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Ameren Corporation

Q2 FY26Multi-Utilities

Ameren Corporation Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹109

Market cap₹30.1K Cr

P/E20.0

Updated29 May 2026

Read4 min read

What the Q2 FY26 call signalled

5 of 5 strong

RevenueGood growth

MarginMargins up

CapexCapex planned

FundraiseFundraise planned

Order bookOrder book rising

The short version

- Sales growth is driven primarily by large load customers, especially hyperscale data centers, with 2.2 gigawatts of signed energy services agreements (ESAs) providing upside beyond the base assumption. - Ameren expects strong earnings growth with 2026 EPS guidance reaffirmed at $5.25 to $5.45.

From Ameren Corporation's Q2 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Good growth

Sales growth is driven primarily by large load customers, especially hyperscale data centers, with 2.2 gigawatts of signed energy services agreements (ESAs) providing upside beyond the base assumption.
Current plans assume about 1.2 gigawatts of load growth by 2030, representing a 6.2% compound annual growth rate (CAGR) in Missouri.
Generation plans accommodate additional sales growth beyond that, with up to 2 gigawatts of sales by 2032 and 3.5 gigawatts by 2040.
There is optimism about converting 1.2 gigawatts of remaining construction agreements into ESAs soon, further increasing sales.

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Profitability & Margins

Ameren expects strong earnings growth with 2026 EPS guidance reaffirmed at $5.25 to $5.45.
First quarter 2026 EPS was $1.28, up from $1.07 in Q1 2025, driven by increased infrastructure investments.
Anticipated consistent 6% to 8% compound annual earnings growth from 2026 through 2030.
Growth primarily supported by 10.6% compound annual rate base growth reflecting strategic capital allocation.
Upside potential exists from faster ramp of sales in energy service agreements (ESAs), particularly the 2.2 GW signed in Missouri.

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Capital Expenditure Plans

Capex planned

Ameren has a $32 billion capital plan for the next 5 years, with generation spend expected to be additive to this overall plan.
Investments include more than 5 gigawatts of new energy and capacity resources planned by 2030 (solar, wind, gas-fired combined cycle and simple cycle plants, and battery storage).
Two 800 MW simple cycle natural gas energy centers (Castle Bluff and Big Hollow) under construction, with Big Hollow including 400 MW battery storage.
Significant investment in transmission infrastructure, including competitive projects in the MISO region, with potential upside from large load growth and generator interconnections.
Ongoing investments to enhance grid reliability and resiliency, including tree trimming and infrastructure modernization.

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Fundraising & Capital Structure

Ameren successfully completed planned debt issuances at Ameren Missouri and Ameren Parent in Q1 2026.
They continue to progress with expected equity issuances of approximately $4 billion from 2026 through 2030.
To satisfy 2026 equity needs, about $600 million of equity was sold forward last May (approx. 6.4 million shares), expected to issue near end of 2026.
In 2026 so far, another $600 million of common stock has been sold forward under the at-the-market program.
Ameren intends to be thoughtful in executing its equity plan going forward.

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Order Book & Pipeline

Order book rising

Ameren has 3.4 gigawatts of construction agreements, with 2.2 gigawatts under executed Energy Service Agreements (ESAs) and sites secured; construction expected to start soon, with some sales ramping in the current 5-year period.
An additional 1.2 gigawatts of construction agreements exist, with potential to convert more into ESAs in the near term.
Filed or expected to file CCNs for approximately 3 gigawatts of new generation, including the 2.1 GW West Alton combined cycle plant slated for 2031.
Robust investments planned across electric, natural gas, and transmission infrastructure, with a capital pipeline exceeding $70 billion through 2035.

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Frequently Asked Questions

What were Ameren Corporation Q2 FY26 results?

- Sales growth is driven primarily by large load customers, especially hyperscale data centers, with 2.2 gigawatts of signed energy services agreements (ESAs) providing upside beyond the base assumption. - Ameren expects strong earnings growth with 2026 EPS guidance reaffirmed at $5.25 to $5.45.

What is Ameren Corporation share price analysis?

Ameren Corporation currently shows a moderate growth signal based on ranking data. The stock trades at a P/E of 20.0 with a market cap of $30,147. Investors should review the full earnings analysis for detailed insights.

Is Ameren Corporation planning capital expenditure?

- Ameren has a $32 billion capital plan for the next 5 years, with generation spend expected to be additive to this overall plan.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.