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CONTAINS FORWARD-LOOKING STATEMENTS The AES Corporation Third Quarter 2025 Financial Review November 5, 2025
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CONTAINS FORWARD-LOOKING STATEMENTS Safe Harbor Disclosure 2 Certain statements in the following presentation regarding AES’ business operations may constitute “forward-looking statements.” Such forward-looking statements include, but are not limited to, those related to future earnings, growth and financial and operating performance. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES’ current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, accurate projections of future interest rates, commodity prices and foreign currency pricing, continued normal or better levels of operating performance and electricity demand at our distribution companies and operational performance at our generation businesses consistent with historical levels, as well as the execution of PPAs, conversion of our backlog and growth from investments at investment levels and rates of return consistent with prior experience. For additional assumptions see the Appendix to this presentation. Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in AES’ filings with the Securities and Exchange Commission including but not limited to the risks discussed under Item 1A: “Risk Factors” and Item 7: “Management’s Discussion & Analysis” in AES’ Annual Report on Form 10-K, as well as our other SEC filings. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Reconciliation to U.S. GAAP Financial Information The following presentation includes certain “non-GAAP financial measures” as defined in Regulation G under the Securities Exchange Act of 1934, as amended. Schedules are included herein that reconcile the non-GAAP financial measures included in the following presentation to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP .
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CONTAINS FORWARD-LOOKING STATEMENTS Andrés Gluski, AES President & CEO → Q3 & YTD financial and strategic objectives → Key business developments Stephen Coughlin, AES EVP & CFO → Q3 2025 financial results → 2025 guidance and long-term growth rate targets → 2025 Parent capital allocation plan Agenda 3
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CONTAINS FORWARD-LOOKING STATEMENTS On Track to Achieve All Financial & Strategic Objectives 41. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure. Financial Results → Q3 2025 Adjusted EBITDA 1 of $830 million • Renewables SBU Adjusted EBITDA1 growth of ~40% → Q3 2025 Adjusted EPS 1 of $0.75 Strategic Highlights → Expect to sign at least 4 GW of PPAs in full year 2025 • Year-to-date, signed or awarded 2.2 GW of new PPAs for renewables, including 1.6 GW with data center customers • On track to achieve 14-17 GW signed PPA target for 2023 through 2025 → On track to add a total of 3.2 GW of new projects in full year 2025 • Year-to-date, completed construction of 2.9 GW → Backlog of projects under signed PPAs is now 11.1 GW Reaffirming 2025 Guidance & Long-Term Growth Rate Targets
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CONTAINS FORWARD-LOOKING STATEMENTS Substantial Growth at Renewables SBU 5 → Growth driven by 3 GW of new projects in last 12 months and higher returns → Benefiting from substantial economies of scale in purchasing, constructing and operating • By year-end 2025, installed capacity of US business will be almost 60% larger than two years ago • Average project size is >50% larger than five years ago Year-to-Date 2025 Renewables SBU Adjusted EBITDA1 Increased 46% 1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure.
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CONTAINS FORWARD-LOOKING STATEMENTS AES’ Signed PPAs with Data Center Customers 61. Excludes 2.4 GW of Utility Load Growth and Retail Supply, and ~0.4 GW of signed PPAs at AES Brasil, which was sold in 2024. 4.2 8.21 2.0 2.0 PPAs with Data Centers In Operation Backlog of PPAs with Data Centers Total Under Construction Not Yet Under Construction 4.0 Capacity in GW
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CONTAINS FORWARD-LOOKING STATEMENTS Our Safe Harbored Position Provides an Increasing Competitive Advantage 7 7.5 11.1 3.6 4.0 3.0-4.0 Safe Harbored US Backlog International Backlog Total Backlog Safe Harbored Pipeline Pipeline to be Safe Harbored Before July 4, 2026 For 2028-2029 Deliveries For 2029-2030 Deliveries Safe Harbored Projects that Qualify for Tax Credits will Enable Higher Future Returns Capacity in GW
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CONTAINS FORWARD-LOOKING STATEMENTS AES’ US Utilities Among Lowest-Cost Providers in Each State 8 Indiana Electric Utility Residential Customer Bill (1,000 KWh Usage)1 Ohio Electric Utility Residential Customer Bill (1,000 KWh Usage)2 $155.84 $158.26 $166.56 $220.72 $233.62 Company A Company B Company C Company D 1. Source: Indiana Utility Regulatory Commission 2025 Residential Bill Survey, July 2025. 2. Source: Public Utilities Commission of Ohio Utility Rate Survey. $162.48 $167.55 $176.31 $189.94 Company A Company B Company C
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CONTAINS FORWARD-LOOKING STATEMENTS AES Indiana Prioritizing Affordability, While Investing to Improve Reliability 9 Partial Settlement for Rate Review → AES Indiana has track record of cost discipline with O&M costs holding flat for five years → Rate increase request less than cumulative impact of inflation since last rate adjustment → After increase, expect residential rates to be at least 15% lower than state average Generation Investment Program to Replace Aging Infrastructure → Construction of new facilities improves system reliability
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CONTAINS FORWARD-LOOKING STATEMENTS AES Indiana’s Integrated Resource Plan (IRP) Prioritizes Affordability 10 → IRP lays out short-term action plan and 20-year outlook, with focus on customer affordability → Strong emphasis on demand response, energy efficiency, energy storage and natural gas (if a large - load customer is contracted) → Committed to ensuring new data center load will lower costs for all existing customers, as fixed system costs are spread across a larger customer base Annual Revenue Requirement – System Cost (Nominal $/MWh) $110 $120 $130 $140 $150 $160 $170 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 No Data Center Load Low Data Center Load Mid Data Center Load High Data Center Load
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CONTAINS FORWARD-LOOKING STATEMENTS 11 CONTAINS FORWARD-LOOKING STATEMENTS → 2.1 GW of signed data center agreements, with investment supported by FERC-formula rates → In advanced stages of distribution rate review, with final order expected shortly → Plan to file next rate review later this month, incorporating three forward- looking test years (2027-2029) AES Ohio Progressing on Data Center Build and Distribution Rate Review
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CONTAINS FORWARD-LOOKING STATEMENTS → Q3 2025 financial results → 2025 guidance and long-term growth rates → 2025 Parent capital allocation plan Q3 2025 Financial Review 12
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CONTAINS FORWARD-LOOKING STATEMENTS Q3 2025 Financial Results 13 Higher Adjusted EBITDA1,2 driven primarily by: • Growth from new renewables projects; • Rate base investment at US utilities; and • Cost savings Partially offset by $60 million of asset sales: • Sale of AES Brasil (5 GW) and sell-downs of AES Ohio and global insurance business $ in Millions $698 $830 Q3 2024 Q3 2025 Adjusted EBITDA1,2 +$132 1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure. 2. Adjusted EBITDA does not include Tax Attributes, which totaled $426 million in Q3 2025 versus $476 million in Q3 2024. Tax Attributes are the pre-tax effect of Production Tax Credits, Investment Tax Credits, and depreciation tax deductions allocated to tax equity investors, as well as the tax benefit recorded from tax credits retained or transferred to third parties.
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CONTAINS FORWARD-LOOKING STATEMENTS Q3 2025 Financial Results 14 Higher Adjusted EPS1 driven primarily by: • Adjusted EBITDA1 drivers; and • Lower adjusted tax rate2 Partially offset by: • Higher depreciation expense; • Higher interest expense; and • Timing of tax attribute recognition $ Per Share $0.71 $0.75 Q3 2024 Q3 2025 Adjusted EPS1 +$0.04 1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure. 2. Adjusted Tax Rate of 29% in Q3 2025 and 31% in Q3 2024. Excludes year-over-year benefit from US renewable tax credit transfers of $0.12, which is included in “Timing of tax attribute recognition”.
