The AES Corporation (AES) investor relations material

Executive summary

• Net income for Q2 2026 was $387M, up from a net loss of $150M in Q2 2025, driven by favorable energy derivatives, higher U.S. development services, increased spot market sales, and a gain on Fluence shares.

• Adjusted EBITDA rose to $898M from $681M year-over-year, reflecting higher contributions from U.S. development, spot market sales, and retail margin at AES Ohio.

• For the first half of 2026, net income was $662M, up from a net loss of $223M in 2025; Adjusted EBITDA increased to $1,725M from $1,272M.

Financial highlights

• Q2 2026 revenue increased 20% year-over-year to $3.42B; six-month revenue rose 14% to $6.60B.

• Operating margin for Q2 2026 was $692M, up 53% from $453M in Q2 2025; six-month operating margin was $1,332M, up 49%.

• Q2 2026 basic and diluted EPS were $0.60, compared to $(0.15) in Q2 2025; six-month EPS was $1.28, up from $(0.08).

• Net cash provided by operating activities for the first half of 2026 was $2.25B, up from $1.52B in 2025.

Outlook and guidance

• The company expects continued growth from new businesses and global cost reduction initiatives to offset operational challenges and market volatility.

• U.S. renewables and storage project backlogs are largely contracted with domestic suppliers, mitigating supply chain risks.

• The company anticipates limited impact from recent U.S. tariffs and regulatory changes on its 2026–2027 project pipeline.