Union Electric Company

Ameren reported first quarter 2026 earnings of $1.28 per share, up from $1.07 per share in the prior-year quarter, a year-over-year increase of $0.21 per share. Management said the increase was mainly driven by increased infrastructure investments, partially offset by warmer-than-normal winter weather that hurt Ameren Missouri retail sales versus last year’s colder winter. The company reaffirmed its 2026 EPS growth guidance range of $5.25 to $5.45. It also said it invested more than $1.5 billion in infrastructure in the quarter, expects higher tree-trimming costs in 2026, and continues to target approximately $4 billion of equity issuances from 2026 through 2030, including about $600 million sold forward for 2026 needs and another about $600 million under the ATM for 2027 and beyond.

Martin Lyons emphasized disciplined infrastructure investment, reliability, and growth from large-load customers. He said the company’s strategy remains centered on rate-regulated investment, constructive regulation, and business optimization, and highlighted reliability benefits from recent spending during winter storms and spring weather events. His tone was confident and constructive, especially around the opportunity from data centers and the possibility of converting more construction agreements into ESAs and future expansion.

Lenny Singh focused on the earnings bridge, guidance, cost discipline, and financing. He reiterated first-quarter EPS of $1.28 versus $1.07, noted that warmer weather partially offset the benefit of infrastructure investment, and flagged higher tree-trimming costs in 2026, especially in Q2. On the balance sheet, he said Ameren completed planned debt issuances in the quarter, expects about $4 billion of equity issuances from 2026 through 2030, had sold forward about $600 million for 2026 equity needs and about $600 million more under the ATM, and noted S&P affirmed a BBB+ rating with a stable outlook.

Analysts focused heavily on large-load/data center demand, zoning and site readiness, ramp timing, and how those loads might affect future capital spending. Management said the 2.2 gigawatts of ESAs already signed in Missouri have secured sites and are expected to move toward public announcements and groundbreaking in the near term, while another 1.2 gigawatts of Missouri construction agreements could convert to ESAs soon. Questions also covered fuel cells, nuclear, and transmission; management said fuel cells are only a possibility, Ameren is not part of the AP1000 consortium, and any incremental generation or transmission investment tied to new large loads would likely be additive and ultimately borne by those customers under the tariff structure.