Second Quarter 2025 Renewables SBU Adjusted EBITDA Grew 56% Versus Second Quarter 2024
Strategic Accomplishments
- On monitor so as to add 3.2 GW of latest initiatives in operation in 2025
- 1.9 GW already accomplished
- Remaining 1.3 GW 78% full
- For the reason that first quarter name in Might, signed or awarded new long-term PPAs for 1.6 GW of photo voltaic and wind, all with knowledge middle corporations
- PPA backlog of 12 GW, together with 5.2 GW below building
- AES Indiana filed a petition for regulatory price overview with the Indiana Utility Regulatory Fee (IURC)
Q2 2025 Monetary Highlights
- GAAP Monetary Metrics
- Web Lack of $150 million, in comparison with Web Earnings of $153 million in Q2 2024
- Web Loss Attributable to The AES Company of $95 million, in comparison with Web Earnings Attributable to The AES Company of $276 million in Q2 2024
- Diluted EPS of ($0.15), in comparison with $0.39 in Q2 2024
- Non-GAAP Adjusted Monetary Metrics
- Adjusted EBITDA1 of $681 million, in comparison with $658 million in Q2 2024
- Adjusted EBITDA with Tax Attributes1,2 of $1,057 million, in comparison with $849 million in Q2 2024
- Adjusted EPS3 of $0.51, in comparison with $0.38 in Q2 2024
Monetary Place and Outlook
- Reaffirming 2025 steering for Adjusted EBITDA1 of $2,650 to $2,850 million
- Reaffirming annualized development goal of 5% to 7% by 2027, off a base of 2023 steering
- Reaffirming expectation for 2025 Adjusted EBITDA with Tax Attributes1,2 of $3,950 to $4,350 million
- Reaffirming 2025 steering for Adjusted EPS3 of $2.10 to $2.26
- Reaffirming annualized development goal of seven% to 9% by 2025, off a base of 2020 and seven% to 9% by 2027, off a base of 2023 steering
ARLINGTON, Va., July 31, 2025 /PRNewswire/ — The AES Company AES right now reported monetary outcomes for the quarter ended June 30, 2025.
“AES is in a uniquely robust place as a consequence of our diversified working portfolio, well-protected 12 GW backlog of signed long-term PPAs, and established home provide chain,” stated Andrés Gluski, AES President and Chief Government Officer. “With 1.6 GW of signed PPAs with knowledge facilities since our first quarter ends in Might, we’re a frontrunner within the quickest rising section available in the market.”
“We made glorious progress through the second quarter of 2025, as demonstrated by the strong development in Adjusted EBITDA at our Renewables SBU, which was 56% greater than in the identical interval final yr,” stated Stephen Coughlin, AES Government Vice President and Chief Monetary Officer. “Our robust monitor document with our prospects, resilient provide chain technique, and superior building execution allow us to confidently reaffirm each our 2025 steering and long-term development price targets by 2027.”
Q2 2025 Monetary Outcomes
Second quarter 2025 Web Loss was $150 million, a lower of $303 million in comparison with Web Earnings of $153 million in second quarter 2024, primarily as a consequence of greater day-one losses on gross sales sort leases at AES Clear Vitality Improvement4. As well as, Web Earnings was negatively impacted by greater earnings tax expense, decrease margins from the Vitality Infrastructure Strategic Enterprise Unit (SBU) from prior yr unrealized spinoff beneficial properties and better prior yr revenues from the monetization of the Warrior Run coal plant PPA. This lower was partially offset by the affect of reclassifying Mong Duong from held-for-sale to held and used, and better contributions from renewables initiatives positioned in service within the present yr.
Second quarter 2025 Adjusted EBITDA5 (a non-GAAP monetary measure) was $681 million, a rise of $23 million in comparison with second quarter 2024, pushed by greater contributions from the Renewables SBU primarily as a consequence of greater revenues from renewables initiatives positioned in service and prior yr outages in Colombia. This was partially offset by the sale of AES Brasil, greater prior yr revenues from the monetization of the Warrior Run coal plant PPA, and the affect of the sell-down of AES Ohio within the Utilities SBU.
Second quarter 2025 Adjusted EBITDA with Tax Attributes5,6 (a non-GAAP monetary measure) was $1,057 million, a rise of $208 million in comparison with second quarter 2024, as a consequence of greater realized tax attributes pushed by extra initiatives positioned in service and better earnings from tax credit score transfers, in addition to the drivers above.
Second quarter 2025 Diluted Earnings Per Share from Persevering with Operations (Diluted EPS) was ($0.15), a lower of $0.54 in comparison with second quarter 2024, primarily pushed by greater earnings tax expense, day-one losses on the graduation of sales-type leases at AES Clear Vitality Improvement, and decrease earnings on the Vitality Infrastructure SBU primarily as a consequence of greater prior yr revenues from the monetization of the Warrior Run coal plant PPA. This was partially offset by the derecognition of a valuation allowance on the mortgage receivable upon reclassifying Mong Duong from held-for-sale to held and used.
Second quarter 2025 Adjusted Earnings Per Share7 (Adjusted EPS, a non-GAAP monetary measure) was $0.51, a rise of $0.13 in comparison with second quarter 2024, primarily pushed by a decrease adjusted tax price and better contributions as a consequence of new renewables initiatives positioned in service, partially offset by decrease contributions from the Utilities SBU as a consequence of deliberate outages.
Strategic Accomplishments
- The Firm’s backlog, which consists of initiatives with signed contracts, however which aren’t but operational, is 12 GW, together with 5.2 GW below building. For the reason that Firm’s first quarter 2025 earnings name in Might 2025, the Firm:
- Accomplished the development of 1.2 GW of power storage and photo voltaic, together with the 1 GW Bellefield 1 solar-plus-storage facility, for a complete of 1.9 GW year-to-date, and is on monitor so as to add a complete of three.2 GW to its working portfolio by year-end 2025; and
- Signed or was awarded new long-term PPAs for 1.6 GW of renewables, all with knowledge middle corporations, and a complete of two GW year-to-date.
- In June, AES Indiana filed a petition for regulatory price overview with the Indiana Utility Regulatory Fee (IURC).
- That is AES Indiana’s first price case utilizing a forward-looking check yr, which is able to allow a extra environment friendly funding program to greatest serve prospects with cost-effective and dependable electrical energy service.
Steering and Expectations8,10
The Firm is reaffirming its 2025 steering for Adjusted EBITDA8 of $2,650 to $2,850 million. Development in 2025 is predicted to be pushed by contributions from new renewables initiatives, price base development on the Firm’s US utilities, and normalized ends in Colombia and Mexico, partially offset by revenues from the monetization of the Warrior Run coal plant PPA in 2024 and asset gross sales.
The Firm is reaffirming its expectation for annualized development in Adjusted EBITDA8 of 5% to 7% by 2027, from a base of its 2023 steering of $2,600 to $2,900 million.
