Q1 2025 Ameren Corp Earnings Call

Operator: Greetings and welcome to Ameren Corporation first quarter 2025 earnings conference. At this time, all participants are on a listen. The question-and-answer session will follow. If anyone should require operator assistance, please press star zero on the I would now like to turn the conference over to your host.

Greetings and welcome to the Ameren Corporation first quarter 2025 earnings Conference call. At this time all participants are in a listen only mode. A question and answer session will follow the formal presentation.

Anyone should require operator assistance. Please press star zero on your telephone keypad.

I would now like to turn the conference over to your host.

Andrew Kirk: Andrew Kirk, Director of Investor Relations and Corporate Modeling for Ameren Corp. Thank you, Mr. Kirk. Thank you and good morning. On the call with me today are Marty Lyons, our chairman, president and chief executive officer, and Michael Moehn, our senior executive vice president and chief financial officer, as well as other members of the Ameren management team.

Speaker Change: Andrew Kirk director of Investor Relations and corporate modeling for Ameren Corporation. Thank you Mr. Kirk you may begin.

Speaker Change: Thank you and good morning on the call with me today are Marty Lyons, our chairman, President and Chief Executive Officer, and Michael <unk>, Our senior Executive Vice President and Chief Financial Officer, as well as other members of the Ameren management team. This call contains time sensitive data that is accurate only as of the date of today's <unk>.

Andrew Kirk: This call contains time-sensitive data that is accurate only as of the date of today's live broadcast, and redistribution of this broadcast is prohibited. We have posted a presentation on the AmerenInvestors.com homepage that will be referenced by our speakers. As noted on page two of the presentation, comments made during this conference call may contain statements about future expectations, plans, projections, financial performance, and similar matters, which are commonly referred to as forward-looking statements. Please refer to the forward-looking statement section in the news release we issued yesterday, as well as our SEC filings, for more information about the various factors that could cause actual results to differ materially from those anticipated.

Speaker Change: Broadcast and redistribution of this broadcast is prohibited.

Speaker Change: Posted a presentation on the Ameren investors dot com homepage that will be referenced by our speakers as noted on page two of the presentation comments made during this conference call may contain statements about future expectations plans projections financial performance and similar matters, which are commonly referred to as forward looking statements.

Speaker Change: Please refer to the forward looking statements section in the news release, we issued yesterday as well as our SEC filings for more information about the various factors that could cause actual results to differ materially from those anticipated Here's martie, who will start on page four.

Andrew Kirk: Now, here's Marty, who will start on page four. Thanks, Andrew.

Martin Lyons: Good morning, everyone. I will begin on page four. At Ameren, we remain steadfastly committed to our strategic plan, which continues to drive value for our customers, communities and shareholders. Our focus is clear. Deliver reliable, affordable energy while making prudent investments in energy infrastructure. In the first quarter of 2025, we made great strides. Key energy infrastructure investments are enhancing the reliability and resiliency of the system for our 2.5 million electric customers and more than 900,000 natural gas customers across our service territory, ensuring they have the energy they need when they need it and facilitating economic growth in the communities we serve.

Martie: Thanks, Andrew Good morning, everyone I'll begin on page four.

Martie: At Ameren, we remain steadfastly committed to our strategic plan, which continues to drive value for our customers communities and shareholders.

Martie: Our focus is clear deliver reliable affordable energy, while making prudent investments in energy infrastructure.

Martie: In the first quarter of 2025, we made great strides.

Martie: Key energy infrastructure investments are enhancing the reliability and resiliency of the system for our $2 5 million electric customers in more than 900000 natural gas customers across our service territory, ensuring they have the energy they need when they need it and facilitating economic growth in the communities we serve.

Martin Lyons: Today, we'll provide an update on first quarter performance and how execution of our strategic objectives outlined on this slide are translating into tangible benefits for customers, communities, and shareholders.

Martie: Today, we will provide an update on first quarter performance and how execution of our strategic objectives outlined on this slide are translating into tangible benefits for customers communities and shareholders. Let's get started with details on our financial progress this quarter, which I will cover on page five.

Martin Lyons: Let's get started with details on our financial progress this quarter, which I will cover on page five. Yesterday, we announced first quarter 2025 earnings of $1.07 per share compared to adjusted earnings of $1.02 per share in the first quarter of 2024. The key drivers of these results are outlined on this slide. We continue to expect 2025 diluted earnings per share to be in the range of $4.85 per share and $5.05 per share.

