AES(US:AES)2025-02-28 15:562024 Performance and Achievements - The AES Corporation signed 44 GW of new Power Purchase Agreements (PPAs) for renewables, progressing towards the 14 to 17 GW goal from 2023-2025[15] - The company completed construction or acquisition of 3 GW of renewables and a 670 MW combined cycle gas plant in Panama[15] - Adjusted EBITDA reached $2639 million, against a guidance of $2600 to $2900 million[16] - Parent Free Cash Flow was $1107 million, compared to guidance of $1050 to $1150 million[16] - Adjusted EPS was $214, exceeding the guidance of $187 to $197[16] 2025 Guidance and Long-Term Outlook - The AES Corporation projects 2025 Adjusted EBITDA to be between $2650 and $2850 million[49] - Parent Free Cash Flow for 2025 is expected to range from $1150 to $1250 million[49] - The company forecasts 2025 Adjusted EPS to be between $210 and $226[49] - The AES Corporation reaffirms long-term growth targets, including an annualized Adjusted EBITDA growth of 5% to 7% through 2027, Parent Free Cash Flow growth of 6% to 8% through 2027, and Adjusted EPS growth of 7% to 9% through 2025 and 2027[49] Financial Results Analysis - FY 2024 Adjusted EBITDA decreased by $189 million, from $2828 million in FY 2023 to $2639 million in FY 2024, due to drought conditions, outages, and asset sales[58] - FY 2024 Adjusted EPS increased by $038, from $176 in FY 2023 to $214 in FY 2024[60] - Renewables Adjusted EBITDA decreased by $100 million, from $652 million in FY 2023 to $552 million in FY 2024, due to drought and the sale of AES Brasil[67] - Utilities Adjusted PTC increased by $29 million, from $196 million in FY 2023 to $225 million in FY 2024, driven by rate base investment and new rates[70] - Energy Infrastructure Adjusted EBITDA decreased by $174 million, from $1540 million in FY 2023 to $1366 million in FY 2024, due to an outage in Mexico and lower margins[72]