BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

UNAUDITED (MILLIONS)	Notes	June 30, 2025		December 31, 2024
Assets
Current assets
Cash and cash equivalents	15	$	1,907	$	3,135
Restricted cash	16	301		286
Trade receivables and other current assets	17	2,464		2,124
Financial instrument assets	5	327		368
Due from related parties	20	1,051		873
Assets held for sale	4	1,756		2,049
		7,806		8,835
Financial instrument assets	5	3,021		3,054
Equity-accounted investments	14	3,709		2,740
Property, plant and equipment, at fair value	8	76,351		73,475
Goodwill	13	6,133		5,434
Deferred income tax assets		394		330
Other long-term assets		1,187		941
Total Assets		$	98,601	$	94,809
Liabilities
Current liabilities
Accounts payable and accrued liabilities	18	$	2,549	$	2,104
Financial instrument liabilities	5	899		636
Due to related parties	20	7,130		4,855
Corporate borrowings	9	866		709
Non-recourse borrowings	9	5,295		5,005
Provisions		74		220
Liabilities directly associated with assets held for sale	4	886		1,036
		17,699		14,565
Financial instrument liabilities	5	2,760		2,790
Corporate borrowings	9	3,697		3,093
Non-recourse borrowings	9	27,895		25,583
Deferred income tax liabilities		8,682		8,439
Provisions		1,318		1,215
Due to related parties	20	1,064		592
Other long-term liabilities		2,159		2,076
Equity
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries	10	23,627		26,168
General partnership interest in a holding subsidiary held by Brookfield	10	47		50
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	10	2,280		2,457
BEPC exchangeable shares and class A.2 exchangeable shares	10	2,106		2,269
Preferred equity	10	568		537
Perpetual subordinated notes	10	737		737
Preferred limited partners' equity	11	634		634
Limited partners' equity	12	3,328		3,604
Total Equity		33,327		36,456
Total Liabilities and Equity		$	98,601	$	94,809

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

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 2

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

UNAUDITED (MILLIONS, EXCEPT PER UNIT INFORMATION)		Three months ended June 30				Six months ended June 30
	Notes	2025		2024		2025		2024
Revenues	20	$	1,692	$	1,482	$	3,272	$	2,974
Other income		62		62		232		96
Direct operating costs(1)		(699)		(618)		(1,374)		(1,252)
Management service costs	20	(56)		(53)		(105)		(98)
Interest expense	9	(624)		(489)		(1,233)		(965)
Share of loss from equity-accounted investments	14	(57)		(25)		(73)		(58)
Foreign exchange and financial instruments gain	5	255		116		504		236
Depreciation	8	(609)		(517)		(1,192)		(1,019)
Other		(61)		(27)		(322)		(39)
Income tax recovery (expense)
Current	7	16		(16)		57		(44)
Deferred	7	181		(3)		226		11
		197		(19)		283		(33)
Net income (loss)		$	100	$	(88)	$	(8)	$	(158)
Net income (loss) attributable to:
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries	10	$	186	$	41	$	250	$	66
General partnership interest in a holding subsidiary held by Brookfield	10	35		30		70		63
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	10	(44)		(54)		(112)		(99)
BEPC exchangeable shares and class A.2 exchangeable shares	10	(40)		(51)		(103)		(92)
Preferred equity	10	7		6		14		13
Perpetual subordinated notes	10	10		10		20		17
Preferred limited partners' equity	11	9		9		17		20
Limited partners' equity	12	(63)		(79)		(164)		(146)
		$	100	$	(88)	$	(8)	$	(158)
Basic and diluted loss per LP unit		$	(0.22)	$	(0.28)	$	(0.58)	$	(0.51)

(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.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 3

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

UNAUDITED (MILLIONS)		Three months ended June 30				Six months ended June 30
	Notes	2025		2024		2025		2024
Net income (loss)		$	100	$	(88)	$	(8)	$	(158)
Other comprehensive income (loss) that will not be reclassified to net income (loss)
Revaluations of property, plant and equipment	8	65		(96)		109		(121)
Actuarial gains on defined benefit plans		3		2		3		4
Deferred income tax expense on above items		(97)		—		(119)		(3)
Unrealized (loss) gain on investments in equity securities	5	—		(1)		1		(1)
Equity-accounted investments	14	25		3		12		3
Total items that will not be reclassified to net (loss) income		(4)		(92)		6		(118)
Other comprehensive income (loss) that may be reclassified to net income
Foreign currency translation		540		(697)		1,161		(938)
(Losses) gains arising during the period on financial instruments designated as cash-flow hedges	5	(69)		(88)		23		(262)
Unrealized (loss) gain on foreign exchange swaps – net investment hedge	5	(263)		124		(470)		146
Reclassification adjustments for amounts recognized in net loss	5	(3)		(33)		2		(62)
Deferred income tax recovery on above items		33		7		18		31
Equity-accounted investments	14	18		(8)		38		(21)
Total items that may be reclassified subsequently to net income (loss)		256		(695)		772		(1,106)
Other comprehensive income (loss)		252		(787)		778		(1,224)
Comprehensive income (loss)		$	352	$	(875)	$	770	$	(1,382)
Comprehensive income (loss) attributable to:
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries	10	$	230	$	(488)	$	678	$	(760)
General partnership interest in a holding subsidiary held by Brookfield	10	36		29		72		61
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	10	8		(128)		(18)		(210)
BEPC exchangeable shares and class A.2 exchangeable shares	10	8		(120)		(17)		(195)
Preferred equity	10	38		1		45		(5)
Perpetual subordinated notes	10	10		10		20		17
Preferred limited partners' equity	11	9		9		17		20
Limited partners' equity	12	13		(188)		(27)		(310)
		$	352	$	(875)	$	770	$	(1,382)

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

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 4

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

			Accumulated other comprehensive income														Non-controlling interests
UNAUDITED THREE MONTHS ENDED JUNE 30 (MILLIONS)	Limited partners' equity		Foreign currency translation		Revaluation surplus		Actuarial losses on defined benefit plans		Cash flow hedges		Investments in equity securities		Total limited partners' equity		Preferred limited partners' equity		Preferred 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 equity
Balance, as at March 31, 2025	$	(2,951)	$	(794)	$	7,173	$	3	$	(3)	$	—	$	3,428	$	634	$	537	$	737	$	2,167	$	23,717	$	48	$	2,346	$	33,614
Net (loss) income	(63)		—		—		—		—		—		(63)		9		7		10		(40)		186		35		(44)		100
Other comprehensive income (loss)	—		16		68		1		(10)		1		76		—		31		—		48		44		1		52		252
Equity repurchased for cancellation (Note 12)	(8)		—		—		—		—		—		(8)		—		—		—		—		—		—		—		(8)
Capital contributions	—		—		—		—		—		—		—		—		—		—		—		1,357		—		—		1,357
Return of capital	—		—		—		—		—		—		—		—		—		—		—		(358)		—		—		(358)
Acquisition	—		—		—		—		—		—		—		—		—		—		—		(194)		—		—		(194)
Disposal (Note 3)	5		—		(5)		—		—		—		—		—		—		—		—		(594)		—		—		(594)
Distributions or dividends declared	(106)		—		—		—		—		—		(106)		(9)		(7)		(10)		(67)		(542)		(37)		(73)		(851)
Distribution reinvestment plan	1		—		—		—		—		—		1		—		—		—		—		—		—		—		1
Other	3		1		(6)		—		3		(1)		—		—		—		—		(2)		11		—		(1)		8
Change in period	(168)		17		57		1		(7)		—		(100)		—		31		—		(61)		(90)		(1)		(66)		(287)
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
Balance, as at March 31, 2024	$	(2,305)	$	(735)	$	6,736	$	2	$	20	$	1	$	3,719	$	760	$	570	$	738	$	2,336	$	18,669	$	52	$	2,529	$	29,373
Net (loss) income	(79)		—		—		—		—		—		(79)		9		6		10		(51)		41		30		(54)		(88)
Other comprehensive loss	—		(80)		(17)		—		(12)		—		(109)		—		(5)		—		(69)		(529)		(1)		(74)		(787)
Equity repurchased for cancellation	(24)		—		—		—		—		—		(24)		—		—		—		—		—		—		—		(24)
Capital contributions	—		—		—		—		—		—		—		—		—		—		—		344		—		—		344
Return of capital	—		—		—		—		—		—		—		—		—		—		—		(151)		—		—		(151)
Redemption of Preferred LP Units	—		—		—		—		—		—		—		(131)		—		—		—		—		—		—		(131)
Disposal	3		—		(3)		—		—		—		—		—		—		—		—		(35)		—		—		(35)
Distributions or dividends declared	(101)		—		—		—		—		—		(101)		(9)		(6)		(10)		(64)		(244)		(33)		(69)		(536)
Distribution reinvestment plan	2		—		—		—		—		—		2		—		—		—		—		—		—		—		2
Other	17		2		(12)		—		—		—		7		5		—		—		—		4		—		(2)		14
Change in period	(182)		(78)		(32)		—		(12)		—		(304)		(126)		(5)		—		(184)		(570)		(4)		(199)		(1,392)
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