Martie: Yesterday, we announced first quarter 2025 earnings of $1 <unk> per share compared to adjusted earnings of $1 <unk> per share in the first quarter of 2024.

Martie: The key drivers of these results are outlined on this slide.

Martie: We continue to expect 2025 diluted earnings per share to be in the range of $4 85 per share and $5 <unk> per share.

Martin Lyons: Moving to page six. On our call in February, I highlighted some of our top priorities for 2025, as we invest strategically to benefit customers, enhance regulatory frameworks and optimize business processing. The Ameren team's efforts during the first quarter have already begun to yield positive results, as you can see on page 7. Starting off, ongoing investments continue to improve the reliability, resiliency, safety, and efficiency of service for customers while facilitating and contributing to economic growth.

Martie: Moving to page six.

Martie: On our call in February I highlighted some of our top priorities for 2025, as we invest strategically to benefit customers enhanced regulatory frameworks and optimize business processes.

Martie: The ameren team's efforts during the first quarter have already begun to yield positive results as you can see on page seven.

Martie: Starting off ongoing investments continue to improve the reliability resiliency safety and efficiency of service for customers, while facilitating and contributed an economic growth.

Martin Lyons: And as we look ahead, more will be required. In February, we filed our analysis with the Missouri Public Service Commission, or MOPSC, supporting a change to Ameren, Missouri's preferred resource plan, which calls for significant investments in dispatchable natural gas and renewable generation resources, as well as battery storage, to ensure reliable service for our customers over the next decade. Enabling such investments requires collaborative efforts among key stakeholders, and we believe regulatory and legislative results this year in Missouri demonstrate a commitment to fostering a constructive environment for investment, which will allow Ameren, Missouri to continue to attract capital on favorable terms in order to facilitate economic growth in the state.

Martie: And as we look ahead more will be required.

Martie: In February we filed our analysis with the Missouri Public Service Commission or PSC supporting a change to Ameren, Missouri preferred resource plan, which calls for significant investments in dispatch, both natural gas and renewable generation resources as well as battery storage to ensure reliable service for our customers over the next.

Martie: Okay.

Martie: Enabling such investments requires collaborative efforts among key stakeholders, and we believe regulatory and legislative results. This year in Missouri demonstrate our commitment to fostering a constructive environment for investment, which will allow ameren, Missouri to continue to attract capital on favorable terms in order to facilitate ease.

Martie: <unk> growth in the state.

Martin Lyons: In April, the Missouri Commission approved a constructive settlement in our Electric Rate Review that supports necessary grid reliability investments while also maintaining customer rates that are well below national and Midwest averages. And in April, the Missouri General Assembly and Governor enacted comprehensive energy legislation signaling that investment in the state's utility infrastructure is valued and paving the way for significant economic development within our communities and for their job creation.

Martie: In April the Missouri Commission approved a constructive settlement in our electric rate review that supports necessary grid reliability investments, while also maintaining customer rates that are well below national and Midwest averages and in April the Missouri General Assembly and Governor enacted comprehensive energy legislation.

Martie: Signaling that investment in the state's utility infrastructure is valued and paving the way for significant economic development within our communities and further job creation.

Martin Lyons: We're excited about the prospects for growth in Missouri and remain committed to creating lasting value for our customers, communities, and shareholders through our strategic investment.

Martie: We're excited about the prospects for growth in Missouri, and remain committed to creating lasting value for our customers communities and shareholders through our strategic investments.

Martin Lyons: Before moving on, I'd like to express my sincere appreciation to our Ameren team members who work safely and efficiently to reliably serve our customers, especially in extreme weather conditions like the cold, wintry conditions we experienced in January and the wet, windy and tornadic conditions we experienced in March. And it's worth noting that the grid hardening investments we have made in recent years performed exceptionally well considering the severity of the storm. So far in 2025, we have prevented more than 114,000 customer outages through smart switching during major storms, equivalent to more than 30 million outage minutes avoided.

Martie: Before moving on I'd like to express my sincere appreciation to our Ameren team members, who work safely and efficiently to reliably serve our customers, especially in extreme weather conditions like the cold wintery conditions, we experienced in January and the wet windy and tornadic conditions, we experienced in March.

Martie: And it's worth noting that the grid hardening investments we have made in recent years performed exceptionally well considering the severity of the storms.

Martie: So far in 2025, we have prevented more than 114000 customer outages through smart switching during major storms equivalent to more than $30 million outage minutes avoided.

