The Aes Stock Earnings Reports

AES reaffirmed its full-year 2025 guidance and multi-year growth targets, driven by strong execution across renewables and U.S. utilities. Management expects to sign 4 GW of new PPAs in 2025 (2.2 GW signed year-to-date, with ~1.8 GW in advanced negotiations) and to complete ~3.2 GW of construction projects this year (2.9 GW done YTD). Renewables EBITDA is up ~46% year-to-date thanks to ~3 GW of new capacity and scale benefits; the U.S. renewables business will be ~60% larger than two years ago. AES highlighted a safe-harbored project pipeline (7.5 GW U.S. backlog entirely safe harbor, plus additional safe-harbored pipeline) that positions it to capture tax credits through 2030. Utilities execution includes rate case progress at AES Indiana (partial settlement filed; final order expected Q2 2026) and a near-term distribution settlement at AES Ohio (revenue increase ~$168M, ROE ~10%). Financially, Q3 adjusted EBITDA rose to $830M and adjusted EPS to $0.75; management reiterated 2025 guidance (adjusted EBITDA $2.65B–$2.85B; adjusted EPS $2.10–$2.26) and 5%–7% adjusted EBITDA CAGR through 2027, while calling out an incremental ~$400M of run-rate EBITDA expected beyond 2027 from projects already in backlog/construction. Cost savings ($150M realized in 2025, $300M run-rate target in 2026), asset sales and disciplined capital allocation underpin a plan to return >$500M of dividends, invest ~$1.8B in growth, and remain self-funded through 2027 without planned equity issuance.