Core Insights - Ameren reported strong second-quarter 2025 results, with GAAP revenue of $2,221 million, exceeding analyst estimates by 24.7% and GAAP EPS of $1.01, beating consensus by 2.0% [1][2] - The growth was driven by new electric rates in Missouri and continued capital investments, despite challenges such as rising interest expenses and a dip in retail electric sales due to normal weather patterns [1][5] Financial Performance - GAAP EPS increased by 4.1% year-over-year from $0.97 in Q2 2024 to $1.01 in Q2 2025 [2] - GAAP revenue rose by 31.2% year-over-year from $1,693 million in Q2 2024 to $2,221 million in Q2 2025 [2] - Operating income reached $411 million, up 13.8% from $361 million in Q2 2024 [2] - Net income attributable to common shareholders was $275 million, a 6.6% increase from $258 million in Q2 2024 [2] Business Overview - Ameren is a regulated utility based in St. Louis, providing electric and natural gas services primarily in Missouri and Illinois [3] - The company focuses on operating the electric grid, generating electricity, distributing natural gas, and investing in infrastructure to meet customer and regulatory demands [3] Strategic Focus - Recent strategic initiatives include regulatory strategy, energy transition, supply chain management, and talent development [4] - The long-term growth plan emphasizes renewable energy, natural gas generation expansion, and network upgrades for reliability [4] Revenue Drivers and Segment Results - New service rates in Missouri, effective June 1, 2025, significantly boosted revenue, contributing to a $439.82 million revenue beat [5] - Ameren Missouri recorded $150 million in GAAP profits, up from $128 million in Q2 2024, while Ameren Illinois electric distribution earned $64 million, slightly up from $61 million in Q2 2024 [6] Retail Sales and Market Dynamics - Retail electric sales in Missouri decreased by 3.1% year-over-year, with total electric load at 7,211 GWh in Q2 2025 compared to 7,441 GWh in Q2 2024 [7] - Off-system electricity sales fell sharply to 662 GWh in Q2 2025 from 1,484 GWh in Q2 2024 due to fewer wholesale market opportunities [7] Capital Investments and Sustainability - Capital expenditures totaled $2.13 billion in the first half of 2025, up from $1.89 billion in the first half of 2024 [8] - The company is advancing renewable generation projects and has secured key equipment for new gas-fired plants scheduled for completion in 2027 and 2028 [9] Supply Chain and Workforce Management - Ameren's supply chain operations remained stable, utilizing early procurement strategies to mitigate global trade disruptions [10] - The company reported that grid investments have prevented over 114,000 potential customer outages in 2025 [10] Regulatory Developments and Future Outlook - Management reaffirmed its full-year 2025 guidance for GAAP diluted EPS of $4.85 to $5.05, with expectations leaning towards the upper half of the range [13] - A pipeline of $63 billion in total capital investments is planned over the next decade to support grid resilience and clean generation [13]

Financial Data and Key Metrics Changes - The company reported second quarter 2025 earnings of $1.01 per share, an increase from $0.97 per share in 2024, with expectations for 2025 diluted earnings per share to be in the range of $4.85 to $5.05 [8][19] - Total normalized retail sales in Missouri increased approximately 1% over the trailing twelve months through June, with industrial sales up more than 2.5% [20][21] Business Line Data and Key Metrics Changes - The company invested over $2 billion in critical infrastructure during the first half of the year, focusing on strengthening the energy grid and enhancing operational performance [5][17] - The company has signed construction agreements with data center developers representing approximately 2.3 gigawatts of future demand, expected to ramp up in late 2026 and beyond [9][42] Market Data and Key Metrics Changes - The company anticipates approximately 5.5% compound annual sales growth in Missouri from 2025 through 2029, primarily driven by increased data center demand [8][9] - The industrial sector's growth is supported by ongoing manufacturing expansions and the growth of new digital and communication services firms [21] Company Strategy and Development Direction - The company's strategy is built on three pillars: prudent investments in rate-regulated energy infrastructure, advocating for responsible energy policies, and optimizing operations for long-term sustainable value [4] - The company