Ameren Corporation Q2 FY2025 earnings call

• Ameren invested over $2 billion in critical infrastructure in the first half of the year.
• Responded to an EF3 tornado in May 2025, deploying over 2,700 field personnel to restore service to over 290,000 customers.
• Expect 2025 diluted earnings per share to be in the range of $4.85 to $5.05.
• Anticipate approximately 5.5% compound annual sales growth from 2025 through 2029 in Missouri driven by data center demand, with $28 million in nonrefundable payments from data center developers.
• Requested a Certificate of Convenience and Necessity for the Big Hollow Energy Center, a 800-megawatt simple cycle natural gas energy center and 400-megawatt battery energy storage facility, expected to begin serving customers in 2028.
• Filed Ameren Missouri's proposed large load rate structure with the Missouri PSC, seeking approval for a competitive rate structure.
• Moody's and S&P affirmed Ameren's issuer credit ratings, and outlined plans for equity financing and regulatory progress in Illinois and Missouri.

In the second quarter of 2025, Ameren reported earnings of $1.01 per share compared to $0.97 per share in the second quarter of 2024. Ameren Missouri had normalized retail sales over the trailing 12 months through June with an overall increase of approximately 1%, with the industrial class seeing sales up more than 2.5%. Revenue contribution details weren't explicitly broken down by product segment beyond the general financial results and sales growth across customer classes.

• Expect 2025 diluted earnings per share to be in the range of $4.85 per share to $5.05 per share.
• Well positioned to deliver earnings per share in the top half of the 2025 guidance range due to strong year-to-date performance.
• Anticipate $1.5 billion of cost savings for customers from energy-related tax credits from 2025 through 2029, with specific breakdowns for wind, solar, and battery projects.
• Illinois Commerce Commission decisions expected by mid-December 2025 and early December 2025 for electric and natural gas rate reviews respectively.

• Complaint filed on July 30 by 5 state commissions alleging MISO violated its tariff when developing benefit to cost ratios for the tranche 2.1 portfolio, potentially delaying needed transmission investments.
• Potential disruptions from executive orders affecting treasury guidance on tax credits, which could impact the realization of energy tax credits for customers.

Q: Just wanted to touch base on data center load, if I could here. We've seen a number peers lift their pipeline this quarter I was just wondering if you could talk a bit more about what Ameren sees here with regards to economic development coming to the service territory and outlook for future growth here.

A: Yes. You bet, Jeremy. I'll tell you, we remain really excited about the opportunities we have ahead of us. we continue to see really robust interest and really strong momentum in the second quarter and here into the third with the data center developers and hyperscalers. Earlier this year, we bumped up the data centers with -- in our pipeline with signed construction agreements, as you know, to 2.3 gigawatts of signed construction agreements. And I'd say in Q2 and in Q3, as we've gotten through July, we're right where we expected to be. We filed our tariff, our proposed rate structure, if you will, in Q2. And now we're actively engaged with hyperscalers, negotiating ESAs aligned with that tariff that we proposed to the Missouri Public Service Commission. And -- we feel good about the tariff that we filed, and we're working through that. In the meantime, I can tell you that developers and the hyperscalers are asking us to study expansion relative to the existing sites where we have construction agreement. And that simply adds to our excitement because I think it extends the pipeline of investments and jobs and economic development for our region. And of course, the sales growth opportunities we have beyond 2032, which we've outlined our expectations for that on Slide 7. So conversations, the work we're doing continues to progress as expected, and we're real excited about the outlook.

Q: So on the 2.1, MISO awards, there has been a complaint that was filed on Wednesday, which you guys are probably very familiar with from a different bunch of state commissions, not your state commissions, but Arkansas, Louisiana, Mississippi, North Dakota, Montana, I think. What are you -- how do you -- there's that -- and there's also been this IMM case with the IMM potentially reviewing transmission plans and what have you. Just could you comment on that, what you think about what's going on there?

A: Yes. I guess, Paul, I commented on it briefly. I mean you're right and for others on the call 2 days ago, on July 30, the 5 state commissions that Paul referenced alleged that MISO violated its tariff when it developed its benefit to cost ratios for the tranche 2.1 portfolio. And they ask FERC to declassify the tranche 2.1 projects as multi-value projects. Obviously, based on the recency we're still assessing that filing and what our response might be. But look, Paul, we all know that load is growing in the region. We just talked about that. The mix of generation resources has certainly been shifting over time and capacity prices have been rising. And so all of that suggests to us that more transmission investment is needed. I think, look, we look back, MISO went through a very lengthy and consistent process of scenario planning and modeling, which ultimately led to the identification of these projects. And we support the need for the projects and the value of the project. So we're disappointed to see the filing, and we certainly hope that it doesn't delay the needed investments that we believe we need to make. So again, we're in the early stages of assessing it. It was just filed on July 30, and we'll be thoughtful about our response.