bep-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________________________________________________________________________

Form 6-K

_____________________________________________________________________________________________________________________

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2025

Commission File Number: 000-56730

BROOKFIELD RENEWABLE

CORPORATION

(Translation of registrant's name into English)

_____________________________________________________________________________________________________________________

250 Vesey Street, 15th Floor

New York, New York 10281

(Address of principal executive office)

_____________________________________________________________________________________________________________________

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ý Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

The information contained in Exhibits 99.1 and 99.2 of this Form 6-K is incorporated by reference into the registrant’s registration statement on Form F-3 that was declared effective by the Securities and Exchange Commission on April 2, 2025 (File No. 333-278523).

EXHIBIT LIST


Exhibit



99.1			Interim Consolidated Financial Statements and Notes as at June 30, 2025 and December 31, 2024 and for the Three and Six Months Ended June 30, 2025 and 2024

99.2			Management's Discussion and Analysis for the Three and Six Months Ended June 30, 2025 and 2024

99.3			Form 52-109F2 – Certification of Interim Filings – CEO

99.4			Form 52-109F2 – Certification of Interim Filings – CFO

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	BROOKFIELD RENEWABLE CORPORATION



Date: August 1, 2025	By:	/s/ Jennifer Mazin
		Name: Jennifer Mazin Title: Co-President, General Counsel and Corporate Secretary

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bep-20250630_d2

BROOKFIELD RENEWABLE CORPORATION

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION


UNAUDITED (MILLIONS)	Notes	June 30, 2025		December 31, 2024
Assets
Current assets
Cash and cash equivalents	11	$	556	$	624
Restricted cash	12	31		39
Trade receivables and other current assets	13	955		933
Financial instrument assets	2	92		102
Due from related parties	16	2,055		1,404
Assets held for sale		14		12
		3,703		3,114
Financial instrument assets	2	419		684
Equity-accounted investments	10	816		753
Property, plant and equipment, at fair value	5	40,094		38,696
Goodwill	9	755		692
Deferred income tax assets		87		56
Other long-term assets		160		134
Total Assets		$	46,034	$	44,129
Liabilities
Current liabilities
Accounts payable and accrued liabilities	14	$	586	$	571
Financial instrument liabilities	2	468		244
Due to related parties	16	1,435		544
Non-recourse borrowings	6	1,565		1,282
Provisions		7		13

Interests held in BRHC by the partnership	8	4,961		4,432
BEPC exchangeable and class A.2 exchangeable shares	8	4,692		4,168

		13,714		11,254

Financial instrument liabilities	2	471		408
Non-recourse borrowings	6	12,797		12,493
Deferred income tax liabilities		6,840		6,493
Provisions		441		416
Due to related parties	16	548		541
Other long-term liabilities		469		416
Equity
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries	7	10,368		10,508
Participating non-controlling interests – in a holding subsidiary held by the partnership	7	270		259
The partnership	8	116		1,341
Total Equity		10,754		12,108
Total Liabilities and Equity		$	46,034	$	44,129

The accompanying notes are an integral part of these interim consolidated financial statements.


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 2

BROOKFIELD RENEWABLE CORPORATION

CONSOLIDATED STATEMENTS OF INCOME (LOSS)


UNAUDITED (MILLIONS)		Three months ended June 30				Six months ended June 30
	Notes	2025		2024		2025		2024
Revenues	16	$	952	$	989	$	1,859	$	2,114
Other income		39		43		62		67
Direct operating costs(1)		(353)		(419)		(721)		(903)
Management service costs	16	(26)		(22)		(49)		(43)
Interest expense	6	(425)		(341)		(838)		(704)
Share of income (loss) from equity-accounted investments	10	1		(7)		(1)		(22)
Foreign exchange and financial instruments (loss) gain	2	(26)		37		(47)		66
Depreciation	5	(319)		(312)		(626)		(657)
Other		(15)		(24)		(32)		2
Remeasurement of interests held in BRHC by the partnership	8	(652)		—		(529)		—
Remeasurement of BEPC exchangeable and class A.2 exchangeable shares	8	(624)		—		(524)		—
Remeasurement of exchangeable and class B shares of BRHC	8	—		(277)		—		271
Income tax (expense) recovery
Current	4	(12)		(9)		(48)		(29)
Deferred	4	13		3		42		(10)
		1		(6)		(6)		(39)
Net (loss) income		$	(1,447)	$	(339)	$	(1,452)	$	152
Net (loss) income attributable to:
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries	7	$	(37)	$	1	$	(47)	$	2
Participating non-controlling interests – in a holding subsidiary held by the partnership	7	—		2		—		1
The partnership	8	(1,410)		(342)		(1,405)		149
		$	(1,447)	$	(339)	$	(1,452)	$	152

The accompanying notes are an integral part of these interim consolidated financial statements.

(1) Direct operating costs exclude depreciation expense disclosed below.


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 3

BROOKFIELD RENEWABLE CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


UNAUDITED (MILLIONS)		Three months ended June 30				Six months ended June 30
	Notes	2025		2024		2025		2024
Net (loss) income		$	(1,447)	$	(339)	$	(1,452)	$	152
Other comprehensive (loss) income that will not be reclassified to net (loss) income:
Revaluations of property, plant and equipment	5	(293)		(96)		(291)		(121)
Actuarial gain on defined benefit plans		3		2		3		2
Deferred income tax expense on above items		(5)		—		(5)		—

Equity-accounted investments	10	27		—		27		—
Total items that will not be reclassified to net (loss) income		(268)		(94)		(266)		(119)
Other comprehensive income (loss) that may be reclassified to net income (loss):
Foreign currency translation		406		(596)		960		(767)
Gains (losses) arising during the period on financial instruments designated as cash-flow hedges	2	7		(7)		11		(64)
Unrealized (loss) gain on foreign exchange swaps – net investment hedge	2	(127)		88		(291)		82
Reclassification adjustments for amounts recognized in net loss	2	(19)		(38)		(19)		(65)
Deferred income tax recoveries on above items		11		7		15		11
Equity-accounted investments	10	—		(5)		—		(6)
Total items that may be reclassified subsequently to net income (loss)		278		(551)		676		(809)
Other comprehensive income (loss)		10		(645)		410		(928)
Comprehensive loss		$	(1,437)	$	(984)	$	(1,042)	$	(776)
Comprehensive (loss) income attributable to:
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries	7	$	(126)	$	(420)	$	154	$	(585)
Participating non-controlling interests – in a holding subsidiary held by the partnership	7	6		(9)		16		(21)
The partnership	7	(1,317)		(555)		(1,212)		(170)
		$	(1,437)	$	(984)	$	(1,042)	$	(776)

The accompanying notes are an integral part of these interim consolidated financial statements.


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 4

BROOKFIELD RENEWABLE CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY


			Accumulated other comprehensive income								Non-controlling interests
UNAUDITED THREE MONTHS ENDED JUNE 30 (MILLIONS)	The partnership		Foreign currency translation		Revaluation surplus		Other		Total		Participating non-controlling interests – in a holding subsidiary held by the partnership		Participating non-controlling interests – in operating subsidiaries		Total equity
Balance, as at March 31, 2025	$	(7,834)	$	(1,556)	$	10,797	$	29	$	1,436	$	269	$	10,737	$	12,442
Net loss	(1,410)		—		—		—		(1,410)		—		(37)		(1,447)

Other comprehensive income (loss)	—		81		15		(3)		93		6		(89)		10
Capital contributions	—		—		—		—		—		—		56		56



Dividends declared	—		—		—		—		—		(5)		(303)		(308)

Other	(9)		(2)		3		5		(3)		—		4		1
Change in period	(1,419)		79		18		2		(1,320)		1		(369)		(1,688)
Balance, as at June 30, 2025	$	(9,253)	$	(1,477)	$	10,815	$	31	$	116	$	270	$	10,368	$	10,754

Balance, as at March 31, 2024	$	(3,086)	$	(1,329)	$	10,438	$	72	$	6,095	$	260	$	9,661	$	16,016
Net (loss) income	(342)		—		—		—		(342)		2		1		(339)
Other comprehensive loss	—		(165)		(40)		(8)		(213)		(11)		(421)		(645)

Capital contributions	—		—		—		—		—		—		43		43
Disposals	(6)		—		6		—		—		—		(36)		(36)


Dividends declared	—		—		—		—		—		(19)		(169)		(188)

Other	12		—		(11)		(13)		(12)		—		—		(12)
Change in period	(336)		(165)		(45)		(21)		(567)		(28)		(582)		(1,177)
Balance, as at June 30, 2024	$	(3,422)	$	(1,494)	$	10,393	$	51	$	5,528	$	232	$	9,079	$	14,839

The accompanying notes are an integral part of these interim consolidated financial statements.


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 38

BROOKFIELD RENEWABLE CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY


			Accumulated other comprehensive income								Non-controlling interests
UNAUDITED SIX MONTHS ENDED JUNE 30 (MILLIONS)	The partnership		Foreign currency translation		Revaluation surplus		Other		Total		Participating non-controlling interests – in a holding subsidiary held by the partnership		Participating non-controlling interests – in operating subsidiaries		Total equity
Balance, as at December 31, 2024	$	(7,825)	$	(1,653)	$	10,790	$	29	$	1,341	$	259	$	10,508	$	12,108
Net loss	(1,405)		—		—		—		(1,405)		—		(47)		(1,452)
Other comprehensive income (loss)	—		178		16		(1)		193		16		201		410
Capital contributions (Note 7)	—		—		—		—		—		—		157		157



Dividends declared	—		—		—		—		—		(5)		(452)		(457)

Other	(23)		(2)		9		3		(13)		—		1		(12)
Change in period	(1,428)		176		25		2		(1,225)		11		(140)		(1,354)
Balance, as at June 30, 2025	$	(9,253)	$	(1,477)	$	10,815	$	31	$	116	$	270	$	10,368	$	10,754

Balance, as at December 31, 2023	$	(3,477)	$	(1,255)	$	10,437	$	82	$	5,787	$	272	$	11,070	$	17,129
Net income	149		—		—		—		149		1		2		152
Other comprehensive loss	—		(239)		(50)		(30)		(319)		(22)		(587)		(928)
Capital contributions	—		—		—		—		—		—		125		125
Disposals	(84)		—		6		15		(63)		—		(1,305)		(1,368)


Dividends declared	—		—		—		—		—		(19)		(245)		(264)

Other	(10)		—		—		(16)		(26)		—		19		(7)
Change in period	55		(239)		(44)		(31)		(259)		(40)		(1,991)		(2,290)
Balance, as at June 30, 2024	$	(3,422)	$	(1,494)	$	10,393	$	51	$	5,528	$	232	$	9,079	$	14,839

The accompanying notes are an integral part of these interim consolidated financial statements.


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 38

BROOKFIELD RENEWABLE CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS


UNAUDITED		Three months ended June 30				Six months ended June 30
(MILLIONS)	Notes	2025		2024		2025		2024
Operating activities
Net (loss) income		$	(1,447)	$	(339)	$	(1,452)	$	152
Adjustments for the following non-cash items:
Depreciation	5	319		312		626		657
Unrealized financial instruments loss (gain)	2	7		(38)		9		(66)
Share of loss (income) from equity-accounted investments	10	(1)		7		1		22
Deferred income tax (recovery) expense	4	(13)		(3)		(42)		10
Other non-cash items		6		30		57		46
Remeasurement of interests held in BRHC by the partnership	8	652		—		529		—
Remeasurement of BEPC exchangeable and class A.2 shares	8	624		—		524		—
Remeasurement of exchangeable and class B shares of BRHC	8	—		277		—		(271)
Dividends received from equity-accounted investments	10	1		7		1		7
		148		253		253		557
Changes in due to or from related parties		43		21		30		53
Net change in working capital balances		(52)		(134)		(34)		(213)
		139		140		249		397
Financing activities
Proceeds from non-recourse borrowings	6	700		717		1,363		1,480
Repayment of non-recourse borrowings	6	(683)		(634)		(1,335)		(1,381)
Capital contributions from non-controlling interests	7	56		43		157		125

Return of capital to non-controlling interests		—		(36)		—		(36)

Distributions paid:
To participating non-controlling interests	7	(303)		(188)		(452)		(264)
To the partnership by BEPC	8	(5)		—		(5)		—
Related party borrowings, net	16	56		16		197		131
		(179)		(82)		(75)		55
Investing activities

Investment in property, plant and equipment	5	(302)		(199)		(550)		(476)
Investment in equity-accounted investments	10	(21)		—		(41)		—
Proceeds from disposal of assets, net of cash and cash equivalents disposed		—		105		—		(8)

Proceeds from financial assets	2	314		86		314		86
Restricted cash and other		(27)		(43)		(11)		(24)
		(36)		(51)		(288)		(422)

Cash and cash equivalents
(Decrease) increase		(76)		7		(114)		30
Foreign exchange gain (loss) on cash		19		(30)		46		(39)
Net change in cash classified within assets held for sale		(1)		(2)		—		(4)
Balance, beginning of period		614		639		624		627
Balance, end of period		$	556	$	614	$	556	$	614
Supplemental cash flow information:
Interest paid		$	487	$	384	$	731	$	718
Interest received		$	34	$	14	$	44	$	38
Income taxes paid (recovered)		$	28	$	(3)	$	43	$	27

The accompanying notes are an integral part of these interim consolidated financial statements.


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 7

BROOKFIELD RENEWABLE CORPORATION

NOTES TO THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Brookfield Renewable Corporation (“BEPC” or the “company”) and its subsidiaries, own and operate a portfolio of renewable power and sustainable solution assets primarily in North America, South America and Europe. BEPC was formed as a corporation established under the British Columbia Business Corporation Act on October 3, 2024 and is a subsidiary of Brookfield Renewable Partners L.P. (“BEP”), or, collectively with its controlled subsidiaries, including BEPC (“Brookfield Renewable”, or, collectively with its controlled subsidiaries, excluding BEPC, (the “partnership”).

The ultimate parent of Brookfield Renewable and Brookfield Renewable Corporation is Brookfield Corporation (“Brookfield Corporation”). Brookfield Corporation and its subsidiaries, other than Brookfield Renewable and Brookfield Renewable Corporation, and unless the context otherwise requires, includes Brookfield Asset Management Ltd. (“Brookfield Asset Management”), are also individually and collectively referred to as “Brookfield”. The term “Brookfield Holders” means Brookfield, Brookfield Wealth Solutions and their related parties.

The class A exchangeable subordinate voting shares (“BEPC exchangeable shares”) of Brookfield Renewable Corporation are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “BEPC”.

The registered head office of Brookfield Renewable Corporation is 250 Vesey Street, New York, NY, United States.


Notes to the consolidated financial statements		Page


1.	Basis of presentation and material accounting policy information	9



2.	Risk management and financial instruments	11
3.	Segmented information	13
4.	Income taxes	20
5.	Property, plant and equipment	21
6.	Borrowings	22
7.	Non-controlling interests	23
8.	BEPC Exchangeable Shares, BRHC Exchangeable Shares, Class A.2 Exchangeable Shares, BRHC Class B Shares and BRHC Class C Shares	25
9.	Goodwill	27
10.	Equity-accounted investments	27
11.	Cash and cash equivalents	27
12.	Restricted cash	27
13.	Trade receivables and other current assets	28
14.	Accounts payable and accrued liabilities	28
15.	Commitments, contingencies and guarantees	28
16.	Related party transactions	29


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 8

1. BASIS OF PRESENTATION AND MATERIAL ACCOUNTING POLICY INFORMATION

(a) Statement of compliance

The interim consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting.

Certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) Accounting Standards, as issued by the International Accounting Standards Board (“IASB”), have been omitted or condensed. These interim consolidated financial statements should be read in conjunction with the company’s December 31, 2024 audited consolidated financial statements. The interim consolidated statements have been prepared on a basis consistent with the accounting policies disclosed in the December 31, 2024 audited consolidated financial statements.

The results reported in these interim consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for an entire year. The policies set out below are consistently applied to all periods presented, unless otherwise noted.

These interim financial statements were authorized for issuance by the Board of Directors of the company on August 1, 2025.

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

References to $, €, R$, and COP are to United States (“U.S.”) dollars, Euros, Brazilian reais, and Colombian pesos, respectively.

All figures are presented in millions of U.S. dollars unless otherwise noted.

(b) Basis of presentation

The interim consolidated financial statements have been prepared on the basis of historical cost, except for the revaluation of property, plant and equipment and certain assets and liabilities which have been measured at fair value. Cost is recorded based on the fair value of the consideration given in exchange for assets.

On December 24, 2024, the partnership, BRHC, and the company completed an arrangement (the “Arrangement”), pursuant to which 1505127 B.C. Ltd. (which was renamed Brookfield Renewable Corporation) became the “successor issuer” (as defined in NI 44-101) to the former BEPC, which was renamed Brookfield Renewable Holdings Corporation and BRHC’s class A exchangeable subordinate voting shares were delisted. The purpose of the Arrangement was to allow BEPC to maintain the benefits of its business structure, while addressing proposed amendments to the Income Tax Act (Canada) that were expected to result in additional costs to the company if no action was taken. In connection with the Arrangement, among other things, (i) holders of class A exchangeable subordinate voting shares of BRHC, other than Brookfield, received BEPC exchangeable shares in exchange for their class A exchangeable subordinate voting shares of BRHC on a one-for-one basis; (ii) Brookfield transferred their class A exchangeable subordinate voting shares of BRHC to BEPC in exchange for class A.2 exchangeable shares on a one-for-one basis; (iii) the class A exchangeable subordinate voting shares of BRHC were delisted; (iv) the exchangeable shares of BEPC were listed on the NYSE and the TSX; (v) the partnership transferred 55 class B shares of BRHC to BEPC in exchange for 55 class B shares of BEPC; and (vi) 43,606 class B shares of BEPC were issued to the partnership in exchange for $1 million. The class A.2 exchangeable shares are exchangeable by Brookfield into BEPC exchangeable shares (subject to an ownership cap that limits the exchange by Brookfield of class A.2 exchangeable shares such that exchanges by Brookfield may not result in Brookfield owning 9.5% or more of the aggregate fair market value of all issued and outstanding shares of BEPC) or LP units on a one-for-one basis.

(d) Continuity of interest

The company was established on October 3, 2024 by the partnership. On December 24, 2024, the date of the Arrangement, the company acquired an interest and consolidated BRHC in its financial statements. The partnership directly controlled BRHC prior to the Arrangement and continues to control the company subsequent to the Arrangement through ownership of the class B shares. There is insufficient substance to justify a change in the measurement of the company as a result of this common control transaction. In accordance with the company’s and the partnership’s accounting policy, the company has reflected the acquisition of BRHC in its consolidated financial statements using BRHC’s carrying values prior to the Arrangement.


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 9

To reflect this continuity of interests, these interim consolidated financial statements provide comparative information of the company for the periods prior to December 24, 2024, as previously reported by BRHC. The economic and accounting impact of contractual relationships created or modified in conjunction with acquisition of interest in BRHC by the company have been reflected prospectively from the date of the Arrangement and have not been reflected in the interim results of operations or financial position of our company prior to December 24, 2024, as such items were in fact not created or modified prior thereto. Accordingly, the financial information for the periods prior to December 24, 2024 is presented based on the historical financial information of BRHC. For the period after December 24, 2024, the results are based on the actual results of the company, including the impact of contractual relationships created or modified in association with the acquisition of interest in BRHC by the company. As the partnership held all of the class C shares of BRHC prior to December 24, 2024, which was the only class of shares presented as equity, and the partnership holds all of the class B shares of the company after December 24, 2024, which is the only class of shares presented as equity, net income and equity attributable to common equity have been allocated to the partnership prior to and after December 24, 2024.

Prior to the Arrangement, class C shares of BRHC were classified as financial liabilities due to their cash redemption feature. However, the class C shares met certain qualifying criteria and were presented as equity. Following the Arrangement and upon consolidation of BRHC into the company, the class C shares are presented as financial liabilities recognized at amortized cost and remeasured to reflect changes in the contractual cash flows associated with the shares. These contractual cash flows are based on the price of one BEP unit.

(e) Consolidation

These interim consolidated financial statements include the accounts of the company and its subsidiaries, which are the entities over which the company has control. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Non-controlling interests in the equity of the company’s subsidiaries are shown separately in equity in the interim consolidated statements of financial position.

(f) 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. The company is currently assessing the impact of this standard on its disclosures.

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 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. The company is currently assessing the impacts of these amendments.

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 company 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. The company is currently assessing the impacts of these amendments.

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


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 10

2. RISK MANAGEMENT AND FINANCIAL INSTRUMENTS

RISK MANAGEMENT

The company’s activities expose it to a variety of financial risks, including market risk (i.e., commodity price risk, interest rate risk, and foreign currency risk), credit risk and liquidity risk. The company uses financial instruments primarily to manage these risks.

There have been no other material changes in exposure to the risks the company is exposed to since the December 31, 2024 audited consolidated financial statements.

Fair value disclosures

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fair values determined using valuation models require the use of assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those assumptions, management looks primarily to external readily observable market inputs such as interest rate yield curves, currency rates, commodity prices and, as applicable, credit spreads.

A fair value measurement of a non-financial asset is the consideration that would be received in an orderly transaction between market participants, considering the highest and best use of the asset.

Assets and liabilities measured at fair value are categorized into one of three hierarchy levels, described below. Each level is based on the transparency of the inputs used to measure the fair values of assets and liabilities.

Level 1 – inputs are based on unadjusted quoted prices in active markets for identical assets and liabilities;

Level 2 – inputs, other than quoted prices in Level 1, that are observable for the asset or liability, either directly or indirectly; and

Level 3 – inputs for the asset or liability that are not based on observable market data.

The following table presents the company's assets and liabilities including energy derivative contracts, power purchase agreements accounted for under IFRS 9 (“IFRS 9 PPAs”), interest rate swaps, foreign exchange swaps and tax equity measured and disclosed at fair value classified by the fair value hierarchy:


	June 30, 2025								December 31, 2024
(MILLIONS)	Level 1		Level 2		Level 3		Total(1)		Total(1)
Assets measured at fair value:
Cash and cash equivalents	$	556	$	—	$	—	$	556	$	624
Restricted cash(2)	85		—		—		85		85
Financial instrument assets(2)
IFRS 9 PPAs	—		—		32		32		8
Energy derivative contracts	—		94		—		94		60
Interest rate swaps	—		87		—		87		115
Foreign exchange swaps	—		2		—		2		37

Property, plant and equipment	—		—		40,094		40,094		38,696
Liabilities measured at fair value:
Financial instrument liabilities(2)
IFRS 9 PPAs	—		(34)		(50)		(84)		(111)
Energy derivative contracts	—		(164)		—		(164)		(108)
Interest rate swaps	—		(41)		—		(41)		(10)
Foreign exchange swaps	—		(241)		—		(241)		(45)
Tax equity	—		—		(409)		(409)		(378)
Liabilities for which fair value is disclosed:
Interests held in BRHC by the partnership(3)	(4,961)		—		—		(4,961)		(4,432)
BEPC exchangeable and class A.2 exchangeable shares(3)	(4,692)		—		—		(4,692)		(4,168)

Non-recourse borrowings(2)	(1,688)		(12,697)		—		(14,385)		(13,675)
Total	$	(10,700)	$	(12,994)	$	39,667	$	15,973	$	16,698


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 11

(1)Excludes $296 million (2024: $566 million) of investments in debt securities measured at amortized cost.

(2)Includes both the current amount and long-term amounts.

(3)BEPC class B shares are also classified as financial liabilities due to their cash redemption feature. As discussed in Note 8 – BEPC Exchangeable Shares, BRHC Exchangeable Shares, Class A.2 Exchangeable Shares, BRHC Class B Shares and BRHC Class C Shares, the BEPC class B shares meet certain qualifying criteria and are presented as equity.

There were no transfers between levels during the six months ended June 30, 2025.

Financial instruments disclosures

The aggregate amount of our company's net financial instrument positions are as follows:


	June 30, 2025						December 31, 2024
(MILLIONS)	Assets		Liabilities		Net Assets (Liabilities)		Net Assets (Liabilities)
IFRS 9 PPAs	$	32	$	84	$	(52)	$	(103)
Energy derivative contracts	94		164		(70)		(48)
Interest rate swaps	87		41		46		105
Foreign exchange swaps	2		241		(239)		(8)
Investments in debt securities	296		—		296		566
Tax equity	—		409		(409)		(378)
Total	511		939		(428)		134
Less: current portion	92		468		(376)		(142)
Long-term portion	$	419	$	471	$	(52)	$	276

(a) Tax equity

The company owns and operates certain projects in the United States under tax equity structures to finance the construction of utility-scale solar, distributed generation and wind projects. In accordance with the substance of the contractual agreements, the amounts paid by the tax equity investors for their equity stakes are classified as financial instrument liabilities on the interim consolidated statements of financial position.

Gain or loss on the tax equity liabilities are recognized within foreign exchange and financial instruments gain (loss) in the interim consolidated statements of income (loss).

(b) Energy derivative contracts and IFRS 9 PPAs

The company has entered into long-term energy derivative contracts primarily to stabilize or eliminate the price risk on the sale of certain future power generation. Certain energy contracts are recorded in the company's interim consolidated financial statements at an amount equal to fair value, using quoted market prices or, in their absence, a valuation model using both internal and third-party evidence and forecasts.

The company has entered into interest rate hedge contracts primarily to minimize exposure to interest rate fluctuations on its variable rate debt or to lock in interest rates on future debt refinancing. All interest rate hedge contracts are recorded in the interim consolidated financial statements at fair value.

(d) Foreign exchange swaps

The company has entered into foreign exchange swaps to minimize its exposure to currency fluctuations impacting its investments and earnings in foreign operations, and to fix the exchange rate on certain anticipated transactions denominated in foreign currencies.

(e) Investments in debt securities

The company’s investments in debt securities classified as amortized cost.


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 12

The following table reflects the gains (losses) included in foreign exchange and financial instruments gain (loss) in the interim consolidated statements of income for the three and six months ended June 30:


	Three months ended June 30				Six months ended June 30
(MILLIONS)	2025		2024		2025		2024
IFRS 9 PPAs	$	(19)	$	9	$	(21)	$	15
Energy derivative contracts	16		(15)		18		1
Interest rate swaps	(4)		10		(2)		22
Foreign exchange swaps	(7)		28		(24)		22
Tax equity	29		11		21		16
Investments in debt securities	—		—		—		2
Foreign exchange loss	(41)		(6)		(39)		(12)
	$	(26)	$	37	$	(47)	$	66

The following table reflects the gains (losses) included in other comprehensive income (loss) in the interim consolidated statements of comprehensive income (loss) for the three and six months ended June 30:


	Three months ended June 30				Six months ended June 30
(MILLIONS)	2025		2024		2025		2024
IFRS 9 PPAs	$	11	$	1	$	43	$	(70)
Energy derivative contracts	16		9		(5)		15
Interest rate swaps	(19)		(19)		(26)		(8)
Foreign exchange swaps	(1)		2		(1)		(1)
	7		(7)		11		(64)
Foreign exchange swaps - net investment	(127)		88		(291)		82
	$	(120)	$	81	$	(280)	$	18

The following table reflects the reclassification adjustments recognized in net income in the interim consolidated statements of comprehensive income (loss) for the three and six months ended June 30:


	Three months ended June 30				Six months ended June 30
(MILLIONS)	2025		2024		2025		2024
Energy derivative contracts	$	(12)	$	(35)	$	5	$	(59)
IFRS 9 PPAs	(3)		—		(11)		—
Interest rate swaps	(4)		(3)		(13)		(6)
Foreign exchange swaps	—		—		—		—
	$	(19)	$	(38)	$	(19)	$	(65)

3. SEGMENTED INFORMATION

The company’s Chief Executive Officer and Chief Financial Officer (collectively, the chief operating decision maker or “CODM”) review the results of the operations, manage the operations, and allocate resources based on the type of technology, in conjunction with other segments of Brookfield Renewable.

The operations of the company are segmented by – 1) hydroelectric, 2) wind, 3) utility-scale solar, 4) distributed energy & sustainable solutions (distributed generation, pumped storage, carbon capture and storage, cogeneration, biomass, and eFuels) and 5) corporate. This best reflects the way in which the CODM reviews the results of the company.

In accordance with IFRS 8, Operating Segments, the company discloses information about its reportable segments based upon the measures used by the CODM in assessing performance. The accounting policies of the reportable segments are the same as those described in Note 1 – Basis of presentation and material accounting policy information.

Reporting to the CODM on the measures utilized to assess performance and allocate resources is provided on a proportionate basis. Information on a proportionate basis reflects the company’s share from facilities which it accounts for using consolidation and the equity method whereby the company either controls or exercises significant influence or joint control over the investment, respectively. Proportionate information provides shareholders perspective that the CODM considers important when performing internal analyses and making strategic and operating decisions. The CODM also


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 13

believes that providing proportionate information helps investors understand the impacts of decisions made by management and financial results allocable to the company’s shareholders.

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 consolidation basis have been disclosed below. 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 the company’s proportionate share of earnings from equity-accounted investments attributable to each of the above-noted items, (2) exclude the proportionate share of earnings (loss) of consolidated investments not held by the company 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 (loss).

The company does not control those entities that have not been consolidated and as such, have been presented as equity-accounted investments in its consolidated financial statements. The presentation of the assets and liabilities and revenues and expenses does not represent the company’s legal claim to such items, and the removal of financial statement amounts that are attributable to non-controlling interests does not extinguish the company’s legal claims or exposures to such items.

The company reports its results in accordance with these segments and presents prior period segmented information in a consistent manner.

The company analyzes the performance of its operating segments based on Funds From Operations. 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”).

The company uses Funds From Operations to assess the performance of the company 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, and including monetization of tax attributes at certain development projects. The company includes realized disposition gains and losses on assets that we developed and/or did not intend to hold over the long-term within Funds From Operations 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 current period net income.