has a robust pipeline of investment opportunities exceeding $63 billion, aimed at strengthening the energy grid and powering economic growth [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute the investment plan and strategy across all business segments, expecting strong long-term earnings and dividend growth [17][29] - The company remains focused on building a resilient energy grid, with ongoing investments in upgraded substations and smart technologies to enhance outage detection and recovery [7][12] Other Important Information - The company plans to issue approximately $600 million of common equity each year through 2029 to support its investment plan [24] - Federal energy-related tax credits are expected to provide approximately $1.5 billion in cost savings for customers from 2025 through 2029 [25][26] Q&A Session Summary Question: Data center load and economic development outlook - Management highlighted strong interest and momentum from data center developers, with a robust pipeline of signed construction agreements totaling 2.3 gigawatts [34][36] Question: Turbine slot queue and growth derisking - Management confirmed they are actively securing turbine slots and are confident in meeting service dates for upcoming projects [44][46] Question: Access to gas for plans - Management stated they feel good about their current gas transmission position and the ability to meet future needs with existing infrastructure [49][51] Question: MISO awards and regulatory challenges - Management acknowledged the recent complaint regarding MISO's tranche 2.1 projects but expressed support for the need for transmission investments [68][70] Question: Impact of potential changes in federal renewable policies - Management emphasized their advocacy for business certainty regarding tax credits and expressed confidence in the current legislative framework [74][76]

Financial Data and Key Metrics Changes - The company reported second quarter 2025 earnings of $1.01 per share, an increase from $0.97 per share in 2024, indicating a positive trend in earnings growth [6][17][18] - The expected diluted earnings per share for 2025 is projected to be in the range of $4.85 to $5.05 [6][18] Business Line Data and Key Metrics Changes - Total normalized retail sales in Ameren Missouri increased by approximately 1% across all customer classes over the trailing twelve months through June [18] - Industrial class sales saw a growth of more than 2.5% during the same period, driven by manufacturing expansions and growth in digital and communication services [19] Market Data and Key Metrics Changes - The company anticipates approximately 5.5% compound annual sales growth in Missouri from 2025 through 2029, primarily due to increased data center demand [7][8] - The company has signed construction agreements with data center developers representing approximately 2.3 gigawatts of future demand, expected to ramp up in late 2026 and beyond [8][30] Company Strategy and Development Direction - The strategic approach focuses on prudent investments in rate-regulated energy infrastructure, advocating for responsible energy policies, and optimizing operations for long-term sustainable value [3][4] - The company has a robust pipeline of investment opportunities exceeding $63 billion aimed at strengthening the energy grid and powering economic growth in communities [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute the investment plan and strategy across all business segments, expecting strong earnings and dividend growth [16][27] - The company remains focused on building a more resilient energy grid, especially in light of severe weather events that have highlighted the need for ongoing investments [5][4] Other Important Information - The company plans to issue approximately $600 million of common equity each year through 2029 to support its investment plan [21][22] - Federal energy-related tax credits are expected to provide approximately $1.5 billion in cost savings for customers from 2025 through 2029 [23][24] Q&A Session Summary Question: Data center load and economic development outlook - Management remains excited about opportunities in data center development, with a strong pipeline and ongoing negotiations for energy service agreements [30][32][38] Question: Turbine slot queue and growth - The company is actively securing turbine slots and is confident in meeting service dates for upcoming projects [41][42] Question: Gas transmission and pipeline needs - Management feels confident about existing gas transmission capabilities and does not foresee the need for new pipelines at this time [44] Question: MISO awards and regulatory challenges - Management is assessing recent complaints regarding MISO's tranche 2.1 projects but supports the need for transmission investments [59][62] Question: Tax credits and potential disruptions - Management is optimistic about the stability of tax credits and has a solid plan in place to ensure project continuity [66][70]

