OUR OPERATIONS (Form 6-K)

OUR OPERATIONS

We invest in renewable power and sustainable solutions assets directly, as well as with institutional partners, joint venture partners and through other arrangements. Across our business, we leverage our extensive operating experience to maintain and enhance the value of assets, grow cash flows on an annual basis and cultivate positive relations with local stakeholders.

Our global diversified portfolio of power assets, of which renewables makes up over 96%, has approximately 47,300 MW of operating capacity and annualized LTA generation of approximately 122,000 GWh and a development pipeline of over 200 GW.

The table below outlines our portfolio of operating renewables facilities that we own, operate or own an economic interest in as at March 31, 2026 on a consolidated basis:

			River Systems						Facilities						Capacity(1) (MW)						LTA(2) (GWh)						Storage Capacity (GWh)
Hydroelectric
North America(3)
United States			29						139						2,905						11,868						2,559
Canada			19						33						1,368						5,264						1,261
			48						172						4,273						17,132						3,820
Colombia(4)			11						31						3,373						16,656						3,703
Brazil			24						36						850						4,309						-
			83						239						8,496						38,097						7,523
Wind(5)
North America			-						59						7,158						22,504						-
Europe			-						61						5,221						17,726						-
Brazil			-						37						890						3,909						-
Asia-Pacific			-						80						3,584						9,433						-
			-						237						16,853						53,572						-
Utility-scale solar(6)(7)			-						250						13,771						25,900						-
Distributed generation & storage(8)			1						5,859						5,758						2,857						1,436
Total renewable power			84						6,585						44,878						120,426						8,959

(1)Includes Assets held for sale. Refer to Note 4 - Assets held for sale.

(2)LTA is calculated based on our portfolio as at March 31, 2026, reflecting all facilities on a consolidated and an annualized basis from the beginning of the year, regardless of the acquisition, disposition or commercial operation date. See "Part 8 - Presentation to Stakeholders and Performance Measurement" for an explanation on our methodology in computing LTA and why we do not consider LTA for our pumped storage and certain of our other facilities.

(3)Includes three battery storage facilities in North America (36 MW).

(4)Includes two wind plants (32 MW) and ten solar plants (419 MW) in Colombia.

(5)Excludes 356 MW of wind capacity with an LTA of 911 GWh, included in our sustainable solutions segment.

(6)Excludes 333 MW of solar capacity with an LTA of 613 GWh, included in our sustainable solutions segment.

(7)Includes one battery storage facility in North America (60 MW) and one battery storage facility in South America (3 MW).

(8)Includes pumped storage in North America (666 MW).

We also have made investments in our sustainable solutions portfolio comprised of assets and businesses that enable the transition to net-zero where we can leverage our access to capital and partnerships to accelerate growth. This portfolio includes investments in Westinghouse (a leading global nuclear services business), a utility and independent power producer with operations in the Caribbean and Latin America, as well as both operating assets and a development pipeline of carbon capture and storage capacity, agricultural renewable natural gas, materials recycling and a pipeline of eFuels production capacity.

The following table presents the total annualized long-term average generation of our operating renewables facilities we own, operate, or own an economic interest in as at March 31, 2026 on a consolidated and quarterly basis:

GENERATION (GWh)(1)			Q1						Q2						Q3						Q4						Total
Hydroelectric(2)			9,506						10,148						8,610						9,833						38,097
Wind			14,322						12,940						11,386						14,924						53,572
Utility-scale solar			5,382						7,404						7,843						5,271						25,900
Distributed generation & storage			620						849						818						570						2,857
Total(3)			29,830						31,341						28,657						30,598						120,426

(1)LTA is calculated based on our portfolio as at March 31, 2026 reflecting all renewables facilities we own, operate, or own an economic interest in on a consolidated and an annualized basis from the beginning of the year, regardless of the acquisition, disposition or commercial operation date. See "Part 8 - Presentation to Stakeholders and Performance Measurement" for an explanation on our methodology in computing LTA and why we do not consider LTA for our pumped storage and certain of our other facilities.

(2)Includes two wind plants (174 GWh) and ten solar plants (761 GWh) in Colombia.

(3)Excludes 613 GWh solar and 911 GWh wind LTA related to our sustainable solutions investments to facilitate the decarbonization of a utility and independent power producer with operations in the Caribbean and Latin America.

The following table presents the total annualized long-term average generation of our operating renewables facilities we own, operate, or own an economic interest in as at March 31, 2026 on a proportionate and quarterly basis:

GENERATION (GWh)(1)			Q1						Q2						Q3						Q4						Total
Hydroelectric(2)			5,511						5,947						4,892						5,512						21,862
Wind			2,517						2,397						2,008						2,621						9,543
Utility-scale solar			1,141						1,650						1,763						1,119						5,673
Distributed generation			123						169						161						114						567
Total(3)			9,292						10,163						8,824						9,366						37,645

(1)LTA is calculated based on our portfolio as at March 31, 2026 reflecting all renewables facilities we own, operate, or own an economic interest in on a proportionate and an annualized basis from the beginning of the year, regardless of the acquisition, disposition or commercial operation date. See "Part 8 - Presentation to Stakeholders and Performance Measurement" for an explanation on the calculation and relevance of proportionate information, our methodology in computing LTA and why we do not consider LTA for our pumped storage and certain of our other facilities.

(2)Includes two wind plants (65 GWh) and ten solar plants (284 GWh) in Colombia.

(3)Excludes 25 GWh solar and 39 GWh wind LTA related to our sustainable solutions investments to facilitate the decarbonization of a utility and independent power producer with operations in the Caribbean and Latin America.

Statement Regarding Forward-Looking Statements and Use of Non-IFRS Measures

This Interim Report contains forward-looking information within the meaning of U.S. and Canadian securities laws. We may make such statements in this Interim Report and in other filings with the U.S. Securities and Exchange Commission ("SEC") and with securities regulators in Canada - see "Part 8 - Presentation to Stakeholders and Performance Measurement". We make use of non-IFRS measures in this Interim Report - see "Part 8 - Presentation to Stakeholders and Performance Measurement". This Interim Report, our Form 20-F and additional information filed with the SEC and with securities regulators in Canada are available on our website at https://bep.brookfield.com, on the SEC's website at www.sec.gov or on SEDAR+'s website at www.sedarplus.ca.

OUR COMPETITIVE STRENGTHS

Brookfield Renewable Partners L.P. (together with its controlled entities, "Brookfield Renewable") is a globally diversified, multi-technology, owner and operator of clean energy and sustainable solutions assets.

Our strategy is to utilize our global reach, scale capital and experience to acquire and develop high quality clean energy and sustainable solutions assets below intrinsic value, finance them on a long-term, low-risk and investment grade basis through a conservative financing strategy and then optimize cash flows by applying our operating expertise to enhance value or bring these assets into production, generating incremental cash flows for our business.

One of the largest, public decarbonization businesses globally with a strong track record of value creation. Brookfield Renewable has a 25-year track record as a publicly traded operator, developer and investor in renewable power and sustainable solution assets. Today we have a large, multi-technology and globally diversified portfolio that is supported by approximately 5,870 experienced employees (inclusive of employees employed by our consolidated portfolio companies). Brookfield Renewable invests in assets directly, as well as with institutional partners, joint venture partners and through other arrangements. We have also made investments in sustainable solutions, comprised of assets and businesses that enable the transition to net-zero where we can leverage our access to capital and partnerships to accelerate growth, and emerging transition asset classes where our initial investment positions us for potential future large scale decarbonization investment. Our sustainable solutions portfolio also includes investments in power transformation opportunities where we have invested in businesses to enable the reduction of greenhouse gas emissions through the deployment of traditional renewables.

Our globally diverse portfolio helps to mitigate resource variability, and improves consistency of our cash flows. Our organic growth and acquisitions are typically done through Brookfield's private funds and therefore on a proportionate basis Brookfield Renewable's business will continue to diversify but remain heavily weighted to our premium, critical hydroelectric assets.

Our renewable power portfolio consists of hydroelectric, wind, utility-scale solar, distributed generation and energy storage facilities in North America, South America, Europe and Asia-Pacific, and our total power portfolio consists of approximately 47,300 MW of installed capacity. We also have a large global development pipeline of over 200 GW. Our portfolio of sustainable solutions assets includes our investments in Westinghouse (a leading global nuclear services business), a utility and independent power producer with operations in the Caribbean and Latin America, as well as both operating assets and a development pipeline of carbon capture and storage capacity, agricultural renewable natural gas, materials recycling and a pipeline of eFuels production capacity.

The following charts illustrate Funds From Operations on a proportionate basis(1):

(1) Figures based on Funds From Operations for the last twelve months, net to Brookfield Renewable, adjusted to long-term average generation and excluding other income.

Diverse and high-quality portfolio of renewable power and sustainable solutions assets. Brookfield Renewable has a complementary portfolio of hydroelectric, wind, utility-scale solar, energy storage and distributed generation and other sustainable solutions assets:

•Hydroelectric Power. Today, hydroelectric power is the largest segment in our portfolio and continues to be a premium and differentiated technology as one of the longest life, lowest-cost and cleanest forms of power generation. Hydroelectric plants have high cash margins and storage capacity with the ability to dispatch power at all hours of the day.

•Wind & Solar Power. Our wind and utility-scale solar generation facilities provide exposure to some of the fastest growing renewable power sectors, with high cash margins, zero fuel input cost, and diverse and scalable applications. Wind and solar are now among the lowest cost forms of power generation available globally.

•Energy Storage & Distributed Generation. Our energy storage facilities provide the markets in which they are located with critical services to the grid, including dispatchable generation, and our distributed generation assets provide independent, secure, behind the meter power solutions to customers.

•Sustainable Solutions. Our sustainable solutions assets, such as carbon capture, renewable natural gas capacity, nuclear services and our eFuels business, are helping corporates and countries enhance their operations and achieve their net-zero goals.

With our scale, diversity, operating and development capabilities and the quality of our assets, we are competitively positioned relative to other renewable power and transition companies. Our large pipeline and differentiated capabilities provide significant scarcity value and growth potential for our investors.

Best-in-class operators and developers. Brookfield Renewable has approximately 5,870 experienced operators (inclusive of employees employed by our consolidated portfolio companies) that are located across the globe to help optimize the performance and maximize the returns of all our assets. Our experience operating, developing, and managing power generation facilities spans over 120 years. We continue to accelerate our development activities as we build out our over 200 GW renewable power pipeline, and further enhance our decarbonization offering to our customers through the build out of our sustainable solutions assets, which includes opportunities to invest in material recycling, CCS, RNG, eFuels and others. Increasingly, the combination of our operating and developing capabilities with our growth pipeline is differentiating our business as the partner of choice for buyers of clean power and entities looking to decarbonize, driving the growth of our business.

Positioned to meet growing demand for power, accelerate decarbonization and improve the stability of electricity grids. Energy demand continues to accelerate, driven by the multi-decade trends of electrification and reindustrialization, and this has been further amplified by AI in recent years. Today, renewables are the lowest cost source of bulk power generation in most regions, and the most readily deployable, making them among the most viable solutions to help meet energy demand growth. We are positioned to meet this demand with our large, diverse global development pipeline and differentiated capabilities. In addition to power demand growth, renewables help mitigate energy security risks while also enabling corporates and governments to achieve their decarbonization goals. We believe that our scale and global operating, development and investing capabilities make us well positioned to partner with governments and corporates to help them achieve their transition targets, while also improving the stability of grids through the delivery of secure, low-cost renewable power.

Strong financial profile and conservative financing strategy. Brookfield Renewable maintains a robust balance sheet, strong investment grade rating, and access to global capital markets to ensure cash flow resiliency through the cycle and flexibility to opportunistically deploy capital. Our approach to financing is to raise the majority of our debt in the form of asset-specific, non-recourse borrowings at our subsidiaries on an investment grade basis with no financial maintenance covenants. Approximately 90% of our debt is either investment grade rated or sized to investment grade metrics. Our corporate debt to market capitalization is approximately 13% and approximately 89% of our borrowings are non-recourse. Corporate borrowings and proportionate non-recourse borrowings have weighted-average terms of approximately 14 years and 10 years, respectively, with no material maturities over the next five years. Approximately 84% of our financings are effectively fixed rate and only 12% of our debt outside North America and Europe is exposed to changes in interest rates. Our available liquidity as at March 31, 2026 is over $4.7 billion of cash and cash equivalents, investments in marketable securities and the available portion of credit facilities.

