Ameren (AEE) Q1 2025 earnings summary

Executive summary

• Q1 2025 diluted EPS was $1.07, up from $1.02 (adjusted) and $0.98 (GAAP) in Q1 2024, driven by infrastructure investments and higher Missouri retail sales due to colder weather.

• Net income attributable to common shareholders rose to $289 million from $261 million year-over-year.

• 2025 diluted EPS guidance reaffirmed at $4.85–$5.05, with expectations to deliver at or above the midpoint.

• Strategic investments in grid reliability, renewables, gas generation, and battery storage are underway to support rising demand, especially from data centers.

• Missouri Senate Bill 4 enacted, expanding and extending PISA, streamlining resource planning, and supporting new generation investment.

Financial highlights

• Q1 2025 adjusted diluted EPS was $1.07, up from $1.02 in Q1 2024; GAAP EPS for Q1 2024 was $0.98.

• Operating revenues rose to $2.097 billion from $1.816 billion year-over-year.

• Missouri's weather-normalized retail sales rose ~3% year-over-year for the trailing 12 months.

• New Missouri electric rates effective June 1, 2025, following a $355 million annual revenue increase settlement.

• Over $1 billion in capital invested in Q1 2025 across electric, natural gas, and transmission infrastructure.

Outlook and guidance

• 2025 EPS guidance reaffirmed at $4.85–$5.05, assuming normal weather post-March 2025.

• Five-year EPS CAGR expected at 6–8% from 2025–2029, driven by 9.2% compound annual rate base growth.

• Missouri sales growth projected at 5.5% CAGR through 2029, primarily from data center demand.

• Robust $63 billion decade-long investment pipeline and $26 billion five-year capital plan.

• Ameren plans to issue about $600 million in equity annually through 2029, including ATM program settlements.