Takeaways from Meetings with BEP Management

Research evidence excerpt

Takeaways from Meetings with BEP Management

Idea

June 22, 2026 03:53 AM GMT

Morgan Stanley & Co. LLCMBrookfield Renewable Partners LP | North America Robert S Kad

Equity Analyst

Takeaways from Meetings with Robert.Kad@morganstanley.comJoy Golub +1 212 761-0065

Research Associate

Joy.Golub@morganstanley.com +1 212 761-4924

BEP Management Victoria Xiong, CFA

Victoria.Xiong@morganstanley.com +1 212 761-0228

BEP is a differentiated AI Infrastructure play, positioned to

deploy capital at scale to develop clean energy infrastructure for Brookfield Renewable Partners LP (BEP.N, BEP US)

hyperscalers and others that should put it on the cusp of RenewableAmerica Energy Infrastructure | United States of

growth acceleration above its +10% annual FFO/unit target. Stock Rating Overweight

Industry View Attractive

Price target $42.00

Key Takeaways Shr price, close (Jun 18, 2026) $35.24

Mkt cap, curr (mm) $10,687

We recently hosted meetings with BEP senior management and clients in Boston 52-Week Range $38.11-24.13

and Baltimore. Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

EPS ($)** (0.07) (2.59) (2.60) (2.02)

BEP is poised to be a key beneficiary of the technology sector's AI/data centers Prior EPS ($)** - - - -

buildout and broader power demand trends. P/E NM NM NM NM

EPS ($)§ (0.57) (0.86) (0.75) (0.72)

While management did not offer a timeline on a potential BEP/BEPC Div yld (%) - - - -

simplification, we believe a transaction could be announced in the next 1-2 Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

quarters. ** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

We remain Overweight, with our $42 price target reflecting +23.7% one-year, e = Morgan Stanley Research estimates

Quarterly EPS ($)