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CONTAINS FORWARD-LOOKING STATEMENTS Q3 2025 Financial Results: Renewables1 15 Higher Adjusted EBITDA2,3 driven primarily by: • Contributions from new projects; • Cost savings; and • Net effect of moving Chile renewables to Renewables SBU more than offset by the sale of AES Brasil (5 GW) $ in Millions $214 $296 Q3 2024 Q3 2025 1. Chile renewables moved from Energy Infrastructure SBU to Renewables SBU in Q1 2025. 2. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure. 3. Adjusted EBITDA does not include Tax Attributes, which totaled $421 million in Q3 2025 versus $475 million in Q3 2024 for the Renewables SBU. Tax Attributes are the pre-tax effect of Production Tax Credits, Investment Tax Credits, and depreciation tax deductions allocated to tax equity investors, as well as the tax benefit recorded from tax credits retained or transferred to third parties. Adjusted EBITDA2,3 +$82
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CONTAINS FORWARD-LOOKING STATEMENTS On Track to Achieve 2025 Renewables EBITDA1 Guidance 16 $ in Millions 1. A non-GAAP financial measure. The Company is not able to provide a corresponding GAAP equivalent or reconciliation for its Adjusted EBITDA guidance without unreasonable effort. See Appendix for definition and for a description of the adjustments to reconcile Adjusted EBITDA to net income for 2024. 2. 2024 results were retrospectively revised to move AES Andes’ renewables partnership, Chile Renovables, from the Energy Infrastructure SBU to the Renewables SBU $6122 $890- $960 FY 2024 FY 2025 $479 $697 YTD 2024 YTD 2025 Year-to-Date Full Year
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CONTAINS FORWARD-LOOKING STATEMENTS Q3 2025 Financial Results: Utilities 17 Higher Adjusted PTC1 driven primarily by rate base investment Partially offset by the 30% sell-down of AES Ohio $ in Millions $73 $98 Q3 2024 Q3 2025 1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure. Adjusted PTC1 +$25
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CONTAINS FORWARD-LOOKING STATEMENTS Q3 2025 Financial Results: Energy Infrastructure1 18 Higher Adjusted EBITDA2 driven primarily by: • Acquisition of remaining ownership in Cochrane coal plant; • Cost savings; and • Commencement of operations at Gatun gas plant Partially offset by Chile renewables segment change $ in Millions $290 $301 Q3 2024 Q3 2025 1. Chile renewables moved from Energy Infrastructure SBU to Renewables SBU in Q1 2025. 2. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure. Adjusted EBITDA2 +$11
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CONTAINS FORWARD-LOOKING STATEMENTS Q3 2025 Financial Results: New Energy Technologies 19 Relatively flat Adjusted EBITDA1 with no material drivers $ in Millions ($7) ($3) Q3 2024 Q3 2025 +$4 1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the nearest GAAP measure. Adjusted EBITDA1
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CONTAINS FORWARD-LOOKING STATEMENTS Reaffirming 2025 Guidance 20 $ in Millions 1. A non-GAAP financial measure. The Company is not able to provide a corresponding GAAP equivalent or reconciliation for its Adjusted EBITDA guidance without unreasonable effort. See Appendix for definition and for a description of the adjustments to reconcile Adjusted EBITDA to net income for 2024. 2. A non-GAAP financial measure. See Appendix for definition. The Company is not able to provide a corresponding GAAP equivalent or reconciliation for its Adjusted EPS guidance without unreasonable effort. See Appendix for definition and a description of the adjustments to reconcile Adjusted EPS to diluted EPS for 2024. 3. Adjusted Tax Rate of 23% in 2024 and 29%-31% in 2025. Excludes benefit from US renewable tax credit transfers, which is included in “New projects”. $2.14 $2.10- $2.26 2024 2025 Guidance $2,639 $2,650- $2,850 2024 2025 Guidance Year-to-Go Drivers + New projects + Utilities growth + Cost savings − Asset sales Adjusted EBITDA1 Adjusted EPS2 Year-to-Go Drivers + New projects + Utilities growth + Cost savings − Parent interest − Tax3
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CONTAINS FORWARD-LOOKING STATEMENTS $1,535 (9%)- (11%) 2023 Guidance 2027 $635 13%- 15% 2023 Guidance 2027 $695 19%- 21% 2023 Guidance 2027 Reaffirming Adjusted EBITDA1 Average Annual Growth2 of 5% to 7% Through 2027 21 Renewables SBU Utilities SBU Energy Infrastructure SBU $ in Millions 1. A non-GAAP financial measure. The Company is not able to provide a corresponding GAAP equivalent or reconciliation for its Adjusted EBITDA guidance without unreasonable effort. See Appendix for definition and a description of the adjustments to reconcile Adjusted EBITDA to net income for 2024. 2. From a base of the mid-point of 2023 Adjusted EBITDA guidance of $2,750 million. Beyond 2027 Guidance Period: Projects Completed in 2027 or Under Construction at Year-End 2027 Expected to Generate $400 Million of Incremental Adjusted EBITDA1
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CONTAINS FORWARD-LOOKING STATEMENTS 2025 Parent Capital Allocation Plan 22 $ in Millions Discretionary Cash – Sources ($2,615-$2,815) Discretionary Cash – Uses ($2,615-$2,815) $1,660- $1,860$400 $545 $10 $265 $1,150- $1,250 $500 $400- $500 $300 $2,615- $2,815 Beginning Cash Parent FCF Net Debt Issuance Net Asset Sales Proceeds Return of Capital & Other Total 1 Shareholder Dividend3 Ending Cash & Other 2 1. A non-GAAP financial measure. The Company is not able to provide a corresponding GAAP equivalent or reconciliation for its Parent Free Cash Flow expectation without unreasonable effort. See Appendix for definition and a description of the adjustments to reconcile Parent Free Cash Flow to Net Cash Provided by Operating Activities at the Parent Company for 2024. 2. Sell-down of global insurance business and unannounced asset sales. 3. Includes 2025 payment of $0.17595 per share each quarter on 711 million shares outstanding as of December 31, 2024 and coupon on $1,450 million of hybrid debt issued in 2024. Subsidiary Debt Repayment Growth InvestmentExpect to be in T op Half of Range
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CONTAINS FORWARD-LOOKING STATEMENTS Conclusion 23 → 46% increase in Renewables SBU Adjusted EBITDA1 in year-to-date 2025 • Primary driver of growth is 3 GW of new capacity completed over last 12 months • Construction program provides clear line of sight to continued growth through 2027 and beyond → Well-positioned to deliver the technologies and solutions our customers need through renewables, utilities, or energy infrastructure business → Our safe harbored pipeline, robust domestic supply chain, and deep customer relationships give us a competitive advantage as we meet the growing demand for reliable, low-cost power 1. A non-GAAP financial measure. See Appendix for definition.
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CONTAINS FORWARD-LOOKING STATEMENTS Appendix 24 Parent Only Cash Flow & Liquidity Slides 25-26 Recourse & Non-Recourse Debt Slides 27-30 Q3 & YTD Adjusted EPS 1 Roll-Up Slide 31 YTD Financial Results Slides 32-34 Modeling Disclosures Slides 35-38 2025 SBU Modeling Ranges Slide 39 2025-2027 Parent Capital Allocation Plan Slide 40 Adjusted EBITDA1 & Development Expense Slide 41 Currencies and Commodities Slides 42-43 Reconciliations Slides 44-52 Assumptions & Definitions Slides 53-54 1. A non-GAAP financial measure. See “definitions”.
