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- **Record FFO Growth**: Q3 2025 FFO up 10% YoY to $302M, driven by hydro, wind/solar, and storage.
- **$80B Nuclear Deal**: U.S. gov’t partnership to build 10+ Westinghouse reactors, positioning for 20%+ margins on construction services.
- **Asset Recycling Surge**: Sold $2.8B in assets, targeting 20-30x EBITDA valuations in private markets.
- **Hydro Expansion**: 5 TWh of hydro up for recontracting, with Microsoft and Google deals signaling hyperscaler demand.
- **Nuclear Returns**: Targeting >15% IRR on nuclear investments, with Westinghouse services generating 20%+ margins.

**【CEO Opening Remarks】**
- Q3 2025 FFO of $302 million ($0.46/unit), up 10% YoY, driven by contracted, inflation-linked cash flows.
- Signed contracts for 4,000 GWh/year of generation, including a 20-year Microsoft hydro deal.
- Commissioned 1,800 MW of new projects, with accelerating demand for nuclear, hydro, and storage.
- Highlighted strategic investments in nuclear (Westinghouse partnership with U.S. gov’t) and hydro (Google, Microsoft frameworks).

**【Jen Mazin: Westinghouse-U.S. Gov’t Partnership】**
- $80 billion U.S. gov’t investment in Westinghouse reactors, supporting 10+ new builds by 2030.
- Westinghouse to provide design/engineering services, with long-term fuel/maintenance contracts.
- Partnership creates three value streams: construction earnings, recurring services, and supply chain scalability.
- Westinghouse’s AP-1000 tech dominates global nuclear fleet (50%+ reactors), positioning for global growth.

**【Patrick’s Financial Commentary】**
- Q3 FFO by segment:
  - Hydro: $119M (+20% YoY) from U.S. pricing, Canadian/Colombian gen.
  - Wind/Solar: $177M, boosted by Neoen, Geronimo, UK offshore wind.
  - Storage/Sustainable Solutions: $127M, driven by Neoen and Westinghouse.
- Executed $7.7B in financings, including $1.1B up-financings (Holtwood, Safe Harbor).
- Sold $2.8B in assets (net $900M to BEP), accelerating capital recycling.
- Maintained $4.7B liquidity and BBB+ rating, with $38B 12-month financings.

**【Q&A Highlights】**
- **Nuclear Timeline**: First projects to start dev. in Q4 2025, with construction phase beginning 2028-2030. Westinghouse expects 20%+ margins on construction services.
- **Asset Recycling**: Private market valuations for new-build assets 20-30x EBITDA, vs. public market discounts. Focused on monetizing U.S., Europe, Australia, India assets.
- **Returns on Nuclear**: Targeting >15% IRR on nuclear investments, with Westinghouse services generating 20%+ margins.
- **Hydro Demand**: 5 TWh of hydro up for recontracting, with hyperscalers increasingly seeking base-load power.
- **Regulatory Clarity**: Safe-harbored U.S. pipeline through 2029, but FEOC rules remain uncertain.
- **Santee Cooper**: Considering investment if cost overrun protections and returns align with risk/reward profile.

Brookfield Renewable Partners LP (BEP) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

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Income (Loss) from Associates

Income (Loss) from Joint ventures

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Gain (Loss) on Change in Fair Value

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Other Non-Operating Income (Loss)

Net Interest Expense

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Net Income

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Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Diluted EPS from Discontinued Operations

BEP

BEP fundamentals

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