Martin Lyons: For context, this means that our investments in smart technology have prevented more customer outages this quarter alone than in any full year since we began tracking these statistics in 2021. We continue to focus on optimizing our operations to deliver safe, reliable, resilient, and affordable energy to our customers.

Martie: For context. This means that our investments in smart technology have prevented more customer outages this quarter alone than in any full year. Since we began tracking these statistics in 2021.

Martie: We continue to focus on optimizing our operations to deliver safe reliable resilient and affordable energy to our customers.

Martin Lyons: Now, moving to page eight, where we provide more in terms of a Missouri legislative update. In April, the governor signed Senate Bill 4, a wide-ranging energy bill into law. This bill includes multiple provisions that will support our ability to continue to meet the needs of our customers and maintain the state as an affordable and attractive place to do business. Some of the key provisions of Senate Bill 4 include expansion and extension of plant and service accounting, or PISA, a modified integrated resource planning, or IRP process, which accelerates generation project review and requires a Missouri Public Service Commission decision.

Martie: Now moving to page eight where we provide more in terms of the Missouri Legislative update.

In April the Governor signed Senate Bill four a wide ranging energy bill into law. This.

Martie: This bill includes multiple provisions that will support our ability to continue to meet the needs of our customers and maintain the state as an affordable and attractive place to do business.

Martie: Some of the key provisions of Senate Bill four include expansion and extension of plant in service accounting or pizza.

Martie: A modified integrated resource planning or IRB process, which accelerates generation project review and requires the Missouri Public Service Commission decision.

Martin Lyons: Authority for the Commission to Grant Construction Work in Progress for Qualifying Generation Investments and Authority for the Commission to Approve Use of a Forward Test Year for our Missouri Natural Gas Business.

Martie: Authority for the commission to grant construction work in progress for qualifying generation investments and authority for the commission to approve use of a forward test year for our Missouri natural gas business.

Martin Lyons: By extending PESA for another seven years through 2035 and expanding PESA to include new natural gas generation, our regulatory framework will continue to support investment in reliable energy for years to come, better positioning Ameren, Missouri to meet the future needs of our customers and communities. Importantly, PISA's extension and expansion and the modified IRP process are expected to help key stakeholders align more quickly on generation needs and provide more certainty around future investment plans, enhancing our speed to deploy new resources for customers and communities.

Martie: By extending pizza for another seven years through 2035, and expanding pizza to include new natural gas generation, our regulatory framework will continue to support investment in reliable energy for years to come better positioning Ameren, Missouri to meet the future needs of our customers and communities.

Martie: Importantly pieces extension and expansion and the modified IRB process are expected to help key stakeholders aligned more quickly on generation needs and provide more certainty around future investment plans enhancing our speed to deploy new resources for customers and communities.

Martin Lyons: Turning to page nine for an update on the economic development opportunity. Our team is focused on doing all we can, from an energy perspective, to facilitate growth in our communities. We serve a diverse regional economy that spans multiple sectors, including manufacturing, aviation and defense, food and beverage, and biotechnology, among others. In the first quarter, we successfully supported nearly a dozen projects, which will bring over $700 million of capital investment from these businesses and over 1,000 jobs across both states. In Missouri, we continue to expect approximately 5.5% compound annual sales growth from 2025 through 2029, primarily driven by increasing data center demand.

Martie: Turning to page nine for an update on the economic development opportunities.

Martie: Our team is focused on doing all we can from an energy perspective to facilitate growth in our communities.

We serve a diverse regional economy that spans multiple sectors, including manufacturing aviation and defense food and beverage and biotechnology among others.

Martie: In the first quarter, we successfully supported nearly a dozen projects, which will bring over $700 million of capital investment from these businesses.

Martie: And over a 1000 jobs across both states.

Martie: In Missouri, we continue to expect approximately five 5% compound annual sales growth from 2025 through 2029, primarily driven by increasing data center demand.

Martin Lyons: Further supporting our growth opportunities, we now have signed construction agreements with data center developers representing a total of approximately 2.3 gigawatts of future demand, up 500 megawatts from our earnings call in February. These developers have demonstrated their confidence and commitment by submitting non-refundable payments totaling $26 million towards the cost of necessary transmission upgrades. Subject to agreement on rate structure, potential large load customers would sign separate electric service agreements, which would specify expected ramp-up schedules, among other terms. We continue to expect a file for approval of the proposed rate structure with the MOPSC in the second quarter.

