Union Electric Company

Ameren reported first-quarter 2026 earnings of $1.28 per share, up from $1.07 in the prior-year quarter, for a year-over-year increase of $0.21 per share. Management did not provide revenue or gross margin figures on the call. The company reaffirmed 2026 EPS guidance of $5.25 to $5.45 and said it remains confident in that range. They also noted more than $1.5 billion of infrastructure investments in the quarter, $63 million of winter-market-price savings from gas storage, $40 million-plus of energy assistance and weatherization resources connected for customers, and a $65 million Ameren Illinois revenue adjustment request tied to the annual reconciliation process.

Marty Lyons framed the quarter as proof that Ameren’s infrastructure-led strategy is working, emphasizing reliability, resiliency, and long-term customer and shareholder value. He said the company is seeing encouraging progress with hyperscalers and data centers, with 2.2 GW of ESAs signed and additional conversions from construction agreements expected near term. His tone was constructive and upbeat, but he also stressed disciplined planning, rate allocation for large-load customers, and flexibility on the timing and mix of future generation investments.

Lenny Singh said the quarter’s earnings growth was primarily driven by infrastructure investments, with warmer-than-normal winter weather in Missouri partially offsetting the benefit. He reiterated the $5.25 to $5.45 EPS guidance and flagged higher tree-trimming expense in 2026, especially in Q2, because of reliability-focused spending. On financing, he said Ameren completed planned debt issuances in the quarter, remains on track with roughly $4 billion of expected equity issuances from 2026 through 2030, has already forward-sold about $600 million for 2026 needs and another about $600 million through the ATM program for 2027 and beyond, and noted S&P affirmed the BBB+ rating with a stable outlook.

Analysts focused heavily on data centers, ramp timing, and how much of the remaining 1.2 GW of Missouri construction agreements could convert to ESAs and start contributing within the five-year plan. Management said the ESA sites are secured, near-term groundbreakings are expected, and some sales from the remaining agreements could show up within the current five-year period, though ramp schedules remain confidential. Questions also covered fuel cells, nuclear, and transmission; management said fuel cells are only a possibility, not a commitment, and that Ameren is not part of the AP1000 consortium but continues to study long-term nuclear options. On transmission, management said future large-load and generation interconnection needs could add upside beyond the current capital plan, but bids will be evaluated only where Ameren believes it can be competitive and deliver value.