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 14

The following table provides each segment's results in the format that management organizes its segments to make operating decisions and assess performance and reconciles the company's proportionate results to the consolidated statements of income (loss) on a line by line basis by aggregating the components comprising the earnings from the company's investments in associates and reflecting the portion of each line item attributable to non-controlling interests for the three months ended June 30, 2025:


	Attributable to the partnership										Contribution from equity-accounted investments		Attributable to non- controlling interests and other		As per IFRS financials(1)
(MILLIONS)	Hydroelectric		Wind		Utility-scale solar		Distributed energy & sustainable solutions		Corporate								Total
Revenues	$	363	$	40	$	62	$	29	$	—	$	494	$	(80)	$	538	$	952
Other income	3		8		—		1		—		12		(2)		29		39
Direct operating costs	(140)		(16)		(14)		(12)		(1)		(183)		33		(203)		(353)
Share of revenue, other income and direct operating costs from equity-accounted investments(1)	—		—		—		—		—		—		49		—		49
	226		32		48		18		(1)		323		—		364
Management service costs	—		—		—		—		(26)		(26)		—		—		(26)
Interest expense(1)	(61)		(9)		(17)		(6)		—		(93)		17		(216)		(292)
Current income tax (recovery) expense	(3)		(1)		(2)		—		—		(6)		1		(7)		(12)
Share of interest and cash taxes from equity-accounted investments	—		—		—		—		—		—		(18)		—		(18)
Share of Funds From Operations attributable to non-controlling interests	—		—		—		—		—		—		—		(141)		(141)
Funds From Operations	162		22		29		12		(27)		198		—		—
Depreciation																	(319)
Foreign exchange and financial instrument loss																	(26)
Deferred income tax expense																	13
Other																	(15)
Dividends on BEPC exchangeable shares, class A.2 exchangeable shares and exchangeable shares of BRHC(1)																	(133)
Remeasurement of interests held in BRHC by the partnership																	(652)
Remeasurement of BEPC exchangeable and class A.2 exchangeable shares																	(624)

Share of loss from equity-accounted investments																	(30)
Net income attributable to non-controlling interests																	178
Net loss attributable to the partnership																	$	(1,410)

(1)Share of earnings from equity-accounted investments of $1 million is comprised of amounts found on the Share of revenue, other income and direct operating costs, Share of interest and cash taxes and Share of earnings lines. Net income attributable to participating non-controlling interests of $37 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income attributable to non-controlling interests. Total interest expense of $425 million is comprised of Interest expense and Dividends on BEPC exchangeable shares, class A.2 exchangeable shares and exchangeable shares of BRHC.


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 15

The following table provides each segment's results in the format that management organizes its segments to make operating decisions and assess performance and reconciles the company's proportionate results to the consolidated statements of income on a line by line basis by aggregating the components comprising the earnings from the company's investments in associates and reflecting the portion of each line item attributable to non-controlling interests for the three months ended June 30, 2024:


	Attributable to the partnership												Contribution from equity-accounted investments		Attributable to non- controlling interests		As per IFRS financials(1)
(MILLIONS)	Hydroelectric		Wind		Utility-scale solar		Distributed energy & sustainable solutions		Corporate		Total
Revenues	$	298	$	46	$	64	$	32	$	—	$	440	$	(15)	$	564	$	989
Other income	7		10		9		5		43		74		—		(31)		43
Direct operating costs	(130)		(18)		(15)		(13)		(2)		(178)		5		(246)		(419)
Share of revenue, other income and direct operating costs from equity-accounted investments	—		—		—		—		—		—		10		—		10
	175		38		58		24		41		336		—		287
Management service costs	—		—		—		—		(22)		(22)		—		—		(22)
Interest expense(1)	(50)		(11)		(16)		(9)		(5)		(91)		5		(191)		(277)
Current income tax expense	(2)		(2)		—		—		—		(4)		—		(5)		(9)
Share of interest and cash taxes from equity-accounted investments	—		—		—		—		—		—		(5)		—		(5)
Share of Funds From Operations attributable to non-controlling interests	—		—		—		—		—		—		—		(91)		(91)
Funds From Operations	123		25		42		15		14		219		—		—
Depreciation																	(312)
Foreign exchange and financial instrument gain																	37
Deferred income tax recovery																	3
Other																	(24)
Dividends on BEPC exchangeable shares(1)																	(64)
Remeasurement of exchangeable and class B shares of BRHC																	(277)
Share of loss from equity-accounted investments																	(12)
Net income attributable to non-controlling interests																	88
Net loss attributable to the partnership																	$	(342)

(1)Share of loss from equity-accounted investments of $7 million is comprised of amounts found on the Share of revenue, other income and direct operating costs, Share of interest and cash taxes and Share of earnings lines. Net income attributable to participating non-controlling interests of $3 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income attributable to non-controlling interests. Total interest expense of $341 million is comprised of amounts on Interest expense and Dividends on BEPC exchangeable shares.


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 16


	Attributable to the partnership										Contribution from equity-accounted investments		Attributable to non- controlling interests		As per IFRS financials(1)
(MILLIONS)	Hydroelectric		Wind		Utility-scale solar		Distributed energy & sustainable solutions		Corporate								Total
Revenues	$	692	$	82	$	106	$	54	$	—	$	934	$	(161)	$	1,086	$	1,859
Other income (loss)	7		21		6		2		—		36		(5)		31		62
Direct operating costs	(292)		(38)		(27)		(29)		(3)		(389)		66		(398)		(721)
Share of revenue, other income and direct operating costs from equity-accounted investments	—		—		—		—		—		—		100		—		100
	407		65		85		27		(3)		581		—		719
Management service costs	—		—		—		—		(49)		(49)		—		—		(49)
Interest expense(1)	(119)		(19)		(32)		(10)		—		(180)		24		(386)		(542)
Current income tax expense	(12)		(1)		(2)		—		—		(15)		3		(36)		(48)
Share of interest and cash taxes from equity-accounted investments	—		—		—		—		—		—		(27)		—		(27)
Share of Funds From Operations attributable to non-controlling interests	—		—		—		—		—		—		—		(297)		(297)
Funds From Operations	276		45		51		17		(52)		337		—		—
Depreciation																	(626)
Foreign exchange and financial instrument loss																	(47)
Deferred income tax expense																	42
Other																	(32)
Dividends on BEPC exchangeable shares, class A.2 exchangeable shares and exchangeable shares of BRHC(1)																	(296)
Remeasurement of interests held in BRHC by the partnership																	(529)
Remeasurement of BEPC exchangeable and class A.2 exchangeable shares																	(524)
Share of loss from equity-accounted investments																	(74)
Net income attributable to non-controlling interests																	344
Net loss attributable to the partnership																	$	(1,405)

(1)Share of loss from equity-accounted investments of $1 million is comprised of amounts found on the Share of revenue, other income and direct operating costs, Share of interest and cash taxes and Share of earnings lines. Net loss attributable to participating non-controlling interests of $47 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income attributable to non-controlling interests. Total interest expense of $838 million is comprised of amounts on Interest expense and Dividends on BEPC exchangeable shares, class A.2 exchangeable shares and exchangeable shares of BRHC.


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 17

The following table provides each segment's results in the format that management organizes its segments to make operating decisions and assess performance and reconciles the company's proportionate results to the consolidated statements of income on a line by line basis by aggregating the components comprising the earnings from the company's investments in associates and reflecting the portion of each line item attributable to non-controlling interests for the six months ended June 30, 2024:


	Attributable to the partnership												Contribution from equity-accounted investments		Attributable to non- controlling interests		As per IFRS financials(1)
(MILLIONS)	Hydroelectric		Wind		Utility-scale solar		Distributed energy & sustainable solutions		Corporate		Total
Revenues	$	641	$	116	$	127	$	66	$	—	$	950	$	(37)	$	1,201	$	2,114
Other income	11		14		20		6		43		94		—		(27)		67
Direct operating costs	(254)		(45)		(36)		(27)		(4)		(366)		14		(551)		(903)
Share of revenue, other income and direct operating costs from equity-accounted investments	—		—		—		—		—		—		23		—		23
	398		85		111		45		39		678		—		623
Management service costs	—		—		—		—		(43)		(43)		—		—		(43)
Interest expense(1)	(115)		(24)		(34)		(14)		—		(187)		6		(394)		(575)
Current income tax expense	(8)		(2)		—		—		—		(10)		—		(19)		(29)
Share of interest and cash taxes from equity-accounted investments	—		—		—		—		—		—		(6)		—		(6)
Share of Funds From Operations attributable to non-controlling interests	—		—		—		—		—		—		—		(210)		(210)
Funds From Operations	275		59		77		31		(4)		438		—		—
Depreciation																	(657)
Foreign exchange and financial instrument gain																	66
Deferred income tax expense																	(10)
Other																	2
Dividends on BEPC exchangeable shares(1)																	(129)
Remeasurement of exchangeable and class B shares of BRHC																	271
Share of loss from equity-accounted investments																	(39)
Net income attributable to non-controlling interests																	207
Net income attributable to the partnership																	$	149

(1)Share of loss from equity-accounted investments of $22 million is comprised of amounts found on the Share of revenue, other income and direct operating costs, Share of interest and cash taxes and Share of earnings lines. Net loss attributable to participating non-controlling interests of $3 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net Income attributable to non-controlling interests. Total interest expense of $704 million is comprised of amounts on Interest expense and Dividends on BEPC exchangeable shares.


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 18

The following table presents information on a segmented basis about certain items in our company's statements of financial position and reconciles the company's proportionate results to the consolidated statements of financial position by aggregating the components comprising the company's investments in associates and reflecting the portion of each line item attributable to non-controlling interests:


	Attributable to the partnership										Contribution from equity- accounted investments		Attributable to non- controlling interests		As per IFRS financials
(MILLIONS)	Hydroelectric		Wind		Utility-scale solar		Distributed energy & sustainable solutions		Corporate								Total
As at June 30, 2025
Cash and cash equivalents	$	152	$	42	$	66	$	28	$	1	$	289	$	(28)	$	295	$	556
Property, plant and equipment	13,962		1,952		1,704		1,353		—		18,971		(880)		22,003		40,094
Total assets	16,646		2,080		1,941		1,436		213		22,316		(275)		23,993		46,034


Total liabilities	8,878		1,237		1,681		677		9,721		22,194		(275)		13,361		35,280

As at December 31, 2024
Cash and cash equivalents	$	110	$	42	$	77	$	24	$	2	$	255	$	(19)	$	388	$	624
Property, plant and equipment	13,678		1,724		1,516		1,374		—		18,292		(857)		21,261		38,696
Total assets	15,592		1,873		1,766		1,468		213		20,912		(277)		23,494		44,129


Total liabilities	7,698		1,140		1,520		575		8,636		19,569		(277)		12,729		32,021


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 19

Geographical Information

The following table presents consolidated revenue split by technology for the three and six months ended June 30:


	Three months ended June 30				Six months ended June 30
(MILLIONS)	2025		2024		2025		2024




Hydroelectric	$	637	$	631	$	1,269	$	1,302




Wind	111		147		234		366
Utility-scale solar	158		162		278		345
Distributed energy & sustainable solutions	46		49		78		101
Total	$	952	$	989	$	1,859	$	2,114

The following table presents consolidated property, plant and equipment and equity-accounted investments split by geographical region:


(MILLIONS)	June 30, 2025		December 31, 2024
North America	$	21,591	$	21,630
Colombia	13,381		12,431

Brazil	4,115		3,674
Europe	1,823		1,714

	$	40,910	$	39,449

4. INCOME TAXES

The company's effective income tax rate was 0.1% and (0.4)% and for the three and six months ended June 30, 2025 (2024: (1.8)% and 20.4%). The effective tax rate is different than the statutory rate primarily due to non-deductible expenses, rate differentials, changes in tax assets not recognized, and non-controlling interests’ income not subject to tax.

The company operates in countries, including Canada, which have enacted new legislation to implement the global minimum top-up tax, effective from January 1, 2024. The company has applied a temporary mandatory relief from recognizing and disclosing deferred taxes in connection with the global minimum top-up tax and will account for it as a current tax when it is incurred. There is no material current tax impact for the three and six months ended June 30, 2025. The global minimum top-up tax is not anticipated to have a significant impact on the financial position of the company.


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 20

5. PROPERTY, PLANT AND EQUIPMENT

The following table presents a reconciliation of property, plant and equipment at fair value:


(MILLIONS)	Hydroelectric		Wind		Solar		Other(1)		Total(2)(3)
Property, plant and equipment, at fair value











As at December 31, 2024	$	27,104	$	4,140	$	5,883	$	184	$	37,311
Additions	2		5		26		9		42
Transfer from construction work-in-progress	5		328		160		—		493



Items recognized through OCI:
Change in fair value	(293)		—		—		2		(291)
Foreign exchange	1,160		104		409		—		1,673
Items recognized through net income:

Depreciation	(261)		(157)		(184)		(24)		(626)
As at June 30, 2025	$	27,717	$	4,420	$	6,294	$	171	$	38,602
Construction work-in-progress












As at December 31, 2024	$	243	$	546	$	466	$	130	$	1,385
Additions	78		67		250		157		552
Transfer to property, plant and equipment	(5)		(328)		(160)		—		(493)



Items recognized through OCI:

Foreign exchange	5		16		32		(5)		48



As at June 30, 2025	$	321	$	301	$	588	$	282	$	1,492
Total property, plant and equipment, at fair value
As at December 31, 2024(2)(3)	$	27,347	$	4,686	$	6,349	$	314	$	38,696
As at June 30, 2025(2)(3)	$	28,038	$	4,721	$	6,882	$	453	$	40,094

(1)Includes biomass and cogeneration.

(2)Includes right-of-use assets not subject to revaluation of $34 million (2024: $34 million) in our hydroelectric segment, $109 million (2024: $119 million) in our wind segment, $165 million (2024: $126 million) in our solar segment, and $9 million (2024: nil) in other.

(3)Includes land not subject to revaluation of $204 million (2024: $200 million) in our hydroelectric segment, $12 million (2024: $12 million) in our wind segment, $48 million (2024: $44 million) in our solar segment, and $1 million (2024: $1 million) in other.

Subsequent to the quarter, the company, alongside institutional investors, entered into the following transactions which directly related to the property, plant and equipment of its hydroelectric business:

•Signed a Hydro Framework Agreement with Google to contract up to 3,000 MW of capacity from its U.S. hydroelectric facilities by the end of 2032;

•Reached agreements to sell two 25% interests in a U.S. hydroelectric portfolio; and

•Agreed to acquire up to an incremental 15% ownership in its Colombia hydroelectric business, Isagen S.A. E.S.P.

Refer to Note 17 - Subsequent events for further details on the aforementioned transactions. As a result of the transactions, the company completed a revaluation assessment of the carrying value of the property, plant and equipment of its hydroelectric business as at June 30, 2025. Also included in this assessment were hydroelectric assets that are accounted for as equity investments. Refer to Note 10 - Equity-accounted investments for the amounts recognized through other comprehensive income. The assessment determined that the carrying value of the property, plant and equipment approximated fair value taking into account the aforementioned transactions. Accordingly, the assessment resulted in a reduction of $293 million to the carrying value of the property, plant and equipment of the company’s hydroelectric business.


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
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During the period, the company, together with its institutional partners, completed the acquisitions of the following investments. They are accounted for as asset acquisitions as they do not constitute business combinations under IFRS 3:

Region

Technology

Capacity

Amount recognized in Property, Plant and Equipment

Brookfield Renewable Corporation Economic Interest

U.S.

Utility-scale solar

300 MW

$66 million

20%

U.S.

Various

725 MW

$47 million

39%

U.S.

Utility-scale solar

177 MW

$23 million

20%

6. BORROWINGS

Non-recourse borrowings

Non-recourse borrowings are typically asset-specific, long-term, non-recourse borrowings denominated in the domestic currency of the subsidiary. Non-recourse borrowings in North America and Europe consist of both fixed and floating interest rate debt indexed to the Secured Overnight Financing Rate (“SOFR”), the Sterling Overnight Index Average (“SONIA”), the Euro Interbank Offered Rate (“EURIBOR”) and the Canadian Overnight Repo Rate Average (“CORRA”). Brookfield Renewable uses interest rate swap agreements in North America and Europe to minimize its exposure to floating interest rates. Non-recourse borrowings in Brazil consist of floating interest rates of Taxa de Juros de Longo Prazo (“TJLP”), the Brazil National Bank for Economic Development’s long-term interest rate, or Interbank Deposit Certificate rate (“CDI”), plus a margin. Non-recourse borrowings in Colombia consist of both fixed and floating interest rates indexed to Indicador Bancario de Referencia rate (“IBR”), the Banco Central de Colombia short-term interest rate, and Colombian Consumer Price Index (“IPC”), Colombia inflation rate, plus a margin.