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CONTAINS FORWARD-LOOKING STATEMENTS Parent Sources and Uses of Liquidity 25 $ in Millions Q3 YTD 2024 2025 2024 2025 Sources Total Subsidiary Distributions1 $204 $423 $888 $1,210 Proceeds from Asset Sales, Net - - $26 $439 Financing Proceeds, Net - - $939 $796 Increased/(Decreased) Credit Facility Commitments - - - $500 Total Returns of Capital Distributions & Project Financing Proceeds - $200 $2 $247 Beginning Parent Company Liquidity2 $789 $2,194 $1,409 $2,047 Total Sources $993 $2,817 $3,264 $5,239 Uses Shareholder Dividend ($123) ($154) ($379) ($428) Investments in Subsidiaries, Net ($400) ($620) ($2,110) ($1,670) Repayments of Debt - ($124) - ($900) Cash for Development, Selling, General & Administrative and Taxes ($58) ($95) ($249) ($220) Cash Payments for Interest ($67) ($97) ($172) ($210) Changes in Letters of Credit and Other, Net ($4) ($77) ($13) ($161) Ending Parent Company Liquidity2,3 ($341) ($1,650) ($341) ($1,650) Total Uses ($993) ($2,817) ($3,264) ($5,239) 1. See “definitions”. 2. A non-GAAP financial measure. See “definitions” 3. Does not include undrawn $0.3B Senior Unsecured Term Loan executed October 31, 2025
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CONTAINS FORWARD-LOOKING STATEMENTS Q3 & YTD 2025 Subsidiary Distributions1 26 $ in Millions Subsidiary Distributions1 by SBU Q3 2025 YTD 2025 Renewables $183 $444 Utilities $159 $268 Energy Infrastructure $81 $267 New Energy Technologies - $1 Corporate2 - $230 Total $423 $1,210 Top Subsidiary Distributions1 by Business Q3 2025 YTD 2025 Business Amount Business Amount Business Amount Business Amount AES Clean Energy (Renewables) $181 CLESA (Utilities) $14 Global Insurance (Corporate) $225 CAESS & EEO (Utilities) $96 CAESS & EEO (Utilities) $89 Los Mina (Energy Infrastructure) $12 AES Clean Energy (Renewables) $221 Puerto Rico Solar (Renewables) $67 AES Indiana (Utilities) $56 Amman East (Energy Infrastructure) $3 AES Indiana (Utilities) $155 Southland Energy (Energy Infrastructure) $58 US Holdco (Energy Infrastructure) $45 Southland Energy (Energy Infrastructure) $2 US Holdco (Energy Infrastructure) $114 AES Andes (Energy Infrastructure) $29 AES Andes (Energy Infrastructure) $20 Kavarna (Renewables) $1 AES Andes (Renewables) $100 Mong Duong (Energy Infrastructure) $25 1. See “definitions”. 2. Corporate includes Global Insurance.
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CONTAINS FORWARD-LOOKING STATEMENTS Recourse Debt Summary 27 $ in Millions, Except Percentages; as of September 30, 2025 Note: Ratings as of September 30, 2025. To request an Excel version of this table, please contact Max Trask at max.trask@aes.com. 1. Junior Unsecured notes receive a 50% debt treatment by S&P, Fitch and Moody’s. 2. These balances do not reflect unamortized discounts and other accounting adjustments that are used to calculate the book value of the debt. Certain amounts may vary slightly from other presentations due to rounding. 3. Does not include undrawn $0.3B Senior Unsecured Term Loan executed October 31, 2025 SBU Principal Balance Interest Rate Maturity Ratings Moody’s/S&P/Fitch $1.5B Parent Revolver Corporate $0 Term SOFR + 1.85% 8/23/27 Baa3/BBB-/BBB- $0.3B Parent Revolver Corporate $0 Term SOFR + 1.85% 12/6/26 Baa3/BBB-/BBB- Commercial Paper Corporate $643 Variable N/A P3/A3/F3 $0.5B Senior Unsecured Term Loan Corporate $0 Term SOFR + 1.85% 6/30/26 N/A 1.375% Senior Unsecured Notes due 2026 Corporate $800 1.375% 1/15/26 Baa3/BBB-/BBB- 5.450% Senior Unsecured Notes due 2028 Corporate $900 5.450% 6/1/28 Baa3/BBB-/BBB- 3.950% Senior Unsecured Notes due 2030 Corporate $700 3.950% 7/15/30 Baa3/BBB-/BBB- 2.450% Senior Unsecured Notes due 2031 Corporate $1,000 2.450% 1/15/31 Baa3/BBB-/BBB- 5.800% Senior Unsecured Notes due 2032 Corporate $800 5.800% 3/15/32 Baa3/BBB-/BBB- 7.600% Junior Unsecured Hybrid Notes due 20551 Corporate $950 7.600% 1/15/55 Ba1/BB/BB 6.950% Junior Unsecured Hybrid Notes due 20551 Corporate $500 6.950% 7/15/55 Ba1/BB/BB Total Recourse Debt2,3 (as of September 30, 2025) $6,293 Total Recourse Debt (Adjusted for Rating Agency Equity Treatment) $5,568
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CONTAINS FORWARD-LOOKING STATEMENTS Q3 2025 Non-Recourse Debt1 Schedule 28 $ in Millions, Except Percentages; as of September 30, 2025 Note: To request an Excel version of this table, please contact Max Trask at max.trask@aes.com. 1. These balances do not reflect unamortized discounts and other accounting adjustments that are used to calculate the book value of the debt. Certain amounts may vary slightly from other presentations due to rounding. Sep. 30, 2025 Total Balance Debt Maturity and Amortization Schedule September 30, 2025 Total Balance (Ownership- Adjusted) SBU/Business Country/State Ownership Percentage YTG 2025 2026 2027 2028 2029 2030 and Thereafter Renewables AES Chile Chile 93% 2,387 71 215 207 12 705 1,177 2,213 AES Clean Energy US-Various 80% 9,019 208 2,545 1,145 2,332 502 2,287 7,195 Changuinola Panama 89% 34 4 30 - - - - 30 Chivor Colombia 99% 85 26 26 26 3 3 1 84 Jordan Solar Jordan 36% 9 - 1 1 1 1 5 3 Kavarna Bulgaria 89% 73 - 9 8 9 9 38 65 Puerto Rico Solar US-Puerto Rico 100% 913 1 4 210 11 12 675 913 Total Renewables 12,520 310 2,830 1,597 2,368 1,232 4,183 10,503 Utilities AES Indiana (IPALCO) US-Indiana 70% 3,974 - 90 - - 55 3,829 2,782 AES Ohio (Dayton Power & Light) US-Ohio 77% 1,812 - - 140 93 400 1,179 1,393 El Salvador El Salvador 80% 546 23 25 7 7 7 477 435 Total Utilities 6,332 23 115 147 100 462 5,485 4,610
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CONTAINS FORWARD-LOOKING STATEMENTS Q3 2025 Non-Recourse Debt1 Schedule 29 $ in Millions, Except Percentages; as of September 30, 2025 Note: To request an Excel version of this table, please contact Max Trask at max.trask@aes.com. 1. These balances do not reflect unamortized discounts and other accounting adjustments that are used to calculate the book value of the debt. Certain amounts may vary slightly from other presentations due to rounding. 2. AES Panama ownership adjustment excludes the portion of debt associated with minority interests that is reflected in intercompany agreements. Sep. 30, 2025 Total Balance Debt Maturity and Amortization Schedule September 30, 2025 Total Balance (Ownership- Adjusted) SBU/Business Country/State Ownership Percentage YTG 2025 2026 2027 2028 2029 2030 And Thereafter Energy Infrastructure AES Argentina Argentina 100% 140 18 61 61 - - - 140 AES Panama2 Panama 64% 1,322 10 24 26 26 26 1,210 839 Andres Dom. Republic 77% 497 4 18 3 472 - - 383 Angamos Chile 99% 25 3 6 6 7 3 - 25 Colon Panama 65% 29 - 12 17 - - - 19 Cochrane Chile 100% 618 34 67 44 67 72 334 618 Los Mina Dom. Republic 65% 260 - - 260 - - - 169 Mong Duong Vietnam 51% 460 67 131 116 103 43 - 235 Puerto Rico US-Puerto Rico 100% 156 1 - 57 99 - - 156 Southland Energy US-California 55% 1,770 - 92 98 100 80 1,400 971 TEG TEP Mexico 100% 120 18 57 45 - - - 120 Total Energy Infrastructure 5,354 155 468 733 874 224 2,944 3,675 Total Non-Recourse Debt1 Across All SBUs 24,250 488 3,413 2,477 3,342 1,918 12,612 18,789
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CONTAINS FORWARD-LOOKING STATEMENTS Interest Rate Exposure: Substantial Majority is Hedged Through Swaps or Contractual Arrangements 30 $ in Millions, as of September 30, 2025 $5,568 19% $24,250 81% Recourse Debt1 Non-Recourse Debt Recourse Debt2 Non- Recourse Debt2 Long-Term Weighted Average All-in Cost 4.7% 5.5% Long-Term Weighted Average Maturity 10.5 years 10.3 years Long-Term Debt2 Percentage Fixed or Hedged 100% 92% Percentage in Functional Currency 100% ~100% 1. Includes $725 million of rating agency equity credit for Junior Subordinated Hybrid Notes. 2. Long-term debt does not include $5.9 billion of construction debt, temporary drawings under revolvers and commercial paper issuance.
