Ameren Corporation Q3 FY2025 earnings call

• Strategy: Investing in electric and natural gas infrastructure for reliability, resilience, and safety, and adding energy generation resources to meet community needs.
• Infrastructure upgrades: Over $3 billion deployed in first 3 quarters of 2025, including Ameren Missouri Smart Energy Plan projects and Ameren Illinois pipeline replacements. Transmission business added substations and lines.
• Resource plan: Ameren Missouri's preferred resource plan calls for 10 GW of generation capacity by 2035, with investments in new generation resources.
• Economic development: Engaged with data center customers, growth in St. Louis' defense and geospatial intelligence ecosystem, Boeing's F-47 fighter production in St. Louis, and data center projects in Downstate Illinois.
• Generation resources: Procured long lead time components for energy centers, requested CCN for a solar facility, targeting 70% on-demand and 30% intermittent generation by 2040.

In the first 3 quarters of 2025, Ameren deployed over $3 billion in critical infrastructure upgrades. For Ameren Missouri, examples include replacing 11,300 electric distribution poles (600 upgraded to composite), installing 300 smart switches, hardening 32 miles of subtransmission lines, and energizing 5 new/upgraded substations. Ameren Illinois saw over 8,500 electric distribution poles replaced, 8 miles of gas pipelines replaced. The transmission business placed in service 11 new/upgraded transmission substations and 40 miles of new/upgraded transmission lines. Revenue contribution percentages weren't explicitly stated in absolute terms.

• 2025 adjusted earnings per share range: $4.90 to $5.10.
• 2026 diluted earnings per share range: $5.25 to $5.45.
• Long-term earnings growth expectation: 6% to 8% compound annual rate from 2025 through 2029.
• Financing plan: Plan to issue ~$600 million of common equity annually through 2029, with equity needs fulfilled for 2025 and 2026, and program capacity increased in 2025.

• Regulatory: Ameren Illinois natural gas distribution rate review pending, electric multiyear rate plan reconciliation proceeding.
• Uncertainty: Data center ramp rates, execution of regulatory incentives, and impact of legislative changes on investment and ROE.

Q: With 3 gigawatts of signed data center construction agreements, would you foresee a need for future revisions to generation plans?

A: Marty Lyons responded that the 3 gigawatts of construction agreements give confidence in sales projections, and they'll see how ramp rates translate, with current plans allowing serving up to 2 gigawatts by 2032.

Q: Congrats to Michael and Lenny on new roles. How does 8% year-over-year growth fit into the 6%-8% range?

A: Marty Lyons said they feel good about achieving growth near the upper end of the range, with updates expected in February including sales growth expectations.

Q: Thoughts on Illinois legislation's implications?

A: Martin Lyons discussed integrated resource planning, energy storage procurement, energy efficiency investment increase, and opportunities for ROE incentives with execution.