AMEREN (AEE) Company Report

The Missouri Public Service Commission approved a new large-load user rate structure for Ameren Missouri, ensuring high-usage customers pay their fair share of grid enhancements and energy costs.
The plan mandates 100% upfront interconnection costs, collateral equal to two years of minimum bills, no rate discounts, minimum demand charges, and 12–17 year contracts with early termination fees.
Designed to attract data centers and advanced manufacturers, the initiative aims to create jobs and boost economic development while protecting other customers through revenue-sharing when profits exceed authorized levels.
It is part of the Powering Missouri Growth Plan, aligning with the Feb 2025 revision to Ameren Missouri’s Preferred Resource Plan targeting up to 2 GW of new demand by 2032.

Nov 24, 2025, 10:28 PM

Press Release

Ameren reports Q3 2025 results

AEE

Earnings

Guidance Update

New Projects/Investments

Ameren's Q3 2025 adjusted diluted EPS was $2.17, up from $1.87 in Q3 2024; nine-month EPS reached $4.25 versus $3.86 a year earlier.
Raised 2025 adjusted EPS guidance to $4.90–$5.10 and projects 2026 EPS of $5.25–$5.45.
Year-to-date capital expenditures through Sep. 30 totaled $3.09 billion, including $1.87 billion in Ameren Missouri.
Q3 earnings drivers included infrastructure investment returns, new Missouri rates effective June 1 (+$0.28 EPS), weather-driven sales growth (+$0.15), offset by higher O&M (-$0.06) and interest costs (-$0.04).

Nov 6, 2025, 3:00 PM

Presentation

Ameren reports Q3 2025 earnings and strategic updates

AEE

Earnings

Guidance Update

New Projects/Investments

Ameren delivered $2.17 adjusted EPS in Q3 2025, up from $1.87 in Q3 2024; results exclude a $0.18 tax benefit from recent FERC guidance.
Year-to-date through Q3 2025, Ameren has invested $3 billion in infrastructure upgrades across Missouri and Illinois, including replacement of over 19,800 poles, installation of 300 smart switches, and hardening of transmission lines.
The Preferred Resource Plan targets ~10 GW of new capacity by 2035 (3.7 GW gas, 4.2 GW renewables, 1.4 GW storage); large-load tariffs filed anticipate 1 GW of data center load by 2029 in Missouri and 850 MW in Illinois.
Maintains 6%–8% earnings growth outlook, with 2026 projected at 8.1% growth off a $4.95 midpoint; comprehensive update on sales growth and CapEx expected in February.

Nov 6, 2025, 3:00 PM

Transcript

Ameren reports Q3 2025 results and raises guidance

AEE

Earnings

Guidance Update

Management Change

Ameren reported Q3 2025 adjusted EPS of $2.17, up from $1.87 a year ago, excluding a $0.18 tax benefit from a recent FERC order.
Full-year 2025 EPS guidance was raised to $4.90–$5.10, and 2026 EPS is now expected at $5.25–$5.45.
Through Q3 2025, the company deployed over $3 billion in electric and gas infrastructure upgrades, including pole replacements, line hardening, and new or upgraded substations to bolster reliability.
Reaffirmed long-term target of 6–8% CAGR EPS growth from 2025 through 2029, driven by an anticipated 9.2% compound annual rate-base growth.
Effective January 1, Michael will assume the role of Group President of Ameren Utilities, and Lenny Singh will transition to Executive Vice President and CFO.

Nov 6, 2025, 3:00 PM

Transcript

Ameren reports Q3 2025 results and updates outlook

AEE

Earnings

Guidance Update

New Projects/Investments

Q3 2025 adjusted EPS of $2.17, up from $1.87 in Q3 2024; GAAP EPS of $2.35 includes a $0.18 tax benefit excluded from adjusted results.
Raised 2025 EPS guidance to $4.90–$5.10 (midpoint +8% vs. 2024) and set 2026 EPS guidance at $5.25–$5.45, implying 8.2% growth over 2025 midpoint.
Deployed over $3 billion in infrastructure upgrades through Q3 2025 and outlined a plan to add ~10 GW of generation capacity by 2035 (3.7 GW gas, 4.2 GW renewables, 1.4 GW storage).
Secured 3 GW of data center construction agreements (up from 2.3 GW), supporting sales growth targets; service agreements pending Missouri PSC approval (expected Feb 2026).
To fund investments, plans to issue ~$600 million of common equity annually through 2029, completed $350 million of 5.625% debt; Illinois gas rate case ALJ recommends $91 million base-rate increase vs. $135 million request.