The Firm is reaffirming its expectation that 2025 Adjusted EBITDA with Tax Attributes8,9 of $3,950 to $4,350 million.
The Firm is reaffirming its 2025 Adjusted EPS10 steering of $2.10 to $2.26. Development in 2025 is predicted to be primarily pushed by contributions from new renewables initiatives, price base development on the Firm’s US utilities, and normalized ends in Colombia and Mexico, partially offset by revenues from the monetization of the Warrior Run coal plant PPA in 2024, asset gross sales, greater Mother or father curiosity, and a better adjusted tax price.
The Firm is reaffirming its annualized development goal for Adjusted EPS10 of seven% to 9% by 2025, from a base yr of 2020. The Firm can also be reaffirming its annualized development goal for Adjusted EPS8 of seven% to 9% by 2027, from a base of its 2023 steering of $1.65 to $1.75.
The Firm’s 2025 steering is predicated on overseas foreign money and commodity ahead curves as of June 30, 2025.
The Firm expects to keep up its present quarterly dividend cost of $0.17595 going ahead.
Non-GAAP Monetary Measures
See Non-GAAP Measures for definitions of Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, Tax Attributes, Adjusted Earnings Per Share, and Adjusted Pre-Tax Contribution, in addition to reconciliations to probably the most comparable GAAP monetary measures.
Attachments
Condensed Consolidated Statements of Operations, Phase Data, Condensed Consolidated Stability Sheets, Condensed Consolidated Statements of Money Flows, Non-GAAP Monetary Measures and Mother or father Monetary Data.
Convention Name Data
AES will host a convention name on Friday, August 1, 2025 at 10:00 a.m. Jap Time (ET). events could hearken to the teleconference by dialing 1-833-470-1428 not less than ten minutes earlier than the beginning of the decision. Worldwide callers ought to dial +1-404-975-4839. The Participant Entry Code for this name is 439668. Web entry to the convention name and presentation supplies can be accessible on the AES web site at www.aes.com by choosing “Buyers” after which “Displays and Webcasts.”
A webcast replay can be accessible at www.aes.com starting shortly after the completion of the decision.
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1 |
Adjusted EBITDA is a non-GAAP monetary measure. See hooked up “Non-GAAP Measures” for definition of Adjusted EBITDA and an outline of the changes to reconcile Adjusted EBITDA to Web Earnings (Loss) for the quarter ended June 30, 2025. The Firm just isn’t in a position to present a corresponding GAAP equal or reconciliation for its Adjusted EBITDA steering with out unreasonable effort. |
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2 |
Pre-tax impact of Manufacturing Tax Credit, Funding Tax Credit, and depreciation tax deductions allotted to tax fairness traders, in addition to the tax profit recorded from tax credit retained or transferred to 3rd events. |
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3 |
Adjusted EPS is a non-GAAP monetary measure. See hooked up “Non-GAAP Measures” for definition of Adjusted EPS and an outline of the changes to reconcile Adjusted EPS to Diluted EPS for the quarter ended June 30, 2025. The Firm just isn’t in a position to present a corresponding GAAP equal or reconciliation for its Adjusted EPS steering with out unreasonable effort. |
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4 |
Losses acknowledged on the graduation of sales-type leases primarily relate to the exclusion of the worth of Funding Tax Credit from the honest worth of the renewable asset. |
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|
5 |
Adjusted EBITDA is a non-GAAP monetary measure. See hooked up “Non-GAAP Measures” for definition of Adjusted EBITDA and an outline of the changes to reconcile Adjusted EBITDA to Web Earnings for the quarter ended June 30, 2025. The Firm just isn’t in a position to present a corresponding GAAP equal or reconciliation for its Adjusted EBITDA steering with out unreasonable effort. |
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6 |
Pre-tax impact of Manufacturing Tax Credit, Funding Tax Credit, and depreciation tax deductions allotted to tax fairness traders, in addition to the tax profit recorded from tax credit retained or transferred to 3rd events. |
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|
7 |
Adjusted EPS is a non-GAAP monetary measure. See hooked up “Non-GAAP Measures” for definition of Adjusted EPS and an outline of the changes to reconcile Adjusted EPS to Diluted EPS for the quarter ended June 30, 2025. The Firm just isn’t in a position to present a corresponding GAAP equal or reconciliation for its Adjusted EPS steering with out unreasonable effort. |
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8 |
Adjusted EBITDA is a non-GAAP monetary measure. See hooked up “Non-GAAP Measures” for definition of Adjusted EBITDA and an outline of the changes to reconcile Adjusted EBITDA to Web Earnings for the quarter ended June 30, 2025. The Firm just isn’t in a position to present a corresponding GAAP equal or reconciliation for its Adjusted EBITDA steering with out unreasonable effort. |
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9 |
Pre-tax impact of Manufacturing Tax Credit, Funding Tax Credit, and depreciation tax deductions allotted to tax fairness traders, in addition to the tax profit recorded from tax credit retained or transferred to 3rd events. |
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|
10 |
Adjusted EPS is a non-GAAP monetary measure. See hooked up “Non-GAAP Measures” for definition of Adjusted EPS and an outline of the changes to reconcile Adjusted EPS to Diluted EPS for the quarter ended June 30, 2025. The Firm just isn’t in a position to present a corresponding GAAP equal or reconciliation for its Adjusted EPS steering with out unreasonable effort. |
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About AES
The AES Company AES is a Fortune 500 international power firm accelerating the way forward for power. Along with our many stakeholders, we’re bettering lives by delivering the greener, smarter power options the world wants. Our numerous workforce is dedicated to steady innovation and operational excellence, whereas partnering with our prospects on their strategic power transitions and persevering with to satisfy their power wants right now. For extra info, go to www.aes.com.
Protected Harbor Disclosure
This information launch incorporates forward-looking statements throughout the that means of the Securities Act of 1933 and of the Securities Change Act of 1934. Such forward-looking statements embody, however should not restricted to, these associated to future earnings, development and monetary and working efficiency. Ahead-looking statements should not meant to be a assure of future outcomes, however as an alternative represent AES’ present expectations based mostly on cheap assumptions. Forecasted monetary info is predicated on sure materials assumptions. These assumptions embody, however should not restricted to, our expectations relating to correct projections of future rates of interest, commodity value and overseas foreign money pricing, continued regular ranges of working efficiency and electrical energy quantity at our distribution corporations and operational efficiency at our era companies in step with historic ranges, in addition to the execution of PPAs, conversion of our backlog and development investments at normalized funding ranges, and charges of return in step with prior expertise.
