AES Corporation

Predictability is above average relative to typical IPPs thanks to regulated utility earnings and a long-duration PPA backlog. Management reaffirmed 2025 Adjusted EBITDA and EPS guidance and 2027 growth targets, and highlighted low tariff exposure due to domestic supply and safe-harbored equipment.

Offsetting this, consolidated results remain sensitive to FX, hydrology, commodity basis risk, and execution on large construction programs. A material weakness in internal controls flagged in the June 30, 2025 10-Q slightly reduces confidence in near-term predictability.