AES Corp.

Utilities - Diversified • Utilities • Arlington, VA, United States • AES (NYQ)

703 522 1315 4300 Wilson Boulevard, Arlington, VA 22203, United States

Quarter: Q4 2025 Reported: November 4, 2025 Sentiment: Neutral

The AES Corporation, together with its subsidiaries, operates as a power generation and utility company in the United States and internationally. The company owns and/or operates power plants to generate and sell power to customers, such as utilities, industrial users, and other intermediaries; owns and/or operates utilities to generate or purchase, distribute, transmit, and sell electricity to end-user customers in the residential, commercial, industrial, and governmental sectors; and generates and sells electricity on the wholesale market. It uses various fuels and technologies to generate electricity, such as coal, gas, hydro, wind, solar, and biomass, as well as renewables comprising energy storage and landfill gas. The company owns and/or operates a generation portfolio of approximately 32,109 megawatts and distributes power to 2.7 million customers. The company was formerly known as Applied Energy Services, Inc. and changed its name to The AES Corporation in April 2000. The AES Corporation was incorporated in 1981 and is headquartered in Arlington, Virginia.

Analysis Summary

This Form 8-K filing by The AES Corporation serves as an official notification of the release of its financial results for the quarter and year ended September 30, 2025, and updated forward-looking guidance. The comprehensive details regarding revenue, earnings, strategic initiatives, and management commentary are not contained within this document but are furnished as Exhibit 99.1, a press release dated November 4, 2025. The filing reiterates the company's commitment to transparency by directing stakeholders to the full press release for specific financial performance metrics and operational highlights. It also includes a standard Safe Harbor Disclosure, cautioning that forward-looking statements regarding future earnings, growth, and financial performance are based on current expectations and reasonable assumptions, such as interest rates, commodity prices, foreign currency, operational performance, and investment returns. Readers are advised that actual results may differ due to various risks and uncertainties detailed in AES's SEC filings, particularly the 2024 Annual Report on Form 10-K. No specific competitive positioning, market trends, or analyst Q&A highlights can be extracted from this particular filing.

Key Highlights

• AES Corporation announced Q4 and full-year 2025 financial results.
• Updated forward-looking guidance was also provided.
• Detailed financial metrics are available in the press release (Exhibit 99.1).
• The announcement was made via a Form 8-K filing on November 4, 2025.
• Forward-looking statements are subject to risks outlined in SEC filings.

Financial Metrics

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revenue

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guidance

net income

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Stock Performance (90 Days)

Data through May 15, 2026

Positive Signals

• Announcement of financial results and guidance (details in press release)
• Commitment to regular financial disclosure through SEC filings
• Reference to detailed risk factors in SEC filings for transparency

Risks & Concerns

— Actual results could differ materially from projections due to risks, uncertainties, and other factors.
— Reliance on accurate projections of future interest rates, commodity prices, and foreign currency pricing.
— Assumptions regarding continued normal levels of operating performance and electricity volume.
— Execution of PPAs, conversion of backlog, and growth investments at normalized levels and rates of return.
— General risks discussed in Item 1A 'Risk Factors' and Item 7 'Management's Discussion & Analysis' in AES's 2024 Annual Report on Form 10-K and subsequent reports.