Precise outcomes may differ materially from these projected in our forward-looking statements as a consequence of dangers, uncertainties and different elements. Necessary elements that might have an effect on precise outcomes are mentioned in AES’ filings with the Securities and Change Fee (the “SEC”), together with, however not restricted to, the dangers mentioned below Merchandise 1A: “Threat Elements” and Merchandise 7: “Administration’s Dialogue & Evaluation” in AES’ 2024 Annual Report on Kind 10-Ok and in subsequent studies filed with the SEC. Readers are inspired to learn AES’ filings to study extra concerning the danger elements related to AES’ enterprise. AES undertakes no obligation to replace or revise any forward-looking statements, whether or not on account of new info, future occasions or in any other case, besides the place required by regulation.
Any Stockholder who needs a replica of the Firm’s 2024 Annual Report on Kind 10-Ok filed March 11, 2025 with the SEC could receive a replica (excluding the displays thereto) with out cost by addressing a request to the Workplace of the Company Secretary, The AES Company, 4300 Wilson Boulevard, Arlington, Virginia 22203. Reveals additionally could also be requested, however a cost equal to the copy value thereof can be made. A replica of the Annual Report on Kind 10-Ok could also be obtained by visiting the Firm’s web site at www.aes.com.
Web site Disclosure
AES makes use of its web site, together with its quarterly updates, as channels of distribution of Firm info. The knowledge AES posts by these channels could also be deemed materials. Accordingly, traders ought to monitor our web site, along with following AES’ press releases, quarterly SEC filings and public convention calls and webcasts. As well as, you might routinely obtain e-mail alerts and different details about AES while you enroll your e-mail deal with by visiting the “Subscribe to Alerts” web page of AES’ Buyers web site. The contents of AES’ web site, together with its quarterly updates, should not, nonetheless, included by reference into this launch.
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THE AES CORPORATION Condensed Consolidated Statements of Operations (Unaudited) |
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|
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||
|
2025 |
2024 |
2025 |
2024 |
||||
|
(in hundreds of thousands, besides share and per share quantities) |
|||||||
|
Income: |
|||||||
|
Non-Regulated |
$ 1,922 |
$ 2,070 |
$ 3,863 |
$ 4,302 |
|||
|
Regulated |
933 |
872 |
1,918 |
1,725 |
|||
|
Whole income |
2,855 |
2,942 |
5,781 |
6,027 |
|||
|
Price of Gross sales: |
|||||||
|
Non-Regulated |
(1,607) |
(1,671) |
(3,268) |
(3,404) |
|||
|
Regulated |
(795) |
(718) |
(1,619) |
(1,451) |
|||
|
Whole value of gross sales |
(2,402) |
(2,389) |
(4,887) |
(4,855) |
|||
|
Working margin |
453 |
553 |
894 |
1,172 |
|||
|
Common and administrative bills |
(49) |
(66) |
(126) |
(141) |
|||
|
Curiosity expense |
(352) |
(389) |
(694) |
(746) |
|||
|
Curiosity earnings |
70 |
88 |
139 |
193 |
|||
|
Loss on extinguishment of debt |
(5) |
(9) |
(13) |
(10) |
|||
|
Different expense |
(295) |
(84) |
(347) |
(122) |
|||
|
Different earnings |
31 |
21 |
38 |
56 |
|||
|
Acquire on disposal and sale of enterprise pursuits |
70 |
1 |
69 |
44 |
|||
|
Asset impairment reversals (expense) |
154 |
(38) |
105 |
(84) |
|||
|
Overseas foreign money transaction beneficial properties (losses) |
(28) |
38 |
(38) |
30 |
|||
|
Different non-operating expense |
(10) |
— |
(10) |
— |
|||
|
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY |
39 |
115 |
17 |
392 |
|||
|
Earnings tax profit (expense) |
(167) |
35 |
(184) |
51 |
|||
|
Web fairness in earnings (losses) of associates |
(22) |
3 |
(56) |
(12) |
|||
|
NET INCOME (LOSS) |
(150) |
153 |
(223) |
431 |
|||
|
Much less: Web loss attributable to noncontrolling pursuits and redeemable inventory of |
55 |
123 |
174 |
277 |
|||
|
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION |
$ (95) |
$ 276 |
$ (49) |
$ 708 |
|||
|
Lower (enhance) in redemption worth of redeemable inventory of subsidiaries |
(10) |
6 |
(10) |
— |
|||
|
NET INCOME (LOSS) AVAILABLE TO THE AES CORPORATION COMMON |
$ (105) |
$ 282 |
$ (59) |
$ 708 |
|||
|
BASIC EARNINGS PER SHARE: |
|||||||
|
NET INCOME (LOSS) AVAILABLE TO THE AES CORPORATION COMMON |
$ (0.15) |
$ 0.40 |
$ (0.08) |
$ 1.01 |
|||
|
DILUTED EARNINGS PER SHARE: |
|||||||
|
NET INCOME (LOSS) AVAILABLE TO THE AES CORPORATION COMMON |
$ (0.15) |
$ 0.39 |
$ (0.08) |
$ 0.99 |
|||
|
DILUTED SHARES OUTSTANDING |
712 |
713 |
712 |
713 |
|||
|
THE AES CORPORATION |
|||||||
|
Strategic Enterprise Unit (SBU) Data |
|||||||
|
(Unaudited) |
|||||||
|
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||
|
(in hundreds of thousands) |
2025 |
2024 |
2025 |
2024 |
|||
|
REVENUE |
|||||||
|
Renewables SBU |
$ 644 |
$ 619 |
$ 1,310 |
$ 1,262 |
|||
|
Utilities SBU |
954 |
896 |
1,963 |
1,769 |
|||
|
Vitality Infrastructure SBU |
1,306 |
1,462 |
2,626 |
3,071 |
|||
|
New Vitality Applied sciences SBU |
— |
— |
— |
— |
|||
|
Company and Different |
43 |
40 |
79 |
73 |
|||
|
Eliminations |
(92) |
(75) |
(197) |
(148) |
|||
|
Whole Income |
$ 2,855 |
$ 2,942 |
$ 5,781 |
$ 6,027 |
|||
|
THE AES CORPORATION Condensed Consolidated Stability Sheets (Unaudited) |
|||
|
June 30, 2025 |
December 31, |
||
|
(in hundreds of thousands, besides share and per share knowledge) |
|||
|
ASSETS |
|||
|
CURRENT ASSETS |
|||
|
Money and money equivalents |
$ 1,350 |
$ 1,524 |
|
|
Restricted money |
763 |
437 |
|
|
Accounts receivable, internet of allowance of $54 and $52, respectively |
1,865 |
1,646 |
|
|
Stock |
647 |
593 |
|
|
