Slide 1: The AES Corporation Fourth Quarter & Full Year 2024 Financial Review
CONTAINS FORWARD-LOOKING STATEMENTS The AES Corporation Fourth Quarter & Full Year 2024 Financial Review February 28, 2025
Slide 2: Safe Harbor Disclosure
CONTAINS FORWARD-LOOKING STATEMENTS Safe Harbor Disclosure 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 fi
Slide 3: Agenda
CONTAINS FORWARD-LOOKING STATEMENTS Agenda Andrés Gluski, AES President & CEO → 2024 accomplishments → Resiliency of our business → 2025 guidance and longer-term outlook Steve Coughlin, AES EVP & CFO → 2024 financial results → 2024 Parent capital allocation → 2025 guidance and Parent capital allocat
Slide 4: 2024 Results: Achieved or Exceeded Objectives
CONTAINS FORWARD-LOOKING STATEMENTS 2024 Results: Achieved or Exceeded Objectives Strategic Highlights → Signed 4.4 GW of new PPAs for renewables; on track to achieve goal of signing 14 to 17 GW from 2023 through 2025 → Completed the construction or acquisition of 3 GW of renewables and a 670 MW com
Slide 5: 2025 is a Year of Inflection for Renewables Business
CONTAINS FORWARD-LOOKING STATEMENTS 2025 is a Year of Inflection for Renewables Business Economies of Scale Maturation of Focusing on From Renewables Most Profitable Larger Portfolio Development New Projects Expect Significant Growth in Renewables Adjusted EBITDA1 in 2025 1. A non-GAAP financial mea
Slide 6: Renewables Expected to be Nearly All of US Generation Additions
CONTAINS FORWARD-LOOKING STATEMENTS Renewables Expected to be Nearly All of US Generation Additions Capacity in GW Forecasted 2025 US Capacity Additions1 Natural Gas Wind 7% 12% 63 GW 52% Solar Battery Storage 29% 1. Source: US Energy Information Administration. 6
Slide 7: Business Model Resilient to Potential Policy Changes
CONTAINS FORWARD-LOOKING STATEMENTS Business Model Resilient to Potential Policy Changes Essentially all solar panels, trackers and batteries either in-country, or contracted 1 to be domestically produced for US projects coming online through 2027 Safe harbor protections for nearly all 8.4 GW of pro
Slide 8: AES Indiana & AES Ohio Executing on Multi-Year Investment Program
CONTAINS FORWARD-LOOKING STATEMENTS AES Indiana & AES Ohio Executing on a Multi-Year Investment Program to Improve Customer Reliability and Support Economic Development Increased Rate Base ~20% ($ in Billions) $6.8 $5.7 2023 2024 8
Slide 9: More Than 70% of Investment Program Recovered Through Formula Rates or Riders
CONTAINS FORWARD-LOOKING STATEMENTS Across Both Utilities, More Than 70% of Investment Program Recovered Through Formula Rates or Existing Riders Not Tracked TDSIC1 10% 21% 34% Smart Grid 13% Not Tracked 53% Transmission DIR2 24% 45% New Renewables/ Gas Conversion 2023-2027: Expect Annualized Growth
Slide 10: Energy Infrastructure Business Supports Our Credit Ratings & Helps Fund Dividends
CONTAINS FORWARD-LOOKING STATEMENTS Energy Infrastructure Business Supports Our Credit Ratings & Helps Fund Dividends and New Growth → Remain committed to an “all of the above” strategy, including an important role for gas → During Q4 2024, completed the construction of a new 670 MW CCGT • Provides
Slide 11: 2025 Guidance & Long-Term Outlook
CONTAINS FORWARD-LOOKING STATEMENTS 2025 Guidance & Long-Term Outlook → 2025 Adjusted EBITDA1 of $2,650 to $2,850 million → Parent Free Cash Flow2 of $1,150 to $1,250 million → 2025 Adjusted EPS3 of $2.10 to $2.26 and → Reaffirming all long-term growth rates • Annualized Adjusted EBITDA1 growth targ
