Brookfield Renewable Partners L.P. Limited Partnership Units

Hello and welcome to the BEP third quarter 2025 results conference call and webcast. At this time, all participants are in a listen only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand has been raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. It is now my pleasure to introduce CEO, Connor Teske.

Thank you, Operator. Good morning, everyone, and thank you for joining us for our third quarter 2025 conference call. Before we begin, we'd like to remind you that a copy of our news release and investor supplement can be found on our website. We also want to remind you that we may make forward-looking statements on this call. These statements are subject to known and unknown risks, and our future results may differ materially. For more information, you are encouraged to review our regulatory filings available on CDAR, EDGAR, and on our website. On today's call, we will provide a review of our third quarter performance, then Jen Mazen, co-president and general counsel, will discuss the recently announced partnership between Westinghouse and the U.S. government and how we expect this partnership to benefit our business for years to come. And lastly, Patrick will conclude our remarks by discussing our operating results and financial position. Following our comments, we look forward to taking your questions. We had another strong quarter, delivering solid financial results and advancing our strategic initiatives across the business. We generated $302 million of FFO during the quarter, or 46 cents per unit, up 10% year over year, and we continue to expect to deliver on our 10% plus FFO per unit growth target for 2025. We were successful advancing our commercial priorities, signing contracts to deliver another 4,000 gigawatt hours per year of generation, and continue to deliver on our growth initiatives, commissioning 1,800 megawatts of new projects in the quarter. We also made strategic investments across our key markets in critical technologies to support both energy demand and grid reliability. We continue to see accelerating demand for power across nearly all the markets in which we operate. This growth is being driven by the same three key themes we have highlighted in recent quarters. Ongoing electrification, reindustrialization across our operating regions, and the extraordinary demand for energy from hyperscalers. The hyperscalers continue to ramp up their CapEx spend on data centers to support the rapid expansion of cloud computing and artificial intelligence. And what is clear to us is that the scale and pace of investment into AI is not slowing down. At the same time, off-takers are seeking long-term access to reliable and sustainable energy sources to power this growth. With this, it is becoming increasingly apparent that meeting the surging demand for electricity will require an any and all solution, leveraging solar, wind, hydro, gas, nuclear, and other technologies to ensure sufficient load and consistent delivery of electrons. As a result of this demand and the required any and all solution, the opportunity to deploy capital has noticeably accelerated in the past few months and is reflected in the pipeline of opportunities we are executing on today. In particular, we are seeing growing opportunities in nuclear where we are exceptionally well positioned to play a leading role in the sector's expansion in both the United States and globally, given our ownership of Westinghouse, the U.S. nuclear champion. In October, we announced a strategic partnership with the U.S. government with the intention of achieving the objectives of reinvigorating the nuclear power industrial base as set out in President Trump's executive orders. Under the partnership, the US government will support Westinghouse by, among other things, arranging financing and ordering new Westinghouse nuclear power reactors to be built in the United States with an aggregate investment value of at least $80 billion. This transformational agreement, which Jen will speak to in more detail shortly, positions nuclear energy deployment as a cornerstone of America's strategy to sustain global leadership in both artificial intelligence and advanced nuclear power technology, and will drive a step change in the growth of nuclear power generation, helping to kickstart scale deployment of new Westinghouse reactors in the U.S. and around the world. Separate from our partnership with the U.S. government, this past month, Brookfield signed a letter of intent to conduct six weeks of early-stage diligence on the potential development of two VC summer nuclear reactors. The reactors are Westinghouse AP1000s that were partially constructed until development was paused in 2017. And while we are early in our diligence process, we are encouraged by our initial feedback from potential partners and hyperscaler off-takers. The development of these reactors represents another growth opportunity for Westinghouse, as well as potentially for Brookfield Renewable to enhance its position as a leading supplier of scale electricity to utilities and hyperscalers to support accelerating energy demand via nuclear power. But we will only do so if the appropriate downside protections and risk adjusted returns are available to us. Another example of how accelerating demand from the hyperscalers is impacting our business is that these players are increasingly looking to our hydro capacity as a source of power, given its scale, base load, and clean characteristics. While hyperscalers have traditionally focused on contracting our wind and solar generation, and continue to do so for its low cost, additionality, and speed to market benefits, the scale of current demand means we are also seeing a greater opportunity to contract our hydro fleet to these off-takers. And as the largest private owners and operators of hydro assets in the United States, with approximately five terawatt hours of generation coming up for recontracting, we are well positioned to capture the increasing demand, which will both lift our cash flows in the form of higher pricing, and also enable us to up-finance these assets, providing additional capital to deploy into growth. We have seen this play out with the Hydro Framework Agreement we signed in July with Google, and the immediate subsequent contracting of two facilities. And then more recently, we also signed a new 20-year contract with Microsoft at another one of our hydro assets in PGAM as part of our renewable energy framework with that counterparty. We also continued to evaluate the opportunity to acquire hydros, which would fit well within our portfolio. And this quarter, we closed our previously announced incremental investment into Isahem, increasing our stake in a world-class hydro business with a strong growth outlook. Another area of growth for our business, driven by rising electricity demand, higher peak loads, and greater renewables penetration, is battery storage. Costs continue to come down, decreasing more than 50% in the past 12 months, and we are seeing a notable increase in counterparties willing to execute long-term capacity contracts. a key attribute of our de-risked approach to development. This past quarter, we advanced our global battery development strategy, highlighted by the delivery of a 340-megawatt battery in Australia, which combined with the first phase of this project is now the largest operating battery solution in the country. We continue to see scale opportunities for partnerships with governments and corporates to help deliver energy solutions utilizing battery storage. Now, while we are deploying significant capital into batteries and hydro and evaluating further deployment into nuclear, our core wind and solar business also continues to grow at an accelerating pace as a result of its position as the lowest cost, fastest to market form of bulk power available in most major markets around the world. Today, we have a global operating fleet and scale pipeline of over 200 gigawatts which complements our battery, hydro, and nuclear capabilities, and furthers our position as the partner of choice to the largest buyers of power who are prioritizing low-cost, readily available power solutions. In fact, we feel the ability to provide baseload power and energy storage solutions enhances the value of our wind and solar development pipeline, as these technologies can be used to complement each other to meet the needs of customers. These combined capabilities across renewable technologies, including our baseload power capabilities, our relationships with the largest technology players, and our access to scale capital, enable us to act quickly in environments like these, positioning us well to accelerate our growth over the next several years. As a result, we have never felt stronger about the growth prospects of our business, and with that, we will now turn it over to Jen to speak in more detail to the recently announced partnership between Westinghouse and the US government.