Core Insights - Ameren Corporation (AEE) reported second-quarter 2025 earnings of $1.01 per share, exceeding the Zacks Consensus Estimate of $1 by 1% and improving 4.1% from the previous year's 97 cents [1][7] - Total revenues for the quarter reached $2.22 billion, marking a 31.2% year-over-year increase and surpassing the Zacks Consensus Estimate of $1.84 billion by 20.7% [2][7] Revenue and Sales Performance - Total electricity sales volumes decreased by 8.4% to 15,672 million kilowatt-hours (kWh) compared to 17,110 million kWh in the same quarter last year, while gas volumes increased by 6.5% to 33 million dekatherms [3] - Total operating expenses rose to $1.81 billion, up 35.9% year over year [3] Segment Performance - The Ameren Missouri segment reported earnings of $150 million, an increase from $128 million a year ago, driven by new electric service rates, increased infrastructure investments, and lower operational costs [4] - The Ameren Illinois Electric Distribution segment's earnings rose to $64 million from $61 million in the previous year [4] - The Ameren Illinois Natural Gas segment posted earnings of $10 million, up from $6 million a year ago, while the Ameren Transmission segment reported earnings of $86 million compared to $79 million in the prior year [5] Financial Condition - As of June 30, 2025, Ameren reported cash and cash equivalents of $11 million, up from $7 million at the end of 2024 [6] - Long-term debt increased to $18.81 billion from $17.26 billion as of December 31, 2024 [6] - Cash flow from operating activities amounted to $1.29 billion, compared to $1.05 billion a year ago [6] Guidance - Ameren reaffirmed its 2025 earnings guidance, expecting earnings per share (EPS) in the range of $4.85-$5.05, with the Zacks Consensus Estimate for 2025 earnings at $4.94, just below the midpoint of the company's guidance [8]

Financial Performance & Guidance - Ameren's adjusted diluted EPS for the second quarter of 2025 was $1.01, compared to $0.97 in 2024[16] - For the first six months of 2025, the adjusted diluted EPS was $2.08, compared to $1.99 in 2024[16] - The company reaffirmed its 2025 diluted EPS guidance range of $4.85 to $5.05[18, 51] - The company expects a compound annual EPS growth of 6% to 8% from 2025-2029, using the midpoint of the 2025 EPS guidance range ($4.95) as the base[43, 68] Capital Investments & Rate Base - The company invested over $2 billion YTD in electric, natural gas, and transmission infrastructure[8] - Planned infrastructure investment from 2025-2029 is $26.3 billion[43, 37] - The company expects a rate base CAGR of approximately 9.2% from 2024-2029[43, 41, 68] - The company has a strong long-term infrastructure pipeline of over $63 billion from 2025-2034[38, 68] Ameren Missouri Growth & Initiatives - Ameren Missouri expects approximately 5.5% sales CAGR from 2025-2029, primarily driven by data centers[23] - The 2025 Preferred Resource Plan assumes load growth of 1 GW by the end of 2029 and 1.5 GW by the end of 2032[23] - The company filed for MoPSC approval of a proposed rate structure for large load customers requesting 100+ MW of load[31] Regulatory & Legislative Matters - The company expects to sell and transfer additional energy tax credits worth approximately $300 million per year on average to benefit customers[79] - In July 2025, an updated request for a $60 million reconciliation adjustment to the 2024 revenue requirement was made for electric distribution in Illinois[63] - In July 2025, an updated request to a $135 million annual base rate increase was made for natural gas distribution in Illinois[66]