Well positioned for cash flow growth and an attractive long-term distribution profile. We have diverse, reliable and derisked cash flow growth levers that help enable our stable distribution growth target of 5% to 9% annually. Our business is funded by internally generated cash flows, asset recycling and upfinancing which support organic development and acquisition activities that contribute to cash flow growth. Our operating cash flows also have embedded growth levers including inflation escalations in the vast majority of our contracts, potential margin expansion through revenue growth and cost reduction initiatives.

Disciplined investment strategy and differentiated capabilities. Our global scale, access to capital and capabilities across technologies allow us to flexibly deploy capital in order to earn strong risk-adjusted returns. We take a disciplined approach to allocating capital into development and acquisitions focused on downside protection and preservation of capital, leveraging Brookfield's team of over 150 investment professionals globally who are dedicated to sourcing and underwriting accretive acquisitions on an opportunistic basis. Our ability to develop and acquire assets is strengthened by our operating and project development teams across the globe, our commercial and supplier relationships, our strategic relationship with Brookfield, and our liquidity and capitalization profile.

Differentiated approach to asset development and asset management. We employ a conservative, differentiated approach with respect to asset development and management whereby we look to remove what we call "basis risk" before committing significant capital. To do this, we look to secure financing, customer agreements and engineering, procurement and construction contracts concurrently so we have strong visibility on cash flows and can lock-in our target returns. Where possible, we look to secure fixed rate financing, inflation indexed customer agreements and full wrap construction contracts to minimize uncertainty and provide strong visibility to our cash flows.

Management's Discussion and Analysis
For the three months ended March 31, 2026

This Management's Discussion and Analysis for the three months ended March 31, 2026 is provided as of May 1, 2026. Unless the context indicates or requires otherwise, the terms "Brookfield Renewable", "we", "us", and "our company" mean Brookfield Renewable Partners L.P. and its controlled entities. 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 this Management's Discussion and Analysis. The term "Brookfield Holders" means Brookfield, Brookfield Wealth Solutions and their related parties. The term "Brookfield Fund" means a private fund managed by Brookfield Asset Management and its subsidiaries. The term "consortium managed by BAM" means an investment vehicle managed by Brookfield Asset Management and its subsidiaries.

Brookfield Renewable's consolidated equity interests include the non-voting publicly traded limited partnership units ("LP units") held by public unitholders and Brookfield, class A BEPC exchangeable subordinate voting shares ("BEPC exchangeable shares") of Brookfield Renewable Corporation ("BEPC") held by public shareholders and Brookfield Wealth Solutions, class A.2 BRHC exchangeable non-voting shares ("class A.2 exchangeable shares") of Brookfield Renewable Holdings Corporation (formerly, Brookfield Renewable 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 a general partnership interest ("GP interest") in BRELP held by Brookfield. Holders of the LP units, Redeemable/Exchangeable partnership units, GP interest, BEPC exchangeable shares and class A.2 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. The LP units, BEPC exchangeable shares and class A.2 exchangeable shares, and Redeemable/Exchangeable partnership units have the same economic attributes in all respects. See - "Part 8 - Presentation to Stakeholders and Performance Measurement".

Brookfield Renewable's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), which require estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as at the date of the financial statements and the amounts of revenue and expense during the reporting periods.

Certain comparative figures have been reclassified to conform to the current year's presentation.

References to $, C$, €, R$, £, COP and A$ are to United States ("U.S.") dollars, Canadian dollars, Euros, Brazilian reais, British pounds sterling, Colombian pesos and Australian dollars respectively. Unless otherwise indicated, all dollar amounts are expressed in U.S. dollars.

For a description of our operational and segmented information and for the non-IFRS financial measures we use to explain our financial results see "Part 8 - Presentation to Stakeholders and Performance Measurement". For a reconciliation of the non-IFRS financial measures to the most comparable IFRS financial measures, see "Part 4 - Financial Performance Review on Proportionate Information - Reconciliation of non-IFRS measures". This Management's Discussion and Analysis contains forward-looking information within the meaning of U.S. and Canadian securities laws. Refer to - "Part 9 - Cautionary Statements" for cautionary statements regarding forward-looking statements and the use of non-IFRS measures. Our Annual Report and additional information filed with the Securities Exchange Commission ("SEC") and with securities regulators in Canada are available on our website (https://bep.brookfield.com), on the SEC's website (www.sec.gov/edgar.shtml), or on SEDAR+ (www.sedarplus.ca).

Organization of the Management's Discussion and Analysis
Part 1 - Q1 2026 Highlights			8						Part 5 - Liquidity and Capital Resources (continued)
									Borrowings			29
Part 2 - Financial Performance Review on Consolidated Information			11						Capital expenditures			30
									Consolidated statements of cash flows			31
									Shares and units outstanding			32
Part 3 - Additional Consolidated Financial Information			12						Dividends and distributions			32
Summary consolidated statements of financial position			12						Contractual obligations			33
Related party transactions			12						Supplemental guarantor financial information			33
Equity			17						Off-statement of financial position arrangements			33
Part 4 - Financial Performance Review on Proportionate Information			20						Part 6 - Selected Quarterly Information			34
									Summary of historical quarterly results			34
Proportionate results for the three months ended March 31			19
Reconciliation of non-IFRS measures			24						Part 7 - Critical Estimates, Accounting Policies and Internal Controls			35
Contract profile			27
									Part 8 - Presentation to Stakeholders and Performance Measurement			37
Part 5 - Liquidity and Capital Resources			28
Capitalization			28						Part 9 - Cautionary Statements			41
Available liquidity			28

PART 1 - Q1 2026 HIGHLIGHTS

			Three months ended March 31
(MILLIONS, EXCEPT AS NOTED)			2026						2025
Select financial information
Revenues			$	1,514					$	1,580
Net loss attributable to Unitholders(1)			(229)						(197)
Basic and diluted loss per LP unit(2)			(0.40)						(0.35)
Proportionate Adjusted EBITDA(3)			756						625
Funds From Operations(3)			375						315
Funds From Operations per Unit(3)(4)			0.55						0.48
Distribution per LP unit			0.39						0.37
Operational information
Capacity (MW)			47,258						43,284
Total generation (GWh)
Long-term average generation			30,593						30,476
Actual generation			30,372						29,008
Proportionate generation (GWh)
Actual Renewable generation			8,882						8,670

(1)For the three months ended, includes $122 million of loss attributed to Limited Partner equity, $71 million of loss attributed to BEPC exchangeable shares and class A.2 exchangeable shares, $77 million of loss attributed to Participating non-controlling interests - in a holding subsidiary - Redeemable/Exchangeable units held by Brookfield, and $41 million of income attributed to General partnership interest in a holding subsidiary held by Brookfield.

(2)Average LP units for the three months ended March 31, 2026 were 305.6 million (2025: 284.9 million).

(3)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure, See "Part 4 - Financial Performance Review on Proportionate Information - Reconciliation of non-IFRS measures" and "Part 9 - Cautionary Statements".

(4)Average Units outstanding for the three months ended March 31, 2026 were 684.4 million (2025: 662.9 million), being inclusive of our LP units, Redeemable/Exchangeable partnership units, BEPC exchangeable shares and class A.2 exchangeable shares and GP interest.

(MILLIONS, EXCEPT AS NOTED)			March 31, 2026									December 31, 2025
Liquidity and Capital Resources
Available liquidity			$			4,721						$			4,625
Debt to capitalization - Corporate						13		%							14		%
Debt to capitalization - Consolidated						38		%							39		%
Non-recourse borrowings as a percentage of total borrowings - Consolidated						89		%							90		%
Fixed rate debt as a percentage of total borrowings on a proportionate basis(1)						96		%							96		%
Corporate borrowings
Weighted average debt term to maturity						14 years									13 years
Weighted average interest rate						4.6		%							4.6		%
Non-recourse borrowings on a proportionate basis
Weighted average debt term to maturity						10 years									10 years
Weighted average interest rate						6.0		%							5.9		%

(1)Total floating rate debt as a percentage of total borrowings is 16% (2025: 16%) of which 12% (2025: 12%) is related to floating rate debt of certain regions outside of North America and Europe due to the high cost of hedging associated with those regions.

Brookfield Renewable Partners L.P.			Interim Report			March 31, 2026
						Page 8

Operations

Funds From Operations of $375 million or $0.55 on a per unit basis is higher than the prior year driven by:

•Contributions from our diverse, global fleet with embedded growth from our contracted and inflation-linked cash flows;

•Recent acquisitions, including Neoen, Geronimo Power and our increased stake in Isagen;

•Continued growth from our scaling development activities, including almost 9,150 MW of new development projects reaching commercial operation in the past 12 months; and

•Gains on sales from our recurring and scaling capital recycling activities

After deducting non-cash depreciation, foreign exchange and derivative gains or losses and other, net loss attributable to Unitholders for the three months ended March 31, 2026 was $229 million.

We strengthened our position as the global partner of choice for the world's largest buyers of power delivering differentiated energy solutions.

•Advanced commercial initiatives, contracting ~1,700 MW of our advanced stage projects during the quarter

We continue to progress key workstreams with Westinghouse and the U.S. Government to advance the development of new utility-scale reactors in the U.S. focusing on delivering long lead time equipment orders for Westinghouse's proprietary AP1000 technology.

Liquidity and Capital Resources

Our best-in-class balance sheet with investment grade BBB+ credit rating and access to diverse sources of capital continues to differentiate our business and support our growth initiatives:

•Our financial position remains strong with $4.7 billion of available liquidity providing substantial flexibility to deploy capital into growth opportunities across our core markets;

•We took advantage of favorable market conditions and issued C$500 million of 30-year notes at 5.20%. The issuance had strong investor demand and priced at the tightest new issue spread we have ever achieved;

•We progressed re-contracting initiatives on a scale portfolio of hydro assets in Ontario, which once signed, we expect will support significant upfinancings that we plan to execute during 2026; and

•We launched our BEPC at-the-market equity issuance program during the quarter, issuing ~2.8 million BEPC shares and repurchasing the same number of BEP units, resulting in ~$27 million of realized cash gains

Together with our institutional partners, we completed or reached agreements to sell assets generating ~$2.8 billion (~$820 million net to Brookfield Renewable), including:

•Closing the sales of a 25% interest in a 403 MW portfolio of operating hydro assets in the U.S., a 73 MW portfolio of operating wind assets in the U.K. and a 833 MW portfolio of operating solar assets in the U.S. generating proceeds of approximately $740 million (~$210 million net to Brookfield Renewable);

•Completed the IPO of one of our Indian operating and development platform, selling approximately half our stake through an IPO and private placement, realizing proceeds of approximately $185 million (~$36 million net to Brookfield Renewable); and

•Signing agreements to sell a ~2,300 MW portfolio of operating wind and solar assets in the U.S., and a remaining 50% interest in a 403 MW portfolio of operating hydro assets in the U.S. These transactions are expected to generate proceeds of approximately $1.8 billion (~$600 million net to Brookfield Renewable) and are subject to customary closing conditions

BEP and BEPC Structure

•We have recently begun exploring whether a single combined corporate structure would be the best path forward. The goal is to determine if, on a tax-free basis, we can create a single corporate security that would enhance liquidity, increase index inclusion and create value for our investors

Brookfield Renewable Partners L.P.			Interim Report			March 31, 2026
						Page 9

Growth and Development

Together with our institutional partners, we have deployed, or committed to deploy approximately $2.2 billion (~$550 million net to Brookfield Renewable) into growth, further diversifying our business

•Together with La Caisse, we announced an agreement to acquire Boralex, a leading Canadian publicly listed renewable power platform with approximately 4,000 MW of operating and under construction wind, solar, hydro and battery assets diversified across Canada, France, the U.S. and the U.K. as well as an ~8,000 MW development pipeline. The transaction is subject to customary closing conditions

We continue to accelerate our development activities

•Commissioned approximately 1,800 MW of new utility scale solar, wind and battery storage projects during the quarter. We continue to expect to deliver ~10,000 MW of new projects per year starting in 2027

Brookfield Renewable Partners L.P.			Interim Report			March 31, 2026
						Page 10

PART 2 - FINANCIAL PERFORMANCE REVIEW ON CONSOLIDATED INFORMATION

The following table reflects key financial data for the three months ended March 31:

			Three months ended March 31
(MILLIONS, EXCEPT AS NOTED)			2026						2025
Revenues			$	1,514					$	1,580
Other income			138						170
Direct operating costs			(779)						(675)
Management service costs			(73)						(49)
Interest expense			(639)						(609)
Depreciation			(548)						(583)
Net loss			$	(295)					$	(108)
			Average FX rates to USD
C$			1.37						1.43
€			0.85						0.95
R$			5.26						5.84
COP			3,698						4,191

Variance Analysis For The Three Months Ended March 31, 2026

Revenues totaling $1,514 million represents a decrease of $66 million over the same period in the prior year as the benefit from growth of our business and higher realized pricing was more than offset by unfavorable generation. Recently acquired and commissioned facilities, that we consolidate, contributed 512 GWh of generation and $36 million to revenues which was partially offset by our recently completed asset sales that reduced generation by 1,715 GWh and revenues by $161 million. On a same store, constant currency basis, revenue decreased by $24 million as the benefit from higher resources at our Canadian and Colombia hydroelectric assets and higher realized prices in Brazil on the back of inflation escalation and commercial initiatives were more than offset by lower hydrology at our U.S. and Brazil hydroelectric assets, higher contributions from trading activities, and lower generation at our wind assets in Europe, China and Brazil, as well as lower realized pricing in Colombia due to lower spot prices on our uncontracted generation caused by higher system-wide hydrology.

