爱依斯电力 2025年度报告

Accelerating thefuture of energy, togetherfuture of energy, togetherfuture of energy FORM 10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934 For the Fiscal Year Ended December 31, 2025-OR- TRANSITION REPORT FILED PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 THE AES CORPORATION (Exact name of registrant as specified in its charter) Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☒No☐ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was requiredto submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☒Accelerated filer☐Smaller reporting company☐Emerging growth company☐Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness ofits internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☒ The aggregate market value of the voting and non-voting common equity held by non-affiliates on June 30, 2025, the last business day ofthe Registrant's most recently completed second fiscal quarter (based on the closing sale price of $10.52 of the Registrant's Common Stock, asreported by the New York Stock Exchange on such date) was approximately $7.49 billion. The number of shares outstanding of Registrant's Common Stock, par value $0.01 per share, on February 26, 2026 was 712,558,860. DOCUMENTS INCORPORATED BY REFERENCE Portions of Registrant's Proxy Statement for its 2026 annual meeting of stockholders are incorporated by reference in Parts II and III The AES Corporation Fiscal Year 2025 Form 10-KTable of Contents Glossary of Terms The following is a list of frequently used terms and abbreviations that appear in the text of this report and havethe definitions indicated below: 2024 Base Rate OrderThe order issued in April 2024 by the IURC authorizing AES Indiana to, among other things, increase its basic ratesand charges by $71 million annually2024 DRC SettlementThe order issued in November 2025 by the PUCO authorizing AES Ohio to, among other things, increase its basicrates and charges by $168 million annuallyAdjusted EBITDAAdjusted earnings before interest income and expense, taxes, depreciation, amortization, and accretion of AROs, anon-GAAP measure of operating performanceAdjusted EBITDA withTax AttributesAdjusted earnings before interest income and expense, taxes, depreciation, amortization, and accretion of AROs,adding back the pre-tax effect of Production Tax Credits, Investment Tax Credits, and depreciation tax deductionsallocated to tax equity investors, as well as the tax benefit recorded from tax credits retained or transferred to thirdparties, a non-GAAP measureAdjusted EPSAdjusted Earnings Per Share, a non-GAAP measureAdjusted PTCAdjusted Pre-tax Contribution, a non-GAAP measure of operating performanceAESThe Parent Company and its subsidiaries and affiliatesAES AndesAES Andes S.A., formerly AES GenerAES Bra