The composition of non-recourse borrowings is presented in the following table:


	June 30, 2025						December 31, 2024
	Weighted-average						Weighted-average
(MILLIONS EXCEPT AS NOTED)	Interest rate (%)	Term (years)(3)	Carrying value		Estimated fair value		Interest rate (%)	Term (years)	Carrying value		Estimated fair value
Non-recourse borrowings(1)(2)
Hydroelectric	7.7	6	$	7,753	$	7,780	7.7	6	$	7,599	$	7,555
Wind	5.9	8	1,940		1,919		5.9	8	2,004		1,943
Utility-scale solar	5.9	11	3,784		3,738		6.1	11	3,514		3,484
Distributed energy & sustainable solutions	5.1	9	958		948		5.1	9	727		693
Total	6.8	8	$	14,435	$	14,385	6.9	8	$	13,844	$	13,675
Add: Unamortized premiums and discounts(3)			8						6
Less: Unamortized financing fees(3)			(81)						(75)
Less: Current portion			(1,565)						(1,282)

			$	12,797					$	12,493

(1)Includes $1 million (2024: $1 million) borrowed under a subscription facility of a Brookfield sponsored private fund.

(2)Includes $10 million (2024: $13 million) outstanding to an associate of Brookfield. Refer to Note 16 - Related party transactions for more details.

(3)Unamortized premiums, discounts and financing fees are amortized over the terms of the borrowing.


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
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Supplemental Information

The following table outlines changes in the company's borrowings as at June 30, 2025:


(MILLIONS)	As at December 31, 2024		Net cash flows from financing activities(1)		Non-cash
					Other(2)		As at June 30, 2025
Non-recourse borrowings	$	13,775	$	(30)	$	617	$	14,362

(1)Excludes $58 million of net cash flow from financing activities related to tax equity recorded on the consolidated statements of cash flows.

(2)Includes foreign exchange and amortization of unamortized premiums, discounts and financing fees.

7. NON-CONTROLLING INTERESTS

The company`s non-controlling interests are comprised of the following:


(MILLIONS)	June 30, 2025		December 31, 2024
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries	$	10,368	$	10,508
Participating non-controlling interests – in a holding subsidiary held by the partnership	270		259

	$	10,638	$	10,767


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
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Participating non-controlling interests – in operating subsidiaries

The net change in participating non-controlling interests – in operating subsidiaries is as follows:


(MILLIONS)	Interests held by third parties	As at December 31, 2024		Net income (loss)		Other comprehensive income (loss)		Capital contributions		Distributions		Other		As at June 30, 2025
Brookfield Americas Infrastructure Fund	78%	$	44	$	(1)	$	(9)	$	—	$	—	$	(1)	$	33
Brookfield Infrastructure Fund II	43% - 60%	2,011		14		(169)		—		(18)		(3)		1,835
Brookfield Infrastructure Fund III	23% - 71%	2,986		(26)		47		—		(127)		(3)		2,877
Brookfield Infrastructure Fund IV	75%	842		(45)		114		—		—		1		912

Isagen institutional partners	53%	3,447		29		299		—		(274)		—		3,501
Isagen public non-controlling interests	0.3%	22		—		2		—		—		—		24
The Catalyst Group	25%	125		12		8		—		(3)		—		142
TerraForm Power	19%	193		(21)		6		—		—		—		178
Other	24% - 80%	838		(9)		(97)		157		(30)		7		866
Total		$	10,508	$	(47)	$	201	$	157	$	(452)	$	1	$	10,368


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
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8. BEPC EXCHANGEABLE SHARES, BRHC EXCHANGEABLE SHARES, CLASS A.2 EXCHANGEABLE SHARES, BRHC CLASS B SHARES AND BRHC CLASS C SHARES

The BEPC exchangeable shares, BRHC class B shares, BRHC class C shares and class A.2 exchangeable non-voting shares of BRHC (“class A.2 exchangeable shares”) are classified as liabilities due to their exchange and cash redemption features. However, BEPC class B shares, the most subordinated class of all common shares, meet certain qualifying criteria and are presented as equity instruments given the narrow scope presentation exceptions existing in IAS 32. There are 43,661 BEPC class B shares issued and outstanding as at June 30, 2025 (December 2024: 43,661).

BEPC exchangeable shares provide the holder, at its discretion, with the right to redeem these shares in exchange for either a BEP unit on a one-for-one basis or its cash equivalent, at the discretion of BEPC.

BRHC class B and BRHC class C shares provide Brookfield, at its discretion, with the right to redeem these shares in exchange for either a BEP unit on a one-for-one basis or its cash equivalent, at the discretion of BEPC.

The class A.2 exchangeable shares provide Brookfield, at its discretion, with the right to redeem these shares in exchange for BEPC exchangeable shares (subject to an ownership cap that limits the exchange by Brookfield of class A.2 exchangeable shares such that exchanges by Brookfield may not result in Brookfield owning 9.5% or more of the aggregate fair market value of all issued and outstanding shares of BEPC) or BEP units on a one-for-one basis. BEPC, however, has the right, at its sole discretion, to satisfy any such redemption request at its cash equivalent.

As at June 30, 2025, the BEPC exchangeable shares, BRHC class B shares, and BRHC class C shares were remeasured to $25.51 per share to reflect the NYSE closing price of a BEP unit. The class A.2 exchangeable shares up to the ownership cap were remeasured to $32.78 per share and the remaining shares were remeasured to $25.51 per share to reflect the NYSE closing price of a BEPC share and a BEP unit respectively. Remeasurement gains or losses associated with these shares are recorded in the interim consolidated statements of income (loss).

As at June 30, 2025, Brookfield Holders held a direct and indirect interest of approximately 25% of the company. Brookfield Holders own, directly and indirectly, 10,094,152 BEPC exchangeable shares and 34,719,683 class A.2 exchangeable shares on a combined basis and the remaining BEPC exchangeable shares are held by public investors.

During the three and six months ended June 30, 2025, 248 and 35,561, respectively, of BEPC exchangeable shares were exchanged for an equal number of BEP LP units resulting in a decrease of less than $1 million to the BEPC exchangeable and class A.2 exchangeable shares financial liability (2024: 7,459 and 10,142, respectively, of BEPC exchangeable shares resulting in a decrease of less than $1 million). During the three and six months ended June 30, 2025, the company declared dividends of $67 million and $135 million, respectively (2024: $64 million and $129 million) on its outstanding BEPC exchangeable shares and class A.2 exchangeable shares and $66 million and $161 million, respectively (2024: nil and nil, respectively) on its outstanding BRHC class C shares. Dividends on BEPC exchangeable shares, class A.2 exchangeable shares and BRHC class C shares are presented as interest expense in the interim consolidated statements of income (loss).

In December 2024, the company renewed its normal course issuer bid for its outstanding BEPC exchangeable shares. The company is authorized to repurchase up to 8,982,042 BEPC exchangeable shares, representing 5% of its issued and outstanding BEPC exchangeable shares. The bids will expire on December 17, 2025, or earlier should the company complete its repurchases prior to such data. There were no BEPC exchangeable shares repurchased during the three and six months ended June 30, 2025.


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 25

The following table provides a continuity schedule of outstanding BEPC exchangeable, class A.2 exchangeable shares, BRHC class B shares and BRHC class C shares along with the corresponding liability and remeasurement gains and losses.


	BEPC exchangeable shares outstanding (units)	Class A.2 exchangeable shares outstanding (units)	BRHC class B shares outstanding (units)	BRHC class C shares outstanding (units)	Shares classified as financial liability ($ millions)




Balance, as at December 31, 2024	144,921,168	34,719,683	110	194,460,874	$	8,600

Share exchanges	(35,561)	—	—	—	—
Remeasurement of liability	—	—	—	—	1,053
Balance, as at June 30, 2025	144,885,607	34,719,683	110	194,460,874	$	9,653


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
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9. GOODWILL

The following table provides a reconciliation of goodwill for the six months ended June 30, 2025:


(MILLIONS)	Total





Balance, as at December 31, 2024	$	692



Foreign exchange and other	63
Balance, as at June 30, 2025	$	755

10. EQUITY-ACCOUNTED INVESTMENTS

The following table outlines the changes in the company’s equity-accounted investments for the six months ended June 30, 2025:


(MILLIONS)	Total
Balance, as at December 31, 2024	$	753
Investment	41

Share of net loss	(1)
Share of other comprehensive income	27
Dividends received	(1)


Foreign exchange translation and other	(3)
Balance, as at June 30, 2025	$	816

11. CASH AND CASH EQUIVALENTS

The company’s cash and cash equivalents are as follows:


(MILLIONS)	June 30, 2025		December 31, 2024
Cash	$	325	$	285
Short-term deposits	198		107
Cash subject to restriction	33		232
	$	556	$	624

12. RESTRICTED CASH

The company’s restricted cash is as follows:


(MILLIONS)	June 30, 2025		December 31, 2024
Credit obligations	$	47	$	37
Operations	38		42
Development projects	—		6
Total	85		85
Less: non-current	(54)		(46)
Current	$	31	$	39


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
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13. TRADE RECEIVABLES AND OTHER CURRENT ASSETS

The company's trade receivables and other current assets are as follows:


(MILLIONS)	June 30, 2025		December 31, 2024
Trade receivables	$	525	$	462
Collateral deposits(1)	129		196
Short term deposits and advances	93		88
Prepaids and other	53		50
Inventory	49		35
Income tax receivables	41		37
Other short-term receivable	65		65
	$	955	$	933

(1)Collateral deposits are related to energy derivative contracts the company enters into in order to mitigate the exposure to wholesale market electricity prices on the future sale of uncontracted generation, as part of the company's risk management strategy.

The company primarily receives payments monthly for invoiced power purchase agreement revenues and has no significant aged receivables as of the reporting date. Receivables from contracts with customers are reflected in Trade receivables.

14. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

The company's accounts payable and accrued liabilities are as follows:


(MILLIONS)	June 30, 2025		December 31, 2024
Operating accrued liabilities	$	233	$	218
Accounts payable	134		172
Interest payable on non-recourse borrowings	107		89
Current portion of lease liabilities	27		25
BEPC exchangeable shares distributions payable(1)	17		17
Income tax payable	11		9

Other	57		41
	$	586	$	571

(1)Includes amounts payable only to external shareholders. Amounts payable to Brookfield and the partnership are included in due to related parties.

15. COMMITMENTS, CONTINGENCIES AND GUARANTEES

Commitments

In the course of its operations, the company has entered into agreements for the use of water, land and dams. Payment under those agreements varies with the amount of power generated. The various agreements can be renewed and are extendable up to 2089.

In the normal course of business, the company will enter into capital expenditure commitments which primarily relate to contracted project costs for various growth initiatives. As at June 30, 2025, the company had $821 million (2024: $262 million) of capital expenditure commitments of which $279 million is payable in 2025, $303 million is payable in 2026, $225 million is payable in 2027 to 2029, and $14 million thereafter.

An integral part of the company’s strategy is to participate with institutional partners in Brookfield-sponsored private equity funds that target acquisitions that suit the company’s profile. In the normal course of business, the company has made commitments to Brookfield-sponsored private equity funds to participate in these target acquisitions in the future, if and when identified. From time to time, in order to facilitate investment activities in a timely and efficient manner, the company 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), the company, or by co-investors.


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
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Contingencies

The company and its subsidiaries are subject to various legal proceedings, arbitrations and actions arising in the normal course of business. While the final outcome of such legal proceedings and actions cannot be predicted with certainty, it is the opinion of management that the resolution of such proceedings and actions will not have a material impact on the company’s consolidated financial position or results of operations.

The company’s subsidiaries themselves have provided letters of credit, which include, but are not limited to, guarantees for debt service reserves, capital reserves, construction completion and performance.

The company, along with institutional partners, has provided letters of credit, which include, but are not limited to, guarantees for debt service reserves, capital reserves, construction completion and performance as it relates to interests in the Brookfield Americas Infrastructure Fund, the Brookfield Infrastructure Fund II, Brookfield Infrastructure Fund III, Brookfield Infrastructure Fund IV, Brookfield Infrastructure Fund V, Brookfield Global Transition Fund, Brookfield Global Transition Fund II, and Catalytic Transition Fund. The company’s subsidiaries have similarly provided letters of credit, which include, but are not limited to, guarantees for debt service reserves, capital reserves, construction completion and performance.

Letters of credit issued by the company’s subsidiaries as at June 30, 2025 were $1,271 million (December 31, 2024: $1,002 million).

Guarantees

In the normal course of operations, the company executes agreements that provide for indemnification and guarantees to third-parties of transactions such as business dispositions, capital project purchases, business acquisitions, power marketing activities such as purchase and sale agreements, swap agreements, sales and purchases of assets and services, and the transfer of tax credits or renewable energy grants from tax equity partnerships. The company has also agreed to indemnify its directors and certain of its officers and employees. The nature of substantially all of the indemnification undertakings and guarantee agreements prevents the company from making a reasonable estimate of the maximum potential amount that the company could be required to pay third parties as the agreements do not always specify a maximum amount and the amounts are dependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at this time.

Two direct and indirect wholly-owned subsidiaries of our company have fully and unconditionally guaranteed (i) any and all present and future unsecured debt securities issued by Brookfield Renewable Partners ULC, in each case as to payment of principal, premium (if any) and interest when and as the same will become due and payable under or in respect of the trust indenture under which such securities are issued, (ii) all present and future senior preferred shares of Brookfield Renewable Power Preferred Equity Inc. (“BRP Equity”) as to the payment of dividends when due, the payment of amounts due on redemption and the payment of amounts due on the liquidation, dissolution or winding up of BRP Equity, (iii) certain of BEP’s preferred units, as to payment of distributions when due, the payment of amounts due on redemption and the payment of amounts due on the liquidation, dissolution or winding up of BEP, (iv) the obligations of all present and future bilateral credit facilities established for the benefit of Brookfield Renewable, and (v) notes issued by Brookfield BRP Holdings (Canada) Inc. under its U.S. commercial paper program. BRP Bermuda Holdings I Limited (“BBHI”) and BEP Subco Inc. subsidiaries of the company have guaranteed the perpetual subordinated notes issued by Brookfield BRP Holdings (Canada) Inc. These arrangements do not have or are not 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.

16. RELATED PARTY TRANSACTIONS

The company’s related party transactions are recorded at the exchange amount. The company’s related party transactions are primarily with the partnership and its related parties.