Core Insights - Ameren reported $2.22 billion in revenue for the quarter ended June 2025, marking a year-over-year increase of 31.2% and exceeding the Zacks Consensus Estimate of $1.84 billion by 20.65% [1] - The company's EPS for the same period was $1.01, up from $0.97 a year ago, with a surprise of 1% compared to the consensus estimate of $1.00 [1] Revenue Performance - Total electric sales for Ameren were 15,672 GWh, below the average estimate of 17,176.59 GWh from two analysts [4] - Electric revenues for Ameren Missouri reached $1.32 billion, surpassing the estimated $951.36 million, reflecting a year-over-year increase of 52.2% [4] - Electric revenues for Ameren Illinois Electric Distribution totaled $573 million, exceeding the $542 million estimate, with a year-over-year change of 12.6% [4] - Electric revenues from Ameren Transmission were $208 million, slightly above the $206.52 million estimate, representing an 8.9% year-over-year increase [4] - Operating revenues from natural gas were $183 million, compared to the average estimate of $175.2 million, showing a 6.4% year-over-year change [4] - Gas revenues for Ameren Illinois Natural Gas were $158 million, exceeding the estimated $152.05 million, with a year-over-year change of 6.8% [4] - Operating revenues from electric sources were $2.04 billion, surpassing the $1.62 billion estimate, indicating a year-over-year increase of 34% [4] - Gas revenues for Ameren Missouri were $25 million, compared to the average estimate of $23.41 million, reflecting a 4.2% year-over-year change [4] Stock Performance - Ameren's shares have returned 4.6% over the past month, outperforming the Zacks S&P 500 composite's 2.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Viewpoint - Ameren reported quarterly earnings of $1.01 per share, exceeding the Zacks Consensus Estimate of $1 per share, and showing an increase from $0.97 per share a year ago, indicating a positive earnings surprise of +1.00% [1] Financial Performance - The company posted revenues of $2.22 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 20.65%, compared to year-ago revenues of $1.69 billion [2] - Over the last four quarters, Ameren has exceeded consensus revenue estimates three times [2] Stock Performance - Ameren shares have increased approximately 12% since the beginning of the year, outperforming the S&P 500's gain of 8.2% [3] Future Outlook - The company's earnings outlook is crucial for investors, including current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $1.82 on revenues of $2.29 billion, and for the current fiscal year, it is $4.94 on revenues of $8.42 billion [7] Industry Context - The Utility - Electric Power industry, to which Ameren belongs, is currently ranked in the top 34% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [8]

[Executive Summary & Financial Highlights](index=1&type=section&id=1.%20Executive%20Summary%20%26%20Financial%20Highlights) Ameren Corporation reported increased net income and diluted EPS for Q2 and YTD 2025, reaffirming its full-year earnings guidance [Second Quarter 2025 Financial Performance](index=1&type=section&id=1.1%20Second%20Quarter%202025%20Financial%20Performance) Ameren Corporation reported increased net income and diluted EPS for the second quarter of 2025 compared to the prior year, driven by infrastructure investments, new electric service rates, and cost management, partially offset by higher interest expense and lower retail sales due to weather Q2 Financial Performance Summary | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :----------------------------------- | :------ | :------ | :----------- | | Net Income Attributable to Common Shareholders | $275 million | $258 million | +$17 million | | Diluted EPS | $1.01 | $0.97 | +$0.04 | - Positive factors contributing to earnings growth include **increased infrastructure investments**, **new Ameren Missouri electric service rates** (effective June 1, 2025), and continued **disciplined cost management**[3](index=3&type=chunk) - Offsetting factors include **higher interest expense** at Ameren Parent and Ameren Missouri, **lower Ameren Missouri retail sales** (due to near-normal temperatures in Q2 2025 compared to warmer-than-normal in Q2 2024), and **higher weighted-average basic common shares outstanding**[3](index=3&type=chunk) [Year-to-Date 2025 Financial Performance](index=1&type=section&id=1.2%20Year-to-Date%202025%20Financial%20Performance) For the six months ended June 30, 2025, Ameren's GAAP net income and diluted EPS increased year-over-year. Adjusted net income for 2024, excluding a prior year charge, also showed growth YTD Financial Performance Summary | Metric | YTD 2025 (GAAP) | YTD 2024 (GAAP) | YTD 2024 (Adjusted) | | :----------------------------------- | :-------------- | :-------------- | :------------------ | | Net Income Attributable to Common Shareholders | $564 million | $519 million | $530 million | | Diluted EPS | $2.08 | $1.95 | $1.99 | - The increase in year-over-year six-month earnings reflected **increased infrastructure investments**, **new Ameren Missouri electric service rates**, and **higher Ameren Missouri electric retail sales**[4](index=4&type=chunk) - These positive factors were partially offset by **higher interest expense** at Ameren Missouri and Ameren Parent[6](index=6&type=chunk) - A charge for additional mitigation relief related to Ameren Missouri's Rush Island Energy Center, which decreased first quarter 2024 earnings by **$11 million**, was excluded from adjusted six-month 2024 earnings[6](index=6&type=chunk)[7](index=7&type=chunk) [Earnings Guidance](index=1&type=section&id=1.3%20Earnings%20Guidance) Ameren reaffirmed its 2025 diluted EPS guidance range and anticipates delivering earnings in the top half of this range, supported by strong year-to-date performance and assuming normal temperatures for the latter half of the year 2025 Earnings Guidance | Metric | 2025 Guidance Range | | :-------------------- | :------------------ | | Diluted EPS | $4.85 to $5.05 per share | - Ameren is well positioned to deliver 2025 earnings in the **top half of its guidance range** due to strong year-to-date performance[8](index=8&type=chunk) - Earnings guidance for 2025 assumes **normal temperatures** for the last six months of the year and is subject to various **risks and uncertainties**[8](index=8&type=chunk) [Segment Performance](index=2&type=section&id=2.%20Segment%20Performance) Ameren's operating segments generally reported increased earnings for Q2 2025, while Ameren Parent recorded a larger loss [Ameren Missouri Segment Results](index=2&type=section&id=2.1%20Ameren%20Missouri%20Segment%20Results) Ameren Missouri's second quarter 2025 earnings increased, primarily due to new electric service rates and infrastructure investments, despite lower electric retail sales influenced by weather and higher interest expense Ameren Missouri Earnings | Metric | Q2 2025 | Q2 2024 | | :------- | :------ | :------ | | Earnings | $150 million | $128 million | - The year-over-year increase reflected **new electric service rates** effective June 1, 2025, earnings on **increased infrastructure investments**, and lower operations and maintenance expenses[9](index=9&type=chunk) - These positive factors were partially offset by **lower electric retail sales**, primarily driven by near-normal temperatures in Q2 2025 compared to warmer-than-normal temperatures in the prior-year period, and **higher interest expense**[9](index=9&type=chunk) [Ameren Transmission Segment Results](index=3&type=section&id=2.2%20Ameren%20Transmission%20Segment%20Results) Ameren Transmission reported an increase in earnings for the second quarter of 2025 Ameren Transmission Earnings | Metric | Q2 2025 | Q2 2024 | | :------- | :------ | :------ | | Earnings | $86 million | $79 million | [Ameren Illinois Electric Distribution Segment Results](index=3&type=section&id=2.3%20Ameren%20Illinois%20Electric%20Distribution%20Segment%20Results) Ameren Illinois Electric Distribution experienced a slight increase in earnings for the second quarter of 2025 Ameren Illinois Electric Distribution Earnings | Metric | Q2 2025 | Q2 2024 | | :------- | :------ | :------ | | Earnings | $64 million | $61 million | [Ameren Illinois Natural Gas Segment Results](index=3&type=section&id=2.4%20Ameren%20Illinois%20Natural%20Gas%20Segment%20Results) Ameren Illinois Natural Gas reported an increase in earnings for the second quarter of 2025 Ameren Illinois Natural Gas Earnings | Metric | Q2 2025 | Q2 2024 | | :------- | :------ | :------ | | Earnings | $10 million | $6 million | [Ameren Parent Results](index=3&type=section&id=2.5%20Ameren%20Parent%20Results) Ameren Parent recorded a larger loss in the second quarter of 2025 compared to the prior year, primarily due to higher interest expense Ameren Parent Loss | Metric | Q2 2025 | Q2 2024 | | :------- | :------ | :------ | | Loss | $35 million | $16 million | - The year-over-year comparison reflected **higher interest expense**[13](index=13&type=chunk) [Company Information & Disclosures](index=3&type=section&id=3.