Summarized Financial Information — The following table summarizes financial information of the Company’s 50%-or-less-owned affiliates and majority-owned unconsolidated subsidiaries that are accounted for using the equity method (in millions):


	50%-or-less Owned Affiliates (1)				Majority-Owned Unconsolidated Subsidiaries
Six Months Ended June 30,	2026		2025		2026		2025
Revenue	$	1,520	$	1,220	$	—	$	—
Operating income (loss)	35		3		—		(1)
Net loss	(174)		(165)		—		(1)
Net loss attributable to affiliates	(174)		(170)		—		(1)

(1)The summarized financial information of Uplight is not included in the table above for the six months ended June 30, 2026 as the equity method of accounting was suspended during the fourth quarter of 2025.

Fluence — In May 2026, the Company redeemed 10,066,414 common units of Fluence Energy, LLC. Fluence Energy, Inc. settled this redemption through the issuance of an equivalent number of shares of its Class A common stock. In conjunction with this redemption, the Company executed a public sale of the Class A shares, resulting in net proceeds of $207 million after expenses, and a pre-tax gain on sale of $186 million, recorded in Gain on disposal and sale of business interests. As a result of this transaction, AES' ownership interest decreased from 28% to 22%. As the Company still does not control but has significant influence over Fluence after the transaction, it continues to be accounted for as an equity method investment. Fluence is reported in the New Energy Technologies SBU reportable segment.

JK Projects — In May 2026, the Company completed the contribution of two of the Jemeiwaa Ka’I wind projects (“JK Projects”), JK1 and JK2, to a trust, receiving proceeds of $25 million. After closing the transaction, the Company retained 51% ownership in the trust, which is accounted for as an equity method investment. The Company recorded its retained interest in the trust at fair value of $27 million. See Note 18—Held-for-Sale and Dispositions for further information. The JK Projects are reported in the Renewables SBU reportable segment.

El Salvador — In April 2026, the Company acquired the remaining 50% ownership interests in Bosforo and Cuscatlan for a total of $44 million. The transactions were accounted for as asset acquisitions as the projects did not meet the definition of a business. Prior to the transactions, the Company’s investments in Bosforo and Cuscatlan were accounted for under the equity method; however, as a result of the transactions, both are now consolidated by AES. Bosforo and Cuscatlan are reported in the Utilities SBU reportable segment.

Uplight — In March 2026, the Company entered into an agreement to sell its 25% ownership interest and convertible note in Uplight for up to $40 million, including $10 million at closing and up to an additional $30 million contingent upon specified events. The transaction is expected to close in the second half of 2026. Uplight is reported in the New Energy Technologies SBU reportable segment.

Alto Maipo — The Company holds a 99% ownership interest in Alto Maipo SpA (“Alto Maipo”), a hydroelectric plant in Chile. In May 2022, Alto Maipo emerged from bankruptcy in accordance with Chapter 11 of the U.S. Bankruptcy Code. Alto Maipo, as restructured, is considered a VIE. As the Company lacks the power to make significant decisions, it does not meet the criteria to be considered the primary beneficiary of Alto Maipo and therefore does not consolidate the entity. The Company has elected the fair value option to account for its investment in Alto Maipo as management believes this approach will better reflect the economics of its equity interest. As of June 30, 2026 and December 31, 2025, the fair value is insignificant. Alto Maipo is reported in the Renewables SBU reportable segment.

Barry — The Company holds a 100% ownership interest in AES Barry Ltd. ("Barry"), a dormant entity in the U.K. that disposed of its generation and other operating assets. Due to a debt agreement, no material financial or operating decisions can be made without the banks' consent, and the Company does not control Barry. As of June 30, 2026 and December 31, 2025, other long-term liabilities included $43 million and $44 million, respectively, related to this debt agreement. Barry is reported in the Energy Infrastructure SBU reportable segment.

Dominican Republic Renewables — In June 2025, the Company completed the sale of 50% of its interests in AES DR Renewables Holdings, S.L. and its subsidiaries (collectively “Dominican Republic Renewables”) for $103 million and received cash proceeds for the sale of $100 million in July 2025. The Company retained a 50% ownership interest in Dominican Republic Renewables after the sale. However, the Company’s ownership in Dominican Republic Renewables is held through AES Hispanola Holdings II BV, a 65%-owned consolidated subsidiary, resulting in an AES effective ownership of 33%. The business was deconsolidated and accounted for as an equity method investment. The Company recorded its retained interest in Dominican Republic Renewables at fair value of $103 million, using the market approach. See Note 18—Held-for-Sale and Dispositions for further information. Dominican Republic Renewables is reported in the Renewables SBU reportable segment.