12,156
Colombia(2)	851	926	904	1,020	3,701
Brazil	956	968	981	983	3,888
	5,038	5,460	4,334	4,913	19,745
Wind	2,537	2,404	2,012	2,648	9,601
Utility-scale solar	1,161	1,663	1,774	1,142	5,740
Distributed generation	287	412	394	259	1,352
Total(3)	9,023	9,939	8,514	8,962	36,438

(1)LTA is calculated based on our portfolio as at September 30, 2025 reflecting all renewables facilities we own, operate, or own an economic interest in on a proportionate and an annualized basis from the beginning of the year, regardless of the acquisition, disposition or commercial operation date. See "Part 8 – Presentation to Stakeholders and Performance Measurement" for an explanation on the calculation and relevance of proportionate information, our methodology in computing LTA and why we do not consider LTA for our pumped storage and certain of our other facilities.

(2)Includes two wind plants (39 GWh) and seven solar plants (102 GWh) in Colombia.

(3)Excludes 24 GWh solar and 39 GWh wind LTA related to our sustainable solutions investments to facilitate the decarbonization of a utility and independent power producer with operations in the Caribbean and Latin America.

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

This Interim Report contains forward-looking information within the meaning of U.S. and Canadian securities laws. We may make such statements in this Interim Report and in other filings with the U.S. Securities and Exchange Commission ("SEC") and with securities regulators in Canada – see "Part 8 – Presentation to Stakeholders and Performance Measurement". We make use of non-IFRS measures in this Interim Report – see "Part 8 – Presentation to Stakeholders and Performance Measurement". This Interim Report, our Form 20-F and additional information filed with the SEC and with securities regulators in Canada are available on our website at https://bep.brookfield.com, on the SEC's website at www.sec.gov or on SEDAR+'s website at www.sedarplus.ca.

OUR COMPETITIVE STRENGTHS

Brookfield Renewable Partners L.P. (together with its controlled entities, “Brookfield Renewable”) is a globally diversified, multi-technology, owner and operator of clean energy and sustainable solutions assets.

Our strategy is to utilize our global reach, scale capital and experience to acquire and develop high quality clean energy and sustainable solutions assets below intrinsic value, finance them on a long-term, low-risk and investment grade basis through a conservative financing strategy and then optimize cash flows by applying our operating expertise to enhance value or bring these assets into production, generating incremental cash flows for our business.

One of the largest, public decarbonization businesses globally with a strong track record of value creation. Brookfield Renewable has a 24-year track record as a publicly traded operator, developer and investor in renewable power and sustainable solution assets. Today we have a large, multi-technology and globally diversified portfolio that is supported by approximately over 5,000 experienced employees (inclusive of employees employed by our consolidated portfolio companies). Brookfield Renewable invests in assets directly, as well as with institutional partners, joint venture partners and through other arrangements. We have also made investments in sustainable solutions, comprised of assets and businesses that enable the transition to net-zero where we can leverage our access to capital and partnerships to accelerate growth, and emerging transition asset classes where our initial investment positions us for potential future large scale decarbonization investment. Our sustainable solutions portfolio also includes investments in power transformation opportunities where we have invested in businesses to enable the reduction of greenhouse gas emissions through the deployment of traditional renewables.

Our globally diverse portfolio helps to mitigate resource variability, and improves consistency of our cash flows. Our organic growth and acquisitions are typically done through Brookfield's private funds and therefore on a proportionate basis Brookfield Renewable's business will continue to diversify but remain heavily weighted to our premium hydroelectric assets.

Our renewable power portfolio consists of hydroelectric, wind, utility-scale solar, distributed generation and energy storage facilities in North America, South America, Europe and Asia-Pacific, and our total power portfolio consists of approximately 48,700 megawatts of installed capacity. We also have a large global development pipeline of over 200 GW. We also have investments in our sustainable solution portfolio comprised of assets and businesses that enable the transition to net-zero through established but emerging technologies that require capital to scale, and in businesses where we believe we can leverage our access to capital and partnerships to accelerate growth. This portfolio includes our investment in a leading global nuclear services business and a portfolio of investments in carbon capture and storage capacity, agricultural renewable natural gas, materials recycling and eFuels manufacturing capacity.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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The following charts illustrate normalized funds from operations on a proportionate basis(1):

(1) Figures based on funds from operation adjusted to long-term average for the last twelve months.

Diverse and high-quality portfolio of renewable power and sustainable solutions assets. Brookfield Renewable has a complementary portfolio of hydroelectric, wind, utility-scale solar, energy storage and distributed generation and other sustainable solutions assets:

•Hydroelectric Power. Today, hydroelectric power is the largest segment in our portfolio and continues to be a premium and differentiated technology as one of the longest life, lowest-cost and cleanest forms of power generation. Hydroelectric plants have high cash margins and storage capacity with the ability to dispatch power at all hours of the day.

•Wind & Solar Power. Our wind and utility-scale solar generation facilities provide exposure to some of the fastest growing renewable power sectors, with high cash margins, zero fuel input cost, and diverse and scalable applications. Wind and solar are now among the lowest cost forms of power generation available globally.

•Energy Storage & Distributed Generation. Our energy storage facilities provide the markets in which they are located with critical services to the grid, including dispatchable generation, and our distributed generation assets provide independent, secure, behind the meter power solutions to customers.

•Sustainable Solutions. Our sustainable solutions assets, such as carbon capture, renewable natural gas capacity, our nuclear service business and our eFuels business, are helping corporates and countries enhance their operations and achieve their net-zero goals.

With our scale, diversity, operating and development capabilities and the quality of our assets, we are competitively positioned relative to other renewable power and transition companies. Our large development pipeline and differentiated capabilities provide significant scarcity value and growth potential for our investors.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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Best-in-class operators and developers. Brookfield Renewable has over 5,000 experienced operators (inclusive of employees employed by our consolidated portfolio companies) that are located across the globe to help optimize the performance and maximize the returns of all our assets. Our experience operating, developing, and managing power generation facilities span over 120 years. We continue to accelerate our development activities as we build out our over 200 GW renewable power pipeline, and further enhance our decarbonization offering to our customers through the build out of our sustainable solutions assets, which includes opportunities to invest in material recycling, carbon capture and storage capacity, agricultural renewable natural gas, eFuels and others. Increasingly, the combination of our operating and developing capabilities combined with our growth pipeline is differentiating our business as the partner of choice for buyers of clean power and entities looking to decarbonize, driving the growth of our business.

Positioned to meet growing demand for power, accelerate decarbonization and improve the stability of electricity grids. Electricity demand is accelerating as a result of growth in digitalization and electrification, and renewables, which are the lowest cost source of bulk power generation in most regions, the most readily deployable to meet near term demand and aligned with net zero targets, are the most viable solution. We are positioned to meet this demand with our large, diverse global development pipeline and differentiated capabilities. In addition to power demand growth, renewables help mitigate the risks posed by climate change and energy security, which are viewed as two of the most significant and urgent issues facing the global economy. Climate change and energy insecurity pose immense risks to the safety and security of communities and to our collective economic prosperity. In response, governments and corporates have adopted ambitious plans to support a transition to a decarbonized economy. We believe that our scale and global operating, development and investing capabilities make us well positioned to partner with governments and corporates to help them achieve their decarbonization goals.

Strong financial profile and conservative financing strategy. Brookfield Renewable maintains a robust balance sheet, strong investment grade rating, and access to global capital markets to ensure cash flow resiliency through the cycle and flexibility to opportunistically deploy capital. Our approach to financing 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 financial maintenance covenants. Approximately 90% of our debt is either investment grade rated or sized to investment grade metrics. Our corporate debt to total capitalization is approximately 14% and approximately 90% of our borrowings are non-recourse. Corporate borrowings and proportionate non-recourse borrowings each have weighted-average terms of approximately 13 years and 11 years, respectively, with no material maturities over the next five years. Approximately 90% of our financings are effectively fixed rate and only 9% of our debt outside North America and Europe is exposed to changes in interest rates. Our available liquidity as at September 30, 2025 is $4.7 billion of cash and cash equivalents, investments in marketable securities and the available portion of credit facilities.

Well positioned for cash flow growth and an attractive long term distribution profile. We have diverse, reliable and de-risked cash flow growth levers that help enable our stable distribution growth target of 5% to 9% annually. Our business is funded by internally generated cash flows, asset recycling and upfinancing which support organic development and acquisition activities that contribute to cash flow growth. Our operating cash flows also have embedded growth levers including inflation escalations in the vast majority of our contracts, potential margin expansion through revenue growth and cost reduction initiatives.

Disciplined and contrarian investment strategy. Our global scale and multi-technology capabilities allow us to rotate capital where it is scarce in order to earn strong risk-adjusted returns. We take a disciplined approach to allocating capital into development and acquisitions focused on downside protection and preservation of capital, leveraging Brookfield’s team of over 150 investment professionals globally who are dedicated to sourcing and underwriting accretive acquisitions on an opportunistic basis. Our ability to develop and acquire assets is strengthened by our operating and project development teams across the globe, our strategic relationship with Brookfield, and our liquidity and capitalization profile.

Differentiated approach to asset development and asset management. We employ a conservative, differentiated approach with respect to asset development and management whereby we look to remove what we call “basis risk” before committing significant capital. To do this, we look to secure financing, customer agreements and engineering, procurement and construction contracts concurrently so we have strong visibility on cash flows and can lock-in our target returns. Where possible, we look to secure fixed rate financing, inflation indexed customer agreements and full wrap construction contracts to minimize uncertainty and provide strong visibility to our cash flows.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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Management’s Discussion and Analysis
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For the three and nine months ended September 30, 2025

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).

Organization of the Management’s Discussion and Analysis
Part 1 – Q3 2025 Highlights	9		Part 5 – Liquidity and Capital Resources (continued)
			Borrowings		31
Part 2 – Financial Performance Review on Consolidated Information	12		Capital expenditures		32
		Consolidated statements of cash flows		33
			Shares and units outstanding		34
Part 3 – Additional Consolidated Financial Information	14		Dividends and distributions		35
Summary consolidated statements of financial position	14		Contractual obligations		35
Related party transactions	15		Supplemental guarantor financial information		35
Equity	19		Off-statement of financial position arrangements		36
Part 4 – Financial Performance Review on Proportionate Information	21		Part 6 – Selected Quarterly Information		37
		Summary of historical quarterly results		37
Proportionate results for the three months ended September 30	21
Reconciliation of non-IFRS measures	26		Part 7 – Critical Estimates, Accounting Policies and Internal Controls		42
Contract profile	29
			Part 8 – Presentation to Stakeholders and Performance Measurement		44
Part 5 – Liquidity and Capital Resources	30
Capitalization	30		Part 9 – Cautionary Statements		48
Available liquidity	30
Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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	Three months ended September 30				Nine months ended September 30
---	---	---	---	---	---	---	---	---
(MILLIONS, EXCEPT AS NOTED)	2025		2024		2025		2024
Select financial information
Revenues	$	1,596	$	1,470	$	4,868	$	4,444
Net loss attributable to Unitholders(1)	(120)		(181)		(429)		(455)
Basic and diluted loss per LP unit(2)	(0.23)		(0.32)		(0.81)		(0.83)
Proportionate Adjusted EBITDA(3)	629		586		1,954		1,790
Funds From Operations(3)	302		278		988		913
Funds From Operations per Unit(3)(4)	0.46		0.42		1.49		1.38
Distribution per LP unit	0.37		0.36		1.12		1.07
Operational information
Capacity (MW)	48,673		35,225		48,673		35,225
Total generation (GWh)
Long-term average generation	29,779		22,151		91,705		69,560
Actual generation	27,554		19,684		87,212		60,586
Proportionate generation (GWh)
Actual Renewable generation	7,186		7,320		25,398		24,079

(1)For the three and nine months ended, includes $66 million and $230 million loss attributed to Limited Partner equity, $43 million and $146 million of loss attributed to BEPC exchangeable shares and class A.2 exchangeable shares, $46 million and $158 million of loss attributed to Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield, and $35 million and $105 million of income attributed to General partnership interest in a holding subsidiary held by Brookfield.

(2)Average LP units for the three and nine months ended September 30, 2025 were 283.8 million and 284.2 million, respectively (2024: 285.1 million and 285.7 million, respectively).

(3)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure, See “Part 4 – Financial Performance Review on Proportionate Information – Reconciliation of non-IFRS measures” and “Part 9 – Cautionary Statements”.

(4)Average Units outstanding for the three and nine months ended September 30, 2025 were 661.9 million and 662.2 million, respectively (2024: 663.2 million and 663.8 million), being inclusive of our LP units, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and class A.2 exchangeable shares and GP interest.

(MILLIONS, EXCEPT AS NOTED)	September 30, 2025			December 31, 2024
Liquidity and Capital Resources
Available liquidity	$	4,655		$	4,320
Debt to capitalization – Corporate		14	%		15	%
Debt to capitalization – Consolidated		41	%		40	%
Non-recourse borrowings as a percentage of total borrowings – Consolidated		90	%		91	%
Fixed rate debt as a percentage of total borrowings on a proportionate basis(1)		98	%		95	%
Corporate borrowings
Weighted average debt term to maturity		13 years			12 years
Weighted average interest rate		4.6	%		4.5	%
Non-recourse borrowings on a proportionate basis
Weighted average debt term to maturity		11 years			11 years
Weighted average interest rate		5.6	%		5.4	%

(1)Total floating rate debt as a percentage of total borrowings is 11% (2024: 13%) of which 9% (2024: 8%) is related to floating rate debt of certain regions outside of North America and Europe due to the high cost of hedging associated with those regions.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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Operations

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

•Improved results from our hydroelectric portfolio with higher revenues on the back of our commercial and operational initiatives;

•Contributions from our growth activities, including recent accretive acquisitions and the delivery of over 8,200 MW of new projects reaching commercial operation in the past 12 months; and

•Our embedded growth from our contracted, inflation-linked cash flows

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:

•Securing contracts to deliver an incremental ~4,000 gigawatt hours per year of generation to high-credit quality utility and corporate customers; and

•Signed a new 20-year contract at one of our hydro facilities in PJM as part of our broader Renewable Energy Framework Agreement with Microsoft. The contract highlights the continued strong demand from technology players for energy.

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

•Our financial position remains strong with $4.7 billion of available liquidity at the end of the quarter;

•Executed upfinancings at two of our PJM hydro facilities on the back of the contracts we signed with Google last quarter as well as a third hydro asset delivering power into PJM. These financings attracted strong investor demand and were executed at the tightest spreads we have seen for these types of financings in the past five years. In aggregate, we raised ~$1.1 billion (~$400 million net to Brookfield Renewable) across three hydro assets

•Completed approximately $7.7 billion of financings in the quarter further optimizing our capital structure, in total, bringing our year-to-date financings to $27 billion across the business

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:

•During the quarter, 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 and a 47% interest in a 2.3 GW distributed generation development platform in the United States for base proceeds of approximately $1.1 billion ($449 million net to Brookfield Renewable).The closing of this transaction is subject to customary closing conditions; and

•Subsequent to the quarter, Brookfield Renewable, together with its institutional partners, agreed to the sale of an 833 MWdc (613MWac) portfolio of operating solar assets in the United States for proceeds of approximately $412 million ($115 million net to Brookfield Renewable). The closing of this transaction is subject to customary closing conditions.

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).

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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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.

•Completed the acquisition of a 15% incremental stake in Isagen our Colombian hydro platform for $1 billion, growing our exposure to a large scale, de-risked, critical infrastructure business.

We continue to accelerate our development activities

•We delivered ~1,800 megawatts of new capacity globally across utility scale-solar, wind, distributed energy and storage and expect to deliver ~8,000 megawatts of new projects in 2025.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 11

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

	Three months ended September 30			Nine months ended September 30
(MILLIONS, EXCEPT AS NOTED)	2025	2024		2025		2024
Revenues		$	1,470	$	4,868	$	4,444
Other income	319	155		551		251
Direct operating costs	(721)	(623)		(2,095)		(1,875)
Management service costs	(57)	(59)		(162)		(157)
Interest expense	(586)	(514)		(1,819)		(1,479)
Depreciation	(611)	(514)		(1,803)		(1,533)
Other	(20)	(137)		(342)		(176)
Income tax recovery (expense)	66	9		349		(24)
Net income (loss)		$	(39)	$	34	$	(197)
	Average FX rates to
C$	1.38	1.36		1.4		1.36
€	0.86	0.91		0.9		0.92
R$	5.45	5.55		5.65		5.24
COP	4,003	4,095		4,131		3,979

All values are in US Dollars.

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.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 12

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.

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.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 13

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:

(MILLIONS)	September 30, 2025	December 31, 2024
Current assets		$	8,835
Equity-accounted investments	4,264	2,740
Property, plant and equipment	71,551	73,475
Assets held for sale	6,269	2,049
Total assets	98,303	94,809
Corporate borrowings	4,070	3,802
Non-recourse borrowings	31,855	30,588
Deferred income tax liabilities	8,803	8,439
Liabilities directly associated with assets held for sale	3,778	1,036
Total liabilities and equity	98,303	94,809
	Spot FX rates to
C$	1.39	1.44
€	0.85	0.97
R$	5.32	6.19
COP	3,901	4,409

All values are in US Dollars.

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.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 14

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.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 15

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.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 16

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:

	Three months ended September 30				Nine months ended September 30
(MILLIONS)	2025		2024		2025		2024
Revenues
Power purchase and revenue agreements	$	(15)	$	4	$	9	$	12
Development services	9		—		23		—
	$	(6)	$	4	$	32	$	12
Other income
Distribution income	$	15	$	—	$	44	$	3
Interest and other investment income	14		—		19		—
	$	29	$	—	$	63	$	3
Direct operating costs
Other related party services	$	(12)	$	(4)	$	(19)	$	(9)
Interest expense
Borrowings	$	(48)	$	(22)	$	(160)	$	(49)
Contract balance accretion	(5)		(4)		(24)		(21)
	$	(53)	$	(26)	$	(184)	$	(70)
Other
Other related party services expense	$	(5)	$	(3)	(7)		(1)
Financial instrument gain	2		1		8		3
	$	(3)	$	(2)	$	1	$	2
Management service costs	$	(57)	$	(59)	$	(162)	$	(157)
Current income tax
Investment tax credits	$	—	$	—	$	19	$	—
Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
---	---	---
		Page 17

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

financial position:

(MILLIONS)	Related party	September 30, 2025		December 31, 2024
Current assets
Trade receivables and other current assets
Contract asset	Brookfield	$	72	$	65
Due from related parties
Amounts due from	Brookfield(1)	$	386	$	573
	Equity-accounted investments and other(2)	663		300
		$	1,049	$	873
Assets held for sale	Equity-accounted investments and other	$	14	$	125
Financial instrument assets	Brookfield	$	—	$	38
Non-current assets
Financial instrument assets	Equity-accounted investments and other	$	71	$	—
Other long-term assets
Contract asset	Brookfield	$	220	$	250
Due from related parties	Equity-accounted investments and other	12		8
Current liabilities
Contract liability	Brookfield	$	60	$	47
Financial instrument liabilities	Brookfield Wealth Solutions	3		—
Due to related parties
Amounts due to	Brookfield(3)	$	4,896	$	4,005
	Equity-accounted investments and other	1,770		684
	Brookfield Wealth Solutions	123		123
Accrued distributions payable on LP units, BEPC exchangeable shares, class A.2 exchangeable shares, Redeemable/Exchangeable partnership units and GP interest	Brookfield	45		43
		$	6,834	$	4,855
Liabilities held for sale	Equity-accounted investments and other	$	32	$	31
Non-current liabilities
Financial instrument liabilities	Brookfield	$	9	$	13
	Brookfield Wealth Solutions	20		1
Due to related parties
Amounts due to	Brookfield(3)	$	779	$	309
	Brookfield Wealth Solutions	224		225
	Equity-accounted investments and other	50		58
		$	1,053	$	592
Corporate borrowings	Brookfield Wealth Solutions	$	7	$	7
Non-recourse borrowings	Brookfield Wealth Solutions	$	67	$	65
Other long-term liabilities
Contract liability	Brookfield	$	678	$	686
Equity
Preferred limited partners equity	Brookfield Wealth Solutions	$	11	$	10

(1)Includes receivables of $268 million (2024: $376 million) associated with the Brookfield Global Transition Fund credit facility.

(2)Includes $507 million assumed on acquisition of a fully integrated developer and operator of renewable power assets in the United States. As at September 30, 2025, $443 million (2024: nil) was outstanding.

(3)Includes payables of $289 million (2024: $32 million), $1,343 million (2024: $87 million), and $2,693 million (2024: $3,493 million) associated with the Brookfield Infrastructure Fund IV, Brookfield Global Transition Fund I, and Brookfield Global Transition Fund II credit facilities, respectively.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 18

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.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 19

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.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 20

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:

	(GWh)				(MILLIONS)
	Renewable Actual Generation		Renewable LTA Generation		Revenues				Adjusted EBITDA(1)				Funds From Operations(1)
	2025	2024	2025	2024	2025		2024		2025		2024		2025		2024
Hydroelectric
North America	1,907	2,333	2,449	2,449	$	224	$	208	$	127	$	116	$	60	$	44
Brazil	767	862	981	1,032	48		48		32		33		29		28
Colombia	903	810	911	886	73		87		46		50		30		24
	3,577	4,005	4,341	4,367	345		343		205		199		119		96
Wind	1,668	1,751	1,970	2,072	116		133		89		109		47		80
Utility-scale solar	1,522	1,152	1,832	1,363	174		145		172		158		130		127
Distributed energy & storage	419	412	386	330	68		64		101		95		89		85
Sustainable solutions	—	—	—	—	123		119		47		32		38		30
Corporate	—	—	—	—	—		—		15		(7)		(121)		(140)
Total	7,186	7,320	8,529	8,132	$	826	$	804	$	629	$	586	$	302	$	278

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see “Reconciliation of Non-IFRS Measures” in this Management’s Discussion and Analysis.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 21

HYDROELECTRIC OPERATIONS

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

(MILLIONS, EXCEPT AS NOTED)	2025		2024
Revenue	$	345	$	343
Other income	21		7
Direct operating costs	(161)		(151)
Adjusted EBITDA(1)	205		199
Interest expense	(85)		(93)
Current income taxes	(1)		(10)
Funds From Operations	$	119	$	96
Generation (GWh) – LTA	4,341		4,367
Generation (GWh) – actual	3,577		4,005
Average revenue per MWh(2)	75		74

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see “Reconciliation of Non-IFRS Measures” in this Management’s Discussion and Analysis.

(2)Average revenue per MWh was adjusted to net the impact of power purchases and any revenue with no corresponding generation.

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

	Actual<br><br>Generation (GWh)		Average<br><br>revenue<br><br>per MWh(1)				Adjusted<br><br>EBITDA(2)				Funds From<br>Operations
(MILLIONS, EXCEPT AS NOTED)	2025	2024	2025		2024		2025		2024		2025		2024
North America
United States	1,029	1,498	$	88	$	87	$	75	$	71	$	38	$	28
Canada	878	835	70		61		52		45		22		16
	1,907	2,333	80		78		127		116		60		44
Brazil	767	862	63		57		32		33		29		28
Colombia	903	810	73		83		46		50		30		24
Total	3,577	4,005	$	75	$	74	$	205	$	199	$	119	$	96

(1)Average revenue per MWh was adjusted to net the impact of power purchases and any revenue with no corresponding generation.

(2)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see “Reconciliation of Non-IFRS Measures” in this Management’s Discussion and Analysis.

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.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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WIND OPERATIONS

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

(MILLIONS, EXCEPT AS NOTED)	2025		2024
Revenue	$	116	$	133
Other income	29		31
Direct operating costs	(56)		(55)
Adjusted EBITDA(1)	89		109
Interest expense	(39)		(34)
Current income tax (expense) recovery	(3)		5
Funds From Operations	$	47	$	80
Generation (GWh) – LTA	1,970		2,072
Generation (GWh) – actual	1,668		1,751

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see “Reconciliation of Non-IFRS Measures” in this Management’s Discussion and Analysis.

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:

(MILLIONS, EXCEPT AS NOTED)	2025		2024
Revenue	$	174	$	145
Other income	35		41
Direct operating costs	(37)		(28)
Adjusted EBITDA(1)	172		158
Interest expense	(38)		(30)
Current income taxes	(4)		(1)
Funds From Operations	$	130	$	127
Generation (GWh) – LTA	1,832		1,363
Generation (GWh) – actual	1,522		1,152

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see “Reconciliation of Non-IFRS Measures” in this Management’s Discussion and Analysis.

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.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 23

DISTRIBUTED ENERGY & STORAGE OPERATIONS

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

(MILLIONS, EXCEPT AS NOTED)	2025		2024
Revenue	$	68	$	64
Other income	57		54
Direct operating costs	(24)		(23)
Adjusted EBITDA(1)	101		95
Interest expense	(11)		(10)
Current income taxes	(1)		—
Funds From Operations	$	89	$	85
Generation (GWh) – LTA	386		330
Generation (GWh) – actual	419		412

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see “Reconciliation of Non-IFRS Measures” in this Management’s Discussion and Analysis.

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:

(MILLIONS, EXCEPT AS NOTED)	2025		2024
Revenue	$	123	$	119
Other income	21		8
Direct operating costs	(97)		(95)
Adjusted EBITDA(1)	47		32
Interest expense	(8)		(5)
Current income tax (expense) recovery	(1)		3
Funds From Operations	$	38	$	30

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see “Reconciliation of Non-IFRS Measures” in this Management’s Discussion and Analysis.

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.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 24

CORPORATE

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

(MILLIONS, EXCEPT AS NOTED)	2025		2024
Other income	$	24	$	2
Direct operating costs	(9)		(9)
Adjusted EBITDA(1)	15		(7)
Management service costs	(57)		(59)
Interest expense	(52)		(48)
Distributions(2)	(27)		(26)
Funds From Operations	$	(121)	$	(140)

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see “Reconciliation of Non-IFRS Measures” in this Management’s Discussion and Analysis.

(2)Distributions on Preferred Units, Class A Preference Shares and Perpetual Subordinated Notes.

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

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 25

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:

	Hydroelectric						Wind		Utility-scale solar		Distributed energy & storage		Sustainable solutions		Corporate		Total
(MILLIONS)	North America		Brazil		Colombia
Net (loss) income	$	(4)	$	1	$	57	$	(124)	$	76	$	109	$	43	$	(116)	$	42
Add back or deduct the following:
Depreciation	96		19		49		218		143		75		11		—		611
Deferred income tax (recovery) expense	(6)		(1)		(10)		75		(88)		(28)		—		(8)		(66)
Foreign exchange and financial instrument (gain) loss	(5)		—		33		(15)		25		(71)		(49)		16		(66)
Other(1)	2		(1)		1		(51)		(66)		46		17		2		(50)
Management service costs	—		—		—		—		—		—		—		57		57
Interest expense	84		15		81		136		144		61		1		64		586
Current income tax expense (recovery)	2		1		(7)		1		11		(9)		1		—		—
Amount attributable to equity accounted investments and non-controlling interests(2)	(42)		(2)		(158)		(151)		(73)		(82)		23		—		(485)
Adjusted EBITDA attributable to Unitholders	$	127	$	32	$	46	$	89	$	172	$	101	$	47	$	15	$	629

(1)Other corresponds to amounts that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. Other also includes derivative and other revaluations and settlements, gains or losses on debt extinguishment/modification, transaction costs, legal, provisions, amortization of concession assets and Brookfield Renewable’s economic share of foreign currency hedges and other hedges, income earned on financial assets and structured investments in sustainable solutions, monetization of tax attributes at certain development projects and realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term that are included within Adjusted EBITDA.

(2)Amount attributable to equity accounted investments corresponds to the Adjusted EBITDA to Brookfield Renewable that are generated by its investments in associates and joint ventures accounted for using the equity method. Amounts attributable to non-controlling interest are calculated based on the economic ownership interest held by non-controlling interests in consolidated subsidiaries, excluding amounts attributable to Unitholders. By adjusting Adjusted EBITDA attributable to non-controlling interest, Brookfield Renewable is able to remove the portion of Adjusted EBITDA earned at non-wholly owned subsidiaries that are not attributable to Brookfield Renewable.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 26

	Hydroelectric						Wind		Utility-scale solar		Distributed energy & storage		Sustainable solutions		Corporate		Total
(MILLIONS)	North America		Brazil		Colombia
Net (loss) income	$	(5)	$	(4)	$	60	$	(71)	$	63	$	48	$	2	$	(132)	$	(39)
Add back or deduct the following:
Depreciation	105		16		37		215		103		34		4		—		514
Deferred income tax expense (recovery)	9		(1)		1		(15)		15		33		—		(13)		29
Foreign exchange and financial instrument (gain) loss	(39)		12		6		32		(60)		(127)		(23)		13		(186)
Other(1)	(3)		6		1		(11)		38		75		27		9		142
Management service costs	—		—		—		—		—		—		—		59		59
Interest expense	88		9		89		126		94		49		1		58		514
Current income tax expense (recovery)	1		2		29		(9)		(37)		(23)		—		(1)		(38)
Amount attributable to equity accounted investments and non-controlling interests(2)	(40)		(7)		(173)		(158)		(58)		6		21		—		(409)
Adjusted EBITDA attributable to Unitholders	$	116	$	33	$	50	$	109	$	158	$	95	$	32	$	(7)	$	586

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 27

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:

(MILLIONS)	2025		2024
Net income (loss)	$	42	$	(39)
Add back or deduct the following:
Depreciation	611		514
Deferred income tax (recovery) expense	(66)		29
Foreign exchange and financial instruments gain	(66)		(186)
Other(1)	(50)		142
Amount attributable to equity accounted investments and non-controlling interest(2)	(169)		(182)
Funds From Operations	$	302	$	278

(2)Amount attributable to equity accounted investments corresponds to the Funds From Operations that are generated by its investments in associates and joint ventures accounted for using the equity method. Amounts attributable to non-controlling interest are calculated based on the economic ownership interest held by non-controlling interests in consolidated subsidiaries, excluding amounts attributable to Unitholders. By adjusting Funds From Operations attributable to non-controlling interest, Brookfield Renewable is able to remove the portion of Funds From Operations earned at non-wholly owned subsidiaries that are not attributable to Brookfield Renewable.

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:

	2025		2024
Basic loss per LP unit(1)	$	(0.23)	$	(0.32)
Adjusted for proportionate share of:
Depreciation	0.43		0.39
Deferred income tax recovery	(0.16)		—
Foreign exchange and financial instruments gain	(0.04)		(0.06)
Other(2)	0.46		0.41
Funds From Operations per Unit(3)	$	0.46	$	0.42

(1)During the three months ended September 30, 2025, on average there were 283.8 million LP units outstanding (2024: 285.1 million).

(2)Other corresponds to amounts that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. Other also includes derivative and other revaluations and settlements, gains or losses on debt extinguishment/modification, transaction costs, legal, provisions, amortization of concession assets and Brookfield Renewable’s economic share of foreign currency hedges and other hedges, income earned on financial assets and structured investments in sustainable solutions, monetization of tax attributes at certain development projects and realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term that are included in Funds From Operations as well as amounts attributable to holders of Redeemable/Exchangeable partnership units, GP interest, BEPC exchangeable shares and class A.2 exchangeable shares.

(3)Average units outstanding, for the three months ended September 30, 2025, were 661.9 million (2024: 663.2 million), being inclusive of GP interest, Redeemable/Exchangeable partnership units, LP units, BEPC exchangeable shares and class A.2 exchangeable shares.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 28

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.

(GWh, except as noted)	Rest of 2025			2026			2027			2028			2029
Hydroelectric
North America
United States(1)	1,636			6,782			6,764			6,489			6,475
Canada	830			4,021			4,058			4,058			4,008
	2,466			10,803			10,822			10,547			10,483
Wind	2,217			8,554			8,068			7,995			7,643
Utility-scale solar	1,121			5,123			5,159			5,116			5,059
Distributed energy & storage	274			1,377			1,357			1,342			1,321
Sustainable solutions	11			53			53			51			41
Contracted on a proportionate basis	6,089			25,910			25,459			25,051			24,547
Uncontracted on a proportionate basis	884			3,005			3,456			3,864			4,368
Long-term average on a proportionate basis	6,973			28,915			28,915			28,915			28,915
Non-controlling interests	19,460			77,192			77,192			77,192			77,192
Total long-term average	26,433			106,107			106,107			106,107			106,107
Contracted generation as a % of total generation on a proportionate basis	87		%	90		%	88		%	87		%	85		%
Price per MWh – total generation on a proportionate basis	$	75		$	76		$	78		$	79		$	81

(1)Includes generation of 247 GWh for 2025, 1,465 GWh for 2026, and 501 GWh for 2027 secured under financial contracts.

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%).

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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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:

	Corporate						Consolidated
(MILLIONS, EXCEPT AS NOTED)	September 30, 2025			December 31, 2024			September 30, 2025			December 31, 2024
Corporate credit facility(1)	$	—		$	240		$	—		$	240
Commercial paper(1)	627			431			627			431
Debt
Medium term notes(2)	3,142			3,008			3,142			3,008
Hybrid notes(2)	324			139			324			139
Non-recourse borrowings(3)	—			—			32,227			30,904
	3,466			3,147			35,693			34,051
Deferred income tax liabilities, net(4)	—			—			8,321			8,109
Equity
Non-controlling interest	—			—			23,616			26,168
Preferred equity	555			537			555			537
Perpetual subordinated notes	737			737			737			737
Preferred limited partners' equity	634			634			634			634
Unitholders' equity	7,302			8,380			7,302			8,380
Total capitalization	$	12,694		$	13,435		$	76,858		$	78,616
Debt-to-total capitalization	27		%	23		%	46		%	43		%
Debt-to-total capitalization (market value)(5)	14		%	15		%	41		%	40		%

(1)Draws on corporate credit facilities and commercial paper issuances are excluded from the debt to total capitalization ratios as they are not permanent sources of capital.

(2)Medium term and Hybrid notes are unsecured and guaranteed by Brookfield Renewable and exclude $23 million (2024: $16 million) of deferred financing fees, net of unamortized premiums.

(3)Consolidated non-recourse borrowings include $1,479 million (2024: $1,494 million) borrowed under a subscription facility of a Brookfield sponsored private fund and exclude $182 million (2024: $171 million) of deferred financing fees and $190 million (2024: $145 million) of unamortized premiums.

(4)Deferred income tax liabilities less deferred income tax assets.

(5)Based on market values of Preferred equity, Perpetual subordinated notes, Preferred limited partners’ equity and Unitholders’ equity.

AVAILABLE LIQUIDITY

The following tables summarizes the available liquidity:

(MILLIONS)	September 30, 2025		December 31, 2024
Brookfield Renewable's share of cash and cash equivalents	$	713	$	770
Investments in marketable securities	161		201
Corporate credit facilities
Authorized credit facilities	2,450		2,450
Draws on credit facilities	—		(240)
Authorized letter of credit facility	500		500
Issued letters of credit	(348)		(335)
Available portion of corporate credit facilities	2,602		2,375
Available portion of subsidiary credit facilities on a proportionate basis	1,179		974
Available liquidity	$	4,655	$	4,320	Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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		Page 30

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:

	September 30, 2025				December 31, 2024
	Weighted-average				Weighted-average
(MILLIONS EXCEPT AS NOTED)	Interest<br><br>rate (%)(1)	Term<br><br>(years)	Total(3)		Interest<br><br>rate (%)(1)	Term<br><br>(years)	Total(3)
Corporate borrowings
Credit facilities	N/A	5	$	—	5.6	5	$	240
Commercial paper	4.6	<1	627		5.0	<1	431
Medium term notes	4.5	12	3,142		4.4	12	3,008
Hybrid notes	5.4	30	324		5.5	30	139
Proportionate non-recourse borrowings(2)
Hydroelectric	6.3	10	5,491		6.0	11	4,887
Wind	4.9	10	2,552		4.7	10	2,144
Utility-scale solar	5.2	12	2,705		5.2	12	2,431
Distributed energy & storage	5.2	8	865		4.3	7	870
Sustainable solutions	6.3	6	406		6.3	6	399
	5.6	11	12,019		5.4	11	10,731
			$	16,112			$	14,549
Proportionate unamortized financing fees, net of unamortized premiums and discounts			(122)				(114)
			15,990				14,435
Equity-accounted borrowings			(1,769)				(1,438)
Non-controlling interests and other(3)			21,704				21,393
As per IFRS Statements			$	35,925			$	34,390

(1)Includes cash yields on tax equity.

(2)See “Part 8 – Presentation to Stakeholders and Performance Measurement” for information on proportionate debt.

