Brookfield Renewable Partners L.P. Investor Day 2026

Good afternoon. My name is Connor Teskey. I am the CEO of Brookfield Renewable. Thank you for being here. Thank you for your interest and support in our company. As you will hear throughout the presentation, we are very excited about the position of our business and the future for our shareholders. We will jump right into it. We will start today by explaining the key trends shaping energy markets and how Brookfield Renewable has positioned itself at the forefront of not some, but all of those major themes. Then Amanda Laszutko, a member of our investment team, will explain how we have built a business model that can deliver increasing amounts of highly accretive growth on a continuous basis over the long term.

Lastly, Patrick Taylor, our CFO, will highlight both our track record and our funding model, as well as outline several catalysts that we think will drive significant upside in our share price. The current energy environment is very simply defined by the fact that demand significantly outweighs supply. It is not by a little bit, and this dynamic is enduring. This means that growth is no longer determined by who can source demand, but rather who has the capabilities and the capital to service that demand and capture that large opportunity. For Brookfield Renewable, who has those capabilities and has that access to capital, this means that we can be increasingly selective, focused on only the most attractive opportunities, while still delivering more growth and better returns than at any point in our history. This is already showing up in our results.

Similar to last year and continuing a trend of several years now, we have delivered yet another year of record performance. Record financial performance, record levels of development, record levels of capital raising. This is not a one-off. This is the result of very difficult-to-replicate market-leading positions in the fastest and most attractive segments of the energy landscape. This is what gives us confidence that we can continue to grow and invest in the most attractive opportunities, driving sustainable long-term cash flow growth, both in the short term as well as the long term. Switching a little bit now to the market backdrop. We are undoubtedly in an era of energy addition. The market needs more energy than ever before. The market needs more energy than anyone expected only two or three years ago. The market certainly needs more energy than what is being supplied. These are enduring trends. They are largely anchored in two multi-decade mega trends.

One, the electrification of huge subsegments of the economy, think transportation and industrials. Two, the reindustrialization of advanced economies. Those long-term enduring trends created a supply-demand imbalance that got significantly exaggerated in recent years by the rapid growth of energy-intensive AI and data centers. Every time this forecast gets updated, the numbers go even higher. As a result, in just a few short years, energy has gone from being something that everyone took for granted to the single biggest bottleneck for the most important companies and economies around the world. Therefore, leading businesses and leading countries are looking to secure as much energy as they can, and they are becoming increasingly deliberate of the specific attributes of the energy that they are adding.

This means power producers not only need to scale up their businesses, but they need to evolve to meet the changing needs of the new energy era. While the demand is so large, it will support everything, and it will require an any and all or all of the above type energy solution. We feel that 3 technologies in particular are going to capture the majority of go-forward energy demand because they have a right to win on one of the key attributes that the market is seeking. Renewables win because they are quick to install, and they are the lowest cost form of generation in a world that needs as much energy as it can get. Batteries provide a cost-effective solution to balancing an increasingly volatile energy grid and allowing for increased penetration of low-cost renewables.

Nuclear wins because it provides that scale baseload power and energy security that is increasingly valuable in today's environment. Let's go through each of these individually, starting with renewables. Do not get lost in the headlines. The market has spoken. 80% in 2025 came from renewables, and that is because they are the cheapest source of bulk electricity production. A competitive advantage that continues to improve as supply chains scale up, as technology improves, and as cost curves continue to come down. As long as there is a supply-demand imbalance, the majority of new energy additions are going to come from renewables. On a relative scale, batteries are actually growing even faster, and this is driven by technology and economics. Battery costs have declined by over 90%, making them a highly attractive and commercially viable way to balance increasingly volatile electricity grids and address the intermittency of renewables.

This is why battery installments have gone up 10 times in just the last 4 years. Not only is the sector scaling up, increasingly we have seen energy storage contracted under long-term capacity and tolling arrangements very similar to how mature wind and solar is. So you have 2 reinforcing factors, increasingly attractive economics and growing contractual demand that will continue the growth of the energy storage sector. This brings us to nuclear. Today, as more scale and baseload power is required, we believe we are in the early innings of a multi-decade era of nuclear new build. Today, there are approximately 500 operating nuclear power plants around the world. To put it in perspective, there are 200 nuclear reactors either under construction or currently being planned. In the U.S. alone, they are looking to add 300 gigawatts of new nuclear power capacity by 2050.

