Ameren Corporation Q4 FY2025 earnings call

• Delivered 2025 adjusted earnings of $5.03 per share, an 8.6% growth over 2024. • Affirmed 2026 earnings per share guidance range of $5.25 to $5.45. • Signed 2.2 gigawatts of large load electric service agreements in Missouri. • Invested over $4,000,000,000 in electric, natural gas, and transmission infrastructure in 2025, including installing nearly 26,000 electric distribution poles, 283 miles of upgraded lines, etc. • Handled severe weather events, with system and teams performing well, preventing over 56,000,000 minutes of potential customer outages. • Improved customer satisfaction with reduced call handle time and volume, and an average satisfaction rating of ~4.6 out of 5 stars. • Received constructive orders in Missouri and Illinois rate reviews, and enacted Missouri Senate Bill 4 for economic development support.

In 2025, Ameren delivered adjusted earnings of $5.03 per share, representing an 8.6% growth over 2024's adjusted earnings of $4.63 per share. Specific details on product segment financial performance and revenue contribution percentages were not extensively detailed in the transcript beyond the overall adjusted earnings per share growth.

• Affirmed 2026 earnings per share guidance range of $5.25 to $5.45. • Provided 2026-2030 earnings per share growth guidance of 6% to 8%, expecting to deliver near the upper end of this range. • Approved a quarterly dividend increase of 5.6%, equating to an annualized dividend rate of $3 per share, with dividend payout ratio expected to remain within 50% to 60%. • Plan to invest approximately $5,500,000,000 in electric, natural gas, and transmission infrastructure in 2026 to bolster grid safety, reliability, etc.

• Uncertainties regarding potential cancellations of data center projects despite signed ESAs. • Uncertainties in project milestones such as customer project announcements, groundbreaking, and construction for large load agreements. • Regulatory changes and potential lag between rate base growth and earnings growth. • Lumpiness in infrastructure investment profile due to significant generation investments.

Q: On the 2.2 gigs of executed ESAs, any caveats on why not to include it here and about commentary on being at the upper end of the 6-8% EPS growth?

A: Marty Lyons stated the 2.2 gigawatts of ESAs represent upside to sales growth embedded in the 6-8% guidance and gives confidence to deliver near the upper end of the range, with milestones like customer announcements still ahead. Regarding hybrid securities, they may be evaluated as part of financing plans but ATM issuances are likely to be leaned on heavily.

Q: With rate base CAGR at 10.6% and EPS CAGR at 6-8%, how much is financing vs structural and can the lag be narrowed?

A: Marty Lyons said the primary difference between rate base growth and EPS growth is related to equity issuance dilution. Sales growth from hyperscalers and allowed ROEs vs earned ROEs can help reduce the differential, and they are a fully rate-regulated business with some lag during rate review periods.

Q: Concerns on potential cancellations with ESAs and when large load take or pay provisions become binding?

A: Marty Lyons said they have no concerns currently, but there are uncertainties with milestones ahead. The tariff and ESA have protective provisions for customers like termination and collateral requirements. Michael Moehn added on protective provisions in the tariff.

Q: On infrastructure investment pipeline timing considerations beyond 2030?

A: Marty Lyons mentioned they try to smooth investments over time, with lumpiness in generation investments. Later this year, they will file the triennial integrated resource plan in Missouri, and there are updated plans in Missouri and Illinois showing year-by-year investments. Michael Moehn also discussed investments in Illinois.

Q: View on Missouri legislation impact on data centers and Illinois regulatory climate?

A: Michael Moehn said they engage with stakeholders on Missouri bills, with solar being an important resource. In Illinois, the regulatory environment is stabilizing with approved rate plan reconciliations and multiyear grid plan filings, expecting an ICC decision later this year.

Q: Financing path, amount of equity via hybrids and preferred issuance method?

A: Michael Moehn said hybrids are part of the solution, but they have not specified amounts. They will continue to leverage ATM issuances, having had success with them, and will make determinations on hybrids as they progress through the year.