Ameren Corporation published the transcript of its fourth-quarter 2025 earnings call. The call was led by Chairman, President and CEO Martin Lyons and Executive Vice President and CFO Leonard Singh, alongside Ameren Utilities President Michael Moehn and Senior Director of Investor Relations and Corporate Modeling Andrew Kirk, with analysts from Jefferies, Wells Fargo, JPMorgan, UBS, Goldman Sachs and KeyBanc participating in the Q&A. Management highlighted 2025 adjusted earnings of $5.03 per share, up 8.6% from 2024, and reaffirmed 2026 EPS guidance of $5.25 to $5.45. Lyons also announced that Ameren Missouri signed 2.2 gigawatts of large-load electric service agreements (ESAs), calling it “an exciting development,” while emphasizing the company’s baseline plan still assumes 1.2 gigawatts of new load by 2030 and that the ESAs represent potential upside. “These agreements are an important milestone,” Lyons said, adding that additional project steps remain, including “project announcements, groundbreakings, [and] the construction of those data centers.” Ameren introduced 6% to 8% EPS compound annual growth guidance for 2026–2030 and outlined a larger five-year capital plan of $31.8 billion (2026–2030), intended to drive 10.6% rate base CAGR, supported by grid upgrades, new generation in Missouri, and transmission investment. “We expect to grow our rate base at a 10.6% compound annual rate from 2025 through 2030,” Lyons said. Singh said the company expects to issue about $4 billion of equity from 2026 through 2030 and about $2.85 billion of debt in 2026, while targeting O&M growth below inflation. The call also covered generation and reliability initiatives, including progress on a 5.3 GW resource build-out through 2030 and Missouri regulatory approval for the 800 MW Big Hollow natural gas energy center plus 400 MW of battery storage, targeted for 2028. On customer protections tied to data center growth, Lyons said the goal is for large-load customers “to pay for the cost to connect them to the system and…their fair share for the cost to serve them,” and he added Ameren is “certainly hopeful that over time…there would actually be benefits for the remainder of our customers.” The full transcript can be accessed through the link below.

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