AES CORP

Compared with last year, first quarter net income increased $348 million, from a net loss of $73 million to net income of $275 million. This increase is the result of higher contributions from development services in the U.S., higher retail margin and transmission and rider revenues at AES Ohio and AES Indiana, income tax benefit in the current year compared to income tax expense in the prior year, one-time costs in the prior year and lower costs in the current year due to the Company’s restructuring program in February 2025, and lower impairment expense.

Adjusted EBITDA, a non-GAAP measure, increased $236 million, from $591 million to $827 million, driven by higher contributions from development services in the U.S. and renewables projects placed in service, higher

38 | The AES Corporation | March 31, 2026 Form 10-Q

contributions from the Energy Infrastructure SBU primarily due to higher energy and capacity sales and prices in the spot market and the increase in ownership of Cochrane, and higher retail margin at AES Ohio and AES Indiana; partially offset by the impact of the AES Ohio and AGIC selldowns.

(1) Non-GAAP measure. See Item 2.—Management’s Discussion and Analysis of Financial Condition and Results of Operations—SBU Performance Analysis—Non-GAAP Measures for reconciliation and definition.

(2) GWh sold in 2025.