Pay as you go bills |
132 |
157 |
|
|
Different present belongings, internet of allowance of $2 and $0, respectively |
1,532 |
1,612 |
|
|
Present held-for-sale belongings |
31 |
862 |
|
|
Whole present belongings |
6,320 |
6,831 |
|
|
NONCURRENT ASSETS |
|||
|
Property, plant and gear, internet of amassed depreciation of $9,311 and $8,701, respectively |
34,727 |
33,166 |
|
|
Investments in and advances to associates |
1,091 |
1,124 |
|
|
Debt service reserves and different deposits |
88 |
78 |
|
|
Goodwill |
345 |
345 |
|
|
Different intangible belongings, internet of amassed amortization of $472 and $426, respectively |
2,050 |
1,947 |
|
|
Deferred earnings taxes |
402 |
365 |
|
|
Mortgage receivable, internet of allowance of $20 and $0, respectively |
800 |
— |
|
|
Different noncurrent belongings, internet of allowance of $22 and $20, respectively |
2,719 |
2,917 |
|
|
Noncurrent held-for-sale belongings |
— |
633 |
|
|
Whole noncurrent belongings |
42,222 |
40,575 |
|
|
TOTAL ASSETS |
$ 48,542 |
$ 47,406 |
|
|
LIABILITIES, REDEEMABLE STOCK OF SUBSIDIARIES, AND EQUITY |
|||
|
CURRENT LIABILITIES |
|||
|
Accounts payable |
$ 1,663 |
$ 1,654 |
|
|
Accrued curiosity |
277 |
256 |
|
|
Accrued non-income taxes |
292 |
249 |
|
|
Provider financing preparations |
621 |
917 |
|
|
Accrued and different liabilities |
1,109 |
1,246 |
|
|
Recourse debt |
990 |
899 |
|
|
Non-recourse debt |
2,727 |
2,688 |
|
|
Present held-for-sale liabilities |
— |
662 |
|
|
Whole present liabilities |
7,679 |
8,571 |
|
|
NONCURRENT LIABILITIES |
|||
|
Recourse debt |
4,802 |
4,805 |
|
|
Non-recourse debt |
21,752 |
20,626 |
|
|
Deferred earnings taxes |
1,635 |
1,490 |
|
|
Different noncurrent liabilities |
2,812 |
2,881 |
|
|
Noncurrent held-for-sale liabilities |
— |
391 |
|
|
Whole noncurrent liabilities |
31,001 |
30,193 |
|
|
Commitments and Contingencies |
|||
|
Redeemable inventory of subsidiaries |
2,179 |
938 |
|
|
EQUITY |
|||
|
THE AES CORPORATION STOCKHOLDERS’ EQUITY |
|||
|
Widespread inventory ($0.01 par worth, 1,200,000,000 shares approved; 859,711,007 issued and |
9 |
9 |
|
|
Extra paid-in capital |
6,070 |
5,913 |
|
|
Retained earnings (amassed deficit) |
(79) |
293 |
|
|
Gathered different complete loss |
(836) |
(766) |
|
|
Treasury inventory, at value (147,788,192 and 148,635,718 shares at June 30, 2025 and December 31, |
(1,795) |
(1,805) |
|
|
Whole AES Company stockholders’ fairness |
3,369 |
3,644 |
|
|
NONCONTROLLING INTERESTS |
4,314 |
4,060 |
|
|
Whole fairness |
7,683 |
7,704 |
|
|
TOTAL LIABILITIES, REDEEMABLE STOCK OF SUBSIDIARIES, AND EQUITY |
$ 48,542 |
$ 47,406 |
|
|
THE AES CORPORATION Condensed Consolidated Statements of Money Flows (Unaudited) |
|||||||
|
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||
|
2025 |
2024 |
2025 |
2024 |
||||
|
(in hundreds of thousands) |
(in hundreds of thousands) |
||||||
|
OPERATING ACTIVITIES: |
|||||||
|
Web earnings (loss) |
$ (150) |
$ 153 |
$ (223) |
$ 431 |
|||
|
Changes to internet earnings (loss): |
|||||||
|
Depreciation, amortization, and accretion of AROs |
354 |
315 |
691 |
633 |
|||
|
Emissions allowance expense |
76 |
24 |
178 |
71 |
|||
|
Loss (achieve) on realized/unrealized derivatives |
86 |
(64) |
71 |
(137) |
|||
|
Loss on graduation of sales-type leases |
199 |
72 |
208 |
67 |
|||
|
Acquire on disposal and sale of enterprise pursuits |
(70) |
(1) |
(69) |
(44) |
|||
|
Impairment expense (reversals) |
(144) |
38 |
(95) |
84 |
|||
|
Loss on realized/unrealized overseas foreign money |
24 |
78 |
24 |
78 |
|||
|
Deferred earnings tax expense (profit), internet of tax credit score transfers allotted to AES |
139 |
36 |
149 |
258 |
|||
|
Tax credit score transfers allotted to noncontrolling pursuits |
212 |
26 |
212 |
26 |
|||
|
Different |
100 |
(313) |
220 |
(210) |
|||
|
Adjustments in working belongings and liabilities: |
|||||||
|
(Improve) lower in accounts receivable |
125 |
(7) |
26 |
(239) |
|||
|
(Improve) lower in stock |
(1) |
(41) |
(29) |
31 |
|||
|
(Improve) lower in pay as you go bills and different present belongings |
29 |
94 |
198 |
133 |
|||
|
(Improve) lower in different belongings |
57 |
138 |
75 |
47 |
|||
|
Improve (lower) in accounts payable and different present liabilities |
(119) |
(75) |
(116) |
(160) |
|||
|
Improve (lower) in earnings tax payables, internet and different tax payables |
1 |
(137) |
(82) |
(464) |
|||
|
Improve (lower) in different liabilities |
58 |
56 |
83 |
74 |
|||
|
Web money offered by working actions |
976 |
392 |
1,521 |
679 |
|||
|
INVESTING ACTIVITIES: |
|||||||
|
Capital expenditures |
(1,332) |
(1,685) |
(2,586) |
(3,833) |
|||
|
Acquisitions of enterprise pursuits, internet of money and restricted money acquired |
(108) |
(16) |
(112) |
(73) |
|||
|
Proceeds from the sale of enterprise pursuits, internet of money and restricted money bought |
— |
— |
5 |
11 |
|||
|
Sale of short-term investments |
19 |
393 |
52 |
534 |
|||
|
Buy of short-term investments |
(18) |
(460) |
(36) |
(604) |
|||
|
Contributions and loans to fairness associates |
— |
(29) |
(1) |
(50) |
|||
|
Buy of emissions allowances |
(195) |
(35) |
(234) |
(91) |
|||
|
Different investing |
34 |
(6) |
30 |
(118) |
|||
|
Web money utilized in investing actions |
(1,600) |
(1,838) |
(2,882) |
(4,224) |
|||
|
FINANCING ACTIVITIES: |
|||||||
|
Borrowings below the revolving credit score amenities |
941 |
2,262 |
2,128 |
4,003 |
|||
|
Repayments below the revolving credit score amenities |
(1,947) |
(1,545) |
(2,398) |
(2,582) |
|||
|
Business paper borrowings (repayments), internet |
(188) |
(29) |
67 |
690 |
|||
|
Issuance of recourse debt |
— |
950 |
800 |
950 |
|||
|
Repayments of recourse debt |
— |
— |
(774) |
— |
|||
|