%20Company%20Information%20%26%20Disclosures) This section details Ameren's analyst call, company profile, non-GAAP financial measures, and forward-looking statements [Analyst Conference Call](index=3&type=section&id=3.1%20Analyst%20Conference%20Call) Ameren will host a conference call on August 1, 2025, for financial analysts, investors, and the public to discuss 2025 earnings, guidance, and other matters, with a live webcast and presentation available online - Ameren will conduct a conference call for financial analysts at 9 a.m. Central Time on Friday, **August 1, 2025**[14](index=14&type=chunk) - The call will discuss 2025 earnings, earnings guidance, and other matters[14](index=14&type=chunk) - Investors, news media, and the public can listen to a live broadcast and access an accompanying slide presentation at AmerenInvestors.com[14](index=14&type=chunk) [About Ameren](index=3&type=section&id=3.2%20About%20Ameren) Ameren Corporation is a St. Louis-based utility company providing electric and natural gas services to millions of customers across a 64,000-square-mile area through its rate-regulated utility subsidiaries: Ameren Missouri, Ameren Illinois, and Ameren Transmission Company of Illinois - Ameren Corporation is based in St. Louis and serves **2.5 million electric customers** and **over 900,000 natural gas customers**[15](index=15&type=chunk) - Its service area covers **64,000 square miles** through its Ameren Missouri and Ameren Illinois rate-regulated utility subsidiaries[15](index=15&type=chunk) - Subsidiaries include Ameren Missouri (electric generation, transmission, distribution, natural gas distribution), Ameren Illinois (electric transmission and distribution, natural gas distribution), and Ameren Transmission Company of Illinois (regional electric transmission projects in MISO)[15](index=15&type=chunk) [Use of Non-GAAP Financial Measures](index=3&type=section&id=3.3%20Use%20of%20Non-GAAP%20Financial%20Measures) Ameren utilizes adjusted earnings and adjusted earnings per share as non-GAAP financial measures, which exclude significant discrete items not considered representative of ongoing earnings, such as prior year charges related to legal settlements and regulatory orders. These measures are used for internal financial planning, performance analysis, and communication with stakeholders - Ameren presents adjusted earnings and adjusted earnings per share as non-GAAP measures, which may not be comparable to those of other companies[16](index=16&type=chunk) - Adjusted earnings generally exclude income or loss from **significant discrete items** that management does not consider representative of ongoing earnings, such as **prior year charges for mitigation relief** related to the New Source Review (NSR) and Clean Air Act proceeding, and **customer refunds related to a FERC order** on MISO's allowed base return on equity (ROE)[16](index=16&type=chunk) - These non-GAAP measures are used internally for **financial planning and performance analysis**, and externally for **communicating earnings results and outlook** to analysts and investors, as they allow for more accurate comparison of ongoing performance across periods[17](index=17&type=chunk) [Forward-looking Statements](index=5&type=section&id=3.4%20Forward-looking%20Statements) The release contains forward-looking statements that are subject to various risks and uncertainties, which could cause actual results to differ materially from those discussed. These factors include regulatory, judicial, or legislative actions, economic and market conditions, operational risks, environmental policies, and geopolitical events - Statements not based on historical facts are considered '**forward-looking**' and involve **risks and uncertainties** that could cause actual results to differ materially[18](index=18&type=chunk) - Key risk factors include **regulatory, judicial, or legislative actions**; **ability to control costs and recover investments**; effects of **multi-year rate plans (MYRPs)**; **ability to construct/acquire renewable energy facilities**; **MISO long-range transmission planning**; **counterparty obligations**; **advancements in energy technologies**; **changes in federal, state, or local laws and policies** (e.g., OBBBA, IRA); **energy demand**; **fuel cost and availability**; **cyberattacks**; **economic, geopolitical, and capital market conditions**; **weather**; **construction, installation, performance, and cost recovery of assets**; **environmental laws**; **labor disputes**; **negative public opinion**; **legal proceedings**; **pandemics**; and **global conflicts**[18](index=18&type=chunk)[20](index=20&type=chunk) - The company cautions against undue reliance on these statements and undertakes **no obligation to update or revise them publicly**, except as required by federal securities laws[19](index=19&type=chunk) [Financial Statements](index=7&type=section&id=4.