(3)Includes tax equity liabilities.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 31

The following table summarizes our undiscounted principal repayments and scheduled amortization on a proportionate basis as at September 30, 2025:

(MILLIONS)	Rest of 2025		2026		2027		2028		2029		Thereafter		Total
Debt Principal repayments(1)
Medium term notes(2)	$	—	$	—	$	359	$	—	$	341	$	2,442	$	3,142
Hybrid notes(2)	—		—		—		—		—		324		324
Non-recourse borrowings
Hydroelectric	396		494		149		166		651		1,728		3,584
Wind	2		57		31		187		175		261		713
Utility-scale solar	3		48		30		155		100		282		618
Distributed energy &<br><br>storage	4		8		46		115		53		136		362
Sustainable solutions	—		—		—		—		—		337		337
	405		607		256		623		979		2,744		5,614
Amortizing debt principal repayments
Non-recourse borrowings
Hydroelectric	35		163		154		189		142		1,224		1,907
Wind	62		162		158		159		164		1,134		1,839
Utility-scale solar	91		164		161		173		161		1,337		2,087
Distributed energy &<br><br>storage	14		35		33		35		107		279		503
Sustainable solutions	3		9		8		20		7		22		69
	205		533		514		576		581		3,996		6,405
Total	$	610	$	1,140	$	1,129	$	1,199	$	1,901	$	9,506	$	15,485

(1)Draws on corporate credit facilities and commercial paper issuances are excluded from the debt repayment schedule as they are not a permanent source of capital.

(2)Medium term and Hybrid notes are unsecured and guaranteed by Brookfield Renewable and excludes $23 million (2024: $16 million) of deferred financing fees, net of unamortized premiums and discounts.

We remain focused on refinancing near-term facilities on acceptable terms and maintaining a manageable maturity ladder. We do not anticipate material issues in refinancing our borrowings through 2029 on acceptable terms and will do so opportunistically based on the prevailing interest rate environment.

CAPITAL EXPENDITURES

We fund growth capital expenditures with cash flow generated from operations, supplemented by non-recourse debt sized to investment grade coverage and covenant thresholds. This is designed to ensure that our investments have stable capital structures supported by a substantial level of equity and that cash flows at the asset level can be remitted freely to our company. This strategy also underpins our investment grade profile.

To fund large scale development projects and acquisitions, we will evaluate a variety of capital sources including proceeds from selling mature businesses, in addition to raising money in the capital markets through equity, debt and preferred share issuances. Furthermore, we have $2.5 billion of committed revolving credit facilities available for investments and acquisitions, as well as funding the equity component of organic growth initiatives. The facilities are intended, and have historically been used, as a bridge to a long-term financing strategy rather than a permanent source of capital.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 32

CONSOLIDATED STATEMENTS OF CASH FLOWS

The following table summarizes the key items in the unaudited interim consolidated statements of cash flows:

	Three months ended September 30				Nine months ended September 30
(MILLIONS)	2025		2024		2025		2024
Cash flows provided by (used in):
Operating activities before changes in due to or from related parties and net working capital change	$	410	$	379	$	1,191	$	1,149
Changes in due to or from related parties	40		14		226		98
Net change in working capital balances	(64)		105		(265)		(194)
Operating activities	$	386	$	498	$	1,152	$	1,053
Financing activities	907		572		5,655		1,901
Investing activities	(1,182)		(1,010)		(8,039)		(2,739)
Foreign exchange gain (loss) on cash	—		16		121		(28)
Increase (decrease) in cash and cash equivalents	$	111	$	76	$	(1,111)	$	187

Operating Activities

Cash flows from operating activities before changes in due to or from related parties and net change in working capital balances for three and nine months ended September 30, 2025 totaled $410 million and $1,191 million, respectively, compared to $379 million and $1,149 million, respectively, in 2024, reflecting the strong operating performance of our business during both periods.

Financing Activities

Cash flows provided by financing activities totaled $907 million and $5,655 million for the three and nine months ended September 30, 2025. The strength of our balance sheet and disciplined access to diverse sources of capital to fund our growth generated net proceeds of $1,415 million and $7,572 million for the three and nine months ended September 30, 2025 from corporate and non-recourse financings, net inflows from related parties, and net capital contributions from participating non-controlling interests, including the issuance of C$450 million ($307 million) of medium term notes, C$250 million ($182 million) of hybrid notes and the repayment of C$400 million ($291 million) of medium-term notes prior to maturity, execution of open market purchases, and the mandatory cash tender offer for convertible bonds of Neoen.

Distributions, including incentive distributions to the general partners, paid during the three and nine months ended September 30, 2025 to Unitholders were $287 million and $851 million, respectively (2024: $267 million and $798 million, respectively). We increased our distributions to $1.492 per LP unit in 2025 on an annualized basis (2024: $1.420 per LP unit), representing an over 5% increase per LP unit, which took effect in the first quarter of 2025. The distributions paid during the three and nine months ended September 30, 2025, to preferred shareholders, preferred limited partners' unitholders, perpetual subordinated notes, and participating non-controlling interests in operating subsidiaries totaled $221 million and $1,032 million, respectively (2024: $169 million and $570 million, respectively).

Cash flows provided by financing activities totaled $572 million and $1,901 million for the three and nine months ended September 30, 2024. The strength of our balance sheet and disciplined access to diverse sources of capital allowed us to fund our growth and generate net proceeds of $1,008 million and $3,452 million for the three and nine months ended September 30, 2024 from corporate and non-recourse financings including the issuance of C$800 million ($586 million) aggregate of medium term notes and the issuance of $150 million perpetual green subordinated notes in the first quarter of 2024, net inflows from related parties, and capital contributions from participating non-controlling interests.

Investing Activities

Cash flows used in investing activities totaled $1,182 million and $8,039 million for the remaining 47% interest in Neoen through the execution of open market purchases and the cash tender, incremental capital injections for the three and nine months ended September 30, 2025. During the year, we completed the acquisition of Neoen through the execution of open market purchases, the mandatory cash tender offer for an incremental 47% of Neoen, incremental capital injections into our structured investments and equity accounted investments including our acquisition of a fully integrated developer and operator of renewable power assets in the United States totaled $160 million.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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Our continued investment including the construction and development of wind, solar, distributed generation, and battery energy storage systems projects across all our major markets totaled $1,755 million and $4,779 million for the three and nine months ended September 30, 2025.

We generated proceeds of $784 million and $1,660 million during the three and nine months ended September 30, 2025 from recently completed asset sales, including the sale of a 1,004 MW portfolio of wind and solar assets in India, a 25% interest in a 2.2 GW pumped storage facility in Europe, a 25% interest in a 845 MW portfolio of wind assets in the United States, the sale of a 650 MW portfolio of operating and under construction wind, solar and battery projects in Australia, and the sale of certain financial securities.

Cash flows used in investing activities totaled $1,010 million and $2,739 million for the three and nine months ended September 30, 2024. During the period, we invested $109 million into growth including investments to increase our ownership in a leading commercial and industrial renewable development platform. Our continued investment in our property, plant and equipment, including the construction and development of wind, solar, distributed generation, and battery energy storage systems projects across all our major markets totaled $1,008 million and $2,999 million for the three and nine months ended September 30, 2024. We generated proceeds of $154 million and $437 million during the three and nine months ended September 30, 2024 from the sale of a 30 MW hydroelectric asset and a 60 MW battery storage asset in the U.S., an 85 MW portfolio of biomass facilities in Brazil, and the sale of certain financial securities.

SHARES, UNITS AND NOTES OUTSTANDING

Shares, units and notes outstanding are as follows:

	September 30, 2025	December 31, 2024
Class A Preference Shares(1)	31,035,967	31,035,967
Perpetual Subordinated Notes
Balance, beginning of year	30,400,000	24,400,000
Issuance	—	6,000,000
Balance, end of period	30,400,000	30,400,000
Preferred Units(2)
Balance, beginning of year	31,000,000	38,000,000
Redemption of preferred LP Units	—	(7,000,000)
Balance, end of period	31,000,000	31,000,000
GP interest	3,977,260	3,977,260
Redeemable/Exchangeable partnership units	194,487,939	194,487,939
BEPC exchangeable shares and Class A.2 exchangeable shares(3)
Balance, beginning of year	179,640,851	179,651,526
Exchanged for BEP LP units	(36,058)	(10,675)
Balance, end of period	179,604,793	179,640,851
LP units
Balance, beginning of year	285,180,371	287,164,340
Repurchase of LP units for cancellation	(1,522,975)	(2,279,654)
Distribution reinvestment plan	210,756	285,010
Issued in exchange for BEPC exchangeable shares	36,058	10,675
Balance, end of period	283,904,210	285,180,371
Total LP units on a fully-exchanged basis(4)	657,996,942	659,309,161

(1)Class A Preference Shares are broken down by series as follows: 8,372,310 (2024: 6,849,533) Series 1 Class A Preference Shares are outstanding; 1,587,754 (2024: 3,110,531) Series 2 Class A Preference Shares are outstanding; 9,961,399 (2024: 9,961,399) Series 3 Class A Preference Shares are outstanding; 4,114,504 (2024: 4,111,504) Series 5 Class A Preference Shares are outstanding; and 7,000,000 (2024: 7,000,000) Series 6 Class A Preference Shares are outstanding.

(2)Preferred Units are broken down by series and certain series are convertible on a one for one basis at the option of the holder as follows: 7,000,000 Series 7 Preferred Units are outstanding (convertible for Series 8 Preferred Units beginning on January 31, 2026); 10,000,000 Series 13 Preferred Units are outstanding (convertible for Series 14 Preferred Units beginning on April 30, 2028); 8,000,000 Series 17 Preferred Units are outstanding; and 6,000,000 Series 18 Preferred Units are outstanding.

(3)Includes 144,885,110 (2024: 144,921,168) of BEPC exchangeable shares and 34,719,683 (2024: 34,719,683) of Class A.2 exchangeable shares.

(4)The fully-exchanged amounts assume the exchange of all Redeemable/Exchangeable partnership units, BEPC exchangeable shares and class A.2 exchangeable shares for LP units.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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DIVIDENDS AND DISTRIBUTIONS

The following table summarizes the dividends and distributions declared and paid for the three and nine months ended September 30:

	Three months ended September 30								Nine months ended September 30
	Declared				Paid				Declared				Paid
(MILLIONS)	2025		2024		2025		2024		2025		2024		2025		2024
Class A Preference Shares	$	8	$	7	$	6	$	7	$	22	$	20	$	20	$	20
Perpetual Subordinated Notes	10		10		10		10		30		27		30		27
Class A Preferred LP units	9		9		7		9		26		29		24		29
Participating non-controlling interests – in operating subsidiaries	198		143		198		143		958		494		958		494
GP interest and incentive distributions	37		33		38		34		113		100		113		97
Redeemable/Exchangeable partnership units	73		69		73		69		220		208		220		207
BEPC Exchangeable shares and class A.2 exchangeable shares	67		64		67		64		202		193		202		195
LP units	106		101		109		100		320		305		316		299

CONTRACTUAL OBLIGATIONS

Please see Note 19 – Commitments, contingencies and guarantees in the unaudited interim consolidated financial statements, for further details on the following:

•Commitments – Water, land, and dam usage agreements, and agreements and conditions on committed acquisitions of operating portfolios and development projects;

•Contingencies – Legal proceedings, arbitrations and actions arising in the normal course of business, and providing for letters of credit; and

•Guarantees – Nature of all the indemnification undertakings and guarantees to third-parties for certain transactions.

SUPPLEMENTAL FINANCIAL INFORMATION

In April 2021, December 2021 and March 2024, Brookfield BRP Holdings (Canada) Inc., a wholly-owned subsidiary of Brookfield Renewable, issued $350 million, $260 million and $150 million, respectively, of perpetual subordinated notes at a fixed rate of 4.625%, 4.875% and 7.250%, respectively.

These notes are fully and unconditionally guaranteed, on a subordinated basis by each of Brookfield Renewable Partners L.P., BRELP, BRP Bermuda Holdings I Limited, Brookfield BRP Europe Holdings Limited, Brookfield Renewable Investments Limited and BEP Subco Inc (together, the "guarantor subsidiaries"). The other subsidiaries of Brookfield Renewable do not guarantee the securities and are referred to below as the “non-guarantor subsidiaries”.

Pursuant to Rule 13-01 of the SEC's Regulation S-X, the following table provides combined summarized financial information of Brookfield BRP Holdings (Canada) Inc. and the guarantor subsidiaries:

	Three months ended September 30				Nine months ended September 30
(MILLIONS)	2025		2024		2025		2024
Revenues(1)	$	—	$	—	$	—	$	—
Gross profit	—		—		—		—
Dividend income from non-guarantor subsidiaries	240		237		721		283
Net income	136		180		436		158

(1)Brookfield Renewable's total revenues for the three and nine months ended September 30, 2025 were $1,596 million and $4,868 million, respectively (2024: $1,470 million and $4,444 million).

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(MILLIONS)	September 30, 2025		December 31, 2024
---	---	---	---	---
Current assets(1)	$	1,354	$	392
Total assets(2)(3)	1,532		507
Current liabilities(4)	9,106		7,259
Total liabilities(5)	9,154		7,698

(1)Amount due from non-guarantor subsidiaries was $1,347 million (2024: $383 million).

(2)Brookfield Renewable's total assets as at September 30, 2025 and December 31, 2024 were $98,303 million and $94,809 million.

(3)Amount due from non-guarantor subsidiaries was $1,408 million (2024: $408 million).

(4)Amount due to non-guarantor subsidiaries was $8,236 million (2024: $6,629 million).

(5)Amount due from non-guarantor subsidiaries was $8,236 million (2024: $6,715 million).

OFF-STATEMENT OF FINANCIAL POSITION ARRANGEMENTS

Brookfield Renewable does not have any off-statement of financial position arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

Brookfield Renewable issues letters of credit from its corporate credit facilities for general corporate purposes which include, but are not limited to, security deposits, performance bonds and guarantees for reserve accounts. As at September 30, 2025, letters of credit issued amounted to $3,753 million (2024: $2,792 million).

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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SUMMARY OF HISTORICAL QUARTERLY RESULTS

The following is a summary of unaudited quarterly financial information for the last eight consecutive quarters:

	2025						2024								2023
(MILLIONS, EXCEPT AS NOTED)	Q3		Q2		Q1		Q4		Q3		Q2		Q1		Q4
Total Generation (GWh) – LTA	29,779		31,450		30,476		24,779		22,151		24,895		22,514		22,641
Total Generation (GWh) – actual	27,554		30,650		29,008		21,121		19,684		21,467		20,300		17,006
Proportionate Renewable Generation (GWh) – LTA	8,529		9,819		8,999		8,616		8,132		9,522		8,654		8,492
Proportionate Actual Renewable Generation (GWh)	7,186		9,542		8,670		6,868		7,320		8,298		8,461		7,045
Revenues	$	1,596	$	1,692	$	1,580	$	1,432	$	1,470	$	1,482	$	1,492	$	1,323
Net (loss) income attributable to Unitholders	(120)		(112)		(197)		(9)		(181)		(154)		(120)		35
Basic (loss) income per LP unit	(0.23)		(0.22)		(0.35)		(0.06)		(0.32)		(0.28)		(0.23)		0.01
Funds From Operations	302		371		315		304		278		339		296		255
Funds From Operations per Unit	0.46		0.56		0.48		0.46		0.42		0.51		0.45		0.38
Distribution per LP Unit	0.37		0.37		0.37		0.36		0.36		0.36		0.36		0.34		Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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		Page 37

PROPORTIONATE RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 30

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

	(GWh)				(MILLIONS)
	Renewable Actual Generation		Renewable LTA Generation		Revenues				Adjusted EBITDA(1)				Funds From Operations(1)
	2025	2024	2025	2024	2025		2024		2025		2024		2025		2024
Hydroelectric
North America	8,736	8,941	9,245	9,245	$	856	$	767	$	526	$	487	$	321	$	278
Brazil	2,717	2,905	2,905	3,060	148		160		105		110		92		94
Colombia	2,807	2,174	2,680	2,637	211		238		136		126		74		53
	14,260	14,020	14,830	14,942	1,215		1,165		767		723		487		425
Wind	6,182	5,987	6,945	7,016	427		457		344		366		217		270
Utility-scale solar	3,817	2,981	4,540	3,469	396		358		402		365		293		279
Distributed energy & storage	1,139	1,091	1,032	881	188		177		280		192		247		163
Sustainable solutions	—	—	—	—	431		352		154		118		124		105
Corporate	—	—	—	—	—		—		7		26		(380)		(329)
Total	25,398	24,079	27,347	26,308	$	2,657	$	2,509	$	1,954	$	1,790	$	988	$	913

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see “Reconciliation of Non-IFRS Measures” in this Management’s Discussion and Analysis.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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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 nine months ended September 30, 2025:

	Hydroelectric						Wind		Utility-scale solar		Distributed energy & storage		Sustainable solutions		Corporate		Total
(MILLIONS)	North America		Brazil		Colombia
Net income (loss)	$	70	$	3	$	119	$	72	$	(192)	$	204	$	114	$	(356)	$	34
Add back or deduct the following:
Depreciation	296		54		143		663		420		193		34		—		1,803
Deferred income tax (recovery) expense	(6)		(1)		(9)		(160)		(120)		33		—		(29)		(292)
Foreign exchange and financial instrument (gain) loss	(21)		8		64		(349)		(87)		(101)		(113)		29		(570)
Other(1)	38		1		6		105		192		71		39		26		478
Management service costs	—		—		—		—		—		—		—		162		162
Interest expense	270		43		251		526		390		163		3		173		1,819
Current income tax expense (recovery)	4		6		24		—		50		(144)		1		2		(57)
Amount attributable to equity accounted investments and non-controlling interests(2)	(125)		(9)		(462)		(513)		(251)		(139)		76		—		(1,423)
Adjusted EBITDA attributable to Unitholders	$	526	$	105	$	136	$	344	$	402	$	280	$	154	$	7	$	1,954

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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The following table reflects Adjusted EBITDA and Funds From Operations and provides a reconciliation to net income (loss) for the nine months ended September 30, 2024:

	Hydroelectric						Wind		Utility-scale solar		Distributed energy & storage		Sustainable solutions		Corporate		Total
(MILLIONS)	North America		Brazil		Colombia
Net income (loss)	$	114	$	(42)	$	107	$	(54)	$	(16)	$	37	$	5	$	(348)	$	(197)
Add back or deduct the following:
Depreciation	312		55		111		621		327		99		8		—		1,533
Deferred income tax expense (recovery)	11		(3)		9		(22)		17		33		(1)		(26)		18
Foreign exchange and financial instrument (gain) loss	(79)		20		(3)		(115)		(55)		(134)		(63)		7		(422)
Other(1)	(43)		54		(4)		3		54		63		19		86		232
Management service costs	—		—		—		—		—		—		—		157		157
Interest expense	263		39		281		355		258		121		10		152		1,479
Current income tax expense (recovery)	3		6		45		10		(35)		(21)		—		(2)		6
Amount attributable to equity accounted investments and non-controlling interests(2)	(94)		(19)		(420)		(432)		(185)		(6)		140		—		(1,016)
Adjusted EBITDA attributable to Unitholders	$	487	$	110	$	126	$	366	$	365	$	192	$	118	$	26	$	1,790

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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The following table reconciles the non-IFRS financial measures to the most directly comparable IFRS measures. Net income is reconciled to Funds From Operations for the nine months ended September 30:

(MILLIONS)	2025		2024
Net income (loss)	$	34	$	(197)
Add back or deduct the following:
Depreciation	1,803		1,533
Deferred income tax (recovery) expense	(292)		18
Foreign exchange and financial instruments gain	(570)		(422)
Other(1)	478		232
Amount attributable to equity accounted investments and non-controlling interest(2)	(465)		(251)
Funds From Operations	$	988	$	913

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

	Nine months ended September 30
	2025		2024
Basic loss per LP unit(1)	$	(0.81)	$	(0.83)
Adjusted for proportionate share of:
Depreciation	1.28		1.16
Deferred income tax recovery	(0.16)		(0.05)
Foreign exchange and financial instruments gain	(0.04)		(0.17)
Other(2)	1.22		1.27
Funds From Operations per Unit(3)	$	1.49	$	1.38

(1)During the nine months ended September 30, 2025, on average there were 284.2 million LP units outstanding (2024: 285.7 million).

(3)Average units outstanding for the nine months ended September 30, 2025 were 662.2 million (2024: 663.8 million), being inclusive of GP interest, Redeemable/Exchangeable partnership units, LP units, BEPC exchangeable shares and class A.2 exchangeable shares.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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CRITICAL ESTIMATES AND CRITICAL JUDGMENTS IN APPLYING ACCOUNTING POLICIES

The unaudited interim consolidated financial statements are prepared in accordance with IFRS, which require the use of estimates and judgments in reporting assets, liabilities, revenues, expenses and contingencies. In the judgment of management, none of the estimates outlined in Note 1 – Basis of preparation and material accounting policy information in our audited consolidated financial statements are considered critical accounting estimates as defined in Canadian National Instrument 51-102 – Continuous Disclosure Obligations with the exception of the estimates related to the valuation of property, plant and equipment, financial instruments, deferred income tax liabilities, decommissioning liabilities and impairment of goodwill. These assumptions include estimates of future electricity prices, discount rates, expected long-term average generation, inflation rates, terminal year, the amount and timing of operating and capital costs and the income tax rates of future income tax provisions. Estimates also include determination of accruals, provisions, purchase price allocations, useful lives, asset valuations, asset impairment testing and those relevant to the defined benefit pension and non-pension benefit plans. Estimates are based on historical experience, current trends and various other assumptions that are believed to be reasonable under the circumstances.

In making estimates, management relies on external information and observable conditions where possible, supplemented by internal analysis, as required. These estimates have been applied in a manner consistent with that in the prior year and there are no known trends, commitments, events or uncertainties that we believe will materially affect the methodology or assumptions utilized in this report. These estimates are impacted by, among other things, future power prices, movements in interest rates, foreign exchange volatility and other factors, some of which are highly uncertain, as described in the “Risk Factors” section included in our most recent Annual Report on Form 20-F. The interrelated nature of these factors prevents us from quantifying the overall impact of these movements on Brookfield Renewable’s financial statements in a meaningful way. These sources of estimation uncertainty relate in varying degrees to substantially all asset and liability account balances. Actual results could differ from those estimates.

FUTURE CHANGES IN ACCOUNTING POLICIES

IFRS 18 – Presentation and Disclosure in Financial Statements (“IFRS 18”)

In April 2024, the IASB issued IFRS 18, Presentation and Disclosure of Financial Statements. IFRS 18 is effective for periods beginning on or after January 1, 2027, with early adoption permitted. IFRS 18 is expected to improve the quality of financial reporting by requiring defined subtotals in the statement of profit or loss, requiring disclosure about management-defined performance measures, and adding new principles for aggregation and disaggregation of information. Brookfield Renewable is currently assessing the impact of this standard on its presentation and disclosures.

Amendments to IFRS 9 - Financial Instruments (“IFRS 9”) and IFRS 7 - Financial Instruments: Disclosures (“IFRS 7”) - Classification and Measurement of Financial Instruments

The amendments clarify the requirements for the timing of recognition and derecognition of financial liabilities settled through an electronic cash transfer system, add further guidance for assessing the contractual cash flow characteristics of financial assets with contingent features, and adds new or amended disclosures relating to investments in equity instruments designated at Fair Value through Other Comprehensive Income “FVOCI” and financial instruments with contingent features. The amendments to IFRS 9 and IFRS 7 apply to annual reporting periods beginning on or after January 1, 2026. Brookfield Renewable is currently assessing the impacts of these amendments.

Amendments to IFRS 9 - Financial Instruments (“IFRS 9”) and IFRS 7 - Financial Instruments: Disclosures (“IFRS 7”) - Contracts Referencing Nature-Dependent Electricity

The amendments apply only to contracts referencing nature-dependent electricity and clarify the application of the “own-use” requirements, the use of hedge accounting, and adds new disclosure requirements around the effect of these contracts on the partnership’s financial performance and cash flows. The amendments to IFRS 9 and IFRS 7 apply to annual reporting periods beginning on or after January 1, 2026. Brookfield Renewable is currently assessing the impacts of these amendments.

There are currently no other future changes to IFRS Accounting Standards with a potential material impact on Brookfield Renewable.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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INTERNAL CONTROL OVER FINANCIAL REPORTING

No changes were made in our internal control over financial reporting during the nine months ended September 30, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

SUBSEQUENT EVENTS

Subsequent to the quarter, Brookfield Renewable completed the acquisition of an incremental 15% ownership in Isagen S.A. E.S.P. for $1 billion. Brookfield Renewable increased its ownership in the business to approximately 37.3% and will continue to consolidate this business.

Subsequent to the quarter, Brookfield Renewable, together with its institutional partners, agreed to the sale of an 833 MWdc (613MWac) portfolio of operating solar assets in the United States for proceeds of approximately $412 million ($115 million net to Brookfield Renewable). The closing of this transaction is subject to customary closing conditions.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 43

PRESENTATION TO PUBLIC STAKEHOLDERS

Equity

Brookfield Renewable’s consolidated equity interests include (i) non-voting publicly traded LP units, held by public unitholders and Brookfield, (ii) BEPC exchangeable shares, held by public shareholders and Brookfield Holders, (iii) class A.2 exchangeable shares, held by Brookfield, (iv) Redeemable/Exchangeable Limited partnership units in BRELP, a holding subsidiary of Brookfield Renewable, held by Brookfield, and (v) the GP interest in BRELP, held by Brookfield.

The LP units, the BEPC exchangeable shares, class A.2 exchangeable shares and the Redeemable/Exchangeable partnership units have the same economic attributes in all respects, except that the BEPC exchangeable shares and class A.2 exchangeable shares provide the holder, and the Redeemable/Exchangeable partnership units provide Brookfield, the right to request that all or a portion of such shares or units be redeemed for cash consideration. Brookfield Renewable, however, has the right, at its sole discretion, to satisfy any such redemption request related to Redeemable/Exchangeable partnership units and BEPC exchangeable shares with LP units, rather than cash, on a one-for-one basis. Similarly, Brookfield Renewable has the right, at its sole discretion, to satisfy any such redemption request related to class A.2 exchangeable shares with BEPC exchangeable shares or LP units, at the election of Brookfield, rather than cash, on a on-for-one basis. The public holders of BEPC exchangeable shares, and Brookfield Holders, as holder of BEPC exchangeable shares, class A.2 exchangeable shares and Redeemable/Exchangeable partnership units, participates in earnings and distributions on a per unit basis equivalent to the per unit participation of the LP units. Because Brookfield Renewable, at its sole discretion, has the right to settle any redemption request in respect of BEPC exchangeable shares and Redeemable/Exchangeable partnership units with LP units and any redemption request in respect of class A.2 exchangeable shares with BEPC exchangeable shares or LP units, at the election of Brookfield, the BEPC exchangeable shares, class A.2 exchangeable shares and Redeemable/Exchangeable partnership units are classified under equity, and not as a liability.

Given the exchange feature referenced above, we are presenting LP units, BEPC exchangeable shares and class A.2 exchangeable shares, Redeemable/Exchangeable partnership units, and GP Interest as separate components of consolidated equity. This presentation does not impact the total income (loss), per unit or share information, or total consolidated equity.

Actual and Long-term Average Generation

For assets acquired, disposed or reaching commercial operation during the year, reported generation is calculated from the acquisition, disposition or commercial operation date and is not annualized. Generation on a same store basis refers to the generation of assets that were owned during both periods presented. As it relates to Colombia only, generation includes both hydroelectric and cogeneration facilities. Distributed energy & sustainable solutions includes generation from our distributed generation, pumped storage, North America cogeneration and Brazil biomass assets.

North America hydroelectric long-term average is the expected average level of generation based on the results of a simulation based on historical inflow data performed over a period of typically 30 years. Colombia hydroelectric long-term average is the expected average level of generation based on the results of a simulation based on historical inflow data performed over a period of typically 20 years. For substantially all of our hydroelectric assets in Brazil the long-term average is based on the reference amount of electricity allocated to our facilities under the market framework which levelizes generation risk across producers. Wind long-term average is the expected average level of generation based on the results of simulated historical wind speed data performed over a period of typically 10 years. Utility-scale solar long-term average is the expected average level of generation based on the results of a simulation using historical irradiance levels in the locations of our projects from the last 14 to 20 years combined with actual generation data during the operational period.

We compare actual generation levels against the long-term average to highlight the impact of an important factor that affects the variability of our business results. In the short-term, we recognize that hydrology, wind and irradiance conditions will vary from one period to the next; over time however, we expect our facilities will continue to produce in line with their long-term averages, which have proven to be reliable indicators of performance.

Our risk of a generation shortfall in Brazil continues to be minimized by participation in the MRE administered by the government of Brazil. This program mitigates hydrology risk by assuring that all participants receive, at any particular point in time, an assured energy amount, irrespective of the actual volume of energy generated. The program reallocates

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energy, transferring surplus energy from those who generated an excess to those who generate less than their assured energy, up to the total generation within the pool. Periodically, low precipitation across the entire country’s system could result in a temporary reduction of generation available for sale. During these periods, we expect that a higher proportion of thermal generation would be needed to balance supply and demand in the country, potentially leading to higher overall spot market prices.

Generation from our pumped storage and cogeneration facilities in North America is highly dependent on market price conditions rather than the generating capacity of the facilities. Our pumped storage facility in Europe generates on a dispatchable basis when required by our contracts for ancillary services. Generation from our biomass facilities in Brazil is dependent on the amount of sugar cane harvested in a given year. For these reasons, we do not consider a long-term average for these facilities.

Voting Agreements with Affiliates

Brookfield Renewable has entered into voting agreements with Brookfield, whereby Brookfield Renewable gained control or have significant influence over the entities that own certain renewable power and sustainable solution investments. 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.

For entities previously controlled by Brookfield Corporation, the voting agreements entered into do not represent business combinations in accordance with IFRS 3, as all combining businesses are ultimately controlled by Brookfield Corporation both before and after the transactions were completed. Brookfield Renewable accounts for these transactions involving entities under common control in a manner similar to a pooling of interest, which requires the presentation of pre-voting agreement financial information as if the transactions had always been in place. Refer to Note 1(s)(ii) – Critical judgments in applying accounting policies – Common control transactions in our December 31, 2024 audited consolidated financial statements for our policy on accounting for transactions under common control.

PERFORMANCE MEASUREMENT

Segment Information

Our operations are segmented by – 1) hydroelectric, 2) wind, 3) utility-scale solar, 4) distributed energy and storage (distributed generation, pumped storage and battery energy storage systems), 5) sustainable solutions (renewable natural gas, carbon capture and storage, recycling, cogeneration, biomass, nuclear services, eFuels, and power transformation), and 6) corporate - with hydroelectric further segmented by geography (i.e., North America, Colombia, and Brazil). This best reflects the way in which the CODM reviews results of our company.

We report our results in accordance with these segments and present prior period segmented information in a consistent manner. See Note 6 – Segmented information in our unaudited interim consolidated financial statements.

One of our primary business objectives is to generate stable and growing cash flows while minimizing risk for the benefit of all stakeholders. We monitor our performance in this regard through three key metrics – i) Net Income (Loss), ii) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), and iii) Funds From Operations.

It is important to highlight that Adjusted EBITDA and Funds From Operations do not have any standardized meaning prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other companies and have limitations as analytical tools. We provide additional information below on how we determine Adjusted EBITDA and Funds From Operations. We also provide reconciliations to Net income (loss). See “Part 4 – Financial Performance Review on Proportionate Information – Reconciliation of Non-IFRS Measures” and “Part 6 – Selected Quarterly Information – Reconciliation of Non-IFRS measures”.

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Proportionate Information

Reporting to the CODM on the measures utilized to assess performance and allocate resources has been provided on a proportionate basis. Information on a proportionate basis reflects Brookfield Renewable’s share from facilities which it accounts for using consolidation and the equity method, whereby Brookfield Renewable either controls or exercises significant influence or joint control over the investment, respectively. Proportionate information provides a Unitholder perspective that the CODM considers important when performing internal analyses and making strategic and operating decisions. The CODM also believes that providing proportionate information helps investors understand the impacts of decisions made by management and financial results that can be allocated to Unitholders.

Proportionate financial information is not, and is not intended to be, presented in accordance with IFRS. Tables reconciling IFRS data with data presented on a proportionate basis have been disclosed. Segment revenues, other income, direct operating costs, interest expense, current income taxes, and other are items that will differ from results presented in accordance with IFRS as these items (1) include Brookfield Renewable’s proportionate share of earnings (loss) from equity-accounted investments attributable to each of the above-noted items, (2) exclude the proportionate share of earnings (loss) of consolidated investments not held by us apportioned to each of the above-noted items, and (3) other income includes but is not limited to our proportionate share of settled foreign currency and other hedges, income earned on financial assets and structured investments in sustainable solutions, monetization of tax attributes at certain development projects and realized disposition gains on non-core assets and on recently developed assets that we have monetized to reflect the economic value created from our development activities as we design, build and commercialize new renewable energy capacity and sell these assets to lower cost of capital buyers which may not otherwise be reflected in our consolidated statements of income.

The presentation of proportionate results has limitations as an analytical tool, including the following:

•The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and

•Other companies may calculate proportionate results differently than we do.

Because of these limitations, our proportionate financial information should not be considered in isolation or as a substitute for our financial statements as reported under IFRS.

Brookfield Renewable does not control those entities that have not been consolidated and as such, have been presented as equity-accounted investments in its financial statements. The presentation of the assets and liabilities and revenues and expenses do not represent Brookfield Renewable’s legal claim to such items, and the removal of financial statement amounts that are attributable to non-controlling interests does not extinguish Brookfield Renewable’s legal claims or exposures to such items.

Unless the context indicates or requires otherwise, information with respect to the megawatts ("MW") attributable to Brookfield Renewable’s facilities, including development assets, is presented on a consolidated basis, including with respect to facilities whereby Brookfield Renewable either controls or jointly controls the applicable facility.

Net Income (Loss)

Net income (loss) is calculated in accordance with IFRS.

Net income (loss) is an important measure of profitability, in particular because it has a standardized meaning under IFRS. The presentation of net income (loss) on an IFRS basis for our business will often lead to the recognition of a loss even though the underlying cash flows generated by the assets are supported by strong margins and stable, long-term power purchase agreements. The primary reason for this is that accounting rules require us to recognize a significantly higher level of depreciation for our assets than we are required to reinvest in the business as sustaining capital expenditures.

Adjusted EBITDA

Adjusted EBITDA is a non-IFRS measure used by investors to analyze the operating performance of companies.

Brookfield Renewable uses Adjusted EBITDA to assess the performance of its operations before the effects of interest expense, income taxes, depreciation, management service costs, non-controlling interests, unrealized gain or loss on financial instruments, non-cash income or loss from equity-accounted investments, distributions to preferred shareholders, preferred limited partnership unit holders, perpetual subordinated noteholders and other typical non-recurring items. Brookfield Renewable adjusts for these factors as they may be non-cash, unusual in nature and/or are not factors used by

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management for evaluating operating performance. Brookfield Renewable includes other income within Adjusted EBITDA in order to provide additional insight regarding the performance of investments on a cumulative realized basis, including any unrealized fair value adjustments that were recorded in equity and not otherwise reflected in the current period.

Brookfield Renewable believes that presentation of this measure will enhance an investor’s ability to evaluate its financial and operating performance on an allocable basis.

Funds From Operations

Funds From Operations 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 related to the performance of Brookfield Renewable.

Brookfield Renewable uses Funds From Operations to assess the performance of Brookfield Renewable before the effects of certain cash items (e.g. acquisition costs and other typical non-recurring cash items) and certain non-cash items (e.g. deferred income taxes, depreciation, non-cash portion of non-controlling interests, unrealized gain or loss on financial instruments, non-cash gain or loss from equity-accounted investments, and other non-cash items) as these are not reflective of the performance of the underlying business. Brookfield Renewable includes other income in order to provide additional insight regarding the performance of investments on a cumulative realized basis, including any unrealized fair value adjustments that were recorded in equity and not otherwise reflected in the current period. In the unaudited interim consolidated financial statements of Brookfield Renewable, the revaluation approach is used in accordance with IAS 16, Property, Plant and Equipment, whereby depreciation is determined based on a revalued amount, thereby reducing comparability with peers who do not report under IFRS as issued by the IASB or who do not employ the revaluation approach to measuring property, plant and equipment. Management adds back deferred income taxes on the basis that they do not believe this item reflects the present value of the actual tax obligations that they expect Brookfield Renewable to incur over the long-term investment horizon of Brookfield Renewable.

Brookfield Renewable believes that analysis and presentation of Funds From Operations on this basis will enhance an investor’s understanding of the performance of Brookfield Renewable. Funds From Operations is not a substitute measure of performance for earnings per share and does not represent amounts available for distribution.

Funds From Operations is not a generally accepted accounting measure under IFRS and therefore may differ from definitions of Funds From Operations used by other entities, as well as the definition of funds from operations used by the Real Property Association of Canada (“REALPAC”) and the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”). Furthermore, this measure is not used by the CODM to assess Brookfield Renewable’s liquidity.

