AES CORP

Compared with last year, third quarter net income increased $10 million, from $517 million to $527 million. This increase is the result of higher energy and capacity sales and prices in the spot market, higher retail rates and demand at our utilities, and the prior year impairment of the Uplight equity method investment and adjustments to the convertible notes; partially offset by lower income tax benefit, lower contract sales volume mainly due to the expiration of the Maritza PPA in Bulgaria, and higher impairment expense.

Adjusted EBITDA, a non-GAAP measure, increased $260 million, from $830 million to $1,090 million, driven by higher energy and capacity sales and prices in the spot market, and higher retail rates and demand at our utilities; partially offset by lower contract sales volume mainly due to the expiration of the Maritza PPA in Bulgaria.

Compared with last year, net income for the nine months ended September 30, 2026 increased $895 million, from $294 million to $1,189 million. This increase is the result of higher energy and capacity sales and prices in the spot market, higher contributions from development services in the U.S., higher retail rates and demand at our

50 | The AES Corporation | September 30, 2026 Form 10-Q

utilities, losses on commencement of sales-type leases recognized in the prior year at AES Clean Energy Development, a gain on sale of shares in Fluence, one-time costs in the prior year due to the Company’s restructuring program in February 2025, and the prior year impairment of the Uplight equity method investment and adjustments to the convertible notes; partially offset by the prior-year impact of derecognition of a valuation allowance on the loan receivable upon reclassifying Mong Duong from held-for-sale to held and used and lower contract sales volume and higher depreciation mainly due to the expiration of the Maritza PPA in Bulgaria.

Adjusted EBITDA, a non-GAAP measure, increased $713 million, from $2,102 million to $2,815 million for the nine months ended September 30, 2026, driven by higher energy and capacity sales and prices in the spot market, higher contributions from development services in the U.S., higher retail rates and demand at our utilities, and the increase in ownership of Cochrane; partially offset by lower contract sales volume mainly due to the expiration of the Maritza PPA in Bulgaria and the impact of the AES Ohio selldown in the prior year.

51 | The AES Corporation | September 30, 2026 Form 10-Q

(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.