The Arrangement


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
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Arrangement, among other things, (i) holders of class A exchangeable subordinate voting shares of BRHC, other than Brookfield, received BEPC exchangeable shares in exchange for their class A exchangeable subordinate voting shares of BRHC on a one-for-one basis; (ii) Brookfield transferred their class A exchangeable subordinate voting shares of BRHC to BEPC in exchange for class A.2 exchangeable shares on a one-for-one basis; (iii) the class A exchangeable subordinate voting shares of BRHC were delisted; (iv) the exchangeable shares of BEPC were listed on the NYSE and the TSX; (v) the partnership transferred 55 class B shares of BRHC to BEPC in exchange for 55 class B shares of BEPC; and (vi) 43,606 class B shares of BEPC were issued to the partnership in exchange for $1 million. The class A.2 exchangeable shares are exchangeable by Brookfield into BEPC exchangeable shares (subject to an ownership cap that limits the exchange by Brookfield of class A.2 exchangeable shares such that exchanges by Brookfield may not result in Brookfield owning 9.5% or more of the aggregate fair market value of all issued and outstanding shares of BEPC) or LP units on a one-for-one basis.

In connection with the Arrangement, the company entered into two deposit agreements with one or more subsidiaries of the partnership, one as depositor or lender and one as depositee or borrower. Each deposit agreement contemplates potential deposit arrangements pursuant to which the parties thereunder would mutually agree to deposit funds thereunder from time to time on a demand basis at a specified rate of interest. Additionally, the company, as borrower, entered into a credit agreement with a subsidiary of the partnership, as lender, pursuant to which the subsidiary of the partnership established a revolving credit facility in the aggregate principal amount of $150 million in favour of the company.

The credit agreement has a ten-year term, subject to automatic one-year extensions occurring annually unless terminated by the lender.

Credit facilities and funds on deposit

Brookfield has provided a $400 million committed unsecured revolving credit facility maturing in December 2029 and the draws bear interest at SOFR plus a margin. During the current period, there were no draws on the committed unsecured revolving credit facility provided by Brookfield. Brookfield may from time to time place funds on deposit with the company which are repayable on demand including any interest accrued. There were nil funds placed on deposit with the company as at June 30, 2025 (December 31, 2024: nil). The interest expense on the Brookfield revolving credit facility and deposit for the three and six months ended June 30, 2025 totaled nil (2024: nil).

On December 24, 2024 the company entered into a deposit agreement with a subsidiary of Brookfield Renewable whereby from time to time the company may place amounts on deposit with the depositee up to a limit of $200 million (the “Deposit Agreement”). Each deposit carries a maturity date which must not exceed three months, however the company may request repayment upon three business days' written notice. As at June 30, 2025, there were nil (2024: $125 million) of funds placed on deposit pursuant to this Deposit Agreement, which carries an interest rate of 4.50%. Deposits placed are reflected within due from related parties on the consolidated statements of financial position. The interest income on the deposits for the three and six months ended June 30, 2025 totaled less than $1 million (2024: nil).

The company 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 Global Transition Fund I, Brookfield Global Transition Fund II, Brookfield Infrastructure Debt Fund, and The Catalytic Transition Fund (“Private Funds”), each of which is a Brookfield sponsored fund, and in connection therewith, Brookfield Renewable, together with its institutional partners, has access to financing using the Private Funds’ credit facilities.

Brookfield Wealth Solutions

From time to time Brookfield Wealth Solutions and its related entities may participate in capital raises undertaken by the company. Brookfield Wealth Solutions frequently participates alongside market participants at market rates as at June 30, 2025, $10 million of non-recourse borrowings (December 31, 2024: $13 million) were outstanding. As at June 30, 2025, the company had $58 million (December 31, 2024: $58 million) of borrowings from Brookfield Wealth Solutions classified as due to related party. Subsidiaries of Brookfield Wealth Solutions may from time to time decide to participate in the company’s equity offerings.


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
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Other

From time to time as part of normal course tax efficiency initiatives of our group, the company may invest in a subsidiary of the partnership or extend intercompany loans which are generally unsecured, bear interest at market rates, and are repayable on demand or under agreed terms to a subsidiary of the partnership to optimize the use of tax attributes, including net operating losses within the group. During the quarter, Brookfield Renewable executed a $945 million tax efficiency initiative classified as Due from related parties and Due to related parties on the statement of financial position.

Subsequent to the quarter, the Brookfield Renewable agreed to acquire to up to an incremental 15% ownership in Isagen S.A. E.S.P. from a Brookfield affiliate, at a value equivalent to a third party purchase price, for up to $1 billion. The closing of this transaction is expected to occur in the third quarter of 2025. The company will continue to consolidate this business.

Subsequent to the quarter, the company, together with its institutional partners, agreed to the sale of a 50% interest in a 450 MW portfolio of operating hydroelectric assets in the U.S. for expected proceeds of approximately $522 million ($250 million net to the company), of which 25% was sold to an affiliate of Brookfield at a value equivalent to what was agreed to with the third party that acquired the other 25% interest in the portfolio. The company will maintain control of the portfolio subsequent to the partial sale. The closing of this transaction is subject to customary closing conditions.

The following table reflects the related party agreements and transactions for the three and six months ended June 30 in the interim consolidated statements of income:


	Three months ended June 30				Six months ended June 30
(MILLIONS)	2025		2024		2025		2024
Revenues
Power purchase and revenue agreements	$	4	$	17	$	28	$	54

Other income
Interest income	$	9	$	5	$	19	$	14
Distribution income	19		1		19		3
	$	28	$	6	$	38	$	17

Direct operating costs
Energy purchases	$	(8)	$	(3)	$	(17)	$	(11)
Energy marketing fee & other services	(7)		—		(13)		(1)

	$	(15)	$	(3)	$	(30)	$	(12)

Interest expense
Borrowings and distributions(1)	$	(117)	$	(33)	$	(247)	$	(68)

Other


Related party services expense	$	(2)	$	(2)	$	(3)	$	(3)
Financial instrument gain	—		—		—		2
	$	(2)	$	(2)	$	(3)	$	(1)

Management service costs	$	(26)	$	(22)	$	(49)	$	(43)

(1)Includes distributions for the three and six months ended June 30, 2025 on BEPC exchangeable shares, class A.2 exchangeable shares and BRHC class C shares of $4 million, $13 million and $66 million, respectively and $8 million, $26 million and $161 million, respectively. (2024: $16 million, nil and nil, respectively and $32 million, nil and nil, respectively).


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
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The following table reflects the impact of the related party agreements and transactions on the consolidated statements of financial position:


(MILLIONS)	Related party	June 30, 2025		December 31, 2024
Current assets


Due from related parties
Amounts due from	Brookfield	$	28	$	30
	The partnership	2,011		1,363
	Equity-accounted investments and other	16		11
		$	2,055	$	1,404

Non-current assets


Due from related parties
Amounts due from	Equity-accounted investments and other	$	—	$	9

Current liabilities
Due to related parties
Amounts due to	Brookfield	$	33	$	34
	The partnership	1,372		480
	Brookfield Wealth Solutions and associates	24		24
	Equity-accounted investments and other	6		6
		$	1,435	$	544



Non-current liabilities
Due to related parties
Amounts due to	Brookfield	$	48	$	53
	The partnership	465		452
	Brookfield Wealth Solutions and associates	34		34
	Equity-accounted investments and other	1		2
		$	548	$	541


Non-recourse borrowings	Brookfield Wealth Solutions and associates	$	10	$	13

17. SUBSEQUENT EVENTS

Subsequent to the quarter, Brookfield Renewable, agreed to acquire up to an incremental 15% ownership in Isagen S.A. E.S.P. for up to $1 billion. The closing of this transaction is expected to occur in the third quarter of 2025. The company will continue to consolidate this business.

Subsequent to the quarter, the company, together with its institutional partners, reached agreements to sell two 25% interests in a portfolio of 450 MW operating hydroelectric assets in the U.S. for expected proceeds of approximately $522 million ($250 million net to the company). The closing of this transaction is subject to customary closing conditions.


Brookfield Renewable Corporation	Q2 2025 Interim Consolidated Financial Statements and Notes	June 30, 2025
		Page 32


GENERAL INFORMATION
Corporate Office 250 Vesey Street 15th Floor New York, NY, 10281 United States Tel: (212) 417-7000 https://bep.brookfield.com/bepc Officers of Brookfield Renewable Corporation Connor Teskey Chief Executive Officer Patrick Taylor Chief Financial Officer Transfer Agent & Registrar Computershare Trust Company of Canada 100 University Avenue 8th floor Toronto, Ontario, M5J 2Y1 Tel Toll Free: (800) 564-6253 Fax Toll Free: (888) 453-0330 www.computershare.com						Directors of Brookfield Renewable Corporation Jeffrey Blidner Eleazar de Carvalho Filho Dr. Sarah Deasley Nancy Dorn Lou Maroun Randy MacEwen Patricia Zuccotti Stephen Westwell Exchange Listing NYSE: BEPC (exchangeable shares) TSX: BEPC (exchangeable shares) Investor Information Visit Brookfield Renewable Corporation online at https://bep.brookfield.com/bepc for more information. For detailed and up-to-date news and information, please visit the News Release section. Additional financial information is filed electronically with various securities regulators in United States and Canada through EDGAR at www.sec.gov and through SEDAR+ at www.sedarplus.ca. Shareholder enquiries should be directed to the Investor Relations Department at (416) 649-8172 or enquiries@brookfieldrenewable.com

Document


Management’s Discussion and Analysis for
the three and six months ended June 30, 2025

The following Management’s Discussion and Analysis (“MD&A”) for the three and six months ended June 30, 2025 is provided as of August 1, 2025. Unless the context indicates or requires otherwise, the terms, “we”, “us”, and “our company” mean (i) when such references refer to a point in time before December 24, 2024, Brookfield Renewable Holdings Corporation (formerly, Brookfield Renewable Corporation) (“BRHC”) and its direct subsidiaries, and indirect operating entities as a group; (ii) when such references refer to a point in time on or after December 24, 2024, Brookfield Renewable Corporation (formerly 1505127 B.C.Ltd.) (“BEPC”). BEPC is an indirect controlled subsidiary of Brookfield Renewable Partners L.P. (“BEP”, or collectively with its subsidiaries, including BRHC and our company, “Brookfield Renewable”) (NYSE: BEP; TSX:BEP.UN). Unless the context indicates or requires otherwise, the “partnership” means Brookfield Renewable and its controlled subsidiaries, excluding BRHC and our company. The ultimate parent of Brookfield Renewable and Brookfield Renewable Corporation is Brookfield Corporation (“Brookfield Corporation”). Brookfield Corporation and its subsidiaries, other than Brookfield Renewable and Brookfield Renewable Corporation, 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.

In addition to historical information, this MD&A contains forward-looking statements. Readers are cautioned that these forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. See “Cautionary Statements Regarding Forward-Looking Statements”.

BEPC’s unaudited interim consolidated 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.

References to $, C$, €, R$ and COP are to United States (“U.S.”) dollars, Canadian dollars, Euros, Brazilian reais and Colombian pesos, respectively. Unless otherwise indicated, all dollar amounts are expressed in U.S. dollars.

For a description on 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/bepc), 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 – Overview	3	Part 5 – Liquidity and Capital Resources Continued
		Consolidated statements of cash flows	18
Part 2 – Financial Performance Review on Consolidated Information	4	Shares and units outstanding	19
		Contractual obligations	20
		Off-statement of financial position arrangements	20
Part 3 – Additional Consolidated Financial Information	6
Summary consolidated statements of financial position	6	Part 6 – Selected Quarterly Information	20
Related party transactions	6
		Part 7 – Critical Estimates, Accounting Policies, and Internal Controls	26
Part 4 – Financial Performance Review on Proportionate Information	10
		Part 8 – Presentation to Stakeholders and Performance Measurement	28
Proportionate results for the three months ended June 30	10
Reconciliation of non-IFRS measures	13	Part 9 – Cautionary Statements	31

Part 5 – Liquidity and Capital Resources	15
Available liquidity	15
Dividend policy	16
Borrowings	16
Capital expenditure	17

PART 1 – OVERVIEW

BUSINESS OVERVIEW

BEPC is a Canadian corporation incorporated on October 3, 2024 under the laws of British Columbia. Our company was established by Brookfield Renewable to be an alternative investment vehicle for investors who prefer owning securities through a corporate structure. While our operations are primarily located in the United States, Brazil, Colombia, and Europe, shareholders will, on economic terms, have exposure to all regions BEP operates in as a result of the exchange feature attaching to the Class A exchangeable subordinate voting shares ("BEPC exchangeable shares"), whereby BEPC will have the option to meet an exchange request by delivering cash or non-voting limited partnership units of BEP (“LP units”).

The BEPC exchangeable shares of our company are structured with the intention of being economically equivalent to the LP units. We believe economic equivalence is achieved through identical dividends and distributions on the BEPC exchangeable shares and the LP units and each BEPC exchangeable share being exchangeable at the option of the holder for one LP unit at any time. Given the economic equivalence, we expect that the market price of the BEPC exchangeable shares will be significantly impacted by the market price of the LP units and the combined business performance of our company and Brookfield Renewable as a whole. In addition to carefully considering the disclosure made in this document, shareholders are strongly encouraged to carefully review the partnership’s periodic reporting. The partnership is required to file reports, including annual reports on Form 20-F, and other information with the United States Securities and Exchange Commission (the “SEC”). The partnership’s SEC filings are available to the public from the SEC’s website at http://www.sec.gov. Copies of documents that have been filed with the Canadian securities authorities can be obtained at http://ww.sedarplus.ca. Information about the partnership, including its SEC filings, is also available on its website at https://bep.brookfield.com. The information found on, or accessible through, https://bep.brookfield.com is not incorporated into and does not form a part of this MD&A.

Our company, Brookfield Renewable Holdings Corporation (“BRHC”), our subsidiaries and Brookfield Renewable (together our “Group”), target a total return of 12% to 15% per annum on the renewable assets that we own, measured over the long-term. Our group intends to generate this return from cash flows from our operations plus growth through investments in upgrades and expansions of our asset base, as well as acquisitions and capital recycling initiatives. Brookfield Renewable determines its distributions based primarily on an assessment of its operating performance. Our group uses Funds From Operations (“FFO”) to assess operating performance which can be used on a per unit basis as a proxy for future distribution growth over the long-term. For further details, see the “Performance Disclosures” section of this MD&A.

The Arrangement


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
		Page 3

PART 2 – FINANCIAL PERFORMANCE REVIEW ON CONSOLIDATED INFORMATION

The following table reflects key financial data for the three and six months ended June 30:


	Three months ended June 30				Six months ended June 30
(MILLIONS, EXCEPT AS NOTED)	2025		2024		2025		2024
Revenues	$	952	$	989	$	1,859	$	2,114
Direct operating costs	(353)		(419)		(721)		(903)
Management service costs	(26)		(22)		(49)		(43)
Interest expense	(425)		(341)		(838)		(704)


Depreciation	(319)		(312)		(626)		(657)
Remeasurement of interests held in BRHC by the partnership	(652)		—		(529)		—
Remeasurement of BEPC exchangeable and class A.2 exchangeable shares	(624)		—		(524)		—
Remeasurement of exchangeable and class B shares of BRHC	—		(277)		—		271

Income tax expense (recovery)	1		(6)		(6)		(39)
Net (loss) income	$	(1,447)	$	(339)	$	(1,452)	$	152

	Average FX rates to USD
€	0.88		0.93		0.92		0.92
R$	5.67		5.22		5.76		5.09
COP	4,198		3,927		4,195		3,921

Variance Analysis For The Three Months Ended June 30, 2025

Revenues totaling $952 million represents a decrease of $37 million over the same period in the prior year as growth of our business, inflation escalation on our contracted generation and the benefits of strong hydrology from our U.S. and Colombian hydroelectric assets were offset by recently completed asset sales. Recently commissioned facilities that we consolidate contributed 165 GWh of generation and $8 million of revenues, offset by recently completed asset sales that reduced generation by 450 GWh and revenues by $54 million. On a same store, constant currency basis, revenues increased by $31 million due to the benefits from higher resources at our U.S. and Colombia hydroelectric assets, as well as inflation escalation on our contracted generation in South America, partially offset by lower hydrology at our Brazil business and lower spot prices on our uncontracted Colombian generation caused by higher system-wide hydrology.