Proportionate Debt

Proportionate debt is presented based on the proportionate share of borrowings obligations relating to the investments of Brookfield Renewable in various portfolio businesses. The proportionate financial information is not, and is not intended to be, presented in accordance with IFRS. Proportionate debt measures are provided because management believes it assists investors and analysts in estimating the overall performance and understanding the leverage pertaining specifically to Brookfield’s share of its invested capital in a given investment. When used in conjunction with Proportionate Adjusted EBITDA, proportionate debt is expected to provide useful information as to how Brookfield Renewable has financed its businesses at the asset-level. Management believes that the proportionate presentation, when read in conjunction with Brookfield Renewable’s reported results under IFRS, including consolidated debt, provides a more meaningful assessment of how the operations of Brookfield Renewable are performing and capital is being managed. The presentation of proportionate results has limitations as an analytical tool, including the following:

•Proportionate debt amounts do not represent the consolidated obligation for debt underlying a consolidated investment. If an individual project does not generate sufficient cash flows to service the entire amount of its debt payments, management may determine, in their discretion, to pay the shortfall through an equity injection to avoid defaulting on the obligation. Such a shortfall may not be apparent from or may not equal the difference between aggregate Proportionate Adjusted EBITDA for all of the portfolio investments of Brookfield Renewable and aggregate proportionate debt for all of the portfolio investments of Brookfield Renewable; and

•Other companies may calculate proportionate debt differently.

Because of these limitations, the proportionate financial information of Brookfield Renewable should not be considered in isolation or as a substitute for the financial statements of Brookfield Renewable as reported under IFRS.

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CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS

This report contains forward-looking statements and information, within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations, concerning the business and operations of Brookfield Renewable. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Forward-looking statements in this report include, but are not limited to, statements regarding the quality of Brookfield Renewable’s assets and the resiliency of the cash flow they will generate, our anticipated financial performance, future commissioning of assets, contracted portfolio, technology diversification, acquisition opportunities, expected completion of acquisitions and dispositions, future energy prices and demand for electricity, economic recovery, achieving long-term average generation, project development and capital expenditure costs, energy policies, economic growth, growth potential of the renewable asset class, our future growth prospects and distribution profile, our access to capital and future dividends and distributions made to holders of LP units and BEPC's exchangeable shares. In some cases, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “scheduled”, “estimates”, “intends”, “anticipates”, “believes”, “potentially”, “tends”, “continue”, “attempts”, “likely”, “primarily”, “approximately”, “endeavors”, “pursues”, “strives”, “seeks”, “targets”, “believes”, or variations of such words and phrases, or statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. These forward-looking statements and information are not historical facts but reflect our current expectations regarding future results or events and are based on information currently available to us and on assumptions we believe are reasonable. Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information in this report are based upon reasonable assumptions and expectations, we cannot assure you that such expectations will prove to have been correct. You should not place undue reliance on forward-looking statements and information as such statements and information involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and result of operations and our plans and strategies may vary materially from those expressed in the forward-looking statements and forward-looking information herein.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to, the following: general economic conditions and risks relating to the economy, including unfavorable changes in interest rates, foreign exchange rates, inflation and volatility in the financial markets; changes to resource availability, as a result of climate change or otherwise, at any of our renewable power facilities; supply, demand, volatility and marketing in the energy markets; changes to government policies and incentives relating to the renewable power and sustainable solutions industries; our inability to re-negotiate or replace expiring contracts (including PPAs, power guarantee agreements or similar long-term agreements, between a seller and a buyer of electrical power generation)on similar terms; an increase in the amount of uncontracted generation in our renewable power portfolio or a change in the contract profile for future renewable power projects; availability and access to interconnection facilities and transmission systems; our ability to comply with, secure, replace or renew concessions, licenses, permits and other governmental approvals needed for our operating and development projects; our real property rights for our facilities being adversely affected by the rights of lienholders and leaseholders that are superior to those granted to us; increases in the cost of operating our existing facilities and of developing new projects; health, safety, security and environmental risks; equipment failures and procurement challenges; adverse impacts of inflationary pressures; changes in regulatory, political, economic and social conditions in the jurisdictions in which we operate; our reliance on computerized business systems, which could expose us to cyber-attacks; dam failures and the costs and potential liabilities associated with such failures; uninsurable losses and higher insurance premiums; changes in regulatory, political, economic and social conditions in the jurisdictions in which we operate; energy marketing risks and our ability to manage commodity and financial risk; the termination of, or a change to, the MRE balancing pool in Brazil; involvement in litigation and other disputes, and governmental and regulatory investigations; counterparties to our contracts not fulfilling their obligations; the time and expense of enforcing contracts against non-performing counterparties and the uncertainty of success; increased regulation of our operations; new regulatory initiatives related to sustainability and ESG; foreign laws or regulation to which we become subject as a result of future acquisitions in new markets; force majeure events; our operations being affected by local communities; newly developed technologies or new business lines in which we invest not performing as anticipated; advances in technology that impair or eliminate the competitive advantage of our projects; increases in water rental costs (or similar fees) or changes to the regulation of water supply; ineffective management of human capital; labor disruptions and economically unfavorable collective bargaining agreements; human rights impacts of our business activities; increased regulation of and third party opposition to our nuclear services business’s customers and operations; failure of the nuclear power industry to expand; insufficient indemnification for our nuclear services business; uncertainty regarding the U.S. Government making a find investment decision and entering into definitive agreements with our nuclear services business regarding the construction of nuclear reactors and realizing the anticipated benefits therefrom; our inability to finance our operations and fund growth due to the status of the capital markets or our inability to complete capital recycling initiatives; operating and financial restrictions imposed on us by our loan, debt and security agreements; changes to our credit ratings; the incurrence of debt at multiple levels within our organizational structure; restrictions on our ability to engage in certain activities or make distributions due to our indebtedness; adverse changes in currency exchange rates and our inability to effectively manage foreign currency exposure through our hedging strategy or otherwise; our inability to identify sufficient investment opportunities and complete transactions; political instability or changes in government policy negatively impacting our business or assets; changes to our current business, including through future sustainable solutions investments; the growth of our portfolio and our inability to realize the expected benefits of our transactions or acquisitions; our inability to develop the projects in our development pipeline; delays, cost overruns and other problems associated with the construction and operation of our facilities and risks associated with the arrangements we enter into with communities and joint venture partners; we do not have control over all of our operations or investments, including certain investments made through joint ventures, partnerships, consortiums or structured arrangements; some of our acquisitions may be of distressed companies, which may subject us to increased risks; a decline in the value of our investments in securities, including publicly traded securities of other companies; the separation of

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economic interest from control within our organizational structure; fraud, bribery, corruption, other illegal acts or inadequate or failed internal processes or systems and restrictions on foreign direct investment; our dependence on Brookfield and Brookfield’s significant influence over us; Brookfield’s election not to source acquisition opportunities for us and our lack of access to all renewable power acquisitions that Brookfield identifies, including by reason of conflicts of interest; the departure of some or all of Brookfield’s key professionals; Brookfield acting in a way that is not in our best interests or the best interests of our shareholders or our unitholders; our inability to terminate the Master Services Agreement and the limited liability of the Service Provider under our arrangements with them; Brookfield’s relationship with walled-off businesses (including Oaktree); changes in how Brookfield elects to hold its ownership interests in Brookfield Renewable; changes in the amount of cash we can distribute to our unitholders; future sales or issuances of our securities will result in dilution of existing holders and even the perception of such sales or issuances taking place could depress the trading price of the BEP units or BEPC exchangeable shares; any changes in the market price of the BEP units and BEPC exchangeable shares; the inability of our unitholders to take part in the management of BEP; limits on unitholders’ ability to obtain favourable judicial forum for disputes related to BEP or to enforce judgements against us; our reliance on subsidiaries to provide funds to pay distributions; foreign currency risk associated with BEP’s distributions; we are not subject to the same disclosure requirements as a U.S. domestic issuer; being deemed an “investment company” under the Investment Company Act; the effectiveness of our internal controls over financial reporting; changes in tax law and practice; and other factors described in our most recent Annual Report on Form 20-F, including those set forth under Item 3.D “Risk Factors”.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. The forward-looking statements represent our views as of the date of this report and should not be relied upon as representing our views as of any date subsequent to the date of this report. While we anticipate that subsequent events and developments may cause our views to change, we disclaim any obligation to update the forward-looking statements, other than as required by applicable law. For further information on these known and unknown risks, please see “Risk Factors” included in our most recent Annual Report on Form 20-F and other risks and factors that are described therein.

CAUTIONARY STATEMENT REGARDING USE OF NON-IFRS MEASURES

This report contains references to Adjusted EBITDA, Funds From Operations and Funds From Operations per Unit which are not generally accepted accounting measures standardized under IFRS and therefore may differ from definitions of Adjusted EBITDA, Funds From Operations and Funds From Operations per Unit used by other entities. In particular, our definition of Funds From Operations may differ from the definition of funds from operations used by other organizations, as well as the definition of funds from operations used by the Real Property Association of Canada and the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”), in part because the NAREIT definition is based on U.S. GAAP, as opposed to IFRS. We believe that Adjusted EBITDA, Funds From Operations and Funds From Operations per Unit are useful supplemental measures that may assist investors in assessing our financial performance. None of Adjusted EBITDA, Funds From Operations or Funds From Operations per Unit should be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS. These non-IFRS measures reflect how we manage our business and, in our opinion, enable the investors and other readers to better understand our business.

Reconciliations of each of Adjusted EBITDA, Funds From Operations and Funds From Operations per Unit to net income (loss) are presented in our Management’s Discussion and Analysis. We have also provided a reconciliation of Adjusted EBITDA and Funds From Operations to net income in Note 6 – Segmented information in the unaudited interim consolidated financial statements.

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BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

UNAUDITED<br><br>(MILLIONS)	Notes	September 30, 2025		December 31, 2024
Assets
Current assets
Cash and cash equivalents	15	$	1,935	$	3,135
Restricted cash	16	156		286
Trade receivables and other current assets	17	2,346		2,124
Financial instrument assets	5	244		368
Due from related parties	20	1,049		873
Assets held for sale	4	6,269		2,049
		11,999		8,835
Financial instrument assets	5	3,062		3,054
Equity-accounted investments	14	4,264		2,740
Property, plant and equipment, at fair value	8	71,551		73,475
Goodwill	13	5,867		5,434
Deferred income tax assets		482		330
Other long-term assets		1,078		941
Total Assets		$	98,303	$	94,809
Liabilities
Current liabilities
Accounts payable and accrued liabilities	18	$	2,187	$	2,104
Financial instrument liabilities	5	972		636
Due to related parties	20	6,834		4,855
Corporate borrowings	9	627		709
Non-recourse borrowings	9	6,121		5,005
Provisions		94		220
Liabilities directly associated with assets held for sale	4	3,778		1,036
		20,613		14,565
Financial instrument liabilities	5	2,767		2,790
Corporate borrowings	9	3,443		3,093
Non-recourse borrowings	9	25,734		25,583
Deferred income tax liabilities		8,803		8,439
Provisions		1,053		1,215
Due to related parties	20	1,053		592
Other long-term liabilities		1,993		2,076
Equity
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries	10	23,616		26,168
General partnership interest in a holding subsidiary held by Brookfield	10	44		50
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	10	2,145		2,457
BEPC exchangeable shares and class A.2 exchangeable shares	10	1,981		2,269
Preferred equity	10	555		537
Perpetual subordinated notes	10	737		737
Preferred limited partners' equity	11	634		634
Limited partners' equity	12	3,132		3,604
Total Equity		32,844		36,456
Total Liabilities and Equity		$	98,303	$	94,809

The accompanying notes are an integral part of these interim consolidated financial statements.

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BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

UNAUDITED<br><br>(MILLIONS, EXCEPT PER UNIT INFORMATION)				Three months ended September 30						Nine months ended September 30
	Notes		2025			2024			2025			2024
Revenues		20		$	1,596		$	1,470		$	4,868		$	4,444
Other income				319			155			551			251
Direct operating costs(1)				(721)			(623)			(2,095)			(1,875)
Management service costs		20		(57)			(59)			(162)			(157)
Interest expense		9		(586)			(514)			(1,819)			(1,479)
Share of loss from equity-accounted investments		14		(10)			(12)			(83)			(70)
Foreign exchange and financial instruments gain		5		66			186			570			422
Depreciation		8		(611)			(514)			(1,803)			(1,533)
Other				(20)			(137)			(342)			(176)
Income tax recovery (expense)
Current		7		—			38			57			(6)
Deferred		7		66			(29)			292			(18)
				66			9			349			(24)
Net income (loss)				$	42		$	(39)		$	34		$	(197)
Net income (loss) attributable to:
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries		10		$	135		$	116		$	385		$	182
General partnership interest in a holding subsidiary held by Brookfield		10		35			30			105			93
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield		10		(46)			(62)			(158)			(161)
BEPC exchangeable shares and class A.2 exchangeable shares		10		(43)			(57)			(146)			(149)
Preferred equity		10		8			7			22			20
Perpetual subordinated notes		10		10			10			30			27
Preferred limited partners' equity		11		9			9			26			29
Limited partners' equity		12		(66)			(92)			(230)			(238)
				$	42		$	(39)		$	34		$	(197)
Basic and diluted loss per LP unit				$	(0.23)		$	(0.32)		$	(0.81)		$	(0.83)

(1)Direct operating costs exclude depreciation expense disclosed below.

The accompanying notes are an integral part of these interim consolidated financial statements.

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BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

UNAUDITED<br><br>(MILLIONS)				Three months ended September 30						Nine months ended September 30
	Notes		2025			2024			2025			2024
Net income (loss)				$	42		$	(39)		$	34		$	(197)
Other comprehensive income (loss) that will not be reclassified to net income (loss)
Revaluations of property, plant and equipment		8		(20)			—			89			(121)
Actuarial gains on defined benefit plans				7			3			10			7
Deferred income tax recovery (expense) on above items				34			1			(85)			(2)
Unrealized (loss) gain on investments in equity securities		5		—			(5)			1			(6)
Equity-accounted investments		14		(1)			6			11			9
Total items that will not be reclassified to net income (loss)				20			5			26			(113)
Other comprehensive income (loss) that may be reclassified to net income
Foreign currency translation				280			132			1,441			(806)
(Losses) gains arising during the period on financial instruments designated as cash-flow hedges		5		(203)			173			(180)			(89)
Unrealized (loss) gain on foreign exchange swaps – net investment hedge		5		(94)			(101)			(564)			45
Reclassification adjustments for amounts recognized in net income (loss)		5		77			(49)			79			(111)
Deferred income tax recovery on above items				11			6			29			37
Equity-accounted investments		14		(17)			65			21			44
Total items that may be reclassified subsequently to net income (loss)				54			226			826			(880)
Other comprehensive income (loss)				74			231			852			(993)
Comprehensive income (loss)				$	116		$	192		$	886		$	(1,190)
Comprehensive income (loss) attributable to:
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries		10		$	293		$	298		$	971		$	(462)
General partnership interest in a holding subsidiary held by Brookfield		10		34			30			106			91
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield		10		(67)			(50)			(85)			(260)
BEPC exchangeable shares and class A.2 exchangeable shares		10		(62)			(45)			(79)			(240)
Preferred equity		10		(5)			13			40			8
Perpetual subordinated notes		10		10			10			30			27
Preferred limited partners' equity		11		9			9			26			29
Limited partners' equity		12		(96)			(73)			(123)			(383)
				$	116		$	192		$	886		$	(1,190)

The accompanying notes are an integral part of these interim consolidated financial statements.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 52

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

			Accumulated other comprehensive income														Non-controlling interests
UNAUDITED<br><br>THREE MONTHS ENDED<br><br>SEPTEMBER 30<br><br>(MILLIONS)	Limited<br>partners'<br>equity		Foreign<br>currency<br>translation		Revaluation<br>surplus		Actuarial losses on defined benefit plans		Cash flow<br>hedges		Investments in equity securities		Total<br>limited<br>partners'<br>equity		Preferred<br>limited<br>partners'<br>equity		Preferred<br>equity		Perpetual subordinated notes		BEPC exchangeable shares and class A.2 exchangeable shares		Participating non-controlling interests – in operating subsidiaries		General partnership interest in a holding subsidiary held by Brookfield		Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield		Total<br>equity
Balance, as at June 30, 2025	$	(3,119)	$	(777)	$	7,230	$	4	$	(10)	$	—	$	3,328	$	634	$	568	$	737	$	2,106	$	23,627	$	47	$	2,280	$	33,327
Net (loss) income	(66)		—		—		—		—		—		(66)		9		8		10		(43)		135		35		(46)		42
Other comprehensive income (loss)	—		15		(27)		1		(19)		—		(30)		—		(13)		—		(19)		158		(1)		(21)		74
Capital contributions	—		—		—		—		—		—		—		—		—		—		—		325		—		—		325
Return of capital	—		—		—		—		—		—		—		—		—		—		—		(93)		—		—		(93)
Disposal (Note 3)	5		—		(5)		—		—		—		—		—		—		—		—		(408)		—		—		(408)
Distributions or dividends declared	(106)		—		—		—		—		—		(106)		(9)		(8)		(10)		(67)		(198)		(37)		(73)		(508)
Distribution reinvestment plan	2		—		—		—		—		—		2		—		—		—		—		—		—		—		2
Other	—		1		3		—		—		—		4		—		—		—		4		70		—		5		83
Change in period	(165)		16		(29)		1		(19)		—		(196)		—		(13)		—		(125)		(11)		(3)		(135)		(483)
Balance, as at September 30, 2025	$	(3,284)	$	(761)	$	7,201	$	5	$	(29)	$	—	$	3,132	$	634	$	555	$	737	$	1,981	$	23,616	$	44	$	2,145	$	32,844
Balance, as at June 30, 2024	$	(2,487)	$	(813)	$	6,704	$	2	$	8	$	1	$	3,415	$	634	$	565	$	738	$	2,152	$	18,099	$	48	$	2,330	$	27,981
Net (loss) income	(92)		—		—		—		—		—		(92)		9		7		10		(57)		116		30		(62)		(39)
Other comprehensive income (loss)	—		22		1		2		(4)		(2)		19		—		6		—		12		182		—		12		231
Capital contributions	—		—		—		—		—		—		—		—		—		—		—		313		—		—		313
Return of capital	—		—		—		—		—		—		—		—		—		—		—		(54)		—		—		(54)
Disposal	—		—		—		—		—		—		—		—		—		—		—		(39)		—		—		(39)
Distributions or dividends declared	(101)		—		—		—		—		—		(101)		(9)		(7)		(10)		(64)		(143)		(33)		(69)		(436)
Distribution reinvestment plan	2		—		—		—		—		—		2		—		—		—		—		—		—		—		2
Other	(2)		—		—		(1)		1		—		(2)		—		—		—		(1)		(3)		—		—		(6)
Change in period	(193)		22		1		1		(3)		(2)		(174)		—		6		—		(110)		372		(3)		(119)		(28)
Balance, as at September 30, 2024	$	(2,680)	$	(791)	$	6,705	$	3	$	5	$	(1)	$	3,241	$	634	$	571	$	738	$	2,042	$	18,471	$	45	$	2,211	$	27,953

The accompanying notes are an integral part of these interim consolidated financial statements.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 53

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

			Accumulated other comprehensive income														Non-controlling interests
UNAUDITED<br><br>NINE MONTHS ENDED<br><br>SEPTEMBER 30<br><br>(MILLIONS)	Limited<br>partners'<br>equity		Foreign<br>currency<br>translation		Revaluation<br>surplus		Actuarial losses on defined benefit plans		Cash flow<br>hedges		Investments in equity securities		Total<br>limited<br>partners'<br>equity		Preferred<br>limited<br>partners'<br>equity		Preferred<br>equity		Perpetual subordinated notes		BEPC exchangeable shares and class A.2 exchangeable shares		Participating non-controlling interests – in operating subsidiaries		General partnership interest in a holding subsidiary held by Brookfield		Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield		Total<br>equity
Balance, as at December 31, 2024	$	(2,774)	$	(859)	$	7,237	$	4	$	(4)	$	—	$	3,604	$	634	$	537	$	737	$	2,269	$	26,168	$	50	$	2,457	$	36,456
Net (loss) income	(230)		—		—		—		—		—		(230)		26		22		30		(146)		385		105		(158)		34
Other comprehensive income (loss)	—		94		36		2		(26)		1		107		—		18		—		67		586		1		73		852
Equity repurchased for cancellation (Note 12)	(34)		—		—		—		—		—		(34)		—		—		—		—		—		—		—		(34)
Capital contributions	—		—		—		—		—		—		—		—		—		—		—		2,154		—		—		2,154
Return of capital	—		—		—		—		—		—		—		—		—		—		—		(555)		—		—		(555)
Acquisition	—		—		—		—		—		—		—		—		—		—		—		(3,166)		—		—		(3,166)
Disposals (Note 3)	55		—		(55)		—		—		—		—		—		—		—		—		(1,002)		—		—		(1,002)
Distributions or dividends declared	(320)		—		—		—		—		—		(320)		(26)		(22)		(30)		(202)		(958)		(113)		(220)		(1,891)
Distribution reinvestment plan	5		—		—		—		—		—		5		—		—		—		—		—		—		—		5
Other	14		4		(17)		(1)		1		(1)		—		—		—		—		(7)		4		1		(7)		(9)
Change in period	(510)		98		(36)		1		(25)		—		(472)		—		18		—		(288)		(2,552)		(6)		(312)		(3,612)
Balance, as at September 30, 2025	$	(3,284)	$	(761)	$	7,201	$	5	$	(29)	$	—	$	3,132	$	634	$	555	$	737	$	1,981	$	23,616	$	44	$	2,145	$	32,844
Balance, as at December 31, 2023	$	(2,118)	$	(701)	$	6,743	$	2	$	36	$	1	$	3,963	$	760	$	583	$	592	$	2,479	$	18,863	$	55	$	2,684	$	29,979
Net (loss) income	(238)		—		—		—		—		—		(238)		29		20		27		(149)		182		93		(161)		(197)
Other comprehensive (loss) income	—		(93)		(21)		2		(31)		(2)		(145)		—		(12)		—		(91)		(644)		(2)		(99)		(993)
Equity issuance	—		—		—		—		—		—		—		—		—		146		—		—		—		—		146
Equity repurchased for cancellation	(52)		—		—		—		—		—		(52)		—		—		—		—		—		—		—		(52)
Capital contributions	—		—		—		—		—		—		—		—		—		—		—		824		—		—		824
Return of capital	—		—		—		—		—		—		—		—		—		—		—		(221)		—		—		(221)
Redemption of Preferred LP Units	—		—		—		—		—		—		—		(131)		—		—		—		—		—		—		(131)
Disposal	3		—		(3)		—		—		—		—		—		—		—		—		(76)		—		—		(76)
Distributions or dividends declared	(305)		—		—		—		—		—		(305)		(29)		(20)		(27)		(193)		(494)		(100)		(208)		(1,376)
Distribution reinvestment plan	6		—		—		—		—		—		6		—		—		—		—		—		—		—		6
Other	24		3		(14)		(1)		—		—		12		5		—		—		(4)		37		(1)		(5)		44
Change in period	(562)		(90)		(38)		1		(31)		(2)		(722)		(126)		(12)		146		(437)		(392)		(10)		(473)		(2,026)
Balance, as at September 30, 2024	$	(2,680)	$	(791)	$	6,705	$	3	$	5	$	(1)	$	3,241	$	634	$	571	$	738	$	2,042	$	18,471	$	45	$	2,211	$	27,953

The accompanying notes are an integral part of these interim consolidated financial statements.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 54

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

UNAUDITED		Three months ended September 30				Nine months ended September 30
(MILLIONS)	Notes	2025		2024		2025		2024
Operating activities
Net income (loss)		$	42	$	(39)	$	34	$	(197)
Adjustments for the following non-cash items:
Depreciation	8	611		514		1,803		1,533
Unrealized foreign exchange and financial instruments gain	5	(89)		(211)		(578)		(450)
Share of loss from equity-accounted investments	14	10		12		83		70
Deferred income tax (recovery) expense	7	(66)		29		(292)		18
Other non-cash items		(134)		70		41		163
Dividends received from equity-accounted investments	14	36		4		100		12
		410		379		1,191		1,149
Changes in due to or from related parties	20	40		14		226		98
Net change in working capital balances		(64)		105		(265)		(194)
		386		498		1,152		1,053
Financing activities
Proceeds from medium term notes	9	—		289		307		586
Proceeds from hybrid notes	9	—		—		184		—
Repayment of medium term notes	9	—		—		(291)		—
Corporate credit facilities, net	9	(169)		(200)		(240)		100
Commercial paper, net	9	(238)		137		197		693
Proceeds from non-recourse borrowings	9,20	3,531		2,226		10,658		6,265
Repayment of non-recourse borrowings	9,20	(1,432)		(1,791)		(6,698)		(5,996)
Capital contributions from participating non-controlling interests – in operating subsidiaries	10	55		292		1,884		784
Capital repaid to participating non-controlling interests – in operating subsidiaries	10	(93)		(56)		(555)		(259)
Issuance of equity instruments and related costs	10,12	—		—		—		146
Redemption and repurchase of equity instruments	11,12	—		—		(34)		(183)
Distributions paid:
To participating non-controlling interests – in operating subsidiaries, preferred shareholders, preferred limited partners unitholders, and perpetual subordinate notes	10,11	(221)		(169)		(1,032)		(570)
To unitholders of Brookfield Renewable or BRELP and shareholders of Brookfield Renewable Corporation	10,12	(287)		(267)		(851)		(798)
Inflows from related parties	20	(217)		226		5,253		1,575
Outflows to related parties	20	(22)		(115)		(3,127)		(442)
		907		572		5,655		1,901
Investing activities
Acquisitions, net of cash and cash equivalents, in acquired entity	2	—		(98)		(4,429)		(109)
Investment in property, plant and equipment	8	(1,755)		(918)		(4,779)		(2,578)
Investment in equity-accounted investments	14	(90)		(27)		(146)		(99)
Proceeds from disposal of assets, net of cash and cash equivalents disposed	3	783		66		1,313		256
Purchases of financial assets	5	(70)		(63)		(167)		(322)
Proceeds from financial assets	5	1		88		347		181
Restricted cash and other		(51)		(58)		(178)		(68)
		(1,182)		(1,010)		(8,039)		(2,739)
Cash and cash equivalents
Increase (decrease)		111		60		(1,232)		215
Foreign exchange gain (loss) on cash		—		16		121		(28)
Net change in cash classified within assets held for sale		(83)		(46)		(89)		(62)
Balance, beginning of period		1,907		1,236		3,135		1,141
Balance, end of period		$	1,935	$	1,266	$	1,935	$	1,266
Supplemental cash flow information:
Interest paid		$	500	$	459	$	1,664	$	1,403
Interest received		$	16	$	29	$	69	$	82
Income taxes paid (recovered)		$	32	$	(1)	$	95	$	69

The accompanying notes are an integral part of these interim consolidated financial statements.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 55

BROOKFIELD RENEWABLE PARTNERS L.P.

NOTES TO THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

The business activities of Brookfield Renewable Partners L.P. (“Brookfield Renewable”) consist of owning a portfolio of renewable power and sustainable solution assets primarily in North America, South America, Europe and Asia–Pacific (“APAC”).

Unless the context indicates or requires otherwise, the term “Brookfield Renewable” means Brookfield Renewable Partners L.P. and its controlled entities, including Brookfield Renewable Corporation (“BEPC”). Unless the context indicates or requires otherwise, the term “the partnership” means Brookfield Renewable Partners L.P. and its controlled entities, excluding BEPC.

The immediate parent of Brookfield Renewable is its general partner, Brookfield Renewable Partners Limited (“BRPL”). 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 these financial statements. The term “Brookfield Holders” means Brookfield, Brookfield Wealth Solutions (formerly Brookfield Reinsurance) 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 Holders, class A exchangeable subordinate voting shares (“BEPC exchangeable shares”) of BEPC held by public shareholders and Brookfield Wealth Solutions, class A.2 exchangeable shares (“class A.2 exchangeable shares”) of Brookfield Renewable Holdings 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, and BEPC 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.

Brookfield Renewable is a publicly traded limited partnership established under the laws of Bermuda pursuant to an amended and restated limited partnership agreement dated November 20, 2011 as thereafter amended from time to time.

The registered office of Brookfield Renewable is 73 Front Street, Fifth Floor, Hamilton HM12, Bermuda.

The LP units are traded under the symbol “BEP” on the New York Stock Exchange and under the symbol “BEP.UN” on the Toronto Stock Exchange. Brookfield Renewable's Class A Series 7, Series 13, and Series 18 preferred limited partners’ equity are traded under the symbols “BEP.PR.G”, “BEP.PR.M”, and “BEP.PR.R”, respectively, on the Toronto Stock Exchange. Brookfield Renewable's Class A Series 17 preferred limited partners’ equity is traded under the symbol “BEP.PR.A” on the New York Stock

Exchange. The perpetual subordinated notes are traded under the symbol “BEPH”, “BEPI”, and “BEPJ” on the New York Stock Exchange.

The BEPC exchangeable shares are traded under the symbol “BEPC” on the New York Stock Exchange and the Toronto Stock Exchange.

Notes to the consolidated financial statements		Page
1.	Basis of preparation and material accounting policy information	57
2.	Acquisitions	58
3.	Disposal of assets	59
4.	Assets held for sale	61
5.	Risk management and financial instruments	63
6.	Segmented information	66
7.	Income taxes	73
8.	Property, plant and equipment	74
9.	Borrowings	76
10.	Non-controlling interests	79
11.	Preferred limited partners' equity	83
12.	Limited partners' equity	83
13.	Goodwill	84
14.	Equity-accounted investments	85
15.	Cash and cash equivalents	85
16.	Restricted cash	86
17.	Trade receivables and other current assets	86
18.	Accounts payable and accrued liabilities	86
19.	Commitments, contingencies and guarantees	87
20.	Related party transactions	88
21.	Subsidiary public issuers	92
22.	Subsequent events	93
Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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		Page 56

BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICY INFORMATION

(a) Statement of compliance

The interim consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting.

Certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) Accounting Standards, as issued by the International Accounting Standards Board (“IASB”), have been omitted or condensed. These interim consolidated financial statements should be read in conjunction with Brookfield Renewable’s December 31, 2024 audited consolidated financial statements. The interim consolidated statements have been prepared on a basis consistent with the accounting policies disclosed in the December 31, 2024 audited consolidated financial statements.

The results reported in these interim consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for an entire year. The policies set out below are consistently applied to all periods presented, unless otherwise noted.

These consolidated financial statements have been authorized for issuance by the Board of Directors of Brookfield Renewable’s general partner, BRPL, on November 5, 2025.

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

References to $, C$, €, £, R$, COP, INR, CNY, KRW and A$ are to United States (“U.S.”) dollars, Canadian dollars, Euros, British pound, Brazilian reais, Colombian pesos, Indian rupees, Chinese yuan, South Korean won and Australian dollars, respectively.

All figures are presented in millions of U.S. dollars unless otherwise noted.

(b) Basis of preparation

The interim consolidated financial statements have been prepared on the basis of historical cost, except for the revaluation of property, plant and equipment and certain assets and liabilities which have been measured at fair value. Cost is recorded based on the fair value of the consideration given in exchange for assets.

These consolidated financial statements include the accounts of Brookfield Renewable and its subsidiaries, which are the entities over which Brookfield Renewable has control. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Non-controlling interests in the equity of Brookfield Renewable’s subsidiaries are shown separately in equity in the interim consolidated statements of financial position.

(d) Future changes in accounting policies

IFRS 18 – Presentation and Disclosure in Financial Statements (“IFRS 18”)

Amendments to IFRS 9 - Financial Instruments (“IFRS 9”) and IFRS 7 - Financial Instruments: Disclosures (“IFRS 7”) - Classification and Measurement of Financial Instruments

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 57

Amendments to IFRS 9 - Financial Instruments (“IFRS 9”) and IFRS 7 - Financial Instruments: Disclosures (“IFRS 7”) - Contracts Referencing Nature-Dependent Electricity

There are currently no other future changes to IFRS Accounting Standards with a potential material impact on Brookfield Renewable.

ACQUISITIONS

Neoen

In December 2024, Brookfield Renewable, together with its institutional partners, completed the acquisition of a 53% controlling stake in Neoen, a leading global renewables developer headquartered in France for proceeds of €3.2 billion ($3.4 billion) (expected €258 million ($269 million) net to Brookfield Renewable) (the “Initial Investment”). Neoen has 8 GW of operating and in construction renewable power and energy storage assets, as well as a 20 GW development pipeline. Following the closing of the Initial Investment, the consortium was required to conduct a mandatory cash tender offer (“MTO”) for the remaining shares and convertible bonds of Neoen at the same price per share paid for its 53% controlling interest.

In January 2025, Brookfield Renewable, together with its institutional partners acquired an incremental 21,214,001 shares and 1,103,895 convertible bonds of Neoen on the open market during the pre-offer period, for €901 million ($926 million) (expected €72 million ($74 million) net to Brookfield Renewable). After giving effect to the pre-offer period purchases, Brookfield Renewable, together with its institutional partners held an approximate 67% interest.

In March 2025, Brookfield Renewable, together with its institutional partners closed the MTO, pursuant to which a total of 46,084,401 shares and 2,578,731 convertible bonds of Neoen were acquired for €2.3 billion ($2.4 billion) (expected €182 million ($194 million) net to Brookfield Renewable). After giving effect to the MTO, Brookfield Renewable, together with its institutional partners held an approximate 98% interest as at March 31, 2025.

In April 2025, Brookfield Renewable, together with its institutional partners, completed a squeeze-out procedure to acquire the Neoen shares not tendered in the offer resulting in the delisting of Neoen on the Euronext Paris. After giving effect to the squeeze-out procedure, Brookfield Renewable, together with its institutional partners. hold a 100% interest as at June 30, 2025.

Total transaction costs pertaining to the acquisition, including stamp duties from achieving prescribed ownership thresholds in certain jurisdictions Neoen operates, have totaled $135 million of which $125 million were incurred during 2025. These costs have been recognized in Other in the consolidated statements of income (loss).

U.S. Renewables Portfolio

On May 29, 2025, Brookfield Renewable, together with its institutional partners, completed the acquisition of a 100% interest in a fully integrated developer and operator of renewable power assets in the U.S. for $1.4 billion ($299 million net to Brookfield Renewable). The total transaction costs related to the acquisition is $10 million and have been classified under Other in the consolidated statements of income (loss) in the second quarter of 2025.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 58

The preliminary purchase price allocation at fair value, as at September 30, 2025, with respect to the U.S. Renewables Portfolio is as follows:

(MILLIONS)	U.S. Renewables Portfolio(1)
Cash and cash equivalents	$	84
Trade receivables and other current assets	4
Property, plant and equipment, at fair value	502
Financial instrument assets(1)	112
Equity-accounted investments	929
Due from related parties	507
Other long-term assets	136
Accounts payable and accrued liabilities	(220)
Financial instrument liabilities(1)	(36)
Non-recourse borrowings(1)	(652)
Provisions	(19)
Other long-term liabilities	(2)
Fair value of net assets acquired	1,345
Goodwill	73
Total fair value of net assets acquired including goodwill	$	1,418

(1)Includes both current and long-term amounts.

Completed in 2024

The following investments were accounted for using the acquisition method by Brookfield Renewable, and the results of operations have been included in the audited annual consolidated financial statements since the date of acquisition.

India Wind Portfolio

On July 5, 2024, Brookfield Renewable, together with its institutional partners, completed the acquisition of a 74% (15% net to Brookfield Renewable) interest in a leading wind-focused commercial and industrial renewable business in India, with 524 MW of operating assets and a 2.75 GW development pipeline. During the second quarter of 2025, the purchase price allocation was finalized with no material changes from the purchase price allocation as at December 31, 2024 as disclosed in the 2024 annual report.

South Korea Distributed Generation Portfolio

On July 22, 2024, Brookfield Renewable, together with its institutional partners, completed the acquisition of a fully integrated distributed generation focused renewable platform in South Korea, with 103 MW of operating and under construction assets and a 2.2 GW development pipeline. During the second quarter of 2025, the purchase price allocation was finalized with no material changes from the purchase price allocation as at December 31, 2024 as disclosed in the 2024 annual report.

DISPOSAL OF ASSETS

On January 15, 2025, Brookfield Renewable, together with its institutional partners, received approximately 540 MW of distributed generation assets from its joint venture in a 1,020 MW distributed generation portfolio in China resulting in a reduction of our equity-accounted investment. Brookfield Renewable accounted for the distributed generation assets received as an asset acquisition as they do not constitute a business combination under IFRS 3. The dissolution of the joint venture is expected to occur during 2025. Refer to Note 8 - Property, plant and equipment for more details.

On February 28, 2025 and April 23, 2025, Brookfield Renewable, together with its institutional partners, completed the sale of a 1,004 MW portfolio of wind and solar assets in India for proceeds of approximately INR16.5 billion ($188 million) (INR4.6 billion ($52 million) net to Brookfield Renewable). As a result of the disposition, Brookfield Renewable derecognized $566 million of total assets and $378 million of total liabilities from the consolidated statements of financial position. As a result of the disposition, accumulated other comprehensive income on foreign currency translation of $20 million ($6 million net to Brookfield Renewable) was reclassified from accumulated other comprehensive income directly to Other in the consolidated statements of income (loss). Transaction costs and taxes of

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$8 million ($2 million net to Brookfield Renewable) have been recognized within Other in the consolidated statements of income (loss). Brookfield Renewable’s post-tax portion of the accumulated revaluation surplus of $117 million was reclassified from accumulated other comprehensive income directly to equity and presented as a Disposal item in the consolidated statements of changes in equity.