Thank you, Conor, and good morning, everyone. As Conor mentioned, in October, we announced a strategic partnership between the US government and Westinghouse, where the US government will order new Westinghouse nuclear reactors to be built in the United States with an aggregate investment value of at least $80 billion. The agreement supports the government's goal of having 10 large-scale reactors with completed designs under construction by 2030 and aligns the U.S. government with the owners of Westinghouse to dramatically enhance the value of the business by providing for an opportunity for profit sharing in certain circumstances. Westinghouse, which we in Cameco acquired in 2023, is a leading provider of mission-critical technology, services, and products to the nuclear power industry. Westinghouse is the US nuclear champion, currently servicing over 50% of the global nuclear fleet. Over two-thirds of operating nuclear reactors in the world are derived from Westinghouse technology. Westinghouse operates through three main business segments. Today, Its operating plant services and nuclear fuel businesses together generate roughly 85% of the company's earnings, driven by long-term contracts with a global fleet of operating reactors. These segments generate stable, infrastructure-like cash flows anchored by Westinghouse's position as the leading nuclear service provider. As the nuclear industry grows globally through greater usage, life extensions, and new reactors, Westinghouse's core business of operating plant services and nuclear fuel will continue to grow alongside the broader nuclear market. This leading position and the stable growing cash flows from these two businesses formed the foundation of our original investment thesis. Westinghouse also owns the intellectual property for the world's leading utility-scale reactor, the AP1000, as well as the AP300, its small modular reactor version. Through its third main business segment, the energy systems business, Westinghouse provides design, engineering, and procurement services for new nuclear power plants without assuming construction risk or operating liabilities. While we have always had strong conviction in the long-term role nuclear energy will play and the potential of this energy system segment, at the time of our acquisition, we assigned only modest growth expectations to the energy systems business, reflecting the broader market conditions at that time. Since then, In light of factors including a greater focus on energy security and the insatiable demand for baseload power to support the build-out of data centers, global sentiment around new-build nuclear has changed significantly, as we have seen with new reactor builds announced primarily in Europe and also restarts in the United States. And now... The recently announced partnership with the U.S. government represents a significant catalyst for the trajectory of growth at Westinghouse. Under the agreement, the U.S. government plans to invest at least $80 billion into new-build nuclear facilities in the United States that will use Westinghouse reactors. The U.S. government has also agreed to support Westinghouse by, among other things, arranging financing facilitating permits, and the approvals required to accommodate the near-term build-out of new nuclear plants in the United States. Westinghouse will continue to undertake the same activities it has since our ownership, focused on the design, engineering, and procurement services for these new build reactors. And once the plants are operating, we would expect to provide fuel and maintenance services for the lives of these new nuclear facilities, which is on average between 60 and 80 years each. The partnership creates significant value for Westinghouse and Brookfield Renewable in three main ways. First, this scale investment should contribute significant earnings growth over time at Westinghouse as the reactors are constructed. We expect that these orders will provide long-term recurring cash flows to the business, with Westinghouse delivering fuel and maintenance services over the course of the reactor's lives once constructed. Third, and perhaps most importantly, orders of this magnitude should provide both a catalyst and enhanced certainty to the sector that should enable investment in the supply chain for Westinghouse and the nuclear industry more broadly. resulting in greater assurances for future investment in new-build reactors and lower costs going forward as the supply chain scales. This should have the added benefit of helping Westinghouse further deploy its technology, both in the United States and globally, far beyond this initial order of reactors. Interestingly, even since the announcement less than two weeks ago, inbounds for new-build Westinghouse reactors have increased. It is also important to note that the terms of the strategic partnership align us with the U.S. government to create significant near-term value at Westinghouse while maintaining the current governance structure of the business. Under our agreement, provided that the U.S. government has made a final investment decision and entered into definitive orders to invest at least $80 billion in the construction of new Westinghouse nuclear reactors in the United States before January 2029. The US government will receive 20% of distributions from Westinghouse, but only after the current shareholders have first received $17.5 billion in distribution. In summary, The partnership and near-term development of new nuclear reactors are expected to deliver significant value for Westinghouse over the long term through reactor construction, development of the supply chain to enable further global deployment, and associated servicing and fuel contracts. With our co-owner Cameco's expertise across the nuclear fuel supply chain, Westinghouse's leadership in mission-critical technology and services and our access to capital and deep commercial relationships with the largest buyers of electricity, the business is exceptionally well positioned to build on its leadership in the sector. This strategic partnership marks a strong start to what we believe will be a meaningful runway of growth for the business, positioning Westinghouse to far exceed our original underwriting expectations and deliver significant value for our shareholders and stakeholders over the long term. With that, I will pass it on to Patrick to discuss our operating results and financial position.