The strengthening of the U.S. dollar relative to the same period in the prior year across most currencies decreased revenues by $22 million, which was offset by a $20 million favorable foreign exchange impact on our operating and interest expenses.

Direct operating costs totaling $353 million, represents a decrease of $66 million compared to the same period in the prior year due to recently completed asset sales and the above noted strengthening of the U.S. dollar partly offset by additional costs from our recently commissioned facilities.

Management service costs totaled $26 million, representing an increase of $4 million compared to the same period in the prior year.

Interest expense totaling $425 million represents an increase of $84 million compared to the same period in the prior year due to the re-classification of distributions on the BRHC Class C shares to interest expense due to their treatment as a liability as a result of the Arrangement offset by recently completed asset sales and the above noted strengthening of the U.S. dollar.

Remeasurement of shares classified as financial liabilities resulted in a $1,276 million loss compared to a $277 million loss in the same period in the prior year as a result of the growth of our business and the corresponding increase in Brookfield Renewable LP unit and BEPC exchangeable share prices during the period.

Depreciation expense totaling $319 million represents an increase of $7 million compared to the same period in the prior year due to recently commissioned facilities partly offset by recently completed asset sales.

Net loss totaling $1,447 million represents a decrease of $1,108 million compared to the same period in the prior year due to remeasurement of shares classified as financial liabilities and other items noted above.


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
		Page 4

Variance Analysis For The Six Months Ended June 30, 2025

Revenues totaling $1,859 million represents an decrease of $255 million over the same period in the prior year as the growth of our business, inflation escalation on our contracted generation and the benefits of strong hydrology from our U.S. and Colombian hydroelectric assets were offset by recently completed asset sales. Recently commissioned facilities that we consolidate contributed 373 GWh of generation and $18 million of revenues, offset by recently completed asset sales and organizational structuring initiatives that reduced generation by 3,878 GWh and revenue by $233 million. On a same store, constant currency basis, revenue increased by $23 million due to the benefits from higher resources at our U.S. and Colombia hydroelectric assets and our wind portfolio, as well as inflation escalation on our contracted generation in South America, partially offset by lower hydrology at our Brazil business and lower spot prices on our uncontracted Colombian generation caused by higher system-wide hydrology.

The strengthening of the U.S. dollar relative to the same period in the prior year across most currencies decreased revenues by $63 million, which was partly offset by a $49 million favorable foreign exchange impact on our operating and interest expenses.

Direct operating costs totaling $721 million represents a decrease of $182 million over the same period in the prior year primarily due to recently completed asset sales and organizational structuring initiatives, and the above noted foreign exchange fluctuations partly offset by recently commissioned facilities.

Management service costs totaling $49 million represents an increase of $6 million over the same period in the prior year.

Interest expense totaling $838 million represents an increase of $134 million compared to the same period in the prior year due to the re-classification of distributions on the BRHC Class C shares to interest expense due to their treatment as a liability as a result of the Arrangement offset by recently completed asset sales and organizational structuring initiatives and the above noted strengthening of the U.S. dollar.

Remeasurement of shares classified as financial liabilities resulted in a $1,053 million loss versus a $271 million gain in the same period in the prior year as a result of the growth of our business and the corresponding increase in Brookfield Renewable LP unit and BEPC exchangeable share prices during the period.

Depreciation expense totaling $626 million represents a decrease of $31 million over the same period in the prior year due to recently completed asset sales and organizational structuring initiatives partly offset by recently commissioned facilities.

Net loss totaling $1,452 million represents a decrease of $1,604 million over the prior year due to remeasurement of shares classified as financial liabilities and other items noted above.


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
		Page 5

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)	June 30, 2025		December 31, 2024
Current assets	$	3,703	$	3,114
Equity-accounted investments	816		753
Property, plant and equipment	40,094		38,696

Total assets	46,034		44,129


Non-recourse borrowings	14,362		13,775
Deferred income tax liabilities	6,840		6,493
Interests held in BRHC by Brookfield Renewable	4,961		4,432
BEPC exchangeable and class A.2 exchangeable shares	4,692		4,168
Total equity in net assets	10,754		12,108
Total liabilities and equity	46,034		44,129
	Spot FX rates to USD
€	0.85		0.97
R$	5.46		6.19
COP	4,070		4,409

Property, plant and equipment

Property, plant and equipment totaled $40.1 billion as at June 30, 2025 compared to $38.7 billion as at December 31, 2024, representing an increase of $1.4 billion. The increase was due to our continued investments in the development of power generation assets and our sustaining capital expenditure that increased property, plant and equipment by $0.6 billion and the weakening of the U.S. dollar versus most currencies that increased property, plant and equipment by $1.7 billion. These increases were partially offset by disposals which decreased property, plant and equipment by $0.3 billion and depreciation expense which decreased property, plant and equipment by $0.6 billion.

RELATED PARTY TRANSACTIONS

Our company’s related party transactions are in the normal course of business, are recorded at the exchange amount, and are primarily with the partnership and its related parties.

Since inception, our parent company has had a Master Services Agreement with Brookfield. The Master Services Agreement was amended in connection with the completion of the Arrangement to include, among other things, BEPC as a service recipient.

Our company sells electricity to Brookfield through a single long-term PPA across our New York hydroelectric facilities.

Brookfield has provided a $400 million committed unsecured revolving credit facility maturing in December 2029 and the draws bear interest at the Secured Overnight Financing Rate (“SOFR”) plus a margin. During the current period, there were no draws on the committed unsecured revolving credit facility provided by Brookfield. Brookfield may from time to time place funds on deposit with the company which are repayable on demand including any interest accrued. There were nil funds placed on deposit with the company as at June 30, 2025 (December 31, 2024: nil). The interest expense on the Brookfield revolving credit facility and deposit for the three and six months ended June 30, 2025 totaled nil and nil, respectively (2024: nil and nil, respectively).


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
		Page 6

Our company 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 Debt Fund, Brookfield Infrastructure Income Fund, Brookfield Global Transition Fund I, Brookfield Global Transition Fund II, and The Catalytic Transition Fund (“Private Funds”), each of which is a Brookfield sponsored fund, and in connection therewith, Brookfield Renewable, together with its institutional partners, has access to financing using the Private Funds’ credit facilities.

In addition, our company has executed, amended, or terminated other agreements with the partnership and Brookfield that are described in Note 27 - Related party transactions in the company’s December 31, 2024 audited consolidated financial statements.


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
		Page 7

The following table reflects the related party agreements and transactions in the unaudited interim consolidated statements of income (loss), for the three and six months ended June 30:


	Three months ended June 30				Six months ended June 30
(MILLIONS)	2025		2024		2025		2024
Revenues
Power purchase and revenue agreements	$	4	$	17	$	28	$	54

Other income
Interest income	$	9	$	5	$	19	$	14
Distribution income	19		1		19		3
	$	28	$	6	$	38	$	17

Direct operating costs
Energy purchases	$	(8)	$	(3)	$	(17)	$	(11)
Energy marketing fee & other services	(7)		—		(13)		(1)

	$	(15)	$	(3)	$	(30)	$	(12)

Interest expense
Borrowings and distributions(1)	$	(117)	$	(33)	$	(247)	$	(68)

Other


Other related party services expense	$	(2)	$	(2)	$	(3)	$	(3)
Financial instrument gain	—		—		—		2
	$	(2)	$	(2)	$	(3)	$	(1)

Management service costs	$	(26)	$	(22)	$	(49)	$	(43)


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
		Page 8

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


(MILLIONS)	Related party	June 30, 2025		December 31, 2024
Current assets


Due from related parties
Amounts due from	Brookfield	$	28	$	30
	The partnership	2,011		1,363
	Equity-accounted investments and other	16		11
		$	2,055	$	1,404

Non-current assets

Due from related parties
Amounts due from	Equity-accounted investments and other	$	—	$	9

Current liabilities
Due to related parties
Amounts due to	Brookfield	$	33	$	34
	The partnership	1,372		480
	Brookfield Wealth Solutions and associates	24		24
	Equity-accounted investments and other	6		6
		$	1,435	$	544



Non-current liabilities
Due to related parties
Amounts due to	Brookfield	$	48	$	53
	The partnership	465		452
	Brookfield Wealth Solutions and associates	34		34
	Equity-accounted investments and other	1		2
		$	548	$	541


Non-recourse borrowings	Brookfield Wealth Solutions and associates	$	10	$	13


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
		Page 9

PART 4 – FINANCIAL PERFORMANCE REVIEW ON PROPORTIONATE INFORMATION

SEGMENTED DISCLOSURES

Segmented information is prepared on the same basis that our company's chief operating decision maker, which we refer to as "CODM" manages our company, 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.

PROPORTIONATE RESULTS FOR THE THREE MONTHS ENDED JUNE 30

The following chart reflects the generation and summary financial figures on a proportionate basis for the three months ended June 30:


	(GWh)		(MILLIONS)
	Renewable Actual Generation		Revenues				Adjusted EBITDA(1)				Funds From Operations(1)
	2025	2024	2025		2024		2025		2024		2025		2024
Hydroelectric	4,105	3,536	$	363	$	298	$	226	$	175	$	162	$	123
Wind	593	590	40		46		32		38		22		25
Utility-scale solar	403	417	62		64		48		58		29		42
Distributed energy & sustainable solutions	171	241	29		32		18		24		12		15
Corporate	—	—	—		—		(1)		41		(27)		14
Total	5,272	4,784	$	494	$	440	$	323	$	336	$	198	$	219

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


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
		Page 10

HYDROELECTRIC OPERATIONS ON A PROPORTIONATE BASIS

The following table presents our proportionate results for hydroelectric operations for the three months ended June 30:


(MILLIONS, EXCEPT AS NOTED)	2025		2024

Revenue	$	363	$	298
Other income	3		7
Direct operating costs	(140)		(130)
Adjusted EBITDA(1)	226		175

Interest expense	(61)		(50)
Current income taxes	(3)		(2)
Funds From Operations	$	162	$	123




Generation (GWh) - actual	4,105		3,536
Average revenue per MWh(2)	75		78

(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.

Funds From Operations at our hydroelectric business was $162 million versus $123 million in the prior year, as the benefit of stronger hydrology at our U.S. and Colombian businesses and inflation indexation on contacted generation was partially offset by lower hydrology at our Brazil business, lower average revenue per MWh in the U.S. due to price mix (resource was higher in low price markets), lower spot prices on our uncontracted Colombian generation caused by higher system-wide hydrology, and the weakening of the Brazilian real and Colombian peso against the U.S. dollar.

WIND OPERATIONS ON A PROPORTIONATE BASIS

The following table presents our proportionate results for wind operations for the three months ended June 30:


(MILLIONS, EXCEPT AS NOTED)	2025		2024

Revenue	$	40	$	46
Other income	8		10
Direct operating costs	(16)		(18)
Adjusted EBITDA(1)	32		38

Interest expense	(9)		(11)
Current income taxes	(1)		(2)
Funds From Operations	$	22	$	25




Generation (GWh) - actual	593		590

(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.

Funds From Operations at our wind business was $22 million versus $25 million in the prior year as the benefit from newly commissioned facilities and stronger generation on a same store basis was offset by the impact from the sale of our wind assets in Portugal and Spain that reduced results compared to the prior year.


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
		Page 11

UTILITY-SCALE SOLAR OPERATIONS ON A PROPORTIONATE BASIS

The following table presents our proportionate results for utility-scale solar operations for the three months ended June 30:


(MILLIONS, EXCEPT AS NOTED)	2025		2024


Revenue	$	62	$	64
Other income	—		9
Direct operating costs	(14)		(15)
Adjusted EBITDA(1)	48		58

Interest expense	(17)		(16)
Current income taxes	(2)		—
Funds From Operations	$	29	$	42




Generation (GWh) – actual	403		417

(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.

Funds From Operations at our utility-scale solar business was $29 million versus $42 million in the prior year as the benefit from newly commissioned facilities was offset by the lower generation on a same store basis and the impact from the sale of our solar assets in Spain that reduced results compared to the prior year.

DISTRIBUTED ENERGY & SUSTAINABLE SOLUTIONS OPERATIONS ON A PROPORTIONATE BASIS

The following table presents our proportionate results for distributed energy & sustainable solutions operations for the three months ended June 30:


(MILLIONS, EXCEPT AS NOTED)	2025		2024

Revenue	$	29	$	32
Other income	1		5
Direct operating costs	(12)		(13)
Adjusted EBITDA(1)	18		24

Interest expense	(6)		(9)


Funds From Operations	$	12	$	15




Generation (GWh) – actual	171		241

(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.

Funds From Operations at our distributed energy & sustainable solutions business was $12 million versus $15 million in the prior year due to lower generation from our distributed energy and pumped storage business.


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
		Page 12

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 June 30, 2025:



(MILLIONS)	Hydroelectric		Wind		Utility-scale Solar		Distributed energy & sustainable solutions		Corporate		Total
Net income (loss)	$	56	$	(14)	$	(28)	$	(24)	$	(1,437)	$	(1,447)
Add back or deduct the following:
Depreciation	138		78		70		33		—		319
Deferred income tax recovery	(3)		(7)		—		(3)		—		(13)
Foreign exchange and financial instrument loss (gain)	37		(28)		10		7		—		26
Other(1)	(7)		9		11		3		1		17
Dividends on BEPC exchangeable shares, class A.2 exchangeable shares and exchangeable shares of BRHC(2)	—		—		—		—		133		133
Remeasurement of interests held in BRHC by the partnership	—		—		—		—		652		652
Remeasurement of BEPC exchangeable and class A.2 exchangeable shares	—		—		—		—		624		624

Management service costs	—		—		—		—		26		26
Interest expense(2)	182		37		58		15		—		292
Current income tax expense	7		1		4		—		—		12
Amount attributable to equity accounted investments and non-controlling interests(3)	(184)		(44)		(77)		(13)		—		(318)
Adjusted EBITDA attributable to the partnership	$	226	$	32	$	48	$	18	$	(1)	$	323

(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 the company’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 within Adjusted EBITDA.

(2)Total interest expense of $425 million is comprised of Interest expense and Dividends on BEPC exchangeable, class A.2 exchangeable shares and exchangeable shares of BRHC.

(3)Amount attributable to equity accounted investments corresponds to the Adjusted EBITDA to the company 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. By adjusting Adjusted EBITDA attributable to non-controlling interest, our company is able to remove the portion of Adjusted EBITDA earned at non-wholly owned subsidiaries that are not attributable to our company.


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
		Page 13



(MILLIONS)	Hydroelectric		Wind		Utility-scale Solar		Distributed energy & sustainable solutions		Corporate		Total
Net income (loss)	$	46	$	(23)	$	(14)	$	23	$	(371)	$	(339)
Add back or deduct the following:
Depreciation	130		92		66		24		—		312
Deferred income tax expense (recovery)	1		(5)		3		(2)		—		(3)
Foreign exchange and financial instrument gain	(4)		(28)		(4)		(1)		—		(37)
Other(1)	43		(1)		18		(44)		43		59
Dividends on BEPC exchangeable shares(2)	—		—		—		—		64		64


Remeasurement of exchangeable and class B shares of BRHC	—		—		—		—		277		277
Management service costs	—		—		—		—		22		22
Interest expense(2)	158		67		33		13		6		277
Current income tax expense	3		4		2		—		—		9
Amount attributable to equity accounted investments and non-controlling interests(3)	(202)		(68)		(46)		11		—		(305)
Adjusted EBITDA attributable to the company	$	175	$	38	$	58	$	24	$	41	$	336

(2)Total interest expense of $341 million is comprised of Interest expense and Dividends on BEPC exchangeable shares.


