Ameren Corp.

Q2-26 results & guidance reaffirmed (key forecast): Earnings were $1.13/share in 2Q26 vs $1.10/share in 2Q25 (YOY +$0.03). The company reaffirmed full-year 2026 EPS guidance of $5.25–$5.45, emphasizing results through June are “right where we expect them to be.” Management is targeting 2026 EPS at or above the midpoint of guidance. - Why YOY up: earnings benefits from infrastructure investments, partially offset by higher tree trimming and energy center maintenance costs (reliability/resiliency spend).

Massive infrastructure investment cadence supporting reliability & growth (good + critical enabler): Ameren invested >$2.6B in energy infrastructure in the first 6 months of 2026. Management highlighted that these investments have reduced outage frequency and duration during multiple instances of severe weather in 2Q. Strategically, they still target top-quartile reliability and continued customer value while keeping rates comparatively low.

Large-load/data center pipeline momentum (big opportunity, but timing matters): - Energy Service Agreements (ESAs): Ameren said it has signed 2.8 GW of ESAs in Missouri; earlier this year it also referenced ~600 MW of additional ESA signings shortly after the last call, bringing the signed total to 2.8 GW. - Upside beyond signed: there are ~4 GW of additional projects with completed interconnection studies, plus ~600 MW of construction agreements not yet converted to ESAs—indicating further upside if conversion/timelines progress. - Timing milestone mentioned: Google and Amazon announced Missouri projects in 2Q, with groundbreaking/early construction beginning, which management expects to translate into sales increases in the next few years. - Related planning assumption (forecast): prior long-term planning assumed 1.2 GW of additional sales by end of 2030 (about 6.2% CAGR from 2026–2030). Management frames the signed ESAs as upside if load ramps faster than planning assumptions.