AES Reaffirms 2022 Adjusted EPS Guidance; Remains on Track t o Deliver on Renewables Growth.

ARLINGTON, Va: The AES Corporation ( NYSE: AES) today reported financial results for the quarter ended June 30, 2022.

"AES' business model continues to demonstrate its resilience in today's volatile environment and we are on track to achieve our 2022 guidance," said Andres Gluski, AES President and Chief Executive Officer. "We see strong demand for renewables and have already signed or been awarded 1.6 GW of new long-term contracts so far this year, and expect to achieve a total of 4.5 to 5.5 GW in 2022. Furthermore, we do not expect any material delays on 5.9 GW of backlog projects in the US as a result of supply chain issues. With expected growth of more than 75% in our installed renewable capacity over the next four years, AES is well on its way to becoming a majority carbon free and majority US company by 2025."

"All of our financial metrics continued to improve in the second quarter and we were able to further lengthen the tenor of some of our subsidiaries' debt at very attractive rates. Collections and days sales outstanding at our businesses remain strong, reflecting our predominantly investment grade rated customer base," said Stephen Coughlin, AES Executive Vice President and Chief Financial Officer. "With our results year-to-date and positive expectations for the remainder of the year, we are well-positioned to achieve our 7% to 9% average annual growth through 2025."

Q2 2022 Financial Results

Second quarter 2022 Diluted Earnings Per Share from Continuing Operations (Diluted EPS) was ($0.27), a decrease of $0.30 compared to second quarter 2021, primarily reflecting gains in 2021. These gains included the remeasurement of the Company's interest in sPower's development platform, the issuance of new shares by Fluence, and early contract terminations at Angamos. These impacts were partially offset by lower impairments in the second quarter of 2022.

Second quarter 2022 Adjusted Earnings Per Share1 (Adjusted EPS, a non-GAAP financial measure) was $0.34, an increase of $0.03, or 10%, compared to second quarter 2021, primarily reflecting a lower adjusted tax rate and higher contributions from the Company's South America Strategic Business Unit (SBU) due to increased ownership in AES Andes. These positive drivers were partially offset by lower contributions from the Company's US and Utilities SBU due to impacts of outages and timing of renewables projects coming online.

Strategic Accomplishments

In year-to-date 2022, the...

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