AES restates Q2/Q3 2024 results; impairment overstated by ~$197M; material weakness identified

AES CORP

AES concludes Q2/Q3 2024 financials should no longer be relied upon due to impairment overstatement.
Impairment expense related to AES Brasil stake overstated by $192M in Q2 2024, $5M in Q3 2024.
Restatement does not affect revenues, net income, cash flows, or full-year 2024 results reported Feb 28, 2025.
Material weakness in internal control over financial reporting identified; remediation plan described in 2024 Form 10-K.
No amended Q10s will be filed; investors should rely on 2024 10-K and subsequent filings.

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