"For more than 40 years, Callaway Energy Center has been a dependable source of energy for Missouri, and this new project will produce more locally generated energy," said Mark Birk, chairman and president of Ameren Missouri. "Reform will also help us meet our goal of a balanced energy mix of about 70% from on-demand and 30% from intermittent sources, which allows us to achieve the two things our customers find most valuable: reliability and affordability." Development a component of ensuring reliability an ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q | Exact name of registrant as specified in its charter; | | | | --- | --- | --- | | Commission | State of Incorporation; | IRS Employer | | File Number | Address and Telephone Number | Identification No. | | 1-14756 | Ameren Corporation | 43-1723446 | | | (Missouri Corporation) | | | | 1901 Chouteau Avenue | | | | St. Louis, Missouri 63103 | | | | (314) 621-3222 | | | 1-2967 | Union Electric Company | 43-0559 ...

Core Insights - Ameren reported strong second-quarter 2025 results, with GAAP revenue of $2,221 million, exceeding analyst estimates by 24.7% and GAAP EPS of $1.01, beating consensus by 2.0% [1][2] - The growth was driven by new electric rates in Missouri and continued capital investments, despite challenges such as rising interest expenses and a dip in retail electric sales due to normal weather patterns [1][5] Financial Performance - GAAP EPS increased by 4.1% year-over-year from $0.97 in Q2 2024 to $1.01 in Q2 2025 [2] - GAAP revenue rose by 31.2% year-over-year from $1,693 million in Q2 2024 to $2,221 million in Q2 2025 [2] - Operating income reached $411 million, up 13.8% from $361 million in Q2 2024 [2] - Net income attributable to common shareholders was $275 million, a 6.6% increase from $258 million in Q2 2024 [2] Business Overview - Ameren is a regulated utility based in St. Louis, providing electric and natural gas services primarily in Missouri and Illinois [3] - The company focuses on operating the electric grid, generating electricity, distributing natural gas, and investing in infrastructure to meet customer and regulatory demands [3] Strategic Focus - Recent strategic initiatives include regulatory strategy, energy transition, supply chain management, and talent development [4] - The long-term growth plan emphasizes renewable energy, natural gas generation expansion, and network upgrades for reliability [4] Revenue Drivers and Segment Results - New service rates in Missouri, effective June 1, 2025, significantly boosted revenue, contributing to a $439.82 million revenue beat [5] - Ameren Missouri recorded $150 million in GAAP profits, up from $128 million in Q2 2024, while Ameren Illinois electric distribution earned $64 million, slightly up from $61 million in Q2 2024 [6] Retail Sales and Market Dynamics - Retail electric sales in Missouri decreased by 3.1% year-over-year, with total electric load at 7,211 GWh in Q2 2025 compared to 7,441 GWh in Q2 2024 [7] - Off-system electricity sales fell sharply to 662 GWh in Q2 2025 from 1,484 GWh in Q2 2024 due to fewer wholesale market opportunities [7] Capital Investments and Sustainability - Capital expenditures totaled $2.13 billion in the first half of 2025, up from $1.89 billion in the first half of 2024 [8] - The company is advancing renewable generation projects and has secured key equipment for new gas-fired plants scheduled for completion in 2027 and 2028 [9] Supply Chain and Workforce Management - Ameren's supply chain operations remained stable, utilizing early procurement strategies to mitigate global trade disruptions [10] - The company reported that grid investments have prevented over 114,000 potential customer outages in 2025 [10] Regulatory Developments and Future Outlook - Management reaffirmed its full-year 2025 guidance for GAAP diluted EPS of $4.85 to $5.05, with expectations leaning towards the upper half of the range [13] - A pipeline of $63 billion in total capital investments is planned over the next decade to support grid resilience and clean generation [13]

Financial Data and Key Metrics Changes - The company reported second quarter 2025 earnings of $1.01 per share, an increase from $0.97 per share in 2024, with expectations for 2025 diluted earnings per share to be in the range of $4.85 to $5.05 [8][19] - Total normalized retail sales in Missouri increased approximately 1% over the trailing twelve months through June, with industrial sales up more than 2.5% [20][21] Business Line Data and Key Metrics Changes - The company invested over $2 billion in critical infrastructure during the first half of the year, focusing on strengthening the energy grid and enhancing operational performance [5][17] - The company has signed construction agreements with data center developers representing approximately 2.3 gigawatts of future demand, expected to ramp up in late 2026 and beyond [9][42] Market Data and Key Metrics Changes - The company anticipates approximately 5.5% compound annual sales growth in Missouri from 2025 through 2029, primarily driven by increased data center demand [8][9] - The industrial sector's growth is supported by ongoing manufacturing expansions and the growth of new digital and communication services firms [21] Company Strategy and Development Direction - The company's strategy is built on three pillars: prudent investments in rate-regulated energy infrastructure, advocating for responsible energy policies, and optimizing operations for long-term sustainable value [4] - The company has a robust pipeline of investment opportunities exceeding $63 billion, aimed at strengthening the energy grid and powering economic growth [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute the investment plan and strategy across all business segments, expecting strong long-term earnings and dividend growth [17][29] - The company remains focused on building a resilient energy grid, with ongoing investments in upgraded substations and smart technologies to enhance outage detection and recovery [7][12] Other Important Information - The company plans to issue approximately $600 million of common equity each year through 2029 to support its investment plan [24] - Federal energy-related tax credits are expected to provide approximately $1.5 billion in cost savings for customers from 2025 through 2029 [25][26] Q&A Session Summary Question: Data center load and economic development outlook - Management highlighted strong interest and momentum from data center developers, with a robust pipeline of signed construction agreements totaling 2.3 gigawatts [34][36] Question: Turbine slot queue and growth derisking - Management confirmed they are actively securing turbine slots and are confident in meeting service dates for upcoming projects [44][46] Question: Access to gas for plans - Management stated they feel good about their current gas transmission position and the ability to meet future needs with existing infrastructure [49][51] Question: MISO awards and regulatory challenges - Management acknowledged the recent complaint regarding MISO's tranche 2.1 projects but expressed support for the need for transmission investments [68][70] Question: Impact of potential changes in federal renewable policies - Management emphasized their advocacy for business certainty regarding tax credits and expressed confidence in the current legislative framework [74][76]