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
		Page 14

The following table reconciles non-IFRS financial measures to the most directly comparable IFRS measures. Net loss is reconciled to Funds From Operations for the three months ended June 30:


(MILLIONS, EXCEPT AS NOTED)	2025		2024
Net loss	$	(1,447)	$	(339)
Add back or deduct the following:
Depreciation	319		312
Deferred income tax recovery	(13)		(3)
Foreign exchange and financial instruments loss (gain)	26		(37)
Other(1)	17		59
Dividends on BEPC exchangeable shares, class A.2 exchangeable shares and exchangeable shares of BRHC	133		64
Remeasurement of interests held in BRHC by the partnership	652		—
Remeasurement of BEPC exchangeable and class A.2 exchangeable shares	624		—
Remeasurement of exchangeable and class B shares of BRHC	—		277
Amount attributable to equity accounted investments and non-controlling interest(2)	(113)		(114)
Funds From Operations	$	198	$	219

(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. By adjusting Funds From Operations attributable to non-controlling interest, our company is able to remove the portion of Funds From Operations earned at non-wholly owned subsidiaries that are not attributable to our company.

PART 5 – LIQUIDITY AND CAPITAL RESOURCES

AVAILABLE LIQUIDITY

Our company assesses liquidity on a group-wide basis, consistent with the partnership, because shareholders have exposure to a broader base of renewable investments by virtue of the exchange feature of BEPC exchangeable shares. Our group-wide liquidity consisted of the following:


(MILLIONS)	June 30, 2025		December 31, 2024
Our company's share of cash and cash equivalents	$	289	$	255
Authorized credit facilities(1)	2,450		2,450
	2,739		2,705
Available portion of subsidiary credit facilities	121		85
Brookfield Renewable group liquidity on a proportionate basis	1,817		1,530
Available liquidity	$	4,677	$	4,320

(1)Includes the $2,050 million Subordinated Credit Facilities with the partnership and a $400 million revolving credit facility with Brookfield Corporation.

We operate with sufficient liquidity to enable us to fund growth initiatives, capital expenditures, distributions 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, upfinancings on non-recourse borrowings and proceeds from the issuance of various securities through public markets.


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
		Page 15

DIVIDEND POLICY

The BEPC board may declare dividends at its discretion. However, the BEPC exchangeable shares have been structured with the intention of providing an economic return equivalent to the LP units and it is expected that dividends on the BEPC exchangeable shares will be declared at the same time and in the same amount as distributions made on the LP units. In the event dividends are not declared and paid concurrently with a distribution on the LP units, then the undeclared or unpaid amount of such BEPC exchangeable share dividend will accrue and accumulate. Pursuant to the amended and restated equity commitment agreement, the partnership has also agreed not to declare or pay any distribution on the LP units if on such date our company does not have sufficient funds or other assets to enable the declaration and payment of an equivalent dividend on the BEPC exchangeable shares. See Item 7.B “Related Party Transactions – BEPC relationship with the partnership – Equity Commitment Agreement” of our Form 20-F for the annual period ended December 31, 2024. Brookfield Renewable’s distributions are underpinned by stable, highly regulated and contracted cash flows generated from operations. Brookfield Renewable’s objective is to pay a distribution that is sustainable on a long-term basis and has set its target payout ratio at approximately 70% of Brookfield Renewable’s Funds From Operations.

The board of directors of the general partner of Brookfield Renewable approved a 5% increase in its annual distribution to $1.492 per LP unit, or $0.373 per LP unit quarterly, starting with the distribution paid in March 2025, an increase from $1.420 per LP unit in 2024. This increase reflects the forecasted contribution from Brookfield Renewable's recently commissioned capital projects, as well as the expected cash yield on recent acquisitions net of dispositions. Brookfield Renewable targets a 5% to 9% annual distribution growth in light of growth it foresees in its operations.

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:


	June 30, 2025				December 31, 2024
	Weighted-average				Weighted-average
(MILLIONS EXCEPT AS NOTED)	Interest rate (%)(1)	Term (years)	Total		Interest rate (%)(1)	Term (years)	Total
Proportionate non-recourse borrowings(2)
Hydroelectric	7.1	5	$	3,011	6.8	6	$	2,939
Wind	6.0	9	665		5.1	6	695
Utility-scale Solar	5.0	11	1,279		5.4	10	1,281
Distributed energy & sustainable solutions	4.9	10	393		4.8	8	304
	6.3	7	5,348		6.1	7	5,219
Proportionate unamortized financing fees, net of unamortized premiums and discounts			(33)				(31)
			5,315				5,188

Equity-accounted borrowings			(103)				(104)
Non-controlling interests and other(3)			9,150				8,691
As per IFRS Statements			$	14,362			$	13,775

(1)Includes cash 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 Corporation	Management’s Discussion and Analysis	June 30, 2025
		Page 16

The following table summarizes our undiscounted principal repayments and scheduled amortization on a proportionate basis as at June 30, 2025:


(MILLIONS)	Rest of 2025		2026		2027		2028		2029		Thereafter		Total
Debt Principal repayments
Non-recourse borrowings

Hydroelectric	$	253	$	249	$	107	$	83	$	242	$	1,145	$	2,079
Wind	—		1		1		123		54		126		305
Utility-scale solar	—		11		—		93		41		92		237
Distributed energy & sustainable solutions	—		—		26		77		27		61		191
	253		261		134		376		364		1,424		2,812
Amortizing debt principal repayments
Non-recourse borrowings
Hydroelectric	45		110		99		123		92		463		932
Wind	21		46		32		32		31		198		360
Utility-scale solar	43		87		86		84		85		657		1,042
Distributed energy & sustainable solutions	14		21		18		19		17		113		202
	123		264		235		258		225		1,431		2,536
Total	$	376	$	525	$	369	$	634	$	589	$	2,855	$	5,348

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 2029 on acceptable terms and will do so opportunistically based on the prevailing interest rate environment.

Proportionate debt is presented to assist investors in understanding the capital structure of the underlying investments of our company that are consolidated in its financial statements but are not wholly-owned. When used in conjunction with Funds from Operations, proportionate debt is expected to provide useful information as to how our company has financed its businesses at the asset-level. The only difference between consolidated debt presented under IFRS and proportionate debt is the adjustment to remove the share of debt of consolidated investments not attributable to our company and the adjustment to include share of debt attributable to the equity-accounted investments of our company. Management utilizes proportionate debt in understanding the capital structure of the underlying investments that are consolidated in its financial statements but are not wholly-owned. Proportionate debt provides useful information as to how our company has financed its businesses at the asset-level and provides a view into the return on the capital that it invests at a given degree of leverage.

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, our company has $2.45 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. We believe these capital sources will be sufficient to permit us to deploy the necessary capital for our contractual commitments (see Note 15 - Commitments, contingencies and guarantees) and our company’s share of anticipated transactions by our group.


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
		Page 17

CONSOLIDATED STATEMENTS OF CASH FLOWS

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


	Three months ended June 30				Six months ended June 30
(MILLIONS)	2025		2024		2025		2024
Cash flow provided by (used in):
Operating activities before changes in due to or from related parties and net working capital change	$	148	$	253	$	253	$	557
Change in due to or from related parties	43		21		30		53
Net change in working capital balances	(52)		(134)		(34)		(213)
Operating activities	$	139	$	140	$	249	$	397
Financing activities	(179)		(82)		(75)		55
Investing activities	(36)		(51)		(288)		(422)
Foreign exchange gain (loss) on cash	19		(30)		46		(39)
Decrease in cash and cash equivalents	$	(57)	$	(23)	$	(68)	$	(9)

Operating Activities

Cash flows from Operating activities for the three and six months ended June 30, 2025 totaled $148 million and $253 million, respectively, compared to $253 million and $557 million, respectively, in 2024, reflecting the strong operating performance of our business during both periods.

Financing Activities

Cash flows used in financing activities totaled $179 million and $75 million for the three and six months ended June 30, 2025, respectively. The strength of our balance sheet and disciplined access to diverse sources of capital enabled us to fund growth and generate net proceeds of $73 million and $225 million from non-recourse and related party financings for the three and six months ended June 30, 2025, respectively. Our non-controlling interest contributed incremental capital, net of capital returns, of $56 million and $157 million for the three and six months ended June 30, 2025, respectively.

Distributions paid during the three and six months ended June 30, 2025 to participating non-controlling interest in operating subsidiaries and the partnership totaled $308 million and $457 million, respectively (2024: $188 million and $264 million, respectively).

The company had cash flows totaling $82 million used in and $55 million provided by financing activities for the three and six months ended June 30, 2024, respectively. The strength of our balance sheet and disciplined access to diverse sources of capital to fund growth allowed us to raise proceeds of approximately $99 million and $230 million from non-recourse and related party financings for three and six months ended June 30, 2024, respectively.

Investing Activities

Cash flows used in investing activities totaled $36 million and $288 million for the three and six months ended June 30, 2025, respectively. Our continued investment in property, plant and equipment, including the construction and development of wind, solar and storage development projects in the U.S., Colombia, and Brazil, totaled $302 million and $550 million for the three and six months ended June 30, 2025, respectively. Net of proceeds from disposals of our structured investments and equity accounted investments totaled $293 million and $273 million for the three and six months ended June 30, 2025, respectively.

Cash flows used in investing activities totaled $51 million and $422 million for the three and six months ended June 30, 2024, respectively. Our continued investment in our property, plant and equipment, including the construction and development of wind, solar, and storage development projects in the U.S. and Brazil, totaled $199 million and $476 million for the three and six months ended June 30, 2024, respectively. Proceeds generated from the sale of a 30 MW hydroelectric asset in the U.S., a 85 MW portfolio of biomass facilities in Brazil, and securities were offset by cash and cash equivalents transferred alongside our 100% interest in a portfolio of 5,900 MW of operating and under construction assets, with a 6,100 MW development pipeline in the U.S. to a subsidiary of Brookfield Renewable, resulting in proceeds of $191 million and $78 million for the three and six months ended June 30, 2024, respectively.


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
		Page 18

SHARES AND UNITS OUTSTANDING

Our company’s equity interests include BEPC exchangeable shares and class A.2 exchangeable shares held by Brookfield Holders and public shareholders and BEPC class B, BRHC class B and BRHC class C shares held by the partnership. Dividends on each of our BEPC exchangeable shares and class A.2 exchangeable shares are expected to be declared and paid at the same time and in the same amount per share as distributions on each LP unit of the partnership. Ownership of BEPC class B, BRHC class B, and BRHC class C shares will entitle holders to receive dividends as and when declared by our board.

Our company’s capital structure is comprised of the following shares:


(UNITS)	June 30, 2025	December 31, 2024
BEPC exchangeable shares and class A.2 exchangeable shares(1)	179,605,290	179,640,851
BEPC class B shares	43,661	43,661
BRHC class B shares	110	110
BRHC class C shares	194,460,874	194,460,874

(1)Includes 144,885,607 (December 31, 2024: 144,921,168) of BEPC exchangeable shares and 34,719,683 (December 31, 2024: 34,719,683) of Class A.2 exchangeable shares.

BEPC exchangeable shares and class A.2 exchangeable shares provide the holder, at its discretion, with the right to redeem these shares for cash consideration. The redemption right related to the BEPC exchangeable shares is subject to the company’s right, at its sole discretion, to satisfy the redemption request with LP units on a one-for-one basis. Similarly, the redemption right related to class A.2 exchangeable shares is subject to the company’s right, at its sole discretion, to satisfy any such redemption request with BEPC exchangeable shares or LP units, at the election of Brookfield, rather than cash, on a one-for-one basis. For more information, see Item 10.B “Memorandum and Articles of Association – BEPC Exchangeable Shares” of our Form 20-F for the annual period ended December 31, 2024. During the three and six months ended June 30, 2025, our shareholders exchanged 248 and 35,561, respectively (2024: 7,459 and 10,142, respectively) BEPC exchangeable shares for an equivalent number of BEP LP units. BEPC class B, BRHC class B and BRHC class C shares are redeemable for cash in an amount equal to the market price of an LP unit. There have been no redemptions of class A.2 exchangeable shares, BEPC class B or BRHC class C shares to date. Due to the exchange feature of the BEPC exchangeable shares and class A.2 exchangeable shares and the cash redemption feature of the BEPC class B, BRHC class B and BRHC class C shares, the BEPC exchangeable shares, class A.2 exchangeable shares, BEPC class B shares, BRHC class B shares and BRHC class C shares are classified as financial liabilities. However, the BEPC class B shares meet certain qualifying criteria and are presented as equity instruments given the narrow scope presentation exceptions existing in IAS 32.

During the three and six months ended June 30, 2025, our company declared dividends of $67 million and $135 million , respectively (2024: $64 million and $129 million, respectively) on its outstanding BEPC exchangeable shares and class A.2 exchangeable shares and $66 million and $161 million, respectively (2024: nil and nil, respectively) on its outstanding BRHC class C shares. Dividends on our BEPC exchangeable shares, class A.2 exchangeable shares and BRHC class C shares are presented as interest expense in the unaudited interim consolidated financial statements. No dividends were declared on BEPC class B shares and BRHC class B shares during the three and six months ended June 30, 2025.

Our company may from time-to-time, subject to applicable law, purchase shares for cancellation in the open market, provided that any necessary approval has been obtained.

As at the date of this report, Brookfield Holders, and the partnership, through ownership of BEPC exchangeable shares, class A.2 exchangeable shares and BEPC class B shares, hold an approximate 79% voting interest in our company. Holders of BEPC exchangeable shares, excluding Brookfield Holders, including the partnership, hold an approximate 21% aggregate voting interest in BEPC.


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
		Page 19

CONTRACTUAL OBLIGATIONS

Please see Note 15 – 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.

OFF-STATEMENT OF FINANCIAL POSITION ARRANGEMENTS

Our company 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.

Our company 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 June 30, 2025, letters of credit issued amounted to $1,271 million (2024: $1,002 million).

PART 6 – SELECTED QUARTERLY INFORMATION

HISTORICAL OPERATIONAL AND FINANCIAL INFORMATION RELATED TO THE PARTNERSHIP

As the market price of BEPC exchangeable shares is expected to be significantly impacted by the market price of the LP units and the combined business performance of Brookfield Renewable as a whole, we are providing the following historical operational and financial information regarding Brookfield Renewable. For further details please review the partnership’s periodic reporting referenced in the introductory section of this MD&A.