The strengthening of foreign currencies against the U.S. dollar relative to the same period in the prior year increased revenues by $83 million, which was partly offset by a $67 million unfavorable foreign exchange impact on our direct operating costs and interest expense for the quarter.

Direct operating costs totaling $779 million represents an increase of $104 million over the same period in the prior year primarily due to additional costs from our recently acquired and commissioned facilities and the above noted strengthening of foreign currencies against the U.S. dollar, which were partially offset by recently completed asset sales.

Other income totaling $138 million represents a decrease of $32 million due to the gain on sale in the prior year related to the disposition of a 25% interest in a 2.2 GW pumped storage facility in Europe.

Management service costs totaling $73 million represents an increase of $24 million over the same period in the prior due to the growth of our business.

Interest expense totaling $639 million represents an increase of $30 million over the same period in the prior year due to financing initiatives to fund growth.

Depreciation expense totaling $548 million represents a decrease of $35 million over the same period in the prior year due to recently completed asset sales.

Net loss totaling $295 million represents an increase of $187 million over the prior year due to the above noted items, the increase in global power prices led to a $193 million mark-to-market impact on our long-term energy derivative contracts compared to the prior year, which was partially offset by stamp duties levied in the prior year upon reaching prescribed ownership thresholds in certain jurisdictions Neoen operates.

Brookfield Renewable Partners L.P.			Interim Report			March 31, 2026
						Page 11

PART 3 - ADDITIONAL CONSOLIDATED FINANCIAL INFORMATION

SUMMARY CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

The following table provides a summary of the key line items on the unaudited interim consolidated statements of financial position:

(MILLIONS)			March 31, 2026						December 31, 2025
Current assets			$	13,020					$	12,298
Equity-accounted investments			3,711						4,087
Property, plant and equipment			69,504						70,456
Assets held for sale			6,339						6,142
Total assets			98,241						98,701
Corporate borrowings			4,825						3,686
Non-recourse borrowings			31,775						31,206
Deferred income tax liabilities			9,390						9,395
Liabilities directly associated with assets held for sale			3,935						4,021
Total liabilities and equity			98,241						98,701
			Spot FX rates to USD
C$			1.39						1.37
€			0.87						0.85
R$			5.22						5.50
COP			3,670						3,757

Property, plant and equipment & Equity-accounted investments

Property, plant and equipment totaled $69.5 billion as at March 31, 2026 compared to $70.5 billion as at December 31, 2025, representing a decrease of $1.0 billion. Our continued investments in the development of power generating assets increased property, plant and equipment by $1.2 billion, and the appreciation of most currencies against the U.S. dollar increased property, plant and equipment by $0.4 billion. These increases were offset by disposals and assets reclassified to held for sale that decreased property, plant and equipment by $2.1 billion and depreciation expense that decreased property, plant and equipment by $0.5 billion.

Equity-accounted investments totaled $3.7 billion as at March 31, 2026, compared to $4.1 billion as at December 31, 2025, representing a decrease of $0.4 billion from distributions and the partial disposition of a renewable power operating and development platform in India.

Assets held for sale and Liabilities directly associated with assets held for sale

Assets held for sale and Liabilities directly associated with assets held for sale totaled $6.3 billion and $3.9 billion, respectively, as at March 31, 2026 and are comprised of a 633 MW operating solar asset in India, a 448 MW portfolio of operating hydroelectric assets in the United States, and a 2.3 GW portfolio of operating wind and solar assets in the United States.

RELATED PARTY TRANSACTIONS

Brookfield Renewable's related party transactions are in the normal course of business and are recorded at the exchange amount. Brookfield Renewable's related party transactions are primarily with Brookfield and their related parties.

Brookfield Renewable sells electricity to Brookfield through a single long-term PPA across Brookfield Renewable's New York hydroelectric facilities. Brookfield will support the price that Brookfield Renewable receives for energy generated by certain facilities in the United States.

Brookfield Renewable Partners L.P.			Interim Report			March 31, 2026
						Page 12

Brookfield Renewable has entered into voting agreements with Brookfield, whereby Brookfield Renewable gained control of the entities that own certain renewable power generating facilities. Brookfield Renewable has also entered into a voting agreement with its consortium partners in respect of the Colombian business and Neoen. The voting agreements provide Brookfield Renewable the authority to direct the election of the Boards of Directors of the relevant entities, among other things, and therefore provide Brookfield Renewable with control. Accordingly, Brookfield Renewable consolidates the accounts of these entities.

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.

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.

Brookfield Corporation has provided a $400 million committed unsecured revolving credit facility maturing in December 2030 and the draws bear interest at Secured Overnight Financing Rate plus a margin of 1.80%. 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 March 31, 2026 (December 31, 2025: nil). The interest expense on the Brookfield Corporation revolving credit facility and deposit for the three months ended March 31, 2026 totaled nil (2025: nil).

From time to time Brookfield Renewable may enter into short-term arrangements with private funds consolidated by Brookfield that permit such entities to place funds on deposit with Brookfield Renewable up to a limit of $750 million per deposit. Interest earned or incurred on such deposits is between the interest rate that would otherwise be payable by Brookfield Renewable under its commercial paper program or credit facilities with unrelated parties and the interest rate that would otherwise be available to the applicable depositing party in similar transactions on an arms' length basis with unrelated parties. As at March 31, 2026, there were $83 million (December 31, 2025: $268 million) of funds placed on deposit with Brookfield Renewable, which carries an interest rate of 3.11% to 3.84%. Deposits placed are reflected within due to related parties on the consolidated statements of financial position. Interest expense paid on the deposits for the three months ended March 31, 2026 totaled less than $1 million (2025: less than $1 million).

From time to time, Brookfield Wealth Solutions and its related entities may agree to provide financing to Brookfield Renewable. In addition, Brookfield Wealth Solutions and its related entities may also participate, alongside unaffiliated third parties on market terms and at market rates, in capital raises undertaken by Brookfield Renewable that are recognized within preferred limited partners' equity, corporate and non-recourse borrowings in the statement of financial position. As at March 31, 2026, Brookfield Renewable, together with its institutional partners had the following balances owing to Brookfield Wealth Solutions: $57 million of non-recourse borrowings (December 31, 2025: $58 million); $7 million of corporate borrowings (December 31, 2025: $7 million); tax equity financings classified as financial instrument liabilities of $85 million (December 31, 2025: $49 million); preferred limited partners equity of $11 million (December 31, 2025: $11 million); and $747 million of borrowings classified as due to related party (December 31, 2025: $750 million).

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. During the three months ended March 31, 2026, Brookfield Renewable transferred nil (2025: $19 million) of income tax credits to Brookfield and its subsidiaries.

During the first quarter of 2026, an associate of Brookfield Renewable signed a tax credit transfer agreement on market terms for $113 million with a Brookfield fund.

During the first quarter of 2026, Brookfield Renewable, together with its institutional partners, agreed to the sale of a 2.3 GW portfolio of operating wind and solar assets in the United States for proceeds of approximately $1.3 billion ($316 million net to Brookfield Renewable), of which 33.3% was agreed to be sold to a Brookfield Fund, at a value equivalent to what was agreed to with the unaffiliated third parties that agreed to acquire the remaining 66.7% interest in the portfolio. The closing of this transaction is subject to customary closing conditions.

Brookfield Renewable Partners L.P.			Interim Report			March 31, 2026
						Page 13

Subsequent to the quarter, Brookfield Renewable, together with its institutional partners, agreed to the sale of its remaining 50% interest in a 403 MW portfolio of operating hydroelectric assets in the United States for proceeds of up to $522 million ($249 million net to Brookfield Renewable), to a consortium managed by BAM, at a value equivalent to what was agreed to with an unaffiliated third party that acquired 25% during the first quarter of 2026. The closing of this transaction is subject to customary closing conditions.

During the first quarter of 2026, as part of the finalization of the Neoen structure, certain interest bearing loans due to affiliates of Brookfield Renewable were reclassified from current to non-current and continue to be recorded within due to related parties. These loans mature in 2037.

Transactions with unaffiliated partners of Brookfield Renewable associates

During the first quarter of 2026, Brookfield Renewable, together with its institutional partners, acquired a 201 MW operating wind asset in the United States from an associate that it accounts for using the equity method under IAS 28, Investments in Associates and Joint Ventures as part of a reorganization of the investment. Brookfield Renewable, together with its institutional partners, recognized $35 million of total assets and $35 million of total liabilities from the date of the reorganization and continues to account for its investment in the associate in accordance with IAS 28.

During the first quarter of 2026, Brookfield Renewable, together with its institutional partners, agreed to contribute its 100% interest in a 200 MW distributed generation portfolio in Spain with a fair value of approximately €116 million ($136 million) into a U.K. distributed generation joint venture with a Brookfield Renewable associate.

During the first quarter of 2026, Isagen novated a financial obligation related to the acquisition of a utility-scale solar asset to an associate that is accounted for using the equity method under IAS 28, in accordance with the investment agreement. Upon completion of the transaction, Isagen recognized a reduction in the associate's net assets of approximately COP272 billion ($78 million) offset by the derecognition of the payable by Isagen for the same amount.

In addition, our company has executed, amended, or terminated other agreements with Brookfield that are described in Note 29 - Related party transactions in Brookfield Renewable's December 31, 2025 audited consolidated financial statements.

Brookfield Renewable Partners L.P.			Interim Report			March 31, 2026
						Page 14

The following table reflects the related party agreements and transactions in the unaudited interim consolidated statements of income for the three months ended March 31:

			Three months ended March 31
(MILLIONS)			2026						2025
Revenues
Power purchase and revenue agreements			$	5					$	26
Development services			-						11
			$	5					$	37
Other income
Distribution income			$	-					$	12
Interest and other investment income			9						5
			$	9					$	17
Direct operating costs
Other related party services			$	(9)					$	(7)
Interest expense
Borrowings			$	(51)					$	(80)
Contract balance accretion			(10)						(10)
			$	(61)					$	(90)
Other
Other related party services expense			$	-					$	(1)
Financial instrument gain			32						-
			$	32					$	(1)
Management service costs			$	(73)					$	(49)
Current income tax
Investment tax credits			$	-					$	19

Brookfield Renewable Partners L.P.			Interim Report			March 31, 2026
						Page 15

The following table reflects the impact of the related party agreements and transactions on the consolidated statements of

financial position:

(MILLIONS)			Related party						March 31, 2026						December 31, 2025
Current assets
Trade receivables and other current assets
Contract asset			Brookfield						$	74					$	74
Due from related parties
Amounts due from			Brookfield(1)						$	486					$	511
			Equity-accounted investments and other						527						433
									$	1,013					$	944
Non-current assets
Financial instrument assets			Equity-accounted investments and other						$	78					$	71
Other long-term assets
Contract asset			Brookfield						$	192					$	209
Due from related parties			Equity-accounted investments and other						52						12
Current liabilities
Contract liability			Brookfield						$	67					$	63
Financial instrument liabilities			Brookfield Wealth Solutions						30						-
Due to related parties
Amounts due to			Brookfield(2)						$	1,739					$	4,427
			Equity-accounted investments and other						469						2,476
			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						48						45
									$	2,379					$	7,071
Liabilities held for sale			Equity-accounted investments and other						$	8					$	9
Non-current liabilities
Financial instrument liabilities			Brookfield Wealth Solutions						55						49
Due to related parties
Amounts due to			Brookfield						$	19					$	21
			Brookfield Wealth Solutions						624						627
			Equity-accounted investments and other						2,075						45
									$	2,718					$	693
Corporate borrowings			Brookfield Wealth Solutions						$	7					$	7
Non-recourse borrowings			Brookfield Wealth Solutions						$	57					$	58
Other long-term liabilities
Contract liability			Brookfield						$	675					$	679
Equity
Preferred limited partners equity			Brookfield Wealth Solutions						$	11					$	11

(1)Includes receivables of $304 million (2025: $378 million) associated with the Brookfield Global Transition Fund credit facility.