Slide 12: Firmly Committed to Investment Grade Credit Ratings & Dividend
CONTAINS FORWARD-LOOKING STATEMENTS Firmly Committed to Investment Grade Credit Ratings & Dividend Resizing development program to focus on larger, but fewer projects, resulting in a 1 $1.3 billion reduction in Parent investments through 2027 Simplifying organizational structure, leading to $150 mil
Slide 13: Q4 & FY 2024 Financial Review
CONTAINS FORWARD-LOOKING STATEMENTS Q4 & FY 2024 Financial Review → 2024 financial results → 2024 Parent capital allocation → 2025 guidance and Parent capital allocation → Longer-term growth targets 13
Slide 14: FY 2024 Financial Results: Adjusted EBITDA
CONTAINS FORWARD-LOOKING STATEMENTS FY 2024 Financial Results $ in Millions Adjusted EBITDA1,2 Lower Adjusted EBITDA1,2 driven primarily by: -$189 • Record-breaking drought conditions in South America $2,828 $2,639 • Forced outages in Colombia and Mexico; and • Asset sales Partially offset by co
Slide 15: FY 2024 Adjusted EPS Increased $0.38
CONTAINS FORWARD-LOOKING STATEMENTS FY 2024 Adjusted EPS1 Increased $0.38 $ Per Share $0.13 $2.14 $0.32 $1.76 ($0.07) + New projects 2023: 28% − Record-breaking 2024: 23% drought conditions in South America − Forced outages − Asset sales FY 2023 SBUs/Corporate Parent Interest Tax 2 FY 2024 1. A non-
Slide 16: FY 2024 Financial Results: Renewables
CONTAINS FORWARD-LOOKING STATEMENTS FY 2024 Financial Results: Renewables $ in Millions Adjusted EBITDA1,2 Lower Adjusted EBITDA1,2 driven primarily by: -$100 • Record-breaking drought conditions in $652 South America and a forced outage in Colombia; and $552 • Sale of AES Brasil Partially offse
Slide 17: FY 2024 Financial Results: Utilities
CONTAINS FORWARD-LOOKING STATEMENTS FY 2024 Financial Results: Utilities $ in Millions Adjusted PTC1 Higher Adjusted PTC1 driven primarily by: • Rate base investment in the US; +$29 • New rates at AES Indiana; and $225 • Improved weather $196 Partially offset by: • 2023 recovery of AES Ohio cost
Slide 18: FY 2024 Financial Results: Energy Infrastructure
CONTAINS FORWARD-LOOKING STATEMENTS FY 2024 Financial Results: Energy Infrastructure $ in Millions Adjusted EBITDA1 Lower Adjusted EBITDA1 driven primarily by: -$174 • Outage in Mexico; • Lower margins at Southland; and $1,540 $1,366 • Sell-downs in Panama and the Dominican Republic FY 2023 FY 202
Slide 19: FY 2024 Financial Results: New Energy Technologies
CONTAINS FORWARD-LOOKING STATEMENTS FY 2024 Financial Results: New Energy Technologies $ in Millions Adjusted EBITDA1 Higher Adjusted EBITDA1 driven primarily by improved results at Fluence ($38) ($62) +$24 FY 2023 FY 2024 1. A non-GAAP financial measure. See Appendix for definition and reconcilia
Slide 20: 2024 Parent Capital Allocation
CONTAINS FORWARD-LOOKING STATEMENTS 2024 Parent Capital Allocation $ in Millions Discretionary Cash – Sources Discretionary Cash – Uses ($3,144) ($3,144) Ending Cash & Other $574 $3,144 Term Loan $350 $1,430 Payoff $200 Shareholder $1,107 Dividend3 $501 $1,913 Growth Investment Investments in $180 S
Slide 21: 2025 Adjusted EBITDA Guidance
CONTAINS FORWARD-LOOKING STATEMENTS 2025 Adjusted EBITDA1 Guidance $ in Millions $3,950- $1,300- $1,500 $4,350 $2,650- $2,850 $2,639 $325 $150 ($14) ($150) ($200) − AES Brasil + New projects − AES Ohio + Rate base growth + Colombia normalization 2024 Adjusted Asset Sales Warrior Run Renewables Cost
