AES CORP (AES): auditor change — 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.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

AES CORP reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On March 6, 2025, the management of The AES Corporation (the "Company") and subsequently its Audit Committee, concluded that the Company’s unaudited Condensed Consolidated Statements of Operations for the second and third quarters of 2024 (collectively, the "Restated Periods"), previously reported in its Quarterly Reports on Form 10-Q for the three and six months ended June 30, 2024 and the three and nine months ended September 30, 2024, should no longer be relied upon.

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Source: SEC EDGAR

accession 0000950103-25-003226

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