(2)Includes payables of $23 million (2025: $397 million), $394 million (2025: $511 million), and $471 million (2025: $2,454 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.			Interim Report			March 31, 2026
						Page 16

EQUITY

General partnership interest in a holding subsidiary held by Brookfield

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 LP unit distributions exceed specified target levels. As at March 31, 2026, 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 $41 million were declared during the three months ended March 31, 2026 (2025: $37 million).

Preferred equity

The Class A Preference Shares of Brookfield Renewable Power Preferred Equity Inc. ("BRP Equity") do not have a fixed maturity date and are not redeemable at the option of the holders. As at March 31, 2026, none of the issued Class A Preference Shares have been redeemed by BRP Equity.

In December 2025, 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, 2026, 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 ended March 31, 2026 and 2025 in connection with the normal course issuer bid.

Perpetual subordinated notes

The perpetual subordinated notes are classified as a separate class of non-controlling interest on Brookfield Renewable's consolidated statements of financial position. Brookfield Renewable incurred interest of $10 million on the perpetual subordinated notes during the three months ended March 31, 2026 (2025: $10 million). Interest incurred on the perpetual subordinated notes are presented as distributions in the consolidated statements of changes in equity.

Preferred limited partners' equity

The Class A Preferred Limited Partnership Units ("Preferred units") of Brookfield Renewable do not have a fixed maturity date and are not redeemable at the option of the holders.

During the first quarter of 2026, Brookfield Renewable redeemed all of the outstanding units of Series 7 Preferred Limited Partnership units for C$175 million.

In December 2025, 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, 2026, 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 months ended March 31, 2026 and 2025 in connection with the normal course issuer bid.

Limited partners' equity, Redeemable/Exchangeable partnership units, and exchangeable shares

As at March 31, 2026, Brookfield Holders held a direct and indirect interest of approximately 47% of Brookfield Renewable on a fully-exchanged basis. Brookfield Holders held a direct and indirect interest of 320,608,493 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.

During the first quarter of 2026, Brookfield Renewable established an at-the-market ("ATM") equity program under which it may, at its discretion, offer and sell up to $400 million of BEPC exchangeable shares directly from treasury. During the three months ended March 31, 2026, 2,776,796 BEPC exchangeable shares were issued for gross proceeds of approximately $115 million.

Brookfield Renewable Partners L.P.			Interim Report			March 31, 2026
						Page 17

In December 2025, 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 15,296,104 LP units and 7,244,255 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, 2026, or earlier should Brookfield Renewable complete its repurchases prior to such date. In 2026, we utilized proceeds generated from the ATM equity program to repurchase and cancel LP units. During the three months ended March 31, 2026, there were 2,776,796 LP units (2025: 1,172,375 LP units) repurchased and cancelled under Brookfield Renewable's normal course issuer bid at a total cost of approximately $87 million (2025: $26 million). There were no BEPC exchangeable shares repurchased during the three months ended March 31, 2026 and 2025.

During the three months ended March 31, 2026, 64,799 LP units (2025: 71,234 LP units) were issued under the distribution reinvestment plan at a total value of $2 million (2025: $2 million).

During the three months ended March 31, 2026, exchangeable shareholders of BEPC exchanged nil BEPC exchangeable shares (2025: 35,313 BEPC exchangeable shares) for an equivalent number of LP units amounting to nil (2025: less than $1 million).

Brookfield Renewable Partners L.P.			Interim Report			March 31, 2026
						Page 18

PART 4 - FINANCIAL PERFORMANCE REVIEW ON PROPORTIONATE INFORMATION

SEGMENTED DISCLOSURES

Segmented information is prepared on the same basis that Brookfield Renewable's Chief Executive Officer and Chief Financial Officer (collectively, the chief operating decision maker or "CODM") manages the business, evaluates financial results, and makes key operating decisions. See "Part 8 - Presentation to Stakeholders and Performance Measurement" for information on segments and an explanation on the calculation and relevance of proportionate information, Adjusted EBITDA and Funds From Operations, which are non-IFRS measures.

FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31

The following chart reflects the generation and summary financial figures on a proportionate basis for the three months ended March 31:

			(GWh)																														(MILLIONS)
			Renewable Actual Generation															Renewable LTA Generation															Revenues															Adjusted EBITDA(1)															Funds From Operations(1)
			2026						2025									2026						2025									2026						2025									2026						2025									2026						2025
Hydroelectric			5,366						5,015									5,518						5,037									$	485					$	413								$	341					$	261								$	210					$	163
Wind			2,270						2,397									2,509						2,570									160						165									163						129									119						86
Utility-scale solar			1,033						946									1,179						1,139									97						96									157						95									126						63
Distributed energy & storage			213						312									128						253									44						53									37						122									28						114
Sustainable solutions			-						-									-						-									153						130									41						22									30						12
Corporate			-						-									-						-									-						-									17						(4)									(138)						(123)
Total			8,882						8,670									9,334						8,999									$	939					$	857								$	756					$	625								$	375					$	315

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see "Reconciliation of Non-IFRS Measures" in this Management's Discussion and Analysis.

Brookfield Renewable Partners L.P.			Interim Report			March 31, 2026
						Page 19

HYDROELECTRIC OPERATIONS

The following table presents our proportionate results for hydroelectric operations for the three months ended March 31:

(MILLIONS, EXCEPT AS NOTED)			2026						2025
Revenue			$	485					$	413
Other income			79						22
Direct operating costs			(223)						(174)
Adjusted EBITDA(1)			341						261
Interest expense			(127)						(87)
Current income tax expense			(4)						(11)
Funds From Operations			$	210					$	163
Generation (GWh) - LTA			5,518						5,037
Generation (GWh) - actual			5,366						5,015
Average revenue per MWh(2)			$	71					$	70

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see "Reconciliation of Non-IFRS Measures" in this Management's Discussion and Analysis.

(2)Average revenue per MWh was adjusted to net the impact of power purchases and any revenue with no corresponding generation.

The following table presents our proportionate results by geography for hydroelectric operations for the three months ended March 31:

			Actual Generation (GWh)												Average revenue per MWh(1)
(MILLIONS, EXCEPT AS NOTED)			2026						2025						2026						2025
North America			2,658						3,032						$	79					$	77
Brazil			995						1,057						66						45
Colombia			1,713						926						63						77
Total			5,366						5,015						$	71					$	70

(1)Average revenue per MWh was adjusted to net the impact of power purchases and any revenue with no corresponding generation.

Adjusted EBITDA and FFO across our hydroelectric business totaled $341 million and $210 million, respectively, versus $261 million and $163 million, respectively, in the prior year. Adjusted EBITDA and FFO benefited from strong same-store generation in Canada and Colombia, stronger pricing in Brazil from contracting initiatives and inflation-indexation, gains on sale of non-core assets in the U.S. and our increased ownership in Isagen. Results were partially offset by weaker same-store generation in the U.S., weaker pricing in Colombia due to high system-wide generation levels and higher interest expense from our upfinancing activities across the fleet over the past year.

Brookfield Renewable Partners L.P.			Interim Report			March 31, 2026
						Page 20

WIND OPERATIONS

The following table presents our proportionate results for wind operations for the three months ended March 31:

(MILLIONS, EXCEPT AS NOTED)			2026						2025
Revenue			$	160					$	165
Other income			66						27
Direct operating costs			(63)						(63)
Adjusted EBITDA(1)			163						129
Interest expense			(39)						(39)
Current income tax expense			(5)						(4)
Funds From Operations			$	119					$	86
Generation (GWh) - LTA			2,509						2,570
Generation (GWh) - actual			2,270						2,397

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see "Reconciliation of Non-IFRS Measures" in this Management's Discussion and Analysis.

FFO at our wind operations were $119 million versus $86 million in the prior year as the benefit of newly acquired and commissioned facilities, including our investment in Neoen, higher same-store generation, gains from the sale of certain European wind assets and the partial disposition of an Indian renewable operating and development platform were partially offset by lower contributions due to the sale of wind assets in the U.S. in the previous year.

UTILITY-SCALE SOLAR OPERATIONS

The following table presents our proportionate results for utility-scale solar operations for the three months ended March 31:

(MILLIONS, EXCEPT AS NOTED)			2026						2025
Revenue			$	97					$	96
Other income			98						30
Direct operating costs			(38)						(31)
Adjusted EBITDA(1)			157						95
Interest expense			(33)						(30)
Current income tax recovery (expense)			2						(2)
Funds From Operations			$	126					$	63
Generation (GWh) - LTA			1,179						1,139
Generation (GWh) - actual			1,033						946

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see "Reconciliation of Non-IFRS Measures" in this Management's Discussion and Analysis.

FFO at our utility-scale solar business was $126 million versus $63 million in the prior year as the benefit of newly acquired and commissioned facilities, including our investments in Neoen and Geronimo Power, the gain on sale of a U.S. solar portfolio and gains on sale of a partial sale of an Indian renewable operating and development platform were partially offset by weaker same store generation.

Brookfield Renewable Partners L.P.			Interim Report			March 31, 2026
						Page 21

DISTRIBUTED ENERGY & STORAGE OPERATIONS

The following table presents our proportionate results for distributed energy & storage operations for the three months ended March 31:

(MILLIONS, EXCEPT AS NOTED)			2026						2025
Revenue			$	44					$	53
Other income			18						93
Direct operating costs			(25)						(24)
Adjusted EBITDA(1)			37						122
Interest expense			(9)						(7)
Current income tax expense			-						(1)
Funds From Operations			$	28					$	114
Generation (GWh) - LTA			128						253
Generation (GWh) - actual			213						312

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see "Reconciliation of Non-IFRS Measures" in this Management's Discussion and Analysis.

FFO at our Distributed energy and storage business was $28 million versus $114 million in the prior year as the benefit of newly acquired and commissioned facilities, including our investment in Neoen, was offset by the impact from the majority sale of a distributed generation platform in the U.S. that reduced results compared to prior year and the gain on sale of our interest in a pumped storage business in the U.K. in the first quarter of 2025.

SUSTAINABLE SOLUTIONS OPERATIONS

The following table presents our proportionate results for sustainable solutions operations for the three months ended March 31:

(MILLIONS, EXCEPT AS NOTED)			2026						2025
Revenue			$	153					$	130
Other income			17						6
Direct operating costs			(129)						(114)
Adjusted EBITDA(1)			41						22
Interest expense			(10)						(8)
Current income tax expense			(1)						(2)
Funds From Operations			$	30					$	12

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see "Reconciliation of Non-IFRS Measures" in this Management's Discussion and Analysis.

FFO at our sustainable solutions business was $30 million versus $12 million in the prior year driven by the continued strong performance of Westinghouse's core fuel and maintenance services business alongside growth from its new reactor design and engineering activities.

Brookfield Renewable Partners L.P.			Interim Report			March 31, 2026
						Page 22

CORPORATE

The following table presents our results for Corporate for the three months ended March 31:

(MILLIONS, EXCEPT AS NOTED)			2026						2025
Other income			$	30					$	7
Direct operating costs			(13)						(11)
Adjusted EBITDA(1)			17						(4)
Management service costs			(73)						(49)
Interest expense			(57)						(44)
Current income tax expense			-						(1)
Distributions(2)			(25)						(25)
Funds From Operations			$	(138)					$	(123)

(1)Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure see "Reconciliation of Non-IFRS Measures" in this Management's Discussion and Analysis.

(2)Distributions on Preferred Units, Class A Preference Shares and Perpetual Subordinated Notes.

Funds From Operations was $138 million due to additional corporate level financing initiatives to support growth over the last twelve months and higher management fees from growth of the business.

Brookfield Renewable Partners L.P.			Interim Report			March 31, 2026
						Page 23

RECONCILIATION OF NON-IFRS MEASURES

The following table reconciles the non-IFRS financial measures to the most directly comparable IFRS measures. Net income (loss) is reconciled to Adjusted EBITDA for the three months ended March 31, 2026:

			Hydroelectric						Wind						Utility-scale solar						Distributed energy & storage						Sustainable solutions						Corporate						Total
(MILLIONS)
Net (loss) income			$	(61)					$	(82)					$	(111)					$	(20)					$	117					$	(138)					$	(295)
Add back or deduct the following:
Depreciation			180						193						120						55						-						-						548
Deferred income tax (recovery) expense			(8)						(19)						(3)						(1)						2						(18)						(47)
Foreign exchange and financial instrument loss (gain)			58						(57)						(114)						(12)						(92)						(3)						(220)
Other(1)			91						81						185						34						13						38						442
Management service costs			-						-						-						-						-						73						73
Interest expense			238						170						143						22						1						65						639
Current income tax expense (recovery)			7						3						3						(1)						-						-						12
Amount attributable to equity accounted investments and non-controlling interests(2)			(164)						(126)						(66)						(40)						-						-						(396)
Adjusted EBITDA attributable to Unitholders			$	341					$	163					$	157					$	37					$	41					$	17					$	756

(1)Other corresponds to amounts that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. Other also includes derivative and other revaluations and settlements, gains or losses on debt extinguishment/modification, transaction costs, legal, provisions, amortization of concession assets and Brookfield Renewable's economic share of foreign currency hedges and other hedges, income earned on financial assets and structured investments in sustainable solutions, monetization of tax attributes at certain development projects over the long-term and realized disposition gains and losses on equity transactions that are included within Adjusted EBITDA.

