Signed an Additional 1 GW of Solar-Plus-Storage Under a Long-Term Contract with Amazon, for a Total of 2 GW at Bellefield in California Strategic Accomplishments Signed 1.2 GW of renewables and energy storage under long-term contracts, bringing total backlog of projects signed under long-term contracts to 12.7 GW Includes an additional 1 GW under a 15-year contract with Amazon, for a total of 2 GW at Bellefield, the largest single solar-plus-storage facility in the US Completed the construction or acquisition of 593 MW of renewables; on track to add 3.6 GW of new projects to operations in full year 2024 AES Indiana received approval for its rate case settlement, allowing investment in reliability, resiliency and enhanced customer offerings Retired 276 MW Norgener coal plant in Chile, for a total of 13.5 GW of coal exits announced or closed since 2017 Q1 2024 Financial Highlights Diluted EPS of $0.60, compared to $0.21 in Q1 2023 Adjusted EPS1 of $0.50, compared to $0.22 in Q1 2023 Net Income of $278 million, compared to $189 million in Q1 2023 Adjusted EBITDA2 of $635 million, compared to $628 million in Q1 2023 Adjusted EBITDA with Tax Attributes2,3 of $863 million, compared to $641 million in Q1 2023 Financial Position and Outlook Reaffirming 2024 guidance for Adjusted EPS1 of $1.87 to $1.97 Reaffirming annualized Adjusted EPS1 growth target of 7% to 9% through 2025, off a base of 2020 Reaffirming annualized Adjusted EPS1 growth target of 7% to 9% through 2027, off a base of 2023 guidance Reaffirming 2024 guidance for Adjusted EBITDA2 of $2,600 to $2,900 million Reaffirming annualized growth target2 of 5% to 7% through 2027, off a base of 2023 guidance Reaffirming expectation of 2024 Adjusted EBITDA with Tax Attributes2,3 of $3,550 to $3,950 million ARLINGTON, Va., May 2, 2024 /PRNewswire/ -- The AES Corporation (NYSE:AES) today reported financial results for the quarter ended March 31, 2024. "We had a strong first quarter, financially and strategically, in line with our expectations.  During the quarter, we signed 1 GW of long-term contracts for renewables with Amazon, for a total of 3.1 GW since 2021, making AES one of the largest renewables developers in Amazon's portfolio," said Andrés Gluski, AES President and Chief Executive Officer.  "To-date, we have signed nearly 6 GW of renewables PPAs with technology customers, and with our unique project structuring capabilities and resilient supply chain and construction programs, we continue to be best positioned to meet the needs of this and other rapidly growing market segments." "With our first quarter results and our future outlook, I am pleased to reaffirm our full year 2024 guidance and long-term growth rates through 2027," said Stephen Coughlin, AES Executive Vice President and Chief Financial Officer.  "We continue to maintain balance sheet discipline by using highly capital-efficient structures to finance our growth, including the use of long-term, fixed rate debt that is non-recourse to the AES Parent.  In addition, our strategy of pre-hedging future debt issuances means we have minimal exposure to interest rates." Q1 2024 Financial Results First quarter 2024 Net Income was $278 million, an increase of $89 million compared to first quarter 2023.  This increase is the result of favorable contributions at the Utilities and New Energy Technologies Strategic Business Units (SBU), partially offset by lower contributions from the Renewables and Energy Infrastructure SBUs. First quarter 2024 Adjusted EBITDA4 (a non-GAAP financial measure) was $635 million, an increase of $7 million compared to first quarter 2023, primarily driven by higher revenues under a Power Purchase Agreement (PPA) termination agreement at the Energy Infrastructure SBU, higher contributions at the Utilities SBU, and lower losses from affiliates at the New Energy Technologies SBU; partially offset by lower LNG transactions, higher contract generation cost, and outages at the Energy Infrastructure SBU, and worse hydrology and lower wind generation at the Renewables SBU. Adjusted EBITDA with Tax Attributes4,5 was $863 million, an increase of $222 million compared to first quarter 2023, primarily due to higher realized tax attributes5 driven by more renewables projects placed in service, and the drivers above. First quarter 2024 Diluted Earnings Per Share from Continuing Operations (Diluted EPS) was $0.60, an increase of $0.39 compared to first quarter 2023, primarily reflecting lower income tax expense, higher contributions from renewables projects placed in service in the current year, and a gain on dilution of the Company's interest in Uplight; partially offset by higher asset impairments in the current year. First quarter 2024 Adjusted Earnings Per Share6 (Adjusted EPS, a non-GAAP financial measure) was $0.50, an increase of $0.28, compared to first quarter 2023, mainly driven by a lower adjusted tax rate and higher contributions from renewables projects placed in service in the current year. Strategic Accomplishments As of the end of the first quarter of 2024, the Company's backlog, which consists of projects with signed contracts, but which are not yet operational, is 12.7 GW, including 5.8 GW under construction. Since the Company's fourth quarter 2023 earnings call in February 2024, the Company completed the construction or acquisition of 593 MW of wind, solar