AES said net income for 2025 decreased $640 million, from $802 million to $162 million. The company cited the prior-year gain on the sale of AES Brasil and higher prior-year revenue from the monetization of the Warrior Run coal plant PPA as the main factors.

1. 01

   AES said net income for 2025 decreased $640 million, from $802 million to $162 million. The company cited the prior-year gain on the sale of AES Brasil and higher prior-year revenue from the monetization of the Warrior Run coal plant PPA as the main factors.

2. 02

   The company said Adjusted EBITDA, a non-GAAP measure, rose $232 million, from $2,639 million to $2,871 million, and Adjusted EPS rose $0.20, from $2.14 to $2.34.

3. 03

   AES said interest expense for 2025 decreased $78 million to $1,407 million, and asset impairment expense decreased $150 million to $224 million. The company described a $264 million impairment at Maritza, caused by a reduction in expected cash flows after the expiration of the PPA.

4. 04

   AES said its income tax benefit for 2025 was $181 million, compared with income tax expense of $59 million in 2024. The company said net income attributable to The AES Corporation decreased $769 million, or 46%, to $910 million.

Key figures

Fiscal year ended December 31, 2025

Revenue

$12.2B

Net income

$910M

EPS

$1.26

Gross profit

$2.2B

Operating cash flow

$4.3B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.