On March 25, 2025, Brookfield Renewable, together with its institutional partners, completed the sale of a 25% interest in a 2.2 GW pumped storage facility in Europe for proceeds of approximately £280 million ($361 million) (£80 million ($105 million) net to Brookfield Renewable). As a result of the disposition, Brookfield Renewable derecognized $604 million of total assets and $317 million of total liabilities from the consolidated statements of financial position. This resulted in a gain on disposition, before adjusting items, of $73 million ($22 million net to Brookfield Renewable) recognized within Other income in the consolidated statements of income (loss). Accumulated other comprehensive income on foreign currency translation of $16 million ($5 million net to Brookfield Renewable) was reclassified from accumulated other comprehensive income directly to Other income in the consolidated statements of income (loss). Transaction costs of $11 million ($3 million net to Brookfield Renewable) were recognized in the previous year within Other in the consolidated statements of income (loss). As a result of the disposition, Brookfield Renewable’s post-tax portion of the accumulated revaluation surplus of $187 million was reclassified from accumulated other comprehensive income directly to equity and presented as a Disposal item in the consolidated statements of changes in equity.

On June 4, 2025, Brookfield Renewable, together with its institutional partners, completed the sale of a 25% interest in an 845 MW portfolio of wind assets in the United States for proceeds of approximately $206 million ($52 million net to Brookfield Renewable). Upon completion of the sale, Brookfield Renewable no longer exercises control over this investment. As a result of the disposition, Brookfield Renewable derecognized $2.0 billion of total assets and $1.2 billion of total liabilities from the consolidated statements of financial position and recognized its remaining interest at fair value as an equity-accounted investment. This resulted in a loss on disposition, net of transaction costs and ticking fee proceeds, of $8 million ($1 million net to Brookfield Renewable) recognized within Other in the consolidated statements of income (loss). As a result of the disposition, Brookfield Renewable’s post-tax portion of the accumulated revaluation surplus of $95 million was reclassified from accumulated other comprehensive income directly to equity and presented as a Disposal item in the consolidated statements of changes in equity.

On August 1, 2025, Brookfield Renewable, together with its institutional partners, completed the sale of a 650 MW portfolio of operating and under construction wind, solar and battery projects in Australia for proceeds of approximately A$830 million ($533 million) (A$76 million ($49 million) net to Brookfield Renewable). The portfolio was subject to a pre-existing sale and purchase agreement that was entered into prior to Brookfield Renewable acquiring Neoen. As a result of the disposition, Brookfield Renewable derecognized $760 million of total assets and $227 million of total liabilities from the consolidated statements of financial position. Accumulated other comprehensive income on foreign currency translation of $39 million ($4 million net to Brookfield Renewable) was reclassified from accumulated other comprehensive income directly to Foreign exchange and financial instruments gain (loss) in the consolidated statements of income (loss).

On August 14, 2025, Brookfield Renewable, together with its institutional partners, reconstituted the board of directors of a renewable operating and development platform in India, resulting in Brookfield Renewable no longer exercising control over this platform. The reconstitution of the board of directors was undertaken to facilitate a proposed initial public offering of equity shares by the platform. Brookfield Renewable, together with its institutional partners, have invested $266 million into the platform since its initial investment, acquiring an approximate 48% interest. Following the sale of its 6% interest and the loss of control, Brookfield Renewable derecognized $2,086 million of total assets and $1,423 million of total liabilities and recognized $470 million as the fair value of its remaining 42% the interest in the platform as an equity-accounted investment on the consolidated statements of financial position. As a result, a gain of $217 million was recognized in Other income on the consolidated statement of income (loss). Brookfield Renewable’s post tax portion of the accumulated revaluation surplus of $100 million was reclassified from accumulated other comprehensive income directly to equity and presented as a Disposal in the consolidated statements of changes in equity. The accumulated other comprehensive income of $88 million ($8 million net to Brookfield Renewable) relating to a non-cash mark-to-market loss on power purchase agreements accounted for in accordance with IFRS 9 and foreign currency translation was reclassified to Foreign exchange and financial instruments gain (loss) in the consolidated statement of income (loss).

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ASSETS HELD FOR SALE

As at September 30, 2025, assets held for sale include the following:

During the fourth quarter of 2024, Brookfield Renewable, together with its institutional partners, agreed to the sale of a 633 MW under construction solar asset in India for proceeds of approximately INR10.6 billion ($120 million) (INR2.7 billion ($30 million) net to Brookfield Renewable). As at September 30, 2025, this asset had post-tax accumulated revaluation surplus of $40 million ($10 million net to Brookfield Renewable) that would be reclassified to equity upon disposition.

During the third quarter of 2025, Brookfield Renewable, together with its institutional partners, agreed to the sale of a 50% interest in a multi-national distributed generation development business with a 200 MW portfolio of operating and under construction assets for proceeds of approximately €57 million ($67 million) (€11 million ($13 million) net to Brookfield Renewable). As at September 30, 2025, this asset had post-tax accumulated revaluation surplus of $17 million ($2 million net to Brookfield Renewable) that would be reclassified to equity upon disposition.

During the third quarter of 2025, Brookfield Renewable, together with its institutional partners, agreed to the sale of a 315 MW portfolio of operating wind assets in Australia for proceeds of approximately A$258 million ($168 million) (A$24 million ($16 million) net to Brookfield Renewable). As at September 30, 2025, these assets had post-tax accumulated revaluation surplus of $116 million ($7 million net to Brookfield Renewable) that is reclassified to equity upon disposition.

During the third quarter of 2025, Brookfield Renewable, together with its institutional partners, agreed to the sale of a 47 MW portfolio of operating hydroelectric assets in the United States for proceeds of approximately $125 million ($51 million net to Brookfield Renewable). As at September 30, 2025, these assets had post-tax accumulated revaluation surplus of $84 million ($32 million net to Brookfield Renewable) that would be reclassified to equity upon disposition.

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 and a 47% interest in a 2.3 GW distributed generation development platform in the United States for base proceeds of approximately $1.1 billion ($449 million net to Brookfield Renewable), subject to customary closing adjustments. As at September 30, 2025, these assets had post-tax accumulated revaluation surplus of $320 million ($116 million net to Brookfield Renewable) that would be reclassified to equity upon disposition.

Subsequent to the quarter, Brookfield Renewable, together with its institutional partners, agreed to the sale of an 833 MW portfolio of operating solar assets in the United States for proceeds of approximately $412 million ($115 million net to Brookfield Renewable). As at September 30, 2025, these assets had post-tax accumulated revaluation surplus of $184 million ($46 million net to Brookfield Renewable) that would be reclassified to equity upon disposition.

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The following is a summary of the major items of assets and liabilities classified as held for sale:

(MILLIONS)	September 30, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	89	$	48
Restricted cash	43		14
Trade receivables and other current assets	168		51
Financial instrument assets	49		37
Equity-accounted investments	67		421
Property, plant and equipment, at fair value	5,694		1,343
Goodwill	115		—
Deferred income tax assets	—		9
Other long-term assets	44		126
Assets held for sale	$	6,269	$	2,049
Liabilities
Current liabilities	$	143	$	57
Non-recourse borrowings	2,837		797
Financial instrument liabilities	99		3
Deferred income tax liabilities	192		131
Provisions	290		10
Other long-term liabilities	217		38
Liabilities directly associated with assets held for sale	$	3,778	$	1,036	Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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RISK MANAGEMENT AND FINANCIAL INSTRUMENTS

RISK MANAGEMENT

Brookfield Renewable’s activities expose it to a variety of financial risks, including market risk (i.e., commodity price risk, interest rate risk, and foreign currency risk), credit risk and liquidity risk. Brookfield Renewable uses financial instruments primarily to manage these risks.

There have been no other material changes in exposure to the risks Brookfield Renewable is exposed to since the December 31, 2024 audited consolidated financial statements.

Fair value disclosures

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fair values determined using valuation models require the use of assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those assumptions, management looks primarily to external readily observable market inputs such as interest rate yield curves, currency rates, commodity prices and, as applicable, credit spreads.

A fair value measurement of a non-financial asset is the consideration that would be received in an orderly transaction between market participants, considering the highest and best use of the asset.

Assets and liabilities measured at fair value are categorized into one of three hierarchy levels, described below. Each level is based on the transparency of the inputs used to measure the fair values of assets and liabilities.

Level 1 – inputs are based on unadjusted quoted prices in active markets for identical assets and liabilities;

Level 2 – inputs, other than quoted prices in Level 1, that are observable for the asset or liability, either directly or indirectly; and

Level 3 – inputs for the asset or liability that are not based on observable market data.

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The following table presents Brookfield Renewable's assets and liabilities including energy derivative contracts, power purchase agreements accounted for under IFRS 9, interest rate swaps, foreign exchange swaps and tax equity measured and disclosed at fair value classified by the fair value hierarchy:

	September 30, 2025								December 31, 2024
(MILLIONS)	Level 1		Level 2		Level 3		Total		Total
Assets measured at fair value:
Cash and cash equivalents	$	1,935	$	—	$	—	$	1,935	$	3,135
Restricted cash(1)	313		—		—		313		463
Financial instrument assets(1)
IFRS 9 PPAs	—		—		316		316		170
Energy derivative contracts	—		81		—		81		71
Interest rate swaps	—		287		—		287		393
Foreign exchange swaps	—		38		—		38		189
Tax equity	—		—		85		85		94
Investments in debt and equity securities(2)	—		43		2,150		2,193		1,939
Property, plant and equipment	—		—		71,551		71,551		73,475
Liabilities measured at fair value:
Financial instrument liabilities(1)
IFRS 9 PPAs	—		(34)		(949)		(983)		(1,025)
Energy derivative contracts	—		(144)		—		(144)		(109)
Interest rate swaps	—		(195)		—		(195)		(109)
Foreign exchange swaps	—		(539)		—		(539)		(58)
Tax equity	—		—		(1,878)		(1,878)		(2,125)
Contingent consideration(1)(3)	—		—		(74)		(74)		(61)
Liabilities for which fair value is disclosed:
Corporate borrowings(1)	(3,469)		(627)		—		(4,096)		(3,801)
Non-recourse borrowings(1)(4)	(2,008)		(30,199)		—		(32,207)		(30,662)
Total	$	(3,229)	$	(31,289)	$	71,201	$	36,683	$	41,979

(1)Includes both the current amount and long-term amounts.

(2)Excludes $306 million (2024: $566 million) of investments in debt securities measured at amortized cost.

(3)Amount relates to business combinations and asset acquisitions completed between 2022 and 2025 with obligations lapsing from 2025 to 2027.

(4)During the year, $188 million (2024: nil) was transferred from Level 2 to Level 1.

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Financial instruments disclosures

The aggregate amount of Brookfield Renewable's net financial instrument positions are as follows:

	September 30, 2025						December 31, 2024
(MILLIONS)	Assets		Liabilities		Net Assets<br>(Liabilities)		Net Assets<br>(Liabilities)
IFRS 9 PPAs	$	316	$	983	$	(667)	$	(855)
Energy derivative contracts	81		144		(63)		(38)
Interest rate swaps	287		195		92		284
Foreign exchange swaps	38		539		(501)		131
Investments in debt and equity securities	2,499		—		2,499		2,505
Tax equity	85		1,878		(1,793)		(2,031)
Total	3,306		3,739		(433)		(4)
Less: current portion	244		972		(728)		(268)
Long-term portion	$	3,062	$	2,767	$	295	$	264

(a) Energy derivative contracts and IFRS 9 PPAs

Brookfield Renewable has entered into long-term energy derivative contracts primarily to stabilize or eliminate the price risk on the sale of certain future power generation. Certain energy contracts are recorded in Brookfield Renewable's interim consolidated financial statements at an amount equal to fair value, using quoted market prices or, in their absence, a valuation model using both internal and third-party evidence and forecasts.

(b) Interest rate hedges

Brookfield Renewable has entered into interest rate hedge contracts primarily to minimize exposure to interest rate fluctuations on its variable rate debt or to lock in interest rates on future debt refinancing. All interest rate hedge contracts are recorded in the interim consolidated financial statements at fair value.

Brookfield Renewable has entered into foreign exchange swaps to minimize its exposure to currency fluctuations impacting its investments and earnings in foreign operations, and to fix the exchange rate on certain anticipated transactions denominated in foreign currencies.

(d) Tax equity

Brookfield Renewable owns and operates certain projects in the United States under tax equity structures to finance the construction of utility-scale solar, and wind projects. In accordance with the substance of the contractual agreements, the amounts paid by the tax equity investors for their equity stakes are classified as financial instrument liabilities on the consolidated statements of financial position.

Gains or losses on the tax equity liabilities are recognized within the foreign exchange and financial instruments gain (loss) in the consolidated statements of income (loss).

(e) Investments in debt and equity securities

Brookfield Renewable's investments in debt and equity securities are classified as FVPL, FVOCI and amortized cost.

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The following table reflects the gains (losses) included in Foreign exchange and financial instruments gain (loss) in the consolidated statements of income (loss) for the three and nine months ended September 30:

	Three months ended September 30				Nine months ended September 30
(MILLIONS)	2025		2024		2025		2024
Energy derivative contracts	$	8	$	16	$	31	$	13
IFRS 9 PPAs	(119)		44		(93)		45
Investment in debt and equity securities	58		22		122		69
Interest rate swaps	(3)		1		(21)		27
Foreign exchange swaps	20		(2)		(205)		22
Tax equity	132		133		346		274
Foreign exchange (loss) gain	(30)		(28)		390		(28)
	$	66	$	186	$	570	$	422

The following table reflects the gains (losses) included in other comprehensive income in the consolidated statements of comprehensive income (loss) for the three and nine months ended September 30:

	Three months ended September 30				Nine months ended September 30
(MILLIONS)	2025		2024		2025		2024
Energy derivative contracts	$	12	$	13	$	4	$	26
IFRS 9 PPAs	(245)		261		(111)		(87)
Interest rate swaps	28		(102)		(78)		(30)
Foreign exchange swaps	2		1		5		2
	(203)		173		(180)		(89)
Foreign exchange swaps – net investment	(94)		(101)		(564)		45
Investments in debt and equity securities	—		(5)		1		(6)
	$	(297)	$	67	$	(743)	$	(50)

The following table reflects the reclassification adjustments recognized in net income (loss) in the consolidated statements of comprehensive income (loss) for the three and nine months ended September 30:

	Three months ended September 30				Nine months ended September 30
(MILLIONS)	2025		2024		2025		2024
Energy derivative contracts	$	(13)	$	(48)	$	(6)	$	(106)
IFRS 9 PPAs	102		—		109		—
Interest rate swaps	(10)		(1)		(24)		(5)
Foreign exchange swaps	(2)		—		—		—
	$	77	$	(49)	$	79	$	(111)

SEGMENTED INFORMATION

Brookfield Renewable’s Chief Executive Officer and Chief Financial Officer (collectively, the chief operating decision maker or “CODM”) review the results of the business, manage operations, and allocate resources based on the type of technology.

Brookfield Renewable operations are segmented by – 1) hydroelectric, 2) wind, 3) utility-scale solar, 4) distributed energy and storage (distributed generation, pumped storage and battery energy storage systems), 5) sustainable solutions (renewable natural gas, carbon capture and storage, recycling, cogeneration, biomass, nuclear services, eFuels and power transformation), and 6) corporate - with hydroelectric further segmented by geography (i.e., North America, Colombia, and Brazil). This best reflects the way in which the CODM reviews results of the company.

Reporting to the CODM on the measures utilized to assess performance and allocate resources is provided on a proportionate basis. Information on a proportionate basis reflects Brookfield Renewable’s share from facilities which it accounts for using consolidation and the equity method whereby Brookfield Renewable either controls or exercises significant influence or joint control over the investment, respectively. Proportionate information provides a Unitholder

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(holders of the GP interest, Redeemable/Exchangeable partnership units, BEPC exchangeable shares, class A.2 exchangeable shares and LP units) perspective that the CODM considers important when performing internal analyses and making strategic and operating decisions. The CODM also believes that providing proportionate information helps investors understand the impacts of decisions made by management and financial results allocable to Brookfield Renewable’s Unitholders.

Proportionate financial information is not, and is not intended to be, presented in accordance with IFRS. Tables reconciling IFRS data with data presented on a proportionate consolidation basis have been disclosed. Segment revenues, other income, direct operating costs, interest expense, current income taxes, and other are items that will differ from results presented in accordance with IFRS as these items (1) include Brookfield Renewable’s proportionate share of earnings from equity-accounted investments attributable to each of the above-noted items, (2) exclude the proportionate share of earnings (loss) of consolidated investments not held by us apportioned to each of the above-noted items , and (3) other income includes but is not limited to our proportionate share of settled foreign currency and other hedges, income earned on financial assets and structured investments in sustainable solutions, monetization of tax attributes at certain development projects credits and realized disposition gains on non-core assets and on recently developed assets that we have monetized to reflect the economic value created from our development activities as we design, build and commercialize new renewable energy capacity and sell these assets to lower cost of capital buyers which may not otherwise be reflected in our consolidated statements of income.

Brookfield Renewable does not control those entities that have not been consolidated and as such, have been presented as equity-accounted investments in its consolidated financial statements. The presentation of the assets and liabilities and revenues and expenses does not represent Brookfield Renewable’s legal claim to such items, and the removal of financial statement amounts that are attributable to non-controlling interests does not extinguish Brookfield Renewable’s legal claims or exposures to such items.

Brookfield Renewable reports its results in accordance with these segments and presents prior period segmented information in a consistent manner.

The accounting policies of the reportable segments are the same as those described in Note 1 – Basis of preparation and material accounting policy information. Brookfield Renewable analyzes the performance of its operating segments based on Funds From Operations. Funds From Operations is not a generally accepted accounting measure under IFRS and therefore may differ from definitions of Funds From Operations used by other entities, as well as the definition of funds from operations used by the Real Property Association of Canada (“REALPAC”) and the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”).

Brookfield Renewable uses Funds From Operations to assess the performance of Brookfield Renewable before the effects of certain cash items (e.g., acquisition costs and other typical non-recurring cash items) and certain non-cash items (e.g., deferred income taxes, depreciation, non-cash portion of non-controlling interests, unrealized gain or loss on financial instruments, non-cash gain or loss from equity-accounted investments, and other non-cash items) as these are not reflective of the performance of the underlying business, and including monetization of tax attributes at certain development projects. Brookfield Renewable includes realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term within Funds From Operations in order to provide additional insight regarding the performance of investments on a cumulative realized basis, including any unrealized fair value adjustments that were recorded in equity and not otherwise reflected in current period net income.

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The following table provides each segment's results in the format that management organizes its segments to make operating decisions and assess performance and reconciles Brookfield Renewable's proportionate results to the consolidated statements of income (loss) on a line by line basis by aggregating the components comprising the earnings from Brookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests for the three months ended September 30, 2025:

	Attributable to Unitholders																		Contribution from equity-accounted investments		Attributable to non-controlling interests and other		As per<br><br>IFRS<br><br>financials(1)
	Hydroelectric						Wind		Utility-scale solar		Distributed energy & storage		Sustainable solutions		Corporate		Total
(MILLIONS)	North <br>America		Brazil		Colombia
Revenues	$	224	$	48	$	73	$	116	$	174	$	68	$	123	$	—	$	826	$	(208)	$	978	$	1,596
Other income	19		2		—		29		35		57		21		24		187		(32)		164		319
Direct operating costs	(116)		(18)		(27)		(56)		(37)		(24)		(97)		(9)		(384)		127		(464)		(721)
Share of revenue, other income and direct operating costs from equity-accounted investments	—		—		—		—		—		—		—		—		—		113		5		118
	127		32		46		89		172		101		47		15		629		—		683
Management service costs	—		—		—		—		—		—		—		(57)		(57)		—		—		(57)
Interest expense	(66)		(2)		(17)		(39)		(38)		(11)		(8)		(52)		(233)		27		(380)		(586)
Current income tax expense (recovery)	(1)		(1)		1		(3)		(4)		(1)		(1)		—		(10)		2		8		—
Distributions attributable to
Preferred limited partners equity	—		—		—		—		—		—		—		(9)		(9)		—		—		(9)
Preferred equity	—		—		—		—		—		—		—		(8)		(8)		—		—		(8)
Perpetual subordinated notes	—		—		—		—		—		—		—		(10)		(10)		—		—		(10)
Share of interest and cash taxes from equity-accounted investments	—		—		—		—		—		—		—		—		—		(29)		(5)		(34)
Share of Funds From Operations attributable to non-controlling interests	—		—		—		—		—		—		—		—		—		—		(306)		(306)
Funds From Operations	60		29		30		47		130		89		38		(121)		302		—		—
Depreciation																							(611)
Foreign exchange and financial instrument gain																							66
Deferred income tax recovery																							66
Other																							(20)
Share of loss from equity-accounted investments																							(94)
Net income attributable to non-controlling interests																							171
Net loss attributable to Unitholders(2)																							$	(120)

(1)Share of loss from equity-accounted investments of $10 million is comprised of amounts found on the share of revenue, other income and direct operating costs, share of interest and cash taxes and share of loss lines. Net income attributable to participating non-controlling interests – in operating subsidiaries of $135 million is comprised of amounts found on share of Funds From Operations attributable to non-controlling interests and Net income (loss) attributable to non-controlling interests.

(2)Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and class A.2 exchangeable shares and LP units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity, preferred equity and perpetual subordinated notes.

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	Attributable to Unitholders																		Contribution from equity-accounted investments		Attributable<br> to non-<br> controlling<br> interests and other		As per<br><br>IFRS<br><br>financials(1)
	Hydroelectric						Wind		Utility-scale solar		Distributed energy & storage		Sustainable Solutions		Corporate		Total
(MILLIONS)	North <br>America		Brazil		Colombia
Revenues	$	208	$	48	$	87	$	133	$	145	$	64	$	119	$	—	$	804	$	(189)	$	855	$	1,470
Other income	4		2		1		31		41		54		8		2		143		(34)		46		155
Direct operating costs	(96)		(17)		(38)		(55)		(28)		(23)		(95)		(9)		(361)		127		(389)		(623)
Share of revenue, other income and direct operating costs from equity-accounted investments	—		—		—		—		—		—		—		—		—		96		—		96
	116		33		50		109		158		95		32		(7)		586		—		512
Management service costs	—		—		—		—		—		—		—		(59)		(59)		—		—		(59)
Interest expense	(70)		(3)		(20)		(34)		(30)		(10)		(5)		(48)		(220)		23		(317)		(514)
Current income tax expense (recovery)	(2)		(2)		(6)		5		(1)		—		3		—		(3)		(1)		42		38
Distributions attributable to
Preferred limited partners equity	—		—		—		—		—		—		—		(9)		(9)		—		—		(9)
Preferred equity	—		—		—		—		—		—		—		(7)		(7)		—		—		(7)
Perpetual subordinated notes	—		—		—		—		—		—		—		(10)		(10)		—		—		(10)
Share of interest and cash taxes from equity-accounted investments	—		—		—		—		—		—		—		—		—		(22)		—		(22)
Share of Funds From Operations attributable to non-controlling interests	—		—		—		—		—		—		—		—		—		—		(237)		(237)
Funds From Operations	44		28		24		80		127		85		30		(140)		278		—		—
Depreciation																							(514)
Foreign exchange and financial instrument gain																							186
Deferred income tax expense																							(29)
Other																							(137)
Share of loss from equity-accounted investments																							(86)
Net income attributable to non-controlling interests																							121
Net loss attributable to Unitholders(2)																							$	(181)

(1)Share of loss from equity-accounted investments of $12 million is comprised of amounts found on the share of revenue, other income and direct operating costs, share of interest and cash taxes and share of loss lines. Net income attributable to participating non-controlling interests – in operating subsidiaries of $116 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net income attributable to non-controlling interests.

(2)Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and LP units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity, preferred equity and perpetual subordinated notes.

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	Attributable to Unitholders																		Contribution from equity-accounted investments		Attributable<br> to non-<br> controlling<br> interests and other		As per<br><br>IFRS<br><br>financials(1)
	Hydroelectric						Wind		Utility-scale solar		Distributed generation & storage		Sustainable solutions		Corporate		Total
(MILLIONS)	North <br>America		Brazil		Colombia
Revenues	$	856	$	148	$	211	$	427	$	396	$	188	$	431	$	—	$	2,657	$	(699)	$	2,910	$	4,868
Other income	42		7		1		94		114		161		48		38		505		(130)		176		551
Direct operating costs	(372)		(50)		(76)		(177)		(108)		(69)		(325)		(31)		(1,208)		420		(1,307)		(2,095)
Share of revenue, other income and direct operating costs from equity-accounted investments	—		—		—		—		—		—		—		—		—		409		15		424
	526		105		136		344		402		280		154		7		1,954		—		1,794
Management service costs	—		—		—		—		—		—		—		(162)		(162)		—		—		(162)
Interest expense	(201)		(8)		(56)		(119)		(101)		(31)		(24)		(146)		(686)		72		(1,205)		(1,819)
Current income tax expense	(4)		(5)		(6)		(8)		(8)		(2)		(6)		(1)		(40)		11		86		57
Distributions attributable to
Preferred limited partners equity	—		—		—		—		—		—		—		(26)		(26)		—		—		(26)
Preferred equity	—		—		—		—		—		—		—		(22)		(22)		—		—		(22)
Perpetual subordinated notes	—		—		—		—		—		—		—		(30)		(30)		—		—		(30)
Share of interest and cash taxes from equity-accounted investments	—		—		—		—		—		—		—		—		—		(83)		(15)		(98)
Share of Funds From Operations attributable to non-controlling interests	—		—		—		—		—		—		—		—		—		—		(660)		(660)
Funds From Operations	321		92		74		217		293		247		124		(380)		988		—		—
Depreciation																							(1,803)
Foreign exchange and financial instrument gain																							570
Deferred income tax recovery																							292
Other																							(342)
Share of loss from equity-accounted investments																							(409)
Net income attributable to non-controlling interests																							275
Net loss attributable to Unitholders(2)																							$	(429)

(1)Share of loss from equity-accounted investments of $83 million is comprised of amounts found on the share of revenue, other income and direct operating costs, share of interest and cash taxes and share of loss lines. Net income attributable to participating non-controlling interests – in operating subsidiaries of $385 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income attributable to non-controlling interests.

(2)Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units, BEPC exchangeable shares, class A.2 exchangeable shares and LP units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity, preferred equity and perpetual subordinated notes.

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	Attributable to Unitholders																		Contribution<br> from <br>equity-accounted<br> investments		Attributable<br> to non-<br> controlling<br> interests and other		As per<br>IFRS<br>financials(1)
	Hydroelectric						Wind		Utility-scale solar		Distributed energy & storage		Sustainable solutions		Corporate		Total
(MILLIONS)	North <br>America		Brazil		Colombia
Revenues	$	767	$	160	$	238	$	457	$	358	$	177	$	352	$	—	$	2,509	$	(540)	$	2,475	$	4,444
Other income	20		4		2		82		99		80		50		56		393		(65)		(77)		251
Direct operating costs	(300)		(54)		(114)		(173)		(92)		(65)		(284)		(30)		(1,112)		369		(1,132)		(1,875)
Share of revenue, other income and direct operating costs from equity-accounted investments	—		—		—		—		—		—		—		—		—		236		—		236
	487		110		126		366		365		192		118		26		1,790		—		1,266
Management service costs	—		—		—		—		—		—		—		(157)		(157)		—		—		(157)
Interest expense	(204)		(11)		(63)		(94)		(86)		(27)		(14)		(122)		(621)		45		(903)		(1,479)
Current income tax expense (recovery)	(5)		(5)		(10)		(2)		—		(2)		1		—		(23)		4		13		(6)
Distributions attributable to
Preferred limited partners equity	—		—		—		—		—		—		—		(29)		(29)		—		—		(29)
Preferred equity	—		—		—		—		—		—		—		(20)		(20)		—		—		(20)
Perpetual subordinated notes	—		—		—		—		—		—		—		(27)		(27)		—		—		(27)
Share of interest and cash taxes from equity-accounted investments	—		—		—		—		—		—		—		—		—		(49)		—		(49)
Share of Funds From Operations attributable to non-controlling interests	—		—		—		—		—		—		—		—		—		—		(376)		(376)
Funds From Operations	278		94		53		270		279		163		105		(329)		913		—		—
Depreciation																							(1,533)
Foreign exchange and financial instrument gain																							422
Deferred income tax expense																							(18)
Other																							(176)
Share of loss from equity-accounted investments																							(257)
Net income attributable to non-controlling interests																							194
Net loss attributable to Unitholders(2)																							$	(455)

(1)Share of loss from equity-accounted investments of $70 million is comprised of amounts found on the share of revenue, other income and direct operating costs, share of interest and cash taxes and share of loss lines. Net income attributable to participating non-controlling interests– in operating subsidiaries of $182 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income attributable to non-controlling interests.

(2)Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and LP units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity, preferred equity and perpetual subordinated notes.

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The following table provides information on each segment's statement of financial position in the format that management organizes its segments to make operating decisions and assess performance and reconciles Brookfield Renewable's proportionate results to the consolidated statements of financial position by aggregating the components comprising from Brookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests:

	Attributable to Unitholders																		Contribution from equity-accounted investments		Attributable<br>to non-<br>controlling<br>interests		As per<br>IFRS<br>financials
	Hydroelectric						Wind		Utility-scale solar		Distributed energy & storage		Sustainable solutions		Corporate		Total
(MILLIONS)	North <br>America		Brazil		Colombia
As at September 30, 2025
Cash and cash equivalents	$	106	$	77	$	16	$	175	$	220	$	53	$	61	$	5	$	713	$	(125)	$	1,347	$	1,935
Property, plant and equipment	14,850		1,392		3,257		6,049		4,377		1,276		761		—		31,962		(2,522)		42,111		71,551
Total assets	15,883		1,658		3,586		7,669		6,222		3,190		2,337		89		40,634		(2,806)		60,475		98,303
Total liabilities	10,249		535		2,077		5,753		4,665		2,134		1,089		4,854		31,356		(2,806)		36,909		65,459
As at December 31, 2024
Cash and cash equivalents	$	55	$	52	$	24	$	453	$	151	$	70	$	56	$	5	$	866	$	(112)	$	2,381	$	3,135
Property, plant and equipment	14,669		1,238		2,801		5,255		3,784		2,558		644		—		30,949		(1,831)		44,357		73,475
Total assets	15,653		1,452		3,184		7,081		4,894		3,313		2,106		95		37,778		(2,272)		59,303		94,809
Total liabilities	9,187		460		1,725		5,617		3,393		1,992		934		4,157		27,465		(2,272)		33,160		58,353
Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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Geographical Information

The following table presents consolidated revenue split by reportable segment for the three and nine months ended September 30:

	Three months ended September 30				Nine months ended September 30
(MILLIONS)	2025		2024		2025		2024
Hydroelectric
North America	$	274	$	238	$	987	$	891
Brazil	49		55		155		180
Colombia	323		385		932		1,046
	646		678		2,074		2,117
Wind	331		391		1,208		1,237
Utility-scale solar	394		283		1,030		771
Distributed energy & storage	220		103		551		293
Sustainable solutions	5		15		5		26
Total	$	1,596	$	1,470	$	4,868	$	4,444

The following table presents consolidated property, plant and equipment and equity-accounted investments split by geography region:

(MILLIONS)	September 30, 2025		December 31, 2024
United States	$	34,061	$	37,931
Colombia	14,051		12,431
Canada	7,548		7,116
Brazil	5,007		4,319
Europe	6,817		5,976
Asia–Pacific	7,586		7,550
Other	745		892
	$	75,815	$	76,215

INCOME TAXES

Brookfield Renewable's effective income tax rate was 275.0% and 110.8% for the three and nine months ended September 30, 2025 (2024: 18.8% and (13.9)%). The effective tax rate is different than the statutory rate primarily due to investment and production tax credits, net tax recovery associated with the reorganization of certain assets, unrealized foreign exchange gains, non-controlling interest income not subject to tax, changes in tax assets not recognized, and rate differentials.

The partnership operates in countries, including Canada, which have enacted new legislation to implement the global minimum top-up tax, effective from January 1, 2024. The partnership has applied a temporary mandatory relief from recognizing and disclosing deferred taxes in connection with the global minimum top-up tax and will account for it as a current tax when it is incurred. There is no material current tax impact for the three and nine months ended September 30, 2025. The global minimum top-up tax is not anticipated to have a significant impact on the financial position of the partnership.

During the second quarter of 2025, Neoen’s organizational structure was simplified following privatization. This reorganization led to the forfeiture of certain tax losses and a concurrent rebasing of certain assets for tax purposes which resulted in a current tax expense of $47 million and deferred income tax recovery of $161 million in the second quarter of 2025. Brookfield Renewable’s effective income tax rate for the nine months ended September 30, 2025, before considering the simplification of Neoen’s organizational structure was 74.6%.

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PROPERTY, PLANT AND EQUIPMENT

The following table presents a reconciliation of property, plant and equipment at fair value:

(MILLIONS)	Hydroelectric		Wind		Solar		Other(1)		Total(2)(3)
Property, plant and equipment, at fair value
As at December 31, 2024	$	32,899	$	17,832	$	15,191	$	996	$	66,918
Additions	15		181		416		57		669
Transfer from construction work-in-progress	31		802		1,695		1,215		3,743
Acquisitions through business combinations	—		—		40		—		40
Disposals(4)	—		(2,495)		(641)		—		(3,136)
Transfer to assets held for sale	(141)		(531)		(3,815)		(11)		(4,498)
Items recognized through OCI:
Change in fair value	(102)		173		(92)		3		(18)
Foreign exchange	1,939		626		576		63		3,204
Items recognized through net income:
Change in fair value	—		(3)		(101)		1		(103)
Depreciation	(481)		(663)		(579)		(80)		(1,803)
As at September 30, 2025	$	34,160	$	15,922	$	12,690	$	2,244	$	65,016
Construction work-in-progress
As at December 31, 2024	$	299	$	2,107	$	3,264	$	887	$	6,557
Additions	126		978		2,662		650		4,416
Transfer to property, plant and equipment	(31)		(802)		(1,695)		(1,215)		(3,743)
Acquisitions through business combinations	—		—		462		—		462
Disposals(4)	—		(156)		(191)		—		(347)
Transfer to assets held for sale	—		—		(1,161)		—		(1,161)
Items recognized through OCI:
Change in fair value	—		36		71		—		107
Foreign exchange	8		50		98		88		244
As at September 30, 2025	$	402	$	2,213	$	3,510	$	410	$	6,535
Total property, plant and equipment, at fair value
As at December 31, 2024(2)(3)	$	33,198	$	19,939	$	18,455	$	1,883	$	73,475
As at September 30, 2025(2)(3)	$	34,562	$	18,135	$	16,200	$	2,654	$	71,551

(1)Includes biomass, cogeneration, and battery storage.

(2)Includes right-of-use assets not subject to revaluation of $48 million (2024: $49 million) in hydroelectric, $392 million (2024: $427 million) in wind, $591 million (2024: $637 million) in solar, and $19 million (2024: $3 million) in other.

(3)Includes land not subject to revaluation of $207 million (2024: $204 million) in hydroelectric, $44 million (2024: $61 million) in wind, $173 million (2024: $167 million) in solar, and $3 million (2024: $2 million) in other.

(4)Includes the derecognition of a renewable operating and development platform in India. Refer to Note 3 - Disposal of assets for more details.

During the second quarter of 2025, Brookfield Renewable, alongside institutional investors, entered into the following transactions which directly related to the property, plant and equipment of its hydroelectric business:

•Signed a Hydro Framework Agreement with Google to contract up to 3,000 MW of capacity from its U.S. hydroelectric facilities by the end of 2032;

•Reached agreements to sell two 25% interests in a U.S. hydroelectric portfolio; and

•Agreed to acquire up to an incremental 15% ownership in its Colombia hydroelectric business, Isagen S.A. E.S.P.

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As a result of the transactions, Brookfield Renewable completed a revaluation assessment of the carrying value of the property, plant and equipment of its hydroelectric business as at June 30, 2025. Also included in this assessment were hydroelectric assets that are accounted for as equity investments. Refer to Note 14 - Equity-accounted investments for the amounts recognized through other comprehensive income. The assessment determined that the carrying value of the property, plant and equipment approximated fair value as at June 30, 2025, taking into account the aforementioned transactions. Accordingly, the assessment resulted in a nominal impact to the carrying value of the property, plant and equipment of Brookfield Renewable’s hydroelectric business.