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CONTAINS FORWARD-LOOKING STATEMENTS Q3 & YTD Adjusted EPS1 Roll-Up 31 $ in Millions, Except Per Share Amounts Q3 2025 Q3 2024 Variance YTD 2025 YTD 2024 Variance Adjusted PTC1 Renewables $283 $447 ($164) $442 $703 ($261) Utilities $98 $73 $25 $276 $197 $79 Energy Infrastructure $184 $176 $8 $484 $551 ($67) New Energy Technologies2 ($5) ($9) $4 ($49) ($42) ($7) Corporate ($85) ($105) $20 ($241) ($218) ($23) Total AES Adjusted PTC1,3 $475 $582 ($107) $912 $1,191 ($279) Adjusted Effective Tax Rate (13%) 13% (19%) 4% Diluted Share Count 714 713 714 713 Adjusted EPS1 $0.75 $0.71 $1.53 $1.60 1. A non-GAAP financial measure. See Slides 45-46 for reconciliation to the nearest GAAP measure and “definitions”. 2. Includes $4 million and $7 million of losses from AES Next for the three months ended September 30, 2025 and 2024, respectively, and $45 million and $33 million of losses for the nine months ended September 30, 2025 and 2024, respectively. 3. Includes $5 million of adjusted after-tax equity in earnings and $7 million of adjusted after-tax equity in losses for the three months ended September 30, 2025 and 2024, respectively, and $48 million and $11 million of adjusted after-tax equity in losses for the nine months ended September 30, 2025 and 2024, respectively.
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CONTAINS FORWARD-LOOKING STATEMENTS YTD 2025 Financial Results 32 Higher Adjusted EBITDA1,2 driven primarily by: • Growth from new renewables projects; • Rate base investment at US utilities; and • Cost savings Partially offset by: • $141 million of asset sales, including AES Brasil (5 GW) and sell-downs of AES Ohio and global insurance business • Prior-year Warrior Run coal plant PPA monetization $ in Millions $1,996 $2,102 YTD 2024 YTD 2025 Adjusted EBITDA1,2 +$106 1. A non-GAAP financial measure. See Slide 48 for reconciliation to the nearest GAAP measure and ”definitions”. 2. Adjusted EBITDA does not include Tax Attributes, which totaled $988 million in YTD 2025 versus $895 million in YTD 2024. Tax Attributes are the pre-tax effect of Production Tax Credits, Investment Tax Credits, and depreciation tax deductions allocated to tax equity investors, as well as the tax benefit recorded from tax credits retained or transferred to third parties.
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CONTAINS FORWARD-LOOKING STATEMENTS YTD 2025 Financial Results 33 Adjusted EPS1 results driven primarily by: • Adjusted EBITDA1 drivers; • Higher depreciation expense; • Higher interest expense; and • Higher adjusted tax rate2 Partially offset by higher tax attribute recognition $ Per Share $1.60 $1.53 YTD 2024 YTD 2025 Adjusted EPS1 -$0.07 1. A non-GAAP financial measure. See “definitions” and Slide 46 for reconciliation to the nearest GAAP measure. 2. Adjusted Tax Rate of 31% in YTD 2025 and 22% in YTD 2024. Excludes year-over-year benefit from US renewable tax credit transfers of $0.34, which is included in “Higher tax attribute recognition”.
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CONTAINS FORWARD-LOOKING STATEMENTS YTD 2025 Financial Results1 34 $ in Millions YTD 2025 YTD 2024 Variance Drivers Adjusted EBITDA2 Renewables3 $697 $479 $218 + New projects + Colombia normalization + Cost savings + Chile renewables segment change − Sale of AES Brasil Energy Infrastructure $809 $949 ($140) − Prior year revenues from Warrior Run PPA monetization − Chile renewables segment change − Lower margins in Puerto Rico and the Dominican Republic + Acquisition of remaining ownership of Cochrane + Commencement of operations at Gatun + Higher availability New Energy Technologies ($45) ($38) ($7) − Lower results at Fluence Adjusted PTC2 Utilities $276 $197 $79 + Rate base investment + Tax attributes − Sell-down of AES Ohio 1. Chile renewables moved from Energy Infrastructure SBU to Renewables SBU in Q1 2025. 2. A non-GAAP financial measure. See “definitions”. 3. Adjusted EBITDA does not include Tax Attributes, which totaled $915 million in YTD 2025 versus $878 million in YTD 2024 for the Renewables SBU. Tax Attributes are the pre-tax effect of Production Tax Credits, Investment Tax Credits, and depreciation tax deductions allocated to tax equity investors, as well as the tax benefit recorded from tax credits retained or transferred to third parties.
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CONTAINS FORWARD-LOOKING STATEMENTS Q3 2025 Modeling Disclosures: Interest & Depreciation 35 $ in Millions Adjusted PTC1 Interest Expense Interest Income Depreciation, Amortization & Accretion of AROs Consolidated Attributable to NCI Ownership- Adjusted Consolidated Attributable to NCI Ownership- Adjusted Consolidated Attributable to NCI Ownership- Adjusted Renewables $283 $123 ($13) $110 $26 ($4) $22 $146 ($29) $117 Utilities2 $98 $72 ($19) $53 $2 ($1) $1 $133 ($39) $94 DPL $17 $19 ($4) $15 $1 - $1 $30 ($9) $21 IPL $60 $42 ($12) $30 $1 ($1) - $93 ($28) $65 Energy Infrastructure $184 $71 ($19) $52 $39 ($15) $24 $84 ($17) $67 New Energy Technologies ($5) - - - $2 - $2 - - - Corporate ($85) $82 - $82 $7 - $7 $2 - $2 Total $475 $348 ($51) $297 $76 ($20) $56 $365 ($85) $280 1. A non-GAAP financial measure. See Slide 45 for reconciliation to the nearest GAAP measure and “definitions”. 2. Also includes El Salvador.