Slide 22: Renewables SBU Adjusted EBITDA Expected to Increase Significantly
CONTAINS FORWARD-LOOKING STATEMENTS Renewables SBU Adjusted EBITDA1 Expected to Increase Significantly $ in Millions $890- $960 $52 $155 $70 $195 $552 ($99) + 0.7 GW of new + 2.2 GW of new projects in 2024 projects in 2024 FY 2024 Sale of AES Brasil Chile 2025 Colombia New Projects Cost Savings/ FY
Slide 23: 2025 Adjusted EPS Guidance
CONTAINS FORWARD-LOOKING STATEMENTS 2025 Adjusted EPS1 Guidance $2.10- $0.22 $2.26 $2.14 ($0.06) ($0.12) + New projects 2024: 23% + Utilities growth 2025: 27%-29% + Colombia and Mexico normalization + Cost Savings − Warrior Run and Southland FY 2024 SBUs/Corporate Parent Interest Tax 2 FY 2025 1. A
Slide 24: 2025 Parent Capital Allocation Plan
CONTAINS FORWARD-LOOKING STATEMENTS 2025 Parent Capital Allocation Plan $ in Millions Discretionary Cash – Sources Discretionary Cash – Uses ($2,615-$2,815) ($2,615-$2,815) $2,615- Ending Cash $400- $2,815 $10 & Other $500 $100 Shareholder Dividend3 $700 $545 $1,150- $1,250 Subsidiary Debt $1,660- $
Slide 25: Expected SBU Adjusted EBITDA Average Annual Growth Rates
CONTAINS FORWARD-LOOKING STATEMENTS Expected SBU Adjusted EBITDA1 Average Annual Growth Rates2 $ in Millions Renewables SBU Utilities SBU Energy Infrastructure SBU 19%- 21% $1,535 13%- 15% (9%)- (11%) $695 $635 2023 Guidance 2027 2023 Guidance 2027 2023 Guidance 2027 1. A non-GAAP financial measure.
Slide 26: Reaffirming 2023-2027 Long-Term Growth Plan
CONTAINS FORWARD-LOOKING STATEMENTS Reaffirming 2023-2027 Long-Term Growth Plan $ in Millions Adjusted EBITDA1 Parent Free Cash Flow2 5%-7% 6%-8% Average Average Annual Growth Annual Growth $2,750 Long-Term Drivers: $975 Long-Term Drivers: + Completion of majority + Adjusted EBITDA of projects in ba
Slide 27: 2025-2027 Parent Capital Allocation Plan
CONTAINS FORWARD-LOOKING STATEMENTS 2025-2027 Parent Capital Allocation Plan $ in Millions Discretionary Cash – Sources Discretionary Cash – Uses ($6,065-$6,365) ($6,065-$6,365) $6,065- Ending Cash $800- $10 & Other $1,200 $6,365 $200 Shareholder $900- Dividend3 $3,600- $1,100 $1,640 $3,900 $3,815-
Slide 28: Illustrative Debt & Adjusted EBITDA Profile of $1 Billion US Renewables Project
CONTAINS FORWARD-LOOKING STATEMENTS Illustrative Example: Debt & Adjusted EBITDA1 Profile of a $1 Billion US Renewables Project Adjusted EBITDA1 Non-Recourse Construction Debt $60 $60 Non-Recourse Project Debt $15 → Repayment of construction debt through monetization of tax attributes in Year 3 $285
Slide 29: Conclusion
CONTAINS FORWARD-LOOKING STATEMENTS Conclusion → Unprecedented need for incremental energy to power AI revolution in the United States → We are well-insulated from potential changes in US renewables policy or tariffs through safe harbor protections for our backlog, and domestically based supply chai
Slide 30: Appendix
CONTAINS FORWARD-LOOKING STATEMENTS Appendix Parent Only Cash Flow & Liquidity Slides 31-33 Recourse & Non-Recourse Debt Slides 34-37 Q4 & FY Adjusted EPS1 Roll-Up Slide 38 Q4 Financial Results Slides 39-44 Listed Subsidiaries & Public Filers Slides 45-46 AES Modeling Disclosures Slides 47-50 2025 S
Slide 31: Parent Sources and Uses of Liquidity