Financial Data and Key Metrics Changes - The company reported second quarter 2025 earnings of $1.01 per share, an increase from $0.97 per share in 2024, indicating a positive trend in earnings growth [6][17][18] - The expected diluted earnings per share for 2025 is projected to be in the range of $4.85 to $5.05 [6][18] Business Line Data and Key Metrics Changes - Total normalized retail sales in Ameren Missouri increased by approximately 1% across all customer classes over the trailing twelve months through June [18] - Industrial class sales saw a growth of more than 2.5% during the same period, driven by manufacturing expansions and growth in digital and communication services [19] Market Data and Key Metrics Changes - The company anticipates approximately 5.5% compound annual sales growth in Missouri from 2025 through 2029, primarily due to increased data center demand [7][8] - The company has signed construction agreements with data center developers representing approximately 2.3 gigawatts of future demand, expected to ramp up in late 2026 and beyond [8][30] Company Strategy and Development Direction - The strategic approach focuses on prudent investments in rate-regulated energy infrastructure, advocating for responsible energy policies, and optimizing operations for long-term sustainable value [3][4] - The company has a robust pipeline of investment opportunities exceeding $63 billion aimed at strengthening the energy grid and powering economic growth in communities [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute the investment plan and strategy across all business segments, expecting strong earnings and dividend growth [16][27] - The company remains focused on building a more resilient energy grid, especially in light of severe weather events that have highlighted the need for ongoing investments [5][4] Other Important Information - The company plans to issue approximately $600 million of common equity each year through 2029 to support its investment plan [21][22] - Federal energy-related tax credits are expected to provide approximately $1.5 billion in cost savings for customers from 2025 through 2029 [23][24] Q&A Session Summary Question: Data center load and economic development outlook - Management remains excited about opportunities in data center development, with a strong pipeline and ongoing negotiations for energy service agreements [30][32][38] Question: Turbine slot queue and growth - The company is actively securing turbine slots and is confident in meeting service dates for upcoming projects [41][42] Question: Gas transmission and pipeline needs - Management feels confident about existing gas transmission capabilities and does not foresee the need for new pipelines at this time [44] Question: MISO awards and regulatory challenges - Management is assessing recent complaints regarding MISO's tranche 2.1 projects but supports the need for transmission investments [59][62] Question: Tax credits and potential disruptions - Management is optimistic about the stability of tax credits and has a solid plan in place to ensure project continuity [66][70]

Core Insights - Ameren Corporation (AEE) reported second-quarter 2025 earnings of $1.01 per share, exceeding the Zacks Consensus Estimate of $1 by 1% and improving 4.1% from the previous year's 97 cents [1][7] - Total revenues for the quarter reached $2.22 billion, marking a 31.2% year-over-year increase and surpassing the Zacks Consensus Estimate of $1.84 billion by 20.7% [2][7] Revenue and Sales Performance - Total electricity sales volumes decreased by 8.4% to 15,672 million kilowatt-hours (kWh) compared to 17,110 million kWh in the same quarter last year, while gas volumes increased by 6.5% to 33 million dekatherms [3] - Total operating expenses rose to $1.81 billion, up 35.9% year over year [3] Segment Performance - The Ameren Missouri segment reported earnings of $150 million, an increase from $128 million a year ago, driven by new electric service rates, increased infrastructure investments, and lower operational costs [4] - The Ameren Illinois Electric Distribution segment's earnings rose to $64 million from $61 million in the previous year [4] - The Ameren Illinois Natural Gas segment posted earnings of $10 million, up from $6 million a year ago, while the Ameren Transmission segment reported earnings of $86 million compared to $79 million in the prior year [5] Financial Condition - As of June 30, 2025, Ameren reported cash and cash equivalents of $11 million, up from $7 million at the end of 2024 [6] - Long-term debt increased to $18.81 billion from $17.26 billion as of December 31, 2024 [6] - Cash flow from operating activities amounted to $1.29 billion, compared to $1.05 billion a year ago [6] Guidance - Ameren reaffirmed its 2025 earnings guidance, expecting earnings per share (EPS) in the range of $4.85-$5.05, with the Zacks Consensus Estimate for 2025 earnings at $4.94, just below the midpoint of the company's guidance [8]