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

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 5

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

			Accumulated other comprehensive income														Non-controlling interests
UNAUDITED SIX MONTHS ENDED JUNE 30 (MILLIONS)	Limited partners' equity		Foreign currency translation		Revaluation surplus		Actuarial losses on defined benefit plans		Cash flow hedges		Investments in equity securities		Total limited partners' equity		Preferred limited partners' equity		Preferred 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 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	(164)		—		—		—		—		—		(164)		17		14		20		(103)		250		70		(112)		(8)
Other comprehensive income (loss)	—		79		63		1		(7)		1		137		—		31		—		86		428		2		94		778
Equity repurchased for cancellation (Note 12)	(34)		—		—		—		—		—		(34)		—		—		—		—		—		—		—		(34)
Capital contributions	—		—		—		—		—		—		—		—		—		—		—		1,829		—		—		1,829
Return of capital	—		—		—		—		—		—		—		—		—		—		—		(462)		—		—		(462)
Acquisition	—		—		—		—		—		—		—		—		—		—		—		(3,166)		—		—		(3,166)
Disposals (Note 3)	50		—		(50)		—		—		—		—		—		—		—		—		(594)		—		—		(594)
Distributions or dividends declared	(214)		—		—		—		—		—		(214)		(17)		(14)		(20)		(135)		(760)		(76)		(147)		(1,383)
Distribution reinvestment plan	3		—		—		—		—		—		3		—		—		—		—		—		—		—		3
Other	14		3		(20)		(1)		1		(1)		(4)		—		—		—		(11)		(66)		1		(12)		(92)
Change in period	(345)		82		(7)		—		(6)		—		(276)		—		31		—		(163)		(2,541)		(3)		(177)		(3,129)
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
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	(146)		—		—		—		—		—		(146)		20		13		17		(92)		66		63		(99)		(158)
Other comprehensive loss	—		(115)		(22)		—		(27)		—		(164)		—		(18)		—		(103)		(826)		(2)		(111)		(1,224)
Equity issuance	—		—		—		—		—		—		—		—		—		146		—		—		—		—		146
Equity repurchased for cancellation	(52)		—		—		—		—		—		(52)		—		—		—		—		—		—		—		(52)
Capital contributions	—		—		—		—		—		—		—		—		—		—		—		511		—		—		511
Return of capital	—		—		—		—		—		—		—		—		—		—		—		(167)		—		—		(167)
Redemption of Preferred LP Units	—		—		—		—		—		—		—		(131)		—		—		—		—		—		—		(131)
Disposal	3		—		(3)		—		—		—		—		—		—		—		—		(35)		—		—		(35)
Distributions or dividends declared	(204)		—		—		—		—		—		(204)		(20)		(13)		(17)		(129)		(351)		(67)		(139)		(940)
Distribution reinvestment plan	4		—		—		—		—		—		4		—		—		—		—		—		—		—		4
Other	26		3		(14)		—		(1)		—		14		5		—		—		(3)		38		(1)		(5)		48
Change in period	(369)		(112)		(39)		—		(28)		—		(548)		(126)		(18)		146		(327)		(764)		(7)		(354)		(1,998)
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

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

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 6

BROOKFIELD RENEWABLE PARTNERS L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

UNAUDITED		Three months ended June 30				Six months ended June 30
(MILLIONS)	Notes	2025		2024		2025		2024
Operating activities
Net loss		$	100	$	(88)	$	(8)	$	(158)
Adjustments for the following non-cash items:
Depreciation	8	609		517		1,192		1,019
Unrealized foreign exchange and financial instruments gain	5	(301)		(122)		(489)		(239)
Share of loss from equity-accounted investments	14	57		25		73		58
Deferred income tax (recovery) expense	7	(181)		3		(226)		(11)
Other non-cash items		104		37		175		93
Dividends received from equity-accounted investments	14	27		7		64		8
		415		379		781		770
Changes in due to or from related parties	20	142		26		186		84
Net change in working capital balances		(178)		(174)		(201)		(299)
		379		231		766		555
Financing activities
Proceeds from medium term notes	9	—		—		307		297
Proceeds from hybrid notes	9	184		—		184		—
Repayment of medium term notes	9	(291)		—		(291)		—
Corporate credit facilities, net	9	169		300		(71)		300
Commercial paper, net	9	231		80		435		556
Proceeds from non-recourse borrowings	9,20	3,885		2,161		7,127		4,039
Repayment of non-recourse borrowings	9,20	(3,061)		(1,359)		(5,266)		(4,205)
Capital contributions from participating non-controlling interests – in operating subsidiaries	10	1,357		325		1,829		492
Capital repaid to participating non-controlling interests – in operating subsidiaries	10	(358)		(187)		(462)		(203)
Issuance of equity instruments and related costs	10,12	—		—		—		146
Redemption and repurchase of equity instruments	11,12	(7)		(155)		(34)		(183)
Distributions paid:
To participating non-controlling interests – in operating subsidiaries, preferred shareholders, preferred limited partners unitholders, and perpetual subordinate notes	10,11	(568)		(269)		(811)		(401)
To unitholders of Brookfield Renewable or BRELP and shareholders of Brookfield Renewable Corporation	10,12	(281)		(271)		(564)		(531)
Inflows from related parties	20	3,336		84		5,470		1,349
Outflows to related parties	20	(2,038)		(201)		(3,105)		(327)
		2,558		508		4,748		1,329
Investing activities
Acquisitions, net of cash and cash equivalents, in acquired entity	2	(1,686)		—		(4,429)		(11)
Investment in property, plant and equipment	8	(1,478)		(820)		(3,024)		(1,660)
Investment in equity-accounted investments	14	(29)		(74)		(56)		(72)
Proceeds from disposal of assets, net of cash and cash equivalents disposed	3	(6)		190		530		190
Purchases of financial assets	5	(30)		(254)		(97)		(259)
Proceeds from financial assets	5	331		88		346		93
Restricted cash and other		(168)		(24)		(127)		(10)
		(3,066)		(894)		(6,857)		(1,729)
Cash and cash equivalents
(Decrease) increase		(129)		(155)		(1,343)		155
Foreign exchange gain (loss) on cash		65		(27)		121		(44)
Net change in cash classified within assets held for sale		16		(5)		(6)		(16)
Balance, beginning of period		1,955		1,423		3,135		1,141
Balance, end of period		$	1,907	$	1,236	$	1,907	$	1,236
Supplemental cash flow information:
Interest paid		$	640	$	523	$	1,164	$	944
Interest received		$	35	$	29	$	53	$	53
Income taxes paid		$	38	$	31	$	63	$	70

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

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 7

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.

