0000874761 2025-01-01 2025-12-31 0000874761 aes:EBP003Member 2025-12-31 0000874761 aes:EBP003Member 2024-12-31 0000874761 aes:EBP003Member 2025-01-01 2025-12-31 0000874761 srt:MinimumMember aes:EBP003Member 2025-01-01 2025-12-31 0000874761 srt:MaximumMember aes:EBP003Member 2025-01-01 2025-12-31 0000874761 srt:MaximumMember aes:UnionEmployeesMember aes:EBP003Member 2025-01-01 2025-12-31 0000874761 aes:EBP003Member 2024-01-01 2024-12-31 0000874761 us-gaap:CommonStockMember aes:EBP003Member 2025-12-31 0000874761 us-gaap-ebp:EmployeeBenefitPlanSelfDirectedBrokerageAccountMember aes:EBP003Member 2025-12-31 0000874761 us-gaap:DefinedBenefitPlanCommonCollectiveTrustMember aes:EBP003Member 2025-12-31 0000874761 us-gaap:CommonStockMember aes:EBP003Member 2024-12-31 0000874761 us-gaap:MoneyMarketFundsMember aes:EBP003Member 2024-12-31 0000874761 us-gaap:MutualFundMember aes:EBP003Member 2024-12-31 0000874761 us-gaap-ebp:EmployeeBenefitPlanSelfDirectedBrokerageAccountMember aes:EBP003Member 2024-12-31 0000874761 us-gaap:DefinedBenefitPlanCommonCollectiveTrustMember aes:EBP003Member 2024-12-31 0000874761

US Bond Index

aes:EBP003Member 2025-12-31 0000874761

Russell Sm/Mid Cap

aes:EBP003Member 2025-12-31 0000874761

S&P 500 Index

aes:EBP003Member 2025-12-31 0000874761

Global All Cap

aes:EBP003Member 2025-12-31 0000874761

Real Asset NL

aes:EBP003Member 2025-12-31 0000874761

Stable Value Common trust

aes:EBP003Member 2025-12-31 0000874761

Structured research

aes:EBP003Member 2025-12-31 0000874761

2005 Trust G

aes:EBP003Member 2025-12-31 0000874761

2010 Trust G

aes:EBP003Member 2025-12-31 0000874761

2015 Trust G

aes:EBP003Member 2025-12-31 0000874761

2020 Trust G

aes:EBP003Member 2025-12-31 0000874761

2025 Trust G

aes:EBP003Member 2025-12-31 0000874761

2030 Trust G

aes:EBP003Member 2025-12-31 0000874761

2035 Trust G

aes:EBP003Member 2025-12-31 0000874761

2040 Trust G

aes:EBP003Member 2025-12-31 0000874761

2045 Trust G

aes:EBP003Member 2025-12-31 0000874761

2050 Trust G

aes:EBP003Member 2025-12-31 0000874761

2055 Trust G

aes:EBP003Member 2025-12-31 0000874761

2060 Trust G

aes:EBP003Member 2025-12-31 0000874761

2065 Trust G

aes:EBP003Member 2025-12-31 0000874761

Stable value

aes:EBP003Member 2025-12-31 0000874761

Diversified Bond

aes:EBP003Member 2025-12-31 0000874761

Small/Mid cap

aes:EBP003Member 2025-12-31 0000874761

internation

aes:EBP003Member 2025-12-31 0000874761

AES Common Stock

aes:EBP003Member 2025-12-31 0000874761

Self-Directed

aes:EBP003Member 2025-12-31 iso4217:USD utr:Rate pure shares 0000874761 --12-31 2025 FY true

http://fasb.org/us-gaap/2026#QualifiedPlanMember

11-K/A 2025-12-31 The AES Corporation This Amendment No. 1 on Form 11-K/A amends our annual report for the fiscal year ended December 31, 2025, originally filed with the Securities and Exchange Commission (“SEC”) on June 25, 2026 (the “Form 11-K”). We are filing this Form 11-K/A for the purpose of including Inline eXtensible Business Reporting Language (iXBRL) data tagging required by SEC Final Rule Release No. 33-11070, which iXBRL data tagging was inadvertently omitted from the Form 11-K, and other non-substantive formatting or presentation updates. No other information contained in the original Form 11-K filing is amended by this Form 11-K/A. The Form 11-K has been corrected and furnished in its entirety in this Form 11-K/A.