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CONTAINS FORWARD-LOOKING STATEMENTS Q3 2025 Modeling Disclosures: Debt, Cash & Construction Debt Facilities 36 $ in Millions 1. Debt excludes $725 million of rating agency equity credit for Junior Subordinated Hybrid Notes. Total Debt as of September 30, 2025 Cash & Cash Equivalents, Restricted Cash, Short-Term Investments, Debt Service Reserves & Other Deposits Consolidated Attributable to NCI Ownership-Adjusted Consolidated Attributable to NCI Ownership-Adjusted Renewables* $12,911 ($2,062) $10,849 $1,122 ($196) $926 Utilities $6,362 ($1,732) $4,630 $233 ($53) $180 DPL $1,798 ($416) $1,382 $110 ($24) $86 IPL $4,032 ($1,210) $2,822 $72 ($21) $51 Energy Infrastructure $5,330 ($1,712) $3,618 $796 ($206) $590 New Energy Technologies - - - $7 - $7 Corporate1 $5,521 - $5,521 $459 - $459 Total $30,124 ($5,506) $24,618 $2,617 ($455) $2,162 *Construction Debt Facilities (in Renewables SBU) $5,367 ($1,065) $4,302 Portion of Construction Debt Repaid by Tax Attribute Monetization ~$2,700 ~($500) ~$2,200
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CONTAINS FORWARD-LOOKING STATEMENTS FY 2027 Net Debt1 Expectation 37 $ in Millions 1. Total Debt less Cash & Cash Equivalents, Restricted Cash, Short-Term Investments, Debt Service Reserves & Other Deposits 2. Excludes $725 million of rating agency equity credit for Junior Subordinated Hybrid Notes. 2027 Forecasted Net Debt1 Consolidated Attributable to NCI Ownership-Adjusted Renewables* $15,500-$17,100 ($3,800)-($4,400) $11,700-$12,700 Utilities $6,900-$7,500 ($1,900)-($2,100) $5,000-$5,400 Energy Infrastructure $4,200-$4,800 ($1,300)-($1,500) $2,900-$3,300 New Energy Technologies - - - Corporate2 $5,900-$6,100 - $5,900-$6,100 Total $32,500-$35,500 ($7,000)-($8,000) $25,500-$27,500 *Construction Debt Facilities (in Renewables SBU) $5,000-$6,000 ($1,000)-($1,200) $4,000-$4,800 Portion of Construction Debt Repaid by Tax Attribute Monetization $2,600-$3,100 ($500)-($600) $2,100-$2,500
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CONTAINS FORWARD-LOOKING STATEMENTS 2025 Parent Free Cash Flow1 Expectations 38 $ in Millions 1. A non-GAAP financial measure. The Company is not able to provide a corresponding GAAP equivalent or reconciliation for its Parent Free Cash Flow expectation without unreasonable effort. See “definitions”. 2025 Subsidiary Distributions (a) $1,650-$1,750 Cash Interest (b) ($225) Corporate/Parent-Funded SBU Overhead ($235) Business Development/Taxes ($40) Cash for Development, General & Administrative and Tax (c) ($275) Parent Free Cash Flow1 (a – b – c) $1,150-$1,250
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CONTAINS FORWARD-LOOKING STATEMENTS 2025 SBU Adjusted EBITDA1 Modeling Ranges 39 $ in Millions 1. A non-GAAP financial measure. The Company is not able to provide a corresponding GAAP equivalent or reconciliation for its Adjusted EBITDA guidance without unreasonable effort. See “definitions” and Slide 49 for a description of the adjustments to reconcile Adjusted EBITDA to Net Income for 2024. 2. Chile renewables moved from Energy Infrastructure SBU to Renewables SBU in Q1 2025. 2024 Adjusted EBITDA1 2025 Adjusted EBITDA1 Modeling Ranges as of 2/28/25 Drivers of Growth Versus 2024 Renewables2 $552 $890-$960 + New projects + Colombia normalization + Cost savings + Chile renewables segment change − Sale of AES Brasil Utilities $792 $810-$880 + Rate base growth + Cost savings − Sell-down of AES Ohio Energy Infrastructure2 $1,366 $1,030-$1,110 − Prior-year revenues from Warrior Run PPA monetization − Southland margins − Chile renewables segment change + Cost savings + Prior-year outage in Mexico New Energy Technologies ($38) $0-($10) + Reduced development spend Total SBUs $2,672 $2,730-$2,940 Corporate ($33) ($80)-($90) − Sell-down of global insurance business − Others Adjusted EBITDA1 $2,639 $2,650-$2,850
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CONTAINS FORWARD-LOOKING STATEMENTS 2025-2027 Parent Capital Allocation Plan 40 $ in Millions Discretionary Cash – Sources ($6,065-$6,365) Discretionary Cash – Uses ($6,065-$6,365) $3,815- $4,115 $600 $1,640 $10 $265 $3,600- $3,900 $900- $1,100 $800- $1,200 $200 $6,065- $6,365 Beginning Cash Parent FCF Net Debt Issuance Net Asset Sales Proceeds Return of Capital & Other Total 1 Shareholder Dividend3 Ending Cash & Other 2 1. A non-GAAP financial measure. The Company is not able to provide a corresponding GAAP equivalent or reconciliation for its Parent Free Cash Flow expectation without unreasonable effort. See “definitions” and Slide 50 for a description of the adjustments to reconcile Parent Free Cash Flow to Net Cash Provided by Operating Activities at the Parent Company for 2024. 2. Unannounced asset sales. 3. Includes 2025 payment of $0.17595 per share each quarter on 711 million shares outstanding as of December 31, 2024 and coupon on $1,450 million of hybrid debt issued in 2024. Subsidiary Debt Repayment Growth Investment
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CONTAINS FORWARD-LOOKING STATEMENTS Renewables Development & Overhead Expenses Forecasted to Become Less Significant at the Same Time Adjusted EBITDA1 Grows Substantially 41 1. A non-GAAP financial measure. The Company is not able to provide a corresponding GAAP equivalent or reconciliation for its Adjusted EBITDA guidance without unreasonable effort. See “definitions” and Slide 49 for a description of the adjustments to reconcile Adjusted EBITDA to net income for 2024. ~32% ~16% ~13% ~10% 2024 2025 2026 2027 Adjusted EBITDA Development Expense as a % of Adjusted EBITDA1 1 Development Expense Reaching Steady State After Renewables Capex Grew at 60% CAGR from 2020-2024
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CONTAINS FORWARD-LOOKING STATEMENTS Foreign Currencies: Limited Exposure to Fluctuations in Exchange Rates 42 2025-2027 Cumulative Exposure 1. 10% USD appreciation relative to currency market forward curves as of December 31, 2024. Exception: Argentine Peso forward curve is based on AES internal FX rate assessment. Sensitivities are rounded to the nearest $1 million. Excludes inflation adjustments earned through contracts in Argentina and Colombia in the first 12 months. 2. Annualized values are cumulative exposure as of December 31, 2024. 3. As of December 31, 2024. A non-GAAP financial measure. See “definitions”. USD, 85% EUR, 3% LatAm, 12% Non-USD Currencies $ in Millions Argentine Peso (ARS) ($8) Euro (EUR) ($4) Colombian Peso (COP) ($15) Chilean Peso (CLP) $6 Others ~$0 % of Annualized Adjusted PTC2 -1.29% Annualized Impact1 of 10% USD Appreciation on Adjusted PTC2,3 After HedgingComposition by Currency ($20) Million Annualized Adjusted PTC Impact From 10% Appreciation of USD
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CONTAINS FORWARD-LOOKING STATEMENTS 2025 Guidance Estimated Sensitivities 43 Note: Guidance reaffirmed on November 5, 2025. Sensitivities are provided on a standalone basis, assuming no change in the other factors, to illustrate the magnitude and direction of changing key market factors on AES guidance. Estimates show the impact on year-to-go 2025 Adjusted EPS. Actual results may differ from the sensitivities provided due to execution of risk management strategies, local market dynamics and operational factors. Reaffirmation of full year 2025 guidance is based on currency and commodity forward curves and forecasts as of September 30, 2025. There are inherent uncertainties in the forecasting process and actual results may differ from projections. The Company undertakes no obligation to update the guidance presented. Please see Item 1 of the Form 10-K for a more complete discussion of this topic. AES has exposure to multiple coal, oil, natural gas and power indices; forward curves are provided for representative liquid markets. Sensitivities are rounded to the nearest $0.005 per share. 1. Argentine Peso sensitivities are based on AES internal FX rate assessment. 2. Sensitivity assumes no change in power prices. 3. Average Rate for 2025 based on market forward curve as of September 30, 2025. Currencies Commodities 10% appreciation of USD against following currencies is forecasted to have the following Adjusted EPS impacts: YTG 2025 Average Rate Sensitivity Argentine Peso (ARS)1 1446.67 Less than ($0.01) Chilean Peso (CLP) 962.43 Less than $0.005 Colombian Peso (COP) 3944.88 Less than ($0.005) Dominican Peso (DOP) 62.55 Less than $0.015 Euro (EUR) 1.18 Less than ($0.005) Mexican Peso (MXN) 18.40 Less than $0.01 10% increase in commodity prices is forecasted to have the following Adjusted EPS impacts: YTG 2025 Average Rate 3 Sensitivity NYMEX Henry Hub Natural Gas2 $3.34/mmbtu Less than $0.005 Rotterdam Coal (API 2)2 $95.08/ton Less than ($0.005) US Power – SP15 ATC $40.24 MWh Less than $0.005
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CONTAINS FORWARD-LOOKING STATEMENTS Reconciliations 44
