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Jun 30, 2025
AES Q2 2025 Earnings Report
AES reported a net loss in Q2 2025 but grew adjusted earnings and reaffirmed full-year guidance.
Key Takeaways
In Q2 2025, AES posted a net loss due to higher tax expenses and losses from sales-type leases, but demonstrated strong operational performance, particularly in Renewables. Adjusted EPS increased significantly, and the company reaffirmed its 2025 guidance targets.
Net loss attributable to AES was $95 million, with a diluted EPS of -$0.15.
Adjusted EPS rose to $0.51 from $0.38 in Q2 2024.
Adjusted EBITDA reached $681 million, up from $658 million last year.
AES reaffirmed 2025 guidance for Adjusted EPS ($2.10–$2.26) and Adjusted EBITDA with tax attributes ($3.95B–$4.35B).
Revenue by Segment
Forward Guidance
AES reaffirmed its 2025 guidance across key metrics, backed by growth in renewables and strong execution on PPA contracts.
Positive Outlook
- 2025 Adjusted EPS guidance reaffirmed at $2.10–$2.26
- 2025 Adjusted EBITDA with tax attributes reaffirmed at $3.95B–$4.35B
- Signed 1.6 GW of new long-term PPAs with data center companies
- 1.9 GW of new capacity completed YTD with 3.2 GW targeted for 2025
- Strong growth in Renewables SBU Adjusted EBITDA, up 56% YoY
Challenges Ahead
- Reported GAAP net loss of $150 million in Q2
- Diluted EPS declined from $0.39 to -$0.15 YoY
- Impact from sales-type lease losses in AES Clean Energy
- Lower margins from Energy Infrastructure SBU
Historical Earnings Impact
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Avg. Return Before/After Earnings
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