Issuance of non-recourse debt |
1,039 |
1,667 |
2,332 |
3,798 |
|||
|
Repayments of non-recourse debt |
(731) |
(1,811) |
(1,490) |
(2,726) |
|||
|
Funds for financing charges |
(28) |
(44) |
(49) |
(75) |
|||
|
Purchases below provider financing preparations |
250 |
222 |
567 |
708 |
|||
|
Repayments of obligations below provider financing preparations |
(234) |
(539) |
(862) |
(1,055) |
|||
|
Distributions to noncontrolling pursuits |
(254) |
(105) |
(338) |
(128) |
|||
|
Contributions from noncontrolling pursuits |
201 |
71 |
274 |
97 |
|||
|
Gross sales to noncontrolling pursuits |
893 |
198 |
1,138 |
323 |
|||
|
Issuance of most popular shares in subsidiaries |
444 |
— |
452 |
— |
|||
|
Dividends paid on AES widespread inventory |
(125) |
(122) |
(250) |
(238) |
|||
|
Funds for financed capital expenditures |
(14) |
(12) |
(21) |
(19) |
|||
|
Different financing |
(102) |
(10) |
(114) |
13 |
|||
|
Web money offered by financing actions |
145 |
1,153 |
1,462 |
3,759 |
|||
|
Impact of change price adjustments on money, money equivalents and restricted money |
(4) |
(28) |
(5) |
(43) |
|||
|
(Improve) lower in money, money equivalents and restricted money of held-for-sale companies |
118 |
(86) |
66 |
(13) |
|||
|
Whole enhance in money, money equivalents and restricted money |
(365) |
(407) |
162 |
158 |
|||
|
Money, money equivalents and restricted money, starting |
2,566 |
1,980 |
2,039 |
1,990 |
|||
|
Money, money equivalents and restricted money, ending |
$ 2,201 |
$ 1,573 |
$ 2,201 |
$ 2,148 |
|||
|
SUPPLEMENTAL DISCLOSURES: |
|||||||
|
Money funds for curiosity, internet of quantities capitalized |
$ 331 |
$ 411 |
$ 598 |
$ 765 |
|||
|
Money funds for earnings taxes, internet of refunds |
74 |
141 |
134 |
209 |
|||
|
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: |
|||||||
|
Noncash contributions from noncontrolling pursuits |
$ 212 |
$ 25 |
$ 254 |
$ 25 |
|||
|
Receivable for proceeds from the sale of Dominican Republic Renewables |
100 |
— |
100 |
— |
|||
|
Noncash recognition of latest working and financing leases |
18 |
56 |
78 |
180 |
|||
|
Noncash distributions to noncontrolling pursuits |
45 |
— |
45 |
— |
|||
|
Preliminary recognition of contingent consideration for acquisitions |
11 |
5 |
11 |
14 |
|||
|
Conversion of Company Models to shares of widespread inventory |
— |
— |
— |
838 |
|||
|
Liabilities derecognized upon completion of remaining efficiency obligation on the market of Warrior Run receivables |
— |
273 |
— |
273 |
|||
THE AES CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)
RECONCILIATION OF ADJUSTED EBITDA, ADJUSTED PTC AND ADJUSTED EPS
We outline EBITDA as earnings earlier than curiosity earnings and expense, taxes, depreciation, amortization, and accretion of AROs. We outline Adjusted EBITDA as EBITDA adjusted for the affect of NCI and curiosity, taxes, depreciation, amortization, and accretion of AROs of our fairness associates, including again curiosity earnings acknowledged below service concession preparations, and excluding beneficial properties or losses of each consolidated entities and entities accounted for below the fairness methodology as a consequence of (a) unrealized beneficial properties or losses pertaining to spinoff transactions, fairness securities, and monetary belongings and liabilities measured utilizing the honest worth possibility; (b) unrealized overseas foreign money beneficial properties or losses; (c) beneficial properties, losses, advantages and prices related to inclinations and acquisitions of enterprise pursuits, together with early plant closures, and beneficial properties and losses acknowledged at graduation of sales-type leases; (d) losses as a consequence of impairments; (e) beneficial properties, losses, and prices as a result of early retirement of debt or troubled debt restructuring, and (f) prices immediately related to a serious restructuring program, together with, however not restricted to, workforce discount efforts. We outline Adjusted EBITDA with Tax Attributes as Adjusted EBITDA, including again the pre-tax impact of Manufacturing Tax Credit (“PTCs”), Funding Tax Credit (“ITCs”), and depreciation tax deductions allotted to tax fairness traders, in addition to the tax profit recorded from tax credit retained or transferred to 3rd events.
The GAAP measure most corresponding to EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes is internet earnings. We imagine that EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes higher replicate the underlying enterprise efficiency of the Firm. Adjusted EBITDA is probably the most related measure thought of within the Firm’s inside analysis of the monetary efficiency of its segments. Elements on this dedication embody the variability as a consequence of unrealized beneficial properties or losses pertaining to spinoff transactions, fairness securities, or monetary belongings and liabilities remeasurement, unrealized overseas foreign money beneficial properties or losses, losses as a consequence of impairments, strategic selections to get rid of or purchase enterprise pursuits, retire debt, or implement restructuring initiatives, and the variability of allocations of earnings to tax fairness traders, which have an effect on ends in a given interval or intervals. As well as, every of those metrics signify the enterprise efficiency of the Firm earlier than the applying of statutory earnings tax charges and tax changes, together with the results of tax planning, comparable to the varied jurisdictions through which the Firm operates. EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes shouldn’t be construed as alternate options to internet earnings, which is decided in accordance with GAAP.
