Slide 1: The AES Corporation Third Quarter 2025 Financial Review
CONTAINS FORWARD-LOOKING STATEMENTS The AES Corporation Third Quarter 2025 Financial Review November 5, 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 → 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
Slide 4: On Track to Achieve All Financial & Strategic Objectives
CONTAINS FORWARD-LOOKING STATEMENTS On Track to Achieve All Financial & Strategic Objectives Financial Results → Q3 2025 Adjusted EBITDA1 of $830 million • Renewables SBU Adjusted EBITDA1 growth of ~40% → Q3 2025 Adjusted EPS1 of $0.75 Strategic Highlights → Expect to sign at least 4 GW of PPAs in f
Slide 5: Substantial Growth at Renewables SBU
CONTAINS FORWARD-LOOKING STATEMENTS Substantial Growth at Renewables SBU → 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
Slide 6: AES' Signed PPAs with Data Center Customers
CONTAINS FORWARD-LOOKING STATEMENTS AES’ Signed PPAs with Data Center Customers Capacity in GW 4.0 8.21 2.0 2.0 4.2 PPAs with Data Backlog of PPAs Total Centers In with Data Centers Operation Under Construction Not Yet Under Construction 1. Excludes 2.4 GW of Utility Load Growth and Retail Supply, a
Slide 7: Our Safe Harbored Position Provides an Increasing Competitive Advantage
CONTAINS FORWARD-LOOKING STATEMENTS Our Safe Harbored Position Provides an Increasing Competitive Advantage Capacity in GW 3.0-4.0 4.0 For 2029-2030 3.6 11.1 Deliveries For 2028-2029 7.5 Deliveries Safe Harbored US International Backlog Total Backlog Safe Harbored Pipeline Pipeline to be Safe Backlo
Slide 8: AES' US Utilities Among Lowest-Cost Providers in Each State
CONTAINS FORWARD-LOOKING STATEMENTS AES’ US Utilities Among Lowest-Cost Providers in Each State Indiana Electric Utility Residential Ohio Electric Utility Residential Customer Bill (1,000 KWh Usage)1 Customer Bill (1,000 KWh Usage)2 $233.62 $189.94 $220.72 $176.31 $167.55 $162.48 $158.26 $166.56 $15
Slide 9: AES Indiana Prioritizing Affordability, While Investing to Improve Reliability
CONTAINS FORWARD-LOOKING STATEMENTS AES Indiana Prioritizing Affordability, While Investing to Improve Reliability 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 in
Slide 10: AES Indiana's Integrated Resource Plan (IRP) Prioritizes Affordability
CONTAINS FORWARD-LOOKING STATEMENTS AES Indiana’s Integrated Resource Plan (IRP) Prioritizes Affordability Annual Revenue Requirement – System Cost (Nominal $/MWh) → IRP lays out short-term action plan $170 and 20-year outlook, with focus on No Data Center Load customer affordability $160 → Strong e
Slide 11: AES Ohio Progressing on Data Center Build and Distribution Rate Review
CONTAINS FORWARD-LOOKING STATEMENTS AES Ohio Progressing on Data Center Build and Distribution Rate Review → 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 nex
Slide 12: Q3 2025 Financial Review
CONTAINS FORWARD-LOOKING STATEMENTS Q3 2025 Financial Review → Q3 2025 financial results → 2025 guidance and long-term growth rates → 2025 Parent capital allocation plan 12
Slide 13: Q3 2025 Financial Results
CONTAINS FORWARD-LOOKING STATEMENTS Q3 2025 Financial Results $ in Millions Adjusted EBITDA1,2 Higher Adjusted EBITDA1,2 driven primarily by: +$132 • Growth from new renewables projects; • Rate base investment at US utilities; and $830 $698 • Cost savings Partially offset by $60 million of asset
Slide 14: Q3 2025 Financial Results: Adjusted EPS