%20Financial%20Statements) Ameren's consolidated financial statements show increased revenues and net income, alongside growth in assets and operating cash flows for Q2 and YTD 2025 [Consolidated Statement of Income](index=7&type=section&id=4.1%20Consolidated%20Statement%20of%20Income) Ameren's consolidated statement of income shows increased total operating revenues and net income for both the three and six months ended June 30, 2025, compared to the prior year, primarily driven by higher electric revenues, though operating expenses also rose significantly due to fuel and purchased power costs Consolidated Income Statement Highlights (Millions of $) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :----------------------------------- | :------ | :------ | :------- | :------- | | Total Operating Revenues | $2,221 | $1,693 | $4,318 | $3,509 | | Operating Income | $411 | $361 | $841 | $732 | | Net Income Attributable to Ameren Common Shareholders | $275 | $258 | $564 | $519 | | Diluted EPS | $1.01 | $0.97 | $2.08 | $1.95 | - **Electric revenues significantly increased** from **$1,521 million** in Q2 2024 to **$2,038 million** in Q2 2025, and from **$2,885 million** in YTD 2024 to **$3,660 million** in YTD 2025[22](index=22&type=chunk) - **Fuel and purchased power expenses rose substantially** from **$327 million** in Q2 2024 to **$794 million** in Q2 2025, and from **$655 million** in YTD 2024 to **$1,296 million** in YTD 2025[22](index=22&type=chunk) [Consolidated Balance Sheet](index=8&type=section&id=4.2%20Consolidated%20Balance%20Sheet) As of June 30, 2025, Ameren's total assets increased to $46,625 million from $44,598 million at December 31, 2024, primarily driven by growth in property, plant, and equipment, and regulatory assets. Long-term debt also saw an increase Consolidated Balance Sheet Highlights (Millions of $) | Metric | June 30, 2025 | December 31, 2024 | | :----------------------------------- | :------------ | :---------------- | | Total Assets | $46,625 million | $44,598 million | | Property, Plant, and Equipment, Net | $37,816 million | $36,304 million | | Long-term Debt, Net | $18,811 million | $17,262 million | | Total Shareholders' Equity | $12,314 million | $12,114 million | - **Current assets increased** from **$2,264 million** at December 31, 2024, to **$2,474 million** at June 30, 2025, mainly due to higher accounts receivable and unbilled revenue[24](index=24&type=chunk) - **Current liabilities decreased** from **$3,413 million** to **$3,087 million**, largely due to a reduction in current maturities of long-term debt[24](index=24&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=9&type=section&id=4.3%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, Ameren saw an increase in net cash provided by operating activities, while net cash used in investing activities also increased due to higher capital expenditures. Net cash provided by financing activities slightly decreased Condensed Consolidated Cash Flows (Millions of $) | Metric | YTD 2025 | YTD 2024 | | :----------------------------------- | :------- | :------- | | Net cash provided by operating activities | $1,293 million | $1,049 million | | Net cash used in investing activities | $(2,111) million | $(1,932) million | | Net cash provided by financing activities | $884 million | $912 million | | Capital expenditures | $(2,130) million | $(1,892) million | | Cash, cash equivalents, and restricted cash at end of period | $394 million | $301 million | - **Operating activities benefited from higher net income and deferred income taxes**, partially offset by changes in other assets and liabilities[26](index=26&type=chunk) - **Financing activities included significant issuances of long-term debt ($1,599 million** in YTD 2025 vs **$1,470 million** in YTD 2024) and **dividends on common stock ($384 million** in YTD 2025 vs **$356 million** in YTD 2024)[26](index=26&type=chunk) [Operating Statistics](index=10&type=section&id=5.%20Operating%20Statistics) Operating statistics reveal decreased electric sales but increased electric revenues, alongside growth in gas sales and revenues, and a slight increase in common shares outstanding [Electric Sales and Revenues](index=10&type=section&id=5.1%20Electric%20Sales%20and%20Revenues) Total electric sales decreased for both the second quarter and year-to-date 2025, primarily due to lower Ameren Missouri off-system sales and Ameren Illinois industrial sales. Despite this, total electric revenues significantly increased, largely driven by a substantial rise in Ameren Missouri's off-system sales and capacity revenues Electric Sales and Revenues | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :----------------------------------- | :------ | :------ | :------- | :------- | | Total Electric Sales (million kWh) | 15,672 | 17,110 | 33,480 | 34,250 | | Total Electric Revenues (million $) | $2,038 | $1,521 | $3,660 | $2,885 | - **Ameren Missouri's off-system sales decreased** from **1,484 million kWh** in Q2 2024 to **662 million kWh** in Q2 2025, but **off-system sales and capacity revenues dramatically increased** from **$47 million** to **$471 million** in the same period[29](index=29&type=chunk) - **Ameren Illinois Electric Distribution's industrial sales decreased** from **2,712 million kWh** in Q2 2024 to **2,511 million kWh** in Q2 2025[29](index=29&type=chunk) [Gas Sales and Revenues](index=11&type=section&id=5.2%20Gas%20Sales%20and%20Revenues) Total gas sales and revenues increased for both the second quarter and year-to-date 2025, with Ameren Illinois Natural Gas contributing the majority of the growth Gas Sales and Revenues | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :----------------------------------- | :------ | :------ | :------- | :------- | | Total Gas Sales (million dekatherms) | 33 | 31 | 107 | 99 | | Total Gas Revenues (million $) | $183 | $172 | $658 | $624 | - **Ameren Illinois Natural Gas sales increased** from **28 million dekatherms** in Q2 2024 to **30 million dekatherms** in Q2 2025, and **revenues increased** from **$148 million** to **$158 million**[31](index=31&type=chunk) [Common Stock Information](index=11&type=section&id=5.3%20Common%20Stock%20Information) As of June 30, 2025, Ameren's common shares outstanding slightly increased, and the book value per share improved compared to December 31, 2024 Common Stock Details | Metric | June 30, 2025 | December 31, 2024 | | :----------------------------------- | :------------ | :---------------- | | Shares outstanding (in millions) | 270.4 | 269.9 | | Book value per share | $45.54 | $44.88 |

Core Points - Ameren Corporation reported a second quarter 2025 net income of $275 million, or $1.01 per diluted share, an increase from $258 million, or $0.97 per diluted share in the same quarter of 2024 [1][2][11] - The earnings growth was driven by increased infrastructure investments, new electric service rates in Ameren Missouri, and disciplined cost management, although it faced challenges from higher interest expenses and lower retail sales due to near-normal temperatures [2][3][7] Financial Performance - For the six months ended June 30, 2025, Ameren's net income attributable to common shareholders was $564 million, or $2.08 per diluted share, compared to $519 million, or $1.95 per diluted share for the same period in 2024 [3][18] - The adjusted net income for the first half of 2024 was $530 million, or $1.99 per diluted share, indicating a year-over-year increase in earnings [3][4] Segment Results - Ameren Missouri's second quarter 2025 earnings were $150 million, up from $128 million in the second quarter of 2024, attributed to new electric service rates and increased infrastructure investments [7] - Ameren Transmission segment earnings rose to $86 million in Q2 2025 from $79 million in Q2 2024, while Ameren Illinois Electric Distribution segment earnings increased to $64 million from $61 million [8] - The Ameren Parent segment reported a loss of $35 million in Q2 2025, compared to a loss of $16 million in Q2 2024, primarily due to higher interest expenses [9] Earnings Guidance - The company reaffirmed its 2025 earnings per share guidance range of $4.85 to $5.05, indicating strong year-to-date performance and positioning to deliver earnings in the top half of this range [6][11] Operating Statistics - Total operating revenues for the second quarter of 2025 were $2.221 billion, compared to $1.693 billion in Q2 2024, reflecting a significant increase [18] - Electric sales in Ameren Missouri decreased to 7,873 million kilowatt-hours in Q2 2025 from 8,925 million kilowatt-hours in Q2 2024, while Ameren Illinois Electric Distribution sales also saw a decline [22]

Key Takeaways Ameren Corporation (AEE) is scheduled to release its second-quarter 2025 results on July 31, after market close. The company delivered a negative earnings surprise of 0.93% in the last reported quarter. AEE also holds a four-quarter average negative earnings surprise of 0.31%. Let's discuss the factors that are likely to be reflected in the upcoming quarterly results. Factors to Consider Ahead of AEE's Q2 Results Ameren Corporation's service territories witnessed an above-normal temperature pa ...