Ameren Corp.

Earnings beat + reaffirmed guidance (good momentum) - Q1 2026 EPS: $1.28 vs $1.07 in Q1 2025 (+$0.21 YoY). - Drivers: higher infrastructure investment across operating segments supporting long-term benefits; partial offset from warmer winter in Ameren Missouri (see below). - Full-year outlook: reaffirmed 2026 EPS guidance of $5.25–$5.45 (expects continued disciplined execution).

CapEx/infrastructure is the core engine for reliability + growth (major investment theme) - > $1.5B infrastructure investments in Q1 2026 to maintain/improve service quality and reduce outages during severe weather. - Reliability outcomes cited: - Winter storm Fern (January): strong performance from Ameren’s generation fleet. - Ameren Missouri (March): avoided 4.3 million outage minutes for ~20,000 customers. - Late April storms: automation avoided 43,000 outages and 12 million outage minutes each over two days (customer impact reduced by ~half overall). - Also advancing generation availability/peak capacity (e.g., Audrain Energy Center adds up to 700 MW on the coldest days; Labadie boiler enhancements to reduce outage frequency/length).

Large-load / data center expansion: progress on ESAs, but ramp timing is the swing factor (opportunity + risk) - Missouri: 3.4 GW of construction agreements; 2.2 GW converted to ESAs (signed in February). - Management expects public announcements / groundbreakings and construction to begin in Q2 for the ESA cohort. - Remaining 1.2 GW in construction agreements: optimistic about additional ESA conversions in the near term. - Illinois: 850 MW of construction agreements. - Broader pipeline: management referenced “several gigawatts” in each state at engineering-study maturity beyond announced/construction-stage deals. - Upside mechanism: if data center ramp/sales grow faster than the plan assumption (plan built around ~1.2 GW by 2030, mentioned as ~6.2% sales CAGR), it can create upside in sales/earnings and require generation acceleration.