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CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of Q3 Adjusted PTC and Adjusted EPS1 45 1. A Non-GAAP financial measure. See “definitions”. 2. NCI is defined as Noncontrolling Interests. 3. Amount primarily relates to unrealized derivative gains on commodities at AES Clean Energy of $15 million, or $0.02 per share , and net unrealized derivative gains at the Energy Infrastructure SBU of $12 million, or $0.02 per share. 4. Amount primarily relates to net unrealized derivative gains at the Energy Infrastructure SBU of $50 million, or $0.07 per share, and unrealized gains on commodity derivatives at AES Clean Energy of $17 million, or $0.02 per share, partially offset by unr ealized losses on foreign currency derivatives at Corporate of $17 million, or $0.02 per share. 5. Amount primarily relates to $32 million, or $0.05, at Uplight related to an impairment of the equity method investment and adjustments to the convertible notes and related embedded deriva tive feature included within the convertible notes, and impairments at a renewables development project at AES Andes of $16 million, or $0.02 per share, and AES Clean Energy Development projects of $11 million , or $0.02 per share. 6. Amount primarily relates to impairment of AES Brasil of $26 million, or $0.04 per share, and impairment at Mong Duong of $6 million, or $0.01 per share. 7. Amount primarily relates to income tax benefit associated with day-one losses on commencement of sales-type leases at AES Clean Energy Development of $78 million, or $0.11 per share, impairments at AES Clean Energy Development projects of $44 million, or $0.06 per share, severance costs related to the Company-wide restructuring program of $19 million, or $0.03 per share, remeasurement of our investment in 5B of $18 million, or $0.03 per share, and net unrealized derivative losses at Integrated Energy of $18 milli on, or $0.02 per share. $ in Millions, Except Per Share Amounts Q3 2025 Q3 2024 Net of NCI2 Per Share (Diluted) Net of NCI2 Net of NCI2 Per Share (Diluted) Net of NCI2 Income from Continuing Operations, Net of Tax, Attributable to AES and Diluted EPS $676 $0.95 $511 $0.72 Add: Income Tax Expense (Benefit) from Continuing Operations Attributable to AES ($253) $82 Pre-Tax Contribution $423 $593 Adjustments Unrealized Derivatives, Equity Securities, and Financial Assets and Liabilities Losses (Gains) ($20) ($0.03)3 ($47) ($0.06)4 Unrealized Foreign Currency Losses $2 - $7 $0.01 Disposition/Acquisition Losses (Gains) $5 $0.01 ($11) ($0.02) Impairment Losses $61 $0.095 $37 $0.056 Loss on Extinguishment of Debt and Troubled Debt Restructuring $4 $0.01 $3 - Less: Net Income Tax Expense (Benefit) - ($0.28)7 - $0.01 Adjusted PTC1 & Adjusted EPS 1 $475 $0.75 $582 $0.71
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CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of YTD Adjusted PTC and Adjusted EPS1 46 1. A Non-GAAP financial measure. See “definitions”. 2. NCI is defined as Noncontrolling Interests. 3. Amount primarily relates to remeasurement of our investment in 5B of $48 million, or $0.07 per share, and net unrealized derivative losses at the Energy Infrastructure SBU of $34 million, or $0.05 per share. 4. Amount primarily relates to net unrealized derivative gains at the Energy Infrastructure SBU of $109 million, or $0.15 per share, unrealized gains on commodity derivatives at AES Clean Energy of $33 million, or $0.05 per share, unrealized gains on cross currency swaps in Brazil of $28 million, or $0.04 per share, and unrealized gains on foreign currency derivatives at Corporate of $20 million, or $0.03 per share. 5. Amount primarily relates to day-one losses on commencement of sales-type leases at AES Clean Energy Development of $153 million, or $0.21 per share, and AES Renewable Holdings of $11 million, or $0.02 per share, and losses on remeasurement of contingent consideration at AES Clean Energy of $15 million, or $0.02 per share, partially offset by gain on sale of Dominican Republic Renewables of $45 million, or $0.06 per share, and write-off of contingent consideration for a renewables development project at AES Andes of $10 million, or $0.01 per share. 6. Amount primarily relates to day-one losses at commencement of sales-type leases at AES Renewable Holdings of $63 million, or $0.09 per share, and the loss on partial sale of our ownership interest in Amman East and IPP4 in Jordan of $10 million, or $0.01 per share, partially offset by a gain on dilution of ownership in Uplight due to its acquisition of AutoGrid of $52 million, or $0.07 per share. 7. Amount primarily relates to impairments at AES Clean Energy Development projects of $61 million, or $0.09 per share, $32 mill ion, or $0.05, at Uplight related to an impairment of the equity method investment and adjustments to the convertible notes and related embedded derivative feature included within the convertible notes, and impairments at a renewables development project at AES Andes of $16 million, or $0.02 per share, and Mong Duong of $9 million, or $0.01 per share, partially offset by the derecognition of the valuation allowance on a loan receivable accounted for under ASC 310 and the elimination of estimated costs to sell at Mong Duong of $127 million, or $0.18 per share, after reclassification to held and used. 8. Amount primarily relates to impairment of AES Brasil of $38 million, or $0.05 per share, and impairment at Mong Duong of $28 million, or $0.04 per share. 9. Amount primarily relates to losses incurred at AES Andes due to early retirement of debt $29 million, or $0.04 per share, and costs incurred due to troubled debt restructuring at Puerto Rico of $20 million, or $0.03 per share. 10. Amount primarily relates to severance costs associated with the Company-wide restructuring program of $50 million, or $0.07 per share, and impairments at AES Clean Energy Development that were the result of the Company’s restructuring program of $38 mil lion, or $0.05 per share. 11. Amount primarily relates to income tax expense associated with the AES Ohio selldown of $13 million, or $0.02 per share, day-one losses on commencement of sales-type leases at AES Clean Energy Development of $17 million, or $0.02 per share, impairments at AES Clean Energy Development projects of $11 million, or $0.02 per share, remeasurement of our investment in 5B of $9 million, or $0.01 per share, and severance costs related to the Company-wide restructuring program of $4 million, or $0.01 per share. 12. Amount primarily relates to income tax benefits associated with the tax over book investment basis differences related to the AES Brasil held-for-sale classification of $59 million, or $0.08 per share. $ in Millions, Except Per Share Amounts YTD 2025 YTD 2024 Net of NCI2 Per Share (Diluted) Net of NCI2 Net of NCI2 Per Share (Diluted) Net of NCI2 Income from Continuing Operations, Net of Tax, Attributable to AES and Diluted EPS $627 $0.88 $1,219 $1.71 Add: Income Tax Expense (Benefit) from Continuing Operations Attributable to AES ($109) ($4) Pre-Tax Contribution $518 $1,215 Adjustments Unrealized Derivatives, Equity Securities, and Financial Assets and Liabilities Losses (Gains) $108 $0.163 ($185) ($0.26)4 Unrealized Foreign Currency Losses (Gains) ($1) - $10 $0.02 Disposition/Acquisition Losses $172 $0.245 $8 $0.016 Impairment Losses $7 $0.017 $86 $0.128 Loss on Extinguishment of Debt and Troubled Debt Restructuring $20 $0.03 $57 $0.089 Restructuring Costs $88 $0.1210 - - Less: Net Income Tax Expense (Benefit) - $0.0911 - ($0.08)12 Adjusted PTC1 & Adjusted EPS1 $912 $1.53 $1,191 $1.60
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CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of Q3 Adjusted EBITDA1 47 1. The allocation of earnings and losses to tax equity investors from both consolidated entities and equity affiliates is remove d from Adjusted EBITDA. NCI also excludes amounts allocated to preferred shareholders during the construction phase before a pro ject becomes operational, as this is akin to a financing arrangement. 2. Adjusted EBITDA with Tax Attributes includes the impact of the share of the ITCs, PTCs, and depreciation deductions allocated to tax equity investors under the HLBV accounting method and recognized as Net loss (income) attributable to noncontrolling inte rests and redeemable stock of subsidiaries on the Condensed Consolidated Statements of Operations. It also includes the tax benefit recorded from tax credi ts retained or transferred to third parties. The tax attributes are related to the Renewables and Utilities SBUs. $ in Millions Q3 2025 Q3 2024 Net Income (Loss) $517 $215 Income Tax Expense (Benefit) ($226) $103 Interest Expense $348 $379 Interest Income ($76) ($119) Depreciation, Amortization, and Accretion of AROs $365 $312 EBITDA $928 $890 Less: Loss from Discontinued Operations $37 $7 Less: Adjustment for Noncontrolling Interests and Redeemable Stock of Subsidiaries1 ($238) ($233) Less: Income Tax Expense (Benefit), Interest Expense (Income) and Depreciation, Amortization, and Accretion from AROs from Equity Affiliates $39 $31 Interest Income Recognized Under Service Concession Arrangements $15 $16 Unrealized Derivatives, Equity Securities, and Financial Assets and Liabilities Losses (Gains) ($20) ($47) Unrealized Foreign Currency Losses (Gains) $2 $7 Disposition/Acquisition Losses (Gains) $5 ($11) Impairment Losses $61 $37 Loss on Extinguishment of Debt and Troubled Debt Restructuring $1 $1 Adjusted EBITDA1 $830 $698 Tax Attributes $426 $476 Adjusted EBITDA with Tax Attributes2 $1,256 $1,174 Renewables SBU $296 $214 Utilities SBU $240 $223 Energy Infrastructure SBU $301 $290 New Energy Technologies SBU ($3) ($7) Corporate ($4) ($22) Total Adjusted EBITDA $830 $698