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	9
2.	Acquisitions	10
3.	Disposal of assets	11
4.	Assets held for sale	12
5.	Risk management and financial instruments	13
6.	Segmented information	16
7.	Income taxes	23
8.	Property, plant and equipment	24
9.	Borrowings	25
10.	Non-controlling interests	27
11.	Preferred limited partners' equity	31
12.	Limited partners' equity	31
13.	Goodwill	32
14.	Equity-accounted investments	33
15.	Cash and cash equivalents	33
16.	Restricted cash	33
17.	Trade receivables and other current assets	34
18.	Accounts payable and accrued liabilities	34
19.	Commitments, contingencies and guarantees	34
20.	Related party transactions	36
21.	Subsidiary public issuers	39
22.	Subsequent events	40

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1. 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 August 1, 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.

(c) Consolidation

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”)

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 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.

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		Page 9

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.

2. 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 United States 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.

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The preliminary purchase price allocation at fair value, as at June 30, 2025, with respect to 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 quarter, 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 quarter, 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.

3. 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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		Page 11

$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 of $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.

4. ASSETS HELD FOR SALE

As at June 30, 2025 assets held for sale includes 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, and a 315 MW portfolio of operating wind assets in Australia.

Assets held for sale also include 650 MW of operating and under construction wind, solar and battery projects in Australia, which were part of a pre-existing sale and purchase agreement at the time of the Neoen acquisition and were acquired as part of that transaction.

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 12

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

(MILLIONS)	June 30, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	19	$	48
Restricted cash	—		14
Trade receivables and other current assets	24		51
Financial instrument assets	6		37
Property, plant and equipment, at fair value	1,607		1,343
Equity accounted investments	67		421
Deferred income tax assets	—		9
Other long-term assets	33		126
Assets held for sale	$	1,756	$	2,049
Liabilities
Current liabilities	$	62	$	57
Non-recourse borrowings	546		797
Financial instrument liabilities	—		3
Deferred income tax liabilities	184		131
Provisions	—		10
Other long-term liabilities	94		38
Liabilities directly associated with assets held for sale	$	886	$	1,036

5. 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 liabilitiesmeasured 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 (“IFRS 9 PPAs”), interest rate swaps, foreign exchange swaps and tax equity measured and disclosed at fair value classified by the fair value hierarchy:

	June 30, 2025								December 31, 2024
(MILLIONS)	Level 1		Level 2		Level 3		Total		Total
Assets measured at fair value:
Cash and cash equivalents	$	1,907	$	—	$	—	$	1,907	$	3,135
Restricted cash(1)	479		—		—		479		463
Financial instrument assets(1)
IFRS 9 PPAs	—		—		401		401		170
Energy derivative contracts	—		97		—		97		71
Interest rate swaps	—		285		—		285		393
Foreign exchange swaps	—		29		—		29		189
Tax equity	—		—		159		159		94
Investments in debt and equity securities(2)	—		42		2,039		2,081		1,939
Property, plant and equipment	—		—		76,351		76,351		73,475
Liabilities measured at fair value:
Financial instrument liabilities(1)
IFRS 9 PPAs	—		(34)		(854)		(888)		(1,025)
Energy derivative contracts	—		(166)		—		(166)		(109)
Interest rate swaps	—		(171)		—		(171)		(109)
Foreign exchange swaps	—		(525)		—		(525)		(58)
Tax equity	—		—		(1,909)		(1,909)		(2,125)
Contingent consideration(1)(3)	—		—		(88)		(88)		(61)
Liabilities for which fair value is disclosed:
Corporate borrowings(1)	(3,521)		(1,035)		—		(4,556)		(3,801)
Non-recourse borrowings(1)	(1,844)		(31,626)		—		(33,470)		(30,662)
Total	$	(2,979)	$	(33,104)	$	76,099	$	40,016	$	41,979

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

(2)Excludes $296 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.

There were no transfers between levels during the six months ended June 30, 2025.

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
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Financial instruments disclosures

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

	June 30, 2025						December 31, 2024
(MILLIONS)	Assets		Liabilities		Net Assets (Liabilities)		Net Assets (Liabilities)
IFRS 9 PPAs	$	401	$	888	$	(487)	$	(855)
Energy derivative contracts	97		166		(69)		(38)
Interest rate swaps	285		171		114		284
Foreign exchange swaps	29		525		(496)		131
Investments in debt and equity securities	2,377		—		2,377		2,505
Tax equity	159		1,909		(1,750)		(2,031)
Total	3,348		3,659		(311)		(4)
Less: current portion	327		899		(572)		(268)
Long-term portion	$	3,021	$	2,760	$	261	$	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.

(c)   Foreign exchange swaps

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 six months ended June 30:

	Three months ended June 30				Six months ended June 30
(MILLIONS)	2025		2024		2025		2024
Energy derivative contracts	$	18	$	(14)	$	23	$	(3)
IFRS 9 PPAs	(25)		(15)		26		1
Investment in debt and equity securities	30		19		64		47
Interest rate swaps	(5)		15		(18)		26
Foreign exchange swaps	(135)		28		(225)		24
Tax equity	111		85		214		141
Foreign exchange gain (loss)	261		(2)		420		—
	$	255	$	116	$	504	$	236

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

	Three months ended June 30				Six months ended June 30
(MILLIONS)	2025		2024		2025		2024
Energy derivative contracts	$	(2)	$	7	$	(8)	$	13
IFRS 9 PPAs	18		(156)		134		(348)
Interest rate swaps	(88)		56		(106)		72
Foreign exchange swaps	3		5		3		1
	(69)		(88)		23		(262)
Foreign exchange swaps – net investment	(263)		124		(470)		146
Investments in debt and equity securities	—		(1)		1		(1)
	$	(332)	$	35	$	(446)	$	(117)

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

	Three months ended June 30				Six months ended June 30
(MILLIONS)	2025		2024		2025		2024
Energy derivative contracts	$	(9)	$	(27)	$	7	$	(58)
IFRS 9 PPAs	9		—		7		—
Interest rate swaps	(5)		(6)		(14)		(4)
Foreign exchange swaps	2		—		2		—
	$	(3)	$	(33)	$	2	$	(62)

6. 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, 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.

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.  

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 17

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 June 30, 2025:

	Attributable to Unitholders																		Contribution from equity-accounted investments		Attributable to non-controlling interests and other		As per IFRS financials(1)
	Hydroelectric						Wind		Utility-scale solar		Distributed energy & storage		Sustainable solutions		Corporate		Total
(MILLIONS)	North America		Brazil		Colombia
Revenues	$	344	$	52	$	61	$	146	$	126	$	67	$	178	$	—	$	974	$	(269)	$	987	$	1,692
Other income	4		2		1		38		49		11		21		7		133		(68)		(3)		62
Direct operating costs	(121)		(17)		(25)		(58)		(40)		(21)		(114)		(11)		(407)		150		(442)		(699)
Share of revenue, other income and direct operating costs from equity-accounted investments	—		—		—		—		—		—		—		—		—		187		4		191
	227		37		37		126		135		57		85		(4)		700		—		546
Management service costs	—		—		—		—		—		—		—		(56)		(56)		—		—		(56)
Interest expense	(68)		(3)		(22)		(41)		(33)		(13)		(8)		(50)		(238)		24		(410)		(624)
Current income tax expense	(1)		(1)		(1)		(1)		(2)		—		(3)		—		(9)		3		22		16
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	—		—		—		—		—		—		—		—		—		(27)		(4)		(31)
Share of Funds From Operations attributable to non-controlling interests	—		—		—		—		—		—		—		—		—		—		(154)		(154)
Funds From Operations	158		33		14		84		100		44		74		(136)		371		—		—
Depreciation																							(609)
Foreign exchange and financial instrument gain																							255
Deferred income tax recovery																							181
Other																							(61)
Share of loss from equity-accounted investments																							(217)
Net loss attributable to non-controlling interests																							(32)
Net loss attributable to Unitholders(2)																							$	(112)

(1)Share of loss from equity-accounted investments of $57 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 $186 million is comprised of amounts found on share of Funds From Operations attributable to non-controlling interests and Net 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.

