Ameren (AEE) Q1 2026 earnings summary

Executive summary

• Q1 2026 net income attributable to common shareholders rose to $357 million ($1.28 per diluted share), up from $289 million ($1.07 per diluted share) in Q1 2025, driven by increased infrastructure investments and higher base rates, partially offset by lower Missouri electric retail sales due to warmer winter and higher interest expense.

• Strategic focus remains on regulated infrastructure investment, disciplined cost management, and capital allocation, with $1.6 billion invested in Q1 2026.

• Robust customer growth opportunities with 2.2 GW of executed ESAs in Missouri and a 6.2% sales CAGR expected for 2026-2030.

• Reaffirmed 2026 EPS growth guidance of $5.25-$5.45, reflecting solid execution and progress toward strategic objectives.

Financial highlights

• Q1 2026 diluted EPS increased by $0.21 year-over-year to $1.28, with key drivers including higher infrastructure investments and rate increases.

• Operating revenues increased to $2.18 billion in Q1 2026 from $2.10 billion in Q1 2025.

• Operating income rose to $532 million from $430 million year-over-year.

• Over $40 million in energy assistance and weatherization resources connected to customers in Q1.

• Capital expenditures for Q1 2026 totaled $1.57 billion, up from $1.09 billion in Q1 2025.

Outlook and guidance

• 2026 EPS guidance range reaffirmed at $5.25-$5.45, with long-term EPS CAGR expected at 6%-8% from 2026-2030, driven by 10.6% compound annual rate base growth.

• Dividend payout ratio projected between 50% and 60% of annual EPS, with a 13th consecutive annual dividend increase in 2026.

• Significant capital expenditures planned through 2030, with up to $33.1 billion expected and a $70+ billion pipeline through 2035.

• Sales growth assumptions may be updated as new large load customer ramp-up timing becomes clearer.

• Guidance subject to regulatory, market, operational, and weather-related risks.