Nov 6, 2025, 3:00 PM

Transcript

Ameren reports Q3 2025 results and raises EPS guidance

AEE

Earnings

Guidance Update

Third quarter GAAP diluted EPS were $2.35 in Q3 2025, up from $1.70 in Q3 2024.
Q3 2025 adjusted (non-GAAP) diluted EPS were $2.17, compared to $1.87 in Q3 2024.
2025 GAAP EPS guidance was raised to $5.08–$5.28 and adjusted EPS guidance to $4.90–$5.10; 2026 diluted EPS guidance was set at $5.25–$5.45.
Q3 2025 operating revenues increased to $2,699 million and net income attributable to common shareholders rose to $640 million, from $2,173 million and $456 million a year earlier.

Nov 5, 2025, 9:35 PM

8-K

Ameren announces third quarter 2025 results

AEE

Earnings

Guidance Update

Ameren reported Q3 2025 GAAP diluted EPS of $2.35 versus $1.70 in Q3 2024, and adjusted EPS of $2.17 versus $1.87 a year earlier.
Net income attributable to common shareholders was $640 million in Q3 2025, up from $456 million in Q3 2024.
Total Q3 operating revenues rose to $2.699 billion from $2.173 billion, driving operating income of $825 million versus $586 million in the prior-year quarter.
Raised 2025 EPS guidance to $5.08–$5.28 (GAAP) and $4.90–$5.10 (adjusted), and set 2026 diluted EPS guidance at $5.25–$5.45.

Nov 5, 2025, 9:30 PM

Press Release

Ameren Illinois prices $350M 5.625% bonds due 2055

AEE

Debt Issuance

Ameren Illinois, a subsidiary of Ameren Corporation (NYSE: AEE), priced $350 million of 5.625% first mortgage bonds due 2055 at 103.196% of par, with a re-offer yield of 5.405%.
This issuance is a further tranche of the bonds originally issued on March 3, 2025, and is expected to close on September 26, 2025, subject to customary conditions.
Net proceeds will be used to repay a portion of short-term debt, with KeyBanc Capital Markets, TD Securities, U.S. Bancorp Investments and Fifth Third Securities as joint book-running managers.

Sep 16, 2025, 12:15 AM

Press Release

Ameren Missouri plans 250 MW Reform Solar Energy Center

AEE

New Projects/Investments

Ameren Missouri filed a proposal with the Missouri Public Service Commission to build the 250 MW Reform Renewable Energy Center, a solar facility adjacent to its Callaway nuclear plant, designed to power 44,000 homes and create 300 construction jobs, with service expected by 2028.
The project advances Ameren Missouri’s goal of a 70% on-demand/30% intermittent energy mix, targeting enhanced reliability and affordability for customers.
The Reform site can host up to 250 MW of energy storage, allowing future battery installations to store and dispatch excess solar generation when grid demand peaks.
Alongside Reform, Ameren Missouri is developing the Castle Bluff Energy Center (online 2027), the Big Hollow hybrid natural gas and battery facility (2028), and four solar projects totaling 400 MW+ under construction to come online by end-of-2026.

Sep 3, 2025, 9:32 AM

Press Release

Ameren amends equity distribution program to add agents and increase capacity

AEE

On August 7, 2025, Ameren entered into a First Amendment to its Equity Distribution Sales Agreement, adding RBC Capital Markets LLC as a sales agent and forward seller, and Royal Bank of Canada as a forward purchaser under the program.
The amendment increases the authorized aggregate gross sales price under Ameren’s equity distribution program by $1.25 billion, bringing the remaining available capacity to $1,482,210,000 of common stock.
The program remains at Ameren’s discretion, with no obligation to sell shares and may be suspended at any time.

Aug 7, 2025, 12:00 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for AMEREN.