As energy security and energy resilience become increasingly important, new build nuclear has reinserted itself back at the top of the global energy agenda. At Brookfield Renewable, we have consciously positioned ourselves at the forefront of each of these major technologies. Not only do we have leading operating platforms, but we have large advanced pipelines and unmatched development capabilities to capture the growth opportunity going forward. As we have been saying for years, we have the leading global renewable platform focused on hydro, wind, and solar. In a market that will absorb as much cheap low-cost wind and solar as it can, we have leading platforms in 35 countries around the world, and we are nearing a run rate of 10 gigawatts of new projects commissioned each and every year. We keep adding to those market-leading capabilities by adding new businesses like Boralex that we acquired in 2026.

Within this platform, we keep finding underappreciated upsides that are driving returns. Within our large and advanced development pipeline, our interconnections and our grid positions are increasingly more valuable. Projects that we started several years ago for wind and solar or batteries are now increasingly perfect projects for powered land opportunities for data centers. While others are working hard to identify these scarce opportunities, we have a large proprietary pipeline within our own business, and we are finding more and more of them every day. We also own one of the largest operating hydro fleets around the world and the largest hydro fleet in North America. Yes, there are not many additions to hydro, but hydro does carry some of those key attributes of scale baseload power that nuclear has.

As a result, we are continuously contracting our existing hydro fleets at higher prices, driving sustained cash flow growth. In energy storage, over just the last several years, we have built a leading global platform through both organic and M&A growth. This was largely driven by our acquisition of Neoen in 2024, that focuses on Europe and Australia, and our acquisition of Aypa Power in this past year, 2026, that focuses on North America. Today, we have over 5 gigawatts of operating assets and an advanced pipeline of more than 30 gigawatts. Through these businesses and others, we have unmatched capabilities to catch the go-forward growth in energy storage. Make no mistake about it, batteries and energy storage are the fastest-growing segment of Brookfield Renewable, and they are being deployed across every business that we own.

By adding our access to capital, our commercial relationships with the growing need for flexible, dispatchable power, we see the opportunity to continue to accelerate this growth going forward. Lastly, that brings us to nuclear. Today, around the world, energy grids need more scale baseload. Grids are looking to reduce their reliance on volatile or imported fuel inputs. This is even more important as targets around winning the AI race, energy dominance, and energy security are now increasingly national security objectives. To put it very simply, there is no way to deliver those things without nuclear, and there is no way to grow the nuclear sector without Westinghouse. Westinghouse services over 60% of the operating nuclear reactors around the world and has the leading nuclear technology for new build additions. Westinghouse is both the critical supplier and the enabler of today's nuclear renaissance.

We believe we are in the early innings of what will be a multi-decade build-out of new build nuclear. We are seeing this in countries around the world that are looking to develop nuclear projects, and we are actively working on new builds in Europe, the Middle East, and Asia. Westinghouse's largest market is undoubtedly the U.S., where the company has signed multiple agreements with the U.S. government that will provide over $100 billion of capital to support nuclear new build. This will scale up the supply chain and act as the catalyst for what we think will be multiple tens of new construction starts in the years to come.

This is all in addition to the ongoing life extensions and upgrades that were already happening because Westinghouse provides the design to new build, it benefits from improving existing plants, and it is the critical service provider to the majority of operating plants around the world through its operating plant services and fuel fabrication capabilities. Westinghouse is undoubtedly at the center of the nuclear industry, both today and as it grows going forward. For Brookfield Renewable, this means that we have an unparalleled opportunity to identify, invest in, and capitalize on new opportunities in nuclear power. We can leverage our unmatched perspective through ownership of Westinghouse with our access to capital, our commercial relationships, and our development capabilities.

Said another way, Brookfield Renewable will benefit from the growth in nuclear not solely through its ownership of Westinghouse, but also through a number of other opportunities that this generational build-out will deliver. While those market-leading positions will secure our growth both today and going forward, it's important to recognize that our longstanding, consistent competitive advantages are what ensure that we can stay on the forefront of energy themes as they evolve in the future. Today, scale is more important than ever before. As Amanda Laszutko will explain, not only does growth beget more growth, but it allows us to be incredibly selective, focusing on only the largest and most attractive opportunities.