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 adjusted earnings per share of $1.76 for the first quarter of 2025, a 22% increase compared to the first quarter of 2024, driven by top line growth across electric and gas utilities [5][14] - The company reaffirmed its 2025 earnings guidance range of $6.17 to $6.42 and a long-term EPS growth rate of 5% to 7% through 2029 [6][21] Business Line Data and Key Metrics Changes - Electric Utilities and Infrastructure segment saw an increase of $0.33 compared to last year, driven by higher sales volumes, improved weather, and new rates [14] - Gas Utilities and Infrastructure results were up $0.08 compared to last year, primarily due to new rates at Piedmont, North Carolina [14] - The Other segment experienced a decrease of $0.08, mainly due to higher interest expenses [14] Market Data and Key Metrics Changes - Weather-normalized volumes increased by 1.8% compared to last year, aligning with the full-year projection of 1.5% to 2% [15] - Residential volumes rose over 3% in the quarter, reflecting customer growth and higher usage [16] Company Strategy and Development Direction - The company is focused on meeting growing energy demands through new generation and enhancing existing generation, including extending the operating license for the Oconee nuclear station for an additional twenty years [6][7] - A strategic partnership with GE Vernova was announced to secure up to 19 natural gas turbines, aimed at timely delivery of critical infrastructure [10] - The company plans to file a merger application for its DC and DEP utilities, expected to create significant customer savings and operational efficiencies [11][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's outlook, citing strong fundamentals and visibility to growth for years to come [12][13] - The company anticipates load growth to accelerate beginning in 2027 as economic development projects come online [16] - Management noted a cautious stance among industrial customers due to economic and policy uncertainties, but no immediate changes in production schedules were observed [59] Other Important Information - The company invested over $3 billion in capital during the quarter and is on track for $15 billion for the full year [20] - The impact of tariffs on the capital plan is estimated to be about 1% to 3% over five years, with confidence in minimizing this impact [21] Q&A Session Summary Question: Incremental CapEx opportunities and guidance - Management indicated that updates on capital expenditures will be provided during the annual cycle in February, with a focus on a stable and growing pipeline of investment opportunities [26][28] Question: Specificity around credit metrics - Management acknowledged ongoing discussions about improving credit profiles and indicated that more defined target ranges would be provided in the next cycle in February [31][33] Question: Cadence of load growth and data center deals - Management confirmed that the pipeline remains robust, with a recent signing of one gigawatt of data center projects, which was anticipated in their plans [38][40] Question: Financial implications of the merger - Management highlighted that the merger of DC and DEP utilities could generate over a billion dollars in savings for customers, focusing on operational efficiencies and reduced regulatory proceedings [48][50] Question: Outlook on tax credits and renewables - Management emphasized the importance of nuclear tax credits in reducing customer bills and expressed support for ongoing advocacy in Washington regarding energy credits [57][58] Question: Impact of economic uncertainty on industrial customers - Management reported no immediate changes in production schedules from industrial customers but noted a cautious stance due to tariff policy uncertainties [59][60]

Financial Data and Key Metrics Changes - Ameren reported adjusted earnings of $4.63 per share for 2024, an increase from $4.38 per share in 2023, exceeding the 2024 adjusted earnings guidance midpoint [5][24] - The company strategically invested approximately $4.3 billion in energy infrastructure in 2024 [5] - Weather normalized retail sales grew approximately 2% across Ameren Missouri, with specific growth of 2% in residential, 1.5% in commercial, and 3% in industrial sectors [26] Business Line Data and Key Metrics Changes - The company achieved a compound annual growth rate of approximately 7.6% in weather normalized adjusted earnings per share since 2013, with annual dividends increasing by approximately 68% [7] - The focus for 2025 includes investing approximately $4.2 billion in electric, natural gas, and transmission infrastructure to enhance grid safety and reliability [8][10] Market Data and Key Metrics Changes - Ameren expects weather normalized retail sales to increase approximately 5.5% compounded annually from 2025 through 2029, a significant increase from prior expectations of flat to 0.5% growth [12] - The company anticipates a total of 1.5 gigawatts of load growth by the end of 2029, with 1.8 gigawatts of new load construction agreements already signed [13][15] Company Strategy and Development Direction - Ameren's strategy is guided by three pillars: investing in rate-regulated infrastructure, enhancing regulatory frameworks, and optimizing operating performance [4] - The company plans to grow its rate base at a 9.2% compound annual rate from 2024 through 2029, reflecting a 20% increase in its five-year capital plan compared to the previous year [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering strong results in 2025, driven by robust sales growth and energy infrastructure investment opportunities [9] - The company remains focused on maintaining competitive rates while pursuing economic development opportunities that will bring jobs and tax revenue to the states it serves [4][8] Other Important Information - Ameren's Board of Directors approved a quarterly dividend increase of approximately 6%, resulting in an annualized dividend rate of $2.84 per share, marking the twelfth consecutive year of dividend increases [10] - The company has a ten-year investment pipeline of over $63 billion aimed at enhancing the reliability and efficiency of its energy grid [22] Q&A Session Summary Question: Can you speak to how close you are to the top end of 6% to 8% growth? - Management indicated that they are excited about the sales growth and capital plan, expecting to deliver near the upper end of the range in the mid to latter part of the five-year plan [45][47] Question: How much capacity headroom is there in the resource mix? - Management stated that the updated resource plan reflects realistic short-term goals, with the ability to serve 2 gigawatts of demand by 2032 and potentially more thereafter [51][52] Question: What are you tracking on FFO to debt? - Management expressed confidence in maintaining a strong balance sheet, indicating that they are positioned to support a Baa1 rating and are above the downgrade threshold [60][61] Question: Can you help reconcile what is in the five-year plan versus upside opportunities? - Management clarified that there are significant upside opportunities in the transmission projects, with a total of $5 billion in the ten-year pipeline, and they are actively pursuing competitive projects [62][63] Question: How do you envision the new nuclear capacity? - Management noted that while new nuclear capacity is long-dated, they are exploring various technologies and will monitor developments closely without making immediate financial commitments [84][86]