During the period, Brookfield Renewable, together with its institutional partners, completed the acquisitions of the following investments. They are accounted for as asset acquisitions as they do not constitute business combinations under IFRS 3:

Region	Technology	Capacity	Amount recognized in Property, Plant and Equipment	Brookfield Renewable<br>Economic Interest
China	Distributed energy & storage	540 MW	$269 million	25%
U.S.	Utility-scale solar	300 MW	$66 million	20%
U.S.	Various	725 MW	$47 million	58%
U.S.	Distributed energy & storage	77 MW	$42 million	20%
U.S.	Distributed energy & storage	76 MW	$33 million	25%
U.S.	Utility-scale solar	177 MW	$23 million	20%
South Korea	Utility-scale solar	39 MW	$23 million	28%
U.K.	Wind	28 MW	$21 million	26%
China	Wind	90 MW	$19 million	20%	Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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9. BORROWINGS

Corporate Borrowings

The composition of corporate borrowings is presented in the following table:

	September 30, 2025						December 31, 2024
	Weighted-average						Weighted-average
(MILLIONS EXCEPT AS NOTED)	Interest<br>rate (%)	Term<br>(years)	Carrying<br>value		Estimated fair value		Interest<br>rate (%)	Term<br>(years)	Carrying<br>value		Estimated fair value
Credit facilities	N/A	5	$	—	$	—	5.6	5	$	240	$	240
Commercial paper	4.6	<1	627		627		5.0	<1	431		431
Medium Term Notes:
Series 4 (C$150)	5.8	11	108		120		5.8	12	104		115
Series 9 (C$400)	—	—	—		—		3.8	<1	278		278
Series 10 (C$500)	3.6	1	359		361		3.6	2	348		349
Series 11 (C$475)	4.3	3	341		351		4.3	4	330		336
Series 12 (C$475)	3.4	4	341		341		3.4	5	330		324
Series 13 (C$300)	4.3	24	216		190		4.3	25	209		186
Series 14 (C$425)	3.3	25	305		228		3.3	26	296		222
Series 15 (C$400)(1)	5.9	7	287		320		5.9	8	278		307
Series 16 (C$400)	5.3	8	287		310		5.3	9	278		297
Series 17 (C$500)	5.3	28	359		368		5.3	29	348		361
Series 18 (C$300)	5.0	9	216		226		5.0	10	209		216
Series 19 (C$450)	4.5	10	323		327		—	—	—		—
	4.5	12	3,142		3,142		4.4	12	3,008		2,991
Hybrid Notes:
Fixed to fixed subordinated (C$200)	5.5	29	144		145		5.5	30	139		139
Fixed to fixed subordinated (C$250)	5.4	30	180		182		—	—	—		—
	5.4	30	324		327		5.5	30	139		139
Total corporate borrowings			4,093		$	4,096			3,818		$	3,801
Add: Unamortized premiums(2)			1						2
Less: Unamortized financing fees(2)			(24)						(18)
Less: Current portion			(627)						(709)
			$	3,443					$	3,093

(1)Includes $7 million (2024: $7 million) outstanding to an associate of Brookfield. Refer to Note 20 - Related party transactions for more details.

(2)Unamortized premiums and financing fees are amortized over the terms of the borrowing.

Credit facilities and commercial paper

Brookfield Renewable had $627 million of commercial paper outstanding as at September 30, 2025 (2024: $431 million).

Brookfield Renewable issues letters of credit from its corporate credit facilities for general corporate purposes which include, but are not limited to, security deposits, performance bonds and guarantees for debt service reserve accounts. See Note 19 – Commitments, contingencies and guarantees for letters of credit issued by subsidiaries.

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The following table summarizes the available portion of corporate credit facilities:

(MILLIONS)	September 30, 2025		December 31, 2024
Authorized corporate credit facilities and related party credit facilities(1)	$	2,450	$	2,450
Draws on corporate credit facilities(1)	—		(240)
Authorized letter of credit facility	500		500
Issued letters of credit	(348)		(335)
Available portion of corporate credit facilities	$	2,602	$	2,375

(1)Amounts are guaranteed by Brookfield Renewable.

Medium-term notes and Hybrid notes

Corporate borrowings are obligations of a finance subsidiary of Brookfield Renewable, Brookfield Renewable Partners ULC (“Canadian Finco”) (Note 21 – Subsidiary public issuers). Canadian Finco may redeem some or all of the borrowings from time to time, pursuant to the terms of the indenture. The balance is payable upon maturity, and interest on corporate borrowings is paid semi-annually. The term notes payable by Canadian Finco are unconditionally guaranteed by Brookfield Renewable, Brookfield Renewable Energy L.P. (“BRELP”) and certain other subsidiaries.

During the first quarter of 2025, Brookfield Renewable issued C$450 million of Series 19 medium-term notes. The medium-term notes have a fixed interest rate of 4.54% and a maturity date of October 12, 2035. The Series 19 medium-term notes are corporate-level green bonds.

During the second quarter of 2025, Brookfield Renewable repaid C$400 million ($291 million) of Series 9 medium-term notes prior to maturity.

During the second quarter of 2025, Brookfield Renewable issued C$250 million of fixed-to-fixed reset rate subordinated hybrid notes. The hybrid notes have an interest rate of 5.37% and reset every five years starting on September 10, 2030 with a maturity date of September 10, 2055. The hybrid notes are corporate-level green bonds.

Non-recourse borrowings

Non-recourse borrowings are typically asset-specific, long-term, non-recourse borrowings denominated in the domestic currency of the subsidiary. Non-recourse borrowings in North America and Europe consist of both fixed and floating interest rate debt indexed to the Secured Overnight Financing Rate (“SOFR”), the Sterling Overnight Index Average (“SONIA”), the Euro Interbank Offered Rate (“EURIBOR”) and the Canadian Overnight Repo Rate Average (“CORRA”). Brookfield Renewable uses interest rate swap agreements in North America and Europe to minimize its exposure to floating interest rates. Non-recourse borrowings in Brazilian consist of floating interest rates of Taxa de Juros de Longo Prazo (“TJLP”), the Brazil National Bank for Economic Development’s long-term interest rate, or Interbank Deposit Certificate rate (“CDI”), plus a margin. Non-recourse borrowings in Colombia consist of both fixed and floating interest rates indexed to Indicador Bancario de Referencia rate (“IBR”), the Banco Central de Colombia short-term interest rate, and Colombian Consumer Price Index (“IPC”), Colombia inflation rate, plus a margin. Non-Recourse borrowings in India consist of both fixed and floating interest indexed to Prime lending rate of lender (“MCLR”). Non-recourse borrowings in China consist of floating interest rates of People's Bank of China (“PBOC”). Non-recourse borrowings in South Korea consist of both fixed and floating interest rates indexed to the certificate deposit rate published by the Korea Financial Investment Association (“KOFIA”). Non-recourse borrowings in Australia consist of both fixed and floating interest rates indexed to the Bank Bill Swap Bid Rate (“BBSY”).

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The composition of non-recourse borrowings is presented in the following table:

	September 30, 2025						December 31, 2024
	Weighted-average						Weighted-average
(MILLIONS EXCEPT AS NOTED)	Interest<br>rate (%)	Term<br>(years)	Carrying<br>value		Estimated<br>fair value		Interest<br>rate (%)	Term<br>(years)	Carrying<br>value		Estimated<br>fair value
Non-recourse borrowings(1)(2)(3)
Hydroelectric	6.9	8	$	10,593	$	10,640	7.0	8	$	9,484	$	9,363
Wind	5.0	9	8,250		8,166		5.9	9	10,228		10,224
Utility-scale solar	5.8	10	10,041		10,022		6.3	11	7,275		7,250
Distributed energy & storage	5.7	3	3,079		3,115		5.8	4	3,722		3,630
Sustainable solutions	7.7	3	264		264		6.5	1	195		195
Total	6.0	8	$	32,227	$	32,207	6.3	9	$	30,904	$	30,662
Less: Unamortized premiums and discounts(4)			(190)						(145)
Less: Unamortized financing fees(4)			(182)						(171)
Less: Current portion			(6,121)						(5,005)
			$	25,734					$	25,583

(1)Includes $1,479 million (2024: $1,494 million) borrowed under a subscription facility of a Brookfield sponsored private fund.

(2)Includes $67 million (2024: $65 million) outstanding to an associate of Brookfield. Refer to Note 20 - Related party transactions.

(3)During the second quarter of 2025, subsidiaries of Brookfield Renewable, alongside related parties, became party to a non-recourse credit facility with third party lenders. Brookfield Renewable agreed that its subsidiaries would support their portion of any draws or repayments under the credit facility.

(4)Unamortized premiums, discounts and financing fees are amortized over the terms of the borrowing.

Supplemental Information

The following table outlines changes in Brookfield Renewable’s borrowings as at September 30, 2025:

(MILLIONS)	Corporate borrowings		Non-recourse borrowings
As at December 31, 2024	$	3,802	$	30,588
Net cash flows from financing activities(1)	157		3,602
Non-cash
Acquisition	—		652
Disposal	—		(811)
Transfer to liabilities held for sale	—		(2,810)
Change in basis of accounting(2)	—		(1,049)
Foreign exchange	111		1,387
Other(3)(4)	—		296
As at September 30, 2025	$	4,070	$	31,855

(1)Excludes $358 million of net cash flow from financing activities related to tax equity recorded on the consolidated statements of cash flows.

(2)Includes the derecognition of renewable operating and development platform in India. Refer to Note 3 - Disposal of assets for more details.

(3)Includes $277 million of non recourse-borrowings acquired through asset acquisitions.

(4)Includes amortization of unamortized premiums, discounts and financing fees.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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NON-CONTROLLING INTERESTS

Brookfield Renewable`s non-controlling interests are comprised of the following:

(MILLIONS)	September 30, 2025		December 31, 2024
Participating non-controlling interests – in operating subsidiaries	$	23,616	$	26,168
General partnership interest in a holding subsidiary held by Brookfield	44		50
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	2,145		2,457
BEPC exchangeable shares and class A.2 exchangeable shares	1,981		2,269
Preferred equity	555		537
Perpetual subordinated notes	737		737
	$	29,078	$	32,218	Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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		Page 79

The net change in participating non-controlling interests – in operating subsidiaries is as follows:

(MILLIONS)	Interests held by third parties		As at December 31, 2024		Net income<br>(loss)		Other<br>comprehensive<br> income (loss)		Capital contributions		Return of capital		Disposals		Distributions		Acquisitions		Other		As at September 30, 2025
Brookfield Americas Infrastructure Fund	78%		$	44	$	(1)	$	(7)	$	2	$	—	$	—	$	—	$	—	$	(2)	$	36
Brookfield Infrastructure Fund II	43% - 60%		2,011		7		(199)		—		(2)		—		(31)		—		—		1,786
Brookfield Infrastructure Fund III	23% - 71%		3,456		3		73		7		(155)		—		(236)		—		(13)		3,135
Brookfield Infrastructure Fund IV	75%		2,106		(29)		159		202		(209)		(162)		(63)		—		3		2,007
Brookfield Infrastructure Fund V	72	%	1,955		(7)		17		(1)		1		—		(61)		—		3		1,907
Brookfield Global Transition Fund I	77% - 80%		5,312		189		74		527		(188)		—		(83)		—		(81)		5,750
Brookfield Global Transition Fund II	72% - 80%		329		52		(36)		599		—		—		(27)		—		106		1,023
Neoen institutional partners	24% - 38%		601		151		1		629		—		—		(66)		(194)		(15)		1,107
Canadian Hydroelectric Portfolio	50	%	1,219		22		69		1		—		—		(47)		—		—		1,264
The Catalyst Group	25	%	125		15		8		—		—		—		(7)		—		—		141
Isagen institutional partners	53	%	3,447		58		466		—		—		—		(274)		—		—		3,697
Isagen public non-controlling interests	0.3	%	22		—		3		—		—		—		—		—		—		25
Other	2% - 71%		5,541		(75)		(42)		188		(2)		(840)		(63)		(2,972)		3		1,738
Total			$	26,168	$	385	$	586	$	2,154	$	(555)	$	(1,002)	$	(958)	$	(3,166)	$	4	$	23,616

As at December 31, 2024, the 47% of Neoen’s ownership interest that was not held by Brookfield Renewable and its institutional partners was recorded as non-controlling interest at its implied fair value equivalent to the amount paid for the initial 53% controlling stake in accordance with IFRS 10, Consolidated Financial Statements. The MTO conducted during the first quarter triggered the reclassification of the NCI and as of March 31, 2025, the 2% ownership interest that was not held by Brookfield Renewable and its institutional partners was recorded at a value of $194 million within Provisions in the consolidated statements of financial position. During the second quarter of 2025, Brookfield Renewable, together with its institutional partners, completed a squeeze-out procedure to acquire the Neoen shares not tendered in the offer. Refer to Note 2 - Acquisitions for more details.

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General partnership interest in a holding subsidiary held by Brookfield, Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield, Class A exchangeable shares of Brookfield Renewable Corporation held by public shareholders and Brookfield Holders and Class A.2 exchangeable shares of Brookfield Renewable Holdings Corporation held by Brookfield Holders.

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 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).

Consolidated equity includes Redeemable/Exchangeable partnership units, BEPC exchangeable shares, class A.2 exchangeable shares and the GP interest. The Redeemable/Exchangeable partnership units and the GP interest are held 100% by Brookfield, the BEPC exchangeable shares and class A.2 exchangeable shares are held 25% by Brookfield Holders, with the remainder held by public shareholders. The Redeemable/Exchangeable partnership units, BEPC exchangeable shares and class A.2 exchangeable shares provide the holder, at its discretion, with the right to redeem these units or shares, respectively, for cash consideration. Since this redemption right is subject to Brookfield Renewable’s right, at its sole discretion, to satisfy the redemption request with LP units of Brookfield Renewable, or in the case of class A.2 exchangeable shares, BEPC exchangeable shares or LP units, at the election of Brookfield, rather than cash, on a one-for-one basis, the Redeemable/Exchangeable partnership units, BEPC exchangeable shares and class A.2 exchangeable shares are classified as equity in accordance with IAS 32, Financial Instruments: Presentation. Refer to Note 20 - Related party transactions for more details.

The Redeemable/Exchangeable partnership units, BEPC exchangeable shares, class A.2 exchangeable shares and the GP interest are presented as non-controlling interests since they relate to equity in a subsidiary that is not attributable, directly or indirectly, to Brookfield Renewable. 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). No Redeemable/Exchangeable partnership units or class A.2 exchangeable shares have been redeemed.

The Redeemable/Exchangeable partnership units issued by BRELP, the BEPC exchangeable shares issued by BEPC and the class A.2 exchangeable shares issued by BRHC have the same economic attributes in all respects to the LP units issued by Brookfield Renewable, except for the redemption rights described above. The Redeemable/Exchangeable partnership units, BEPC exchangeable shares, class A.2 exchangeable shares and the GP interest, excluding incentive distributions, participate in earnings and distributions on a per unit basis equivalent to the per unit participation of the LP units of Brookfield Renewable.

As at September 30, 2025, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and class A.2 exchangeable shares on a combined basis and units of GP interest outstanding were 194,487,939 units (December 31, 2024: 194,487,939 units), 179,604,793 shares (December 31, 2024: 179,640,851 shares), and 3,977,260 units (December 31, 2024: 3,977,260 units), respectively.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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Distributions

The composition of the distributions for the three and nine months ended September 30 is presented in the following table:

	Three months ended September 30				Nine months ended September 30
(MILLIONS)	2025		2024		2025		2024
General partnership interest in a holding subsidiary held by Brookfield	$	1	$	2	$	5	$	4
Incentive distribution	36		31		108		96
	37		33		113		100
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	73		69		220		208
BEPC exchangeable shares and class A.2 exchangeable shares held by
Brookfield Holders	17		16		51		48
External shareholders	50		48		151		145
Total BEPC exchangeable shares and class A.2 exchangeable shares	67		64		202		193
	$	177	$	166	$	535	$	501

Preferred equity

Brookfield Renewable's preferred equity consists of Class A Preference Shares of Brookfield Renewable Power Preferred Equity Inc. ("BRP Equity") as follows:

(MILLIONS EXCEPT AS NOTED)	Shares<br>outstanding		Cumulative<br>distribution<br>rate (%)		Earliest<br>permitted<br>redemption<br>date	Distributions declared for the nine months ended<br><br>September 30				Carrying value as at
		2025		2024		September 30, 2025		December 31, 2024
Series 1 (C$209)	8.37		5.20		April 2025	$	6	$	3	$	150	$	119
Series 2 (C$40)(1)	1.59		5.28		April 2025	2		3		28		54
Series 3 (C$249)	9.96		6.52		July 2024	7		7		178		172
Series 5 (C$103)	4.11		5.00		April 2018	3		3		74		71
Series 6 (C$175)	7.00		5.00		July 2018	4		4		125		121
	31.03					$	22	$	20	$	555	$	537

(1)Dividend rate represents annualized distribution based on the most recent quarterly floating rate.

Distributions paid during the three and nine months ended September 30, 2025, totaled $6 million and $20 million, respectively (2024: $7 million and $20 million).

The Class A Preference Shares 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 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.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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Perpetual subordinated notes

Brookfield Renewable's perpetual subordinated notes consists:

(MILLIONS EXCEPT AS NOTED)	Notes<br>outstanding		Interest<br>rate (%)	Earliest permitted redemption date		Interest expense for the nine months ended September 30						Carrying value as at
Issuance date		2025			2024			September 30, 2025			December 31, 2024
April, 2021	14.00		4.63	April, 2026		$	12		$	12		$	340	$	340
December, 2021	10.40		4.88	December, 2026		10			10			252		252
March, 2024	6.00		7.25	March, 2029		8			5			145		145
	30.40					$	30		$	27		$	737	$	737

Distributions paid during the three and nine months ended September 30, 2025, totaled $10 million and $30 million, respectively (2024: $10 million and $27 million, respectively).

PREFERRED LIMITED PARTNERS' EQUITY

Brookfield Renewable’s preferred limited partners’ equity comprises of Class A Preferred units as follows:

(MILLIONS, EXCEPT AS NOTED)	Shares outstanding		Cumulative distribution rate (%)		Earliest permitted redemption date	Distributions declared for the nine months ended September 30				Carrying value as at
		2025		2024		September 30, 2025		December 31, 2024
Series 7 (C$175)	7.00		5.50		January 2026	5		5		128		128
Series 13 (C$250)	10.00		6.05		April 2028	7		9		196		196
Series 15 (C$175)	—		—		April 2024	—		2		—		—
Series 17 ($200)	8.00		5.25		March 2025	8		8		195		195
Series 18 (C$150)	6.00		5.50		April 2027	6		5		115		115
	31.00					$	26	$	29	$	634	$	634

Distributions paid during the three and nine months ended September 30, 2025, totaled $7 million and $24 million, respectively (2024: $9 million and $29 million, respectively).

Class A Preferred LP Units - Normal Course Issuer Bid

LIMITED PARTNERS' EQUITY

Limited partners’ equity

As at September 30, 2025, 283,904,210 LP units were outstanding (December 31, 2024: 285,180,371 LP units) including 74,339,049 LP units (December 31, 2024: 74,339,049 LP units) held by Brookfield Holders. Brookfield owns all general partnership interests in Brookfield Renewable representing a 0.01% interest.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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On an unexchanged basis, Brookfield Holders hold a 26% direct limited partnership interest in Brookfield Renewable, a 41% direct interest in BRELP through the ownership of Redeemable/Exchangeable partnership units, a direct 1% GP interest in BRELP and a 25% direct and indirect interest in the BEPC exchangeable shares and class A.2 exchangeable shares of BEPC as at September 30, 2025.

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 during the three and nine months ended September 30, 2025 and 2024.

Distributions

The composition of distributions for the three and nine months ended September 30 are presented in the following table:

	Three months ended September 30				Nine months ended September 30
(MILLIONS)	2025		2024		2025		2024
Brookfield Holders	$	28	$	27	$	84	$	80
External LP unitholders	78		74		236		225
	$	106	$	101	$	320	$	305

In January 2025, distributions to unitholders were increased to $1.492 per LP unit on an annualized basis, an increase of $0.07 per LP unit, which took effect on the distribution paid in March 2025.

Distributions paid during the three and nine months ended September 30, 2025 totaled $109 million and $316 million, respectively (2024: $100 million and $299 million, respectively).

GOODWILL

The following table provides a reconciliation of goodwill for the nine months ended September 30, 2025:

(MILLIONS)	Total
Balance, as at December 31, 2024	$	5,434
Acquisitions through business combinations	73
Transfer to assets held for sale	(115)
Change in basis of accounting(1)	(206)
Foreign exchange and other	681
Balance, as at September 30, 2025	$	5,867

(1)Includes the derecognition of renewable operating and development platform in India. Refer to Note 3 - Disposal of assets for more details.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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EQUITY-ACCOUNTED INVESTMENTS

The following table outlines the changes in Brookfield Renewable’s equity-accounted investments for the nine months ended September 30, 2025:

(MILLIONS)	Total
Balance, as at December 31, 2024	$	2,740
Acquisitions through business combinations	929
Investments	213
Disposals	(125)
Share of net loss	(83)
Share of other comprehensive income	32
Dividends received	(100)
Change in basis of accounting(1)(2)	691
Transfer to assets held for sale	(67)
Foreign exchange translation and other	34
Balance as at September 30, 2025	$	4,264

(1)Includes the recognition of an 845 MW wind portfolio in the U.S. Refer to Note 3 - Disposal of assets for more details.

(2)Includes the recognition of a renewable operating and development platform in India. Refer to Note 3 - Disposal of assets for more details.

On August 6, 2025, Isagen S.A. E.S.P. invested COP544 billion ($135 million) (COP125 billion ($30 million) net to Brookfield Renewable) into a utility-scale solar asset through a strategic partnership formed with a renewable energy operator and developer in South America. Brookfield Renewable, together with its institutional partners holds an interest of approximately 50% in the project (11% net to Brookfield Renewable).

The following table presents the ownership interests and carrying values of Brookfield Renewable’s investments in associates and joint ventures, all of which are accounted for using the equity method:

	Ownership Interest		Carrying Value
	September 30, 2025	December 31, 2024	September 30, 2025		December 31, 2024
Hydroelectric	22%-50%	22%-50%	$	358	$	349
Wind	25%-50%	25%-50%	894		476
Utility-scale solar	25%-65%	25%-65%	1,421		320
Distributed energy & storage	42%-67%	50%-67%	613		680
Sustainable solutions	4%-67%	4%-67%	978		915
			$	4,264	$	2,740

CASH AND CASH EQUIVALENTS

Brookfield Renewable’s cash and cash equivalents are as follows:

(MILLIONS)	September 30, 2025		December 31, 2024
Cash	$	1,480	$	2,682
Short-term deposits	351		146
Cash subject to restriction	104		307
	$	1,935	$	3,135	Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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		Page 85

RESTRICTED CASH

Brookfield Renewable’s restricted cash is as follows:

(MILLIONS)	September 30, 2025		December 31, 2024
Operations	$	171	$	284
Credit obligations	133		157
Capital expenditures and development projects	9		22
Total	313		463
Less: non-current	(157)		(177)
Current	$	156	$	286

TRADE RECEIVABLES AND OTHER CURRENT ASSETS

Brookfield Renewable's trade receivables and other current assets are as follows:

(MILLIONS)	September 30, 2025		December 31, 2024
Trade receivables	$	911	$	808
Prepaids and other	269		174
Sales taxes receivables	213		193
Inventory	120		154
Tax receivables	139		91
Short-term deposits and advances	207		200
Collateral deposits(1)	102		197
Current portion of contract asset	72		65
Other short-term receivables	313		242
	$	2,346	$	2,124

(1)Collateral deposits are related to energy derivative contracts that Brookfield Renewable enters into in order to mitigate the exposure to wholesale market electricity prices on the future sale of uncontracted generation, as part of Brookfield Renewable's risk management strategy.

Brookfield Renewable primarily receives monthly payments for invoiced power purchase agreement revenues and has no significant aged receivables as of the reporting date. Receivables from contracts with customers are reflected in Trade receivables.

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Brookfield Renewable's accounts payable and accrued liabilities are as follows:

(MILLIONS)	September 30, 2025		December 31, 2024
Accounts payable	$	934	$	787
Operating accrued liabilities	504		733
Interest payable on borrowings	333		264
Income tax payable	78		28
LP Unitholders distributions, preferred limited partnership unit distributions, preferred<br><br>dividends payable, perpetual subordinate notes distributions and exchange shares dividends(1)	62		60
Current portion of contract liability	60		47
Current portion of lease liabilities	50		49
Other	166		136
	$	2,187	$	2,104

(1)Includes amounts payable only to external LP unitholders and BEPC exchangeable shareholders. Amounts payable to Brookfield Holders are included in due to related parties.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
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COMMITMENTS, CONTINGENCIES AND GUARANTEES

Commitments

In the course of its operations, Brookfield Renewable and its subsidiaries have entered into agreements for the use of water, land and dams. Payment under those agreements varies with the amount of power generated. The various agreements can be renewed and are extendable up to 2089.

In the normal course of business, Brookfield Renewable will enter into capital expenditure commitments which primarily relate to contracted project costs for various growth initiatives. As at September 30, 2025, Brookfield Renewable had $4,685 million (2024: $2,923 million) of capital expenditure commitments outstanding of which $1,863 million is payable in 2025, $2,170 million is payable in 2026, $638 million is payable in 2027 to 2029, and $14 million thereafter.

The following table lists the assets and portfolio of assets that Brookfield Renewable, together with institutional partners have agreed to acquire which are subject to customary closing conditions as at September 30, 2025:

Region	Technology	Capacity	Consideration	Brookfield Renewable<br>Economic Interest	Expected Close
South Korea	Utility-scale solar	244 MW development	KRW70 billion<br><br>($50 million)	25%	Q1 2032
South Korea	Utility-scale solar	39 MW operating	KRW32 billion<br><br>($23 million)	25%	Q3 2025
China	Wind	50 MW development	CNY58 million ($8 million)	20%	Q3 2025
China	Wind	201 MW development	CNY533 million ($74 million)	20%	Q3 2025
Brazil	Distributed energy & storage	812 MW development 30 MW operating	R$118 million ($22 million)	20%	2025 - 2026
Colombia	Various	3.1 GW operating	up to $1 billion	15%	Q4 2025
Spain	Distributed energy & storage	206 MW operating	€116 million ($136 million)	20%	Q1 2026

An integral part of Brookfield Renewable’s strategy is to participate with institutional partners in Brookfield-sponsored private equity funds that target acquisitions that suit Brookfield Renewable’s profile. In the normal course of business, Brookfield Renewable has made commitments to Brookfield-sponsored private equity funds to participate in these target acquisitions in the future, if and when identified. 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.

Contingencies

Brookfield Renewable and its subsidiaries are subject to various legal proceedings, arbitrations and actions arising in the normal course of business. While the final outcome of such legal proceedings and actions cannot be predicted with certainty, it is the opinion of management that the resolution of such proceedings and actions will not have a material impact on Brookfield Renewable’s consolidated financial position or results of operations.

Brookfield Renewable, on behalf of Brookfield Renewable’s subsidiaries, and the subsidiaries themselves have provided letters of credit, which include, but are not limited to, guarantees for debt service reserves, capital reserves, construction completion and performance. The activity on the issued letters of credit by Brookfield Renewable can be found in Note 9 – Borrowings.

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Brookfield Renewable, along with institutional partners, has provided letters of credit, which include, but are not limited to, guarantees for debt service reserves, capital reserves, construction completion and performance as it relates to interests in the Brookfield Americas Infrastructure Fund, the Brookfield Infrastructure Fund II, Brookfield Infrastructure Fund III, Brookfield Infrastructure Fund IV, Brookfield Infrastructure Fund V, Brookfield Global Transition Fund I, Brookfield Global Transition Fund II and The Catalytic Transition Fund. Brookfield Renewable’s subsidiaries have similarly provided letters of credit, which include, but are not limited to, guarantees for debt service reserves, capital reserves, construction completion and performance.

Letters of credit issued by Brookfield Renewable along with institutional partners and its subsidiaries were as at the following dates:

(MILLIONS)	September 30, 2025		December 31, 2024
Brookfield Renewable along with institutional partners	$	183	$	74
Brookfield Renewable's subsidiaries	3,570		2,718
	$	3,753	$	2,792

Guarantees

In the normal course of operations, Brookfield Renewable and its subsidiaries execute agreements that provide for indemnification and guarantees to third-parties and Brookfield Corporation, of transactions such as business dispositions, capital project purchases, business acquisitions, power marketing activities such as purchase and sale agreements, swap agreements, credit facilities of certain Brookfield private funds and that are also secured by committed capital of our third-party institutional partners, and sales and purchases of assets and services. Brookfield Renewable has also agreed to indemnify its directors and certain of its officers and employees. The nature of substantially all of the indemnification undertakings prevents Brookfield Renewable from making a reasonable estimate of the maximum potential amount that Brookfield Renewable could be required to pay third parties as the agreements do not always specify a maximum amount and the amounts are dependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time. Historically, neither Brookfield Renewable nor its subsidiaries have made material payments under such indemnification agreements.

20. RELATED PARTY TRANSACTIONS

Brookfield Renewable’s related party transactions are recorded at the exchange amount and are primarily with Brookfield and its related parties.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 88

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 89

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

	Three months ended September 30				Nine months ended September 30
(MILLIONS)	2025		2024		2025		2024
Revenues
Power purchase and revenue agreements	$	(15)	$	4	$	9	$	12
Development services	9		—		23		—
	$	(6)	$	4	$	32	$	12
Other income
Distribution income	$	15	$	—	$	44	$	3
Interest and other investment income	14		—		19		—
	$	29	$	—	$	63	$	3
Direct operating costs
Other related party services	$	(12)	$	(4)	$	(19)	$	(9)
Interest expense
Borrowings	$	(48)	$	(22)	$	(160)	$	(49)
Contract balance accretion	(5)		(4)		(24)		(21)
	$	(53)	$	(26)	$	(184)	$	(70)
Other
Other related party services expense	$	(5)	$	(3)	$	(7)	$	(1)
Financial instrument gain	2		1		8		3
	$	(3)	$	(2)	$	1	$	2
Management service costs	$	(57)	$	(59)	$	(162)	$	(157)
Current income tax
Investment tax credits	$	—	$	—	$	19	$	—
Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
---	---	---
		Page 90

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

(MILLIONS)	Related party	September 30, 2025		December 31, 2024
Current assets
Trade receivables and other current assets
Contract asset	Brookfield	$	72	$	65
Due from related parties
Amounts due from	Brookfield(1)	$	386	$	573
	Equity-accounted investments and other(2)	663		300
		$	1,049	$	873
Assets held for sale	Equity-accounted investments and other	$	14	$	125
Financial instrument assets	Brookfield	$	—	$	38
Non-current assets
Financial instrument assets	Equity-accounted investments and other	71		—
Other long-term assets
Contract asset	Brookfield	$	220	$	250
Due from related parties	Equity-accounted investments and other	12		8
Current liabilities
Contract liability	Brookfield	$	60	$	47
Financial instrument liabilities	Brookfield	3		—
Due to related parties
Amounts due to	Brookfield(3)	$	4,896	$	4,005
	Equity-accounted investments and other	1,770		684
	Brookfield Wealth Solutions	123		123
Accrued distributions payable on LP units, BEPC exchangeable shares, class A.2 exchangeable shares, Redeemable/Exchangeable partnership units and GP interest	Brookfield	45		43
		$	6,834	$	4,855
Liabilities held for sale	Equity-accounted investments and other	$	32	$	31
Non-current liabilities
Financial instrument liabilities	Brookfield	$	9	$	13
	Brookfield Wealth Solutions	20		1
Due to related parties
Amounts due to	Brookfield(3)	$	779	$	309
	Brookfield Wealth Solutions	224		225
	Equity-accounted investments and other	50		58
		$	1,053	$	592
Corporate borrowings	Brookfield Wealth Solutions	$	7	$	7
Non-recourse borrowings	Brookfield Wealth Solutions	$	67	$	65
Other long-term liabilities
Contract liability	Brookfield	$	678	$	686
Equity
Preferred limited partners equity	Brookfield Wealth Solutions	$	11	$	10

(1)Includes receivables of $268 million (2024: $376 million) associated with the Brookfield Global Transition Fund credit facility.

(2)Includes $507 million assumed on acquisition of a fully integrated developer and operator of renewable power assets in the United States. Refer to Note 2 - Acquisitions for more details. As at September 30, 2025, $443 million (2024: nil) was outstanding.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 91

SUBSIDIARY PUBLIC ISSUERS

The following tables provide consolidated summary financial information for Brookfield Renewable, BRP Equity, and Canadian Finco:

(MILLIONS)	Brookfield<br><br>Renewable(1)		BRP<br>Equity		Canadian Finco		Subsidiary Credit Supporters(2)		Other<br><br>Subsidiaries(1)(3)		Consolidating<br><br>adjustments(4)		Brookfield<br>Renewable<br>consolidated
As at September 30, 2025
Current assets	$	—	$	381	$	3,533	$	1,389	$	11,993	$	(5,297)	$	11,999
Long-term assets	3,843		234		1		39,657		86,193		(43,624)		86,304
Current liabilities	77		9		59		9,064		19,693		(8,289)		20,613
Long-term liabilities	—		—		3,446		48		41,352		—		44,846
Participating non-controlling interests – in operating subsidiaries	—		—		—		—		23,616		—		23,616
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	—		—		—		2,145		—		—		2,145
BEPC exchangeable shares and class A.2 exchangeable shares	—		—		—		—		1,981		—		1,981
Preferred equity	—		555		—		—		—		—		555
Perpetual subordinated notes	—		—		—		737		—		—		737
Preferred limited partners' equity	634		—		—		639		—		(639)		634
As at December 31, 2024
Current assets	$	41	$	369	$	3,193	$	429	$	8,836	$	(4,033)	$	8,835
Long-term assets	4,282		227		1		41,568		85,893		(45,997)		85,974
Current liabilities	80		8		322		7,257		13,619		(6,721)		14,565
Long-term liabilities	—		—		2,853		352		40,583		—		43,788
Participating non-controlling interests – in operating subsidiaries	—		—		—		—		26,168		—		26,168
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	—		—		—		2,457		—		—		2,457
BEPC exchangeable shares and class A.2 exchangeable shares	—		—		—		—		2,269		—		2,269
Preferred equity	—		537		—		—		—		—		537
Perpetual subordinated notes	—		—		—		737		—		—		737
Preferred limited partners' equity	634		—		—		639		—		(639)		634

(1)Includes investments in subsidiaries under the equity method.

(2)Includes BRELP, BRP Bermuda Holdings I Limited, Brookfield BRP Holdings (Canada) Inc., Brookfield BRP Europe Holdings Limited, Brookfield Renewable Investments Limited and BEP Subco Inc., collectively the "Subsidiary Credit Supporters".

(3)Includes subsidiaries of Brookfield Renewable, other than BRP Equity, Canadian Finco and the Subsidiary Credit Supporters.

(4)Includes elimination of intercompany transactions and balances necessary to present Brookfield Renewable on a consolidated basis.

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 92
(MILLIONS)	Brookfield<br><br>Renewable(1)		BRP<br>Equity		Canadian Finco		Subsidiary Credit Supporters(2)		Other<br><br>Subsidiaries(1)(3)		Consolidating<br><br>adjustments(4)		Brookfield<br>Renewable<br>consolidated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Three months ended September 30, 2025
Revenues	$	—	$	—	$	—	$	—	$	1,596	$	—	$	1,596
Net (loss) income	(57)		—		—		(505)		287		317		42
Three months ended September 30, 2024
Revenues	$	—	$	—	$	—	$	—	$	1,470	$	—	$	1,470
Net (loss) income	(83)		—		1		(603)		257		389		(39)
Nine months ended September 30, 2025
Revenues	$	—	$	—	$	—	$	—	$	4,868	$	—	$	4,868
Net (loss) income	(204)		—		5		(1,729)		840		1,122		34
Nine months ended September 30, 2024
Revenues	$	—	$	—	$	—	$	—	$	4,444	$	—	$	4,444
Net (loss) income	(209)		—		1		(1,489)		656		844		(197)

(1)Includes investments in subsidiaries under the equity method.

(2)Includes BRELP, BRP Bermuda Holdings I Limited, Brookfield BRP Holdings (Canada) Inc., Brookfield BRP Europe Holdings Limited, Brookfield Renewable Investments and BEP Subco Inc., collectively the “Subsidiary Credit Supporters”.

(3)Includes subsidiaries of Brookfield Renewable, other than BRP Equity, Canadian Finco, and the Subsidiary Credit Supporters.

(4)Includes elimination of intercompany transactions and balances necessary to present Brookfield Renewable on a consolidated basis.

See Note 9 – Borrowings for additional details regarding the medium-term borrowings issued by Canadian Finco. See Note 10 – Non-controlling interests for additional details regarding Class A Preference Shares issued by BRP Equity.

