Financial Data and Key Metrics Changes - Adjusted pre-tax contribution (B2C) for Q1 2021 was $247 million, consistent with expectations and similar to last year's performance [18] - Adjusted EPS for the quarter was $0.28, down from $0.29 last year, primarily due to a slightly higher effective tax rate [19] - The company is on track to achieve full-year 2021 adjusted EPS guidance range of $1.50 to $1.58 [21] Business Line Data and Key Metrics Changes - In the U.S. and utilities SBU, PTC decreased by $27 million due to lower contributions from legacy units and higher spending in clean energy [19] - South America SBU saw a $31 million decrease in B2C, mainly from lower contributions at AES Andes due to higher interest expenses [20] - The Eurasia SBU reported higher PTC due to improved operational performance and lower interest expenses [20] Market Data and Key Metrics Changes - The company has a backlog of 6.9 gigawatts of renewables, representing a 20% growth in total installed capacity and a 60% increase in renewables capacity [9] - The global pipeline of renewable projects exceeds 30 gigawatts, with half located in the United States [10] Company Strategy and Development Direction - The company aims for 7% to 9% average annual growth through 2025, focusing on low carbon energy sources [6] - Key goals for 2021 include signing contracts for 4 gigawatts of renewables and launching a 24-7 carbon-free energy product [8] - The company has transformed its portfolio, reducing coal capacity by 70% over five years and targeting net zero emissions by 2040 [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about economic recovery across markets, with demand returning to pre-COVID levels [18] - The company is preparing for potential future supply chain constraints due to increased demand for renewables [42] Other Important Information - A landmark agreement with Google was announced to supply 24-7 carbon-free energy for its data centers [11] - The company is working on a green hydrogen project in Chile and a new LNG terminal in Vietnam [53] Q&A Session Summary Question: Insights on the Northvolt agreement and energy storage market - The Northvolt agreement is a strategic relationship to ensure battery supply and joint development of new battery technologies [28] Question: Replicability of the Google deal with other customers - The product offers hourly carbon-free energy, which is unique in the market, and there is significant interest from other corporate clients [32] Question: Competition in the market - The company faces competition but aims to provide more value through innovative solutions and co-development with clients [36] Question: Supply chain stresses across the renewables value chain - Currently, there are no significant supply constraints, but the company is preparing for potential future challenges [42] Question: Growth potential of the 5B technology - The 5B technology will be available to the broader market over time, similar to previous successful ventures [46] Question: Updates on the strategic alliance with Google - The initial agreement with Google is expected to expand as their energy needs grow [51] Question: Progress on hydrogen and LNG projects - The feasibility study for the green hydrogen project in Chile is ongoing, and the LNG terminal project in Vietnam is progressing as planned [53]

The AES Corporation (NYSE:AES) Q4 2020 Earnings Conference Call February 25, 2021 9:00 AM ET Company Participants Ahmed Pasha - Treasurer and VP, IR Andrés Gluski - President and CEO Gustavo Pimenta - CFO Conference Call Participants Agnieszka Storozynski - Seaport Global Richard Sunderland - JPMorgan Stephen Byrd - Morgan Stanley Julien Dumoulin-Smith - Bank of America Charles Fishman - Morningstar Operator Good day and welcome to the AES Corporation Q4 2020 Financial Review Conference Call. Today, all par ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ____________________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2020 -OR- ☐ TRANSITION REPORT FILED PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-12291 THE AES CORPORATION (Exact name of registrant as specified in its charter) Delaware 54-1163725 (State or other jurisdiction of in ...

