Ameren Q3 Earnings Call Highlights

Key Points

• Ameren reported Q3 diluted earnings of $2.42 per share and raised its 2026 earnings guidance to $5.35–$5.55 per share. It forecast 2027 earnings of $5.70–$5.90 per share and expects 8%–10% annual EPS growth from 2027 through 2031.
• The company plans $38.1 billion in infrastructure investment from 2027–2031, including generation and grid upgrades, amid projected growth in Missouri electricity demand. It has signed service agreements covering 2.8 gigawatts of new load, including projects tied to Google and Amazon.
• Ameren expects to issue about $5 billion in equity and $5.2 billion in long-term debt in 2027–2031 to fund its plan. Key regulatory decisions include a Missouri rate review expected by May 2027 and an Illinois decision on a proposed $2.7 billion investment plan expected by December.

Ameren NYSE: AEE raised its 2026 earnings guidance and outlined a $38.1 billion infrastructure investment plan as it prepares for rising electricity demand in Missouri, including from data centers.

The utility reported third-quarter earnings of $2.42 per diluted share, up from $2.35 on a generally accepted accounting principles basis a year earlier. Excluding a prior-year tax benefit, adjusted earnings were $2.17 per share in the third quarter of 2025.

Higher sales, favorable weather and returns on infrastructure and energy technology investments contributed to the increase, Chief Financial Officer Lenny Singh said. Those gains were partly offset by higher operations and maintenance costs in Missouri, including spending focused on reliability.

Ameren raised its 2026 earnings guidance to $5.35 to $5.55 per share from $5.25 to $5.45. It also issued a 2027 forecast of $5.70 to $5.90 per share. The $5.80 midpoint is 8.4% above the midpoint of its original 2026 guidance.

Large-Load Demand Drives Growth Plan

Chairman and CEO Marty Lyons said Ameren expects compound annual earnings-per-share growth of 8% to 10% from 2027 through 2031, using the 2027 guidance midpoint as its starting point. The company expects growth near the upper end of that range in 2028 and 2029 as large-customer sales increase.

Ameren’s five-year plan assumes Missouri electricity sales will grow at a 12.9% compound annual rate from 2027 through 2031, supported by 2.9 gigawatts of new load by 2031. The company has signed electric service agreements covering 2.8 gigawatts, with those customers expected to reach full capacity in 2030.

Beyond the signed agreements, Ameren has 1.2 gigawatts of projects with construction agreements and another 4.4 gigawatts with completed interconnection studies. Lyons said he was optimistic that additional service agreements could be signed in 2027, though he could not provide a definitive timeline.

Lyons cautioned that construction delays at customer sites could affect the timing of sales and earnings growth. He said the company had seen progress on projects already under construction, including Google and Amazon developments.

Group President of Ameren Utilities Michael Moehn said the Google and Amazon projects represent a combined planned investment of $25 billion and are included in the signed service agreements. He said they are expected to create thousands of construction jobs and hundreds of longer-term jobs.

Generation and Transmission Investment

Ameren’s $38.1 billion capital plan for 2027 through 2031 is more than 20% larger than the plan it issued last year. The company expects the spending to produce 13.3% compound annual rate-base growth from 2026 through 2031.

The plan includes new generation in Missouri, upgrades to the grid and transmission investments. Ameren said it plans to add approximately 7.7 gigawatts of generation capacity from 2027 through 2031, increasing Missouri’s installed capacity by about 80%.

Moehn said approximately 2.3 gigawatts of gas, solar and battery resources have regulatory approval, are under construction and are expected to begin serving customers in 2027 and 2028. Ameren has also requested approval for the 2.1-gigawatt West Alton facility, targeted for service in 2031.

The company identified more than $90 billion in potential infrastructure investments through 2036, a $19 billion increase from its previous 10-year pipeline. Lyons said additional service agreements could support investment and sales beyond the current five-year plan, particularly in its later years.

Financing and Regulatory Outlook

Singh said Ameren expects to issue approximately $5 billion of equity from 2027 through 2031. It has already sold forward approximately $1.7 billion of common stock to address part of that need. Long-term debt will fund remaining cash requirements, with approximately $5.2 billion of new long-term issuance expected in 2027.

Lyons said anticipated equity dilution is the primary reason projected earnings-per-share growth is lower than projected rate-base growth. Moehn added that alternative financing arrangements for future large-load customers are among the options the company is considering.

In Missouri, Ameren expects a regulatory order on its electric rate review by May 2027, with new rates effective by June. Lyons said the company hopes to settle the case but noted it was still in the early stages.

Ameren also expects an Illinois Commerce Commission decision by December on its proposed $2.7 billion electric distribution investment plan for 2028 through 2031. An administrative law judge recommended approval with approximately $200 million in downward adjustments to the capital plan.

About Ameren (NYSE:AEE)

Ameren Corporation is a regulated electric and natural gas utility holding company headquartered in St. Louis, Missouri. Through its operating companies, Ameren Missouri and Ameren Illinois, the company provides electric generation, transmission and distribution services, as well as natural gas distribution.

Ameren serves approximately 2.5 million electric customers and more than 900,000 natural gas customers across Missouri and Illinois. Its operations include a diverse generation portfolio and infrastructure designed to deliver reliable energy to residential, commercial and industrial customers, while supporting the transition toward cleaner energy resources.

Ameren was formed in 1997 through the merger of Union Electric Company and CIPSCO Inc The company is led by Martin J.

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