Martie: Further supporting our growth opportunities. We now have signed construction agreements with data center developers, representing a total of approximately two three gigawatts of future demand up 500 megawatts from our earnings call in February.

Martie: These developers have demonstrated their confidence and commitment by submitting nonrefundable payments totaling $26 million towards the cost of necessary transmission upgrades.

Martie: Subject to agreement on rate structure potential large load customers with signed separate electric service agreements, which would specify expected ramp up schedules among other terms.

Martie: We continue to expect to file for approval of the proposed rate structure with the PSC in the second quarter.

Martin Lyons: While there's no deadline for commission approval, we are optimistic that we'll receive a decision and have an effective rate structure before the end of the year.

Martie: While there is no deadline for commission approval, we are optimistic that we will receive a decision and have an effective rate structure before the end of the year where.

Martin Lyons: We're committed to working closely with regulators, customers, and stakeholders to ensure we meet the evolving needs in our service territory in a responsible and sustainable manner. Our balanced approach to generation, laid out in our IRP, ensures reliable service to our customers, while also providing energy to serve rising customer demand and to support economic growth in our communities.

Martie: We're committed to working closely with regulators customers and stakeholders to ensure we meet the evolving needs in our service territory in a responsible and sustainable manner.

Martie: Our balanced approach to generation laid out in our AARP ensures reliable service to our customers, while also providing energy to serve rising customer demand and to support economic growth in our communities.

Martin Lyons: On page 10, we provide a brief update on the 1,200 megawatts of new generation currently under development at Amherst, Missouri. These projects remain on schedule and on budget.

Martie: On page 10, we provide a brief update on the 200 megawatts of new generation currently under development at Ameren, Missouri.

Martie: These projects remain on schedule and on budget, notably we've executed contracts to acquire all eight turbines and other long lead time materials needed for our next two simple cycle natural gas energy centers expected to be in service in 2027 and 2028.

Martin Lyons: Notably, we've executed contracts to acquire all eight turbines and other long lead time materials needed for our next two simple cycle natural gas energy centers expected to be in service in 2027 and 2028. Further, for solar energy centers under construction, including Vandalia, Bowling Green, and Split Rail, nearly all imported equipment needed to execute the projects was in the U.S. prior to the April 2nd trade tariff announcement. Thereby limiting possible exposure to higher costs associated with announced tariffs on materials imported. We continue to monitor the dynamic tariff situation and work diligently to deliver cost-effective energy resources for our customers.

Martie: Further for solar energy centers under construction, including Vandalia bowling Green and split rail nearly all imported equipment needed to execute the projects within the U S. Prior to the April 2nd trade tariff announcements.

Martie: Thereby limiting possible exposure to higher costs associated with the announced tariffs on materials imported.

Martie: We continue to monitor the dynamic tariff situation and work diligently to deliver cost effective energy resources for our customers.

Martin Lyons: Finally, we expect to file additional Certificate of Convenience and Necessity requests with the Commission in the coming months with respect to planned investments in gas generation, solar generation, and battery storage.

Martie: Finally, we expect to file additional certificate of convenience and necessity request with the commission in the coming months with respect to planned investments in gas generation solar generation and battery storage.

Martin Lyons: Moving to page 11, for an update on MISO's long-range transmission planning portfolio. We're focused on developing proposals for the Tronch 2.1 Long-Range Transmission Planning Competitive Project. We will evaluate each bidding opportunity carefully and submit bids for projects where we believe we have a competitive advantage with project design, cost, and execution to deliver value for customers in the MISO region. The bid process for the $6.5 billion of competitive projects in the portfolio will take place over this year and next. Further, MISO continues its future scenario redesign efforts, which consider growing demand for energy and the effects of changing resource planning across the region.

Martie: Moving to page 11 for an update on MISO is long range transmission planning portfolios.

Martie: We're focused on developing proposals for the tranche 2.1 long range transmission planning competitive projects.

Martie: We will evaluate each bidding opportunity carefully and submit bids for projects, where we believe we have a competitive advantage with project design cost and execution to deliver value for customers in the MISO region.

Martie: The bid process for the $6 $5 billion of competitive projects in the portfolio will take place over this year and next.

Martie: Further MISO continues its future scenario redesign efforts.

Martie: Which consider growing demand for energy and the effects of changing resource planning across the region.

Martin Lyons: We're actively engaged in this analysis with MISO and other transmission owners and expect MISO to issue its final report on the future redesign by the end of the year.

