AES SPECIALIZED SERVICES LLC

ipant. Participants who are automatically enrolled have their contributions invested in the applicable lifecycle fund based on their age until they change their election. Employer-matching contributions are made in an amount equal to current employee contributions up to a maximum of 5% for certain union employees; and 4% for other eligible employees. These employer-matching contributions are invested in the same funds in which the employee elects to have his/her contributions invested. Certain union employees are also eligible to receive an annual lump-sum company contribution at the discretion of the plan sponsor’s president. Annual lump-sum contributions of $464,260 and $413,887 were made in 2025 and 2024, respectively. Participants who have attained age 50 before the end of the year are

be distributed as though all participants directly affected by the partial or total termination had retired as of that date. Vesting Employee contributions are non-forfeitable and fully vested at all times. All eligible employees (including union and nonunion employees) vest at a rate of 20% per year and become fully vested in the Plan after five years of uninterrupted service related to employer contributions. Employee Stock Ownership Plan The portion of the Plan invested in AES common stock is intended to be an employee stock ownership plan (ESOP) within the meaning of Section 4975(e)(7) of the Code. Under the ESOP provisions, participants have the option to either receive, in cash, the distribution of dividends from AES or to reinvest the dividends in AES common stock. Effective March 1

Directors. The Plan is a defined contribution plan, and certain employees become eligible to participate in the Plan immediately upon date of employment. Eligible participants are automatically enrolled in the Plan after 30 days unless they affirmatively decline to participate. The Plan’s trustee and record-keeper of the Plan’s assets is T. Rowe Price Trust Company (T. Rowe Price). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). Contributions Employee contributions are made through payroll deductions representing amounts equal to a specific percentage of the employee’s base rate of compensation. Participants may also contribute amounts representing distributions from other qualified plans (rollover contributions). Employees

42,076 Employer 4,488,761 Total contributions 13,541,080 Net appreciation in fair value of investments 29,209,410 Total additions 43,988,053 Deductions Benefit payments 20,474,836 Administrative expenses 119,390 Total deductions 20,594,226 Net increase before transfers 23,393,827 Plan Transfers (128,702) Net increase after transfers 23,265,125 Net assets available for benefits: Beginning of year 204,113,355 End of year $ 227,378,480 See accompanying notes to financial statements. 4 Employees' Thrift Plan of Indianapolis Power & Light Company Notes to Financial Statements December 31, 2025 1. Description of the Plan The following description of the Employees’ Thrift Plan of Indianapolis Power & Light Company (the Plan) provides general information about the Plan’s provisions. Indianapolis P