Brookfield Renewable Partners L.P. Limited Partnership Units

Thank you for standing by and welcome to the first quarter, 2026 Brookfield Renewable Earnings Results and Webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you'll need to press star 11 on your telephone. If your question has been answered and you'd like to remove yourself from the queue, simply press star 11 again. As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Conor Taske. Please go ahead, sir.

Thank you, operator. Good morning, everyone. And thank you for joining us for our first quarter 2026 conference call. Before we begin, we would 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 review our first quarter 2026 performance and discuss what we are seeing today in the broader energy market and what this means for our business. We will then turn the call over to Jay Vivena, our Chief Investment Officer, to discuss our approach to growth through M&A and our recently announced agreement to acquire Boralex. Patrick will then conclude the call with a discussion of our operating results, financial position, and funding activities, along with the potential simplification of our structure to a single listed corporate entity. Following our comments, we look forward to taking your questions. We had a very strong start to the year, delivering record financial results, advancing key strategic initiatives, and further strengthening our balance sheet. We generated FFO of $375 million, up 19% year-over-year, and 15% on a per-unit basis, equating to 55 cents per unit. We deployed or committed $2.2 billion into growth, or $550 million net to BEP, highlighted by the privatization of Boralax, a leading global renewable platform with a significant operating base and a large and de-risked development pipeline. From a development perspective, we brought online 1.8 gigawatts of new capacity in the quarter and contracted 1.7 gigawatts of development projects from our advanced development pipeline. In addition, we continue to scale our capital recycling program selling assets that will generate nearly $3 billion of proceeds or over $800 million net to BEP at returns in line with our targets. This includes the launch of Northview Energy, which represents a new and recurring way we are monetizing our de-risked assets in North America to some of the world's largest and most sophisticated private investors. We did all of this while continuing to strengthen our balance sheet opportunistically executing almost $4 billion of financings and ending the quarter with over $4.7 billion of available liquidity. Now, taking a step back and looking at the global energy market today, this past quarter we saw the disruption with the outbreak of the conflict in the Middle East. First and foremost, The safety and well-being of our employees and our customers in the region remains our highest priority. We are happy to report that our teams are safe and our limited investments in the region today have not been directly impacted and are all continuing to perform. While some markets are experiencing higher energy prices as a result of the conflict, our business is largely contracted and therefore we do not expect a material impact on our cash flows in the near term. What the conflict has done is put a renewed spotlight on the importance of energy security. Reliable power is the essential foundation for economic growth, and without a secure, consistent, and affordable supply, corporations and governments cannot confidently commit to large-scale capital investments that underpin broader economic development. This is leading to governments and corporates to increasingly prioritize energy security and domestic supply, reinforcing investments in renewables, which are the lowest cost form of generation to meet demand today and do not rely on an imported fuel, and nuclear, which can meet the growing need for large-scale baseload generation while offering a high degree of energy security with the ability to store significant amounts of fuel on site. Against this backdrop of accelerating energy demand and an increased focus on energy security, we are bringing on more new renewable generation capacity than ever before. In the last 12 months alone, we commissioned over 9 gigawatts of new capacity, which is nearly double the capacity we delivered just two years ago. And we remain on track to increase our annual commissioning run rate to approximately 10 gigawatts per year in 2027. Another great example of how accelerating energy demand is helping drive growth in our business is with our recently announced partnership with the US government to accelerate the build-out of new Westinghouse large-scale nuclear reactors in the United States. During the quarter, we made good progress advancing the development of new utility-scale reactors in the US with a focus on progressing key work streams including the ordering of long lead time equipment for Westinghouse's proprietary AP1000 technology. In summary, the current environment is defined by the convergence of accelerating energy demand driven by electrification, reindustrialization, and digitalization, and an increased focus on energy security. Together, These dynamics are driving the need for an any and all approach to energy supply and creating one of the strongest backdrops we have seen for the sector and in turn our business. Those with operating assets and scale development capabilities stand to benefit the most and we believe we are a leader on both fronts. Importantly, capturing this opportunity also requires significant access to capital which has always been a key differentiator for our business. And in this regard, we believe we are stronger today than at any point in our history. As a result, we remain well positioned to deliver outsized earnings growth in the near term. And more importantly, we are better positioned than ever to generate significant value for our investors over the long term. With that, we will turn the call over to Jay to discuss our approach to growth and our recently announced agreement to acquire Boralex.