CONTAINS FORWARD-LOOKING STATEMENTS Parent Sources and Uses of Liquidity Q4 FY $ in Millions 2023 2024 2023 2024 Sources Total Subsidiary Distributions1 $536 $715 $1,408 $1,603 Proceeds from Asset Sales, Net $571 $548 $747 $574 Financing Proceeds, Net - $492 $890 $1,431 Increased/(Decreased) Credit
Slide 32: Q4 & FY 2024 Subsidiary Distributions
CONTAINS FORWARD-LOOKING STATEMENTS Q4 & FY 2024 Subsidiary Distributions1 $ in Millions Subsidiary Distributions1 by SBU Q4 2024 FY Renewables $214 $366 Utilities $53 $134 Energy Infrastructure $393 $1,008 New Energy Technologies - - Corporate2 $55 $95 Total $715 $1,603 Top Subsidiary Distributions
Slide 33: Reconciliation of Subsidiary Distributions and Parent Company Liquidity
CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of Subsidiary Distributions1 and Parent Company Liquidity1 $ in Millions Quarter Ended December 31, September 30, June 30, March 31, 2024 2024 2024 2024 Total Subsidiary Distributions1 to Parent & QHCs2 $715 $204 $298 $386 Total Return of Capital Di
Slide 34: Recourse Debt Summary
CONTAINS FORWARD-LOOKING STATEMENTS Recourse Debt Summary $ in Millions, Except Percentages; as of December 31, 2024 Ratings SBU Principal Balance Interest Rate Maturity Moody’s/S&P/Fitch Parent Revolver Corporate $0 Term SOFR + 1.80% 8/23/27 Baa3/BBB-/BBB- Parent Revolver Corporate $0 Term SOFR + 1
Slide 35: Q4 2024 Non-Recourse Debt Schedule
CONTAINS FORWARD-LOOKING STATEMENTS Q4 2024 Non-Recourse Debt1 Schedule $ in Millions, Except Percentages; as of December 31, 2024 Debt Maturity and Amortization Schedule December 31, December 2024 31, 2024 Ownership 2030 and Total Balance SBU/Business Country/State Total 2025 2026 2027 2028 2029 Pe
Slide 36: Q4 2024 Non-Recourse Debt Schedule
CONTAINS FORWARD-LOOKING STATEMENTS Q4 2024 Non-Recourse Debt1 Schedule $ in Millions, Except Percentages; as of December 31, 2024 Debt Maturity and Amortization Schedule December 31, December 2024 31, 2024 Ownership 2030 And Total Balance SBU/Business Country/State Total 2025 2026 2027 2028 2029 Pe
Slide 37: Substantial Majority of Interest Rate Exposure is Hedged
CONTAINS FORWARD-LOOKING STATEMENTS Substantial Majority of Interest Rate Exposure is Hedged Through Swaps or Contractual Arrangements $ in Millions, as of December 31, 2024 Recourse Debt1 Non- Recourse Recourse Debt2 Debt2 $5,025 18% Long-Term Weighted Average All-in Cost 3.9% 5.6% Long-Term Weight
Slide 38: Q4 & FY Adjusted EPS Roll-Up
CONTAINS FORWARD-LOOKING STATEMENTS Q4 & FY Adjusted EPS1 Roll-Up $ in Millions, Except Per Share Amounts Q4 2024 Q4 2023 Variance FY 2024 FY 2023 Variance Adjusted PTC1 Renewables $291 $395 ($104) $967 $718 $249 Utilities $28 $36 ($8) $225 $195 $30 Energy Infrastructure $204 $278 ($74) $782 $1,024
Slide 39: Q4 2024 Financial Results
CONTAINS FORWARD-LOOKING STATEMENTS Q4 2024 Financial Results $ in Millions Adjusted EBITDA1,2 Higher Adjusted EBITDA1,2 driven primarily by: +$13 • Contributions from new projects; and $643 $630 • Higher contributions from Energy Infrastructure SBU Partially offset by asset sales Q4 2023 Q4 202
Slide 40: Q4 2024 Adjusted EPS Decreased $0.19
CONTAINS FORWARD-LOOKING STATEMENTS Q4 2024 Adjusted EPS1 Decreased $0.19 $ Per Share $0.73 $0.05 $0.54 ($0.22) ($0.02) − Fewer projects Q4 2023: 33% placed into service in Q4 2024: 24% fourth quarter Q4 2023 SBUs/Corporate Parent Interest Tax 2 Q4 2024 1. A non-GAAP financial measure. See Slide 56
Slide 41: Q4 2024 Financial Results: Renewables