|
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||
|
Reconciliation of Adjusted EBITDA and Adjusted EBITDA with Tax Attributes |
2025 |
2024 |
2025 |
2024 |
|||
|
Web earnings (loss) |
$ (150) |
$ 153 |
$ (223) |
$ 431 |
|||
|
Earnings tax expense (profit) |
167 |
(35) |
184 |
(51) |
|||
|
Curiosity expense |
352 |
389 |
694 |
746 |
|||
|
Curiosity earnings |
(70) |
(88) |
(139) |
(193) |
|||
|
Depreciation, amortization, and accretion of AROs |
354 |
315 |
691 |
633 |
|||
|
EBITDA |
$ 653 |
$ 734 |
$ 1,207 |
$ 1,566 |
|||
|
Much less: Adjustment for noncontrolling pursuits and redeemable inventory of |
(253) |
(182) |
(387) |
(346) |
|||
|
Much less: Earnings tax expense (profit), curiosity expense (earnings) and |
45 |
28 |
81 |
62 |
|||
|
Curiosity earnings acknowledged below service concession preparations |
14 |
16 |
29 |
33 |
|||
|
Unrealized derivatives, fairness securities, and monetary belongings and |
133 |
(53) |
132 |
(138) |
|||
|
Unrealized overseas foreign money losses (beneficial properties) |
4 |
12 |
(3) |
3 |
|||
|
Disposition/acquisition losses |
126 |
62 |
167 |
19 |
|||
|
Impairment losses (reversals) |
(87) |
23 |
(54) |
49 |
|||
|
Loss on extinguishment of debt and troubled debt restructuring |
4 |
18 |
12 |
50 |
|||
|
Restructuring prices |
42 |
— |
88 |
— |
|||
|
Adjusted EBITDA (1) |
$ 681 |
$ 658 |
$ 1,272 |
$ 1,298 |
|||
|
Tax attributes |
376 |
191 |
562 |
419 |
|||
|
Adjusted EBITDA with Tax Attributes (2) |
$ 1,057 |
$ 849 |
$ 1,834 |
$ 1,717 |
|||
|
(1) |
The allocation of earnings and losses to tax fairness traders from each consolidated entities and fairness associates is faraway from Adjusted EBITDA. NCI additionally excludes quantities allotted to most popular shareholders through the building section earlier than a venture turns into operational, as that is akin to a financing association. |
||||
|
(2) |
Adjusted EBITDA with Tax Attributes consists of the affect of the share of the ITCs, PTCs, and depreciation deductions allotted to tax fairness traders below the HLBV accounting methodology and acknowledged as Web loss (earnings) attributable to noncontrolling pursuits and redeemable inventory of subsidiaries on the Condensed Consolidated Statements of Operations. It additionally consists of the tax profit recorded from tax credit retained or transferred to 3rd events. The tax attributes are associated to the Renewables and Utilities SBUs. |
||||
We outline Adjusted PTC as pre-tax earnings from persevering with operations attributable to The AES Company excluding beneficial properties or losses of the consolidated entity as a consequence of (a) unrealized beneficial properties or losses pertaining to spinoff transactions, fairness securities, and monetary belongings and liabilities measured utilizing the honest worth possibility; (b) unrealized overseas foreign money beneficial properties or losses; (c) beneficial properties, losses, advantages, and prices related to inclinations and acquisitions of enterprise pursuits, together with early plant closures, and beneficial properties and losses acknowledged at graduation of sales-type leases; (d) losses as a consequence of impairments; (e) beneficial properties, losses, and prices as a result of early retirement of debt or troubled debt restructuring; and (f) prices immediately related to a serious restructuring program, together with, however not restricted to, workforce discount efforts. Adjusted PTC additionally consists of internet fairness in earnings of associates on an after-tax foundation adjusted for a similar beneficial properties or losses excluded from consolidated entities.
We outline Adjusted EPS as diluted earnings per share from persevering with operations excluding beneficial properties or losses of each consolidated entities and entities accounted for below the fairness methodology as a consequence of (a) unrealized beneficial properties or losses pertaining to spinoff transactions, fairness securities, and monetary belongings and liabilities measured utilizing the honest worth possibility; (b) unrealized overseas foreign money beneficial properties or losses; (c) beneficial properties, losses, advantages and prices related to inclinations and acquisitions of enterprise pursuits, together with early plant closures, and the tax affect from the repatriation of gross sales proceeds, and beneficial properties and losses acknowledged at graduation of sales-type leases; (d) losses as a consequence of impairments; (e) beneficial properties, losses, and prices as a result of early retirement of debt or troubled debt restructuring; and (f) prices immediately related to a serious restructuring program, together with, however not restricted to, workforce discount efforts.
The GAAP measure most corresponding to Adjusted PTC is earnings from persevering with operations attributable to AES. The GAAP measure most corresponding to Adjusted EPS is diluted earnings per share from persevering with operations. We imagine that Adjusted PTC and Adjusted EPS higher replicate the underlying enterprise efficiency of the Firm and are thought of within the Firm’s inside analysis of economic efficiency. Elements on this dedication embody the variability as a consequence of unrealized beneficial properties or losses pertaining to spinoff transactions, fairness securities, or monetary belongings and liabilities remeasurement, unrealized overseas foreign money beneficial properties or losses, losses as a consequence of impairments, and strategic selections to get rid of or purchase enterprise pursuits, retire debt, or implement restructuring initiatives, which have an effect on ends in a given interval or intervals. As well as, for Adjusted PTC, earnings earlier than tax represents the enterprise efficiency of the Firm earlier than the applying of statutory earnings tax charges and tax changes, together with the results of tax planning, comparable to the varied jurisdictions through which the Firm operates. Adjusted PTC and Adjusted EPS shouldn’t be construed as alternate options to earnings from persevering with operations attributable to AES and diluted earnings per share from persevering with operations, that are decided in accordance with GAAP.
The Firm reported diluted loss per share of $0.15 and $0.08 for the three and 6 months ended June 30, 2025. The Firm reported diluted earnings per share of $0.39 and $0.99 for the three and 6 months ended June 30, 2024. For functions of measuring earnings per share below U.S. GAAP, earnings accessible to AES widespread stockholders is lowered by will increase within the carrying quantity of redeemable inventory of subsidiaries to redemption worth and elevated by decreases within the carrying quantity to the extent they signify recoveries of quantities beforehand mirrored within the computation of earnings per share. Whereas the adjustment for the three and 6 months ended June 30, 2025 decreased earnings per share and the adjustment for the three months ended June 30, 2024 elevated earnings per share, neither adjustment impacted Web earnings on the Condensed Consolidated Assertion of Operations. For functions of computing Adjusted EPS, the Firm excluded the adjustment to redemption worth from the numerator. The desk under reconciles the earnings accessible to AES widespread stockholders utilized in GAAP diluted earnings per share to the earnings from persevering with operations utilized in calculating the non-GAAP measure of Adjusted EPS.