Thank you, Connor, and good morning, everyone. In the current environment, characterized by accelerating power demand and an increased focus on energy security, we're seeing some of the most compelling investment opportunities for our franchise to date, both to continue the execution of our 80 gigawatt advanced stage development pipeline and M&A. And while the option you said is better than ever, our proven M&A playbook and disciplined approach to investing has not changed. Our competitive advantage from an M&A perspective stems from the fact that we are able to invest at scale globally across both public and private markets, acquire or invest in assets and businesses spanning the development lifecycle, and have deep commercial and operational know-how to drive value that others cannot. broadening our option reset and allowing us to be highly selective in when and where we deploy capital. Our first step in identifying potential opportunities is focusing on scale platforms and businesses in attractive markets with strong and growing demand for power. We look for businesses led by experienced management teams with large portfolios of assets and expertise in mature proven technologies. Once we have identified a potential investment opportunity, We then evaluate the quality and durability of the business's cash flows, ensuring highly contracted revenues with high credit quality counterparties that can underpin our investment returns. Lastly, we assess how we can enhance the value of the platform by leveraging our access to scale capital and differentiated capabilities through the value chain, with clearly defined initiatives in our business plan to drive sustainable growth and strong long-term returns. Some of the key initiatives we can usually execute on to help drive our returns, including leveraging our commercial relationships with the largest buyers of power, including integrating newly acquired platforms into our existing frameworks, such as our Microsoft and Google agreements. We are also able to leverage our global supplier relationships to enhance procurement and deliver economies of scale, as well as optimize the capital structure and provide financing for growth. supported by our strong relationships with financial institutions, significant liquidity, and robust funding sources. Taken together, these initiatives and capabilities enable us to accelerate growth across our business and support the delivery of stronger returns than others can deliver over the long term. Our recently announced privatization of Boralex alongside Lacase is a great example of our disciplined, repeatable, and consistent approach to value creation through M&A. Similar to our recent successful acquisitions of Noen in France and Australia, OnPath in the UK, and acquisitions in the US of Geronimo, Deriva, Scout, and UrbanGrid, where we were able to acquire excellent businesses that meet our investment criteria and execute on our value-enhancing initiatives. We're now adding a leading Canadian-based platform where we can execute our proven playbook. Gorillax's strong base in its core markets, including Canada, complement our current business and give us an opportunity to do more in this highly attractive and growing market. Under the terms of the transaction, LaCaisse will increase its ownership from 15% to 30%, while BEP, alongside institutional partners, will acquire the remaining 70% of the business at an implied enterprise value of $6.5 billion. The transaction is subject to shareholder and normal cost regulatory approvals and is expected to close later this year. Our acquisition of Bolex is expected to contribute positively to our financial results on close, and we see significant opportunity to enhance value over time by accelerating growth and through the execution of our business plan to deliver outsized returns. We expect to add value following our acquisition by leveraging our access to capital and commercial and supplier relationships to accelerate development across the platform. We also see an opportunity to enhance Boralex's leading position in its core markets by expanding its capabilities across technologies and delivering differentiated energy solutions, including incorporating battery storage. We expect to be able to drive efficiencies within Boralex through the sharing of best practices across Brookfield's global businesses and create value by establishing an asset recycling program within the platform, drawing on Brookfield's experience to scale asset recycling alongside development, supporting a growth model of recycling capital into higher returning opportunities at the business. Rolex has a strong and experienced management team, and we're looking forward to supporting them with the additional resources and flexibility that come from being part of Brookfield Renewable as we work together to grow and enhance the value of the business. Going forward, we will continue to employ a disciplined approach to capital deployment in a market where we're seeing more attractive opportunities than ever for players such as ourselves. We have the capabilities and capital to unlock value through M&A and execute development of our large project pipeline. With that, I will pass it on to Patrick to discuss the operating results in more detail, our financial position and funding activities, and the potential simplification of our structure to a single listed corporate entity.