Financial Performance & Guidance - Ameren's adjusted diluted EPS for the second quarter of 2025 was $1.01, compared to $0.97 in 2024[16] - For the first six months of 2025, the adjusted diluted EPS was $2.08, compared to $1.99 in 2024[16] - The company reaffirmed its 2025 diluted EPS guidance range of $4.85 to $5.05[18, 51] - The company expects a compound annual EPS growth of 6% to 8% from 2025-2029, using the midpoint of the 2025 EPS guidance range ($4.95) as the base[43, 68] Capital Investments & Rate Base - The company invested over $2 billion YTD in electric, natural gas, and transmission infrastructure[8] - Planned infrastructure investment from 2025-2029 is $26.3 billion[43, 37] - The company expects a rate base CAGR of approximately 9.2% from 2024-2029[43, 41, 68] - The company has a strong long-term infrastructure pipeline of over $63 billion from 2025-2034[38, 68] Ameren Missouri Growth & Initiatives - Ameren Missouri expects approximately 5.5% sales CAGR from 2025-2029, primarily driven by data centers[23] - The 2025 Preferred Resource Plan assumes load growth of 1 GW by the end of 2029 and 1.5 GW by the end of 2032[23] - The company filed for MoPSC approval of a proposed rate structure for large load customers requesting 100+ MW of load[31] Regulatory & Legislative Matters - The company expects to sell and transfer additional energy tax credits worth approximately $300 million per year on average to benefit customers[79] - In July 2025, an updated request for a $60 million reconciliation adjustment to the 2024 revenue requirement was made for electric distribution in Illinois[63] - In July 2025, an updated request to a $135 million annual base rate increase was made for natural gas distribution in Illinois[66]

Core Insights - Ameren reported $2.22 billion in revenue for the quarter ended June 2025, marking a year-over-year increase of 31.2% and exceeding the Zacks Consensus Estimate of $1.84 billion by 20.65% [1] - The company's EPS for the same period was $1.01, up from $0.97 a year ago, with a surprise of 1% compared to the consensus estimate of $1.00 [1] Revenue Performance - Total electric sales for Ameren were 15,672 GWh, below the average estimate of 17,176.59 GWh from two analysts [4] - Electric revenues for Ameren Missouri reached $1.32 billion, surpassing the estimated $951.36 million, reflecting a year-over-year increase of 52.2% [4] - Electric revenues for Ameren Illinois Electric Distribution totaled $573 million, exceeding the $542 million estimate, with a year-over-year change of 12.6% [4] - Electric revenues from Ameren Transmission were $208 million, slightly above the $206.52 million estimate, representing an 8.9% year-over-year increase [4] - Operating revenues from natural gas were $183 million, compared to the average estimate of $175.2 million, showing a 6.4% year-over-year change [4] - Gas revenues for Ameren Illinois Natural Gas were $158 million, exceeding the estimated $152.05 million, with a year-over-year change of 6.8% [4] - Operating revenues from electric sources were $2.04 billion, surpassing the $1.62 billion estimate, indicating a year-over-year increase of 34% [4] - Gas revenues for Ameren Missouri were $25 million, compared to the average estimate of $23.41 million, reflecting a 4.2% year-over-year change [4] Stock Performance - Ameren's shares have returned 4.6% over the past month, outperforming the Zacks S&P 500 composite's 2.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Viewpoint - Ameren reported quarterly earnings of $1.01 per share, exceeding the Zacks Consensus Estimate of $1 per share, and showing an increase from $0.97 per share a year ago, indicating a positive earnings surprise of +1.00% [1] Financial Performance - The company posted revenues of $2.22 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 20.65%, compared to year-ago revenues of $1.69 billion [2] - Over the last four quarters, Ameren has exceeded consensus revenue estimates three times [2] Stock Performance - Ameren shares have increased approximately 12% since the beginning of the year, outperforming the S&P 500's gain of 8.2% [3] Future Outlook - The company's earnings outlook is crucial for investors, including current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $1.82 on revenues of $2.29 billion, and for the current fiscal year, it is $4.94 on revenues of $8.42 billion [7] Industry Context - The Utility - Electric Power industry, to which Ameren belongs, is currently ranked in the top 34% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [8]

NEWS RELEASE 1901 Chouteau Avenue: St. Louis, MO 63103: Ameren.com Contacts: Media Anthony Paraino Andrew Kirk 314.554.2182 314.554.3942 aparaino@ameren.com akirk@ameren.com Financial Analysts and Institutional Investors For Immediate Release Ameren Announces Second Quarter 2025 Results ST. LOUIS (July 31, 2025) — Ameren Corporation (NYSE: AEE) today announced second quarter 2025 net income attributable to common shareholders of $275 million, or $1.01 per diluted share, compared to second quarter 2024 net i ...