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 18

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 June 30, 2024:

	Attributable to Unitholders																		Contribution from equity-accounted investments		Attributable  to non-  controlling  interests and other		As per IFRS financials(1)
	Hydroelectric						Wind		Utility-scale solar		Distributed energy & storage		Sustainable Solutions		Corporate		Total
(MILLIONS)	North America		Brazil		Colombia
Revenues	$	256	$	53	$	72	$	154	$	120	$	61	$	114	$	—	$	830	$	(194)	$	846	$	1,482
Other income	10		1		—		41		30		12		29		50		173		(25)		(86)		62
Direct operating costs	(101)		(19)		(41)		(59)		(33)		(19)		(92)		(10)		(374)		130		(374)		(618)
Share of revenue, other income and direct operating costs from equity-accounted investments	—		—		—		—		—		—		—		—		—		89		—		89
	165		35		31		136		117		54		51		40		629		—		386
Management service costs	—		—		—		—		—		—		—		(53)		(53)		—		—		(53)
Interest expense	(66)		(4)		(21)		(29)		(26)		(9)		(8)		(39)		(202)		14		(301)		(489)
Current income tax expense	(2)		(1)		(1)		(4)		—		(1)		(1)		—		(10)		3		(9)		(16)
Distributions attributable to
Preferred limited partners equity	—		—		—		—		—		—		—		(9)		(9)		—		—		(9)
Preferred equity	—		—		—		—		—		—		—		(6)		(6)		—		—		(6)
Perpetual subordinated notes	—		—		—		—		—		—		—		(10)		(10)		—		—		(10)
Share of interest and cash taxes from equity accounted investments	—		—		—		—		—		—		—		—		—		(17)		—		(17)
Share of Funds From Operations attributable to non-controlling interests	—		—		—		—		—		—		—		—		—		—		(76)		(76)
Funds From Operations	97		30		9		103		91		44		42		(77)		339		—		—
Depreciation																							(517)
Foreign exchange and financial instrument gain																							116
Deferred income tax expense																							(3)
Other																							(27)
Share of loss from equity-accounted investments																							(97)
Net income attributable to non-controlling interests																							35
Net loss attributable to Unitholders(2)																							$	(154)

(1)Share of loss from equity-accounted investments of $25 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 loss attributable to participating non-controlling interests – in operating subsidiaries of $41 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net 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 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.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 19

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 six months ended June 30, 2025:

	Attributable to Unitholders																		Contribution from equity-accounted investments		Attributable  to non-  controlling  interests and other		As per IFRS financials(1)
	Hydroelectric						Wind		Utility-scale solar		Distributed generation & storage		Sustainable solutions		Corporate		Total
(MILLIONS)	North America		Brazil		Colombia
Revenues	$	632	$	100	$	138	$	311	$	222	$	120	$	308	$	—	$	1,831	$	(491)	$	1,932	$	3,272
Other income	23		5		1		65		79		104		27		14		318		(98)		12		232
Direct operating costs	(256)		(32)		(49)		(121)		(71)		(45)		(228)		(22)		(824)		293		(843)		(1,374)
Share of revenue, other income and direct operating costs from equity-accounted investments	—		—		—		—		—		—		—		—		—		296		10		306
	399		73		90		255		230		179		107		(8)		1,325		—		1,111
Management service costs	—		—		—		—		—		—		—		(105)		(105)		—		—		(105)
Interest expense	(135)		(6)		(39)		(80)		(63)		(20)		(16)		(94)		(453)		45		(825)		(1,233)
Current income tax expense	(3)		(4)		(7)		(5)		(4)		(1)		(5)		(1)		(30)		9		78		57
Distributions attributable to
Preferred limited partners equity	—		—		—		—		—		—		—		(17)		(17)		—		—		(17)
Preferred equity	—		—		—		—		—		—		—		(14)		(14)		—		—		(14)
Perpetual subordinated notes	—		—		—		—		—		—		—		(20)		(20)		—		—		(20)
Share of interest and cash taxes from equity accounted investments	—		—		—		—		—		—		—		—		—		(54)		(10)		(64)
Share of Funds From Operations attributable to non-controlling interests	—		—		—		—		—		—		—		—		—		—		(354)		(354)
Funds From Operations	261		63		44		170		163		158		86		(259)		686		—		—
Depreciation																							(1,192)
Foreign exchange and financial instrument gain																							504
Deferred income tax recovery																							226
Other																							(322)
Share of loss from equity-accounted investments																							(315)
Net income attributable to non-controlling interests																							104
Net loss attributable to Unitholders(2)																							$	(309)

(1)Share of loss from equity-accounted investments of $73 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 $250 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.

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 20

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 six months ended June 30, 2024:

	Attributable to Unitholders																		Contribution  from equity  accounted  investments		Attributable  to non-  controlling  interests and other		As per IFRS financials(1)
	Hydroelectric						Wind		Utility-scale solar		Distributed energy & storage		Sustainable solutions		Corporate		Total
(MILLIONS)	North America		Brazil		Colombia
Revenues	$	559	$	112	$	151	$	324	$	213	$	113	$	233	$	—	$	1,705	$	(351)	$	1,620	$	2,974
Other income	16		2		1		51		58		26		42		54		250		(31)		(123)		96
Direct operating costs	(204)		(37)		(76)		(118)		(64)		(42)		(189)		(21)		(751)		242		(743)		(1,252)
Share of revenue, other income and direct operating costs from equity-accounted investments	—		—		—		—		—		—		—		—		—		140		—		140
	371		77		76		257		207		97		86		33		1,204		—		754
Management service costs	—		—		—		—		—		—		—		(98)		(98)		—		—		(98)
Interest expense	(134)		(8)		(43)		(60)		(56)		(17)		(9)		(74)		(401)		22		(586)		(965)
Current income tax expense	(3)		(3)		(4)		(7)		1		(2)		(2)		—		(20)		5		(29)		(44)
Distributions attributable to
Preferred limited partners equity	—		—		—		—		—		—		—		(20)		(20)		—		—		(20)
Preferred equity	—		—		—		—		—		—		—		(13)		(13)		—		—		(13)
Perpetual subordinated notes	—		—		—		—		—		—		—		(17)		(17)		—		—		(17)
Share of interest and cash taxes from equity-accounted investments	—		—		—		—		—		—		—		—		—		(27)		—		(27)
Share of Funds From Operations attributable to non-controlling interests	—		—		—		—		—		—		—		—		—		—		(139)		(139)
Funds From Operations	234		66		29		190		152		78		75		(189)		635		—		—
Depreciation																							(1,019)
Foreign exchange and financial instrument gain																							236
Deferred income tax recovery																							11
Other																							(39)
Share of loss from equity-accounted investments																							(171)
Net income attributable to non-controlling interests																							73
Net loss attributable to Unitholders(2)																							$	(274)

(1)Share of loss from equity-accounted investments of $58 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 $66 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.