(2)Amount attributable to equity accounted investments corresponds to the Adjusted EBITDA to Brookfield Renewable that are generated by its investments in associates and joint ventures accounted for using the equity method. Amounts attributable to non-controlling interest are calculated based on the economic ownership interest held by non-controlling interests in consolidated subsidiaries, excluding amounts attributable to Unitholders. By adjusting Adjusted EBITDA attributable to non-controlling interest, Brookfield Renewable is able to remove the portion of Adjusted EBITDA earned at non-wholly owned subsidiaries that are not attributable to Brookfield Renewable.

Brookfield Renewable Partners L.P.			Interim Report			March 31, 2026
						Page 24

The following table reconciles the non-IFRS financial measures to the most directly comparable IFRS measures. Net income (loss) is reconciled to Adjusted EBITDA for the three months ended March 31, 2025:

			Hydroelectric						Wind						Utility-scale solar						Distributed energy & storage						Sustainable solutions						Corporate						Total
(MILLIONS)
Net income (loss)			$	74					$	(105)					$	(103)					$	118					$	24					$	(116)					$	(108)
Add back or deduct the following:
Depreciation			159						221						134						57						12						-						583
Deferred income tax (recovery) expense			(3)						(30)						(26)						22						-						(8)						(45)
Foreign exchange and financial instrument loss (gain)			2						(133)						(79)						(8)						(36)						5						(249)
Other(1)			27						167						149						6						2						10						361
Management service costs			-						-						-						-						-						49						49
Interest expense			181						196						129						48						1						54						609
Current income tax expense (recovery)			31						(1)						8						(81)						-						2						(41)
Amount attributable to equity accounted investments and non-controlling interests(2)			(210)						(186)						(117)						(40)						19						-						(534)
Adjusted EBITDA attributable to Unitholders			$	261					$	129					$	95					$	122					$	22					$	(4)					$	625

(1)Other corresponds to amounts that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. Other also includes derivative and other revaluations and settlements, gains or losses on debt extinguishment/modification, transaction costs, legal, provisions, amortization of concession assets and Brookfield Renewable's economic share of foreign currency hedges and other hedges, income earned on financial assets and structured investments in sustainable solutions, monetization of tax attributes at certain development projects over the long-term and realized disposition gains and losses on equity transactions that are included within Adjusted EBITDA.

(2)Amount attributable to equity accounted investments corresponds to the Adjusted EBITDA to Brookfield Renewable that are generated by its investments in associates and joint ventures accounted for using the equity method. Amounts attributable to non-controlling interest are calculated based on the economic ownership interest held by non-controlling interests in consolidated subsidiaries, excluding amounts attributable to Unitholders. By adjusting Adjusted EBITDA attributable to non-controlling interest, Brookfield Renewable is able to remove the portion of Adjusted EBITDA earned at non-wholly owned subsidiaries that are not attributable to Brookfield Renewable.

Brookfield Renewable Partners L.P.			Interim Report			March 31, 2026
						Page 25

The following table reconciles the non-IFRS financial measures to the most directly comparable IFRS measures. Net income (loss) is reconciled to Funds From Operations for the three months ended March 31:

(MILLIONS)			2026						2025
Net loss			$	(295)					$	(108)
Add back or deduct the following:
Depreciation			548						583
Deferred income tax recovery			(47)						(45)
Foreign exchange and financial instruments gain			(220)						(249)
Other(1)			442						361
Amount attributable to equity accounted investments and non-controlling interest(2)			(53)						(227)
Funds From Operations			$	375					$	315

(1)Other corresponds to amounts that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. Other also includes derivative and other revaluations and settlements, gains or losses on debt extinguishment/modification, transaction costs, legal, provisions, amortization of concession assets and Brookfield Renewable's economic share of foreign currency hedges and other hedges, income earned on financial assets and structured investments in sustainable solutions, monetization of tax attributes at certain development projects and realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term that are included in Funds From Operations.

(2)Amount attributable to equity accounted investments corresponds to the Funds From Operations that are generated by its investments in associates and joint ventures accounted for using the equity method. Amounts attributable to non-controlling interest are calculated based on the economic ownership interest held by non-controlling interests in consolidated subsidiaries, excluding amounts attributable to Unitholders. By adjusting Funds From Operations attributable to non-controlling interest, Brookfield Renewable is able to remove the portion of Funds From Operations earned at non-wholly owned subsidiaries that are not attributable to Brookfield Renewable.

The following table reconciles the per unit non-IFRS financial measures to the most directly comparable IFRS measures. Basic earnings (loss) per LP unit is reconciled to Funds From Operations per Unit, for the three months ended March 31:

			2026						2025
Basic loss per LP unit(1)			$	(0.40)					$	(0.35)
Adjusted for proportionate share of:
Depreciation			0.39						0.43
Deferred income tax recovery			(0.05)						(0.06)
Foreign exchange and financial instruments (gain) loss			(0.08)						0.01
Other(2)			0.69						0.45
Funds From Operations per Unit(3)			$	0.55					$	0.48

(1)During the three months ended March 31, 2026, on average there were 305.6 million LP units outstanding (2025: 284.9 million).

(2)Other corresponds to amounts that are not related to the revenue earning activities and are not normal, recurring cash operating expenses necessary for business operations. Other also includes derivative and other revaluations and settlements, gains or losses on debt extinguishment/modification, transaction costs, legal, provisions, amortization of concession assets and Brookfield Renewable's economic share of foreign currency hedges and other hedges, income earned on financial assets and structured investments in sustainable solutions, monetization of tax attributes at certain development projects and realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term that are included in Funds From Operations as well as amounts attributable to holders of Redeemable/Exchangeable partnership units, GP interest, BEPC exchangeable shares and class A.2 exchangeable shares.

(3)Average units outstanding, for the three months ended March 31, 2026, were 684.4 million (2025: 662.9 million), being inclusive of GP interest, Redeemable/Exchangeable partnership units, LP units, BEPC exchangeable shares and class A.2 exchangeable shares.

Brookfield Renewable Partners L.P.			Interim Report			March 31, 2026
						Page 26

CONTRACT PROFILE

We operate our power business on a largely contracted basis to provide a high degree of predictability in Funds From Operations. We maintain a long-term view that electricity prices and the demand for electricity will rise due to electrification of the global economy including segments like industrial and transportation as well as from increasing digitalization. We also expect demand for clean power to grow as renewables are the cheapest form of bulk electricity generation, on the increasing level of acceptance around climate change and the legislated requirements in some areas to diversify away from fossil fuel based generation.

In Brazil and Colombia, we also expect power prices will continue to be supported by the need to build new supply over the medium-to-long term to serve growing demand and therefore we would expect to capture rising prices as we re-contract our power over the medium-term.

The following table sets out our power contracts over the next five years for generation output in North America, Brazil, Europe and certain other countries, assuming long-term average on a proportionate basis. The table excludes Brazil and Colombia hydroelectric portfolios, where we would expect the energy associated with maturing contracts to be re-contracted in the normal course given the construct of the respective power markets. In these countries, for the remainder of 2025 we currently have a contracted profile of approximately 85% and 70%, respectively, of the long-term average. Overall, our power portfolio has a weighted-average remaining contract duration of 12 years on a proportionate basis.

(GWh, except as noted)			Rest of 2026						2027						2028						2029						2030
Hydroelectric(1)			7,936						11,220						10,818						10,664						10,533
Wind			6,607						8,218						7,997						7,680						7,529
Utility-scale solar			4,062						5,387						5,355						5,312						5,308
Distributed energy & storage			366						462						459						456						453
Sustainable solutions			43						57						55						45						29
Contracted on a proportionate basis			19,014						25,344						24,684						24,157						23,852
Uncontracted on a proportionate basis			1,681						2,284						2,944						3,471						3,776
Long-term average on a proportionate basis			20,695						27,628						27,628						27,628						27,628
Non-controlling interests			54,885						73,461						73,461						73,461						73,461
Total long-term average			75,580						101,089						101,089						101,089						101,089
Contracted generation as a % of total generation on a proportionate basis			92		%				92		%				89		%				87		%				86		%
Price per MWh - total generation on a proportionate basis			$	74					$	75					$	76					$	77					$	78

(1)Includes generation of 531 GWh for 2026 and 544 GWh for 2027 under financial contracts.

Weighted-average remaining contract durations on a proportionate basis are 13 years in North America, 17 years in Europe, 9 years in Brazil, 5 years in Colombia, and 15 years across our remaining jurisdictions.

In North America, over the next five years, a number of contracts will expire at our hydroelectric facilities. Based on current market prices for energy and ancillary products, we expect a net positive impact to cash flows.

In our Colombian portfolio, we continue to focus on securing long-term contracts while maintaining a certain percentage of uncontracted generation to mitigate hydrology risk.

The majority of Brookfield Renewable's long-term power purchase agreements within our North American and European businesses are with investment-grade rated or creditworthy counterparties. The economic exposure of our contracted generation on a proportionate basis is distributed as follows: power authorities (32%), distribution companies (24%), commercial & industrial users (33%) and Brookfield (11%).

Brookfield Renewable Partners L.P.			Interim Report			March 31, 2026
						Page 27

PART 5 - LIQUIDITY AND CAPITAL RESOURCES

CAPITALIZATION

A key element of our financing strategy is to raise the majority of our debt in the form of asset-specific, non-recourse borrowings at our subsidiaries on an investment-grade basis with no maintenance covenants. Substantially all of our debt is either investment grade rated or sized to investment grade and approximately 89% of debt is project level.

The following table summarizes our capitalization:

			Corporate												Consolidated
(MILLIONS, EXCEPT AS NOTED)			March 31, 2026						December 31, 2025						March 31, 2026						December 31, 2025
Corporate credit facility(1)			$	200					$	-					$	200					$	-
Commercial paper(1)			823						194						823						194
Debt
Medium term notes(2)			3,501						3,187						3,501						3,187
Hybrid notes(2)			324						328						324						328
Non-recourse borrowings(3)			-						-						32,117						31,555
			3,825						3,515						35,942						35,070
Deferred income tax liabilities, net(4)			-						-						8,878						8,902
Equity
Non-controlling interest			-						-						25,114						24,164
Preferred equity			555						563						555						563
Perpetual subordinated notes			737						737						737						737
Preferred limited partners' equity			506						634						506						634
Unitholders' equity			8,330						8,876						8,330						8,876
Total capitalization			$	13,953					$	14,325					$	80,062					$	78,946
Debt-to-total capitalization			27		%				25		%				45		%				44		%
Debt-to-total capitalization (market value)(5)			13		%				14		%				38		%				39		%

(1)Draws on corporate credit facilities and commercial paper issuances are excluded from the debt to total capitalization ratios as they are not permanent sources of capital.

(2)Medium term and Hybrid notes are unsecured and guaranteed by Brookfield Renewable and exclude $23 million (2025: $23 million) of deferred financing fees, net of unamortized premiums.

(3)Consolidated non-recourse borrowings include $1,717 million (2025: $1,569 million) borrowed under a subscription facility of a Brookfield sponsored private fund and exclude $174 million (2025: $168 million) of deferred financing fees and $168 million (2025: $181 million) of unamortized premiums.

(4)Deferred income tax liabilities less deferred income tax assets.

(5)Based on market values of Preferred equity, Perpetual subordinated notes, Preferred limited partners' equity and Unitholders' equity.

