AES Corp

AES

Equity

ISIN null / Valor 903613

New York Stock Exchange, Inc (2026-06-03)

USD 14.71+0.20%

AES Corp
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About company

AES Corporation is a publicly traded global power company that develops, owns and operates a diversified portfolio of electricity assets and related services. As an independent power producer and utility operator, it manages conventional thermal generation alongside growing fleets of wind, solar and grid-scale battery storage, and delivers power distribution and retail services in multiple countries across the Americas, Europe and Asia-Pacific. AES also undertakes project development, construction, financing and long-term power contracts for commercial, industrial and government customers, and provides operations and asset-management services to optimize generation and delivery.

Summarized from source with an LLMView SourceSector: Energy

Q3 2025 Financial Results

Adjusted EBITDA: $830M (Q3 2025) vs $698M (Q3 2024). Adjusted EPS: $0.75 (Q3 2025) vs $0.71 (Q3 2024). Main drivers: new renewables projects, U.S. utilities rate-base investment and cost savings; partial offsets included ~$60M of asset sales and higher depreciation and interest expense.

Renewables Performance

Renewables SBU Adjusted EBITDA rose to $296M in Q3 2025 from $214M a year earlier (~40%+ growth). YTD Renewables Adjusted EBITDA increased ~46%, benefiting from ~3 GW of new projects in the last 12 months and scale efficiencies. Backlog of signed PPAs stands at 11.1 GW.

PPA and Project Development

Year-to-date AES has signed or been awarded 2.2 GW of new PPAs (including 1.6 GW for data centers). Company expects to sign at least 4 GW of PPAs in full-year 2025 and is on track for 14–17 GW signed PPAs for 2023–2025. Targeting 3.2 GW of new project additions in 2025 (2.9 GW completed YTD).

Utilities

Adjusted PTC (proxy for utility contribution) rose to $98M in Q3 2025 from $73M in Q3 2024, driven by rate-base investment. AES Indiana and AES Ohio emphasize affordability and reliability while supporting data-center-related investment (AES Ohio has ~2.1 GW of signed data center agreements).

Other Business Segments

Energy Infrastructure Adjusted EBITDA was $301M in Q3 2025 (vs $290M prior) supported by the Cochrane acquisition and Gatun gas plant operations. New Energy Technologies EBITDA remained relatively flat (~-$7M in Q3 2025).

Guidance and Key Drivers

AES reaffirmed 2025 guidance: Adjusted EBITDA $2.65–$2.85 billion and Adjusted EPS $2.10–$2.26. Year-to-go drivers include new projects, utilities growth and cost savings; headwinds include asset sales, parent interest expense and an expected higher adjusted tax rate (around 29–31%).

Notable Items and Accounting Effects

Results reflect the sale of AES Brasil and certain sell-downs (AES Ohio, insurance) that affect year-over-year comparisons. Tax attributes and timing of renewable tax-credit transfers materially affect Adjusted EPS (company noted a $0.12 year-over-year tax-credit timing benefit in disclosure).

Summarized from source with an LLMView Source

Key figures

43.2%1Y

-27.1%3Y

-41.3%5Y

Performance

42.8%1Y

41.9%3Y

37.9%5Y

Volatility