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 21

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 to non- controlling interests		As per IFRS financials
	Hydroelectric						Wind		Utility-scale solar		Distributed energy & storage		Sustainable solutions		Corporate		Total
(MILLIONS)	North America		Brazil		Colombia
As at June 30, 2025
Cash and cash equivalents	$	149	$	51	$	9	$	221	$	174	$	90	$	70	$	15	$	779	$	(150)	$	1,278	$	1,907
Property, plant and equipment	15,060		1,368		3,107		6,164		4,547		2,613		749		—		33,608		(2,422)		45,165		76,351
Total assets	16,138		1,624		3,406		7,889		6,148		3,135		2,354		102		40,796		(2,752)		60,557		98,601
Total liabilities	9,413		531		1,988		6,064		4,749		2,045		1,075		5,248		31,113		(2,752)		36,913		65,274
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.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 22

Geographical Information

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

	Three months ended June 30				Six months ended June 30
(MILLIONS)	2025		2024		2025		2024
Hydroelectric
North America	$	396	$	313	$	713	$	653
Brazil	55		59		106		125
Colombia	269		310		609		661
	720		682		1,428		1,439
Wind	435		424		877		846
Utility-scale solar	338		259		636		488
Distributed energy & storage	199		113		331		190
Sustainable solutions	—		4		—		11
Total	$	1,692	$	1,482	$	3,272	$	2,974

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

(MILLIONS)	June 30, 2025		December 31, 2024
United States	$	38,162	$	37,931
Colombia	13,381		12,431
Canada	7,762		7,116
Brazil	4,873		4,319
Europe	6,761		5,976
Asia–Pacific	8,355		7,550
Other	766		892
	$	80,060	$	76,215

7. INCOME TAXES

Brookfield Renewable's effective income tax rate was 203% and 97% for the three and six months ended June 30, 2025 (2024: (28)% and (26)%). 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, changes in tax assets not recognized, non-controlling interest income not subject to tax, 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 six months ended June 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 quarter, 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 three and six months ended June 30, 2025, before considering the simplification of Neoen’s organizational structure, was 86% and 58%, respectively.

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 23

8. 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	3		137		187		51		378
Transfer from construction work-in-progress	7		404		1,204		5		1,620
Acquisitions through business combinations	—		—		40		—		40
Disposals	—		(1,970)		—		—		(1,970)
Transfer to assets held for sale	—		(526)		—		—		(526)
Items recognized through OCI:
Change in fair value	(75)		168		14		2		109
Foreign exchange	1,492		615		581		72		2,760
Items recognized through net income:
Change in fair value	—		(3)		(106)		—		(109)
Depreciation	(322)		(439)		(382)		(49)		(1,192)
As at June 30, 2025	$	34,004	$	16,218	$	16,729	$	1,077	$	68,028
Construction work-in-progress
As at December 31, 2024	$	299	$	2,107	$	3,264	$	887	$	6,557
Additions	93		577		1,755		517		2,942
Transfer to property, plant and equipment	(7)		(404)		(1,204)		(5)		(1,620)
Acquisitions through business combinations	—		—		462		—		462
Transfer to assets held for sale	—		—		(249)		—		(249)
Items recognized through OCI:
Foreign exchange	8		40		111		72		231
As at June 30, 2025	$	393	$	2,320	$	4,139	$	1,471	$	8,323
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 June 30, 2025(2)(3)	$	34,397	$	18,538	$	20,868	$	2,548	$	76,351

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

(2)Includes right-of-use assets not subject to revaluation of $47 million (2024: $49 million) in hydroelectric, $404 million (2024: $427 million) in wind, $711 million (2024: $637 million) in solar, and $21 million (2024: $3 million) in other.

(3)Includes land not subject to revaluation of $208 million (2024: $204 million) in hydroelectric, $62 million (2024: $61 million) in wind, $193 million (2024: $167 million) in solar, and $2 million (2024: $2 million) in other.

Subsequent to the quarter, 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.

Refer to Note 22 - Subsequent events for further details on the aforementioned transactions. 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.

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 24

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 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.	Utility-scale solar	177 MW	$23 million	20%
U.S.	Distributed energy & storage	51 MW	$13 million	25%
U.K.	Wind	28 MW	$21 million	35%
U.S.	Distributed energy & storage	53 MW	$26 million	20%

9. BORROWINGS

Corporate Borrowings

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

	June 30, 2025						December 31, 2024
	Weighted-average						Weighted-average
(MILLIONS EXCEPT AS NOTED)	Interest rate (%)	Term (years)	Carrying value		Estimated fair value		Interest rate (%)	Term (years)	Carrying value		Estimated fair value
Credit facilities	5.6	5	$	169	$	169	5.6	5	$	240	$	240
Commercial paper	4.8	<1	866		866		5.0	<1	431		431
Medium Term Notes:
Series 4 (C$150)	5.8	11	110		121		5.8	12	104		115
Series 9 (C$400)	—	—	—		—		3.8	<1	278		278
Series 10 (C$500)	3.6	2	367		369		3.6	2	348		349
Series 11 (C$475)	4.3	4	349		357		4.3	4	330		336
Series 12 (C$475)	3.4	5	349		345		3.4	5	330		324
Series 13 (C$300)	4.3	24	220		194		4.3	25	209		186
Series 14 (C$425)	3.3	25	312		232		3.3	26	296		222
Series 15 (C$400)(1)	5.9	7	294		325		5.9	8	278		307
Series 16 (C$400)	5.3	8	294		313		5.3	9	278		297
Series 17 (C$500)	5.3	29	367		375		5.3	29	348		361
Series 18 (C$300)	5.0	9	220		228		5.0	10	209		216
Series 19 (C$450)	4.5	10	331		330		—	—	—		—
	4.5	12	3,213		3,189		4.4	12	3,008		2,991
Hybrid Notes:
Fixed to fixed subordinated (C$200)	5.5	30	147		147		5.5	30	139		139
Fixed to fixed subordinated (C$250)	5.4	30	184		185		—	—	—		—
	5.4	30	331		332		5.5	30	139		139
Total corporate borrowings			4,579		$	4,556			3,818		$	3,801
Add: Unamortized premiums(2)			1						2
Less: Unamortized financing fees(2)			(17)						(18)
Less: Current portion			(866)						(709)
			$	3,697					$	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.

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 25

Credit facilities and commercial paper

Brookfield Renewable had $866 million of commercial paper outstanding as at June 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.

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

(MILLIONS)	June 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)	(169)		(240)
Authorized letter of credit facility	500		500
Issued letters of credit	(342)		(335)
Available portion of corporate credit facilities	$	2,439	$	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 Brazil 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”).

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 26

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

	June 30, 2025						December 31, 2024
	Weighted-average						Weighted-average
(MILLIONS EXCEPT AS NOTED)	Interest rate (%)	Term (years)	Carrying value		Estimated fair value		Interest rate (%)	Term (years)	Carrying value		Estimated fair value
Non-recourse borrowings(1)(2)(3)
Hydroelectric	7.0	8	$	9,712	$	9,694	7.0	8	$	9,484	$	9,363
Wind	5.5	9	8,701		8,603		5.9	9	10,228		10,224
Utility-scale solar	6.0	10	10,437		10,429		6.3	11	7,275		7,250
Distributed energy & storage	5.7	4	4,501		4,470		5.8	4	3,722		3,630
Sustainable solutions	7.8	3	274		274		6.5	1	195		195
Total	6.1	8	$	33,625	$	33,470	6.3	9	$	30,904	$	30,662
Less: Unamortized premiums and discounts(4)			(204)						(145)
Less: Unamortized financing fees(4)			(231)						(171)
Less: Current portion			(5,295)						(5,005)
			$	27,895					$	25,583

(1)Includes $1,187 million (2024: $1,494 million) borrowed under a subscription facility of a Brookfield sponsored private fund.

