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Jun 30
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).
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 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
- Higher income tax expense negatively affected net income