AES CORP

Compared with last year, first quarter net income decreased $351 million, from net income of $278 million to a net loss of $73 million. This decrease is the result of higher prior year revenues from the monetization of the Warrior Run coal plant PPA, one-time costs due to organizational restructuring, and a gain in the prior year on dilution of our interest in Uplight; partially offset by higher contributions from the Utilities and Renewables SBUs.

Adjusted EBITDA, a non-GAAP measure, decreased $49 million, from $640 million to $591 million, driven by lower contributions from the Energy Infrastructure SBU primarily due to higher prior year revenues from the monetization of the Warrior Run coal plant PPA. This was partially offset by higher margins at the Utilities SBU, higher revenues from renewables projects placed in service, and better hydrology.

Adjusted EBITDA with Tax Attributes, a non-GAAP measure, decreased $91 million, from $868 million to $777

35 | The AES Corporation | March 31, 2025 Form 10-Q

million primarily due to the drivers above, as well as lower realized tax attributes driven by timing of tax attribute recognition.

Compared with last year, first quarter diluted earnings per share from continuing operations decreased $0.53, from $0.60 to $0.07. This decrease is mainly driven by lower earnings at the Energy Infrastructure SBU primarily due to higher prior year revenues from the monetization of the Warrior Run coal plant PPA, lower realized tax attributes, a gain in the prior year on dilution of our interest in Uplight, and one-time costs due to organizational restructuring. This was partially offset by higher contributions at the Utilities SBU due to higher margins and realized tax attributes related to the Pike County energy storage project.

Adjusted EPS, a non-GAAP measure, decreased $0.23 from $0.50 to $0.27, mainly driven by lower realized tax attributes due to timing of tax attribute recognition, and lower contributions at the Energy Infrastructure SBU primarily due to higher prior year revenues from the monetization of the Warrior Run coal plant PPA, partially offset by higher contributions at the Utilities SBU.

36 | The AES Corporation | March 31, 2025 Form 10-Q

(1) Non-GAAP measure. See Item 2.—Management’s Discussion and Analysis of Financial Condition and Results of Operations—SBU Performance Analysis—Non-GAAP Measures for reconciliation and definition.

(2) GWh sold in 2024.

37 | The AES Corporation | March 31, 2025 Form 10-Q

Overview of Strategic Performance

AES is leading the industry's transition to clean energy by investing in renewables, utilities, and technology businesses.

•Our PPA backlog, which consists of projects with signed contracts, but which are not yet operational, is 11.7 GW, including 5.3 GW under construction. Since our fourth quarter 2024 earnings call in February 2025, we:

◦Completed the construction of 643 MW of energy storage and solar, and expect to add a total of 3.2 GW to our operating portfolio by year-end 2025; and

◦Signed or were awarded new long-term PPAs for 443 MW of solar and energy storage.

•Received final regulatory approval for the 170 MW Crossvine solar-plus-storage project at AES Indiana, which is expected to come online in 2027.

•With the sale of a minority stake in our global insurance company, AGIC, for $450 million, achieved full year 2025 asset sale proceeds target of $400 to $500 million.

•To fund the substantial growth at AES Ohio, closed on the sale of an approximate 30% indirect equity interest to a wholly-owned subsidiary of CDPQ, with subsequent upgrade in credit ratings at AES Ohio.