In 2025, AES CORP reported a sharp net income decline primarily due to coal plant monetization, derivative losses, and foreign currency impacts, while renewables and utilities segments demonstrated strong expansion supported by long-term contracts and increased demand from data centers. The renewables backlog surged to 12 GW with 5.7 GW under construction, reinforcing AES’s leading position in corporate renewable PPAs. Utilities delivered record double-digit rate base growth through regulatory approvals, driven importantly by investments aligned with data center electricity demand. Operating cash flow improved substantially despite flat consolidated revenue, reflecting operational efficiencies and tax credit monetization. Risks persist around regulatory changes and geopolitical instability, requiring close monitoring of project execution and contract conversions.