AES(US:AES)2025-11-04 21:17Financial Performance - Q3 2025 Net Income was $517 million, an increase of 140% compared to $215 million in Q3 2024[4] - Adjusted EBITDA for Q3 2025 was $830 million, up 19.0% from $698 million in Q3 2024[6] - Adjusted EPS for Q3 2025 was $0.75, an increase of 5.6% compared to $0.71 in Q3 2024[7] - Total revenue for Q3 2025 was $3,351 million, a slight increase of 1.9% compared to $3,289 million in Q3 2024[23] - Net income attributable to The AES Corporation increased to $639 million in Q3 2025, compared to $504 million in Q3 2024, reflecting a growth of 26.7%[23] - Basic earnings per share for continuing operations rose to $0.94 in Q3 2025, compared to $0.72 in Q3 2024, an increase of 30.6%[23] - Adjusted EBITDA with Tax Attributes for Q3 2025 was $1,256 million, an increase from $1,174 million in Q3 2024, representing a 7% growth[33] Revenue Breakdown - Non-Regulated revenue decreased to $2,269 million in Q3 2025 from $2,352 million in Q3 2024, representing a decline of 3.5%[23] - Regulated revenue increased to $1,082 million in Q3 2025, up 15.4% from $937 million in Q3 2024[23] - The Renewables Strategic Business Unit (SBU) reported revenue of $817 million in Q3 2025, up 8.4% from $754 million in Q3 2024[25] - The Energy Infrastructure SBU revenue decreased to $1,483 million in Q3 2025 from $1,614 million in Q3 2024, a decline of 8.1%[25] Project Development - The company has a backlog of 11.1 GW of signed Power Purchase Agreements (PPAs), including 5 GW under construction[10] - Year-to-date, the company completed 2.9 GW of new projects and is on track to add a total of 3.2 GW by year-end 2025[4] - The company signed or was awarded new long-term PPAs for 2.2 GW of renewables year-to-date, including 1.6 GW with data centers[4] Guidance and Future Expectations - The company reaffirmed its 2025 guidance for Adjusted EBITDA of $2,650 to $2,850 million, with a growth target of 5% to 7% through 2027[9] - The company expects 2025 Adjusted EBITDA with Tax Attributes to be between $3,950 and $4,350 million[11] - The company is on track with its $1.4 billion capex plan for 2025 at its US utilities[5] Cash Flow and Liquidity - Total cash provided by operating activities for the nine months ended September 30, 2025, was $2,818 million, compared to $1,664 million for the same period in 2024, marking a 69% increase[29] - Cash and cash equivalents rose to $1,758 million as of September 30, 2025, up from $1,524 million at the end of 2024, an increase of 15.3%[27] - Cash, cash equivalents, and restricted cash at the end of Q3 2025 totaled $2,549 million, slightly down from $2,559 million at the end of Q3 2024[29] Liabilities and Assets - Total current liabilities increased to $9,434 million as of September 30, 2025, compared to $8,571 million at the end of 2024, reflecting a rise of 10.1%[27] - The total assets of The AES Corporation increased to $50,783 million as of September 30, 2025, compared to $47,406 million at the end of 2024, marking a growth of 5.0%[27] Subsidiary Distributions and Parent Company - Total subsidiary distributions to Parent for the four quarters ended September 30, 2025, amounted to $2,200 million, a 23.5% increase from $1,633 million in the previous year[42] - For the quarter ended September 30, 2025, subsidiary distributions to Parent were $423 million, a decrease of 40.8% compared to $715 million in the same quarter of the previous year[42] - The Parent Company's liquidity at September 30, 2025, was $1,650 million, down from $2,047 million at December 31, 2024, representing a decline of 19.4%[42] - Returns of capital distributions to Parent for the quarter ended September 30, 2025, were $200 million, a substantial increase from $28 million in the same quarter of the previous year[42] - The company emphasizes that subsidiary distributions are crucial for funding debt service and other cash needs, highlighting the reliance on subsidiary performance[42]