AES — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-04

• Compared with last year, second quarter net income increased $537 million, from a net loss of $150 million to net income of $387 million. This increase is the result of the favorable impact from energy derivatives and higher contributions from development services in the U.S., higher energy and capa…

• Adjusted EBITDA, a non-GAAP measure, increased $217 million, from $681 million to $898 million, driven by higher contributions from development services in the U.S., higher energy and capacity sales and prices in the spot market, the increase in ownership of Cochrane, and higher retail margin primar…

• Compared with last year, net income for the six months ended June 30, 2026 increased $885 million, from a net loss of $223 million to net income of $662 million. This increase is the result of higher contributions from development services and the favorable impact of energy derivatives in the U.S., …

• Adjusted EBITDA, a non-GAAP measure, increased $453 million, from $1,272 million to $1,725 million for the six months ended June 30, 2026, driven by higher contributions from development services in the U.S., higher energy and capacity sales and prices in the spot market, the increase in ownership o…

• Gain on disposal and sale of business interests209 70 139 NM209 69 140 NM

Text removed vs the prior filing · source: 10-Q · 2026-05-05

• Compared with last year, first quarter net income increased $348 million, from a net loss of $73 million to net income of $275 million. This increase is the result of higher contributions from development services in the U.S., higher retail margin and transmission and rider revenues at AES Ohio and …

• Adjusted EBITDA, a non-GAAP measure, increased $236 million, from $591 million to $827 million, driven by higher contributions from development services in the U.S. and renewables projects placed in service, higher

• contributions from the Energy Infrastructure SBU primarily due to higher energy and capacity sales and prices in the spot market and the increase in ownership of Cochrane, and higher retail margin at AES Ohio and AES Indiana; partially offset by the impact of the AES Ohio and AGIC selldowns.

• Loss on disposal and sale of business interests— (1)1 -100 %

• NET INCOME ATTRIBUTABLE TO THE AES CORPORATION$487 $46 $441 NM

Text added vs the prior filing · source: 10-Q · 2026-08-04

• The disclosures presented in this Item 3 are based upon a number of assumptions; actual effects may differ. The safe harbor provided in Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act shall

• apply to the disclosures contained in this Item 3. For further information regarding market risk, see Item 1A.—Risk Factors, Fluctuations in currency exchange rates may impact our financial results and position; Wholesale power prices may experience significant volatility in our markets which could …

• Our thermal assets in Panama have PPAs with distribution companies which match the term of the LNG supply agreement of such thermal assets. New entrants into the Panama thermal generation market could impact the dispatch of existing generation, requiring purchases in the spot market to satisfy the P…

• levels do not always match our generation availability or needs, and our assets may be sellers of spot prices in excess of contract levels or a net buyer in the spot market to satisfy contract obligations, which could impact existing fuel supply commitments. Our assets operating in Vietnam and Bulga…

• to variable interest rates. These amounts represent the exposure for the remainder of 2026 and do not take into account the historical correlation among interest rates.

Text removed vs the prior filing · source: 10-Q · 2026-05-05

• The disclosures presented in this Item 3 are based upon a number of assumptions; actual effects may differ. The safe harbor provided in Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act shall apply to the disclosures contained in this Item 3. For further information regar…

• future growth; We may not be adequately hedged against our exposure to changes in commodity prices or interest rates; and Certain of our businesses are sensitive to variations in weather and hydrology of the 2025 Form 10-K.

• Our thermal assets in Panama have PPAs with distribution companies which match the term of the LNG supply agreement of such thermal assets. New entrants into the Panama thermal generation market could impact the dispatch of existing generation, requiring purchases in the spot market to satisfy the P…

Text added vs the prior filing · source: 10-Q · 2026-08-04

• charges. A decision from SMA is still pending. If Alto Maipo’s defense response arguments are not acceptable to the SMA, the imposition of fines is possible. Separately, Alto Maipo filed a legal action seeking annulment of the decision that rejected its proposed compliance program.

• or success of such enforcement measures. The Company may attempt to settle this dispute with Argentina. However, the Company can provide no assurances regarding the likelihood, substance, or timing of any such settlement.

• In July 2026, an alleged shareholder of Fluence Energy, Inc. (“Fluence”) filed a derivative complaint in the Delaware Court of Chancery allegedly on behalf of Fluence and against the Company and AES Grid Stability, LLC (the “AES Defendants”); Siemens Industry, Inc., and Siemens AG (the “Siemens Defe…

• To date, the Company is aware of two (2) complaints that have been filed as individual actions in connection with the Merger by purported stockholders of the Company against the Company and the individual members of the Company’s Board of Directors. The complaints are captioned as follows: Miller v.…

Text removed vs the prior filing · source: 10-Q · 2026-05-05

• In April 2025, an alleged shareholder of Fluence Energy, Inc. (“Fluence”) filed a putative securities class action in the U.S. District Court for the Eastern District of Virginia (“Court”) against Fluence and certain of Fluence’s officers and directors. The complaint in the case also named the Compa…

• On December 30, 2025, the Company received a complaint filed in Virginia state court by Sinolam LNG Terminal, SA and Sinolam Smarter Energy LNG Power Co. (collectively, “Plaintiffs”) against the Company, AES Latin America, S. de R.L., AES Panama, S.R.L. (“AES Panama”), AES Colon Holding, S. de R.L.,…

Text added vs the prior filing · source: 10-Q · 2026-08-04

• Securities class action lawsuits and derivative lawsuits are often brought against companies that have entered into a merger agreement. To date, two (2) complaints have been filed as individual actions in connection with the Merger by purported stockholders of the Company against the Company and the…

Text removed vs the prior filing · source: 10-Q · 2026-05-05

• Securities class action lawsuits and derivative lawsuits are often brought against companies that have entered into a merger agreement. Even if these lawsuits are without merit, defending against these claims can result in substantial costs to the parties to the merger agreement and divert managemen…

Text added vs the prior filing · source: 10-Q · 2026-08-04

• On July 21, 2026, the Financial Audit Committee (the “Audit Committee”) of the Board of Directors of The AES Corporation (the “Company”) dismissed Ernst & Young LLP (“EY”) as the Company’s independent registered public accounting firm, due to the fact that EY will no longer be considered independent…

• The audit reports of EY on the Company’s consolidated financial statements as of and for the fiscal years ended December 31, 2024 and 2025 did not contain an adverse opinion or a disclaimer of opinion, nor were such reports qualified or modified as to uncertainty, audit scope or accounting principle…

• Following consideration of multiple accounting firms, on July 21, 2026, the Audit Committee engaged KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Company for the fiscal year ending December 31, 2026, effective as of EY’s dismissal upon the filing of this Quarterly Re…

• As part of the request for proposal process by which KPMG was selected, KPMG and the Company identified that, during the year ending December 31, 2026 (the “Audit Period”), various member firms within the KPMG International network (“KPMG Member Firms”) provided tax advisory support, payroll process…

• The Impermissible Services were strictly advisory or clerical in nature, and management of the Company retained sole decision-making authority and responsibility for all underlying data and assumptions. Additionally, these services were limited to foreign affiliates, the subject matters to which the…

Text removed vs the prior filing · source: 10-Q · 2026-05-05

• None of the Company’s directors or “officers,” as defined in Rule 16a-1(f) of the Exchange Act, adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K, during the Company’s fiscal quarter …