221565658

199142430

4210340

4084371

738459

311546

864023

575008

5812822

4970925

227378480

204113355

227378480

204113355

891631

345932

8710243

342076

4488761

13541080

29209410

43988053

20474836

119390

20594226

23393827

-128702

23265125

204113355

227378480

0.01 0.85 0.01

0.04

0.05

0.04

464260 413887 7000 0.20

9389

37837

46916

22499

7000

0.50

50000

1000

1 1076000 1204702

Summary of Significant Accounting Policies<div style="margin-bottom:14pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:120%">Basis of Accounting</span></div><div style="margin-bottom:14pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">The accompanying financial statements of the Plan have been prepared on the accrual basis of accounting.</span></div><div style="margin-bottom:14pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:120%">Payment of Benefits</span></div><div style="margin-bottom:14pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">Benefits are recorded when paid.</span></div><div style="margin-bottom:14pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:120%">Notes Receivable from Participants</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">Notes receivable from participants represent participant loans that are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, 2025 or 2024. If a participant ceases to make loan repayments and the plan administrator deems the participant loan to be a distribution, the participant loan balance is reduced, and a benefit payment is recorded.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:14pt;padding-left:9pt;text-indent:-6.75pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:14pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates that affect amounts reported in the financial statements and accompanying notes and supplemental schedule. Actual results could differ from those estimates.</span></div><div style="margin-bottom:14pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:120%">Investment Valuation and Income Recognition</span></div><div style="margin-bottom:14pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">Investments held by the Plan are stated at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. an exit price). See Note 3 for further discussion of fair value measurements.</span></div><div style="margin-bottom:14pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded as earned. Dividends are recorded on the ex-dividend date. Net appreciation includes the Plan’s gains and losses on investments bought and sold, as well as held, during the year.</span></div>

<div style="margin-bottom:14pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:120%">Notes Receivable from Participants</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">Notes receivable from participants represent participant loans that are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, 2025 or 2024. If a participant ceases to make loan repayments and the plan administrator deems the participant loan to be a distribution, the participant loan balance is reduced, and a benefit payment is recorded.</span></div>

<div style="margin-bottom:14pt;padding-left:9pt;text-indent:-6.75pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:14pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates that affect amounts reported in the financial statements and accompanying notes and supplemental schedule. Actual results could differ from those estimates.</span></div>

<div style="margin-bottom:14pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:120%">Investment Valuation and Income Recognition</span></div><div style="margin-bottom:14pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">Investments held by the Plan are stated at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. an exit price). See Note 3 for further discussion of fair value measurements.</span></div><div style="margin-bottom:14pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded as earned. Dividends are recorded on the ex-dividend date. Net appreciation includes the Plan’s gains and losses on investments bought and sold, as well as held, during the year.</span></div>

<div style="margin-bottom:14pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">The fair value framework establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:13.8pt">Level 1 - Quoted prices in active market for identical assets.</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:13.8pt">Level 2 - Significant observable inputs. Level 2 inputs include the following:</span></div><div style="margin-bottom:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:13.8pt">quoted prices for similar assets and liabilities in active markets;</span></div><div style="margin-bottom:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:13.8pt">quoted prices for identical or similar assets or liabilities in markets that are not active; </span></div><div style="margin-bottom:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:13.8pt">observable inputs other than quoted prices that are used in the valuation of the assets or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals); </span></div><div style="margin-bottom:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:13.8pt">inputs that are derived principally from or corroborated by observable market data by correlation or other means.</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:13.8pt">Level 3 - Unobservable inputs for the asset or liability (i.e., supported by little or no market activity). Level 3 inputs include management assumptions regarding market participant assumptions used in pricing the asset or liability (including assumptions about risk).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">The level in the fair value hierarchy within which the fair value measurement is classified is determined based on the lowest level input that is significant to the fair value measurement in its entirety.</span></div><div style="margin-bottom:14pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">Following is a description of the valuation techniques and inputs used for each general type of investments measured at fair value by the Plan:</span></div>

<div style="margin-bottom:14pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">The following tables set forth by level, within the fair value hierarchy, the Plan’s assets carried at fair value:</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.259%"><tr><td style="width:1.0%"></td><td style="width:39.188%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.827%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.827%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.827%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.831%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="12" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Fair Value Measurements at December 31, 2025</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Level 1</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Level 2</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Level 3</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">AES common stock</span></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">6,264,613 </span></td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">— </span></td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">— </span></td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">6,264,613 </span></td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Self-directed investments</span></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">7,486,954 </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">— </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">— </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">7,486,954 </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Collective investment trusts</span></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">207,814,091 </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">— </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">— </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">207,814,091 </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Total assets at fair value</span></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">221,565,658 </span></td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">— </span></td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">— </span></td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">221,565,658 </span></td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:17pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="12" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Fair Value Measurements at December 31, 2024</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Level 1</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Level 2</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Level 3</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">AES common stock</span></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">5,793,034 </span></td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">— </span></td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">— </span></td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">5,793,034 </span></td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Money market funds</span></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">5,584,194 </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">— </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">— </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">5,584,194 </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Mutual funds</span></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">18,249,211 </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">— </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">— </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">18,249,211 </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Self-directed investments</span></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">4,103,831 </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">— </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">— </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">4,103,831 </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Collective investment trusts</span></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">165,412,160 </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">— </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">— </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">165,412,160 </span></td><td style="padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">Total assets at fair value</span></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">199,142,430 </span></td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">— </span></td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">— </span></td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td><td style="border-top:1pt solid #000000;padding:1.5pt 0 1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">$</span></td><td style="border-top:1pt solid #000000;padding:1.5pt 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:11pt;font-weight:400;line-height:100%">199,142,430 </span></td><td style="border-top:1pt solid #000000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td><td colspan="3" style="border-top:3pt double #000000;padding:0 1pt"></td></tr></table></div>