CONTAINS FORWARD-LOOKING STATEMENTS Q3 2025 Financial Results $ Per Share Adjusted EPS1 Higher Adjusted EPS1 driven primarily by: • Adjusted EBITDA1 drivers; and +$0.04 • Lower adjusted tax rate2 $0.75 Partially offset by: $0.71 • Higher depreciation expense; • Higher interest expense; and • Tim
Slide 15: Q3 2025 Financial Results: Renewables
CONTAINS FORWARD-LOOKING STATEMENTS Q3 2025 Financial Results: Renewables1 $ in Millions Adjusted EBITDA2,3 Higher Adjusted EBITDA2,3 driven primarily by: +$82 • Contributions from new projects; $296 • Cost savings; and $214 • Net effect of moving Chile renewables to Renewables SBU more than offse
Slide 16: On Track to Achieve 2025 Renewables EBITDA Guidance
CONTAINS FORWARD-LOOKING STATEMENTS On Track to Achieve 2025 Renewables EBITDA1 Guidance $ in Millions Year-to-Date Full Year $890- $960 $697 $6122 $479 YTD 2024 YTD 2025 FY 2024 FY 2025 1. A non-GAAP financial measure. The Company is not able to provide a corresponding GAAP equivalent or reconcilia
Slide 17: Q3 2025 Financial Results: Utilities
CONTAINS FORWARD-LOOKING STATEMENTS Q3 2025 Financial Results: Utilities $ in Millions Adjusted PTC1 Higher Adjusted PTC1 driven primarily by rate base investment +$25 Partially offset by the 30% sell-down of AES Ohio $98 $73 Q3 2024 Q3 2025 1. A non-GAAP financial measure. See Appendix for defi
Slide 18: Q3 2025 Financial Results: Energy Infrastructure
CONTAINS FORWARD-LOOKING STATEMENTS Q3 2025 Financial Results: Energy Infrastructure1 $ in Millions Adjusted EBITDA2 Higher Adjusted EBITDA2 driven primarily by: +$11 • Acquisition of remaining ownership in Cochrane coal plant; $290 $301 • Cost savings; and • Commencement of operations at Gatun ga
Slide 19: Q3 2025 Financial Results: New Energy Technologies
CONTAINS FORWARD-LOOKING STATEMENTS Q3 2025 Financial Results: New Energy Technologies $ in Millions Adjusted EBITDA1 Relatively flat Adjusted EBITDA1 with no material drivers ($7) ($3) +$4 Q3 2024 Q3 2025 1. A non-GAAP financial measure. See Appendix for definition and reconciliation to the neare
Slide 20: Reaffirming 2025 Guidance
CONTAINS FORWARD-LOOKING STATEMENTS Reaffirming 2025 Guidance $ in Millions Adjusted EBITDA1 Adjusted EPS2 $2,650- $2.10- $2,850 $2.26 $2,639 $2.14 Year-to-Go Drivers Year-to-Go Drivers + New projects + New projects + Utilities growth + Utilities growth + Cost savings + Cost savings − Asset sales −
Slide 21: Reaffirming Adjusted EBITDA Average Annual Growth Through 2027
CONTAINS FORWARD-LOOKING STATEMENTS Reaffirming Adjusted EBITDA1 Average Annual Growth2 of 5% to 7% Through 2027 $ 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 Beyond 2027 Gu
Slide 22: 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 $2,815 $10 & Other $400- $300 Shareholder $500 Dividend3 $545 $500 $1,150- $1,250 Expect to Subsidiary Debt
Slide 23: Conclusion
CONTAINS FORWARD-LOOKING STATEMENTS Conclusion → 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 → Wel
Slide 24: Appendix
CONTAINS FORWARD-LOOKING STATEMENTS Appendix Parent Only Cash Flow & Liquidity Slides 25-26 Recourse & Non-Recourse Debt Slides 27-30 Q3 & YTD Adjusted EPS1 Roll-Up Slide 31 YTD Financial Results Slides 32-34 Modeling Disclosures Slides 35-38 2025 SBU Modeling Ranges Slide 39 2025-2027 Parent Capita
Slide 25: Parent Sources and Uses of Liquidity
CONTAINS FORWARD-LOOKING STATEMENTS Parent Sources and Uses of Liquidity Q3 YTD $ in Millions 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 Comm
Slide 26: Q3 & YTD 2025 Subsidiary Distributions
