Financial Data and Key Metrics Changes - The company reported adjusted earnings of $5.03 per share for 2025, representing an 8.6% increase from the adjusted earnings of $4.63 per share in 2024 [4][28] - The company affirmed its 2026 earnings per share guidance range of $5.25 to $5.45, indicating an expected growth of approximately 8.1% compared to the original 2025 earnings guidance midpoint [17][24] Business Line Data and Key Metrics Changes - Weather-normalized sales at Ameren Missouri grew by 1% overall, with residential and commercial classes growing by 0.5% and 1.5% respectively [29] - The company invested over $4 billion in electric, natural gas, and transmission infrastructure, including the installation of nearly 26,000 electric distribution poles and 283 miles of upgraded transmission and distribution lines [6][10] Market Data and Key Metrics Changes - The company signed 2.2 GW of large load electric service agreements in Missouri, which is expected to support significant economic development opportunities [4][20] - The economic impact study indicated that the company's operations in Missouri and Illinois generate over $20 billion in annual economic activity [10] Company Strategy and Development Direction - The company continues to focus on a three-pillar strategy: investing in rate-regulated infrastructure, advocating for constructive regulatory frameworks, and optimizing business operations [6] - The company plans to invest approximately $5.5 billion in electric, natural gas, and transmission infrastructure in 2026 to enhance the reliability and responsiveness of the energy grid [14][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong returns and maintain disciplined cost management, with a focus on keeping rates low for customers [11][81] - The company anticipates continued earnings growth near the upper end of the 6%-8% range from 2026 through 2030, supported by the recent large load electric service agreements [45][60] Other Important Information - The company achieved $20 million in recurring O&M savings from energy delivery process improvements over the past two years [29] - The company expects to maintain a dividend payout ratio of approximately 50%-60%, with a recent quarterly dividend increase of 5.6% [18] Q&A Session Summary Question: Can you discuss the 2.2 GW of executed ESAs and how it impacts guidance? - Management indicated that the 2.2 GW of executed ESAs represents upside to the sales growth embedded in the 6%-8% guidance, providing greater confidence in achieving the upper end of that range [41][45] Question: How do you view the use of hybrid securities in your financing plan? - Management noted that hybrid securities might be slightly accretive in the short term, but the overall impact would need to be evaluated over time [47][48] Question: What is the breakdown of the lag between rate base growth and earnings growth? - Management explained that the primary difference is due to equity dilution from planned issuances, and that sales growth from hyperscalers could help reduce this lag [53][56] Question: Are there concerns about potential cancellations of ESAs? - Management expressed no concerns regarding the ESAs, emphasizing the protective provisions in place for customers [59][61] Question: How does the updated plan impact customer bills, particularly in Missouri? - Management highlighted a focus on affordability and disciplined cost control, ensuring that new data centers pay their fair share without burdening existing customers [79][80]