Brookfield Renewable Partners LP | 北美2026年第二季度财报回顾

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Update

July 31, 2026 06:21 PM GMT

Brookfield Renewable Partners LP | North America

Morgan Stanley & Co. LLC

Robert S Kad

Equity Analyst

2Q 2026 Earnings Recap

Joy Golub

Research Associate

Victoria Xiong, CFA

AlphaSignals Earnings Reaction

Research Associate

Unchanged

Modest upside

Largely unchanged

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

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

cons

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

Renewable Energy Infrastructure | United States of

America

Stock Rating

Industry View

Price target

Shr price, close (Jul 30, 2026)

Mkt cap, curr (mm)

52-Week Range

Overweight

Attractive

$42.00

$32.66

$9,905

$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

Canadian and U.S. investors and to improve liquidity, broaden the investor base, and

simplify tax reporting for BEP unitholders. A special securityholder meeting is

scheduled for October 14, 2026, with the transaction expected to close in Q4 2026,

subject to the required approvals and customary closing conditions.

Other takeaways:

• Aypa acquisition: Announced the acquisition of Aypa, North America's largest

standalone battery storage platform, for ~$3 billion (~$420 million net to

…