AES CORP

The AES Corporation

4300 Wilson Blvd.

Arlington, VA 22203, USA

www.aes.com

March 20, 2026

The Board of Directors (the “Board”) of the Company is soliciting proxies to be voted on the Stockholders’ behalf at the Annual Meeting.

The Annual Meeting will commence at 10:00 a.m. EDT on Wednesday, April 29, 2026. The Annual Meeting will be held virtually via live webcast and Stockholders of record as of March 12, 2026 may attend and participate in the Annual Meeting at meetnow.global/M2VC4JQ.

This Proxy Statement provides information regarding the matters to be voted on at the Annual Meeting, as well as other information that may be useful to you. In accordance with rules adopted by the United States Securities and Exchange Commission (the “SEC”), instead of mailing a printed copy of our proxy materials to each Stockholder of record, we are furnishing proxy materials to our Stockholders on the internet. If you received a Notice of Internet Availability of Proxy Materials (the “Notice”) by mail, you will not receive a printed copy of the proxy materials other than as described below. Instead, the Notice will instruct you as to how you may access and review all of the important information contained in the proxy materials. The Notice also instructs you as to how you may submit your Proxy over the internet. If you received a Notice by mail and would like to receive a printed copy of the Company’s proxy materials, please follow the instructions for requesting such materials included in the Notice.

This Proxy Statement, the Proxy Card, the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “AES Form 10-K”) and related proxy materials are first being made available to Stockholders on March 20, 2026. These materials are available atwww.envisionreports.com/aes for registered holders of AES stock and atwww.edocumentview.com/aes for beneficial holders of AES stock. In accordance with SEC rules, each of these websites provides complete anonymity with respect to a Stockholder accessing the websites.

At the close of business on March 12, 2026, the record date, there were 713,071,623 shares of common stock outstanding. Each share of common stock is entitled to one vote.