AES · 10-Q · 2026Q2 · Full report

Renewables Segment Performance

AES CORP · 2026-08-04 · Importance 32 · Surprise 24 · Matches filing data

Renewables SBU operating margin increased $162 million in the three months ended June 30, 2026, driven by a $76 million favorable U.S. energy-derivatives impact, $62 million of U.S. development services, and $34 million of higher spot sales and prices associated with El Niño. Six-month operating margin increased $252 million, including $123 million from U.S. development services, $93 million from U.S. energy derivatives, and $27 million from higher El Niño-driven spot sales and prices. Six-month Adjusted EBITDA increased $237 million after adjustments for unrealized derivatives, restructuring costs, noncontrolling interests, and depreciation and amortization. Higher depreciation reduced operating margin by $14 million in the quarter and $36 million year to date, while lower contracted energy margin in Colombia partially offset the gains.

Key facts

• Operating Margin for the six months ended June 30, 2026 increased $252 million for Renewables SBU source
• Operating Margin for Renewables SBU for the three months ended June 30, 2026 increased $162 million source
• Renewables SBU six-month driver: $123 million due to development services in the U.S. source
• Renewables SBU drivers included a $76 million favorable impact from energy derivatives in the U.S. source
• Renewables SBU drivers included $62 million due to development services in the U.S. source
• Renewables SBU drivers included $34 million higher spot sales and prices driven by El Niño source

Impact estimates