The Aes Corporation · NYSE:AES
The Aes — AES — Merger or Acquisition (March 2026)
29 slides from The Aes's merger presentation, Mar 2, 2026
Slide 1: Supporting AES Employees, Communities and Customers
Supporting AES Employees The Consortium recognizes that AES’ employees and capabilities are central to the Company’s success and long-term value strategy and will support business continuity and stability with an emphasis on retaining and developing talent. Continuing Community Engagement Programs U
Slide 2: Investment Grade Credit Profile, Leadership and Headquarters
Committed Maintaining An Investment Grade Credit Profile The Consortium expects to maintain an investment grade profile aligned with the Company’s financing strategy. Retaining Current Leadership and Headquarters This transactions reflects the Consortium’s confidence in the Company’s strategic posit
Slide 3: The Consortium's experience in energy infrastructure
The Consortium has deep experience investing in energy infrastructure businesses and shares AES’ commitment tosafety, affordability and customer service Part of BlackRock and is a leading private infrastructure investor with over a 19-year track record; specialize in owning and operating some of the
Slide 4: Top FAQs
Top FAQsWhy this acquisition? Why now?The transaction builds on our 45-year history of powering industries and shaping the future of energy The ABS Board conducted arignous.rowww.of strategic options, which included evaluating the transaction with the Company standaona prospects inmnd and unanimousl
Slide 5: Resources
Resources March 2,2026 Transaction Annoouncemnets Press Release Press Releases Investor Presentation March 2, 2026 Transaction Announcemnts Presentaion Infographics March 2,2026 Consortiumled byGlobal Infrastrucyure Partners EQT agrees to acquire AES SEC Filings AES Contacts Investor contact susan H
Slide 6: Transition of ownership to experienced investors
Transition of ownership to experienced investors Consortium has deep experience investing in renewable energy, regulated utilities and energy infrastructure Consortium believes AES is well-positioned to address customer needs through its innovative capabilities, supported by its talented management
Slide 7: Important information and where to find it
Important information and where to ?nd 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 expects to file a proxy statement on Schedule 14A with the Securities an
Slide 8: 830AM 7ODAM TO1AM —7O1AM 7O0ZAM
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Slide 9: Global All Hands March 2, 2026
Global All Hands March 2, 2026
Slide 10: Two important announcements that position AES for the future
Two important announcements that position AES for the future Agenda AES has entered into an agreement to be acquired by a consortium of investors led by GIP & EQT 1 Implementing leadership changes 2
Slide 11: A rigorous, deliberate process
A rigorous, deliberate process Explored strategic options with a long-term value lens Initiated a competitive process with world’s leading infrastructure investors Advanced a select group of leading candidates Maximized value to stockholders and selected strong long-term partners Today
Slide 12: Led by GIP and EQT
Led by: Ia. Global Infrastructure NGS Partners apart of BlackRock
Slide 13: Who are GIP and EQT?
Who are GIP and EQT? A leading infrastructure investor and part of BlackRock, the world’s largest asset manager with $14 trillion assets under management A purpose-driven global investment organization with $316B in total AUM and a 30-year track record of successfully developing and growing business
Slide 14: What this transaction is and is not
What this transaction IS – and IS Not What it IS Not What it IS Not a leveraged buyout No debt added to the business Not a short-term financial play Long-term owners with infrastructure focus All-cash transaction Compelling cash value to AES stockholders Unprecedented scale Largest transaction in ou
Slide 15: Strong Performance in 2025
Strategic Goal & Weight Measure 2025 Target Safety 5% Serious Safety Incidents No Incidents 5% Non-Injury SIP Rate 0.95 Safety Meeting 95.0% Safety Walks 13,011 Financials 70% Adjusted EPS – 10% $2.18 Parent Free Cash Flow – 20% $1,200M Adjusted EBITDA – 40% $2,750M Green Growth & Customer Centricit
Slide 16: Why now?
Why now? “Once a Gamble in the Desert, Electric Grid Batteries Are Everywhere” AES and Meta sign long-term PPAs to deliver 650 MW of solar capacity in Texas and Kansas Twelfth consecutive year, we were named one of the World’s Most Ethical Companies by Ethisphere AES tops list of largest corporate e
Slide 17: Why now? Partner of choice for big tech
Why now? Partner of choice for big tech Once in a generation electricity demand Capturing this opportunity requires access to capital
Slide 18: Accelerating our strategy: what this means for AES' future
Accelerating our strategy What does this mean for AES’ future? Greater financial flexibility and access to long-term capital will accelerate our growth strategy Strengthens our ability to deliver on commitments to customers Better positions AES to drive long-term growth across its businesses
Slide 19: Accelerating our strategy: what this means for you
Accelerating our strategy What does this mean for you? Our people and capabilities remain central to the future of AES AES continues to operate as it does today and will remain an independently managed standalone company Local teams and leaders continue to drive decisions and execution
Slide 20: Path forward / timeline to close
Path forward / timeline to close Today is the first step in this process Transaction requires approvals from AES stockholders and several regulatory bodies Transaction is expected to close in late 2026 or early 2027 following all necessary approvals March 2nd April All-Hands May All-Hands We are con
Slide 21: Two important announcements that position AES for the future
Two important announcements that position AES for the future Agenda AES has entered into an agreement to be acquired by a consortium of investors led by GIP & EQT 1 Implementing leadership changes 2
Slide 22: A proven leader with deep AES roots
A proven leader with deep AES roots 23 years at AES Trusted leadership, global experience, execution mindset Proven transformation leader Ricardo Falú has been appointed AES’ President
Slide 23: Juan Ignacio Rubiolo appointed Chief Operating Officer
Juan Ignacio Rubiolo has been appointed Chief Operating Officer A trusted partner to governments, customers, communities 25 years at AES Expanded AES’ regional platform and built high-performing, winning teams Disciplined operator that drives results
Slide 24: Our leadership team
Our leadership team Juan Ignacio Rubiolo Chief Operating Officer and Energy Infrastructure President Tish Mendoza Chief Human Resources Officer Stephen Coughlin Chief Financial Officer Paul Freedman General Counsel and Corporate Secretary Ricardo Falú President, AES Andrés Gluski Chief Executive Off
Slide 25: What to expect
What to expect No changes to day to day operations Open, ongoing communication with regular all-hands touchpoints Teams remain focused on safety and execution
Slide 26: Key takeaways as we move forward
3 key takeaways as we move forward Best path forward Leadership continuity All together
Slide 27: Q&A
Qé&A
Slide 28: Forward Looking Statements
Forward Looking Statements Important 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 expects to file a proxy statement on Schedul
Slide 29: Important Information and Where to Find It
Important 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 expects to file a proxy statement on Schedule 14A with the Securities a