6264613

7486954

207814091

221565658

5793034

5584194

18249211

4103831

165412160

199142430

Related Party and Party-in-Interest Transaction<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">One of the Plan’s investment options is AES common stock. Since AES is the parent company of IPALCO Enterprises, Inc. and IPALCO Enterprises, Inc. is the parent company of the Company, all investment transactions involving AES common stock qualify as party-in-interest transactions. However, the transactions are exempt from the prohibited transactions rules under ERISA. During 2025 and 2024, the Plan received $306,993 and $307,614 in common stock dividends from AES, respectively.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">Certain Plan investments consist of shares of mutual funds and units of common/collective trust funds selected based on the recommendations of the Plan's investment advisor, an unrelated party. The Plan also holds investments sponsored by T. Rowe Price, which serves as a Trustee of the Plan. As a result, these investments constitute party-in-interest transactions. However, such transactions are exempt from the prohibited transaction provisions of ERISA pursuant to the applicable statutory and administrative exemptions.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:14pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">T. Rowe Price provides certain administrative services to the Plan pursuant to a Master Plan Services Agreement (MSA) between the Company and T. Rowe Price. T. Rowe Price receives revenue from mutual fund and collective trust fund service providers for services T. Rowe Price provides to the funds. This revenue is used to offset certain amounts owed to T. Rowe Price for its administrative services provided to the Plan.</span></div><div style="margin-bottom:14pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">If the revenue received by T. Rowe Price from such mutual fund or collective trust fund service providers exceeds the amount owed under the MSA, T. Rowe Price remits the excess to the Plan's trust on a quarterly basis. Such amounts may be applied to pay plan administrative expenses or allocated to the accounts of participants. During 2025 and 2024, $56,862 and $64,895, respectively, was remitted to the Plan's trust. The Plan or the Company may make a payment to T. Rowe Price for administrative expenses not covered by sharing of the excess revenue.</span></div>

306993

307614

56862

64895

Risks and Uncertainties<div style="margin-bottom:14pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">The Plan invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, market volatility, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.</span></div>

Tax Status<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">The Plan has received a determination letter from the IRS dated August 17, 2017 stating that the Plan is qualified under Section 401(a) of the Code and, therefore, the related trust is exempt from taxation. Subsequent to this determination by the IRS, the Plan was amended and restated. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. The plan administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes the Plan, as amended and restated, is qualified and the related trust is <span style="-sec-ix-hidden:f-98">tax-exempt</span>.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">During the plan year ended December 31, 2025, participant contributions, including loan repayments, totaling $0.5 million, were not remitted to the Plan within the time period prescribed by the Department of Labor. These delinquent contributions are reported on Schedule H, Line 4a, Schedule of Delinquent Participant Contributions. As of December 31, 2025, the delinquent contributions were pending correction under the U.S. Department of Labor's Voluntary Fiduciary Correction Program (VFCP).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">Accounting principles generally accepted in the United States require plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain tax position that more likely than not would not be sustained by examination by the IRS. Plan management has analyzed the tax positions taken by the Plan and has concluded there are no uncertain tax positions taken or expected to be taken. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.</span></div>

true

2017-08-17

529026

Subsequent Event<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">Effective February 16, 2026, the Plan was amended to increase the matching contribution from 4% to 5% for employees covered by the IBEW Clerical, Technical & Meter Reading Unit collective bargaining agreement.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">On March 1, 2026, AES entered into an Agreement and Plan of Merger (the “Merger Agreement"), by and among AES, Horizon Parent, L.P., a Delaware limited partnership (“Parent"), and Horizon Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent (“Merger Sub"). Pursuant to the Merger Agreement, Merger Sub will merge with and into AES (the “Merger"), with AES continuing as the surviving corporation in the Merger. Parent is controlled by investment vehicles affiliated with one or more funds, accounts or other entities managed or advised by Global Infrastructure Management, LLC and the EQT Infrastructure VI fund. Consummation of the Merger is subject to various closing conditions.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">Subsequent events have been evaluated through June 25, 2026, the date these statements were available to be issued.</span></div>

35-0413620

003

529026

101608

1068515

165294

3430838

1127219

13605528

67308

848008

31428

427991

9121968

130721

13154432

15481

364414

8319

209886

169012

4676548

420448

12697534

737254

24439954

977259

35777465

554558

22259970

371806

16017418

289887

13004325

243281

10989008

173358

7839236

181731

5255648

132490

2384828

5749960

82619

1070741

32662.69

718252

124671

2701624

207814091

436863

6264613

7486954

4210340

225775998