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Mar 31
AES Q1 2025 Earnings Report
AES reported Q1 2025 results in line with expectations, with solid contributions from Renewables and Utilities offset by lower results in Energy Infrastructure.
Key Takeaways
AES posted a net income attributable to the company of $46 million and reaffirmed full-year 2025 guidance. Despite a GAAP net loss, strong growth in Renewables and Utilities and strategic asset sales supported results.
GAAP Net Income Attributable to AES was $46 million, with Diluted EPS of $0.07.
Adjusted EBITDA was $591 million; Adjusted EPS was $0.27.
Achieved full-year asset sale proceeds target with $450 million from AGIC stake sale.
Renewables and Utilities SBUs posted year-over-year growth from new projects and rate base expansion.
AES
AES
AES Revenue by Segment
Revenue by Segment
Renewables Revenue
CapyFin.comUtilities Revenue
CapyFin.comEnergy Infrastructure Revenue
CapyFin.comCorporate and Other Revenue
CapyFin.com Forward Guidance
AES reaffirmed its 2025 guidance, expecting growth to be driven by new renewable projects, rate base expansion at US utilities, and normalized operations in Colombia and Mexico.
Positive Outlook
- Reaffirmed Adjusted EBITDA guidance of $2.65B–$2.85B for 2025.
- Expecting Adjusted EPS of $2.10–$2.26 for 2025.
- On track to add 3.2 GW of new capacity in 2025.
- Asset sales target already met with $450M from AGIC stake sale.
- Received approval for Crossvine solar-plus-storage project.
Challenges Ahead
- Decline in Adjusted EBITDA YoY due to prior year one-time revenues.
- Lower realized tax attributes in Q1 2025.
- Impact from organizational restructuring costs.
- Energy Infrastructure SBU experienced lower contributions.
- Higher Parent interest and adjusted tax rate expected to pressure EPS.
Revenue & Expenses
Visualization of income flow from segment revenue to net income