Brookfield Renewable Partners LP | North America 2Q 2026 Earnings Recap

Research evidence excerpt

Brookfield Renewable Partners LP | North America 2Q 2026 Earnings Recap

Update

July 31, 2026 06:21 PM GMT

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

Equity Analyst

2Q 2026 Earnings Recap Robert.Kad@morganstanley.comJoy Golub +1 212 761-0065

Research Associate

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

AlphaSignals Earnings Reaction Victoria Xiong, CFA

Unchanged Modest upside Largely unchanged Victoria.Xiong@morganstanley.com +1 212 761-0228

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Brookfield Renewable Partners LP (BEP.N, BEP US)

Source: Company data, Morgan Stanley Research

Renewable Energy Infrastructure | United States of

America

Key Takeaways Stock Rating Overweight

Industry View Attractive

FFO: $421mm, +12.3% q/q, +13.5% y/y (cons: $411mm/MS: $404mm), +2.3% vs. Price target $42.00

Shr price, close (Jul 30, 2026) $32.66

cons Mkt cap, curr (mm) $9,905

52-Week Range $38.11-24.13

2Q26 results were modestly above expectations. Hydro was driven by strong

generation from the Canadian fleet, robust performance in Colombia, and gains from

the sale of a 25% interest in non-core U.S. hydro assets, partially offset by weaker

U.S. hydrology. Wind and solar were supported by projects commissioned over the

last year and realized gains. Distributed energy, storage, and sustainable solutions

were driven by contributions from development activities and strong performance

from Westinghouse, supported by increasing activity across new-build nuclear

projects and reactor restarts amid growing global demand for nuclear power.

BEP/BEPC Structure: BEP approved a plan to combine BEP and BEPC into a single

publicly traded corporation, a simplification expected to be tax-deferred for