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BEPH

Brookfield BRP Holdings Canada 4.625% Perpetual Subordinated Notes

BEPH

Brookfield BRP Holdings Canada 4.625% Perpetual Subordinated Notes • NYSE
$15.37 ▼ -1.35% (-0.21)
Market Cap $6.70 B
52w High $16.89
52w Low $13.96
Dividend Yield 1.16%
P/E 0
Volume 18.76K
Outstanding Shares 435.80M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.596B ▼ $668M ▲ $-57M ▼ -3.571% ▼ $-0.23 ▼ $1.173B ▲
Q2-2025 $1.692B ▲ $665M ▲ $-54M ▲ -3.191% ▲ $-0.22 ▲ $1.136B ▲
Q1-2025 $1.58B ▲ $632M ▲ $-93M ▼ -5.886% ▼ $-0.35 ▼ $998M ▲
Q4-2024 $1.432B ▼ $524M ▼ $-9M ▲ -0.628% ▲ $-0.06 ▲ $959M ▼
Q3-2024 $1.47B $573M $-83M -5.646% $-0.32 $980M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.386B ▼ $98.303B ▼ $65.459B ▲ $8.673B ▼
Q2-2025 $2.446B ▲ $98.601B ▲ $65.274B ▲ $9.132B ▼
Q1-2025 $2.423B ▼ $95.278B ▲ $61.664B ▲ $9.36B ▼
Q4-2024 $3.703B ▲ $94.809B ▲ $58.353B ▲ $9.751B ▲
Q3-2024 $1.674B $75.173B $47.22B $8.911B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-56.368M ▼ $381.539M ▼ $-1.265B ▲ $922.304M ▼ $-123.952M ▼ $-1.357B ▼
Q2-2025 $-54.89M ▲ $384.983M ▼ $-2.058B ▲ $1.579B ▼ $-14.195M ▲ $-1.116B ▲
Q1-2025 $-92.719M ▼ $385.831M ▲ $-3.435B ▼ $1.816B ▼ $-1.192B ▼ $-1.155B ▼
Q4-2024 $-8.746M ▲ $218.66M ▼ $-2.396B ▼ $4.054B ▲ $1.821B ▲ $-901.134M ▼
Q3-2024 $-83.668M $500.08M $-823.454M $337.439M $65.696M $-421.788M

Five-Year Company Overview

Income Statement

Income Statement Brookfield’s underlying business is clearly growing, with revenue stepping up steadily over the last five years and operating performance generally improving. The core operations appear profitable before financing and non‑cash charges, as shown by solid operating and EBITDA results. However, after interest, depreciation, and other below‑the‑line items, the company still reports small accounting losses each year. In plain terms, the business is generating value from its assets, but the combination of heavy investment, financing costs, and accounting charges keeps reported net income in the red. For a noteholder, this means it is more important to focus on cash generation and asset quality than on the headline earnings figure, which understates the strength of the underlying operations but also highlights the cost of Brookfield’s growth strategy and leverage.

Balance Sheet

Balance Sheet The balance sheet shows a fast‑growing asset base, reflecting continuous investment in renewable projects around the world. Total assets have expanded meaningfully year after year, which is consistent with a capital‑intensive, growth‑oriented infrastructure and power platform. This expansion has been funded largely with debt, while equity has stayed relatively small and fairly flat. That means leverage has increased over time: Brookfield is leaning heavily on borrowing to build and acquire assets. Cash on hand has grown but remains modest compared with total assets and total debt. For BEPH noteholders, this structure is typical of large infrastructure platforms but comes with clear implications: the company’s ability to manage refinancing, interest costs, and access to capital markets is critical, and subordinated instruments like BEPH sit behind a sizeable stack of senior obligations.

Cash Flow

Cash Flow Cash generation from operations is a relative strength: the business consistently produces positive operating cash flow, and over time that has generally trended upwards. This suggests the operating portfolio of renewable assets is throwing off real cash, even when accounting earnings look weak. At the same time, Brookfield is spending heavily on new projects and acquisitions, which shows up as large capital expenditures. As a result, free cash flow is negative in most years. In other words, the company is deliberately reinvesting more than it brings in, to grow its platform. For a perpetual subordinated note, this profile means stability depends on the combination of: ongoing strong operating cash flow from existing assets, disciplined pacing of new investments, and reliable external financing or asset sales to cover the funding gap created by growth capex.

Competitive Edge

Competitive Edge Brookfield Renewable Partners, the underlying issuer, holds a very strong competitive position in global clean energy. It operates one of the largest and most diversified renewable portfolios in the world, spanning hydro, wind, solar, storage, and other solutions across many countries. This scale and diversity reduce reliance on any single market, technology, or regulatory regime. A key advantage is its large base of hydroelectric assets, which are difficult to replicate and provide steady, controllable power that complements intermittent wind and solar. Long experience in developing and operating complex power assets, plus access to capital and deal flow through the wider Brookfield ecosystem, further reinforce its position. On the other hand, the company is deeply exposed to policy, permitting, and power‑price frameworks in multiple jurisdictions, and it relies on continued investor appetite for infrastructure and renewables. Competition for attractive projects is intense, and the business model assumes ongoing success in executing large, complex projects and contracts with corporate and utility customers.

Innovation and R&D

Innovation and R&D While Brookfield is not a traditional “R&D” company, it innovates through how it structures, combines, and scales different clean‑energy technologies. Its portfolio spans hydro, wind, solar, battery storage, and now nuclear services through Westinghouse, allowing it to design tailored power solutions rather than selling a single commodity product. The company’s strategy of offering around‑the‑clock clean energy by blending hydro with new solar, wind, and storage is a notable differentiator, particularly for large technology firms that need reliable power for data centers and AI infrastructure. Recent large‑scale agreements with major tech companies highlight this capability. Future innovation is expected in three main areas: expanding battery storage to support intermittent renewables, building out nuclear services and potential new reactors, and executing on a very large pipeline of development projects. The opportunity is significant, but so are the execution risks—especially on nuclear, grid‑scale storage, and large multi‑year build‑outs that must stay on time and on budget.

Summary

Overall, the picture behind BEPH is of a large, fast‑growing, and highly capital‑intensive renewable power platform. The underlying operations are cash‑generative and expanding, but accounting profits remain negative because of heavy investment, substantial financing costs, and non‑cash charges. The balance sheet is asset‑rich but also highly leveraged, with a relatively thin equity cushion and a sizeable stack of senior obligations above subordinated notes. Brookfield Renewable’s competitive strengths—global scale, a unique hydro base, diversified technologies, and access to capital—support the case for long‑term cash generation. At the same time, noteholders should be mindful of key dependencies: stable operating performance from the existing fleet, disciplined management of leverage and refinancing, successful execution of a very large growth pipeline, and the continued support of favorable policy and corporate demand for clean energy. In short, BEPH is tied to a business with strong strategic positioning and meaningful growth prospects, but also with elevated financial leverage and execution risk typical of large, expansion‑focused infrastructure and renewable power platforms.