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Sep 30
AES Q3 2025 Earnings Report
AES reported strong third-quarter results with increased net income, higher adjusted EBITDA, and reaffirmed guidance across key metrics.
Key Takeaways
AES posted higher net income and EPS in Q3 2025, driven by increased contributions from renewables and utilities, while reaffirming its 2025 guidance and long-term growth targets.
Net income rose to $517 million, up from $215 million in Q3 2024.
Adjusted EPS reached $0.75, reflecting higher retail margins and tax benefits.
Adjusted EBITDA with Tax Attributes was $1.256 billion for the quarter.
Company reaffirmed 2025 guidance for Adjusted EPS, EBITDA, and growth targets.
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 for Adjusted EBITDA, Adjusted EPS, and growth targets, with expectations supported by strong renewables performance and utility rate base expansion.
Positive Outlook
- Reaffirmed Adjusted EBITDA guidance of $2.65B–$2.85B for 2025
- Reaffirmed Adjusted EBITDA with Tax Attributes guidance of $3.95B–$4.35B
- Maintains Adjusted EPS guidance of $2.10–$2.26 for 2025
- Targeting 5%–7% annual growth in Adjusted EBITDA through 2027
- Expecting 7%–9% annual growth in Adjusted EPS through 2027
Challenges Ahead
- Lower generation in Energy Infrastructure segment impacted results
- Lower realized tax attributes due to timing affected Adjusted EPS
- Asset sales and AES Brasil divestiture reduced revenue base
- Sell-down of AES Ohio partially offset revenue gains
- Higher parent-level interest expected to weigh on future earnings