AES Restates Q2 and Q3 2024 Results Over $192 Million Impairment Overstatement
AES said its unaudited financial statements for the second and third quarters of 2024 should no longer be relied upon, because impairment expense tied to the sale of its 47.3% stake in AES Brasil was overstated. The company included restated figures in its 2024 Form 10-K and reported a material weakness in internal controls, but said the restatement does not change full-year 2024 net income, EPS, or Adjusted EBITDA.
- Impairment expense overstated by about $192 million for the three months ended June 30, 2024, and about $5 million for the three months ended September 30, 2024.
- Cause: incomplete data used to estimate the fair value of AES Brasil's net assets after it was classified as held for sale in Q2 2024.
- Full-year 2024 net income attributable to AES, EPS, and Adjusted EBITDA are unchanged, per the company.
- AES will not file amended 10-Qs for the restated periods; figures are in the 2024 Form 10-K filed March 10, 2025.