Union Electric Stock Earnings Reports

Key points for investors: Ameren reported Q1 2026 GAAP earnings of $1.28 per share vs. $1.07 in Q1 2025, driven primarily by continued infrastructure and generation investments. Management reaffirmed 2026 EPS guidance of $5.25–$5.45 and emphasized disciplined cost management and reliability-focused spending (including elevated tree-trimming). Q1 capital deployment exceeded $1.5 billion; the company reiterates a long-term investment pipeline of more than $70 billion through 2035 and updated five‑year plans targeting ~10.6% CAGR rate base growth. Generation execution: Bowling Green (50 MW) placed in service and Split Rail (300 MW) is in final commissioning; Castle Bluff and Big Hollow simple-cycle projects are advancing (with Big Hollow to include 400 MW of battery storage); management expects to file CCNs for ~3 GW of additional generation (including West Alton combined cycle) and will update the Missouri IRP in September. Large‑load/data‑center opportunity: Ameren has 3.4 GW of construction agreements in Missouri (2.2 GW of which were converted to ESAs in February) and ~850 MW in Illinois; management sees upside to sales and earnings if ESA ramps are faster than prior plan assumptions and expects near‑term ESA conversions, groundbreakings and construction activity. Transmission: Ameren is pursuing MISO competitive opportunities and expects significant transmission investment will be required to serve large loads and new generation. Regulatory/financing: Ameren Illinois filed a $65 million annual reconciliation (ICC decision expected December); Ameren Missouri plans to file an electric rate review mid‑2026. On financing, Ameren is executing an equity plan (~$4 billion 2026–2030), sold forward ~$600 million of shares for 2026 and has sold forward ~ $600 million via ATM so far in 2026; S&P affirmed Ameren’s BBB+ / stable rating. Key near‑term milestones to watch: ESA-to-construction progress and public announcements, September Missouri IRP (20‑year plan update), CCN filings and timing of generation/transmission bids, and regulatory decisions (ICC reconciliation, Missouri rate filing). Risks include weather-driven load variability, permitting/zoning and execution/supply‑chain challenges for large generation projects, and timing uncertainty on ESA ramps.