Martie: We're actively engaged in this analysis with MISO and other transmission owners and expect MISO to issue. Its final report on the future redesign by the end of the year.

Martin Lyons: Given this time frame, we'd expect work on the identification of Tronch 2.2 projects, which will address further transmission needs in the MISO region, to commence as early as December 2025.

Martie: Given this timeframe, we would expect work on the identification of tranche two two projects, which will address further transmission needs in the MISO region to commence as early as December 2025.

Martin Lyons: Moving to page 12. Looking ahead over the next decade, we have a robust pipeline of investment opportunities of more than $63 billion that will deliver significant value to all of our stakeholders by making our energy grid stronger, smarter, and cleaner, empowering economic growth in our communities, bringing significant tax base and jobs. Moving to page 13.

Martie: Moving to page 12.

Martie: Looking ahead over the next decade, we have a robust pipeline of investment opportunities of more than 63 billion.

Martie: That will deliver significant value to all of our stakeholders by making our energy grid stronger smarter and cleaner and powered economic growth in our communities, bringing significant tax base and jobs moving.

Martie: Moving to page 13.

Martin Lyons: In February, we updated our five year growth plan, which included our expectation of a six to 8% compound annual earnings growth rate from 2025 through 2029. This earnings growth is primarily driven by strong compound annual rate-based growth of 9.2%, supported by strategic allocation of infrastructure investment to each of our business segments based on their regulatory frameworks. We expect to deliver strong long-term earnings and dividend growth, resulting in an attractive total return.

Martie: In February we updated our five year growth plan, which included our expectation of a 6% to 8% compound annual earnings growth rate from 2025 through 2029.

Martie: This earnings growth is primarily driven by strong compound annual rate base growth of nine 2% supported by strategic allocation of infrastructure investment to each of our business segments based on their regulatory frameworks.

Martie: We expect to deliver strong long term earnings and dividend growth, resulting in an attractive total return.

Martin Lyons: I'm confident in our ability to execute our investment plans and strategies across all four of our business segments as we have an experienced and dedicated team to get it done. Again, thank you all for joining us today and for your continued interest in Ameren.

Martie: I'm confident in our ability to execute our investment plans and strategies across all four of our business segments. As we have an experienced and dedicated team to get it done again. Thank you all for joining us today and for your continued interest in Ameren I'll now turn the call over to Michael Thanks, Marty and good morning, everyone. Turning now to page 15.

Michael Moehn: I'll now turn the call over to Michael. Thanks, Marty. And good morning, everyone.

Michael Moehn: Turning now to page 15 of our program. Yesterday, we reported first quarter 2025 earnings of $1.07 per share compared to adjusted earnings of $1.02 per share for the first quarter of 2024. The key factors that drove the increase are highlighted by segments on this page. Our infrastructure investments to strengthen the energy grid and to provide more energy resources to serve our customers continue to be the primary driver of earnings growth across the country. Further, the economic outlook for our service territories remains strong. In fact, over the 12 trailing months ended in March, Air Missouri's total weather normalized retail sales have increased by approximately 3% compared to the year ago period.

Michael: Our presentation, yes.

Michael: Yesterday, we reported first quarter 2025 earnings of $1 <unk> per share compared to adjusted earnings of $1 <unk> per share for the first quarter of 2020 for.

Michael: The key factors that drove the increase are highlighted by segment on this page.

Michael: Our infrastructure investments to strengthen the energy grid and to provide more energy resources to serve our customers continue to be the primary driver of earnings growth across the company.

Michael: Further the economic outlook for our service territories remains strong.

Michael: In fact over the 12 trailing months ended in March are Missouri's total weather normalized retail sales have increased by approximately 3% compared to the year ago period.

Michael Moehn: We've seen continued strategic wins that highlight the strength of our service territory. Notably, Boeing was recently awarded the Next Generation Air Dominance Conduct by the federal government, valued at at least $20 billion. Boeing's ongoing St. Louis campus expansions to support this contract and other defense work is expected to create a significant number of new jobs and manufacturing work and reaffirms their commitment to the St. Louis. In addition to aerospace, we're seeing growth in other sectors of our regional economy, such as health care, education services, and mining.

Michael: We've seen continued strategic wins.

Michael: That highlight the strength of our service territory.

Michael: Notably Boeing was recently awarded the next generation Air dominance conduct by the federal government valued at least $20 billion.