AVAILABLE LIQUIDITY

The following tables summarizes the available liquidity:

(MILLIONS)			March 31, 2026						December 31, 2025
Brookfield Renewable's share of cash and cash equivalents			$	772					$	963
Investments in marketable securities			168						159
Corporate credit facilities
Authorized credit facilities			2,450						2,450
Draws on credit facilities			(200)						-
Authorized letter of credit facility			450						450
Issued letters of credit			(427)						(414)
Available portion of corporate credit facilities			2,273						2,486
Available portion of subsidiary credit facilities on a proportionate basis			1,508						1,017
Available liquidity			$	4,721					$	4,625

Brookfield Renewable Partners L.P.			Interim Report			March 31, 2026
						Page 28

We operate with sufficient liquidity to enable us to fund growth initiatives, capital expenditures, distributions or other expenditures and withstand sudden adverse changes in economic circumstances or short-term fluctuations in generation. We maintain a strong, investment grade balance sheet characterized by a conservative capital structure, access to multiple funding levers including a focus on capital recycling on an opportunistic basis, and diverse sources of capital. Principal sources of liquidity are cash flows from operations, our credit facilities, up-financings on non-recourse borrowings and proceeds from the issuance of various securities through public markets.

BORROWINGS

The composition of debt obligations, overall maturity profile, and average interest rates associated with our borrowings and credit facilities on a proportionate basis is presented in the following table:

			March 31, 2026																		December 31, 2025
			Weighted-average																		Weighted-average
(MILLIONS EXCEPT AS NOTED)			Interest rate (%)(1)						Term (years)						Total(3)						Interest rate (%)(1)						Term (years)						Total(3)
Corporate borrowings
Credit facilities			5.2						4						$	200					N/A						5						$	-
Commercial paper			4.2						<1						823						4.3						<1						194
Medium term notes			4.6						13						3,501						4.5						12						3,187
Hybrid notes			5.4						29						324						5.4						30						328
Proportionate non-recourse borrowings(2)
Hydroelectric			6.8						10						6,303						6.6						10						6,478
Wind			5.3						8						2,895						4.8						9						2,772
Utility-scale solar			5.0						9						3,146						5.3						11						2,993
Distributed energy & storage			4.4						9						224						5.8						7						425
Sustainable solutions			6.0						5						405						5.7						5						404
			6.0						10						12,973						5.9						10						13,072
															$	17,821																	$	16,781
Proportionate unamortized financing fees, net of unamortized premiums and discounts															(105)																		(85)
															17,716																		16,696
Equity-accounted borrowings															(1,461)																		(1,507)
Non-controlling interests and other(3)															20,345																		19,703
As per IFRS Statements															$	36,600																	$	34,892

(1)Includes proportionate share of cash obligations on tax equity and yields on tax equity.

(2)See "Part 8 - Presentation to Stakeholders and Performance Measurement" for information on proportionate debt.

(3)Includes tax equity liabilities.

Brookfield Renewable Partners L.P.			Interim Report			March 31, 2026
						Page 29

The following table summarizes our undiscounted principal repayments and scheduled amortization on a proportionate basis as at March 31, 2026:

(MILLIONS)						Rest of 2026						2027						2028						2029						2030						Thereafter						Total
Debt Principal repayments(1)
Medium term notes(2)						$	-					$	359					$	-					$	341					$	341					$	2,460					$	3,501
Hybrid notes(2)						-						-						-						-						-						324						324
Non-recourse borrowings
Hydroelectric						429						427						196						709						983						1,567						4,311
Wind						72						50						234						308						311						88						1,063
Utility-scale solar						91						88						239						336						263						177						1,194
Distributed energy & storage						10						5						2						16						12						82						127
Sustainable solutions						-						-						-						-						332						6						338
						602						570						671						1,369						1,901						1,920						7,033
Amortizing debt principal repayments
Non-recourse borrowings
Hydroelectric						114						152						194						156						125						1,251						1,992
Wind						141						177						168						170						178						998						1,832
Utility-scale solar						133						157						171						165						156						1,170						1,952
Distributed energy & storage						5						5						6						12						6						63						97
Sustainable solutions						6						8						20						6						7						20						67
						399						499						559						509						472						3,502						5,940
Total						$	1,001					$	1,428					$	1,230					$	2,219					$	2,714					$	8,206					$	16,798

(1)Draws on corporate credit facilities and commercial paper issuances are excluded from the debt repayment schedule as they are not a permanent source of capital.

(2)Medium term and Hybrid notes are unsecured and guaranteed by Brookfield Renewable and excludes $23 million (2025: $23 million) of deferred financing fees, net of unamortized premiums and discounts.

We remain focused on refinancing near-term facilities on acceptable terms and maintaining a manageable maturity ladder. We do not anticipate material issues in refinancing our borrowings through 2030 on acceptable terms and will do so opportunistically based on the prevailing interest rate environment.

CAPITAL EXPENDITURES

We fund growth capital expenditures with cash flow generated from operations, supplemented by non-recourse debt sized to investment grade coverage and covenant thresholds. This is designed to ensure that our investments have stable capital structures supported by a substantial level of equity and that cash flows at the asset level can be remitted freely to our company. This strategy also underpins our investment grade profile.

To fund large scale development projects and acquisitions, we will evaluate a variety of capital sources including proceeds from selling mature businesses, in addition to raising money in the capital markets through equity, debt and preferred share issuances. Furthermore, we have $2.5 billion of committed revolving credit facilities available for investments and acquisitions, as well as funding the equity component of organic growth initiatives. The facilities are intended, and have historically been used, as a bridge to a long-term financing strategy rather than a permanent source of capital.

Brookfield Renewable Partners L.P.			Interim Report			March 31, 2026
						Page 30

CONSOLIDATED STATEMENTS OF CASH FLOWS

The following table summarizes the key items in the unaudited interim consolidated statements of cash flows:

			Three months ended March 31
(MILLIONS)			2026						2025
Cash flows provided by (used in):
Operating activities before changes in due to or from related parties and net working capital change			$	241					$	366
Changes in due to or from related parties			5						44
Net change in working capital balances			(95)						(23)
Operating activities			151						387
Financing activities			770						2,190
Investing activities			(858)						(3,791)
Foreign exchange (loss) gain on cash			(3)						56
Increase (decrease) in cash and cash equivalents			$	60					$	(1,158)

Operating Activities

Cash flows from operating activities before changes in due to or from related parties and net change in working capital balances for three months ended March 31, 2026 totaled $241 million compared to $366 million in 2025, reflecting the strong operating performance of our business during both periods.

Financing Activities

Cash flows provided by financing activities totaled $770 million for the three months ended March 31, 2026. The strength of our balance sheet and disciplined access to diverse sources of capital to fund our growth generated net proceeds of $1,733 million for the three months ended March 31, 2026 from corporate and non-recourse financings, net inflows from related parties, and net capital contributions from participating non-controlling interests, including the issuance of C$500 million ($359 million) of medium term notes, net of the execution of open market purchases.

Distributions, including incentive distributions to the general partners, paid during the three months ended March 31, 2026 to Unitholders were $315 million (2025: $283 million). We increased our distributions to $1.568 per LP unit in 2026 on an annualized basis (2025: $1.492 per LP unit), representing an over 5% increase per LP unit, which took effect in the first quarter of 2026. The distributions paid during the three months ended March 31, 2026, to preferred shareholders, preferred limited partners' unitholders, perpetual subordinated notes, and participating non-controlling interests in operating subsidiaries totaled $433 million (2025: $243 million).

Cash flows provided by financing activities totaled $2,190 million for the three months ended March 31, 2025. The strength of our balance sheet and disciplined access to diverse sources of capital to fund our growth allowed us to generate net proceeds of $2,743 million for the three months ended March 31, 2025 from corporate and non-recourse financings, net inflows from related parties, and net capital contributions from participating non-controlling interests, including the issuance of C$450 million ($307 million) of medium term notes and the execution of open market purchases and the mandatory cash tender offer for convertible bonds of Neoen.

Investing Activities

Cash flows used in investing activities totaled $858 million for the three months ended March 31, 2026. During the quarter, our continued investment in the construction and development of wind, solar, distributed generation, and battery energy storage systems projects across all our major markets totaled $1,258 million for the three months ended March 31, 2026.

We generated proceeds of $653 million during the three months ended March 31, 2026 from recently completed asset sales, including the sale of a 73 MW portfolio of operating wind assets in the U.K., a 833 MW portfolio of operating solar assets in the U.S., and a partial disposition in a renewable operating and development platform in India.

Cash flows used in investing activities totaled $3,791 million for the three months ended March 31, 2025. During the quarter, the execution of open market purchases and the mandatory cash tender offer for an incremental 45% of Neoen, incremental capital injections into our structured investments and equity accounted investments totaled $2,837 million.

Brookfield Renewable Partners L.P.			Interim Report			March 31, 2026
						Page 31

SHARES, UNITS AND NOTES OUTSTANDING

Shares, units and notes outstanding are as follows:

			March 31, 2026						December 31, 2025
Class A Preference Shares(1)			31,035,967						31,035,967
Perpetual Subordinated Notes			30,400,000						30,400,000
Preferred Units(2)
Balance, beginning of year			31,000,000						31,000,000
Redemption of preferred LP Units			(7,000,000)						-
Balance, end of period			24,000,000						31,000,000
GP interest			3,977,260						3,977,260
Redeemable/Exchangeable partnership units			194,487,939						194,487,939
BEPC exchangeable shares and Class A.2 exchangeable shares(3)
Balance, beginning of year			179,604,793						179,640,851
Issuance			2,776,796						-
Exchanged for BEP LP units			-						(36,058)
Balance, end of period			182,381,589						179,604,793
LP units
Balance, beginning of year			305,987,962						285,180,371
Issuance			-						22,017,870
Repurchase of LP units for cancellation			(2,776,796)						(1,522,975)
Distribution reinvestment plan			64,799						276,638
Issued in exchange for BEPC exchangeable shares			-						36,058
Balance, end of period			303,275,965						305,987,962
Total LP units on a fully-exchanged basis(4)			680,145,493						680,080,694

(1)Class A Preference Shares are broken down by series as follows: 8,372,310 Series 1 Class A Preference Shares are outstanding; 1,587,754 Series 2 Class A Preference Shares are outstanding; 9,961,399 Series 3 Class A Preference Shares are outstanding; 4,114,504 Series 5 Class A Preference Shares are outstanding; and 7,000,000 Series 6 Class A Preference Shares are outstanding.

(2)Preferred Units are broken down by series and certain series are convertible on a one for one basis at the option of the holder as follows: nil (2025: 7,000,000) Series 7 Preferred Units are outstanding; 10,000,000 (2025: 10,000,000) Series 13 Preferred Units are outstanding (convertible for Series 14 Preferred Units beginning on April 30, 2028); 8,000,000 (2025: 8,000,000) Series 17 Preferred Units are outstanding; and 6,000,000 (2025: 6,000,000) Series 18 Preferred Units are outstanding.

(3)Includes 147,661,906 (2025: 144,885,110) of BEPC exchangeable shares and 34,719,683 (2025: 34,719,683) of Class A.2 exchangeable shares.

(4)The fully-exchanged amounts assume the exchange of all Redeemable/Exchangeable partnership units, BEPC exchangeable shares and class A.2 exchangeable shares for LP units.

DIVIDENDS AND DISTRIBUTIONS

The following table summarizes the dividends and distributions declared and paid for the three months ended March 31:

			Three months ended March 31
			Declared												Paid
(MILLIONS)			2026						2025						2026						2025
Class A Preference Shares			$	8					$	7					$	7					$	7
Perpetual Subordinated Notes			10						10						10						10
Class A Preferred LP units			7						8						7						8
Participating non-controlling interests - in operating subsidiaries			411						218						409						218
GP interest and incentive distributions			43						39						43						38
Redeemable/Exchangeable partnership units			75						74						77						74
BEPC Exchangeable shares and class A.2 exchangeable shares			71						68						76						68
LP units			119						108						119						103

Brookfield Renewable Partners L.P.			Interim Report			March 31, 2026
						Page 32

CONTRACTUAL OBLIGATIONS

Please see Note 18 - Commitments, contingencies and guarantees in the unaudited interim consolidated financial statements, for further details on the following:

•Commitments - Water, land, and dam usage agreements, and agreements and conditions on committed acquisitions of operating portfolios and development projects;

•Contingencies - Legal proceedings, arbitrations and actions arising in the normal course of business, and providing for letters of credit; and

•Guarantees - Nature of all the indemnification undertakings and guarantees to third-parties for certain transactions.

SUPPLEMENTAL FINANCIAL INFORMATION

In April 2021, December 2021 and March 2024, Brookfield BRP Holdings (Canada) Inc., a wholly-owned subsidiary of Brookfield Renewable, issued $350 million, $260 million and $150 million, respectively, of perpetual subordinated notes at a fixed rate of 4.625%, 4.875% and 7.250%, respectively.