and energy storage and expects to add a total of 3.6 GW to its operating portfolio by year-end 2024. Since the Company's fourth quarter 2023 earnings call in February 2024, the Company signed 1.2 GW of long-term contracts for new renewables. Including the 1 GW of Bellefield 2 signed in the first quarter of 2024, the Company has signed long-term PPAs for 5.9 GW of renewables to serve data center and technology customers in the US and South America since 2018. AES Indiana received approval from the Indiana Utility Regulatory Commission (IURC) to implement new customer rates beginning in mid-May 2024. AES Indiana will continue to be among the lowest residential rates of any investor-owned utility in Indiana. Guidance and Expectations6,7 The Company is reaffirming its expectation for annualized growth in Adjusted EBITDA7 of 5% to 7% through 2027, from a base of its 2023 guidance of $2,600 to $2,900 million. The Company is reaffirming its 2024 guidance for Adjusted EBITDA7 of $2,600 to $2,900 million.  Results are expected to be driven by the impacts from significant asset sales closed in 2023 and expected to close in 2024, as well as prior year margins earned on LNG transactions, partially offset by contributions from new renewables projects, improved margins in Chile, rate base growth at US utilities. The Company is reaffirming its expectation for 2024 Adjusted EBITDA with Tax Attributes7,8 of $3,550 to $3,950 million, driven by new renewables. The Company is reaffirming its annualized growth target for Adjusted EPS6 of 7% to 9% through 2025, from a base year of 2020.  The Company is also reaffirming its annualized growth target for Adjusted EPS6 of 7% to 9% through 2027, from a base of its 2023 guidance of $1.65 to $1.75.  The Company is reaffirming its 2024 guidance for Adjusted EPS9 of $1.87 to $1.97.  Growth in 2024 is expected to be primarily driven by new renewables commissionings, rate base growth at US utilities, and improved margins in Chile, but partially offset by asset sales and prior year margins on LNG transactions. The Company's 2024 guidance is based on foreign currency and commodity forward curves as of March 31, 2024. Non-GAAP Financial Measures See Non-GAAP Measures for definitions of Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, Tax Attributes, Adjusted Earnings Per Share, and Adjusted Pre-Tax Contribution, as well as reconciliations to the most comparable GAAP financial measures. Attachments Condensed Consolidated Statements of Operations, Segment Information, Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Cash Flows, Non-GAAP Financial Measures and Parent Financial Information. Conference Call Information AES will host a conference call on Friday, May 3, 2024 at 10:00 a.m. Eastern Time (ET).  Interested parties may listen to the teleconference by dialing 1-833-470-1428 at least ten minutes before the start of the call. International callers should dial +1-404-975-4839.  The Participant Access Code for this call is 395200.  Internet access to the conference call and presentation materials will be available on the AES website at www.aes.com by selecting "Investors" and then "Presentations and Webcasts." A webcast replay will be accessible at www.aes.com beginning shortly after the completion of the call. ____________________ 1    Adjusted EPS is a non-GAAP financial measure.  See attached "Non-GAAP Measures" for definition of Adjusted EPS and a description of the adjustments to reconcile Adjusted EPS to Diluted EPS for the quarter ended March 31, 2024.  The Company is not able to provide a corresponding GAAP equivalent or reconciliation for its Adjusted EPS guidance without unreasonable effort. 2  Adjusted EBITDA is a non-GAAP financial measure.  See attached "Non-GAAP Measures" for definition of Adjusted EBITDA and a description of the adjustments to reconcile Adjusted EBITDA to Net Income (Loss) for the quarter ended March 31, 2024.  The Company is not able to provide a corresponding GAAP equivalent or reconciliation for its Adjusted EBITDA guidance without unreasonable effort. 3    Pre-tax effect of Production Tax Credits, Investment Tax Credits, and depreciation tax deductions allocated to tax equity investors, as well as the tax benefit recorded from tax credits retained or transferred to third parties. 4  Adjusted EBITDA is a non-GAAP financial measure.  See attached "Non-GAAP Measures" for definition of Adjusted EBITDA and a description of the adjustments to reconcile Adjusted EBITDA to Net Income for the quarter ended March 31, 2024.  The Company is not able to provide a corresponding GAAP equivalent or reconciliation for its Adjusted EBITDA guidance without unreasonable effort. 5  Pre-tax effect of Production Tax Credits, Investment Tax Credits, and depreciation tax deductions allocated to tax equity investors, as well as the tax benefit recorded from tax credits retained or transferred to third parties. 6    Adjusted EPS is a non-GAAP financial measure.  See attached "Non-GAAP Measures" for definition of Adjusted EPS and a description of the adjustments to reconcile Adjusted EPS to Diluted EPS for the quarter ended March 31, 2024.  The Company is not able to provide a corresponding GAAP equivalent or reconciliation for its Adjusted EPS guidance without unreasonable effort. 7    Adjusted EBITDA is a non-GAAP financial measure.  