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CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of YTD Adjusted EBITDA1 48 1. The allocation of earnings and losses to tax equity investors from both consolidated entities and equity affiliates is remove d from Adjusted EBITDA. NCI also excludes amounts allocated to preferred shareholders during the construction phase before a pro ject becomes operational, as this is akin to a financing arrangement. 2. Adjusted EBITDA with Tax Attributes includes the impact of the share of the ITCs, PTCs, and depreciation deductions allocated to tax equity investors under the HLBV accounting method and recognized as Net loss (income) attributable to noncontrolling inte rests and redeemable stock of subsidiaries on the Condensed Consolidated Statements of Operations. It also includes the tax benefit recorded from tax credi ts retained or transferred to third parties. The tax attributes are related to the Renewables and Utilities SBUs. $ in Millions YTD 2025 YTD 2024 Net Income (Loss) $294 $646 Income Tax Expense (Benefit) ($42) $52 Interest Expense $1,042 $1,125 Interest Income ($215) ($312) Depreciation, Amortization, and Accretion of AROs $1,056 $945 EBITDA $2,135 $2,456 Less: Loss from Discontinued Operations $37 $7 Less: Adjustment for Noncontrolling Interests and Redeemable Stock of Subsidiaries1 ($625) ($579) Less: Income Tax Expense (Benefit), Interest Expense (Income) and Depreciation, Amortization, and Accretion from AROs from Equity Affiliates $120 $93 Interest Income Recognized Under Service Concession Arrangements $44 $49 Unrealized Derivatives, Equity Securities, and Financial Assets and Liabilities Losses (Gains) $112 ($185) Unrealized Foreign Currency Losses (Gains) ($1) $10 Disposition/Acquisition Losses $172 $8 Impairment Losses $7 $86 Loss on Extinguishment of Debt and Troubled Debt Restructuring $13 $51 Restructuring Costs $88 - Adjusted EBITDA1 $2,102 $1,996 Tax Attributes $988 $895 Adjusted EBITDA with Tax Attributes2 $3,090 $2,891 Renewables SBU $697 $479 Utilities SBU $659 $619 Energy Infrastructure SBU $809 $949 New Energy Technologies SBU ($45) ($38) Corporate ($18) ($13) Total Adjusted EBITDA $2,102 $1,996
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CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of FY Adjusted EBITDA1 49 1. The allocation of earnings to tax equity investors from both consolidated entities and equity affiliates is removed from Adju sted EBITDA. NCI also excludes amounts allocated to preferred shareholders during the construction phase before a project become s operational, as this is akin to a financing arrangement. 2. Adjusted EBITDA with Tax Attributes includes the impact of the share of Investment Tax Credits, Production Tax Credits, and d epreciation deductions allocated to tax equity investors under the HLBV accounting method and recognized as Net Loss Attributabl e to Noncontrolling Interests and Redeemable Stock of Subsidiaries on the Condensed Consolidated Statements of Operations. It also includes the tax benefit re corded from tax credits retained or transferred to third parties. The tax attributes are related to the Renewables and Utilitie s SBUs. $ in Millions FY 2024 FY 2023 Net Income (Loss) $802 ($182) Income Tax Expense $59 $261 Interest Expense $1,485 $1,319 Interest Income ($381) ($551) Depreciation, Amortization, and Accretion of AROs $1,264 $1,147 EBITDA $3,229 $1,994 Less: (Income) Loss from Discontinued Operations $7 ($7) Less: Adjustment for Noncontrolling Interests and Redeemable Stock of Subsidiaries1 ($734) ($556) Less: Income Tax Expense (Benefit), Interest Expense (Income) and Depreciation, Amortization, and Accretion of AROs from Equity Affiliates $136 $131 Interest Income Recognized Under Service Concession Arrangements $65 $71 Unrealized Derivative and Equity Securities Losses (Gains) ($94) $34 Unrealized Foreign Currency Losses $16 $301 Disposition/Acquisition Losses (Gains) ($323) ($79) Impairment Losses $280 $877 Loss on Extinguishment of Debt $57 $62 Adjusted EBITDA1 $2,639 $2,828 Tax Attributes $1,313 $611 Adjusted EBITDA with Tax Attributes2 $3,952 $3,439 Renewables SBU $552 $652 Utilities SBU $792 $678 Energy Infrastructure SBU $1,366 $1,540 New Energy Technologies SBU ($38) ($62) Corporate ($33) $20 Total Adjusted EBITDA $2,639 $2,828
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CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of Parent Free Cash Flow1 50 1. Parent Free Cash Flow is a non-GAAP financial measure. See ”definitions”. 2. Refer to Net Cash Provided by Operating Activities at the Parent Company as reported at Part IV—Item 15—Schedule I—Condensed Financial Information of Registrant included in the Company's most recent 10-K filed with the SEC. 3. Subsidiary distributions received by Qualified Holding Companies ("QHCs") excluded from Schedule 1. See “definitions” 4. Subsidiary distributions that originated from the results of operations of an underlying investee but were classified as investing activities when received by the relevant holding company included in Schedule 1. 5. Net cash payments for parent-funded SBU overhead, business development, taxes, transaction costs, and capitalized interest that are classified as investing activities or excluded from Schedule 1. $ in Millions 2024 2023 2022 2021 2020 Net Cash Provided by Operating Activities at the Parent Company2 $731 $608 $434 $570 $434 Subsidiary Distributions to QHCs Excluded from Schedule 13 $233 $247 $257 $47 $198 Subsidiary Distributions Classified in Investing Activities4 $344 $179 $366 $290 $238 Parent-Funded SBU Overhead and Other Expenses Classified in Investing Activities5 ($200) ($31) ($149) ($69) ($85) Other ($1) - ($2) $1 ($8) Parent Free Cash Flow1 $1,107 $1,003 $906 $839 $777
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CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of Subsidiary Distributions1 and Parent Company Liquidity1 51 $ in Millions 1. A non-GAAP financial measure. See “definitions”. 2. Qualified Holding Company. See “assumptions”. Quarter Ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Total Subsidiary Distributions1 to Parent & QHCs2 $423 $557 $230 $715 Total Return of Capital Distributions to Parent & QHCs2 $200 $44 $3 $28 Total Subsidiary Distributions1 & Returns of Capital to Parent $623 $601 $233 $743 Balance as of September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Cash at Parent & QHCs2 $31 $9 $151 $265 Availability Under Credit Facilities $1,619 $2,185 $1,526 $1,782 Ending Liquidity $1,650 $2,194 $1,677 $2,047
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CONTAINS FORWARD-LOOKING STATEMENTS Q3 Adjusted PTC1: Reconciliation to Public Financials of Public Filers 52 AES SBU/Reporting Country Utilities/US AES Company IPL DPL $ in Millions Q3 2025 Q3 2024 Q3 2025 Q3 2024 US GAAP Reconciliation AES Business Unit Adjusted Earnings1,2 $44 $38 $8 $12 Adjusted PTC1,3 Public Filer (Stand-alone) $60 $43 $17 $4 Impact of AES Differences from Public Filings - - - - AES Business Unit Adjusted PTC1 $60 $43 $17 $4 Unrealized Derivatives and Equity Security Gains (Losses) - - - - Disposition/Acquisition Gains (Losses) - - - - Restructuring Costs - - - - Non-Controlling Interest before Tax $18 $17 $8 - Income Tax Benefit (Expense) ($21) ($8) ($12) $8 US GAAP Income from Continuing Operations3 $57 $52 $13 $12 This table provides financial data of those operating subsidiaries of AES that are publicly listed or have publicly filed financial information on a stand-alone basis. The table provides a reconciliation of the subsidiary’s Adjusted PTC as it is included in AES consolidated Adjusted PTC with the subsidiary’s income/(loss) from continuing operations under US GAAP and the subsidiary’s locally IFRS reported net income, if applicable. Readers should consult the subsidiary’s publicly filed reports for further details of such subsidiary’s results of operations. 1. A non-GAAP financial measure. Reconciliation provided above. See “definitions” for descriptions of adjustments. 2. Total Adjusted PTC, US GAAP Income (Loss) from continuing operations and intervening adjustments are calculated before the elimination of inter-segment transactions such as revenue and expenses related to the transfer of electricity from AES generation plants to AES utilities. 3. Represents the income/(loss) from continuing operations of the subsidiary included in the consolidated operating results of AES under US GAAP.