(2)Includes $68 million (2024: $65 million) outstanding to an associate of Brookfield. Refer to Note 20 - Related party transactions.

(3)During the quarter, 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 June 30, 2025:

(MILLIONS)	As at December 31, 2024		Net cash flows from financing activities(1)	Non-cash
				Acquisition	Disposal	Transfer to liabilities held for sale	Foreign exchange	Other(2)(3)	As at June 30, 2025
Corporate borrowings	$	3,802	564	—	—	—	197	—	$	4,563
Non-recourse borrowings	$	30,588	1,657	652	(811)	(383)	1,319	168	$	33,190

(1)Excludes $204 million of net cash flow from financing activities related to tax equity recorded on the consolidated statements of cash flows.

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

(3)Includes $173 million of non recourse-borrowings acquired through asset acquisitions.

10. NON-CONTROLLING INTERESTS

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

(MILLIONS)	June 30, 2025		December 31, 2024
Participating non-controlling interests – in operating subsidiaries	$	23,627	$	26,168
General partnership interest in a holding subsidiary held by Brookfield	47		50
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	2,280		2,457
BEPC exchangeable shares and class A.2 exchangeable shares	2,106		2,269
Preferred equity	568		537
Perpetual subordinated notes	737		737
	$	29,365	$	32,218

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 27

Participating non-controlling interests – in operating subsidiaries

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 (loss)		Other comprehensive  income (loss)		Capital contributions		Return of capital		Disposals		Distributions		Acquisitions		Other		As at As at June 30, 2025
Brookfield Americas Infrastructure Fund	78%		$	44	$	(1)	$	(9)	$	—	$	—	$	—	$	—	$	—	$	(1)	$	33
Brookfield Infrastructure Fund II	43% - 60%		2,011		13		(170)		—		—		—		(18)		—		—		1,836
Brookfield Infrastructure Fund III	23% - 71%		3,456		(12)		74		7		(155)		—		(232)		—		(11)		3,127
Brookfield Infrastructure Fund IV	75%		2,106		(22)		116		202		(208)		(162)		(52)		—		5		1,985
Brookfield Infrastructure Fund V	72	%	1,955		(29)		9		(1)		1		—		(60)		—		1		1,876
Brookfield Global Transition Fund I	77% - 80%		5,312		(14)		72		326		(99)		—		(51)		—		(44)		5,502
Brookfield Global Transition Fund II	66% - 80%		329		71		15		596		—		—		(17)		—		19		1,013
Neoen institutional partners	24% - 38%		601		127		27		617		—		—		—		(194)		—		1,178
Canadian Hydroelectric Portfolio	50	%	1,219		15		96		1		—		—		(29)		—		—		1,302
The Catalyst Group	25	%	125		12		8		—		—		—		(3)		—		—		142
Isagen institutional partners	53	%	3,447		30		299		—		—		—		(275)		—		—		3,501
Isagen public non-controlling interests	0.3	%	22		—		2		—		—		—		—		—		—		24
Other	2% - 71%		5,541		60		(111)		81		(1)		(432)		(23)		(2,972)		(35)		2,108
Total			$	26,168	$	250	$	428	$	1,829	$	(462)	$	(594)	$	(760)	$	(3,166)	$	(66)	$	23,627

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 quarter, 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.

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 28

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 June 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 $35 million and $72 million were declared during the three and six months ended June 30, 2025 (2024: $32 million and $65 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 six months ended June 30, 2025, exchangeable shareholders of BEPC exchanged 248 and 35,561 BEPC exchangeable shares, respectively (2024: 7,459 and 10,142 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 June 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), 179,605,290 shares (December 31, 2024: 179,640,851 shares), and 3,977,260 units (December 31, 2024: 3,977,260 units), respectively.

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 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. There were no BEPC exchangeable shares repurchased during the three and six months ended June 30, 2025 and 2024.

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 29

Distributions

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

	Three months ended June 30				Six months ended June 30
(MILLIONS)	2025		2024		2025		2024
General partnership interest in a holding subsidiary held by Brookfield	$	2	$	1	$	4	$	2
Incentive distribution	35		32		72		65
	37		33		76		67
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	73		69		147		139
BEPC exchangeable shares and class A.2 exchangeable shares held by
Brookfield Holders	17		16		34		32
External shareholders	50		48		101		97
Total BEPC exchangeable shares and class A.2 exchangeable shares	67		64		135		129
	$	177	$	166	$	358	$	335

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 outstanding	Cumulative distribution rate (%)	Earliest permitted redemption date	Distributions declared for the six months ended June 30				Carrying value as at
				2025		2024		June 30, 2025		December 31, 2024
Series 1 (C$209)	8.37	5.20	April 2025	$	4	$	2	$	153	$	119
Series 2 (C$40)(1)	1.59	5.27	April 2025	1		2		30		54
Series 3 (C$249)	9.96	6.52	July 2024	4		4		182		172
Series 5 (C$103)	4.11	5.00	April 2018	2		2		75		71
Series 6 (C$175)	7.00	5.00	July 2018	3		3		128		121
	31.03			$	14	$	13	$	568	$	537

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

Distributions paid during the three and six months ended June 30, 2025, totaled $7 million and $14 million, respectively (2024: $6 million and $13 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 June 30, 2025, none of the issued Class A Preference Shares have been redeemed by BRP Equity.

During the quarter, 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 quarter, 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 quarter, 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 quarter, 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 six ended June 30, 2025 and 2024.

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 30

Perpetual subordinated notes

Brookfield Renewable's perpetual subordinated notes consists:

(MILLIONS EXCEPT AS NOTED)	Notes outstanding	Interest rate (%)	Earliest permitted redemption date	Interest expense for the six months ended June 30				Carrying value as at
Issuance date				2025		2024		June 30, 2025		December 31, 2024
April, 2021	14.00	4.63	April, 2026	$	8	$	8	$	340	$	340
December, 2021	10.40	4.88	December, 2026	6		6		252		252
March, 2024	6.00	7.25	March, 2029	6		3		145		145
	30.40			$	20	$	17	$	737	$	737

Distributions paid during the three and six months ended June 30, 2025, totaled $10 million and $20 million, respectively (2024: $10 million and $17 million, respectively).

11. 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 six months ended June 30				Carrying value as at
				2025		2024		June 30, 2025		December 31, 2024
Series 7 (C$175)	7.00	5.50	January 2026	3		4		128		128
Series 13 (C$250)	10.00	6.05	April 2028	5		6		196		196
Series 15 (C$175)	—	—	April 2024	—		2		—		—
Series 17 ($200)	8.00	5.25	March 2025	5		5		195		195
Series 18 (C$150)	6.00	5.50	April 2027	4		3		115		115
	31.00			$	17	$	20	$	634	$	634

Distributions paid during the three and six months ended June 30, 2025, totaled $9 million and $17 million, respectively (2024: $9 million and $20 million, respectively).

Class A Preferred LP Units - Normal Course Issuer Bid

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 six months ended June 30, 2025 and 2024.

12. LIMITED PARTNERS' EQUITY

Limited partners’ equity

As at June 30, 2025, 283,832,177 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.

During the three and six months ended June 30, 2025, 67,986 and 139,220 LP units, respectively (2024: 62,494 and 157,512 LP units, respectively) were issued under the distribution reinvestment plan at a total value of $2 million and $3 million, respectively (2024: $2 million and $4 million, respectively).