See attached "Non-GAAP Measures" for definition of Adjusted EBITDA and a description of the adjustments to reconcile Adjusted EBITDA to Net Income for the quarter ended March 31, 2024.  The Company is not able to provide a corresponding GAAP equivalent or reconciliation for its Adjusted EBITDA guidance without unreasonable effort. 8    Pre-tax effect of Production Tax Credits, Investment Tax Credits, and depreciation tax deductions allocated to tax equity investors, as well as the tax benefit recorded from tax credits retained or transferred to third parties. 9  Adjusted EPS is a non-GAAP financial measure.  See attached "Non-GAAP Measures" for definition of Adjusted EPS and a description of the adjustments to reconcile Adjusted EPS to Diluted EPS for the quarter ended March 31, 2024.  The Company is not able to provide a corresponding GAAP equivalent or reconciliation for its Adjusted EPS guidance without unreasonable effort. About AES The AES Corporation (NYSE:AES) is a Fortune 500 global energy company accelerating the future of energy.  Together with our many stakeholders, we're improving lives by delivering the greener, smarter energy solutions the world needs.  Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today.  For more information, visit www.aes.com. Safe Harbor Disclosure This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, those related to future earnings, growth and financial and operating performance. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES' current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, our expectations regarding accurate projections of future interest rates, commodity price and foreign currency pricing, continued normal levels of operating performance and electricity volume at our distribution companies and operational performance at our generation businesses consistent with historical levels, as well as the execution of PPAs, conversion of our backlog and growth investments at normalized investment levels, and rates of return consistent with prior experience. Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in AES' filings with the Securities and Exchange Commission (the "SEC"), including, but not limited to, the risks discussed under Item 1A: "Risk Factors" and Item 7: "Management's Discussion & Analysis" in AES' 2023 Annual Report on Form 10-K and in subsequent reports filed with the SEC. Readers are encouraged to read AES' filings to learn more about the risk factors associated with AES' business. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except where required by law. Any Stockholder who desires a copy of the Company's 2023 Annual Report on Form 10-K filed February 26, 2024 with the SEC may obtain a copy (excluding the exhibits thereto) without charge by addressing a request to the Office of the Corporate Secretary, The AES Corporation, 4300 Wilson Boulevard, Arlington, Virginia 22203. Exhibits also may be requested, but a charge equal to the reproduction cost thereof will be made. A copy of the Annual Report on Form 10-K may be obtained by visiting the Company's website at www.aes.com. Website Disclosure AES uses its website, including its quarterly updates, as channels of distribution of Company information.  The information AES posts through these channels may be deemed material.  Accordingly, investors should monitor our website, in addition to following AES' press releases, quarterly SEC filings and public conference calls and webcasts.  In addition, you may automatically receive e-mail alerts and other information about AES when you enroll your e-mail address by visiting the "Subscribe to Alerts" page of AES' Investors website.  The contents of AES' website, including its quarterly updates, are not, however, incorporated by reference into this release. THE AES CORPORATION Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended March 31, 2024 2023 (in millions, except per share amounts) Revenue: Non-Regulated $           2,232 $          2,287 Regulated 853 952 Total revenue 3,085 3,239 Cost of Sales: Non-Regulated (1,733) (1,797) Regulated (733) (848) Total cost of sales (2,466) (2,645) Operating margin 619 594 General and administrative expenses (75) (55) Interest expense (357) (330) Interest income 105 123 Loss on extinguishment of debt (1) (1) Other expense (38) (14) Other income 35 10 Gain on disposal and sale of business interests 43 — Asset impairment expense (46) (20) Foreign currency transaction losses (8) (42) INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES 277 265 Income tax benefit (expense) 16 (72) Net equity in losses of affiliates (15) (4) NET INCOME 278 189 Less: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries 154 (38) NET INCOME ATTRIBUTABLE TO THE AES CORPORATION $              432 $             151 BASIC EARNINGS PER SHARE: NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS $             0.62 $            0.22 DILUTED EARNINGS PER SHARE: NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS $             0.60 $            0.21 DILUTED SHARES OUTSTANDING 712 712   THE AES CORPORATION Strategic Business Unit (SBU) Information (Unaudited) Three Months Ended March 31, (in millions) 2024 2023 REVENUE Renewables SBU $                  619 $                  495 Utilities SBU 873 971 Energy Infrastructure SBU 1,614 1,724 New Energy Technologies SBU — 74 Corporate and Other 33