CONTAINS FORWARD-LOOKING STATEMENTS Q4 2024 Financial Results: Renewables $ in Millions Adjusted EBITDA1,2 Higher Adjusted EBITDA1,2 driven primarily by contributions from new +$9 projects Partially offset by the sale of AES Brasil $99 $90 Q4 2023 Q4 2024 1. A non-GAAP financial measure. See “de
Slide 42: Q4 2024 Financial Results: Utilities
CONTAINS FORWARD-LOOKING STATEMENTS Q4 2024 Financial Results: Utilities $ in Millions Adjusted PTC1 Lower Adjusted PTC1 driven primarily by higher interest expense from new -$8 borrowings $36 $28 Q4 2023 Q4 2024 1. A non-GAAP financial measure. See “definitions”. 42
Slide 43: Q4 2024 Financial Results: Energy Infrastructure
CONTAINS FORWARD-LOOKING STATEMENTS Q4 2024 Financial Results: Energy Infrastructure $ in Millions Adjusted EBITDA1 Higher Adjusted EBITDA1 driven primarily by: • Higher margins in Chile and Argentina; +$22 • Prior-year outage in Bulgaria; and $368 $390 • Commencement of operations at Gatun gas pl
Slide 44: Q4 2024 Financial Results: New Energy Technologies
CONTAINS FORWARD-LOOKING STATEMENTS Q4 2024 Financial Results: New Energy Technologies $ in Millions Adjusted EBITDA1 Relatively flat Adjusted EBITDA1 driven primarily by improved results at Fluence Partially offset by higher development $0 costs ($1) +$1 Q4 2023 Q4 2024 1. A non-GAAP financial
Slide 45: FY Adjusted PTC: Reconciliation to Public Financials of Public Filers
CONTAINS FORWARD-LOOKING STATEMENTS FY Adjusted PTC1: Reconciliation to Public Financials of Public Filers AES SBU/Reporting Country Utilities/US AES Company IPL DPL $ in Millions FY 2024 FY 2023 FY 2024 FY 2023 US GAAP Reconciliation AES Business Unit Adjusted Earnings1,2 $92 $59 $14 $35 Adjusted P
Slide 46: FY Adjusted EBITDA: Reconciliation to Public Financials Public Filers
CONTAINS FORWARD-LOOKING STATEMENTS FY Adjusted EBITDA1: Reconciliation to Public Financials Public Filers AES SBU/Reporting Country Renewables & Energy Infrastructure/Chile AES Company AES Andes2 $ in Millions FY 2024 FY 2023 US GAAP Reconciliation Adjusted EBITDA1,3 Public Filer (Stand-alone) $481
Slide 47: FY 2024 Modeling Disclosures
CONTAINS FORWARD-LOOKING STATEMENTS FY 2024 Modeling Disclosures $ in Millions Depreciation, Amortization & Accretion of Interest Expense Interest Income Adjusted AROs PTC1 Attributable Ownership- Attributable Ownership- Attributable Ownership- Consolidated Consolidated Consolidated to NCI Adjusted
Slide 48: FY 2024 Modeling Disclosures
CONTAINS FORWARD-LOOKING STATEMENTS FY 2024 Modeling Disclosures $ in Millions Cash & Cash Equivalents, Restricted Cash, Short-Term Investments, Debt Total Debt as of December 31, 2024 Service Reserves & Other Deposits Consolidated Attributable to NCI Ownership-Adjusted Consolidated Attributable to
Slide 49: FY 2027 Net Debt Expectation
CONTAINS FORWARD-LOOKING STATEMENTS 1 FY 2027 Net Debt Expectation $ in Millions 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
Slide 50: AES Modeling Disclosures
CONTAINS FORWARD-LOOKING STATEMENTS AES Modeling Disclosures $ in Millions 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
Slide 51: 2025 SBU Modeling Ranges
CONTAINS FORWARD-LOOKING STATEMENTS 2025 SBU Modeling Ranges $ in Millions 2025 Adjusted EBITDA1 2024 Adjusted EBITDA1 Drivers of Growth Versus 2024 Modeling Ranges as of 2/28/25 + New projects + Colombia normalization Renewables2 $552 $890-$960 + Cost savings + Chile renewables segment change − Sal
Slide 52: Long-Term Growth Capex Expectation
