AES · 10-Q · 2026Q2 · Full report

Operating Margin Drivers

AES CORP · 2026-08-04 · Importance 63 · Surprise 64 · In source text

Consolidated operating margin increased $239 million, or 53%, in the second quarter of 2026 and $438 million, or 49%, in the first six months of 2026. Renewables benefited from U.S. development services, favorable U.S. energy derivatives, new projects placed in service, and higher Colombia spot sales and prices driven by El Niño. Energy Infrastructure benefited from higher Argentina spot-market energy and capacity sales and prices, while the Maritza PPA expiration in Bulgaria reduced contract sales volume and higher depreciation partially offset the improvement.

Key facts

• Consolidated operating margin increased $239 million, or 53%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. source
• Consolidated operating margin increased $438 million, or 49%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. source
• Adjusted EBITDA increased $453 million, from $1,272 million to $1,725 million for the six months ended June 30, 2026. source
• Adjusted EBITDA: $1,725 million for the three months ended June 30, 2026 (as presented in reconciliation) source
• Adjusted EBITDA increased $217 million, from $681 million to $898 million for the three months ended June 30, 2026. source
• EBITDA presented as $1,152 and $2,107 in the reconciliation table source
• Less: Adjustment for noncontrolling interests and redeemable stock of subsidiaries: (199) and (253) in table source

Impact estimates