Business Transformation and Growth - The company has reduced generation from coal to 29% of its portfolio as of November 5, 2020, including announced but not yet closed asset sales[4] - The company signed 2.1 GW of new renewable contracts, increasing the backlog to 6.8 GW[4] - The company is well-positioned to capitalize on a 25 GW renewable development pipeline[4] - Renewables represent 37% of the company's total portfolio[12] Financial Performance and Expectations - The company expects 7% to 9% average annual growth in Adjusted EPS and Parent Free Cash Flow through 2022[4, 6] - The company's current annual dividend is $0.57 per share, expected to grow 4% to 6% annually[4] - The company projects $3.4 billion of discretionary cash generation from 2020-2022[44] Strategic Initiatives - The company signed 410 MW of solar contracts with an existing mining customer in Chile[16] - The company is leveraging its position in Vietnam (1,242 MW) to meet the growing need for reliable and efficient generation[20] - Fluence, in which the company has a stake, has ~2.4 GW delivered or awarded and ~$1 billion de-risked contracted sales pipeline[24] Financial Sensitivities - A 10% USD appreciation against foreign currency is estimated to have a (1.4%) impact on Annualized Adjusted PTC[55] - A 100 bps increase in interest rates over 2020 is forecasted to have a change in Adjusted EPS of approximately ($0.01)[57]

Financial Data and Key Metrics Changes - Adjusted EPS for Q3 was $0.42, down from $0.48 in the previous year, reflecting a $0.11 impact related to last year's insurance recovery and an outage at a facility in the Dominican Republic [25][24][38] - Adjusted pretax contribution (PTC) was $331 million for the quarter, a decrease of $95 million compared to Q3 2019 [26] - Year-to-date adjusted EPS was $0.96, compared to $1.02 last year, with a reaffirmed 2020 adjusted EPS guidance range of $1.32 to $1.42 [29] Business Line Data and Key Metrics Changes - The U.S. utilities segment saw demand at DP&L increase by 3%, while IPL experienced a 3% decrease, resulting in a net impact of only $0.01 on adjusted EPS for the quarter [24] - The South America segment's lower PTC was primarily driven by dry hydrology at the Chivor hydro plant in Colombia, leading to lower generation and higher energy purchases [28] - The company signed 2.1 gigawatts of new renewable contracts, increasing its backlog to a record 6.8 gigawatts, with nearly 40% of installed capacity now from renewables [10][12] Market Data and Key Metrics Changes - The company reported that over 80% of its earnings are now in dollars, providing significant stability to earnings and cash flow [23] - The LNG infrastructure business is expanding in the Caribbean, Central America, and Southeast Asia, with a focus on meeting growing demand for natural gas [15][16] Company Strategy and Development Direction - The company aims to achieve aggressive decarbonization, targeting coal generation to be below 30% by the end of 2020 and below 10% by 2030 [9] - The long-term strategy focuses on investing in sustainable growth, offering innovative solutions, and delivering superior results [10][21] - The company is well-positioned to meet strategic and financial objectives, with a development pipeline of 25 gigawatts in key markets [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving full-year guidance and noted that the portfolio has proven resilient amid COVID-19 [5][6] - The company expects to be at the top end of its guidance ranges for both adjusted EPS and parent free cash flow based on strong year-to-date performance [34] - Management highlighted the importance of regulatory developments and settlements, particularly at DP&L, which will allow for smart grid investments and rate base growth [27] Other Important Information - The company received a second investment-grade rating from S&P, which is expected to reduce the overall cost of capital [6][29] - The company announced a sell-down of 35% of its interest in the Southland repowering projects for $424 million, exceeding its proceeds target for the year [31] Q&A Session All Questions and Answers Question: Update on the Fluence process and timing for the sale of minority interest - Management indicated that the capital raise at Fluence is progressing well, with strong interest expected to be completed by the end of the year [35][36] Question: Clarification on the outage impact - The outage at a facility had a $0.02 impact in the quarter, but the facility is back in operation [38] Question: Earnings trajectory of the renewables business - Management noted that most earnings come from traditional businesses, with renewables expected to grow over time as older thermal assets are retired [40] Question: Guidance for the fourth quarter - Management highlighted several factors contributing to earnings, including rapid renewable growth and LNG contracting [43][44] Question: Clarification on coal generation reduction - Management confirmed that the company is on track to meet its coal generation reduction targets, with planned retirements and sales already in place [67][72]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ______________________________________________________________________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-12291 THE AES CORPORATION (Exact name of registrant as specified ...