These notes are fully and unconditionally guaranteed, on a subordinated basis by each of Brookfield Renewable Partners L.P., BRELP, BRP Bermuda Holdings I Limited, Brookfield BRP Europe Holdings Limited, Brookfield Renewable Investments Limited and BEP Subco Inc (together, the "guarantor subsidiaries"). The other subsidiaries of Brookfield Renewable do not guarantee the securities and are referred to below as the "non-guarantor subsidiaries".

Pursuant to Rule 13-01 of the SEC's Regulation S-X, the following table provides combined summarized financial information of Brookfield BRP Holdings (Canada) Inc. and the guarantor subsidiaries:

			Three months ended March 31
(MILLIONS)			2026						2025
Revenues(1)			$	-					$	-
Gross profit			-						-
Dividend income from non-guarantor subsidiaries			1,004						211
Net income			732						105

(1)Brookfield Renewable's total revenues for the three months ended March 31, 2026 were $1,514 million (2025: $1,580 million).

(MILLIONS)			March 31, 2026						December 31, 2025
Current assets(1)			$	848					$	831
Total assets(2)(3)			1,116						1,099
Current liabilities(4)			8,524						8,524
Total liabilities(4)			8,568						8,568

(1)Amount due from non-guarantor subsidiaries was $832 million (2025: $815 million).

(2)Brookfield Renewable's total assets as at March 31, 2026 and December 31, 2025 were $98,241 million and $98,701 million.

(3)Amount due from non-guarantor subsidiaries was $965 million (2025: $949 million).

(4)Amount due to non-guarantor subsidiaries was $7,908 million (2025: $7,908 million).

OFF-STATEMENT OF FINANCIAL POSITION ARRANGEMENTS

Brookfield Renewable does not have any off-statement of financial position arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

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 reserve accounts. As at March 31, 2026, letters of credit issued amounted to $4,673 million (2025: $4,399 million).

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PART 6 - SELECTED QUARTERLY INFORMATION

SUMMARY OF HISTORICAL QUARTERLY RESULTS

The following is a summary of unaudited quarterly financial information for the last eight consecutive quarters:

			2026						2025																								2024
(MILLIONS, EXCEPT AS NOTED)			Q1						Q4						Q3						Q2						Q1						Q4						Q3						Q2
Total Generation (GWh) - LTA			30,593						31,323						29,779						31,450						30,476						24,779						22,151						24,895
Total Generation (GWh) - actual			30,372						28,798						27,554						30,650						29,008						21,121						18,819						21,467
Proportionate Renewable Generation (GWh) - LTA			9,334						9,590						8,529						9,819						8,999						8,616						8,132						9,522
Proportionate Actual Renewable Generation (GWh)			8,882						7,759						7,186						9,542						8,670						6,868						7,320						8,298
Revenues			$	1,514					$	1,539					$	1,596					$	1,692					$	1,580					$	1,432					$	1,470					$	1,482
Net (loss) income attributable to Unitholders			(229)						410						(120)						(112)						(197)						(9)						(181)						(154)
Basic (loss) income per LP unit			(0.40)						0.54						(0.23)						(0.22)						(0.35)						(0.06)						(0.32)						(0.28)
Funds From Operations			375						346						302						371						315						304						278						339
Funds From Operations per Unit			0.55						0.51						0.46						0.56						0.48						0.46						0.42						0.51
Distribution per LP Unit			0.39						0.37						0.37						0.37						0.37						0.36						0.36						0.36

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PART 7 - CRITICAL ESTIMATES, ACCOUNTING POLICIES AND INTERNAL CONTROLS

CRITICAL ESTIMATES AND CRITICAL JUDGMENTS IN APPLYING ACCOUNTING POLICIES

The unaudited interim consolidated financial statements are prepared in accordance with IFRS, which require the use of estimates and judgments in reporting assets, liabilities, revenues, expenses and contingencies. In the judgment of management, none of the estimates outlined in Note 1 - Basis of preparation and material accounting policy information in our audited consolidated financial statements are considered critical accounting estimates as defined in Canadian National Instrument 51-102 - Continuous Disclosure Obligations with the exception of the estimates related to the valuation of property, plant and equipment, financial instruments, deferred income tax liabilities, decommissioning liabilities and impairment of goodwill. These assumptions include estimates of future electricity prices, discount rates, expected long-term average generation, inflation rates, terminal year, the amount and timing of operating and capital costs, forecasted development MWs per annum, future leverage assumptions, and the income tax rates of future income tax provisions. Estimates also include determination of accruals, provisions, purchase price allocations, useful lives, asset valuations, asset impairment testing and those relevant to the defined benefit pension and non-pension benefit plans. Estimates are based on historical experience, current trends and various other assumptions that are believed to be reasonable under the circumstances.

In making estimates, management relies on external information and observable conditions where possible, supplemented by internal analysis, as required. These estimates have been applied in a manner consistent with that in the prior year and there are no known trends, commitments, events or uncertainties that we believe will materially affect the methodology or assumptions utilized in this report. These estimates are impacted by, among other things, future power prices, movements in interest rates, foreign exchange volatility and other factors, some of which are highly uncertain, as described in the "Risk Factors" section included in our most recent Annual Report on Form 20-F. The interrelated nature of these factors prevents us from quantifying the overall impact of these movements on Brookfield Renewable's financial statements in a meaningful way. These sources of estimation uncertainty relate in varying degrees to substantially all asset and liability account balances. Actual results could differ from those estimates.

RECENTLY ADOPTED ACCOUNTING STANDARDS

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 has assessed the impact of these amendments and have noted no material impact.

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 has assessed the impact of these amendments and have noted no material impact.

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 adopting this standard.

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There are currently no other future changes to IFRS Accounting Standards with a potential material impact on Brookfield Renewable.

INTERNAL CONTROL OVER FINANCIAL REPORTING

No changes were made in our internal control over financial reporting during the three months ended March 31, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

SUBSEQUENT EVENTS

Subsequent to the quarter, Brookfield Renewable, together with its institutional partners, agreed to the sale of its remaining 50% interest in a 403 MW portfolio of operating hydroelectric assets in the United States for proceeds of up to $522 million ($249 million net to Brookfield Renewable). The closing of this transaction is subject to customary closing conditions.

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PART 8 - PRESENTATION TO STAKEHOLDERS AND PERFORMANCE MEASUREMENT

PRESENTATION TO PUBLIC STAKEHOLDERS

Equity

Brookfield Renewable's consolidated equity interests include (i) non-voting publicly traded LP units, held by public unitholders and Brookfield, (ii) BEPC exchangeable shares, held by public shareholders and Brookfield Holders, (iii) class A.2 exchangeable shares, held by Brookfield, (iv) Redeemable/Exchangeable Limited partnership units in BRELP, a holding subsidiary of Brookfield Renewable, held by Brookfield, and (v) the GP interest in BRELP, held by Brookfield.

The LP units, the BEPC exchangeable shares, class A.2 exchangeable shares and the Redeemable/Exchangeable partnership units have the same economic attributes in all respects, except that the BEPC exchangeable shares and class A.2 exchangeable shares provide the holder, and the Redeemable/Exchangeable partnership units provide Brookfield, the right to request that all or a portion of such shares or units be redeemed for cash consideration. Brookfield Renewable, however, has the right, at its sole discretion, to satisfy any such redemption request related to Redeemable/Exchangeable partnership units and BEPC exchangeable shares with LP units, rather than cash, on a one-for-one basis. Similarly, Brookfield Renewable has the right, at its sole discretion, to satisfy any such redemption request related to class A.2 exchangeable shares with BEPC exchangeable shares or LP units, at the election of Brookfield, rather than cash, on a on-for-one basis. The public holders of BEPC exchangeable shares, and Brookfield Holders, as holder of BEPC exchangeable shares, class A.2 exchangeable shares and Redeemable/Exchangeable partnership units, participates in earnings and distributions on a per unit basis equivalent to the per unit participation of the LP units. Because Brookfield Renewable, at its sole discretion, has the right to settle any redemption request in respect of BEPC exchangeable shares and Redeemable/Exchangeable partnership units with LP units and any redemption request in respect of class A.2 exchangeable shares with BEPC exchangeable shares or LP units, at the election of Brookfield, the BEPC exchangeable shares, class A.2 exchangeable shares and Redeemable/Exchangeable partnership units are classified under equity, and not as a liability.

Given the exchange feature referenced above, we are presenting LP units, BEPC exchangeable shares and class A.2 exchangeable shares, Redeemable/Exchangeable partnership units, and GP Interest as separate components of consolidated equity. This presentation does not impact the total income (loss), per unit or share information, or total consolidated equity.

Actual and Long-term Average Generation

For assets acquired, disposed or reaching commercial operation during the year, reported generation is calculated from the acquisition, disposition or commercial operation date and is not annualized. Generation on a same store basis refers to the generation of assets that were owned during both periods presented. As it relates to Colombia only, generation includes both hydroelectric and cogeneration facilities. Distributed energy & storage includes generation from our distributed generation and pumped storage assets.

North America hydroelectric long-term average is the expected average level of generation based on the results of a simulation based on historical inflow data performed over a period of typically 30 years. Colombia hydroelectric long-term average is the expected average level of generation based on the results of a simulation based on historical inflow data performed over a period of typically 20 years. For substantially all of our hydroelectric assets in Brazil the long-term average is based on the reference amount of electricity allocated to our facilities under the market framework which levelizes generation risk across producers. Wind long-term average is the expected average level of generation based on the results of simulated historical wind speed data performed over a period of typically 10 years. Utility-scale solar long-term average is the expected average level of generation based on the results of a simulation using historical irradiance levels in the locations of our projects from the last 14 to 20 years combined with actual generation data during the operational period.

We compare actual generation levels against the long-term average to highlight the impact of an important factor that affects the variability of our business results. In the short-term, we recognize that hydrology, wind and irradiance conditions will vary from one period to the next; over time however, we expect our facilities will continue to produce in line with their long-term averages, which have proven to be reliable indicators of performance.

Our risk of a generation shortfall in Brazil continues to be minimized by participation in the MRE administered by the government of Brazil. This program mitigates hydrology risk by assuring that all participants receive, at any particular point in time, an assured energy amount, irrespective of the actual volume of energy generated. The program reallocates

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energy, transferring surplus energy from those who generated an excess to those who generate less than their assured energy, up to the total generation within the pool. Periodically, low precipitation across the entire country's system could result in a temporary reduction of generation available for sale. During these periods, we expect that a higher proportion of thermal generation would be needed to balance supply and demand in the country, potentially leading to higher overall spot market prices.

Generation from our pumped storage and cogeneration facilities in North America is highly dependent on market price conditions rather than the generating capacity of the facilities. For this reason, we do not consider a long-term average for these facilities.

Voting Agreements with Affiliates

Brookfield Renewable has entered into voting agreements with Brookfield, whereby Brookfield Renewable gained control or have significant influence over the entities that own certain renewable power and sustainable solutions investments. Brookfield Renewable has also entered into a voting agreement with its consortium partners in respect of the Colombian business and Neoen. The voting agreements provide Brookfield Renewable the authority to direct the election of the Boards of Directors of the relevant entities, among other things, and therefore provide Brookfield Renewable with control. Accordingly, Brookfield Renewable consolidates the accounts of these entities.

For entities previously controlled by Brookfield Corporation, the voting agreements entered into do not represent business combinations in accordance with IFRS 3, as all combining businesses are ultimately controlled by Brookfield Corporation both before and after the transactions were completed. Brookfield Renewable accounts for these transactions involving entities under common control in a manner similar to a pooling of interest, which requires the presentation of pre-voting agreement financial information as if the transactions had always been in place. Refer to Note 1(s)(ii) - Critical judgments in applying accounting policies - Common control transactions in our December 31, 2025 audited consolidated financial statements for our policy on accounting for transactions under common control.

PERFORMANCE MEASUREMENT

Segment Information

Our 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 (nuclear services, renewable natural gas, carbon capture and storage, recycling, cogeneration, eFuels, and power transformation), and 6) corporate. This best reflects the way in which the CODM reviews results of Brookfield Renewable.

We report our results in accordance with these segments and present prior period segmented information in a consistent manner. See Note 5 - Segmented information in our unaudited interim consolidated financial statements.

One of our primary business objectives is to generate stable and growing cash flows while minimizing risk for the benefit of all stakeholders. We monitor our performance in this regard through three key metrics - i) Net Income (Loss), ii) Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA"), and iii) Funds From Operations.

It is important to highlight that Adjusted EBITDA and Funds From Operations do not have any standardized meaning prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other companies and have limitations as analytical tools. We provide additional information below on how we determine Adjusted EBITDA and Funds From Operations. We also provide reconciliations to Net income (loss). See "Part 4 - Financial Performance Review on Proportionate Information - Reconciliation of Non-IFRS Measures" and "Part 6 - Selected Quarterly Information - Reconciliation of Non-IFRS measures".