During the three and six months ended June 30, 2025, exchangeable shareholders of BEPC exchanged 248 and 35,561 BEPC exchangeable shares, respectively (2024: 7,459 and 10,142 BEPC exchangeable shares, respectively) for an equivalent number of LP units amounting to less than $1 million (2024: less than $1 million).

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 31

As at June 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.

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 June 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 six months ended June 30, 2025, there were 350,600 and 1,522,975 LP units, respectively (2024: 1,063,400 and 2,279,654 LP units, respectively) repurchased and cancelled at a total cost of $7 million and $34 million, respectively (2024: $23 million and $52 million, respectively). There were no BEPC exchangeable shares repurchased during the during the three and six months ended June 30, 2025 and 2024.

Distributions

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

	Three months ended June 30				Six months ended June 30
(MILLIONS)	2025		2024		2025		2024
Brookfield Holders	$	28	$	27	$	56	$	53
External LP unitholders	78		74		158		151
	$	106	$	101	$	214	$	204

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 six months ended June 30, 2025 totaled $104 million and $207 million, respectively (2024: $105 million and $199 million, respectively).

13. GOODWILL

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

(MILLIONS)	Total
Balance, as at December 31, 2024	$	5,434
Acquisitions through business combinations	73
Foreign exchange and other	626
Balance, as at June 30, 2025	$	6,133

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 32

14. EQUITY-ACCOUNTED INVESTMENTS

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

(MILLIONS)	Total
Balance, as at December 31, 2024	$	2,740
Acquisitions through business combinations	929
Investment	56
Disposals	(125)
Share of net loss	(73)
Share of other comprehensive income	50
Dividends received	(64)
Change in basis of accounting(1)	230
Transfer to assets held for sale	(67)
Foreign exchange translation and other	33
Balance as at June 30, 2025	$	3,709

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

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
	June 30, 2025	December 31, 2024	June 30, 2025		December 31, 2024
Hydroelectric	22%-50%	22%-50%	$	363	$	349
Wind	25%-50%	25%-50%	979		476
Utility-scale solar	25%-65%	25%-65%	976		320
Distributed energy & storage	50%-67%	50%-67%	417		680
Sustainable solutions	4%-67%	4%-67%	974		915
			$	3,709	$	2,740

15. CASH AND CASH EQUIVALENTS

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

(MILLIONS)	June 30, 2025		December 31, 2024
Cash	$	1,492	$	2,682
Short-term deposits	300		146
Cash subject to restriction	115		307
	$	1,907	$	3,135

16. RESTRICTED CASH

Brookfield Renewable’s restricted cash is as follows:

(MILLIONS)	June 30, 2025		December 31, 2024
Operations	$	177	$	284
Credit obligations	297		157
Capital expenditures and development projects	5		22
Total	479		463
Less: non-current	(178)		(177)
Current	$	301	$	286

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
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17. TRADE RECEIVABLES AND OTHER CURRENT ASSETS

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

(MILLIONS)	June 30, 2025		December 31, 2024
Trade receivables	$	1,000	$	808
Sales taxes receivables	241		193
Prepaids and other	227		174
Short-term deposits and advances	212		200
Inventory	163		154
Collateral deposits(1)	133		197
Tax receivables	113		91
Current portion of contract asset	72		65
Other short-term receivables	303		242
	$	2,464	$	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.

18. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

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

(MILLIONS)	June 30, 2025		December 31, 2024
Accounts payable	$	1,084	$	787
Operating accrued liabilities	765		733
Interest payable on borrowings	287		264
Income tax payable	69		28
LP Unitholders distributions, preferred limited partnership unit distributions, preferred dividends payable, perpetual subordinate notes distributions and exchange shares dividends(1)	62		60
Current portion of lease liabilities	58		49
Current portion of contract liability	57		47
Other	167		136
	$	2,549	$	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.

19. 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 June 30, 2025, Brookfield Renewable had $3,497 million (2024: $2,923 million) of capital expenditure commitments outstanding of which $1,879 million is payable in 2025, $1,170 million is payable in 2026, $431 million is payable in 2027 to 2029, and $17 million thereafter.

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
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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 June 30, 2025:

Region	Technology	Capacity	Consideration	Brookfield Renewable Economic Interest	Expected Close
South Korea	Utility-scale solar	244 MW development	KRW70 billion ($50 million)	25%	Q1 2032
South Korea	Utility-scale solar	39 MW operating	KRW32 billion ($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

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.

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)	June 30, 2025		December 31, 2024
Brookfield Renewable along with institutional partners	$	82	$	74
Brookfield Renewable's subsidiaries	4,203		2,718
	$	4,285	$	2,792

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
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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 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 June 30, 2025 (December 31, 2024: nil). The interest expense on the Brookfield Corporation revolving credit facility and deposit for the three and six months ended June 30, 2025 totaled nil (2024: nil).

From time to time Brookfield Wealth Solutions and its related entities may participate in capital raises undertaken by Brookfield Renewable. These financings are typically provided at market rates and as at June 30, 2025, $68 million of non-recourse borrowings (December 31, 2024: $65 million) and $7 million of corporate borrowings (December 31, 2024: $7 million) were due to Brookfield Wealth Solutions. Brookfield Wealth Solutions has also subscribed to tax equity financing of $27 million (December 31, 2024: $1 million) and preferred limited partners equity of $11 million (December 31, 2024: $10 million). As at June 30, 2025, Brookfield Renewable had $359 million (December 31, 2024: $348 million) of borrowings from Brookfield Wealth Solutions classified as due to related party.

During the second quarter of 2025, Brookfield Renewable, together with its institutional partners, agreed to a $100 million tax equity financing through a preferred equity structure with Brookfield Wealth Solutions on an arm’s length basis. As at June 30, 2025, $14 million was recognized as a financial liability on the consolidated statements of financial position.

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. These agreements are typically entered into at market rates. During the three and six months ended June 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 arms’ 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 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.

Subsequent to the quarter, Brookfield Renewable agreed to acquire up to an incremental 15% ownership in Isagen S.A. E.S.P. from a Brookfield affiliate, at a value equivalent to a third party purchase price, for up to $1 billion. The closing of this transaction is expected to occur in the third quarter of 2025. Brookfield Renewable will continue to consolidate this business.

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
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Subsequent to the quarter, Brookfield Renewable, together with its institutional partners, agreed to the sale of a 50% interest in a 450 MW portfolio of operating hydroelectric assets in the U.S. for expected proceeds of approximately $522 million ($250 million net to Brookfield Renewable), of which 25% was sold to an affiliate of Brookfield at a value equivalent to what was agreed to with the 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.