SUBSEQUENT EVENTS

Brookfield Renewable Partners L.P.	Interim Report	September 30, 2025
		Page 93
GENERAL INFORMATION
---	---
Corporate Office<br><br>73 Front Street<br><br>5th Floor<br><br>Hamilton, HM12<br><br>Bermuda<br><br>Tel: (441) 294-3304<br><br>https://bep.brookfield.com<br><br>Officers of Brookfield Renewable Partners L.P.'s Service Provider,<br><br>Brookfield Canada Renewable Manager LP<br><br>Connor Teskey<br><br>Chief Executive Officer<br><br>Patrick Taylor<br><br>Chief Financial Officer<br><br>Transfer Agent & Registrar<br><br>Computershare Trust Company of Canada<br><br>100 University Avenue<br><br>8th floor<br><br>Toronto, Ontario, M5J 2Y1<br><br>Tel Toll Free: (800) 564-6253<br><br>Fax Toll Free: (888) 453-0330<br><br>www.computershare.com	Directors of the General Partner of<br><br>Brookfield Renewable Partners L.P.<br><br>Jeffrey Blidner<br><br>Dr. Sarah Deasley<br><br>Nancy Dorn<br><br>Lou Maroun<br><br>Stephen Westwell<br><br>Patricia Zuccotti<br><br><br><br>Exchange Listing<br><br>NYSE: BEP (LP units)<br><br>TSX: BEP.UN (LP units)<br><br>NYSE: BEPC (exchangeable shares)<br><br>TSX: BEPC (exchangeable shares)<br><br>TSX: BEP.PR.G (Preferred LP Units - Series 7)<br><br>TSX: BEP.PR.M (Preferred LP Units - Series 13)<br><br>NYSE: BEP.PR.A (Preferred LP Units - Series 17)<br><br>TSX: BEP.PR.R (Preferred LP Units - Series 18)<br><br>TSX: BRF.PR.A (Preferred shares - Series 1)<br><br>TSX: BRF.PR.B (Preferred shares - Series 2)<br><br>TSX: BRF.PR.C (Preferred shares - Series 3)<br><br>TSX: BRF.PR.E (Preferred shares - Series 5)<br><br>TSX: BRF.PR.F (Preferred shares - Series 6)<br><br>NYSE: BEPH (Perpetual subordinated notes)<br><br>NYSE: BEPI (Perpetual subordinated notes)<br><br>NYSE: BEPJ (Perpetual subordinated notes)<br><br>Investor Information<br><br>Visit Brookfield Renewable online at<br><br>https://bep.brookfield.com for more information. The 2024 Annual Report and Form 20-F are also available online. For detailed and up-to-date news and information, please visit the News Release section.<br><br>Additional financial information is filed electronically with various securities regulators in United States and Canada through EDGAR at www.sec.gov and through SEDAR+ at www.sedarplus.ca.<br><br>Shareholder enquiries should be directed to the Investor Relations Department at (416) 649-8172 or<br><br>enquiries@brookfieldrenewable.com

Document

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

UNAUDITED<br><br>(MILLIONS)	Notes	September 30, 2025		December 31, 2024
Assets
Current assets
Cash and cash equivalents	15	$	1,935	$	3,135
Restricted cash	16	156		286
Trade receivables and other current assets	17	2,346		2,124
Financial instrument assets	5	244		368
Due from related parties	20	1,049		873
Assets held for sale	4	6,269		2,049
		11,999		8,835
Financial instrument assets	5	3,062		3,054
Equity-accounted investments	14	4,264		2,740
Property, plant and equipment, at fair value	8	71,551		73,475
Goodwill	13	5,867		5,434
Deferred income tax assets		482		330
Other long-term assets		1,078		941
Total Assets		$	98,303	$	94,809
Liabilities
Current liabilities
Accounts payable and accrued liabilities	18	$	2,187	$	2,104
Financial instrument liabilities	5	972		636
Due to related parties	20	6,834		4,855
Corporate borrowings	9	627		709
Non-recourse borrowings	9	6,121		5,005
Provisions		94		220
Liabilities directly associated with assets held for sale	4	3,778		1,036
		20,613		14,565
Financial instrument liabilities	5	2,767		2,790
Corporate borrowings	9	3,443		3,093
Non-recourse borrowings	9	25,734		25,583
Deferred income tax liabilities		8,803		8,439
Provisions		1,053		1,215
Due to related parties	20	1,053		592
Other long-term liabilities		1,993		2,076
Equity
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries	10	23,616		26,168
General partnership interest in a holding subsidiary held by Brookfield	10	44		50
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	10	2,145		2,457
BEPC exchangeable shares and class A.2 exchangeable shares	10	1,981		2,269
Preferred equity	10	555		537
Perpetual subordinated notes	10	737		737
Preferred limited partners' equity	11	634		634
Limited partners' equity	12	3,132		3,604
Total Equity		32,844		36,456
Total Liabilities and Equity		$	98,303	$	94,809

The accompanying notes are an integral part of these interim consolidated financial statements.

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 2

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

UNAUDITED<br><br>(MILLIONS, EXCEPT PER UNIT INFORMATION)				Three months ended September 30						Nine months ended September 30
	Notes		2025			2024			2025			2024
Revenues		20		$	1,596		$	1,470		$	4,868		$	4,444
Other income				319			155			551			251
Direct operating costs(1)				(721)			(623)			(2,095)			(1,875)
Management service costs		20		(57)			(59)			(162)			(157)
Interest expense		9		(586)			(514)			(1,819)			(1,479)
Share of loss from equity-accounted investments		14		(10)			(12)			(83)			(70)
Foreign exchange and financial instruments gain		5		66			186			570			422
Depreciation		8		(611)			(514)			(1,803)			(1,533)
Other				(20)			(137)			(342)			(176)
Income tax recovery (expense)
Current		7		—			38			57			(6)
Deferred		7		66			(29)			292			(18)
				66			9			349			(24)
Net income (loss)				$	42		$	(39)		$	34		$	(197)
Net income (loss) attributable to:
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries		10		$	135		$	116		$	385		$	182
General partnership interest in a holding subsidiary held by Brookfield		10		35			30			105			93
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield		10		(46)			(62)			(158)			(161)
BEPC exchangeable shares and class A.2 exchangeable shares		10		(43)			(57)			(146)			(149)
Preferred equity		10		8			7			22			20
Perpetual subordinated notes		10		10			10			30			27
Preferred limited partners' equity		11		9			9			26			29
Limited partners' equity		12		(66)			(92)			(230)			(238)
				$	42		$	(39)		$	34		$	(197)
Basic and diluted loss per LP unit				$	(0.23)		$	(0.32)		$	(0.81)		$	(0.83)

(1)Direct operating costs exclude depreciation expense disclosed below.

The accompanying notes are an integral part of these interim consolidated financial statements.

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 3

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

UNAUDITED<br><br>(MILLIONS)				Three months ended September 30						Nine months ended September 30
	Notes		2025			2024			2025			2024
Net income (loss)				$	42		$	(39)		$	34		$	(197)
Other comprehensive income (loss) that will not be reclassified to net income (loss)
Revaluations of property, plant and equipment		8		(20)			—			89			(121)
Actuarial gains on defined benefit plans				7			3			10			7
Deferred income tax recovery (expense) on above items				34			1			(85)			(2)
Unrealized (loss) gain on investments in equity securities		5		—			(5)			1			(6)
Equity-accounted investments		14		(1)			6			11			9
Total items that will not be reclassified to net income (loss)				20			5			26			(113)
Other comprehensive income (loss) that may be reclassified to net income
Foreign currency translation				280			132			1,441			(806)
(Losses) gains arising during the period on financial instruments designated as cash-flow hedges		5		(203)			173			(180)			(89)
Unrealized (loss) gain on foreign exchange swaps – net investment hedge		5		(94)			(101)			(564)			45
Reclassification adjustments for amounts recognized in net income (loss)		5		77			(49)			79			(111)
Deferred income tax recovery on above items				11			6			29			37
Equity-accounted investments		14		(17)			65			21			44
Total items that may be reclassified subsequently to net income (loss)				54			226			826			(880)
Other comprehensive income (loss)				74			231			852			(993)
Comprehensive income (loss)				$	116		$	192		$	886		$	(1,190)
Comprehensive income (loss) attributable to:
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries		10		$	293		$	298		$	971		$	(462)
General partnership interest in a holding subsidiary held by Brookfield		10		34			30			106			91
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield		10		(67)			(50)			(85)			(260)
BEPC exchangeable shares and class A.2 exchangeable shares		10		(62)			(45)			(79)			(240)
Preferred equity		10		(5)			13			40			8
Perpetual subordinated notes		10		10			10			30			27
Preferred limited partners' equity		11		9			9			26			29
Limited partners' equity		12		(96)			(73)			(123)			(383)
				$	116		$	192		$	886		$	(1,190)

The accompanying notes are an integral part of these interim consolidated financial statements.

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 4

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

			Accumulated other comprehensive income														Non-controlling interests
UNAUDITED<br><br>THREE MONTHS ENDED<br><br>SEPTEMBER 30<br><br>(MILLIONS)	Limited<br>partners'<br>equity		Foreign<br>currency<br>translation		Revaluation<br>surplus		Actuarial losses on defined benefit plans		Cash flow<br>hedges		Investments in equity securities		Total<br>limited<br>partners'<br>equity		Preferred<br>limited<br>partners'<br>equity		Preferred<br>equity		Perpetual subordinated notes		BEPC exchangeable shares and class A.2 exchangeable shares		Participating non-controlling interests – in operating subsidiaries		General partnership interest in a holding subsidiary held by Brookfield		Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield		Total<br>equity
Balance, as at June 30, 2025	$	(3,119)	$	(777)	$	7,230	$	4	$	(10)	$	—	$	3,328	$	634	$	568	$	737	$	2,106	$	23,627	$	47	$	2,280	$	33,327
Net (loss) income	(66)		—		—		—		—		—		(66)		9		8		10		(43)		135		35		(46)		42
Other comprehensive income (loss)	—		15		(27)		1		(19)		—		(30)		—		(13)		—		(19)		158		(1)		(21)		74
Capital contributions	—		—		—		—		—		—		—		—		—		—		—		325		—		—		325
Return of capital	—		—		—		—		—		—		—		—		—		—		—		(93)		—		—		(93)
Disposal (Note 3)	5		—		(5)		—		—		—		—		—		—		—		—		(408)		—		—		(408)
Distributions or dividends declared	(106)		—		—		—		—		—		(106)		(9)		(8)		(10)		(67)		(198)		(37)		(73)		(508)
Distribution reinvestment plan	2		—		—		—		—		—		2		—		—		—		—		—		—		—		2
Other	—		1		3		—		—		—		4		—		—		—		4		70		—		5		83
Change in period	(165)		16		(29)		1		(19)		—		(196)		—		(13)		—		(125)		(11)		(3)		(135)		(483)
Balance, as at September 30, 2025	$	(3,284)	$	(761)	$	7,201	$	5	$	(29)	$	—	$	3,132	$	634	$	555	$	737	$	1,981	$	23,616	$	44	$	2,145	$	32,844
Balance, as at June 30, 2024	$	(2,487)	$	(813)	$	6,704	$	2	$	8	$	1	$	3,415	$	634	$	565	$	738	$	2,152	$	18,099	$	48	$	2,330	$	27,981
Net (loss) income	(92)		—		—		—		—		—		(92)		9		7		10		(57)		116		30		(62)		(39)
Other comprehensive income (loss)	—		22		1		2		(4)		(2)		19		—		6		—		12		182		—		12		231
Capital contributions	—		—		—		—		—		—		—		—		—		—		—		313		—		—		313
Return of capital	—		—		—		—		—		—		—		—		—		—		—		(54)		—		—		(54)
Disposal	—		—		—		—		—		—		—		—		—		—		—		(39)		—		—		(39)
Distributions or dividends declared	(101)		—		—		—		—		—		(101)		(9)		(7)		(10)		(64)		(143)		(33)		(69)		(436)
Distribution reinvestment plan	2		—		—		—		—		—		2		—		—		—		—		—		—		—		2
Other	(2)		—		—		(1)		1		—		(2)		—		—		—		(1)		(3)		—		—		(6)
Change in period	(193)		22		1		1		(3)		(2)		(174)		—		6		—		(110)		372		(3)		(119)		(28)
Balance, as at September 30, 2024	$	(2,680)	$	(791)	$	6,705	$	3	$	5	$	(1)	$	3,241	$	634	$	571	$	738	$	2,042	$	18,471	$	45	$	2,211	$	27,953

The accompanying notes are an integral part of these interim consolidated financial statements.

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 5

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

			Accumulated other comprehensive income														Non-controlling interests
UNAUDITED<br><br>NINE MONTHS ENDED<br><br>SEPTEMBER 30<br><br>(MILLIONS)	Limited<br>partners'<br>equity		Foreign<br>currency<br>translation		Revaluation<br>surplus		Actuarial losses on defined benefit plans		Cash flow<br>hedges		Investments in equity securities		Total<br>limited<br>partners'<br>equity		Preferred<br>limited<br>partners'<br>equity		Preferred<br>equity		Perpetual subordinated notes		BEPC exchangeable shares and class A.2 exchangeable shares		Participating non-controlling interests – in operating subsidiaries		General partnership interest in a holding subsidiary held by Brookfield		Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield		Total<br>equity
Balance, as at December 31, 2024	$	(2,774)	$	(859)	$	7,237	$	4	$	(4)	$	—	$	3,604	$	634	$	537	$	737	$	2,269	$	26,168	$	50	$	2,457	$	36,456
Net (loss) income	(230)		—		—		—		—		—		(230)		26		22		30		(146)		385		105		(158)		34
Other comprehensive income (loss)	—		94		36		2		(26)		1		107		—		18		—		67		586		1		73		852
Equity repurchased for cancellation (Note 12)	(34)		—		—		—		—		—		(34)		—		—		—		—		—		—		—		(34)
Capital contributions	—		—		—		—		—		—		—		—		—		—		—		2,154		—		—		2,154
Return of capital	—		—		—		—		—		—		—		—		—		—		—		(555)		—		—		(555)
Acquisition	—		—		—		—		—		—		—		—		—		—		—		(3,166)		—		—		(3,166)
Disposals (Note 3)	55		—		(55)		—		—		—		—		—		—		—		—		(1,002)		—		—		(1,002)
Distributions or dividends declared	(320)		—		—		—		—		—		(320)		(26)		(22)		(30)		(202)		(958)		(113)		(220)		(1,891)
Distribution reinvestment plan	5		—		—		—		—		—		5		—		—		—		—		—		—		—		5
Other	14		4		(17)		(1)		1		(1)		—		—		—		—		(7)		4		1		(7)		(9)
Change in period	(510)		98		(36)		1		(25)		—		(472)		—		18		—		(288)		(2,552)		(6)		(312)		(3,612)
Balance, as at September 30, 2025	$	(3,284)	$	(761)	$	7,201	$	5	$	(29)	$	—	$	3,132	$	634	$	555	$	737	$	1,981	$	23,616	$	44	$	2,145	$	32,844
Balance, as at December 31, 2023	$	(2,118)	$	(701)	$	6,743	$	2	$	36	$	1	$	3,963	$	760	$	583	$	592	$	2,479	$	18,863	$	55	$	2,684	$	29,979
Net (loss) income	(238)		—		—		—		—		—		(238)		29		20		27		(149)		182		93		(161)		(197)
Other comprehensive (loss) income	—		(93)		(21)		2		(31)		(2)		(145)		—		(12)		—		(91)		(644)		(2)		(99)		(993)
Equity issuance	—		—		—		—		—		—		—		—		—		146		—		—		—		—		146
Equity repurchased for cancellation	(52)		—		—		—		—		—		(52)		—		—		—		—		—		—		—		(52)
Capital contributions	—		—		—		—		—		—		—		—		—		—		—		824		—		—		824
Return of capital	—		—		—		—		—		—		—		—		—		—		—		(221)		—		—		(221)
Redemption of Preferred LP Units	—		—		—		—		—		—		—		(131)		—		—		—		—		—		—		(131)
Disposal	3		—		(3)		—		—		—		—		—		—		—		—		(76)		—		—		(76)
Distributions or dividends declared	(305)		—		—		—		—		—		(305)		(29)		(20)		(27)		(193)		(494)		(100)		(208)		(1,376)
Distribution reinvestment plan	6		—		—		—		—		—		6		—		—		—		—		—		—		—		6
Other	24		3		(14)		(1)		—		—		12		5		—		—		(4)		37		(1)		(5)		44
Change in period	(562)		(90)		(38)		1		(31)		(2)		(722)		(126)		(12)		146		(437)		(392)		(10)		(473)		(2,026)
Balance, as at September 30, 2024	$	(2,680)	$	(791)	$	6,705	$	3	$	5	$	(1)	$	3,241	$	634	$	571	$	738	$	2,042	$	18,471	$	45	$	2,211	$	27,953

The accompanying notes are an integral part of these interim consolidated financial statements.

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 6

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

UNAUDITED		Three months ended September 30				Nine months ended September 30
(MILLIONS)	Notes	2025		2024		2025		2024
Operating activities
Net income (loss)		$	42	$	(39)	$	34	$	(197)
Adjustments for the following non-cash items:
Depreciation	8	611		514		1,803		1,533
Unrealized foreign exchange and financial instruments gain	5	(89)		(211)		(578)		(450)
Share of loss from equity-accounted investments	14	10		12		83		70
Deferred income tax (recovery) expense	7	(66)		29		(292)		18
Other non-cash items		(134)		70		41		163
Dividends received from equity-accounted investments	14	36		4		100		12
		410		379		1,191		1,149
Changes in due to or from related parties	20	40		14		226		98
Net change in working capital balances		(64)		105		(265)		(194)
		386		498		1,152		1,053
Financing activities
Proceeds from medium term notes	9	—		289		307		586
Proceeds from hybrid notes	9	—		—		184		—
Repayment of medium term notes	9	—		—		(291)		—
Corporate credit facilities, net	9	(169)		(200)		(240)		100
Commercial paper, net	9	(238)		137		197		693
Proceeds from non-recourse borrowings	9,20	3,531		2,226		10,658		6,265
Repayment of non-recourse borrowings	9,20	(1,432)		(1,791)		(6,698)		(5,996)
Capital contributions from participating non-controlling interests – in operating subsidiaries	10	55		292		1,884		784
Capital repaid to participating non-controlling interests – in operating subsidiaries	10	(93)		(56)		(555)		(259)
Issuance of equity instruments and related costs	10,12	—		—		—		146
Redemption and repurchase of equity instruments	11,12	—		—		(34)		(183)
Distributions paid:
To participating non-controlling interests – in operating subsidiaries, preferred shareholders, preferred limited partners unitholders, and perpetual subordinate notes	10,11	(221)		(169)		(1,032)		(570)
To unitholders of Brookfield Renewable or BRELP and shareholders of Brookfield Renewable Corporation	10,12	(287)		(267)		(851)		(798)
Inflows from related parties	20	(217)		226		5,253		1,575
Outflows to related parties	20	(22)		(115)		(3,127)		(442)
		907		572		5,655		1,901
Investing activities
Acquisitions, net of cash and cash equivalents, in acquired entity	2	—		(98)		(4,429)		(109)
Investment in property, plant and equipment	8	(1,755)		(918)		(4,779)		(2,578)
Investment in equity-accounted investments	14	(90)		(27)		(146)		(99)
Proceeds from disposal of assets, net of cash and cash equivalents disposed	3	783		66		1,313		256
Purchases of financial assets	5	(70)		(63)		(167)		(322)
Proceeds from financial assets	5	1		88		347		181
Restricted cash and other		(51)		(58)		(178)		(68)
		(1,182)		(1,010)		(8,039)		(2,739)
Cash and cash equivalents
Increase (decrease)		111		60		(1,232)		215
Foreign exchange gain (loss) on cash		—		16		121		(28)
Net change in cash classified within assets held for sale		(83)		(46)		(89)		(62)
Balance, beginning of period		1,907		1,236		3,135		1,141
Balance, end of period		$	1,935	$	1,266	$	1,935	$	1,266
Supplemental cash flow information:
Interest paid		$	500	$	459	$	1,664	$	1,403
Interest received		$	16	$	29	$	69	$	82
Income taxes paid (recovered)		$	32	$	(1)	$	95	$	69

The accompanying notes are an integral part of these interim consolidated financial statements.

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 7

BROOKFIELD RENEWABLE PARTNERS L.P.

NOTES TO THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Brookfield Renewable’s consolidated equity interests include the non-voting publicly traded limited partnership units (“LP units”) held by public unitholders and Brookfield Holders, class A exchangeable subordinate voting shares (“BEPC exchangeable shares”) of BEPC held by public shareholders and Brookfield Wealth Solutions, class A.2 exchangeable shares (“class A.2 exchangeable shares”) of Brookfield Renewable Holdings 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, and BEPC 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 registered office of Brookfield Renewable is 73 Front Street, Fifth Floor, Hamilton HM12, Bermuda.

Exchange. The perpetual subordinated notes are traded under the symbol “BEPH”, “BEPI”, and “BEPJ” on the New York Stock Exchange.

The BEPC exchangeable shares are traded under the symbol “BEPC” on the New York Stock Exchange and the Toronto Stock Exchange.

Notes to the consolidated financial statements		Page
1.	Basis of preparation and material accounting policy information	9
2.	Acquisitions	10
3.	Disposal of assets	11
4.	Assets held for sale	13
5.	Risk management and financial instruments	15
6.	Segmented information	18
7.	Income taxes	25
8.	Property, plant and equipment	26
9.	Borrowings	28
10.	Non-controlling interests	31
11.	Preferred limited partners' equity	35
12.	Limited partners' equity	35
13.	Goodwill	36
14.	Equity-accounted investments	37
15.	Cash and cash equivalents	37
16.	Restricted cash	38
17.	Trade receivables and other current assets	38
18.	Accounts payable and accrued liabilities	38
19.	Commitments, contingencies and guarantees	39
20.	Related party transactions	40
21.	Subsidiary public issuers	44
22.	Subsequent events	45
Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
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		Page 8

BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICY INFORMATION

(a) Statement of compliance

The interim consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting.

These consolidated financial statements have been authorized for issuance by the Board of Directors of Brookfield Renewable’s general partner, BRPL, on November 5, 2025.

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

All figures are presented in millions of U.S. dollars unless otherwise noted.

(b) Basis of preparation

(d) Future changes in accounting policies

IFRS 18 – Presentation and Disclosure in Financial Statements (“IFRS 18”)

Amendments to IFRS 9 - Financial Instruments (“IFRS 9”) and IFRS 7 - Financial Instruments: Disclosures (“IFRS 7”) - Classification and Measurement of Financial Instruments

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 9

Amendments to IFRS 9 - Financial Instruments (“IFRS 9”) and IFRS 7 - Financial Instruments: Disclosures (“IFRS 7”) - Contracts Referencing Nature-Dependent Electricity

There are currently no other future changes to IFRS Accounting Standards with a potential material impact on Brookfield Renewable.

ACQUISITIONS

Neoen

U.S. Renewables Portfolio

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 10

The preliminary purchase price allocation at fair value, as at September 30, 2025, with respect to the U.S. Renewables Portfolio is as follows:

(MILLIONS)	U.S. Renewables Portfolio(1)
Cash and cash equivalents	$	84
Trade receivables and other current assets	4
Property, plant and equipment, at fair value	502
Financial instrument assets(1)	112
Equity-accounted investments	929
Due from related parties	507
Other long-term assets	136
Accounts payable and accrued liabilities	(220)
Financial instrument liabilities(1)	(36)
Non-recourse borrowings(1)	(652)
Provisions	(19)
Other long-term liabilities	(2)
Fair value of net assets acquired	1,345
Goodwill	73
Total fair value of net assets acquired including goodwill	$	1,418

(1)Includes both current and long-term amounts.

Completed in 2024

India Wind Portfolio

South Korea Distributed Generation Portfolio

DISPOSAL OF ASSETS

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 11

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 12

ASSETS HELD FOR SALE

As at September 30, 2025, assets held for sale include the following:

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 and a 47% interest in a 2.3 GW distributed generation development platform in the United States for base proceeds of approximately $1.1 billion ($449 million net to Brookfield Renewable), subject to customary closing adjustments. As at September 30, 2025, these assets had post-tax accumulated revaluation surplus of $320 million ($116 million net to Brookfield Renewable) that would be reclassified to equity upon disposition.

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 13

The following is a summary of the major items of assets and liabilities classified as held for sale:

(MILLIONS)	September 30, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	89	$	48
Restricted cash	43		14
Trade receivables and other current assets	168		51
Financial instrument assets	49		37
Equity-accounted investments	67		421
Property, plant and equipment, at fair value	5,694		1,343
Goodwill	115		—
Deferred income tax assets	—		9
Other long-term assets	44		126
Assets held for sale	$	6,269	$	2,049
Liabilities
Current liabilities	$	143	$	57
Non-recourse borrowings	2,837		797
Financial instrument liabilities	99		3
Deferred income tax liabilities	192		131
Provisions	290		10
Other long-term liabilities	217		38
Liabilities directly associated with assets held for sale	$	3,778	$	1,036	Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
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		Page 14

RISK MANAGEMENT AND FINANCIAL INSTRUMENTS

RISK MANAGEMENT

There have been no other material changes in exposure to the risks Brookfield Renewable is exposed to since the December 31, 2024 audited consolidated financial statements.

Fair value disclosures

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

A fair value measurement of a non-financial asset is the consideration that would be received in an orderly transaction between market participants, considering the highest and best use of the asset.

Level 1 – inputs are based on unadjusted quoted prices in active markets for identical assets and liabilities;

Level 2 – inputs, other than quoted prices in Level 1, that are observable for the asset or liability, either directly or indirectly; and

Level 3 – inputs for the asset or liability that are not based on observable market data.

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 15

	September 30, 2025								December 31, 2024
(MILLIONS)	Level 1		Level 2		Level 3		Total		Total
Assets measured at fair value:
Cash and cash equivalents	$	1,935	$	—	$	—	$	1,935	$	3,135
Restricted cash(1)	313		—		—		313		463
Financial instrument assets(1)
IFRS 9 PPAs	—		—		316		316		170
Energy derivative contracts	—		81		—		81		71
Interest rate swaps	—		287		—		287		393
Foreign exchange swaps	—		38		—		38		189
Tax equity	—		—		85		85		94
Investments in debt and equity securities(2)	—		43		2,150		2,193		1,939
Property, plant and equipment	—		—		71,551		71,551		73,475
Liabilities measured at fair value:
Financial instrument liabilities(1)
IFRS 9 PPAs	—		(34)		(949)		(983)		(1,025)
Energy derivative contracts	—		(144)		—		(144)		(109)
Interest rate swaps	—		(195)		—		(195)		(109)
Foreign exchange swaps	—		(539)		—		(539)		(58)
Tax equity	—		—		(1,878)		(1,878)		(2,125)
Contingent consideration(1)(3)	—		—		(74)		(74)		(61)
Liabilities for which fair value is disclosed:
Corporate borrowings(1)	(3,469)		(627)		—		(4,096)		(3,801)
Non-recourse borrowings(1)(4)	(2,008)		(30,199)		—		(32,207)		(30,662)
Total	$	(3,229)	$	(31,289)	$	71,201	$	36,683	$	41,979

(1)Includes both the current amount and long-term amounts.

(2)Excludes $306 million (2024: $566 million) of investments in debt securities measured at amortized cost.

(3)Amount relates to business combinations and asset acquisitions completed between 2022 and 2025 with obligations lapsing from 2025 to 2027.

(4)During the year, $188 million (2024: nil) was transferred from Level 2 to Level 1.

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 16

Financial instruments disclosures

The aggregate amount of Brookfield Renewable's net financial instrument positions are as follows:

	September 30, 2025						December 31, 2024
(MILLIONS)	Assets		Liabilities		Net Assets<br>(Liabilities)		Net Assets<br>(Liabilities)
IFRS 9 PPAs	$	316	$	983	$	(667)	$	(855)
Energy derivative contracts	81		144		(63)		(38)
Interest rate swaps	287		195		92		284
Foreign exchange swaps	38		539		(501)		131
Investments in debt and equity securities	2,499		—		2,499		2,505
Tax equity	85		1,878		(1,793)		(2,031)
Total	3,306		3,739		(433)		(4)
Less: current portion	244		972		(728)		(268)
Long-term portion	$	3,062	$	2,767	$	295	$	264

(a) Energy derivative contracts and IFRS 9 PPAs

(b) Interest rate hedges

(d) Tax equity

Gains or losses on the tax equity liabilities are recognized within the foreign exchange and financial instruments gain (loss) in the consolidated statements of income (loss).

(e) Investments in debt and equity securities

Brookfield Renewable's investments in debt and equity securities are classified as FVPL, FVOCI and amortized cost.

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 17

	Three months ended September 30				Nine months ended September 30
(MILLIONS)	2025		2024		2025		2024
Energy derivative contracts	$	8	$	16	$	31	$	13
IFRS 9 PPAs	(119)		44		(93)		45
Investment in debt and equity securities	58		22		122		69
Interest rate swaps	(3)		1		(21)		27
Foreign exchange swaps	20		(2)		(205)		22
Tax equity	132		133		346		274
Foreign exchange (loss) gain	(30)		(28)		390		(28)
	$	66	$	186	$	570	$	422

The following table reflects the gains (losses) included in other comprehensive income in the consolidated statements of comprehensive income (loss) for the three and nine months ended September 30:

	Three months ended September 30				Nine months ended September 30
(MILLIONS)	2025		2024		2025		2024
Energy derivative contracts	$	12	$	13	$	4	$	26
IFRS 9 PPAs	(245)		261		(111)		(87)
Interest rate swaps	28		(102)		(78)		(30)
Foreign exchange swaps	2		1		5		2
	(203)		173		(180)		(89)
Foreign exchange swaps – net investment	(94)		(101)		(564)		45
Investments in debt and equity securities	—		(5)		1		(6)
	$	(297)	$	67	$	(743)	$	(50)

	Three months ended September 30				Nine months ended September 30
(MILLIONS)	2025		2024		2025		2024
Energy derivative contracts	$	(13)	$	(48)	$	(6)	$	(106)
IFRS 9 PPAs	102		—		109		—
Interest rate swaps	(10)		(1)		(24)		(5)
Foreign exchange swaps	(2)		—		—		—
	$	77	$	(49)	$	79	$	(111)

SEGMENTED INFORMATION

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 18

Brookfield Renewable reports its results in accordance with these segments and presents prior period segmented information in a consistent manner.

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 19

	Attributable to Unitholders																		Contribution from equity-accounted investments		Attributable to non-controlling interests and other		As per<br><br>IFRS<br><br>financials(1)
	Hydroelectric						Wind		Utility-scale solar		Distributed energy & storage		Sustainable solutions		Corporate		Total
(MILLIONS)	North <br>America		Brazil		Colombia
Revenues	$	224	$	48	$	73	$	116	$	174	$	68	$	123	$	—	$	826	$	(208)	$	978	$	1,596
Other income	19		2		—		29		35		57		21		24		187		(32)		164		319
Direct operating costs	(116)		(18)		(27)		(56)		(37)		(24)		(97)		(9)		(384)		127		(464)		(721)
Share of revenue, other income and direct operating costs from equity-accounted investments	—		—		—		—		—		—		—		—		—		113		5		118
	127		32		46		89		172		101		47		15		629		—		683
Management service costs	—		—		—		—		—		—		—		(57)		(57)		—		—		(57)
Interest expense	(66)		(2)		(17)		(39)		(38)		(11)		(8)		(52)		(233)		27		(380)		(586)
Current income tax expense (recovery)	(1)		(1)		1		(3)		(4)		(1)		(1)		—		(10)		2		8		—
Distributions attributable to
Preferred limited partners equity	—		—		—		—		—		—		—		(9)		(9)		—		—		(9)
Preferred equity	—		—		—		—		—		—		—		(8)		(8)		—		—		(8)
Perpetual subordinated notes	—		—		—		—		—		—		—		(10)		(10)		—		—		(10)
Share of interest and cash taxes from equity-accounted investments	—		—		—		—		—		—		—		—		—		(29)		(5)		(34)
Share of Funds From Operations attributable to non-controlling interests	—		—		—		—		—		—		—		—		—		—		(306)		(306)
Funds From Operations	60		29		30		47		130		89		38		(121)		302		—		—
Depreciation																							(611)
Foreign exchange and financial instrument gain																							66
Deferred income tax recovery																							66
Other																							(20)
Share of loss from equity-accounted investments																							(94)
Net income attributable to non-controlling interests																							171
Net loss attributable to Unitholders(2)																							$	(120)

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 20

	Attributable to Unitholders																		Contribution from equity-accounted investments		Attributable<br> to non-<br> controlling<br> interests and other		As per<br><br>IFRS<br><br>financials(1)
	Hydroelectric						Wind		Utility-scale solar		Distributed energy & storage		Sustainable Solutions		Corporate		Total
(MILLIONS)	North <br>America		Brazil		Colombia
Revenues	$	208	$	48	$	87	$	133	$	145	$	64	$	119	$	—	$	804	$	(189)	$	855	$	1,470
Other income	4		2		1		31		41		54		8		2		143		(34)		46		155
Direct operating costs	(96)		(17)		(38)		(55)		(28)		(23)		(95)		(9)		(361)		127		(389)		(623)
Share of revenue, other income and direct operating costs from equity-accounted investments	—		—		—		—		—		—		—		—		—		96		—		96
	116		33		50		109		158		95		32		(7)		586		—		512
Management service costs	—		—		—		—		—		—		—		(59)		(59)		—		—		(59)
Interest expense	(70)		(3)		(20)		(34)		(30)		(10)		(5)		(48)		(220)		23		(317)		(514)
Current income tax expense (recovery)	(2)		(2)		(6)		5		(1)		—		3		—		(3)		(1)		42		38
Distributions attributable to
Preferred limited partners equity	—		—		—		—		—		—		—		(9)		(9)		—		—		(9)
Preferred equity	—		—		—		—		—		—		—		(7)		(7)		—		—		(7)
Perpetual subordinated notes	—		—		—		—		—		—		—		(10)		(10)		—		—		(10)
Share of interest and cash taxes from equity-accounted investments	—		—		—		—		—		—		—		—		—		(22)		—		(22)
Share of Funds From Operations attributable to non-controlling interests	—		—		—		—		—		—		—		—		—		—		(237)		(237)
Funds From Operations	44		28		24		80		127		85		30		(140)		278		—		—
Depreciation																							(514)
Foreign exchange and financial instrument gain																							186
Deferred income tax expense																							(29)
Other																							(137)
Share of loss from equity-accounted investments																							(86)
Net income attributable to non-controlling interests																							121
Net loss attributable to Unitholders(2)																							$	(181)

(2)Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and LP units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity, preferred equity and perpetual subordinated notes.

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 21

	Attributable to Unitholders																		Contribution from equity-accounted investments		Attributable<br> to non-<br> controlling<br> interests and other		As per<br><br>IFRS<br><br>financials(1)
	Hydroelectric						Wind		Utility-scale solar		Distributed generation & storage		Sustainable solutions		Corporate		Total
(MILLIONS)	North <br>America		Brazil		Colombia
Revenues	$	856	$	148	$	211	$	427	$	396	$	188	$	431	$	—	$	2,657	$	(699)	$	2,910	$	4,868
Other income	42		7		1		94		114		161		48		38		505		(130)		176		551
Direct operating costs	(372)		(50)		(76)		(177)		(108)		(69)		(325)		(31)		(1,208)		420		(1,307)		(2,095)
Share of revenue, other income and direct operating costs from equity-accounted investments	—		—		—		—		—		—		—		—		—		409		15		424
	526		105		136		344		402		280		154		7		1,954		—		1,794
Management service costs	—		—		—		—		—		—		—		(162)		(162)		—		—		(162)
Interest expense	(201)		(8)		(56)		(119)		(101)		(31)		(24)		(146)		(686)		72		(1,205)		(1,819)
Current income tax expense	(4)		(5)		(6)		(8)		(8)		(2)		(6)		(1)		(40)		11		86		57
Distributions attributable to
Preferred limited partners equity	—		—		—		—		—		—		—		(26)		(26)		—		—		(26)
Preferred equity	—		—		—		—		—		—		—		(22)		(22)		—		—		(22)
Perpetual subordinated notes	—		—		—		—		—		—		—		(30)		(30)		—		—		(30)
Share of interest and cash taxes from equity-accounted investments	—		—		—		—		—		—		—		—		—		(83)		(15)		(98)
Share of Funds From Operations attributable to non-controlling interests	—		—		—		—		—		—		—		—		—		—		(660)		(660)
Funds From Operations	321		92		74		217		293		247		124		(380)		988		—		—
Depreciation																							(1,803)
Foreign exchange and financial instrument gain																							570
Deferred income tax recovery																							292
Other																							(342)
Share of loss from equity-accounted investments																							(409)
Net income attributable to non-controlling interests																							275
Net loss attributable to Unitholders(2)																							$	(429)

(2)Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units, BEPC exchangeable shares, class A.2 exchangeable shares and LP units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity, preferred equity and perpetual subordinated notes.