	2025				2024								2023
(MILLIONS, EXCEPT AS NOTED)	Q2		Q1		Q4		Q3		Q2		Q1		Q4		Q3




Revenues	$	1,692	$	1,580	$	1,432	$	1,470	$	1,482	$	1,492	$	1,323	$	1,179
Net (loss) income to Unitholders	(112)		(197)		(9)		(181)		(154)		(120)		35		(64)
Basic (loss) income per LP unit	(0.22)		(0.35)		(0.06)		(0.32)		(0.28)		(0.23)		0.01		(0.14)


Funds From Operations	371		315		304		278		339		296		255		253
Funds From Operations per Unit	0.56		0.48		0.46		0.42		0.51		0.45		0.38		0.38
Distribution per LP Unit	0.37		0.37		0.36		0.36		0.36		0.36		0.34		0.34


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
		Page 20

SUMMARY FINANCIAL INFORMATION RELATED TO THE COMPANY

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


	2025				2024								2023
(MILLIONS, EXCEPT AS NOTED)	Q2		Q1		Q4		Q3		Q2		Q1		Q4		Q3



Revenues	$	952	$	907	$	987	$	1,041	$	989	$	1,125	$	1,066	$	934
Net (loss) income	(1,447)		(5)		945		(664)		(339)		491		(502)		1,370
Net (loss) income attributable to the partnership	(1,410)		5		761		(674)		(342)		491		(747)		1,340


Brookfield Renewable Corporation.	Management’s Discussion and Analysis	June 30, 2025
		Page 21

PROPORTIONATE RESULTS FOR THE SIX MONTHS ENDED JUNE 30

The following chart reflects the generation and summary financial figures on a proportionate basis for the six months ended June 30:


	(GWh)		(MILLIONS)
	Renewable Actual Generation		Revenues				Adjusted EBITDA(1)				Funds From Operations(1)
	2025	2024	2025		2024		2025		2024		2025		2024
Hydroelectric	7,808	7,429	$	692	$	641	$	407	$	398	$	276	$	275
Wind	1,218	1,566	82		116		65		85		45		59
Utility-scale Solar	680	921	106		127		85		111		51		77
Distributed energy & sustainable solutions	381	510	54		66		27		45		17		31
Corporate	—	—	—		—		(3)		39		(52)		(4)
Total	10,087	10,426	$	934	$	950	$	581	$	678	$	337	$	438

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


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
		Page 22

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 six months ended June 30, 2025:



(MILLIONS)	Hydroelectric		Wind		Utility-scale Solar		Distributed energy & sustainable solutions		Corporate		Total
Net income (loss)	$	141	$	(79)	$	(68)	$	(45)	$	(1,401)	$	(1,452)
Add back or deduct the following:
Depreciation	269		155		138		64		—		626
Deferred income tax recovery	(5)		(22)		(5)		(9)		(1)		(42)
Foreign exchange and financial instrument loss (gain)	40		(6)		13		—		—		47


Other(1)	14		23		22		8		—		67
Dividends on BEPC exchangeable shares, class A.2 exchangeable shares and exchangeable shares of BRHC(2)	—		—		—		—		296		296
Remeasurement of interests held in BRHC by the partnership	—		—		—		—		529		529
Remeasurement of BEPC exchangeable and class A.2 exchangeable shares	—		—		—		—		524		524
Management service costs	—		—		—		—		49		49
Interest expense(2)	329		78		111		24		—		542
Current income tax expense	38		2		7		—		1		48
Amount attributable to equity accounted investments and non-controlling interests(3)	(419)		(86)		(133)		(15)		—		$	(653)
Adjusted EBITDA attributable to the partnership	$	407	$	65	$	85	$	27	$	(3)	$	581

(2)Total interest expense of $838 million is comprised of amounts on Interest expense and Dividends on BEPC exchangeable, class A.2 exchangeable shares and exchangeable shares of BRHC.


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
		Page 23


	Attributable to the partnership
(MILLIONS)	Hydroelectric		Wind		Utility-scale Solar		Distributed energy & sustainable solutions		Corporate		Total
Net income (loss)	$	154	$	(47)	$	(51)	$	14	$	82	$	152
Add back or deduct the following:
Depreciation	262		199		150		46		—		657
Deferred income tax expense (recovery)	21		(12)		4		(4)		1		10
Foreign exchange and financial instrument (gain) loss	(44)		(35)		9		3		1		(66)


Other(1)	5		(20)		(54)		(55)		(21)		(145)
Dividends on BEPC exchangeable shares(2)	—		—		—		—		129		129
Remeasurement of exchangeable and class B shares of BRHC	—		—		—		—		(271)		(271)
Management service costs	—		—		—		—		43		43
Interest expense(2)	323		125		94		19		14		575
Current income tax expense	21		7		—		—		1		29
Amount attributable to equity accounted investments and non-controlling interests(3)	(344)		(132)		(41)		22		60		(435)
Adjusted EBITDA attributable to the partnership	$	398	$	85	$	111	$	45	$	39	$	678

(2)Total interest expense of $704 million is comprised of amounts on Interest expense and Dividends on BEPC exchangeable shares.


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
		Page 24

The following table reconciles non-IFRS financial measures to the most directly comparable IFRS measures. Net income is reconciled to Funds From Operations for the six months ended June 30:


(MILLIONS, EXCEPT AS NOTED)	2025		2024
Net (loss) income	$	(1,452)	$	152
Add back or deduct the following:
Depreciation	626		657
Deferred income tax (recovery) expense	(42)		10
Foreign exchange and financial instruments gain (loss)	47		(66)


Other(1)	67		(145)
Dividends on BEPC echangeable shares, class A.2 exchangeable shares and exchangeable shares of BEPC	296		129
Remeasurement of interests held in BRHC by the partnership	529		—
Remeasurement of BEPC exchangeable and class A.2 exchangeable shares	524		—
Remeasurement of exchangeable and class B shares of BRHC	—		(271)
Amount attributable to equity accounted investments and non-controlling interest(2)	(258)		(28)
Funds From Operations	$	337	$	438


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
		Page 25

PART 7 – CRITICAL ESTIMATES, JUDGEMENTS IN APPLYING 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 presentation and material accounting policy information in the audited consolidated financial statements are considered critical accounting estimates 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, 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 MD&A. 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 of our Form 20-F for the annual period ended December 31, 2024. The interrelated nature of these factors prevents us from quantifying the overall impact of these movements on our company’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.

FUTURE CHANGES IN ACCOUNTING POLICIES

IFRS 18 – Presentation and Disclosure in Financial Statements (“IFRS 18”)

Amendments to IFRS 9 - Financial Instruments (“IFRS 9”) and IFRS 7 - Financial Instruments: Disclosures (“IFRS 7”) - Classification and Measurement of Financial Instruments

Amendments to IFRS 9 - Financial Instruments (“IFRS 9”) and IFRS 7 - Financial Instruments: Disclosures (“IFRS 7”) - Contracts Referencing Nature-Dependent Electricity

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


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
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INTERNAL CONTROL OVER FINANCIAL REPORTING

No changes were made in our internal control over financial reporting during the six months ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

SUBSEQUENT EVENTS


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
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PART 8 – PRESENTATION TO STAKEHOLDERS AND PERFORMANCE MEASUREMENT

PRESENTATION TO PUBLIC STAKEHOLDERS

Actual 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 hydroelectric facilities. Distributed energy & sustainable solutions includes generation from our distributed generation, pumped storage, North America cogeneration and Brazil biomass assets.

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 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.

Voting Agreements with Affiliates

Our company has entered into voting agreements with Brookfield and the partnership, whereby our company gained control of the entities that own certain renewable power generating facilities in the United States and Brazil, as well as TerraForm Power. Our company has also entered into a voting agreement with its consortium partners in respect of our Colombian business. The voting agreements provide our company the authority to direct the election of the boards of directors of the relevant entities, among other things, and therefore provide our company with control. Accordingly, our company 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. Our company 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((u))(ii) – Critical judgments in applying accounting policies – Common control transactions in our December 31, 2024 audited annual 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 & sustainable solutions (distributed generation, pumped storage, carbon capture and storage, cogeneration, biomass, and eFuels), and 5) corporate. This best reflects the way in which the CODM reviews results, manages operations and allocates resources.

We report our results in accordance with these segments and present prior period segmented information in a consistent manner. See Note 3 – 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”.


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
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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 our company’s share from facilities which it accounts for using consolidation and the equity method whereby our company either controls or exercises significant influence or joint control over the investment, respectively. Proportionate information provides a shareholder 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 shareholders.

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 our company’s proportionate share of earnings (loss) from equity-accounted investments 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.

Our company 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 our company’s legal claim to such items, and the removal of financial statement amounts that are attributable to non-controlling interests does not extinguish our company’s legal claims or exposures to such items.

Unless the context indicates or requires otherwise, information with respect to the megawatts (“MW”) attributable to our company’s facilities, including development assets, is presented on a consolidated basis, including with respect to facilities whereby our company 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.

Our company uses Adjusted EBITDA to assess the performance of our 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. Our company 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. Our company includes other income within Adjusted EBITDA in order to provide


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
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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.

Our company believes that presentation of this measure will enhance an investor’s ability to evaluate our financial and operating performance on an allocable basis.

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 the business.

Our company uses Funds From Operations to assess the performance of our company 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. The company 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 our company, 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 our company to incur over the long-term investment horizon of our company.

Our company believes that analysis and presentation of Funds From Operations on this basis will enhance an investor’s understanding of the performance of the business.

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 our company’s liquidity.

Proportionate Debt

Proportionate debt is presented based on the proportionate share of borrowings obligations relating to the investments of our company 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 our company'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 our company has financed its businesses at the asset-level. Management believes that the proportionate presentation, when read in conjunction with our company’s reported results under IFRS, including consolidated debt, provides a more meaningful assessment of how the operations of our company 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 Brookfield Renewable Corporation 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 our company and aggregate proportionate debt for all of the portfolio investments of our company; and

•Other companies may calculate proportionate debt differently.

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


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
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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 Canadian securities laws and “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations, concerning the business and operations of the group. 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 our group’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, 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, our future growth prospects and distribution profile, our access to capital and future dividends and distributions made to holders of 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. 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 result 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 group’s 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 group’s inability to re-negotiate or replace expiring contracts (including PPA’s, power guarantee agreements or similar long-term agreements between a seller and a buyer of electrical power generation) on similar terms; an increase in the amount of uncontracted generation in our group’s 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 group’s ability to comply with, secure, replace or renew concessions, licenses, permits and other governmental approvals needed for our operating and development projects; our group’s real property rights for our facilities being adversely affected by the rights of lien holders and leaseholders that are superior to those granted to our group; 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 group’s reliance on computerized business systems, which could expose our group 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 balancing pool in Brazil; involvement in litigation and other disputes, and governmental and regulatory investigations; counterparties to our group’s 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 our group becomes subject as a result of future acquisitions in new markets; force majeure events; our group’s operations being affected by local communities; newly developed technologies or new business lines in which our group invests 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; labor disruptions and economically unfavorable collective bargaining agreements; human rights impacts of our group’s business activities; increased regulation of and third party opposition to our group’s nuclear service business’s customers and operations; failure of the nuclear power industry to expand; insufficient indemnification for our group’s nuclear services business; our group’s inability to finance our operations and fund growth due to the status of the capital markets or our group’s inability to complete capital recycling initiatives; operating and financial restrictions imposed on us by our group’s loan, debt and security agreements; changes to our group’s credit ratings; the incurrence of debt at multiple levels within our group’s 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 group’s hedging strategy or otherwise; our group’s inability to identify sufficient investment opportunities and complete transactions; political instability or changes in government policy negatively impacting our business or assets; changes to our group’s current business, including through future sustainable solutions investments; the growth of our group’s portfolio and our group’s inability to realize the expected benefits of its transactions or acquisitions; our group’s 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 our group enters into with communities and joint venture partners; our group does not have control over all of our group’s operations or investments, including certain investments made through joint ventures, partnerships, consortiums or structured arrangements; some of our group’s acquisitions may be of distressed companies, which may subject our group to increased risks; a decline in the value of our group’s investments in securities, including publicly traded securities of other companies; the separation of economic interest from control within our group’s organizational structure;


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
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fraud, bribery, corruption, other illegal acts or inadequate or failed internal processes or systems and restrictions on foreign direct investment; our group’s dependence on Brookfield and Brookfield’s significant influence over our group; Brookfield’s election not to source acquisition opportunities for our group and our group’s 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 group’s best interests or the best interests of our shareholders; changes in how Brookfield elects to hold its ownership interests in our group; our group’s inability to terminate the Master Services Agreement and the limited liability of the Service Provider under our arrangements with them; Brookfield’s relationship with Oaktree; any changes in the market price of the BEP units and BEPC exchangeable shares; the redemption of the BEPC exchangeable shares; difference in the trading price of the BEPC exchangeable shares and BEP units; the de-listing of the BEPC exchangeable shares; future sales or issuances of our securities 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; changes in the amount of cash we can distribute to our shareholders; the inability of our shareholders to take part in the management of BEPC; limitations on holdings of our shares due to FPA and FERC regulations; the termination of the Rights Agreement; changes in tax law and practice; limits on our shareholders’ ability to obtain favourable judicial forum for disputes related to BEPC or to enforce judgements against us; foreign currency risk associated with BEPC distributions; our group is not subject to the same disclosure requirements as a U.S. domestic issuer; changes in our credit ratings; being deemed an “investment company” under the Investment Company Act; the effectiveness of our group’s internal controls over financial reporting; the redemption of BEPC exchangeable shares by us at any time or upon notice from the holder of the BEPC class B shares; 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.

CAUTIONARY STATEMENT REGARDING USE OF NON-IFRS MEASURES

This report contains references to Adjusted EBITDA and Funds From Operations which are not generally accepted accounting measures standardized under IFRS and therefore may differ from definitions of Adjusted EBITDA and Funds From Operations used by other entities. In particular, our definition of Funds From Operations may differ from the definition of funds from operations used by other organizations, as well as the definition of funds from operations used by the Real Property Association of Canada and the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) in part because the NAREIT definition is based on U.S. GAAP, as opposed to IFRS. We believe that Adjusted EBITDA and Funds From Operations are useful supplemental measures that may assist investors in assessing our financial performance. None of Adjusted EBITDA or Funds From Operations should be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS. These non-IFRS measures reflect how we manage our business and, in our opinion, enable investors and other readers to better understand our business.

Reconciliations of each of Adjusted EBITDA and Funds From Operations to net income (loss) are presented in our Management’s Discussion and Analysis. We have also provided a reconciliation of Adjusted EBITDA and Funds From Operations to net income (loss) in Note 3 – Segmented information in the unaudited interim consolidated financial statements.


Brookfield Renewable Corporation	Management’s Discussion and Analysis	June 30, 2025
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Document

Exhibit 99.3

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Connor Teskey, Chief Executive Officer of Brookfield Renewable Corporation, certify the following:

1.Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Brookfield Renewable Corporation, (the "issuer") for the interim period ended June 30, 2025.

2.No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.Responsibility: The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.

5.Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

i.material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

ii.information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 Control framework: The control framework the issuer's other certifying officer and I used to design the issuer's ICFR is the Internal Control - Integrated Framework (COSO 2013 Framework) published by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2 ICFR – material weakness relating to design: N/A

5.3 Limitation on scope of design: N/A

6.Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on April 1, 2025 and ended on June 30, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.


Date: August 1, 2025

/s/ Connor Teskey
Name:			Connor Teskey
Title:			Chief Executive Officer of Brookfield Renewable Corporation
(Principal Executive Officer)

Document

Exhibit 99.4

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, Patrick Taylor, Chief Financial Officer of Brookfield Renewable Corporation, certify the following:

5.Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

i.material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

5.2 ICFR – material weakness relating to design: N/A

5.3 Limitation on scope of design: N/A


Date: August 1, 2025

/s/ Patrick Taylor
Name:			Patrick Taylor
Title:			Chief Financial Officer of Brookfield Renewable Corporation
(Principal Executive Officer)