The Aes Corporation · NYSE:AES
The Aes — AES — Debt Investor Presentation (June 2026)
21 slides from The Aes's debt investor presentation, Jun 9, 2026
Slide 1: View as a Webpage
View as a Webpage AES Communications | 4300 Wilson Boulevard | Arlington, VA 22203 US Unsubscribe | Constant Contact Data Notice The following presentation was displayed by The AES Corporation as part of investor meetings on June 9, 2026:
Slide 2: Fixed Income Investor Presentation June 2026
Fixed Income Investor Presentation June 2026
Slide 3: Legal Disclaimer
Legal Disclaimer 2 The information in this presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of The AES Corporation (the “Company”) or any subsidiary or affiliate of the Company,
Slide 4: Legal Disclaimer: Important Additional Information and Where to Find It
Legal Disclaimer 3 Important Additional Information and Where to Find It This communication may be deemed to be solicitation material in respect of the proposed transaction between AES and Horizon Parent, L.P. In connection with the proposed transaction, AES has filed with the Securities and Exchang
Slide 5: Take-Private Transaction Overview
Take-Private Transaction Overview 4 Notes: Contains forward-looking statements 1 Enterprise value includes assumption of debt, based on proportional net debt of $22,724 million and a share count of 712 million, as of December 31, 2025. Consolidated net debt was $27,561 million as of December 31, 202
Slide 6: Considerations for Fixed Income Investors of Take Private
Considerations for Fixed Income Investors of Take Private 5 The transaction strengthens AES’s financial profile with well capitalized infrastructure Sponsors focused on long-term value creation Commitment to maintaining investment grade credit metrics Focused on prudent and accretive growth while de
Slide 7: AES Business Update
AES Business Update 6 Grow long-term contracted renewables focused on corporate customers in the technology sector Renewables 2 Invest in US utilities to support reliability improvements and data center growth Utilities 1 Reinvest cash while delivering on intent to transition to a lower carbon, US c
Slide 8: US Utilities Update
Updated Base Rates in Effect Distribution rate order issued in Nov 2025 ROE of ~10% and equity layer of 53.9% in effect Filed Three-Year Rate Plan with PUCO in November 2025 Initiated rate review incorporating three forward-looking test years (2027-2029) in November 2025 2.1 GW of Signed Data Center
Slide 9: Renewables Update
Renewables Update 8 A non-GAAP financial measure. See Appendix for Definitions and Reconciliations to the nearest GAAP measure. +67% Renewables Adjusted EBITDA1($ in Millions) Q1 2026 Backlog (Capacity in GW) Signed PPAs Not Yet Under Construction Under Construction 12.6 GW
Slide 10: Proposed Transaction Implications on AES' Business Plan
Proposed Transaction Implications on AES’ Business Plan 9 Pre-Transaction Post-Transaction Investment in U.S. utilities, growth in contracted renewables, strengthening of balance sheet, return of capital to shareholders Expect continued focus on execution across segments, with greater capital struct
Slide 11: Financial Update
Financial Update 10
Slide 12: Continued Commitment to Maintaining Investment Grade Metrics
Continued Commitment to Maintaining Investment Grade Metrics Overview of Key Credit Highlights 11 Notes: Contains forward-looking statements Long-Term, Contracted Cash Flows From Credit-Worthy Counterparties 3 Diversified Operations Across Fuel Sources, Regions, and Projects 2 U.S. Utilities Provide
Slide 13: Financial and Metrics Update
Financial and Metrics Update 12 Source: Company data. 1 A non-GAAP financial measure. See Appendix for Definitions and Reconciliations of non-GAAP measures. 2 Total recourse debt adjusted for rating agency equity treatment Parent Free Cash Flow1 $ in Million PFCF / Recourse Debt2 22.4% 22.3% 23.1% 2
Slide 14: Current Capitalization
Current Capitalization 13 Source: Company data. 1 Excludes revolver. Current Recourse Debt Maturity Schedule ($mm)1 Capitalization Table (as of March 31, 2026) $ in Millions Q1 2026 Senior Bank Debt Term Loan 300M 2026 300 Term Loan 500M 2026 500 Drawings on Bank Revolver Facility 445 Total Bank Deb
Slide 15: Post Transaction Financing Intentions and Financial Flexibility
Transaction 100% equity-financed with no financing contingency AES capital structure expected to remain unchanged with no back leverage Expect to maintain diverse operating businesses across Utilities, Renewables and Energy Infrastructure Continued focus on US-centric growth and delivering renewable
Slide 16: Reconciliations
Reconciliations 15
Slide 17: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA 16 $ in Millions 1Q 2026 1Q 2025 Net Income (Loss) $275 ($73) Income Tax Expense (Benefit) $41 ($17) Interest Expense ($353) ($342) Interest Income $65 $69 Depreciation, Amortization, and Accretion of AROs $433 $337 EBITDA $955 $554 Less: (Income) Loss from Disconti
Slide 18: Reconciliation of Segment Adjusted EBITDA
Reconciliation of Segment Adjusted EBITDA 17 $ in Millions 1Q 2026 1Q 2025 Revenue $820 $666 Total cost of sales excluding depreciation, amortization, and accretion of AROs1 ($477) ($466) Other segment items2 ($74) ($39) Renewables segment Adjusted EBITDA $269 $161 Segment-level total cost of sales
Slide 19: Reconciliation of Parent Free Cash Flow
Reconciliation of Parent Free Cash Flow 18 $ in Millions 2025 2024 2023 2022 2021 2020 Net Cash Provided by Operating Activities at the Parent Company2 $820 $731 $608 $434 $570 $434 Subsidiary Distributions to QHCs Excluded from Schedule 13 $202 $233 $247 $257 $47 $198 Subsidiary Distributions Class
Slide 20: Reconciliation of Total Recourse Debt
19 $ in Millions 2025 2024 2023 2022 2021 2020 Revolving Credit Facilities $300 -- -- $325 $365 $70 Term Loan Facilities -- -- $200 $200 Commercial Paper $79 -- -- -- -- -- Senior Unsecured Notes $4,200 $4,300 $4,300 $3,400 $3,400 $3,400 Junior Subordinated Notes $1,450 $1,450 -- -- -- -- Less: 50%
Slide 21: Definitions
Definitions 20 EBITDA is defined as earnings before interest income and expense, taxes, depreciation, amortization, and accretion of asset retirement obligations (“AROs”) Adjusted EBITDA, a non-GAAP measure, is defined as EBITDA adjusted for the impact of Non-Controlling Interest (“NCI”) and interes