CONTAINS FORWARD-LOOKING STATEMENTS Q3 & YTD 2025 Subsidiary Distributions1 $ 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 Distribu
Slide 27: Recourse Debt Summary
CONTAINS FORWARD-LOOKING STATEMENTS Recourse Debt Summary $ in Millions, Except Percentages; as of September 30, 2025 Ratings SBU Principal Balance Interest Rate Maturity 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
Slide 28: Q3 2025 Non-Recourse Debt Schedule
CONTAINS FORWARD-LOOKING STATEMENTS Q3 2025 Non-Recourse Debt1 Schedule $ in Millions, Except Percentages; as of September 30, 2025 Debt Maturity and Amortization Schedule September 30, Sep. 30, 2025 Ownership 2025 Total 2030 and Total Balance SBU/Business Country/State Balance YTG 2025 2026 2027 20
Slide 29: Q3 2025 Non-Recourse Debt Schedule
CONTAINS FORWARD-LOOKING STATEMENTS Q3 2025 Non-Recourse Debt1 Schedule $ in Millions, Except Percentages; as of September 30, 2025 Debt Maturity and Amortization Schedule September 30, Sep. 30, 2025 Ownership 2025 Total 2030 And Total Balance SBU/Business Country/State Balance YTG 2025 2026 2027 20
Slide 30: Interest Rate Exposure: Substantial Majority is Hedged Through Swaps or Contractual Arrangements
CONTAINS FORWARD-LOOKING STATEMENTS Interest Rate Exposure: Substantial Majority is Hedged Through Swaps or Contractual Arrangements $ in Millions, as of September 30, 2025 Recourse Debt1 Non- Recourse Recourse Debt2 Debt2 $5,568 19% Long-Term Weighted Average All-in Cost 4.7% 5.5% Long-Term Weighte
Slide 31: Q3 & YTD Adjusted EPS Roll-Up
CONTAINS FORWARD-LOOKING STATEMENTS Q3 & YTD Adjusted EPS1 Roll-Up $ 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 (
Slide 32: YTD 2025 Financial Results
CONTAINS FORWARD-LOOKING STATEMENTS YTD 2025 Financial Results $ in Millions Adjusted EBITDA1,2 Higher Adjusted EBITDA1,2 driven primarily by: +$106 • Growth from new renewables projects; • Rate base investment at US utilities; and $2,102 $1,996 • Cost savings Partially offset by: • $141 million
Slide 33: YTD 2025 Financial Results
CONTAINS FORWARD-LOOKING STATEMENTS YTD 2025 Financial Results $ Per Share Adjusted EPS1 Adjusted EPS1 results driven primarily by: • Adjusted EBITDA1 drivers; -$0.07 • Higher depreciation expense; • Higher interest expense; and $1.60 $1.53 • Higher adjusted tax rate2 Partially offset by higher
Slide 34: YTD 2025 Financial Results
CONTAINS FORWARD-LOOKING STATEMENTS YTD 2025 Financial Results1 $ in Millions YTD 2025 YTD 2024 Variance Drivers Adjusted EBITDA2 + New projects + Colombia normalization Renewables3 $697 $479 $218 + Cost savings + Chile renewables segment change − Sale of AES Brasil − Prior year revenues from Warrio
Slide 35: Q3 2025 Modeling Disclosures: Interest & Depreciation
CONTAINS FORWARD-LOOKING STATEMENTS Q3 2025 Modeling Disclosures: Interest & Depreciation $ in Millions Depreciation, Amortization & Accretion of Interest Expense Interest Income Adjusted AROs PTC1 Attributable Ownership- Attributable Ownership- Attributable Ownership- Consolidated Consolidated Cons
Slide 36: Q3 2025 Modeling Disclosures: Debt, Cash & Construction Debt Facilities
CONTAINS FORWARD-LOOKING STATEMENTS Q3 2025 Modeling Disclosures: Debt, Cash & Construction Debt Facilities $ in Millions Cash & Cash Equivalents, Restricted Cash, Short-Term Investments, Debt Total Debt as of September 30, 2025 Service Reserves & Other Deposits Consolidated Attributable to NCI Owne
Slide 37: FY 2027 Net Debt Expectation
CONTAINS FORWARD-LOOKING STATEMENTS FY 2027 Net Debt1 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 38: 2025 Parent Free Cash Flow Expectations
