Diluted EPS

FY 2025

$4.85 to $5.05 per share " " "

$4.85 to $5.05 per share "

no change

Compound Annual Sales Growth

FY 2025

Approximately 5.5% " "

Approximately 5.5% "

no change

Earnings Growth Rate

FY 2025

6% to 8% "

6% to 8% "

no change

Rate Base Growth

FY 2025

no prior guidance

9.2% compound annual rate base growth "

no prior guidance

Equity Financing Plan

FY 2025

no prior guidance

Approximately $600 million of common equity each year "

no prior guidance

Energy Tax Credits

FY 2025

no prior guidance

Approximately $1.5 billion of cost savings "

no prior guidance

Data Center Investment & Demand

In Q1 2025, construction agreements for 2.3 GW with 500 MW added and nonrefundable payments of $26 million were highlighted. " " Q4 2024 discussed 1.8 GW of agreements and a robust pipeline; Q3 2024 mentioned a significant potential pipeline with a mix of sectors. " "

Q2 2025 emphasized robust demand with 2.3 GW of construction agreements, nonrefundable payments rising to $28 million, and studies for potential expansion, with load ramp-up starting late 2026. " " "

The topic is consistently important with continued robust momentum. There is an upward trend in investment commitments and detailed expansion studies, indicating growing confidence in the region’s data center demand.

Regulatory & Legislative Uncertainty

Q1 2025 covered supportive legislative updates (Senate Bill 4) and regulatory strategy in Missouri and Illinois. " " " Q4 2024 detailed rate case filings and legislative initiatives " " ; Q3 2024 described ongoing advocacy and regulatory proceedings. " "

Q2 2025 highlighted new regulatory challenges with a MISO Tranche 2.1 complaint by five state commissions and concerns over potential changes to energy tax credit guidance due to executive orders. " "

Regulatory uncertainty remains a persistent theme. While the supportive legislative environment continues to play a role, new regulatory challenges (e.g., MISO complaint and executive order issues) have emerged, adding fresh nuance and risk to future planning.

Tax Credit Strategy and Risks

Q1 2025 emphasized the importance of transferability with an average of $300 million per year under a five‐year plan. " " Q3 2024 provided detailed breakdowns of tax credits valued at $1.5 billion for clean energy projects. " Q4 2024 had no mention.

Q2 2025 detailed a strategy expecting $1.5 billion in tax credits from wind, solar, and battery projects, breaking down expected contributions ($750 million, $250 million, $500 million) and discussed risks related to execution and legislative changes. " "

There is a consistent focus on managing tax credit risk with a detailed strategy in both periods. The current period reinforces previous strategies with robust confidence while continuing to monitor potential regulatory disruptions.

Secure Generation and Infrastructure Strategy

Q1 2025 outlined significant investments in natural gas, renewables, and battery storage (1,200 MW new generation, contracts executed for turbines). " " Q4 2024 emphasized infrastructure investments and long‐term growth via a diversified generation portfolio. " " Q3 2024 focused on new solar centers, an 800 MW natural gas center (Castle Bluff), and IRP updates. " "

Q2 2025 presents an expanded strategy including the Big Hollow Energy Center (800 MW gas + 400 MW battery), securing key components to mitigate supply chain issues, and active engagement in transmission projects (tranche 2.1, $6.5 billion portfolio). " "

The focus on secure generation and grid reliability remains strong. The current period builds on previous investments, emphasizing broader infrastructure and transmission enhancements along with generation diversification, reflecting a strategic expansion of existing plans.

Infrastructure Investment Pipeline & Capital Management

Q1 2025 mentioned ongoing debt financings and plans to issue $600 million in common equity alongside strong cost management. " " Q4 2024 described a robust 10‐year pipeline over $63 billion and a 5‐year capital plan with increased spending and debt issuances, emphasizing balance sheet strength. " " " Q3 2024 reported a pipeline exceeding $55 billion and detailed equity issuance plans. " "

Q2 2025 disclosed a robust pipeline of over $63 billion with discussions on transmission projects, equity issuance of $600 million annually through 2029, and energy tax credits supporting capital management. " " "

Investment pipeline and capital management remain a top priority with consistent robust investment plans. The current period shows continued confidence with clear equity financing plans and disciplined capital strategies, reflecting sustained long‐term growth ambitions.