|
Reconciliation of Numerator Used for Adjusted EPS |
Three months ended June 30, 2025 |
Six months ended June 30, 2025 |
|||||||||
|
(in hundreds of thousands, besides per share knowledge) |
Loss |
Shares |
$ per Share |
Loss |
Shares |
$ per Share |
|||||
|
GAAP DILUTED LOSS PER SHARE |
|||||||||||
|
Loss accessible to The AES Company widespread stockholders |
$ (105) |
712 |
$ (0.15) |
$ (59) |
712 |
$ (0.08) |
|||||
|
Add again: Adjustment to redemption worth of redeemable inventory of |
10 |
— |
0.02 |
10 |
— |
0.01 |
|||||
|
NON-GAAP DILUTED LOSS PER SHARE BEFORE EFFECT OF |
$ (95) |
712 |
$ (0.13) |
$ (49) |
712 |
$ (0.07) |
|||||
|
Restricted inventory models |
— |
2 |
— |
— |
1 |
— |
|||||
|
NON-GAAP DILUTED LOSS PER SHARE |
$ (95) |
714 |
$ (0.13) |
$ (49) |
713 |
$ (0.07) |
|||||
|
Reconciliation of Numerator Used for Adjusted EPS |
Three months ended June 30, 2024 |
Six months ended June 30, 2024 |
|||||||||
|
(in hundreds of thousands, besides per share knowledge) |
Earnings |
Shares |
$ per Share |
Earnings |
Shares |
$ per Share |
|||||
|
GAAP DILUTED EARNINGS PER SHARE |
|||||||||||
|
Earnings accessible to The AES Company widespread stockholders |
$ 282 |
713 |
$ 0.39 |
$ 708 |
713 |
$ 0.99 |
|||||
|
Add again: Adjustment to redemption worth of redeemable inventory of |
(6) |
— |
— |
— |
— |
— |
|||||
|
NON-GAAP DILUTED EARNINGS PER SHARE |
$ 276 |
713 |
$ 0.39 |
$ 708 |
713 |
$ 0.99 |
|||||
|
Three Months |
Three Months |
Six Months |
Six Months |
|||||||||
|
Web of |
Per Share |
Web of |
Per Share |
Web of |
Per Share |
Web of |
Per Share |
|||||
|
(in hundreds of thousands, besides per share quantities) |
||||||||||||
|
Earnings (loss) from persevering with operations, internet |
$ (95) |
$ (0.13) |
$ 276 |
$ 0.39 |
$ (49) |
$ (0.07) |
$ 708 |
$ 0.99 |
||||
|
Add: Earnings tax expense (profit) from persevering with |
148 |
(67) |
144 |
(86) |
||||||||
|
Pre-tax contribution |
$ 53 |
$ 209 |
$ 95 |
$ 622 |
||||||||
|
Changes |
||||||||||||
|
Unrealized derivatives, fairness securities, and |
$ 133 |
$ 0.18 |
(2) |
$ (53) |
$ (0.07) |
(3) |
$ 128 |
$ 0.19 |
(4) |
$ (138) |
$ (0.19) |
(5) |
|
Unrealized overseas foreign money losses (beneficial properties) |
4 |
— |
12 |
0.01 |
(3) |
— |
3 |
— |
||||
|
Disposition/acquisition losses |
125 |
0.18 |
(6) |
62 |
0.08 |
(7) |
167 |
0.23 |
(8) |
19 |
0.03 |
(9) |
|
Impairment losses (reversals) |
(87) |
(0.12) |
(10) |
23 |
0.03 |
(11) |
(54) |
(0.08) |
(12) |
49 |
0.08 |
(13) |
|
Loss on extinguishment of debt and troubled debt |
6 |
0.01 |
20 |
0.03 |
(14) |
16 |
0.02 |
54 |
0.07 |
(15) |
||
|
Restructuring prices |
42 |
0.06 |
(16) |
— |
— |
88 |
0.12 |
(17) |
— |
— |
||
|
Much less: Web earnings tax expense (profit) |
0.33 |
(18) |
(0.09) |
(19) |
0.37 |
(20) |
(0.09) |
(19) |
||||
|
Adjusted PTC and Adjusted EPS |
$ 276 |
$ 0.51 |
$ 273 |
$ 0.38 |
$ 437 |
$ 0.78 |
$ 609 |
$ 0.89 |
||||
|
(1) |
NCI is outlined as Noncontrolling Pursuits. |
||||
|
(2) |
Quantity primarily pertains to remeasurement of our funding in 5B of $48 million, or $0.07 per share, internet unrealized spinoff losses on the Vitality Infrastructure SBU of $38 million, or $0.05 per share, and unrealized spinoff losses on commodities at AES Clear Vitality of $33 million, or $0.05 per share. |
||||
|
(3) |
Quantity primarily pertains to unrealized beneficial properties on overseas foreign money derivatives at Company of $34 million, or $0.05 per share, and unrealized beneficial properties on cross foreign money swaps in Brazil of $25 million, or $0.03 per share. |
||||
|
(4) |
Quantity primarily pertains to remeasurement of our funding in 5B of $48 million, or $0.07 per share, internet unrealized spinoff losses on the Vitality Infrastructure SBU of $46 million, or $0.06 per share, and unrealized spinoff losses on commodities at AES Clear Vitality of $17 million, or $0.02 per share. |
||||
|
(5) |
Quantity primarily pertains to internet unrealized spinoff beneficial properties on the Vitality Infrastructure SBU of $59 million, or $0.08 per share, unrealized beneficial properties on overseas foreign money derivatives at Company of $37 million, or $0.05 per share, and unrealized beneficial properties on cross foreign money swaps in Brazil of $28 million, or $0.04 per share. |
||||
|
(6) |
Quantity primarily pertains to day-one losses on graduation of sales-type leases at AES Clear Vitality Improvement of $149 million, or $0.21 per share, partially offset by achieve on sale of Dominican Republic Renewables of $45 million, or $0.06 per share. |
||||
|
(7) |
Quantity primarily pertains to day-one losses at graduation of sales-type leases at AES Renewable Holdings of $63 million, or $0.09 per share. |
||||
|
(8) |
Quantity primarily pertains to day-one losses on graduation of sales-type leases at AES Clear Vitality Improvement of $149 million, or $0.21 per share, and AES Renewable Holdings of $9 million, or $0.01 per share, and losses on remeasurement of contingent consideration at AES Clear Vitality of $12 million, or $0.02 per share, partially offset by achieve on sale of Dominican Republic Renewables of $45 million, or $0.06 per share. |
||||
|
(9) |
Quantity primarily pertains to day-one losses at graduation of sales-type leases at AES Renewable Holdings of $63 million, or $0.09 per share, and the loss on partial sale of our possession curiosity in Amman East and IPP4 in Jordan of $10 million, or $0.01 per share, partially offset by a achieve on dilution of possession in Uplight as a consequence of its acquisition of AutoGrid of $52 million, or $0.07 per share. |
||||
|
(10) |
Quantity primarily pertains to the derecognition of the valuation allowance on a mortgage receivable accounted for below ASC 310 and the elimination of estimated prices to promote at Mong Duong of $127 million, or $0.18 per share, after reclassification to held and used, partially offset by impairments at AES Clear Vitality of $29 million, or $0.04 per share. |
||||
|
(11) |
Quantity primarily pertains to impairment at AES Brasil of $12 million, or $0.02 per share. |
||||
|
(12) |
Quantity primarily pertains to the derecognition of the valuation allowance on a mortgage receivable accounted for below ASC 310 and the elimination of estimated prices to promote at Mong Duong of $127 million, or $0.18 per share, after reclassification to held and used, partially offset by impairments at AES Clear Vitality of $54 million, or $0.08 per share, and at Mong Duong of $9 million, or $0.01 per share. |
||||
|
(13) |
Quantity primarily pertains to impairment at Mong Duong of $22 million, or $0.03 per share, and impairment at AES Brasil of $12 million, or $0.02 per share. |
||||
|
(14) |
Quantity primarily pertains to losses incurred at AES Andes as a consequence of early retirement of debt of $16 million, or $0.02 per share. |
||||
|
(15) |