Proportionate Information

Reporting to the CODM on the measures utilized to assess performance and allocate resources has been 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 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 that can be allocated to Unitholders.

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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 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 (loss) from equity-accounted investments and its financial asset in nuclear services, which is recognized as an equity-accounted investment by Brookfield, 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 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.

The presentation of proportionate results has limitations as an analytical tool, including the following:

•The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and

•Other companies may calculate proportionate results differently than we do.

Because of these limitations, our proportionate financial information should not be considered in isolation or as a substitute for our financial statements as reported under IFRS.

Brookfield Renewable does not control those entities that have not been consolidated and as such, have been presented as equity-accounted investments in its financial statements. The presentation of the assets and liabilities and revenues and expenses do 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.

Unless the context indicates or requires otherwise, information with respect to the megawatts ("MW") attributable to Brookfield Renewable's facilities, including development assets, is presented on a consolidated basis, including with respect to facilities whereby Brookfield Renewable either controls or jointly controls the applicable facility.

Net Income (Loss)

Net income (loss) is calculated in accordance with IFRS.

Net income (loss) is an important measure of profitability, in particular because it has a standardized meaning under IFRS. The presentation of net income (loss) on an IFRS basis for our business will often lead to the recognition of a loss even though the underlying cash flows generated by the assets are supported by strong margins and stable, long-term power purchase agreements. The primary reason for this is that accounting rules require us to recognize a significantly higher level of depreciation for our assets than we are required to reinvest in the business as sustaining capital expenditures.

Adjusted EBITDA

Adjusted EBITDA is a non-IFRS measure used by investors to analyze the operating performance of companies.

Brookfield Renewable uses Adjusted EBITDA to assess the performance of its operations before the effects of interest expense, income taxes, depreciation, management service costs, non-controlling interests, unrealized gain or loss on financial instruments, non-cash income or loss from equity-accounted investments, distributions to preferred shareholders, preferred limited partnership unit holders, perpetual subordinated noteholders and other typical non-recurring items. Brookfield Renewable adjusts for these factors as they may be non-cash, unusual in nature and/or are not factors used by management for evaluating operating performance. Brookfield Renewable includes other income within Adjusted EBITDA 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 the current period.

Brookfield Renewable believes that presentation of this measure will enhance an investor's ability to evaluate its financial and operating performance on an allocable basis.

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Funds From Operations

Funds From Operations is a non-IFRS measure used by investors to analyze net earnings from operations without the effects of certain volatile items that generally have no current financial impact or items not directly related to the performance of Brookfield Renewable.

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. Brookfield Renewable includes other income 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 the current period. In the unaudited interim consolidated financial statements of Brookfield Renewable, the revaluation approach is used in accordance with IAS 16, Property, Plant and Equipment, whereby depreciation is determined based on a revalued amount, thereby reducing comparability with peers who do not report under IFRS as issued by the IASB or who do not employ the revaluation approach to measuring property, plant and equipment. Management adds back deferred income taxes on the basis that they do not believe this item reflects the present value of the actual tax obligations that they expect Brookfield Renewable to incur over the long-term investment horizon of Brookfield Renewable.

Brookfield Renewable believes that analysis and presentation of Funds From Operations on this basis will enhance an investor's understanding of the performance of Brookfield Renewable. Funds From Operations is not a substitute measure of performance for earnings per share and does not represent amounts available for distribution.

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"). Furthermore, this measure is not used by the CODM to assess Brookfield Renewable's liquidity.

Proportionate Debt

Proportionate debt is presented based on the proportionate share of borrowings obligations relating to the investments of Brookfield Renewable in various portfolio businesses. The proportionate financial information is not, and is not intended to be, presented in accordance with IFRS. Proportionate debt measures are provided because management believes it assists investors and analysts in estimating the overall performance and understanding the leverage pertaining specifically to Brookfield's share of its invested capital in a given investment. When used in conjunction with Proportionate Adjusted EBITDA, proportionate debt is expected to provide useful information as to how Brookfield Renewable has financed its businesses at the asset-level. Management believes that the proportionate presentation, when read in conjunction with Brookfield Renewable's reported results under IFRS, including consolidated debt, provides a more meaningful assessment of how the operations of Brookfield Renewable are performing and capital is being managed. The presentation of proportionate results has limitations as an analytical tool, including the following:

•Proportionate debt amounts do not represent the consolidated obligation for debt underlying a consolidated investment. If an individual project does not generate sufficient cash flows to service the entire amount of its debt payments, management may determine, in their discretion, to pay the shortfall through an equity injection to avoid defaulting on the obligation. Such a shortfall may not be apparent from or may not equal the difference between aggregate Proportionate Adjusted EBITDA for all of the portfolio investments of Brookfield Renewable and aggregate proportionate debt for all of the portfolio investments of Brookfield Renewable; and

•Other companies may calculate proportionate debt differently.

Because of these limitations, the proportionate financial information of Brookfield Renewable should not be considered in isolation or as a substitute for the financial statements of Brookfield Renewable as reported under IFRS.

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PART 9 - CAUTIONARY STATEMENTS

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS

This report contains forward-looking statements and information, within the meaning of applicable U.S. and Canadian securities laws and in any applicable securities regulations, concerning the business and operations of Brookfield Renewable. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Forward-looking statements in this report include, but are not limited to, statements regarding the quality of Brookfield Renewable's assets and the resiliency of the cash flow they will generate, our anticipated financial performance, future commissioning of assets, contracted portfolio, technology diversification, acquisition opportunities, expected completion of acquisitions and dispositions, initiatives to reorganize our corporate structure, future energy prices and demand for electricity, economic recovery, achieving long-term average generation, project development and capital expenditure costs, energy policies, economic growth, growth potential of the renewable asset class, reorganizations or other structural simplification transactions, our future growth prospects and distribution profile, our access to capital and future dividends, and distributions made to holders of LP units and BEPC's exchangeable shares. In some cases, forward-looking statements can be identified by the use of words such as "plans", "expects", "scheduled", "estimates", "intends", "anticipates", "believes", "potentially", "tends", "continue", "attempts", "likely", "primarily", "approximately", "endeavors", "pursues", "strives", "seeks", "targets", "believes", or variations of such words and phrases, or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. These forward-looking statements and information are not historical facts but reflect our current expectations regarding future results or events and are based on information currently available to us and on assumptions we believe are reasonable. Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information in this report are based upon reasonable assumptions and expectations, we cannot assure you that such expectations will prove to have been correct. For example, there can be no assurance that Brookfield Renewable will approve a transaction to create a single corporate security or, if approved, that the transaction will be completed. You should not place undue reliance on forward-looking statements and information as such statements and information involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and results of operations and our plans and strategies may vary materially from those expressed in the forward-looking statements and forward-looking information herein.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to, the following: general economic conditions and risks relating to the economy, including unfavorable changes in interest rates, foreign exchange rates, inflation and volatility in the financial markets; changes to resource availability, as a result of climate change or otherwise, at any of our renewable power facilities; supply, demand, volatility and marketing in the energy markets; changes to government policies and incentives relating to the renewable power and sustainable solutions industries; our inability to re-negotiate or replace expiring contracts (including PPAs, power guarantee agreements or similar long-term agreements, between a seller and a buyer of electrical power generation or other commercial contracts that our business benefits from) on similar terms; an increase in the amount of uncontracted generation in our renewable power portfolio or a change in the contract profile for future renewable power projects; availability and access to interconnection facilities and transmission systems; our ability to comply with, secure, replace or renew concessions, licenses, permits and other governmental approvals needed for our operating and development projects; our real property rights for our facilities being adversely affected by the rights of lienholders and leaseholders that are superior to those granted to us; increases in the cost of operating our existing facilities and of developing new projects; health, safety, security and environmental risks; equipment failures and procurement challenges; adverse impacts of inflationary pressures; changes in regulatory, political, economic and social conditions in the jurisdictions in which we operate; our reliance on computerized business systems, which could expose us to cyber-attacks; dam failures and the costs and potential liabilities associated with such failures; uninsurable losses and higher insurance premiums; energy marketing risks and our ability to manage commodity and financial risk; the termination of, or a change to, the MRE; involvement in litigation and other disputes, and governmental and regulatory investigations; counterparties to our contracts not fulfilling their obligations; the time and expense of enforcing contracts against non-performing counterparties and the uncertainty of success; increased regulation of our operations; new regulatory initiatives related to sustainability and ESG; foreign laws or regulation to which we become subject as a result of future acquisitions in new markets; force majeure events; our operations being affected by local communities; newly developed technologies or new business lines in which we invest not performing as anticipated; advances in technology that impair or eliminate the competitive advantage of our projects; increases in water rental costs (or similar fees) or changes to the regulation of water supply; ineffective management of human capital; labour disruptions and economically unfavorable collective bargaining agreements; human rights impacts of our business activities; uncertainty regarding the U.S. Government making a final investment decision and entering into definitive agreements with our nuclear services investment regarding the construction of nuclear reactors and realizing the anticipated benefits therefrom; increased regulation of and third party opposition to our nuclear services investment's customers and operations; failure of the nuclear power industry to expand; insufficient indemnification for our nuclear services investment; our inability to finance our operations and fund growth due to the status of the capital markets; our inability to complete capital recycling initiatives; operating and financial restrictions imposed on us by our loan, debt and security agreements; changes to our credit ratings; the incurrence of debt at multiple levels within our organizational structure; restrictions on our ability to engage in certain activities or make distributions due to our indebtedness; adverse changes in currency exchange rates and our inability to effectively manage foreign currency exposure through our hedging strategy or otherwise; our inability to identify sufficient investment opportunities and complete transactions and strategic initiatives including changes to our corporate structure; political instability or changes in government policy negatively impacting our business or assets; changes to our current business, including through future sustainable solutions investments; the growth of our portfolio and our inability to realize the expected benefits of our transactions, initiatives or acquisitions; our investment opportunities may not be completed as planned and we may not realize the anticipated benefits therefrom; our inability to develop the projects in our development pipeline; delays, cost overruns and other problems associated with the construction and operation of our facilities and risks associated with the arrangements we enter into with communities and

Brookfield Renewable Partners L.P.			Interim Report			March 31, 2026
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joint venture partners; we do not have control over all of our operations or investments, including certain investments made through joint ventures, partnerships, consortiums or structured arrangements; some of our acquisitions may be of distressed companies, which may subject us to increased risks; a decline in the value of our investments in securities, including publicly traded securities of other companies; the separation of economic interest from control within our organizational structure; fraud, bribery, corruption, other illegal acts or inadequate or failed internal processes or systems and restrictions on foreign direct investment; our dependence on Brookfield and Brookfield's significant influence over us; Brookfield's election not to source acquisition opportunities for us and our lack of access to all renewable power acquisitions that Brookfield identifies, including by reason of conflicts of interest; the departure of some or all of Brookfield's key professionals; Brookfield acting in a way that is not in our best interests or the best interests of our shareholders or our unitholders; our inability to terminate the Master Services Agreement and the limited liability of the Service Provider under our arrangements with them; Brookfield's relationship with walled-off businesses; changes in how Brookfield elects to hold its ownership interests in Brookfield Renewable; changes in the amount of cash we can distribute to our unitholders; future sales or issuances of our securities (including upon exchange of class A.2 exchangeable shares by Brookfield) will result in dilution of existing holders and even the perception of such sales or issuances taking place could depress the trading price of the BEP units or BEPC exchangeable shares; any changes in the market price of the BEP units and BEPC exchangeable shares; the inability of our unitholders to take part in the management of BEP; limits on unitholders' ability to obtain favourable judicial forum for disputes related to BEP or to enforce judgements against us; our reliance on subsidiaries to provide funds to pay distributions; foreign currency risk associated with BEP's distributions; we are not subject to the same disclosure requirements as a U.S. domestic issuer; being deemed an "investment company" under the Investment Company Act; the effectiveness of our internal controls over financial reporting; changes in tax law and practice; and other factors described in our most recent Annual Report on Form 20-F, including those set forth under Item 3.D "Risk Factors".

We caution that the foregoing list of important factors that may affect future results is not exhaustive. The forward-looking statements represent our views as of the date of this report and should not be relied upon as representing our views as of any date subsequent to the date of this report. While we anticipate that subsequent events and developments may cause our views to change, we disclaim any obligation to update the forward-looking statements, other than as required by applicable law. For further information on these known and unknown risks, please see "Risk Factors" included in our most recent Annual Report on Form 20-F and other risks and factors that are described therein.