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 22

	Attributable to Unitholders																		Contribution<br> from <br>equity-accounted<br> investments		Attributable<br> to non-<br> controlling<br> interests and other		As per<br>IFRS<br>financials(1)
	Hydroelectric						Wind		Utility-scale solar		Distributed energy & storage		Sustainable solutions		Corporate		Total
(MILLIONS)	North <br>America		Brazil		Colombia
Revenues	$	767	$	160	$	238	$	457	$	358	$	177	$	352	$	—	$	2,509	$	(540)	$	2,475	$	4,444
Other income	20		4		2		82		99		80		50		56		393		(65)		(77)		251
Direct operating costs	(300)		(54)		(114)		(173)		(92)		(65)		(284)		(30)		(1,112)		369		(1,132)		(1,875)
Share of revenue, other income and direct operating costs from equity-accounted investments	—		—		—		—		—		—		—		—		—		236		—		236
	487		110		126		366		365		192		118		26		1,790		—		1,266
Management service costs	—		—		—		—		—		—		—		(157)		(157)		—		—		(157)
Interest expense	(204)		(11)		(63)		(94)		(86)		(27)		(14)		(122)		(621)		45		(903)		(1,479)
Current income tax expense (recovery)	(5)		(5)		(10)		(2)		—		(2)		1		—		(23)		4		13		(6)
Distributions attributable to
Preferred limited partners equity	—		—		—		—		—		—		—		(29)		(29)		—		—		(29)
Preferred equity	—		—		—		—		—		—		—		(20)		(20)		—		—		(20)
Perpetual subordinated notes	—		—		—		—		—		—		—		(27)		(27)		—		—		(27)
Share of interest and cash taxes from equity-accounted investments	—		—		—		—		—		—		—		—		—		(49)		—		(49)
Share of Funds From Operations attributable to non-controlling interests	—		—		—		—		—		—		—		—		—		—		(376)		(376)
Funds From Operations	278		94		53		270		279		163		105		(329)		913		—		—
Depreciation																							(1,533)
Foreign exchange and financial instrument gain																							422
Deferred income tax expense																							(18)
Other																							(176)
Share of loss from equity-accounted investments																							(257)
Net income attributable to non-controlling interests																							194
Net loss attributable to Unitholders(2)																							$	(455)

(2)Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and LP units. Total net income (loss) includes amounts attributable to Unitholders, non-controlling interests, preferred limited partners equity, preferred equity and perpetual subordinated notes.

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 23

	Attributable to Unitholders																		Contribution from equity-accounted investments		Attributable<br>to non-<br>controlling<br>interests		As per<br>IFRS<br>financials
	Hydroelectric						Wind		Utility-scale solar		Distributed energy & storage		Sustainable solutions		Corporate		Total
(MILLIONS)	North <br>America		Brazil		Colombia
As at September 30, 2025
Cash and cash equivalents	$	106	$	77	$	16	$	175	$	220	$	53	$	61	$	5	$	713	$	(125)	$	1,347	$	1,935
Property, plant and equipment	14,850		1,392		3,257		6,049		4,377		1,276		761		—		31,962		(2,522)		42,111		71,551
Total assets	15,883		1,658		3,586		7,669		6,222		3,190		2,337		89		40,634		(2,806)		60,475		98,303
Total liabilities	10,249		535		2,077		5,753		4,665		2,134		1,089		4,854		31,356		(2,806)		36,909		65,459
As at December 31, 2024
Cash and cash equivalents	$	55	$	52	$	24	$	453	$	151	$	70	$	56	$	5	$	866	$	(112)	$	2,381	$	3,135
Property, plant and equipment	14,669		1,238		2,801		5,255		3,784		2,558		644		—		30,949		(1,831)		44,357		73,475
Total assets	15,653		1,452		3,184		7,081		4,894		3,313		2,106		95		37,778		(2,272)		59,303		94,809
Total liabilities	9,187		460		1,725		5,617		3,393		1,992		934		4,157		27,465		(2,272)		33,160		58,353
Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
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		Page 24

Geographical Information

The following table presents consolidated revenue split by reportable segment for the three and nine months ended September 30:

	Three months ended September 30				Nine months ended September 30
(MILLIONS)	2025		2024		2025		2024
Hydroelectric
North America	$	274	$	238	$	987	$	891
Brazil	49		55		155		180
Colombia	323		385		932		1,046
	646		678		2,074		2,117
Wind	331		391		1,208		1,237
Utility-scale solar	394		283		1,030		771
Distributed energy & storage	220		103		551		293
Sustainable solutions	5		15		5		26
Total	$	1,596	$	1,470	$	4,868	$	4,444

The following table presents consolidated property, plant and equipment and equity-accounted investments split by geography region:

(MILLIONS)	September 30, 2025		December 31, 2024
United States	$	34,061	$	37,931
Colombia	14,051		12,431
Canada	7,548		7,116
Brazil	5,007		4,319
Europe	6,817		5,976
Asia–Pacific	7,586		7,550
Other	745		892
	$	75,815	$	76,215

INCOME TAXES

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 25

PROPERTY, PLANT AND EQUIPMENT

The following table presents a reconciliation of property, plant and equipment at fair value:

(MILLIONS)	Hydroelectric		Wind		Solar		Other(1)		Total(2)(3)
Property, plant and equipment, at fair value
As at December 31, 2024	$	32,899	$	17,832	$	15,191	$	996	$	66,918
Additions	15		181		416		57		669
Transfer from construction work-in-progress	31		802		1,695		1,215		3,743
Acquisitions through business combinations	—		—		40		—		40
Disposals(4)	—		(2,495)		(641)		—		(3,136)
Transfer to assets held for sale	(141)		(531)		(3,815)		(11)		(4,498)
Items recognized through OCI:
Change in fair value	(102)		173		(92)		3		(18)
Foreign exchange	1,939		626		576		63		3,204
Items recognized through net income:
Change in fair value	—		(3)		(101)		1		(103)
Depreciation	(481)		(663)		(579)		(80)		(1,803)
As at September 30, 2025	$	34,160	$	15,922	$	12,690	$	2,244	$	65,016
Construction work-in-progress
As at December 31, 2024	$	299	$	2,107	$	3,264	$	887	$	6,557
Additions	126		978		2,662		650		4,416
Transfer to property, plant and equipment	(31)		(802)		(1,695)		(1,215)		(3,743)
Acquisitions through business combinations	—		—		462		—		462
Disposals(4)	—		(156)		(191)		—		(347)
Transfer to assets held for sale	—		—		(1,161)		—		(1,161)
Items recognized through OCI:
Change in fair value	—		36		71		—		107
Foreign exchange	8		50		98		88		244
As at September 30, 2025	$	402	$	2,213	$	3,510	$	410	$	6,535
Total property, plant and equipment, at fair value
As at December 31, 2024(2)(3)	$	33,198	$	19,939	$	18,455	$	1,883	$	73,475
As at September 30, 2025(2)(3)	$	34,562	$	18,135	$	16,200	$	2,654	$	71,551

(1)Includes biomass, cogeneration, and battery storage.

(4)Includes the derecognition of a renewable operating and development platform in India. Refer to Note 3 - Disposal of assets for more details.

•Signed a Hydro Framework Agreement with Google to contract up to 3,000 MW of capacity from its U.S. hydroelectric facilities by the end of 2032;

•Reached agreements to sell two 25% interests in a U.S. hydroelectric portfolio; and

•Agreed to acquire up to an incremental 15% ownership in its Colombia hydroelectric business, Isagen S.A. E.S.P.

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 26

Region	Technology	Capacity	Amount recognized in Property, Plant and Equipment	Brookfield Renewable<br>Economic Interest
China	Distributed energy & storage	540 MW	$269 million	25%
U.S.	Utility-scale solar	300 MW	$66 million	20%
U.S.	Various	725 MW	$47 million	58%
U.S.	Distributed energy & storage	77 MW	$42 million	20%
U.S.	Distributed energy & storage	76 MW	$33 million	25%
U.S.	Utility-scale solar	177 MW	$23 million	20%
South Korea	Utility-scale solar	39 MW	$23 million	28%
U.K.	Wind	28 MW	$21 million	26%
China	Wind	90 MW	$19 million	20%	Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
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		Page 27

9. BORROWINGS

Corporate Borrowings

The composition of corporate borrowings is presented in the following table:

	September 30, 2025						December 31, 2024
	Weighted-average						Weighted-average
(MILLIONS EXCEPT AS NOTED)	Interest<br>rate (%)	Term<br>(years)	Carrying<br>value		Estimated fair value		Interest<br>rate (%)	Term<br>(years)	Carrying<br>value		Estimated fair value
Credit facilities	N/A	5	$	—	$	—	5.6	5	$	240	$	240
Commercial paper	4.6	<1	627		627		5.0	<1	431		431
Medium Term Notes:
Series 4 (C$150)	5.8	11	108		120		5.8	12	104		115
Series 9 (C$400)	—	—	—		—		3.8	<1	278		278
Series 10 (C$500)	3.6	1	359		361		3.6	2	348		349
Series 11 (C$475)	4.3	3	341		351		4.3	4	330		336
Series 12 (C$475)	3.4	4	341		341		3.4	5	330		324
Series 13 (C$300)	4.3	24	216		190		4.3	25	209		186
Series 14 (C$425)	3.3	25	305		228		3.3	26	296		222
Series 15 (C$400)(1)	5.9	7	287		320		5.9	8	278		307
Series 16 (C$400)	5.3	8	287		310		5.3	9	278		297
Series 17 (C$500)	5.3	28	359		368		5.3	29	348		361
Series 18 (C$300)	5.0	9	216		226		5.0	10	209		216
Series 19 (C$450)	4.5	10	323		327		—	—	—		—
	4.5	12	3,142		3,142		4.4	12	3,008		2,991
Hybrid Notes:
Fixed to fixed subordinated (C$200)	5.5	29	144		145		5.5	30	139		139
Fixed to fixed subordinated (C$250)	5.4	30	180		182		—	—	—		—
	5.4	30	324		327		5.5	30	139		139
Total corporate borrowings			4,093		$	4,096			3,818		$	3,801
Add: Unamortized premiums(2)			1						2
Less: Unamortized financing fees(2)			(24)						(18)
Less: Current portion			(627)						(709)
			$	3,443					$	3,093

(1)Includes $7 million (2024: $7 million) outstanding to an associate of Brookfield. Refer to Note 20 - Related party transactions for more details.

(2)Unamortized premiums and financing fees are amortized over the terms of the borrowing.

Credit facilities and commercial paper

Brookfield Renewable had $627 million of commercial paper outstanding as at September 30, 2025 (2024: $431 million).

Brookfield Renewable issues letters of credit from its corporate credit facilities for general corporate purposes which include, but are not limited to, security deposits, performance bonds and guarantees for debt service reserve accounts. See Note 19 – Commitments, contingencies and guarantees for letters of credit issued by subsidiaries.

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 28

The following table summarizes the available portion of corporate credit facilities:

(MILLIONS)	September 30, 2025		December 31, 2024
Authorized corporate credit facilities and related party credit facilities(1)	$	2,450	$	2,450
Draws on corporate credit facilities(1)	—		(240)
Authorized letter of credit facility	500		500
Issued letters of credit	(348)		(335)
Available portion of corporate credit facilities	$	2,602	$	2,375

(1)Amounts are guaranteed by Brookfield Renewable.

Medium-term notes and Hybrid notes

During the second quarter of 2025, Brookfield Renewable repaid C$400 million ($291 million) of Series 9 medium-term notes prior to maturity.

Non-recourse borrowings

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 29

The composition of non-recourse borrowings is presented in the following table:

	September 30, 2025						December 31, 2024
	Weighted-average						Weighted-average
(MILLIONS EXCEPT AS NOTED)	Interest<br>rate (%)	Term<br>(years)	Carrying<br>value		Estimated<br>fair value		Interest<br>rate (%)	Term<br>(years)	Carrying<br>value		Estimated<br>fair value
Non-recourse borrowings(1)(2)(3)
Hydroelectric	6.9	8	$	10,593	$	10,640	7.0	8	$	9,484	$	9,363
Wind	5.0	9	8,250		8,166		5.9	9	10,228		10,224
Utility-scale solar	5.8	10	10,041		10,022		6.3	11	7,275		7,250
Distributed energy & storage	5.7	3	3,079		3,115		5.8	4	3,722		3,630
Sustainable solutions	7.7	3	264		264		6.5	1	195		195
Total	6.0	8	$	32,227	$	32,207	6.3	9	$	30,904	$	30,662
Less: Unamortized premiums and discounts(4)			(190)						(145)
Less: Unamortized financing fees(4)			(182)						(171)
Less: Current portion			(6,121)						(5,005)
			$	25,734					$	25,583

(1)Includes $1,479 million (2024: $1,494 million) borrowed under a subscription facility of a Brookfield sponsored private fund.

(2)Includes $67 million (2024: $65 million) outstanding to an associate of Brookfield. Refer to Note 20 - Related party transactions.

(4)Unamortized premiums, discounts and financing fees are amortized over the terms of the borrowing.

Supplemental Information

The following table outlines changes in Brookfield Renewable’s borrowings as at September 30, 2025:

(MILLIONS)	Corporate borrowings		Non-recourse borrowings
As at December 31, 2024	$	3,802	$	30,588
Net cash flows from financing activities(1)	157		3,602
Non-cash
Acquisition	—		652
Disposal	—		(811)
Transfer to liabilities held for sale	—		(2,810)
Change in basis of accounting(2)	—		(1,049)
Foreign exchange	111		1,387
Other(3)(4)	—		296
As at September 30, 2025	$	4,070	$	31,855

(1)Excludes $358 million of net cash flow from financing activities related to tax equity recorded on the consolidated statements of cash flows.

(2)Includes the derecognition of renewable operating and development platform in India. Refer to Note 3 - Disposal of assets for more details.

(3)Includes $277 million of non recourse-borrowings acquired through asset acquisitions.

(4)Includes amortization of unamortized premiums, discounts and financing fees.

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 30

NON-CONTROLLING INTERESTS

Brookfield Renewable`s non-controlling interests are comprised of the following:

(MILLIONS)	September 30, 2025		December 31, 2024
Participating non-controlling interests – in operating subsidiaries	$	23,616	$	26,168
General partnership interest in a holding subsidiary held by Brookfield	44		50
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	2,145		2,457
BEPC exchangeable shares and class A.2 exchangeable shares	1,981		2,269
Preferred equity	555		537
Perpetual subordinated notes	737		737
	$	29,078	$	32,218	Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
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		Page 31

The net change in participating non-controlling interests – in operating subsidiaries is as follows:

(MILLIONS)	Interests held by third parties		As at December 31, 2024		Net income<br>(loss)		Other<br>comprehensive<br> income (loss)		Capital contributions		Return of capital		Disposals		Distributions		Acquisitions		Other		As at September 30, 2025
Brookfield Americas Infrastructure Fund	78%		$	44	$	(1)	$	(7)	$	2	$	—	$	—	$	—	$	—	$	(2)	$	36
Brookfield Infrastructure Fund II	43% - 60%		2,011		7		(199)		—		(2)		—		(31)		—		—		1,786
Brookfield Infrastructure Fund III	23% - 71%		3,456		3		73		7		(155)		—		(236)		—		(13)		3,135
Brookfield Infrastructure Fund IV	75%		2,106		(29)		159		202		(209)		(162)		(63)		—		3		2,007
Brookfield Infrastructure Fund V	72	%	1,955		(7)		17		(1)		1		—		(61)		—		3		1,907
Brookfield Global Transition Fund I	77% - 80%		5,312		189		74		527		(188)		—		(83)		—		(81)		5,750
Brookfield Global Transition Fund II	72% - 80%		329		52		(36)		599		—		—		(27)		—		106		1,023
Neoen institutional partners	24% - 38%		601		151		1		629		—		—		(66)		(194)		(15)		1,107
Canadian Hydroelectric Portfolio	50	%	1,219		22		69		1		—		—		(47)		—		—		1,264
The Catalyst Group	25	%	125		15		8		—		—		—		(7)		—		—		141
Isagen institutional partners	53	%	3,447		58		466		—		—		—		(274)		—		—		3,697
Isagen public non-controlling interests	0.3	%	22		—		3		—		—		—		—		—		—		25
Other	2% - 71%		5,541		(75)		(42)		188		(2)		(840)		(63)		(2,972)		3		1,738
Total			$	26,168	$	385	$	586	$	2,154	$	(555)	$	(1,002)	$	(958)	$	(3,166)	$	4	$	23,616

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
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Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
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Distributions

The composition of the distributions for the three and nine months ended September 30 is presented in the following table:

	Three months ended September 30				Nine months ended September 30
(MILLIONS)	2025		2024		2025		2024
General partnership interest in a holding subsidiary held by Brookfield	$	1	$	2	$	5	$	4
Incentive distribution	36		31		108		96
	37		33		113		100
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	73		69		220		208
BEPC exchangeable shares and class A.2 exchangeable shares held by
Brookfield Holders	17		16		51		48
External shareholders	50		48		151		145
Total BEPC exchangeable shares and class A.2 exchangeable shares	67		64		202		193
	$	177	$	166	$	535	$	501

Preferred equity

Brookfield Renewable's preferred equity consists of Class A Preference Shares of Brookfield Renewable Power Preferred Equity Inc. ("BRP Equity") as follows:

(MILLIONS EXCEPT AS NOTED)	Shares<br>outstanding		Cumulative<br>distribution<br>rate (%)		Earliest<br>permitted<br>redemption<br>date	Distributions declared for the nine months ended<br><br>September 30				Carrying value as at
		2025		2024		September 30, 2025		December 31, 2024
Series 1 (C$209)	8.37		5.20		April 2025	$	6	$	3	$	150	$	119
Series 2 (C$40)(1)	1.59		5.28		April 2025	2		3		28		54
Series 3 (C$249)	9.96		6.52		July 2024	7		7		178		172
Series 5 (C$103)	4.11		5.00		April 2018	3		3		74		71
Series 6 (C$175)	7.00		5.00		July 2018	4		4		125		121
	31.03					$	22	$	20	$	555	$	537

(1)Dividend rate represents annualized distribution based on the most recent quarterly floating rate.

Distributions paid during the three and nine months ended September 30, 2025, totaled $6 million and $20 million, respectively (2024: $7 million and $20 million).

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.

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 34

Perpetual subordinated notes

Brookfield Renewable's perpetual subordinated notes consists:

(MILLIONS EXCEPT AS NOTED)	Notes<br>outstanding		Interest<br>rate (%)	Earliest permitted redemption date		Interest expense for the nine months ended September 30						Carrying value as at
Issuance date		2025			2024			September 30, 2025			December 31, 2024
April, 2021	14.00		4.63	April, 2026		$	12		$	12		$	340	$	340
December, 2021	10.40		4.88	December, 2026		10			10			252		252
March, 2024	6.00		7.25	March, 2029		8			5			145		145
	30.40					$	30		$	27		$	737	$	737

Distributions paid during the three and nine months ended September 30, 2025, totaled $10 million and $30 million, respectively (2024: $10 million and $27 million, respectively).

PREFERRED LIMITED PARTNERS' EQUITY

Brookfield Renewable’s preferred limited partners’ equity comprises of Class A Preferred units as follows:

(MILLIONS, EXCEPT AS NOTED)	Shares outstanding		Cumulative distribution rate (%)		Earliest permitted redemption date	Distributions declared for the nine months ended September 30				Carrying value as at
		2025		2024		September 30, 2025		December 31, 2024
Series 7 (C$175)	7.00		5.50		January 2026	5		5		128		128
Series 13 (C$250)	10.00		6.05		April 2028	7		9		196		196
Series 15 (C$175)	—		—		April 2024	—		2		—		—
Series 17 ($200)	8.00		5.25		March 2025	8		8		195		195
Series 18 (C$150)	6.00		5.50		April 2027	6		5		115		115
	31.00					$	26	$	29	$	634	$	634

Distributions paid during the three and nine months ended September 30, 2025, totaled $7 million and $24 million, respectively (2024: $9 million and $29 million, respectively).

Class A Preferred LP Units - Normal Course Issuer Bid

LIMITED PARTNERS' EQUITY

Limited partners’ equity

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 35

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 during the three and nine months ended September 30, 2025 and 2024.

Distributions

The composition of distributions for the three and nine months ended September 30 are presented in the following table:

	Three months ended September 30				Nine months ended September 30
(MILLIONS)	2025		2024		2025		2024
Brookfield Holders	$	28	$	27	$	84	$	80
External LP unitholders	78		74		236		225
	$	106	$	101	$	320	$	305

In January 2025, distributions to unitholders were increased to $1.492 per LP unit on an annualized basis, an increase of $0.07 per LP unit, which took effect on the distribution paid in March 2025.

Distributions paid during the three and nine months ended September 30, 2025 totaled $109 million and $316 million, respectively (2024: $100 million and $299 million, respectively).

GOODWILL

The following table provides a reconciliation of goodwill for the nine months ended September 30, 2025:

(MILLIONS)	Total
Balance, as at December 31, 2024	$	5,434
Acquisitions through business combinations	73
Transfer to assets held for sale	(115)
Change in basis of accounting(1)	(206)
Foreign exchange and other	681
Balance, as at September 30, 2025	$	5,867

(1)Includes the derecognition of renewable operating and development platform in India. Refer to Note 3 - Disposal of assets for more details.

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 36

EQUITY-ACCOUNTED INVESTMENTS

The following table outlines the changes in Brookfield Renewable’s equity-accounted investments for the nine months ended September 30, 2025:

(MILLIONS)	Total
Balance, as at December 31, 2024	$	2,740
Acquisitions through business combinations	929
Investments	213
Disposals	(125)
Share of net loss	(83)
Share of other comprehensive income	32
Dividends received	(100)
Change in basis of accounting(1)(2)	691
Transfer to assets held for sale	(67)
Foreign exchange translation and other	34
Balance as at September 30, 2025	$	4,264

(1)Includes the recognition of an 845 MW wind portfolio in the U.S. Refer to Note 3 - Disposal of assets for more details.

(2)Includes the recognition of a renewable operating and development platform in India. Refer to Note 3 - Disposal of assets for more details.

	Ownership Interest		Carrying Value
	September 30, 2025	December 31, 2024	September 30, 2025		December 31, 2024
Hydroelectric	22%-50%	22%-50%	$	358	$	349
Wind	25%-50%	25%-50%	894		476
Utility-scale solar	25%-65%	25%-65%	1,421		320
Distributed energy & storage	42%-67%	50%-67%	613		680
Sustainable solutions	4%-67%	4%-67%	978		915
			$	4,264	$	2,740

CASH AND CASH EQUIVALENTS

Brookfield Renewable’s cash and cash equivalents are as follows:

(MILLIONS)	September 30, 2025		December 31, 2024
Cash	$	1,480	$	2,682
Short-term deposits	351		146
Cash subject to restriction	104		307
	$	1,935	$	3,135	Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
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		Page 37

RESTRICTED CASH

Brookfield Renewable’s restricted cash is as follows:

(MILLIONS)	September 30, 2025		December 31, 2024
Operations	$	171	$	284
Credit obligations	133		157
Capital expenditures and development projects	9		22
Total	313		463
Less: non-current	(157)		(177)
Current	$	156	$	286

TRADE RECEIVABLES AND OTHER CURRENT ASSETS

Brookfield Renewable's trade receivables and other current assets are as follows:

(MILLIONS)	September 30, 2025		December 31, 2024
Trade receivables	$	911	$	808
Prepaids and other	269		174
Sales taxes receivables	213		193
Inventory	120		154
Tax receivables	139		91
Short-term deposits and advances	207		200
Collateral deposits(1)	102		197
Current portion of contract asset	72		65
Other short-term receivables	313		242
	$	2,346	$	2,124

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Brookfield Renewable's accounts payable and accrued liabilities are as follows:

(MILLIONS)	September 30, 2025		December 31, 2024
Accounts payable	$	934	$	787
Operating accrued liabilities	504		733
Interest payable on borrowings	333		264
Income tax payable	78		28
LP Unitholders distributions, preferred limited partnership unit distributions, preferred<br><br>dividends payable, perpetual subordinate notes distributions and exchange shares dividends(1)	62		60
Current portion of contract liability	60		47
Current portion of lease liabilities	50		49
Other	166		136
	$	2,187	$	2,104

(1)Includes amounts payable only to external LP unitholders and BEPC exchangeable shareholders. Amounts payable to Brookfield Holders are included in due to related parties.

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 38

COMMITMENTS, CONTINGENCIES AND GUARANTEES

Commitments

Region	Technology	Capacity	Consideration	Brookfield Renewable<br>Economic Interest	Expected Close
South Korea	Utility-scale solar	244 MW development	KRW70 billion<br><br>($50 million)	25%	Q1 2032
South Korea	Utility-scale solar	39 MW operating	KRW32 billion<br><br>($23 million)	25%	Q3 2025
China	Wind	50 MW development	CNY58 million ($8 million)	20%	Q3 2025
China	Wind	201 MW development	CNY533 million ($74 million)	20%	Q3 2025
Brazil	Distributed energy & storage	812 MW development 30 MW operating	R$118 million ($22 million)	20%	2025 - 2026
Colombia	Various	3.1 GW operating	up to $1 billion	15%	Q4 2025
Spain	Distributed energy & storage	206 MW operating	€116 million ($136 million)	20%	Q1 2026

Contingencies

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 39

Letters of credit issued by Brookfield Renewable along with institutional partners and its subsidiaries were as at the following dates:

(MILLIONS)	September 30, 2025		December 31, 2024
Brookfield Renewable along with institutional partners	$	183	$	74
Brookfield Renewable's subsidiaries	3,570		2,718
	$	3,753	$	2,792

Guarantees

20. RELATED PARTY TRANSACTIONS

Brookfield Renewable’s related party transactions are recorded at the exchange amount and are primarily with Brookfield and its related parties.

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
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Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
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The following table reflects the related party agreements and transactions for the three and nine months ended September 30 in the consolidated statements of income (loss):

	Three months ended September 30				Nine months ended September 30
(MILLIONS)	2025		2024		2025		2024
Revenues
Power purchase and revenue agreements	$	(15)	$	4	$	9	$	12
Development services	9		—		23		—
	$	(6)	$	4	$	32	$	12
Other income
Distribution income	$	15	$	—	$	44	$	3
Interest and other investment income	14		—		19		—
	$	29	$	—	$	63	$	3
Direct operating costs
Other related party services	$	(12)	$	(4)	$	(19)	$	(9)
Interest expense
Borrowings	$	(48)	$	(22)	$	(160)	$	(49)
Contract balance accretion	(5)		(4)		(24)		(21)
	$	(53)	$	(26)	$	(184)	$	(70)
Other
Other related party services expense	$	(5)	$	(3)	$	(7)	$	(1)
Financial instrument gain	2		1		8		3
	$	(3)	$	(2)	$	1	$	2
Management service costs	$	(57)	$	(59)	$	(162)	$	(157)
Current income tax
Investment tax credits	$	—	$	—	$	19	$	—
Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
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The following table reflects the impact of the related party agreements and transactions on the consolidated statements of financial position:

(MILLIONS)	Related party	September 30, 2025		December 31, 2024
Current assets
Trade receivables and other current assets
Contract asset	Brookfield	$	72	$	65
Due from related parties
Amounts due from	Brookfield(1)	$	386	$	573
	Equity-accounted investments and other(2)	663		300
		$	1,049	$	873
Assets held for sale	Equity-accounted investments and other	$	14	$	125
Financial instrument assets	Brookfield	$	—	$	38
Non-current assets
Financial instrument assets	Equity-accounted investments and other	71		—
Other long-term assets
Contract asset	Brookfield	$	220	$	250
Due from related parties	Equity-accounted investments and other	12		8
Current liabilities
Contract liability	Brookfield	$	60	$	47
Financial instrument liabilities	Brookfield	3		—
Due to related parties
Amounts due to	Brookfield(3)	$	4,896	$	4,005
	Equity-accounted investments and other	1,770		684
	Brookfield Wealth Solutions	123		123
Accrued distributions payable on LP units, BEPC exchangeable shares, class A.2 exchangeable shares, Redeemable/Exchangeable partnership units and GP interest	Brookfield	45		43
		$	6,834	$	4,855
Liabilities held for sale	Equity-accounted investments and other	$	32	$	31
Non-current liabilities
Financial instrument liabilities	Brookfield	$	9	$	13
	Brookfield Wealth Solutions	20		1
Due to related parties
Amounts due to	Brookfield(3)	$	779	$	309
	Brookfield Wealth Solutions	224		225
	Equity-accounted investments and other	50		58
		$	1,053	$	592
Corporate borrowings	Brookfield Wealth Solutions	$	7	$	7
Non-recourse borrowings	Brookfield Wealth Solutions	$	67	$	65
Other long-term liabilities
Contract liability	Brookfield	$	678	$	686
Equity
Preferred limited partners equity	Brookfield Wealth Solutions	$	11	$	10

(1)Includes receivables of $268 million (2024: $376 million) associated with the Brookfield Global Transition Fund credit facility.

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 43

SUBSIDIARY PUBLIC ISSUERS

The following tables provide consolidated summary financial information for Brookfield Renewable, BRP Equity, and Canadian Finco:

(MILLIONS)	Brookfield<br><br>Renewable(1)		BRP<br>Equity		Canadian Finco		Subsidiary Credit Supporters(2)		Other<br><br>Subsidiaries(1)(3)		Consolidating<br><br>adjustments(4)		Brookfield<br>Renewable<br>consolidated
As at September 30, 2025
Current assets	$	—	$	381	$	3,533	$	1,389	$	11,993	$	(5,297)	$	11,999
Long-term assets	3,843		234		1		39,657		86,193		(43,624)		86,304
Current liabilities	77		9		59		9,064		19,693		(8,289)		20,613
Long-term liabilities	—		—		3,446		48		41,352		—		44,846
Participating non-controlling interests – in operating subsidiaries	—		—		—		—		23,616		—		23,616
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	—		—		—		2,145		—		—		2,145
BEPC exchangeable shares and class A.2 exchangeable shares	—		—		—		—		1,981		—		1,981
Preferred equity	—		555		—		—		—		—		555
Perpetual subordinated notes	—		—		—		737		—		—		737
Preferred limited partners' equity	634		—		—		639		—		(639)		634
As at December 31, 2024
Current assets	$	41	$	369	$	3,193	$	429	$	8,836	$	(4,033)	$	8,835
Long-term assets	4,282		227		1		41,568		85,893		(45,997)		85,974
Current liabilities	80		8		322		7,257		13,619		(6,721)		14,565
Long-term liabilities	—		—		2,853		352		40,583		—		43,788
Participating non-controlling interests – in operating subsidiaries	—		—		—		—		26,168		—		26,168
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	—		—		—		2,457		—		—		2,457
BEPC exchangeable shares and class A.2 exchangeable shares	—		—		—		—		2,269		—		2,269
Preferred equity	—		537		—		—		—		—		537
Perpetual subordinated notes	—		—		—		737		—		—		737
Preferred limited partners' equity	634		—		—		639		—		(639)		634

(1)Includes investments in subsidiaries under the equity method.

(3)Includes subsidiaries of Brookfield Renewable, other than BRP Equity, Canadian Finco and the Subsidiary Credit Supporters.

(4)Includes elimination of intercompany transactions and balances necessary to present Brookfield Renewable on a consolidated basis.

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 44
(MILLIONS)	Brookfield<br><br>Renewable(1)		BRP<br>Equity		Canadian Finco		Subsidiary Credit Supporters(2)		Other<br><br>Subsidiaries(1)(3)		Consolidating<br><br>adjustments(4)		Brookfield<br>Renewable<br>consolidated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Three months ended September 30, 2025
Revenues	$	—	$	—	$	—	$	—	$	1,596	$	—	$	1,596
Net (loss) income	(57)		—		—		(505)		287		317		42
Three months ended September 30, 2024
Revenues	$	—	$	—	$	—	$	—	$	1,470	$	—	$	1,470
Net (loss) income	(83)		—		1		(603)		257		389		(39)
Nine months ended September 30, 2025
Revenues	$	—	$	—	$	—	$	—	$	4,868	$	—	$	4,868
Net (loss) income	(204)		—		5		(1,729)		840		1,122		34
Nine months ended September 30, 2024
Revenues	$	—	$	—	$	—	$	—	$	4,444	$	—	$	4,444
Net (loss) income	(209)		—		1		(1,489)		656		844		(197)

(1)Includes investments in subsidiaries under the equity method.

(3)Includes subsidiaries of Brookfield Renewable, other than BRP Equity, Canadian Finco, and the Subsidiary Credit Supporters.

(4)Includes elimination of intercompany transactions and balances necessary to present Brookfield Renewable on a consolidated basis.

SUBSEQUENT EVENTS

Brookfield Renewable Partners L.P.	Q3 2025 Interim Consolidated Financial Statements and Notes	September 30, 2025
		Page 45
GENERAL INFORMATION
---	---
Corporate Office<br><br>73 Front Street<br><br>5th Floor<br><br>Hamilton, HM12<br><br>Bermuda<br><br>Tel: (441) 294-3304<br><br>https://bep.brookfield.com<br><br>Officers of Brookfield Renewable Partners L.P.'s Service Provider,<br><br>Brookfield Canada Renewable Manager LP<br><br>Connor Teskey<br><br>Chief Executive Officer<br><br>Patrick Taylor<br><br>Chief Financial Officer<br><br>Transfer Agent & Registrar<br><br>Computershare Trust Company of Canada<br><br>100 University Avenue<br><br>8th floor<br><br>Toronto, Ontario, M5J 2Y1<br><br>Tel Toll Free: (800) 564-6253<br><br>Fax Toll Free: (888) 453-0330<br><br>www.computershare.com	Directors of the General Partner of<br><br>Brookfield Renewable Partners L.P.<br><br>Jeffrey Blidner<br><br>Dr. Sarah Deasley<br><br>Nancy Dorn<br><br>Lou Maroun<br><br>Stephen Westwell<br><br>Patricia Zuccotti<br><br><br><br>Exchange Listing<br><br>NYSE: BEP (LP units)<br><br>TSX: BEP.UN (LP units)<br><br>NYSE: BEPC (exchangeable shares)<br><br>TSX: BEPC (exchangeable shares)<br><br>TSX: BEP.PR.G (Preferred LP Units - Series 7)<br><br>TSX: BEP.PR.M (Preferred LP Units - Series 13)<br><br>NYSE: BEP.PR.A (Preferred LP Units - Series 17)<br><br>TSX: BEP.PR.R (Preferred LP Units - Series 18)<br><br>TSX: BRF.PR.A (Preferred shares - Series 1)<br><br>TSX: BRF.PR.B (Preferred shares - Series 2)<br><br>TSX: BRF.PR.C (Preferred shares - Series 3)<br><br>TSX: BRF.PR.E (Preferred shares - Series 5)<br><br>TSX: BRF.PR.F (Preferred shares - Series 6)<br><br>NYSE: BEPH (Perpetual subordinated notes)<br><br>NYSE: BEPI (Perpetual subordinated notes)<br><br>NYSE: BEPJ (Perpetual subordinated notes)<br><br>Investor Information<br><br>Visit Brookfield Renewable online at<br><br>https://bep.brookfield.com for more information. The 2024 Annual Report and Form 20-F are also available online. For detailed and up-to-date news and information, please visit the News Release section.<br><br>Additional financial information is filed electronically with various securities regulators in United States and Canada through EDGAR at www.sec.gov and through SEDAR+ at www.sedarplus.ca.<br><br>Shareholder enquiries should be directed to the Investor Relations Department at (416) 649-8172 or<br><br>enquiries@brookfieldrenewable.com

Document

Management’s Discussion and Analysis
For the three and nine months ended September 30, 2025

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

Organization of the Management’s Discussion and Analysis
Part 1 – Q3 2025 Highlights	3		Part 5 – Liquidity and Capital Resources (continued)
			Borrowings		25
Part 2 – Financial Performance Review on Consolidated Information	6		Capital expenditures		26
		Consolidated statements of cash flows		27
			Shares and units outstanding		28
Part 3 – Additional Consolidated Financial Information	8		Dividends and distributions		29
Summary consolidated statements of financial position	8		Contractual obligations		29
Related party transactions	9		Supplemental guarantor financial information		29
Equity	13		Off-statement of financial position arrangements		30
Part 4 – Financial Performance Review on Proportionate Information	15		Part 6 – Selected Quarterly Information		31
		Summary of historical quarterly results		31
Proportionate results for the three months ended September 30	15
Reconciliation of non-IFRS measures	20		Part 7 – Critical Estimates, Accounting Policies and Internal Controls		36
Contract profile	23
			Part 8 – Presentation to Stakeholders and Performance Measurement		38
Part 5 – Liquidity and Capital Resources	24
Capitalization	24		Part 9 – Cautionary Statements		42
Available liquidity	24
	Three months ended September 30				Nine months ended September 30
---	---	---	---	---	---	---	---	---
(MILLIONS, EXCEPT AS NOTED)	2025		2024		2025		2024
Select financial information
Revenues	$	1,596	$	1,470	$	4,868	$	4,444
Net loss attributable to Unitholders(1)	(120)		(181)		(429)		(455)
Basic and diluted loss per LP unit(2)	(0.23)		(0.32)		(0.81)		(0.83)
Proportionate Adjusted EBITDA(3)	629		586		1,954		1,790
Funds From Operations(3)	302		278		988		913
Funds From Operations per Unit(3)(4)	0.46		0.42		1.49		1.38
Distribution per LP unit	0.37		0.36		1.12		1.07
Operational information
Capacity (MW)	48,673		35,225		48,673		35,225
Total generation (GWh)
Long-term average generation	29,779		22,151		91,705		69,560
Actual generation	27,554		19,684		87,212		60,586
Proportionate generation (GWh)
Actual Renewable generation	7,186		7,320		25,398		24,079

(2)Average LP units for the three and nine months ended September 30, 2025 were 283.8 million and 284.2 million, respectively (2024: 285.1 million and 285.7 million, respectively).