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CONTAINS FORWARD-LOOKING STATEMENTS Assumptions 53 Forecasted financial information is based on certain material assumptions. Such assumptions include, but are not limited to: (a) no unforeseen external events such as wars, depressions, or economic or political disruptions occur; (b) businesses continue to operate in a manner consistent with or better than prior operating performance, including achievement of planned productivity improvements including benefits of global sourcing, and in accordance with the provisions of their relevant contracts or concessions; (c) new business opportunities are available to AES in sufficient quantity to achieve its growth objectives; (d) no material disruptions or discontinuities occur in the Gross Domestic Product (GDP), foreign exchange rates, inflation or interest rates during the forecast period; and (e) material business-specific risks as described in the Company’s SEC filings do not occur individually or cumulatively. In addition, benefits from global sourcing include avoided costs, reduction in capital project costs versus budgetary estimates, and projected savings based on assumed spend volume which may or may not actually be achieved. Also, improvement in certain Key Performance Indicators (KPIs) such as equivalent forced outage rate and commercial availability may not improve financial performance at all facilities based on commercial terms and conditions. These benefits will not be fully reflected in the Company’s consolidated financial results. The cash held at qualified holding companies (“QHCs”) represents cash sent to subsidiaries of the Company domiciled outside of the U.S. Such subsidiaries have no contractual restrictions on their ability to send cash to AES, the Parent Company; however, cash held at qualified holding companies does not reflect the impact of any tax liabilities that may result from any such cash being repatriated to the Parent Company in the U.S. Cash at those subsidiaries was used for investment and related activities outside of the U.S. These investments included equity investments and loans to other foreign subsidiaries as well as development and general costs and expenses incurred outside the U.S. Since the cash held by these QHCs is available to the Parent, AES uses the combined measure of subsidiary distributions to Parent and QHCs as a useful measure of cash available to the Parent to meet its international liquidity needs. AES believes that unconsolidated parent company liquidity is important to the liquidity position of AES as a parent company because of the non-recourse nature of most of AES’ indebtedness.
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CONTAINS FORWARD-LOOKING STATEMENTS Definitions 54 Adjusted EBITDA , a non-GAAP measure, is defined by the Company as earnings before interest income and expense, taxes, depreciation, amortizatio n, and accretion of AROs. We define Adjusted EBITDA as EBITDA adjusted for the impact of NCI and interest, taxes, depreciation, amortization, and accretion of AROs of our equity affiliates, adding back interest income reco gnized under service concession arrangements, and excluding gains or losses of both consolidated entities and entities accounted for under the equity method due to (a) unrealized gains or losses pertaining to derivative transactions, equity securities, and f inancial assets and liabilities measured using the fair value option; (b) unrealized foreign currency gains or losses; (c) gains , losses, benefits, and costs associated with dispositions and acquisitions of business interests, including early plant closures, and gains and losses recognized at commencement of sales -type leases; (d) losses due to impairments; (e) gains, losses, and costs due to the early retirement of debt or troubled debt restructuring; and (f) costs directly associated with a major restructuring program, including, but not limited to, workforce reduction efforts. Adjusted EBITDA with Tax Attributes , a non-GAAP financial measure, is defined as Adjusted EBITDA, adding back the pre -tax effect of Production Tax Credits (“PTCs”) , Investment Tax Credits (“ITCs”), and depreciation tax deductions allocated to tax equity investors, as well as the tax benefit recorded from tax credits retained or transferred to third parties. Adjusted Earnings Per Share , a non-GAAP financial measure, is defined as diluted earnings per share from continuing operations excluding gains or losses o f both consolidated entities and entities accounted for under the equity method due to (a) unrealized gains or losses pertaining to derivative transactions, equity securities, and financial assets and liabilities mea sured using the fair value option; (b) unrealized foreign currency gains or losses; (c) gains, losses, benefits and costs associ ated with dispositions and acquisitions of business interests, including early plant closures, the tax impact from the repatriation of sales proceeds, and gains and losses recognized at commencement of sales -type leases; (d) losses due to impairments; (e) gains, losses and costs due to the early retirement of debt or troubled debt restructuring; and (f) costs directly associate with a major restructuring program, including, but not limited to, workforce reduction efforts. Adjusted Pre -Tax Contribution, a non-GAAP financial measure, is defined as pre-tax income from continuing operations attributable to The AES Corporation excluding gains or losses of the consolidated entity due to (a) unrealized gains or losses pertaining to derivative transactions, equity securities, and financial assets and liabilities measured using the fair value option; (b) unrealized foreign currency gains or losses; (c) gains, losses, benefits, and costs associated with dispositions and acquisitions of business interests, including early plant closures, and gains and losses recognized at commencement of sales-type leases; (d) losses due to impairments; (e) gains, losses and costs due to the early retirement of debt or troubled debt restructuring; and (f) costs directly associated with a major restructuring program, including, but not limited to, workforce reduction efforts. Adjusted PTC also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities. NCI is defined as noncontrolling interests. Parent Company Liquidity (a non-GAAP financial measure) is defined as cash available to the Parent Company, including cash at qualified holding companies (“QHCs”), plus available borrowings under our existing credit facilities and commercial paper program. The cash held at qualified holding companies represents cash sent to subsidiaries of the Company domiciled outside o f the U.S. Such subsidiaries have no contractual restrictions on their ability to send cash to the Parent Company. Parent Free Cash Flow (a non-GAAP financial measure) should not be construed as an alternative to Consolidated Net Cash Provided by Operating Activiti es, which is determined in accordance with US GAAP. Parent Free Cash Flow is the primary, recurring source of cash that is available for use by the Parent Company. Parent Free Cash Flow is equal to Subsidiary Distri butions less cash used for interest costs, development, general and administrative activities, and tax payments by the Parent Company. Management uses Parent Free Cash Flow to determine the cash available to pay dividends, repay recourse debt, make eq uity investments, fund share buybacks, pay Parent Company hedging costs and make foreign exchange settlements. We believe that Parent Free Cash Flow is useful to investors because it better reflects the Parent Company’s cash available to m ake growth investments, pay shareholder dividends, and make principal payments on recourse debt. Factors in this determination include availability of subsidiary distributions to the Parent Company and the Company’s investment plan. Subsidiary Liquidity (a non-GAAP financial measure) is defined as cash and cash equivalents and bank lines of credit at various subsidiaries. Subsidiary Distributions should not be construed as an alternative to Consolidated Net Cash Provided by Operating Activities which is determined in ac cordance with GAAP. Subsidiary Distributions are important to the Parent Company because the Parent Company is a holding company that does not derive any significant direct revenues from its own activities but instead relies on its subsidiaries’ business activities and the resultant distributions to fund the debt service, investment and other c ash needs of the holding company. The reconciliation of the difference between the Subsidiary Distributions and Consolidated Net Ca sh Provided by Operating Activities consists of cash generated from operating activities that is retained at the subsidiaries for a variety of reasons which are both discretionary and non -discretionary in nature. These factors include, but are not limited t o, retention of cash to fund capital expenditures at the subsidiary, cash retention associated with non -recourse debt covenant restrictions and related debt service requirements at the subsidiaries, retention of cash related to sufficiency of local GAA P statutory retained earnings at the subsidiaries, retention of cash for working capital needs at the subsidiaries, and other si milar timing differences between when the cash is generated at the subsidiaries and when it reaches the Parent Company and related holding companies. companies.