CONTAINS FORWARD-LOOKING STATEMENTS 2025 Parent Free Cash Flow1 Expectations $ 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)
Slide 39: 2025 SBU Adjusted EBITDA Modeling Ranges
CONTAINS FORWARD-LOOKING STATEMENTS 2025 SBU Adjusted EBITDA1 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 seg
Slide 40: 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 41: Renewables Development & Overhead Expenses Forecasted to Become Less Significant
CONTAINS FORWARD-LOOKING STATEMENTS Renewables Development & Overhead Expenses Forecasted to Become Less Significant at the Same Time Adjusted EBITDA1 Grows Substantially ~32% ~16% ~13% ~10% 2024 2025 2026 2027 Adjusted EBITDA1 Development Expense as a % of Adjusted EBITDA1 Development Expense Reach
Slide 42: Foreign Currencies: Limited Exposure to Fluctuations in Exchange Rates
CONTAINS FORWARD-LOOKING STATEMENTS Foreign Currencies: Limited Exposure to Fluctuations in Exchange Rates 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,
Slide 43: 2025 Guidance Estimated Sensitivities
CONTAINS FORWARD-LOOKING STATEMENTS 2025 Guidance Estimated Sensitivities YTG 2025 10% appreciation of USD against following currencies is forecasted to have the following Adjusted EPS impacts: Average Rate Sensitivity Argentine Peso (ARS)1 1446.67 Less than ($0.01) Chilean Peso (CLP) 962.43 Less th
Slide 44: Reconciliations
CONTAINS FORWARD-LOOKING STATEMENTS Reconciliations 44
Slide 45: Reconciliation of Q3 Adjusted PTC and Adjusted EPS
CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of Q3 Adjusted PTC and Adjusted EPS1 Q3 2025 Q3 2024 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 from Continuing Operations, Net of Tax, Attributable to AES a
Slide 46: Reconciliation of YTD Adjusted PTC and Adjusted EPS
CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of YTD Adjusted PTC and Adjusted EPS1 YTD 2025 YTD 2024 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 from Continuing Operations, Net of Tax, Attributable to AE
Slide 47: Reconciliation of Q3 Adjusted EBITDA
CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of Q3 Adjusted EBITDA1 $ 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
Slide 48: Reconciliation of YTD Adjusted EBITDA
CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of YTD Adjusted EBITDA1 $ 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 EBI
Slide 49: Reconciliation of FY Adjusted EBITDA
CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of FY Adjusted EBITDA1 $ 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
Slide 50: Reconciliation of Parent Free Cash Flow
CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of Parent Free Cash Flow1 $ 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 51: Reconciliation of Subsidiary Distributions and Parent Company Liquidity
CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of Subsidiary Distributions1 and Parent Company Liquidity1 $ in Millions Quarter Ended September 30, June 30, March 31, December 31, 2025 2025 2025 2024 Total Subsidiary Distributions1 to Parent & QHCs2 $423 $557 $230 $715 Total Return of Capital Di
Slide 52: Q3 Adjusted PTC: Reconciliation to Public Financials of Public Filers
CONTAINS FORWARD-LOOKING STATEMENTS Q3 Adjusted PTC1: Reconciliation to Public Financials of Public Filers 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 PT
Slide 53: 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 54: 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