CONTAINS FORWARD-LOOKING STATEMENTS Long-Term Growth Capex1 Expectation AES Investment → Tax attribute monetization funds 40% to 50% 15%- of US renewable capex; about one-third of 20% total capex → Project debt is non-recourse and self- $20 to $22 Billion amortizes over PPA term Growth Capex1 → Deve
Slide 53: Limited Exposure to Fluctuations in Foreign Currency
CONTAINS FORWARD-LOOKING STATEMENTS Limited Exposure to Fluctuations in Foreign Currency 2025-2027 Cumulative Exposure Annualized Impact1 of 10% USD Appreciation Composition by Currency on Adjusted PTC2,3 After Hedging Non-USD Currencies $ in Millions Argentine Peso (ARS) ($8) EUR, 3% Euro (EUR) ($4
Slide 54: 2025 Guidance Estimated Sensitivities
CONTAINS FORWARD-LOOKING STATEMENTS 2025 Guidance Estimated Sensitivities 2025 10% appreciation of USD against following currencies is forecasted to have the following Adjusted EPS impacts: Average Rate Sensitivity Argentine Peso (ARS)1 1137.04 Less than ($0.01) Chilean Peso (CLP) 898.98 Less than $
Slide 55: PPAs Signed or Awarded in FY 2024
CONTAINS FORWARD-LOOKING STATEMENTS PPAs Signed or Awarded in FY 2024 Project Location Technology Gross MW AES Equity Interest Expected COD1 PPA Length (Years) Solar 500 Bellefield 2 US-CA 75% 2H 2026 15 Energy Storage 500 West Camp Expansion US-AZ Wind 100 75% 2H 2025 20 Madison US-VA Solar 63 75%
Slide 56: Reconciliation of Q4 Adjusted PTC and Adjusted EPS
CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of Q4 Adjusted PTC and Adjusted EPS 1 Q4 2024 Q4 2023 Per Share (Diluted) Per Share (Diluted) Net of NCI2 Net of NCI2 $ in Millions, Except Per Share Amounts Net of NCI2 Net of NCI2 Income (Loss) from Continuing Operations, Net of Tax, Attributable
Slide 57: Reconciliation of FY Adjusted PTC and Adjusted EPS
CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of FY Adjusted PTC and Adjusted EPS 1 FY 2024 FY 2023 Per Share (Diluted) Per Share (Diluted) Net of NCI2 Net of NCI2 $ in Millions, Except Per Share Amounts Net of NCI2 Net of NCI2 Income (Loss) from Continuing Operations, Net of Tax, Attributable
Slide 58: Reconciliation of Q4 Adjusted EBITDA
CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of Q4 Adjusted EBITDA 1 $ in Millions Q4 2024 Q4 2023 Net Income (Loss) $353 ($643) Income Tax Expense $7 $82 Interest Expense $360 $353 Interest Income ($69) ($153) Depreciation, Amortization, and Accretion of AROs $319 $298 EBITDA $970 ($63) Less:
Slide 59: Reconciliation of FY Adjusted EBITDA
CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of FY Adjusted EBITDA 1 $ 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 $3,22
Slide 60: Reconciliation of 2020 Adjusted PTC and Adjusted EPS
CONTAINS FORWARD-LOOKING STATEMENTS 1 Reconciliation of 2020 Adjusted PTC and Adjusted EPS 1 FY 2020 $ in Millions, Except Per Share Amounts Net of NCI2 Per Share (Diluted) Net of NCI 2 Income (Loss) from Continuing Operations, Net of Tax, Attributable to AES and Diluted EPS $43 $0.06 Add: Income Ta
Slide 61: Reconciliation of Parent Free Cash Flow
CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of Parent Free Cash Flow 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
Slide 62: Assumptions
CONTAINS FORWARD-LOOKING STATEMENTS Assumptions 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 continu
Slide 63: Definitions
CONTAINS FORWARD-LOOKING STATEMENTS Definitions 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, t