Union Electric Company

Ameren reported first quarter 2026 earnings of $1.28 per share, up from $1.07 per share in Q1 2025, a year-over-year increase of $0.21 per share. Management said the quarter benefited from increased infrastructure investments, partly offset by warmer-than-normal winter temperatures that hurt Ameren Missouri retail sales. The company reaffirmed full-year 2026 EPS guidance of $5.25 to $5.45. No revenue or gross margin figures were stated on the call.

CEO Martin J. Lyons framed the quarter as evidence that Ameren’s infrastructure-led strategy is working, emphasizing reliability, resiliency, and long-term customer value. He repeatedly pointed to large-load/data center demand as a meaningful growth opportunity, saying the company sees several gigawatts of additional project interest in Missouri and Illinois and is optimistic about converting more construction agreements into energy services agreements. His tone was confident and constructive, with emphasis on disciplined capital deployment and updating plans as demand visibility improves.

CFO Lenny Singh highlighted the Q1 EPS result of $1.28, the same full-year guidance range of $5.25 to $5.45, and disciplined cost management. He said Ameren expects higher tree-trimming costs in 2026, especially in the second quarter, and noted that first-quarter Missouri retail sales were pressured by warmer weather versus last year. On financing, he said the company completed planned debt issuances in the quarter, is progressing toward about $4 billion of equity issuances from 2026 through 2030, has forward-sold about $600 million for 2026 needs and another about $600 million through the ATM for 2027 and beyond, and that S&P affirmed the BBB+ rating with a stable outlook.

Analysts focused on data center and large-load demand, asking about the size and timing of additional opportunities, site readiness, and community receptivity. Management said the 2.2 GW of ESAs in Missouri already have secured sites and could see groundbreakings and construction in the second quarter, while the remaining 1.2 GW of construction agreements could convert to ESAs in the near term. Questions also covered generation planning, fuel cells, nuclear, and transmission bids; Ameren said fuel cells are only a possibility for dispatchable resources, it is not part of the nuclear consortium being discussed elsewhere, and it will evaluate transmission bids based on competitiveness and value.