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

	Three months ended June 30				Six months ended June 30
(MILLIONS)	2025		2024		2025		2024
Revenues
Power purchase and revenue agreements	$	(2)	$	(8)	$	24	$	8
Development services	3		—		14		—
	$	1	$	(8)	$	38	$	8
Other income
Distribution income	$	17	$	1	$	29	$	3
Interest and other investment income	—		—		5		—
	$	17	$	1	$	34	$	3
Direct operating costs
Other related party services	$	—	$	(5)	$	(7)	$	(5)
Interest expense
Borrowings	$	(32)	$	(13)	$	(112)	$	(27)
Contract balance accretion	(9)		(9)		(19)		(17)
	$	(41)	$	(22)	$	(131)	$	(44)
Other
Other related party services (expense) income	$	(1)	$	2	$	(2)	$	3
Financial instrument gain	6		—		6		2
	$	5	$	2	$	4	$	5
Management service costs	$	(56)	$	(53)	$	(105)	$	(98)
Current income tax
Investment tax credits	$	—	$	—	$	19	$	—

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 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	June 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)	$	355	$	573
	Equity-accounted investments and other(2)	696		300
		$	1,051	$	873
Assets held for sale	Equity-accounted investments and other	$	—	$	125
Financial instrument assets	Brookfield	$	45	$	38
Non-current assets
Other long-term assets
Contract asset	Brookfield	$	237	$	250
Due from related parties	Equity-accounted investments and other	11		8
Current liabilities
Contract liability	Brookfield	$	57	$	47
Due to related parties
Amounts due to	Brookfield(3)	$	4,944	$	4,005
	Equity-accounted investments and other	2,018		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
		$	7,130	$	4,855
Liabilities held for sale	Equity-accounted investments	$	—	$	31
Non-current liabilities
Financial instrument liabilities	Brookfield	$	10	$	13
	Brookfield Wealth Solutions	27		1
Due to related parties
Amounts due to	Brookfield(3)	$	778	$	309
	Brookfield Wealth Solutions	236		225
	Equity-accounted investments and other	50		58
		$	1,064	$	592
Corporate borrowings	Brookfield Wealth Solutions	$	7	$	7
Non-recourse borrowings	Brookfield Wealth Solutions	$	68	$	65
Other long-term liabilities
Contract liability	Brookfield	$	681	$	686
Equity
Preferred limited partners equity	Brookfield Wealth Solutions	$	11	$	10

(1)Includes receivables of $190 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.

(3)Includes payables of $137 million (2024: $32 million), $1,396 million (2024: $87 million), and $2,836 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.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 38

21. SUBSIDIARY PUBLIC ISSUERS

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

(MILLIONS)	Brookfield Renewable(1)		BRP Equity		Canadian Finco		Subsidiary Credit Supporters(2)		Other Subsidiaries(1)(3)		Consolidating adjustments(4)		Brookfield Renewable consolidated
As at June 30, 2025
Current assets	$	45	$	390	$	3,614	$	1,379	$	7,796	$	(5,418)	$	7,806
Long-term assets	4,003		240		1		40,765		90,692		(44,906)		90,795
Current liabilities	86		9		61		8,505		16,548		(7,510)		17,699
Long-term liabilities	—		—		3,525		508		43,839		(297)		47,575
Participating non-controlling interests – in operating subsidiaries	—		—		—		—		23,627		—		23,627
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable units held by Brookfield	—		—		—		2,280		—		—		2,280
BEPC exchangeable shares and class A.2 exchangeable shares	—		—		—		—		2,106		—		2,106
Preferred equity	—		568		—		—		—		—		568
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.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 39

(MILLIONS)	Brookfield Renewable(1)		BRP Equity		Canadian Finco		Subsidiary Credit Supporters(2)		Other Subsidiaries(1)(3)		Consolidating adjustments(4)		Brookfield Renewable consolidated
Three months ended June 30, 2025
Revenues	$	—	$	—	$	—	$	—	$	1,692	$	—	$	1,692
Net (loss) income	(54)		—		3		(543)		355		339		100
Three months ended June 30, 2024
Revenues	$	—	$	—	$	—	$	—	$	1,482	$	—	$	1,482
Net (loss) income	(70)		—		—		(505)		216		271		(88)
Six months ended June 30, 2025
Revenues	$	—	$	—	$	—	$	—	$	3,272	$	—	$	3,272
Net (loss) income	(147)		—		5		(1,224)		553		805		(8)
Six months ended June 30, 2024
Revenues	$	—	$	—	$	—	$	—	$	2,974	$	—	$	2,974
Net (loss) income	(126)		—		—		(886)		399		455		(158)

(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.

22. SUBSEQUENT EVENTS

Subsequent to the quarter, Brookfield Renewable agreed to acquire up to an incremental 15% ownership in Isagen S.A. E.S.P. for up to $1 billion. The closing of this transaction is expected to occur in the third quarter of 2025. Brookfield Renewable will continue to consolidate this business.

Subsequent to the quarter, Brookfield Renewable, together with its institutional partners, agreed to acquire a 40% interest in a renewable platform with 188 MW of operating and under construction distributed generation assets in South America for approximately $28 million ($3 million net to Brookfield Renewable). The closing of this transaction is expected to occur in the second half of 2025 and is subject to customary closing conditions.

Subsequent to the quarter, Brookfield Renewable, together with its institutional partners, reached agreements to sell two 25% interests in a portfolio of 450 MW portfolio of operating hydroelectric assets in the U.S. for expected proceeds of approximately $522 million ($250 million net to Brookfield Renewable). The closing of this transaction is subject to customary closing conditions.

Subsequent to the quarter, Brookfield Renewable, together with its institutional partners, agreed to sell its 50% interest in a multi-national distributed generation development business for proceeds for approximately €57 million ($67 million) (€11 million ($13 million) net to Brookfield Renewable). Brookfield Renewable accounts for this investment under the equity method.

Subsequent to the quarter, Brookfield Renewable, together with its institutional partners, agreed to acquire a 100% interest in a portfolio of distributed generation assets in Spain for approximately €116 million ($136 million) (€23 million ($27 million) net to Brookfield Renewable). The portfolio of assets will be contributed into a U.K. distributed generation platform at the same valuation.

Subsequent to the quarter, Brookfield Renewable, together with its institutional partners, agreed to sell a portfolio of 317 MW of operating wind assets in Australia for proceeds of approximately A$258 million ($168 million) (A$24 million ($16 million) net to Brookfield Renewable). The closing of this transaction is expected to occur in the second half of 2025 and is subject to customary closing conditions.

Subsequent to the quarter, 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 that were included as part of a pre-existing sale and purchase agreement at the time of the Neoen acquisition.

Brookfield Renewable Partners L.P.	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
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GENERALINFORMATION

Corporate Office 73 Front Street 5th Floor Hamilton, HM12 Bermuda Tel:  (441) 294-3304 https://bep.brookfield.com Officers of Brookfield Renewable Partners L.P.'s Service Provider, Brookfield Canada Renewable Manager LP Connor Teskey Chief Executive Officer Patrick Taylor Chief Financial Officer Transfer Agent & Registrar Computershare Trust Company of Canada 100 University Avenue 8th floor Toronto, Ontario, M5J 2Y1 Tel  Toll Free: (800) 564-6253 Fax Toll Free: (888) 453-0330 www.computershare.com

Directors of the General Partner of Brookfield Renewable Partners L.P. Jeffrey Blidner Dr. Sarah Deasley Nancy Dorn Lou Maroun Stephen Westwell Patricia Zuccotti Exchange Listing NYSE: BEP (LP units) TSX:    BEP.UN (LP units) NYSE: BEPC (exchangeable shares) TSX: BEPC (exchangeable shares) TSX:    BEP.PR.G (Preferred LP Units - Series 7) TSX:    BEP.PR.M (Preferred LP Units - Series 13) NYSE: BEP.PR.A (Preferred LP Units - Series 17) TSX: BEP.PR.R (Preferred LP Units - Series 18) TSX:    BRF.PR.A (Preferred shares - Series 1) TSX:    BRF.PR.B (Preferred shares - Series 2) TSX:    BRF.PR.C (Preferred shares - Series 3) TSX:    BRF.PR.E (Preferred shares - Series 5) TSX:    BRF.PR.F (Preferred shares - Series 6) NYSE: BEPH (Perpetual subordinated notes) NYSE: BEPI (Perpetual subordinated notes) NYSE: BEPJ (Perpetual subordinated notes) Investor Information Visit Brookfield Renewable online at 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. 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. Shareholder enquiries should be directed to the Investor Relations Department at (416) 649-8172 or enquiries@brookfieldrenewable.com