Ameren Q2 Earnings Call Highlights

Ameren NYSE: AEE reported second-quarter 2026 earnings of $1.13 per share, up from $1.01 per share a year earlier, as returns on infrastructure investments more than offset higher spending on tree trimming and energy-center maintenance. Chairman, President and Chief Executive Officer Marty Lyons said the company reaffirmed its 2026 earnings guidance of $5.25 to $5.45 per share and expects results for the full year to be at or above the midpoint of that range. Ameren attributed its year-over-year earnings growth primarily to investments intended to strengthen the grid and expand generation resources. The utility invested more than $2.6 billion in energy infrastructure during the first six months of 2026. Lyons said those investments helped reduce outage frequency and duration during several severe-weather events in the second quarter. Ameren serves 2.5 million electric customers and more than 900,000 natural-gas customers across Missouri and Illinois. Ameren highlighted continued growth in its economic-development pipeline, particularly from large-load customers in Missouri. The company said it has executed 3.4 gigawatts of construction agreements in the state, including 2.8 gigawatts of projects with signed electric service agreements, or ESAs. An additional 4 gigawatts of projects have completed interconnection studies. Google and Amazon announced projects in Ameren Missouri’s service territory during the quarter representing a combined planned investment of $25 billion. Lyons said the projects are included in the previously disclosed 2.8 gigawatts of signed ESAs, and both companies have held groundbreaking ceremonies and begun construction. Under Missouri Senate Bill 4, the large-load customers will pay 100% of the power and infrastructure costs driven by their operations, according to Lyons. He said the customers are also expected to contribute toward the grid’s fixed costs once operational, which could provide long-term benefits for other customers. Ameren expects the signed ESAs to begin generating material sales in the second half of 2027. The company expects annual electricity sales to increase 60% from 2025 levels by the end of 2029. Lyons said the 2.8 gigawatts of signed agreements represent upside to the company’s prior planning assumptions, which had contemplated 1.2 gigawatts of additional sales by 2030 and a 6.2% compound annual sales growth rate from 2026 through 2030. The company plans to file an updated Missouri Integrated Resource Plan in late September. Ameren said it will provide updated sales, capital-investment, financing and long-term earnings-growth forecasts during its third-quarter earnings call. Ameren placed 350 megawatts of solar generation into service this year, including the 300-megaw...