Brookfield Renewable: 2Q Results Align, Analyst Day and Unit holder Vote on Consolidation Up Next

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Brookfield Renewable: 2Q Results Align, Analyst Day and Unit holder Vote on Consolidation Up Next

J P M O R G A N North America Equity Research

03 August 2026

Brookfield Renewable

2Q Results Align, Analyst Day and Unitholder Vote on

Consolidation Up Next

Brookfield Renewable reported 2Q FFO aligned with consensus expectations, Clean Energy, Power Infrastructure,

with active capital deployment and capital recycling activity. As recently and Sustainable Investing

announced, Brookfield intends to consolidate the BEP and BEPC entities with a Mark Strouse, CFA AC

goal to improve liquidity, increase index inclusion, simplify investor analysis, and (1-212) 622-8244

broaden access to investors. The company will host an Analyst Day on September mark.w.strouse@jpmorgan.com

29. Lastly, the company announced that its Westinghouse business (co-owned with Michael G Fairbanks

Cameco, with BEP owning ~51%) confidentially filed an S1 with the SEC. We (1-212) 622-4908

believe Westinghouse contributes a mid/high-single digit percentage of BEP’s PF michael.fairbanks@jpmchase.com

EBITDA. Lastly, with this note, we are introducing FY28 estimates and Anna Zhu

(1-212) 622-0012

establishing a YE27 price target of $36 for BEP, unchanged from our YE26 target. anna.zhu@jpmorgan.com

We are establishing a YE27 price target of $36 for BEPC, from our YE26 target of J.P. Morgan Securities LLC

$38, to align with our BEP target given the potential consolidation. We maintain

our Neutral ratings for both BEP and BEPC.

• 2Q FFO Aligns. FFO per share was $0.62, aligned with consensus, up ~10%

y/y. Brookfield noted strong hydro generation in Canada and Colombia, which,

in addition to asset sales, offset weak US hydro. The company deployed

$760mm during the quarter, while recycling $630mm.