Quantity primarily pertains to losses incurred at AES Andes as a consequence of early retirement of debt $29 million, or $0.04 per share, and prices incurred as a consequence of troubled debt restructuring at Puerto Rico of $20 million, or $0.03 per share. |
||||
|
(16) |
Quantity primarily pertains to impairments at AES Clear Vitality Improvement that have been the results of the Firm-wide restructuring program of $38 million, or $0.05 per share. |
||||
|
(17) |
Quantity primarily pertains to severance prices related to the Firm-wide restructuring program of $50 million, or $0.07 per share, and impairments at AES Clear Vitality Improvement that have been the results of the Firm’s restructuring program of $38 million, or $0.05 per share. |
||||
|
(18) |
Quantity primarily pertains to earnings tax expense related to the day-one losses on graduation of sales-type leases at AES Clear Vitality Improvement of $95 million, or $0.13 per share, impairments at AES Clear Vitality Improvement of $50 million, or $0.07 per share, remeasurement and downward adjustment of our funding in 5B of $28 million, or $0.04 per share, the selldown of AES Ohio of $13 million, or $0.02 per share, and internet unrealized spinoff losses at Built-in Vitality of $18 million, or $0.03 per share. |
||||
|
(19) |
Quantity primarily pertains to earnings tax advantages related to the tax over guide funding foundation variations associated to the AES Brasil held-for-sale classification of $59 million, or $0.08 per share, for the three and 6 months ended June 30, 2024. |
||||
|
(20) |
Quantity primarily pertains to earnings tax expense related to the day-one losses on graduation of sales-type leases at AES Clear Vitality Improvement of $95 million, or $0.13 per share, impairments at AES Clear Vitality Improvement of $57 million, or $0.08 per share, severance prices associated to the Firm-wide restructuring program of $23 million, or $0.03 per share, remeasurement and downward adjustment of our funding in 5B of $28 million, or $0.04 per share, internet unrealized spinoff losses at Built-in Vitality of $19 million, or $0.03 per share, and the selldown of AES Ohio of $13 million, or $0.02 per share. |
||||
|
The AES Company |
||||
|
Mother or father Monetary Data |
||||
|
Mother or father solely knowledge: final 4 quarters |
||||
|
(in hundreds of thousands) |
4 Quarters Ended |
|||
|
Whole subsidiary distributions & returns of capital to Mother or father |
June 30, 2025 |
March 31, |
December 31, |
September |
|
Precise |
Precise |
Precise |
Precise |
|
|
Subsidiary distributions(1) to Mother or father & QHCs |
$ 1,706 |
$ 1,447 |
$ 1,603 |
$ 1,424 |
|
Returns of capital distributions to Mother or father & QHCs |
75 |
32 |
30 |
80 |
|
Whole subsidiary distributions & returns of capital to Mother or father |
$ 1,781 |
$ 1,479 |
$ 1,633 |
$ 1,504 |
|
Mother or father solely knowledge: quarterly |
||||
|
(in hundreds of thousands) |
Quarter Ended |
|||
|
Whole subsidiary distributions & returns of capital to Mother or father |
June 30, 2025 |
March 31, |
December 31, |
September |
|
Precise |
Precise |
Precise |
Precise |
|
|
Subsidiary distributions1 to Mother or father & QHCs |
$ 557 |
$ 230 |
$ 715 |
$ 204 |
|
Returns of capital distributions to Mother or father & QHCs |
44 |
3 |
28 |
— |
|
Whole subsidiary distributions & returns of capital to Mother or father |
$ 601 |
$ 233 |
$ 743 |
$ 204 |
|
(in hundreds of thousands) |
Stability at |
|||
|
June 30, 2025 |
March 31, |
December 31, |
September |
|
|
Mother or father Firm Liquidity(2) |
Precise |
Precise |
Precise |
Precise |
|
Money at Mother or father & Money at QHCs(3) |
$ 9 |
$ 151 |
$ 265 |
$ 6 |
|
Availability below credit score amenities |
2,185 |
1,526 |
1,782 |
335 |
|
Ending liquidity |
$ 2,194 |
$ 1,677 |
$ 2,047 |
$ 341 |
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(1) |
Subsidiary distributions acquired by Certified Holding Corporations (“QHCs”) excluded from Schedule 1. Subsidiary Distributions shouldn’t be construed as an alternative choice to Consolidated Web Money Supplied by Working Actions, which is decided in accordance with US GAAP. Subsidiary Distributions are necessary to the Mother or father Firm as a result of the Mother or father Firm is a holding firm that doesn’t derive any important direct revenues from its personal actions however as an alternative depends on its subsidiaries’ enterprise actions and the resultant distributions to fund the debt service, funding and different money wants of the holding firm. The reconciliation of the distinction between the Subsidiary Distributions and Consolidated Web Money Supplied by Working Actions consists of money generated from working actions that’s retained on the subsidiaries for a wide range of causes that are each discretionary and non-discretionary in nature. These elements embody, however should not restricted to, retention of money to fund capital expenditures on the subsidiary, money retention related to non-recourse debt covenant restrictions and associated debt service necessities on the subsidiaries, retention of money associated to sufficiency of native GAAP statutory retained earnings on the subsidiaries, retention of money for working capital wants on the subsidiaries, and different comparable timing variations between when the money is generated on the subsidiaries and when it reaches the Mother or father Firm and associated holding corporations. |
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(2) |
Mother or father Firm Liquidity is outlined as money accessible to the Mother or father Firm, together with money at certified holding corporations (QHCs), plus accessible borrowings below our present credit score facility. AES believes that unconsolidated Mother or father Firm liquidity is necessary to the liquidity place of AES as a Mother or father Firm due to the non-recourse nature of most of AES’ indebtedness. |
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(3) |
The money held at QHCs represents money despatched to subsidiaries of the corporate domiciled outdoors of the US. Such subsidiaries haven’t any contractual restrictions on their capacity to ship money to AES, the Mother or father Firm. Money at these subsidiaries was used for funding and associated actions outdoors of the US. These investments included fairness investments and loans to different overseas subsidiaries in addition to growth and common prices and bills incurred outdoors the US. For the reason that money held by these QHCs is offered to the Mother or father, AES makes use of the mixed measure of subsidiary distributions to Mother or father and QHCs as a helpful measure of money accessible to the Mother or father to satisfy its worldwide liquidity wants. |
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Investor Contact: Susan Harcourt 703-682-1204, susan.harcourt@aes.com
Media Contact: Amy Ackerman 703-682-6399, amy.ackerman@aes.com
SOURCE The AES Company