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Ameren (AEE) investor relations material

Ameren Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary1 Aug, 2025

Executive summary

  • Over $2 billion invested in infrastructure year-to-date, supporting strong operational and financial performance, with electric rates below national and Midwest averages.

  • Q2 2025 diluted EPS was $1.01, up from $0.97 in 2024; net income rose to $275 million from $258 million year-over-year.

  • Growth driven by infrastructure investments, new Missouri electric rates, and disciplined cost management, partially offset by higher interest expense and lower retail sales due to milder weather.

  • Robust data center load pipeline with 2.3 GW of signed construction agreements expected to drive 5.5% annual sales growth from 2025–2029.

  • Strong long-term outlook with 6%–8% compound annual EPS growth and 9.2% compound annual rate base growth expected from 2025–2029.

Financial highlights

  • Q2 2025 EPS (diluted) was $1.01, up from $0.97 YoY; H1 2025 EPS was $2.08, up from $1.95 YoY.

  • Q2 2025 operating revenues were $2.22B, up from $1.69B in Q2 2024; H1 2025 revenues were $3.66B, up 27% YoY.

  • Q2 2025 net income was $275M, up $17M YoY; H1 2025 net income was $564M, up $45M YoY.

  • Cash provided by operating activities for H1 2025 was $1.29B, up $244M YoY.

  • Book value per share rose to $45.54 at June 30, 2025, from $44.88 at year-end 2024.

Outlook and guidance

  • 2025 diluted EPS guidance range reaffirmed at $4.85 to $5.05 per share, with expectations for 6%–8% EPS CAGR from 2025–2029.

  • Company expects to deliver 2025 earnings in the top half of the guidance range, assuming normal temperatures.

  • Anticipates 5.5% compound annual sales growth in Missouri from 2025–2029, primarily from data center demand.

  • Capital expenditures of up to $27.4B planned from 2025–2029, focused on grid modernization, renewables, and transmission.

  • $63+ billion in regulated infrastructure investments anticipated from 2025–2034.

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Frequently asked questions

An Energy Holding Company

Ameren is an American electrical and power company headquartered in St. Louis, Missouri, and listed on the NYSE. It is a holding company for several smaller power and energy businesses, and it primarily serves customers in its home state as well as parts of Illinois. Aside from supplying electricity and natural gas to customers, it also owns and oversees a large dam in Missouri.

Founded Through a Series of Mergers

The modern form of the company was formed by a series of mergers of smaller energy and utility companies in Missouri and Illinois. Even if the company was formed in 1997, the roots and history of its subsidiaries trace much further back than that. The two major constituent parts of Amaren (now going under different names), Union Electric and the Central Illinois Public Service Company were both formed in 1902. Both companies supplied their customers with hydrogenated electricity, as well as natural gas.

Supplying Energy

Amaren is the holding company for several different smaller subsidiaries, all working within energy and energy transmission. As previously mentioned, it supplies well over two million customers with both electricity and natural gas, including private households and businesses of various sizes. The company sources its electricity through a variety of different means, including generation from nuclear power plants and hydro-generators. The company is, unsurprisingly, one of the major suppliers of electricity and natural gas in Missouri and supplies over half of the St. Louis metropolitan area with energy.

Being publicly traded is nothing unique for electricity companies. Some other examples besides Amaren are Nextera, Engie, and Duke Energy.

The Bagnell Dam

The Missouri Subsidiary owns and operates the Bagnell Dam, located on the Osage river. The dam creates the Lake of the Ozarks, and the company is responsible for ensuring that the water levels of said lake are safe, consistent, and in line with the regulations in place. The dam was first built in 1931 and still generates hydroelectric power for Ameren.

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