(MILLIONS, EXCEPT AS NOTED)	September 30, 2025			December 31, 2024
Liquidity and Capital Resources
Available liquidity	$	4,655		$	4,320
Debt to capitalization – Corporate		14	%		15	%
Debt to capitalization – Consolidated		41	%		40	%
Non-recourse borrowings as a percentage of total borrowings – Consolidated		90	%		91	%
Fixed rate debt as a percentage of total borrowings on a proportionate basis(1)		98	%		95	%
Corporate borrowings
Weighted average debt term to maturity		13 years			12 years
Weighted average interest rate		4.6	%		4.5	%
Non-recourse borrowings on a proportionate basis
Weighted average debt term to maturity		11 years			11 years
Weighted average interest rate		5.6	%		5.4	%

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 3

Operations

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

•Improved results from our hydroelectric portfolio with higher revenues on the back of our commercial and operational initiatives;

•Contributions from our growth activities, including recent accretive acquisitions and the delivery of over 8,200 MW of new projects reaching commercial operation in the past 12 months; and

•Our embedded growth from our contracted, inflation-linked cash flows

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:

•Securing contracts to deliver an incremental ~4,000 gigawatt hours per year of generation to high-credit quality utility and corporate customers; and

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

•Our financial position remains strong with $4.7 billion of available liquidity at the end of the quarter;

•Completed approximately $7.7 billion of financings in the quarter further optimizing our capital structure, in total, bringing our year-to-date financings to $27 billion across the business

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

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 4

•Completed the acquisition of a 15% incremental stake in Isagen our Colombian hydro platform for $1 billion, growing our exposure to a large scale, de-risked, critical infrastructure business.

We continue to accelerate our development activities

•We delivered ~1,800 megawatts of new capacity globally across utility scale-solar, wind, distributed energy and storage and expect to deliver ~8,000 megawatts of new projects in 2025.

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 5

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

	Three months ended September 30			Nine months ended September 30
(MILLIONS, EXCEPT AS NOTED)	2025	2024		2025		2024
Revenues		$	1,470	$	4,868	$	4,444
Other income	319	155		551		251
Direct operating costs	(721)	(623)		(2,095)		(1,875)
Management service costs	(57)	(59)		(162)		(157)
Interest expense	(586)	(514)		(1,819)		(1,479)
Depreciation	(611)	(514)		(1,803)		(1,533)
Other	(20)	(137)		(342)		(176)
Income tax recovery (expense)	66	9		349		(24)
Net income (loss)		$	(39)	$	34	$	(197)
	Average FX rates to
C$	1.38	1.36		1.4		1.36
€	0.86	0.91		0.9		0.92
R$	5.45	5.55		5.65		5.24
COP	4,003	4,095		4,131		3,979

All values are in US Dollars.

Variance Analysis For The Three Months Ended September 30, 2025

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.

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 6

Variance Analysis For The Nine Months Ended September 30, 2025

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.

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.

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.

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 7

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:

(MILLIONS)	September 30, 2025	December 31, 2024
Current assets		$	8,835
Equity-accounted investments	4,264	2,740
Property, plant and equipment	71,551	73,475
Assets held for sale	6,269	2,049
Total assets	98,303	94,809
Corporate borrowings	4,070	3,802
Non-recourse borrowings	31,855	30,588
Deferred income tax liabilities	8,803	8,439
Liabilities directly associated with assets held for sale	3,778	1,036
Total liabilities and equity	98,303	94,809
	Spot FX rates to
C$	1.39	1.44
€	0.85	0.97
R$	5.32	6.19
COP	3,901	4,409

All values are in US Dollars.

Property, plant and equipment & Equity-accounted investments

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

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 8

RELATED PARTY TRANSACTIONS

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 9

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 10

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:

	Three months ended September 30				Nine months ended September 30
(MILLIONS)	2025		2024		2025		2024
Revenues
Power purchase and revenue agreements	$	(15)	$	4	$	9	$	12
Development services	9		—		23		—
	$	(6)	$	4	$	32	$	12
Other income
Distribution income	$	15	$	—	$	44	$	3
Interest and other investment income	14		—		19		—
	$	29	$	—	$	63	$	3
Direct operating costs
Other related party services	$	(12)	$	(4)	$	(19)	$	(9)
Interest expense
Borrowings	$	(48)	$	(22)	$	(160)	$	(49)
Contract balance accretion	(5)		(4)		(24)		(21)
	$	(53)	$	(26)	$	(184)	$	(70)
Other
Other related party services expense	$	(5)	$	(3)	(7)		(1)
Financial instrument gain	2		1		8		3
	$	(3)	$	(2)	$	1	$	2
Management service costs	$	(57)	$	(59)	$	(162)	$	(157)
Current income tax
Investment tax credits	$	—	$	—	$	19	$	—
Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
---	---	---
		Page 11

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

financial position:

(MILLIONS)	Related party	September 30, 2025		December 31, 2024
Current assets
Trade receivables and other current assets
Contract asset	Brookfield	$	72	$	65
Due from related parties
Amounts due from	Brookfield(1)	$	386	$	573
	Equity-accounted investments and other(2)	663		300
		$	1,049	$	873
Assets held for sale	Equity-accounted investments and other	$	14	$	125
Financial instrument assets	Brookfield	$	—	$	38
Non-current assets
Financial instrument assets	Equity-accounted investments and other	$	71	$	—
Other long-term assets
Contract asset	Brookfield	$	220	$	250
Due from related parties	Equity-accounted investments and other	12		8
Current liabilities
Contract liability	Brookfield	$	60	$	47
Financial instrument liabilities	Brookfield Wealth Solutions	3		—
Due to related parties
Amounts due to	Brookfield(3)	$	4,896	$	4,005
	Equity-accounted investments and other	1,770		684
	Brookfield Wealth Solutions	123		123
Accrued distributions payable on LP units, BEPC exchangeable shares, class A.2 exchangeable shares, Redeemable/Exchangeable partnership units and GP interest	Brookfield	45		43
		$	6,834	$	4,855
Liabilities held for sale	Equity-accounted investments and other	$	32	$	31
Non-current liabilities
Financial instrument liabilities	Brookfield	$	9	$	13
	Brookfield Wealth Solutions	20		1
Due to related parties
Amounts due to	Brookfield(3)	$	779	$	309
	Brookfield Wealth Solutions	224		225
	Equity-accounted investments and other	50		58
		$	1,053	$	592
Corporate borrowings	Brookfield Wealth Solutions	$	7	$	7
Non-recourse borrowings	Brookfield Wealth Solutions	$	67	$	65
Other long-term liabilities
Contract liability	Brookfield	$	678	$	686
Equity
Preferred limited partners equity	Brookfield Wealth Solutions	$	11	$	10

(1)Includes receivables of $268 million (2024: $376 million) associated with the Brookfield Global Transition Fund credit facility.

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 12

EQUITY

General partnership interest in a holding subsidiary held by Brookfield

Preferred equity

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.

Perpetual subordinated notes

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.

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

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 13

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 14

SEGMENTED DISCLOSURES

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:

	(GWh)				(MILLIONS)
	Renewable Actual Generation		Renewable LTA Generation		Revenues				Adjusted EBITDA(1)				Funds From Operations(1)
	2025	2024	2025	2024	2025		2024		2025		2024		2025		2024
Hydroelectric
North America	1,907	2,333	2,449	2,449	$	224	$	208	$	127	$	116	$	60	$	44
Brazil	767	862	981	1,032	48		48		32		33		29		28
Colombia	903	810	911	886	73		87		46		50		30		24
	3,577	4,005	4,341	4,367	345		343		205		199		119		96
Wind	1,668	1,751	1,970	2,072	116		133		89		109		47		80
Utility-scale solar	1,522	1,152	1,832	1,363	174		145		172		158		130		127
Distributed energy & storage	419	412	386	330	68		64		101		95		89		85
Sustainable solutions	—	—	—	—	123		119		47		32		38		30
Corporate	—	—	—	—	—		—		15		(7)		(121)		(140)
Total	7,186	7,320	8,529	8,132	$	826	$	804	$	629	$	586	$	302	$	278

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see “Reconciliation of Non-IFRS Measures” in this Management’s Discussion and Analysis.

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 15

HYDROELECTRIC OPERATIONS

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

(MILLIONS, EXCEPT AS NOTED)	2025		2024
Revenue	$	345	$	343
Other income	21		7
Direct operating costs	(161)		(151)
Adjusted EBITDA(1)	205		199
Interest expense	(85)		(93)
Current income taxes	(1)		(10)
Funds From Operations	$	119	$	96
Generation (GWh) – LTA	4,341		4,367
Generation (GWh) – actual	3,577		4,005
Average revenue per MWh(2)	75		74

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see “Reconciliation of Non-IFRS Measures” in this Management’s Discussion and Analysis.

(2)Average revenue per MWh was adjusted to net the impact of power purchases and any revenue with no corresponding generation.

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

	Actual<br><br>Generation (GWh)		Average<br><br>revenue<br><br>per MWh(1)				Adjusted<br><br>EBITDA(2)				Funds From<br>Operations
(MILLIONS, EXCEPT AS NOTED)	2025	2024	2025		2024		2025		2024		2025		2024
North America
United States	1,029	1,498	$	88	$	87	$	75	$	71	$	38	$	28
Canada	878	835	70		61		52		45		22		16
	1,907	2,333	80		78		127		116		60		44
Brazil	767	862	63		57		32		33		29		28
Colombia	903	810	73		83		46		50		30		24
Total	3,577	4,005	$	75	$	74	$	205	$	199	$	119	$	96

(1)Average revenue per MWh was adjusted to net the impact of power purchases and any revenue with no corresponding generation.

(2)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see “Reconciliation of Non-IFRS Measures” in this Management’s Discussion and Analysis.

North America

Brazil

Colombia

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 16

WIND OPERATIONS

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

(MILLIONS, EXCEPT AS NOTED)	2025		2024
Revenue	$	116	$	133
Other income	29		31
Direct operating costs	(56)		(55)
Adjusted EBITDA(1)	89		109
Interest expense	(39)		(34)
Current income tax (expense) recovery	(3)		5
Funds From Operations	$	47	$	80
Generation (GWh) – LTA	1,970		2,072
Generation (GWh) – actual	1,668		1,751

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see “Reconciliation of Non-IFRS Measures” in this Management’s Discussion and Analysis.

UTILITY-SCALE SOLAR OPERATIONS

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

(MILLIONS, EXCEPT AS NOTED)	2025		2024
Revenue	$	174	$	145
Other income	35		41
Direct operating costs	(37)		(28)
Adjusted EBITDA(1)	172		158
Interest expense	(38)		(30)
Current income taxes	(4)		(1)
Funds From Operations	$	130	$	127
Generation (GWh) – LTA	1,832		1,363
Generation (GWh) – actual	1,522		1,152

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see “Reconciliation of Non-IFRS Measures” in this Management’s Discussion and Analysis.

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 17

DISTRIBUTED ENERGY & STORAGE OPERATIONS

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

(MILLIONS, EXCEPT AS NOTED)	2025		2024
Revenue	$	68	$	64
Other income	57		54
Direct operating costs	(24)		(23)
Adjusted EBITDA(1)	101		95
Interest expense	(11)		(10)
Current income taxes	(1)		—
Funds From Operations	$	89	$	85
Generation (GWh) – LTA	386		330
Generation (GWh) – actual	419		412

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see “Reconciliation of Non-IFRS Measures” in this Management’s Discussion and Analysis.

SUSTAINABLE SOLUTIONS OPERATIONS

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

(MILLIONS, EXCEPT AS NOTED)	2025		2024
Revenue	$	123	$	119
Other income	21		8
Direct operating costs	(97)		(95)
Adjusted EBITDA(1)	47		32
Interest expense	(8)		(5)
Current income tax (expense) recovery	(1)		3
Funds From Operations	$	38	$	30

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see “Reconciliation of Non-IFRS Measures” in this Management’s Discussion and Analysis.

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 18

CORPORATE

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

(MILLIONS, EXCEPT AS NOTED)	2025		2024
Other income	$	24	$	2
Direct operating costs	(9)		(9)
Adjusted EBITDA(1)	15		(7)
Management service costs	(57)		(59)
Interest expense	(52)		(48)
Distributions(2)	(27)		(26)
Funds From Operations	$	(121)	$	(140)

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see “Reconciliation of Non-IFRS Measures” in this Management’s Discussion and Analysis.

(2)Distributions on Preferred Units, Class A Preference Shares and Perpetual Subordinated Notes.

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

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 19

RECONCILIATION OF NON-IFRS MEASURES

	Hydroelectric						Wind		Utility-scale solar		Distributed energy & storage		Sustainable solutions		Corporate		Total
(MILLIONS)	North America		Brazil		Colombia
Net (loss) income	$	(4)	$	1	$	57	$	(124)	$	76	$	109	$	43	$	(116)	$	42
Add back or deduct the following:
Depreciation	96		19		49		218		143		75		11		—		611
Deferred income tax (recovery) expense	(6)		(1)		(10)		75		(88)		(28)		—		(8)		(66)
Foreign exchange and financial instrument (gain) loss	(5)		—		33		(15)		25		(71)		(49)		16		(66)
Other(1)	2		(1)		1		(51)		(66)		46		17		2		(50)
Management service costs	—		—		—		—		—		—		—		57		57
Interest expense	84		15		81		136		144		61		1		64		586
Current income tax expense (recovery)	2		1		(7)		1		11		(9)		1		—		—
Amount attributable to equity accounted investments and non-controlling interests(2)	(42)		(2)		(158)		(151)		(73)		(82)		23		—		(485)
Adjusted EBITDA attributable to Unitholders	$	127	$	32	$	46	$	89	$	172	$	101	$	47	$	15	$	629

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 20

	Hydroelectric						Wind		Utility-scale solar		Distributed energy & storage		Sustainable solutions		Corporate		Total
(MILLIONS)	North America		Brazil		Colombia
Net (loss) income	$	(5)	$	(4)	$	60	$	(71)	$	63	$	48	$	2	$	(132)	$	(39)
Add back or deduct the following:
Depreciation	105		16		37		215		103		34		4		—		514
Deferred income tax expense (recovery)	9		(1)		1		(15)		15		33		—		(13)		29
Foreign exchange and financial instrument (gain) loss	(39)		12		6		32		(60)		(127)		(23)		13		(186)
Other(1)	(3)		6		1		(11)		38		75		27		9		142
Management service costs	—		—		—		—		—		—		—		59		59
Interest expense	88		9		89		126		94		49		1		58		514
Current income tax expense (recovery)	1		2		29		(9)		(37)		(23)		—		(1)		(38)
Amount attributable to equity accounted investments and non-controlling interests(2)	(40)		(7)		(173)		(158)		(58)		6		21		—		(409)
Adjusted EBITDA attributable to Unitholders	$	116	$	33	$	50	$	109	$	158	$	95	$	32	$	(7)	$	586

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 21

(MILLIONS)	2025		2024
Net income (loss)	$	42	$	(39)
Add back or deduct the following:
Depreciation	611		514
Deferred income tax (recovery) expense	(66)		29
Foreign exchange and financial instruments gain	(66)		(186)
Other(1)	(50)		142
Amount attributable to equity accounted investments and non-controlling interest(2)	(169)		(182)
Funds From Operations	$	302	$	278

	2025		2024
Basic loss per LP unit(1)	$	(0.23)	$	(0.32)
Adjusted for proportionate share of:
Depreciation	0.43		0.39
Deferred income tax recovery	(0.16)		—
Foreign exchange and financial instruments gain	(0.04)		(0.06)
Other(2)	0.46		0.41
Funds From Operations per Unit(3)	$	0.46	$	0.42

(1)During the three months ended September 30, 2025, on average there were 283.8 million LP units outstanding (2024: 285.1 million).

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 22

CONTRACT PROFILE

(GWh, except as noted)	Rest of 2025			2026			2027			2028			2029
Hydroelectric
North America
United States(1)	1,636			6,782			6,764			6,489			6,475
Canada	830			4,021			4,058			4,058			4,008
	2,466			10,803			10,822			10,547			10,483
Wind	2,217			8,554			8,068			7,995			7,643
Utility-scale solar	1,121			5,123			5,159			5,116			5,059
Distributed energy & storage	274			1,377			1,357			1,342			1,321
Sustainable solutions	11			53			53			51			41
Contracted on a proportionate basis	6,089			25,910			25,459			25,051			24,547
Uncontracted on a proportionate basis	884			3,005			3,456			3,864			4,368
Long-term average on a proportionate basis	6,973			28,915			28,915			28,915			28,915
Non-controlling interests	19,460			77,192			77,192			77,192			77,192
Total long-term average	26,433			106,107			106,107			106,107			106,107
Contracted generation as a % of total generation on a proportionate basis	87		%	90		%	88		%	87		%	85		%
Price per MWh – total generation on a proportionate basis	$	75		$	76		$	78		$	79		$	81

(1)Includes generation of 247 GWh for 2025, 1,465 GWh for 2026, and 501 GWh for 2027 secured under financial contracts.

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.

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 23

CAPITALIZATION

The following table summarizes our capitalization:

	Corporate						Consolidated
(MILLIONS, EXCEPT AS NOTED)	September 30, 2025			December 31, 2024			September 30, 2025			December 31, 2024
Corporate credit facility(1)	$	—		$	240		$	—		$	240
Commercial paper(1)	627			431			627			431
Debt
Medium term notes(2)	3,142			3,008			3,142			3,008
Hybrid notes(2)	324			139			324			139
Non-recourse borrowings(3)	—			—			32,227			30,904
	3,466			3,147			35,693			34,051
Deferred income tax liabilities, net(4)	—			—			8,321			8,109
Equity
Non-controlling interest	—			—			23,616			26,168
Preferred equity	555			537			555			537
Perpetual subordinated notes	737			737			737			737
Preferred limited partners' equity	634			634			634			634
Unitholders' equity	7,302			8,380			7,302			8,380
Total capitalization	$	12,694		$	13,435		$	76,858		$	78,616
Debt-to-total capitalization	27		%	23		%	46		%	43		%
Debt-to-total capitalization (market value)(5)	14		%	15		%	41		%	40		%

(1)Draws on corporate credit facilities and commercial paper issuances are excluded from the debt to total capitalization ratios as they are not permanent sources of capital.

(2)Medium term and Hybrid notes are unsecured and guaranteed by Brookfield Renewable and exclude $23 million (2024: $16 million) of deferred financing fees, net of unamortized premiums.

(4)Deferred income tax liabilities less deferred income tax assets.

(5)Based on market values of Preferred equity, Perpetual subordinated notes, Preferred limited partners’ equity and Unitholders’ equity.

AVAILABLE LIQUIDITY

The following tables summarizes the available liquidity:

(MILLIONS)	September 30, 2025		December 31, 2024
Brookfield Renewable's share of cash and cash equivalents	$	713	$	770
Investments in marketable securities	161		201
Corporate credit facilities
Authorized credit facilities	2,450		2,450
Draws on credit facilities	—		(240)
Authorized letter of credit facility	500		500
Issued letters of credit	(348)		(335)
Available portion of corporate credit facilities	2,602		2,375
Available portion of subsidiary credit facilities on a proportionate basis	1,179		974
Available liquidity	$	4,655	$	4,320	Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
---	---	---
		Page 24

BORROWINGS

	September 30, 2025				December 31, 2024
	Weighted-average				Weighted-average
(MILLIONS EXCEPT AS NOTED)	Interest<br><br>rate (%)(1)	Term<br><br>(years)	Total(3)		Interest<br><br>rate (%)(1)	Term<br><br>(years)	Total(3)
Corporate borrowings
Credit facilities	N/A	5	$	—	5.6	5	$	240
Commercial paper	4.6	<1	627		5.0	<1	431
Medium term notes	4.5	12	3,142		4.4	12	3,008
Hybrid notes	5.4	30	324		5.5	30	139
Proportionate non-recourse borrowings(2)
Hydroelectric	6.3	10	5,491		6.0	11	4,887
Wind	4.9	10	2,552		4.7	10	2,144
Utility-scale solar	5.2	12	2,705		5.2	12	2,431
Distributed energy & storage	5.2	8	865		4.3	7	870
Sustainable solutions	6.3	6	406		6.3	6	399
	5.6	11	12,019		5.4	11	10,731
			$	16,112			$	14,549
Proportionate unamortized financing fees, net of unamortized premiums and discounts			(122)				(114)
			15,990				14,435
Equity-accounted borrowings			(1,769)				(1,438)
Non-controlling interests and other(3)			21,704				21,393
As per IFRS Statements			$	35,925			$	34,390

(1)Includes cash yields on tax equity.

(2)See “Part 8 – Presentation to Stakeholders and Performance Measurement” for information on proportionate debt.

(3)Includes tax equity liabilities.

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 25

The following table summarizes our undiscounted principal repayments and scheduled amortization on a proportionate basis as at September 30, 2025:

(MILLIONS)	Rest of 2025		2026		2027		2028		2029		Thereafter		Total
Debt Principal repayments(1)
Medium term notes(2)	$	—	$	—	$	359	$	—	$	341	$	2,442	$	3,142
Hybrid notes(2)	—		—		—		—		—		324		324
Non-recourse borrowings
Hydroelectric	396		494		149		166		651		1,728		3,584
Wind	2		57		31		187		175		261		713
Utility-scale solar	3		48		30		155		100		282		618
Distributed energy &<br><br>storage	4		8		46		115		53		136		362
Sustainable solutions	—		—		—		—		—		337		337
	405		607		256		623		979		2,744		5,614
Amortizing debt principal repayments
Non-recourse borrowings
Hydroelectric	35		163		154		189		142		1,224		1,907
Wind	62		162		158		159		164		1,134		1,839
Utility-scale solar	91		164		161		173		161		1,337		2,087
Distributed energy &<br><br>storage	14		35		33		35		107		279		503
Sustainable solutions	3		9		8		20		7		22		69
	205		533		514		576		581		3,996		6,405
Total	$	610	$	1,140	$	1,129	$	1,199	$	1,901	$	9,506	$	15,485

(1)Draws on corporate credit facilities and commercial paper issuances are excluded from the debt repayment schedule as they are not a permanent source of capital.

CAPITAL EXPENDITURES

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 26

CONSOLIDATED STATEMENTS OF CASH FLOWS

The following table summarizes the key items in the unaudited interim consolidated statements of cash flows:

	Three months ended September 30				Nine months ended September 30
(MILLIONS)	2025		2024		2025		2024
Cash flows provided by (used in):
Operating activities before changes in due to or from related parties and net working capital change	$	410	$	379	$	1,191	$	1,149
Changes in due to or from related parties	40		14		226		98
Net change in working capital balances	(64)		105		(265)		(194)
Operating activities	$	386	$	498	$	1,152	$	1,053
Financing activities	907		572		5,655		1,901
Investing activities	(1,182)		(1,010)		(8,039)		(2,739)
Foreign exchange gain (loss) on cash	—		16		121		(28)
Increase (decrease) in cash and cash equivalents	$	111	$	76	$	(1,111)	$	187

Operating Activities

Financing Activities

Investing Activities

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 27

SHARES, UNITS AND NOTES OUTSTANDING

Shares, units and notes outstanding are as follows:

	September 30, 2025	December 31, 2024
Class A Preference Shares(1)	31,035,967	31,035,967
Perpetual Subordinated Notes
Balance, beginning of year	30,400,000	24,400,000
Issuance	—	6,000,000
Balance, end of period	30,400,000	30,400,000
Preferred Units(2)
Balance, beginning of year	31,000,000	38,000,000
Redemption of preferred LP Units	—	(7,000,000)
Balance, end of period	31,000,000	31,000,000
GP interest	3,977,260	3,977,260
Redeemable/Exchangeable partnership units	194,487,939	194,487,939
BEPC exchangeable shares and Class A.2 exchangeable shares(3)
Balance, beginning of year	179,640,851	179,651,526
Exchanged for BEP LP units	(36,058)	(10,675)
Balance, end of period	179,604,793	179,640,851
LP units
Balance, beginning of year	285,180,371	287,164,340
Repurchase of LP units for cancellation	(1,522,975)	(2,279,654)
Distribution reinvestment plan	210,756	285,010
Issued in exchange for BEPC exchangeable shares	36,058	10,675
Balance, end of period	283,904,210	285,180,371
Total LP units on a fully-exchanged basis(4)	657,996,942	659,309,161

(3)Includes 144,885,110 (2024: 144,921,168) of BEPC exchangeable shares and 34,719,683 (2024: 34,719,683) of Class A.2 exchangeable shares.

(4)The fully-exchanged amounts assume the exchange of all Redeemable/Exchangeable partnership units, BEPC exchangeable shares and class A.2 exchangeable shares for LP units.

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 28

DIVIDENDS AND DISTRIBUTIONS

The following table summarizes the dividends and distributions declared and paid for the three and nine months ended September 30:

	Three months ended September 30								Nine months ended September 30
	Declared				Paid				Declared				Paid
(MILLIONS)	2025		2024		2025		2024		2025		2024		2025		2024
Class A Preference Shares	$	8	$	7	$	6	$	7	$	22	$	20	$	20	$	20
Perpetual Subordinated Notes	10		10		10		10		30		27		30		27
Class A Preferred LP units	9		9		7		9		26		29		24		29
Participating non-controlling interests – in operating subsidiaries	198		143		198		143		958		494		958		494
GP interest and incentive distributions	37		33		38		34		113		100		113		97
Redeemable/Exchangeable partnership units	73		69		73		69		220		208		220		207
BEPC Exchangeable shares and class A.2 exchangeable shares	67		64		67		64		202		193		202		195
LP units	106		101		109		100		320		305		316		299

CONTRACTUAL OBLIGATIONS

Please see Note 19 – Commitments, contingencies and guarantees in the unaudited interim consolidated financial statements, for further details on the following:

•Commitments – Water, land, and dam usage agreements, and agreements and conditions on committed acquisitions of operating portfolios and development projects;

•Contingencies – Legal proceedings, arbitrations and actions arising in the normal course of business, and providing for letters of credit; and

•Guarantees – Nature of all the indemnification undertakings and guarantees to third-parties for certain transactions.

SUPPLEMENTAL FINANCIAL INFORMATION

Pursuant to Rule 13-01 of the SEC's Regulation S-X, the following table provides combined summarized financial information of Brookfield BRP Holdings (Canada) Inc. and the guarantor subsidiaries:

	Three months ended September 30				Nine months ended September 30
(MILLIONS)	2025		2024		2025		2024
Revenues(1)	$	—	$	—	$	—	$	—
Gross profit	—		—		—		—
Dividend income from non-guarantor subsidiaries	240		237		721		283
Net income	136		180		436		158

(1)Brookfield Renewable's total revenues for the three and nine months ended September 30, 2025 were $1,596 million and $4,868 million, respectively (2024: $1,470 million and $4,444 million).

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 29
(MILLIONS)	September 30, 2025		December 31, 2024
---	---	---	---	---
Current assets(1)	$	1,354	$	392
Total assets(2)(3)	1,532		507
Current liabilities(4)	9,106		7,259
Total liabilities(5)	9,154		7,698

(1)Amount due from non-guarantor subsidiaries was $1,347 million (2024: $383 million).

(2)Brookfield Renewable's total assets as at September 30, 2025 and December 31, 2024 were $98,303 million and $94,809 million.

(3)Amount due from non-guarantor subsidiaries was $1,408 million (2024: $408 million).

(4)Amount due to non-guarantor subsidiaries was $8,236 million (2024: $6,629 million).

(5)Amount due from non-guarantor subsidiaries was $8,236 million (2024: $6,715 million).

OFF-STATEMENT OF FINANCIAL POSITION ARRANGEMENTS

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 30

SUMMARY OF HISTORICAL QUARTERLY RESULTS

The following is a summary of unaudited quarterly financial information for the last eight consecutive quarters:

	2025						2024								2023
(MILLIONS, EXCEPT AS NOTED)	Q3		Q2		Q1		Q4		Q3		Q2		Q1		Q4
Total Generation (GWh) – LTA	29,779		31,450		30,476		24,779		22,151		24,895		22,514		22,641
Total Generation (GWh) – actual	27,554		30,650		29,008		21,121		19,684		21,467		20,300		17,006
Proportionate Renewable Generation (GWh) – LTA	8,529		9,819		8,999		8,616		8,132		9,522		8,654		8,492
Proportionate Actual Renewable Generation (GWh)	7,186		9,542		8,670		6,868		7,320		8,298		8,461		7,045
Revenues	$	1,596	$	1,692	$	1,580	$	1,432	$	1,470	$	1,482	$	1,492	$	1,323
Net (loss) income attributable to Unitholders	(120)		(112)		(197)		(9)		(181)		(154)		(120)		35
Basic (loss) income per LP unit	(0.23)		(0.22)		(0.35)		(0.06)		(0.32)		(0.28)		(0.23)		0.01
Funds From Operations	302		371		315		304		278		339		296		255
Funds From Operations per Unit	0.46		0.56		0.48		0.46		0.42		0.51		0.45		0.38
Distribution per LP Unit	0.37		0.37		0.37		0.36		0.36		0.36		0.36		0.34		Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
---	---	---
		Page 31

PROPORTIONATE RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 30

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

	(GWh)				(MILLIONS)
	Renewable Actual Generation		Renewable LTA Generation		Revenues				Adjusted EBITDA(1)				Funds From Operations(1)
	2025	2024	2025	2024	2025		2024		2025		2024		2025		2024
Hydroelectric
North America	8,736	8,941	9,245	9,245	$	856	$	767	$	526	$	487	$	321	$	278
Brazil	2,717	2,905	2,905	3,060	148		160		105		110		92		94
Colombia	2,807	2,174	2,680	2,637	211		238		136		126		74		53
	14,260	14,020	14,830	14,942	1,215		1,165		767		723		487		425
Wind	6,182	5,987	6,945	7,016	427		457		344		366		217		270
Utility-scale solar	3,817	2,981	4,540	3,469	396		358		402		365		293		279
Distributed energy & storage	1,139	1,091	1,032	881	188		177		280		192		247		163
Sustainable solutions	—	—	—	—	431		352		154		118		124		105
Corporate	—	—	—	—	—		—		7		26		(380)		(329)
Total	25,398	24,079	27,347	26,308	$	2,657	$	2,509	$	1,954	$	1,790	$	988	$	913

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see “Reconciliation of Non-IFRS Measures” in this Management’s Discussion and Analysis.

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 32

RECONCILIATION OF NON-IFRS MEASURES

	Hydroelectric						Wind		Utility-scale solar		Distributed energy & storage		Sustainable solutions		Corporate		Total
(MILLIONS)	North America		Brazil		Colombia
Net income (loss)	$	70	$	3	$	119	$	72	$	(192)	$	204	$	114	$	(356)	$	34
Add back or deduct the following:
Depreciation	296		54		143		663		420		193		34		—		1,803
Deferred income tax (recovery) expense	(6)		(1)		(9)		(160)		(120)		33		—		(29)		(292)
Foreign exchange and financial instrument (gain) loss	(21)		8		64		(349)		(87)		(101)		(113)		29		(570)
Other(1)	38		1		6		105		192		71		39		26		478
Management service costs	—		—		—		—		—		—		—		162		162
Interest expense	270		43		251		526		390		163		3		173		1,819
Current income tax expense (recovery)	4		6		24		—		50		(144)		1		2		(57)
Amount attributable to equity accounted investments and non-controlling interests(2)	(125)		(9)		(462)		(513)		(251)		(139)		76		—		(1,423)
Adjusted EBITDA attributable to Unitholders	$	526	$	105	$	136	$	344	$	402	$	280	$	154	$	7	$	1,954

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 33

The following table reflects Adjusted EBITDA and Funds From Operations and provides a reconciliation to net income (loss) for the nine months ended September 30, 2024:

	Hydroelectric						Wind		Utility-scale solar		Distributed energy & storage		Sustainable solutions		Corporate		Total
(MILLIONS)	North America		Brazil		Colombia
Net income (loss)	$	114	$	(42)	$	107	$	(54)	$	(16)	$	37	$	5	$	(348)	$	(197)
Add back or deduct the following:
Depreciation	312		55		111		621		327		99		8		—		1,533
Deferred income tax expense (recovery)	11		(3)		9		(22)		17		33		(1)		(26)		18
Foreign exchange and financial instrument (gain) loss	(79)		20		(3)		(115)		(55)		(134)		(63)		7		(422)
Other(1)	(43)		54		(4)		3		54		63		19		86		232
Management service costs	—		—		—		—		—		—		—		157		157
Interest expense	263		39		281		355		258		121		10		152		1,479
Current income tax expense (recovery)	3		6		45		10		(35)		(21)		—		(2)		6
Amount attributable to equity accounted investments and non-controlling interests(2)	(94)		(19)		(420)		(432)		(185)		(6)		140		—		(1,016)
Adjusted EBITDA attributable to Unitholders	$	487	$	110	$	126	$	366	$	365	$	192	$	118	$	26	$	1,790

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 34

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

(MILLIONS)	2025		2024
Net income (loss)	$	34	$	(197)
Add back or deduct the following:
Depreciation	1,803		1,533
Deferred income tax (recovery) expense	(292)		18
Foreign exchange and financial instruments gain	(570)		(422)
Other(1)	478		232
Amount attributable to equity accounted investments and non-controlling interest(2)	(465)		(251)
Funds From Operations	$	988	$	913

	Nine months ended September 30
	2025		2024
Basic loss per LP unit(1)	$	(0.81)	$	(0.83)
Adjusted for proportionate share of:
Depreciation	1.28		1.16
Deferred income tax recovery	(0.16)		(0.05)
Foreign exchange and financial instruments gain	(0.04)		(0.17)
Other(2)	1.22		1.27
Funds From Operations per Unit(3)	$	1.49	$	1.38

(1)During the nine months ended September 30, 2025, on average there were 284.2 million LP units outstanding (2024: 285.7 million).

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 35

CRITICAL ESTIMATES AND CRITICAL JUDGMENTS IN APPLYING ACCOUNTING POLICIES

FUTURE CHANGES IN ACCOUNTING POLICIES

IFRS 18 – Presentation and Disclosure in Financial Statements (“IFRS 18”)

Amendments to IFRS 9 - Financial Instruments (“IFRS 9”) and IFRS 7 - Financial Instruments: Disclosures (“IFRS 7”) - Classification and Measurement of Financial Instruments

Amendments to IFRS 9 - Financial Instruments (“IFRS 9”) and IFRS 7 - Financial Instruments: Disclosures (“IFRS 7”) - Contracts Referencing Nature-Dependent Electricity

There are currently no other future changes to IFRS Accounting Standards with a potential material impact on Brookfield Renewable.

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 36

INTERNAL CONTROL OVER FINANCIAL REPORTING

SUBSEQUENT EVENTS

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
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PRESENTATION TO PUBLIC STAKEHOLDERS

Equity

Actual and Long-term Average Generation

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 38

Voting Agreements with Affiliates

PERFORMANCE MEASUREMENT

Segment Information

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
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Proportionate Information

The presentation of proportionate results has limitations as an analytical tool, including the following:

•Other companies may calculate proportionate results differently than we do.

Because of these limitations, our proportionate financial information should not be considered in isolation or as a substitute for our financial statements as reported under IFRS.

Net Income (Loss)

Net income (loss) is calculated in accordance with IFRS.

Adjusted EBITDA

Adjusted EBITDA is a non-IFRS measure used by investors to analyze the operating performance of companies.

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
		Page 40

Brookfield Renewable believes that presentation of this measure will enhance an investor’s ability to evaluate its financial and operating performance on an allocable basis.

Funds From Operations

Proportionate Debt

•Other companies may calculate proportionate debt differently.

Brookfield Renewable Partners L.P.	Management’s Discussion and Analysis	September 30, 2025
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CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS

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CAUTIONARY STATEMENT REGARDING USE OF NON-IFRS MEASURES

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Document

Exhibit 99.4

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Connor Teskey, Chief Executive Officer of the service provider of Brookfield Renewable Partners L.P., Brookfield Canada Renewable Manager LP, certify the following:

1.Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Brookfield Renewable Partners L.P., (the "issuer") for the interim period ended September 30, 2025.

2.No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.Responsibility: The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.

5.Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

i.material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

ii.information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 Control framework: The control framework the issuer's other certifying officer and I used to design the issuer's ICFR is the Internal Control - Integrated Framework (COSO 2013 Framework) published by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2 ICFR – material weakness relating to design: N/A

5.3 Limitation on scope of design: N/A

6.Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on July 1, 2025 and ended on September 30, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: November 5, 2025
/s/ Connor Teskey
Name:	Connor Teskey
Title:	Chief Executive Officer of its Service Provider, Brookfield Canada Renewable Manager LP
(Principal Executive Officer)

Document

Exhibit 99.5

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Patrick Taylor, Chief Financial Officer of the service provider of Brookfield Renewable Partners L.P., Brookfield Canada Renewable Manager LP, certify the following:

5.Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

i.material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

5.2 ICFR – material weakness relating to design: N/A

5.3 Limitation on scope of design: N/A

Date: November 5, 2025
/s/ Patrick Taylor
Name:	Patrick Taylor
Title:	Chief Financial Officer of its Service Provider, Brookfield Canada Renewable Manager LP
(Principal Executive Officer)