AES Corporation

Management emphasizes Parent Free Cash Flow to fund dividends, recourse debt service, and growth, with minimal reliance on new equity. 2024 Parent FCF was $1.107 billion, and 2025 planning calls for PFCF in the $1.15–$1.25 billion range.

Asset recycling continues (AGIC sale, AES Ohio minority sale to CDPQ) to fund growth while optimizing balance sheet metrics. Dividend is maintained at $0.17595 per quarter with no planned increases during the current plan. Dilution occurred in 2024 from equity unit conversion, and buybacks are not a central tool today.

The approach is pragmatic for a capital-intensive transition, but the overall mix remains leverage- and capex-heavy.