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Ameren Corporation (NYSE:AEE) reported second-quarter 2025 adjusted diluted earnings per share of $1.01, up from $0.97 in the same period last year, according to the company’s earnings presentation released on August 1, 2025. The utility reaffirmed its full-year 2025 EPS guidance range of $4.85 to $5.05 and maintained its long-term growth outlook.
Quarterly Performance Highlights
Ameren’s second-quarter results were primarily driven by new electric service rates that became effective on June 1, increased infrastructure investments, and lower operations and maintenance expenses. These positive factors were partially offset by lower electric retail sales due to milder weather and higher interest expenses.
"We’re successfully executing our strategic plan in 2025, with over $2 billion of capital invested year-to-date in electric, natural gas, and transmission infrastructure to benefit our customers and communities," said Marty Lyons, Chairman, President, and CEO of Ameren Corp .
The company’s year-to-date capital expenditures reached $2.12 billion through June 30, 2025, representing a 13% increase from the $1.88 billion invested during the same period in 2024. Ameren Missouri accounted for the largest portion of these investments at $1.33 billion.
As shown in the following chart of capital expenditures through June 30:
For the first six months of 2025, Ameren reported adjusted diluted EPS of $2.08, compared to $1.99 for the same period in 2024. This improvement was driven by increased infrastructure investments eligible for Plant-In-Service-Accounting (PISA), new electric service rates, and higher electric retail sales.
The following chart illustrates the quarterly and year-to-date EPS performance:
Strategic Growth Initiatives
A significant focus of Ameren’s growth strategy centers on data center expansion, particularly in Missouri. The company highlighted a robust data center load pipeline with approximately 2.3 gigawatts of signed construction agreements. This growth is expected to drive a compound annual growth rate (CAGR) in sales of approximately 5.5% from 2025 to 2029.
To support this anticipated demand growth, Ameren Missouri is advancing several new generation projects, including solar facilities, simple-cycle gas turbines, and battery energy storage systems. The company has also filed for Missouri Public Service Commission approval of a proposed rate structure specifically designed for large load customers requesting 100+ MW of capacity.
Ameren’s long-term investment plan includes over $63 billion in regulated infrastructure opportunities from 2025 to 2034. For the 2025-2029 period, the company plans to invest $26.3 billion across its business segments, with Ameren Missouri receiving the largest allocation at $16.8 billion.
The following chart details the five-year investment plan by business segment:
Long-term Outlook
Ameren projects a compound annual EPS growth rate of 6% to 8% from 2025 to 2029, supported by an expected rate base CAGR of approximately 9.2% from 2024 to 2029. The company’s rate base is projected to grow from $27.0 billion in 2024 to $41.9 billion by 2029.
Ameren Missouri is expected to lead this growth with a rate base CAGR of 11.3%, while Ameren Illinois Natural Gas and Ameren Illinois Electric Distribution are projected to grow at 4.6% and 4.3%, respectively. The company also anticipates future dividend growth in line with long-term EPS growth expectations, targeting a payout ratio between 55% and 65% of annual EPS.
The following chart illustrates the projected rate base growth across Ameren’s business segments:
"We remain on track to deliver strong long-term earnings growth supported by our robust investment pipeline," said Michael Moehn, Senior Executive Vice President and Chief Financial Officer. "Our focus on rate-regulated investments provides a clear path to sustainable growth while maintaining our commitment to safe, reliable, and cleaner energy."
Regulatory Environment
Recent regulatory and legislative developments have strengthened Ameren’s growth outlook. In April 2025, Missouri enacted Senate Bill 4, a comprehensive energy bill that extends the Plant-In-Service-Accounting mechanism through December 31, 2035. This legislation also includes modifications to integrated resource planning and introduces a future test year for natural gas utilities.
At the federal level, the "One Big Beautiful Bill Act" was enacted in July, retaining production tax credits (PTCs), investment tax credits (ITCs), and transferability provisions for solar, wind, and battery storage projects. Ameren expects $1.5 billion of tax credit sales and transfers in its 2025-2029 plan, which will provide savings for customers.
In Illinois, Ameren has updated its request for a $60 million reconciliation adjustment to the 2024 revenue requirement for electric distribution and is seeking a $135 million annual base rate increase for natural gas distribution. New rates for the natural gas business are expected to be effective in December 2025.
Financial Strategy and Outlook
Ameren’s financing plan for 2025-2029 includes equity issuances of approximately $600 million per year, with debt financing complementing these equity raises. The company maintains strong credit ratings, with S&P ratings of BBB+ for Ameren Corporation and A- for Ameren Missouri and Ameren Transmission Company of Illinois.
For the remainder of 2025, Ameren highlighted several considerations that could impact its financial performance, including the timing and impacts of Missouri electric and Illinois gas rate reviews, weather impacts on electric sales, and the timing of income tax items.
The following summary slide captures the key elements of Ameren’s strategy and outlook:
Ameren’s stock closed at $101.13 on July 31, 2025, and was trading up 0.5% at $101.64 in pre-market trading on August 1, following the earnings release. The stock has traded between $78.91 and $104.10 over the past 52 weeks.
With its strong quarterly performance, significant growth opportunities driven by data center expansion, and robust long-term investment plan, Ameren appears well-positioned to deliver on its financial targets while maintaining its commitment to providing safe, reliable, and increasingly cleaner energy to its customers.
Full presentation:
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