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Investor Relations14 Oct 2025
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AES (AES) investor relations material
AES Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary1 Aug, 2025
Executive summary
Reaffirmed 2025 guidance and long-term growth targets, citing business resilience and strong execution on renewables strategy and project delivery.
Renewables SBU Adjusted EBITDA grew 56% year-over-year in Q2 2025, driven by 3.2 GW of new projects and robust execution.
Signed or awarded 1.6 GW of new long-term PPAs with data center customers since May, contributing to a 12 GW PPA backlog.
Supply chain and safe harbor strategies protect against policy and tariff changes, with all major equipment for future projects secured or sourced from US suppliers.
Utilities segment executing record investment programs and regulatory rate reviews to support reliability and economic development.
Financial highlights
Q2 2025 Adjusted EBITDA was $681M, up from $658M year-over-year, driven by renewables growth and cost reductions.
Adjusted EPS rose 34% to $0.51 from $0.38 year-over-year, aided by higher U.S. renewable tax attributes.
Q2 2025 net loss attributable to the company was $95M, compared to net income of $276M in Q2 2024, mainly due to higher tax expense and sales-type lease losses.
Q2 2025 revenue decreased 3% year-over-year to $2,855M, mainly due to lower Energy Infrastructure SBU revenue and asset sales.
Adjusted EBITDA with Tax Attributes rose to $1,057M from $849M year-over-year.
Outlook and guidance
Reaffirmed 2025 Adjusted EBITDA guidance of $2,650–$2,850M and Adjusted EPS guidance of $2.10–$2.26.
Long-term Adjusted EBITDA growth rate of 5–7% targeted through 2027, with renewables at 19–21% and utilities at 13–15%.
On track to add 3.2 GW of new projects in 2025, with 1.9 GW completed and 1.3 GW 78% finished.
Confident in achieving guidance through 2027, with plans to extend multi-year guidance in early 2025.
2025 Adjusted EBITDA with Tax Attributes expected at $3,950–$4,350M.
What drove the Q2 2025 Renewables SBU EBITDA growth?
Why was there a Net Loss in Q2 2025?
What is driving the 2025 Adjusted EPS growth?
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Next AES earnings date
Q3 20255 Nov, 2025
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Frequently asked questions
Power Generation Prowess
AES is an American multinational utility and power generation company. It is headquartered in Arlington, Virginia, and has been listed on the NYSE since 1991. AES is one of the world's leading power companies and owns and operates various types of power plants, which it uses to generate and sell electricity to its customers.
The History
Founded in 1981 by Roger Sant and Dennis Bakke, AES began its journey as a contracting firm but rapidly transitioned to an independent power producer. Over the decades, the company experienced transformative growth both organically as well as through strategic acquisitions, extending its operations to over 15 countries. With a series of acquisitions, strategic partnerships, and ventures, AES has established a robust global network, producing and distributing energy to millions of customers. Some publicly traded peers of AES include names like Edison International, Duke Energy, and Vistra.
Core Operations
AES operates a diversified energy portfolio encompassing a wide array of services and facilities. From power generation to utilities and distribution, its capabilities span the complete energy value chain. The company owns and operates power plants with multiple fuel sources, including coal, gas, hydroelectric, wind, and solar. Furthermore, AES is also involved in the distribution of electricity, ensuring that the power generated reaches consumers in a reliable and efficient manner. The customer list of AES includes everything from private individuals and households to government entities and businesses.
AES and Sustainable Energy
Recognizing the global push towards sustainable and clean energy, AES has been proactive in aligning its strategy with environmental and societal considerations. Over the years, the company has significantly increased its investment in renewable energy sources, such as wind, solar, and hydroelectric power. AES's commitment to sustainability is evident in its projects like battery-based energy storage solutions, which enable the integration of renewables into the grid.
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