Earnings Growth and Financial Performance Outlook

Q1 2025 reported earnings of $1.07 per share (up from $1.02), reaffirmed EPS guidance of $4.85–$5.05, and projected 6–8% EPS CAGR through 2029. " " Q4 2024 affirmed guidance and highlighted dividend and sales growth, with 7% increase outlook. " " Q3 2024 confirmed Q3 EPS and long‐term growth guidance of 6–8% CAGR while detailing strong investment performance. " "

Q2 2025 reported Q2 EPS of $1.01 (up from $0.97 in Q2 2024), reaffirmed 2025 EPS guidance ($4.85–$5.05), and projected a 6–8% CAGR in earnings driven by strong customer and sales growth. " " "

Financial performance remains solid with steady or slightly improved earnings. The current period demonstrates consistent growth driven by strategic investments, reinforcing continued optimism and stability in earnings outlook over time.

Tariff Exposure and Project Execution Risks

Q1 2025 included detailed estimates of approximately 2% potential exposure to tariffs over the capital plan and emphasized secured contracts and turbine procurements. " Q4 2024 discussed a modified tariff for industrial customers with specific contractual items and noted project execution challenges tied to rate filings. " Q3 2024 did not provide details.

Q2 2025 mentions the filing of a rate structure tariff with the Missouri PSC and overall project execution confidence across data center and generation projects, though it does not quantify risks as specifically as earlier periods. "

Discussion of tariff exposure and execution risk persists but with less granular detail in Q2 2025. The overall approach remains risk-managed, with confidence in project execution despite inherent tariff exposure—indicating a maintained, albeit slightly subdued, focus on these issues.

Clean Energy Initiatives & Environmental Regulatory Risks

Q1 2025 highlighted investments in renewables, battery storage, and solar projects, mentioning legislative support (Senate Bill 4). " " " Q4 2024 stressed clean energy investments through capital plan initiatives and mentioned NSR settlement-related charges. " " " Q3 2024 described new solar centers, an 800 MW gas center, and settlement with DOJ for environmental mitigation. " " "

Q2 2025 outlined clean energy initiatives through a large load rate structure supporting carbon-free goals and cited ongoing transmission planning which involves environmental regulatory risks. " "

Clean energy initiatives remain a consistent strategic focus. The current period continues investments in cleaner energy and grid enhancements while managing environmental regulations, showing continuity in commitment and adapting to evolving transmission and regulatory challenges.

Regional Economic Environment & Customer Growth

Q1 2025 discussed a 3% increase in weather-normalized retail sales, growth in industrial segments, and key economic achievements (e.g., Boeing contract). " Q4 2024 forecast 5.5% accrued annual sales growth, underpinned by significant economic development projects and construction agreements. " " Q3 2024 highlighted strong regional job growth and expansion of diverse customer classes, notably in data centers. " "

Q2 2025 noted continuing growth with a 1% rise in total normalized retail sales, industrial sales rising over 2.5%, and a robust data center pipeline contributing to a 5.5% compounded annual sales growth forecast. " " "

The regional economic environment remains robust with steadily growing customer demand across sectors. The current period reinforces this positive trend, with a continued emphasis on industrial and data center growth supporting a strong economic outlook.

Legacy Asset Retirement & Equity Dilution Concerns

Q3 2024 discussed the retirement of the Rush Island Energy Center (retired on October 15, 2024) with $470 million cost recovery and related DOJ settlement of $64 million, while Q1 2025 mentioned equity issuance plans to support infrastructure investment; Q4 2024 did not mention these topics. " " "

Q2 2025 provided no discussion on legacy asset retirement or equity dilution concerns.

This topic appears to have faded in the current period compared to prior detailed discussions in Q3 2024. The lack of mention in Q2 2025 suggests it is currently a lower priority or has been resolved to a degree that it no longer requires active discussion.