Michael: Boeing's ongoing St. Louis campus campus expansions to support this contract and other defense work is expected to create a significant number of new jobs and manufacturing work and reaffirms our commitment to the St. Louis community.

Michael: In addition to aerospace we're seeing growth in other sectors of our regional economy, such as healthcare education services and mining.

Michael Moehn: Turning to page 16, I'll provide an update on our 2024 Air Missouri rate. In April, the Missouri PSC approved a constructive Stipulation and Agreement for $355 million annual revenue. is our fifth consecutive settlement of electric revenue requirements in the state. This agreement continues our strong track record of achieving win-win results for our customers, communities, and shareholders. The agreement does not specify certain details, including return on equity, capital structure, or rate balance. The agreement provides for the continuation of key trackers and riders, including the fuel adjustment. New rates will be effective on June 1st. Importantly, new electric rates are expected to remain well below national and midwest.

Michael: Turning to page 16, and I'll provide an update on our 2020 for Ameren, Missouri rate review.

Michael: In April the Missouri, PSC approved a constructive stipulation.

Michael: An agreement for $355 million annual revenue increase.

Michael: As our fifth consecutive settlement of electric revenue requirements in the state. This agreement continues our strong track record of achieving win win results for our customers communities and shareholders.

Michael: The agreement does not specify certain details, including return on equity capital structure or rate base.

Michael: The agreement provides for the continuation of key trackers and riders, including the fuel adjustment clause.

Michael: New rates will be effective on June one.

Michael: Importantly, new electric rates are expected to remain well below national and Midwest averages.

Michael Moehn: Moving to page 17, as we think about the remainder of the year, we remain confident in our 2025 guidance range and continue to expect earnings to be in the range of $4.85 to $5.05 per share, and we remain focused on delivering at the midpoint or higher.

Michael: Moving to page 17, as we think about the remainder of the year. We remain confident in our 2025 guidance range and continue to expect earnings to be in the range of $4 85.

Michael: The $5 five per share and we remain focused on delivering at the midpoint or higher.

Michael Moehn: Here, we have provided the expected quarterly earnings impacts from our 2020 for Missouri rate review for the remainder of the year. I encourage you to take these supplement or supplemental earnings drivers into consideration as you develop your expectations for quarterly earning results for the balance of the year.

Michael: Here, we have provided the expected quarterly earnings impacts from our 2020 for Missouri rate review for the remainder of the year.

Michael: I encourage you to take these supplement our supplemental earnings drivers into consideration as you develop your expectations for quarterly earnings results for the balance of the year.

Michael Moehn: Before moving on, I want to take a moment to discuss the trade tariffs recently proposed by the current administration. As Marty discussed, we have a robust capital spending plan in 2025 and the years ahead to meet critical customer needs. Our sourcing practices are designed to ensure we have materials where we need them and when we need them at competitive prices.

Michael: Before moving on I want to take a moment to discuss the trade tariffs recently proposed by the current administration as.

Speaker Change: As Marty discussed we have a robust capital spending plans in 2025 and the years ahead to meet critical customer needs. Our sourcing practices are designed to ensure we have materials, where we need them and when we need them at competitive prices.

Michael Moehn: In light of uncertainties associated with the tariffs, we are closely examining potential impacts on our capital budget. However, as we said here today, we expect any impact to be very manageable. We will continue to navigate the developing environment to ensure we remain well-positioned to execute our projects on time and as affordably as possible for our customers.

In light of uncertainties associated with the tariffs we are closely examining potential impacts on our capital budget.

Speaker Change: However, as we sit here today, we expect any impact will be very manageable.

Speaker Change: We will continue to navigate the developing environment to ensure we remain well positioned to execute on our projects on time and as affordably as possible for our customers.

Michael Moehn: Turning to page 18, we'll provide a financing. We continue to feel very good about our financial position and made excellent progress to date on our 2025 financing plan. In March, Ameren Illinois issued $350 million of 5.625% first mortgage bonds due 2055, and Ameren Parent issued $750 million of 5.375% senior unsecured notes due 2035. In April, Amherst, Missouri issued $500 million of 5.25% first mortgage bonds due 2035. To date, we have completed over 80% of our debt financings.

Speaker Change: Turning to page 18, we'll provide a financing update we continue to feel very good about our financial position and made excellent progress to date on our 2025 financing plan.

Speaker Change: In March Ameren, Illinois issued $350 million of 565% first mortgage bonds, due 2055, and Ameren parent issued $750 million of five 375% senior unsecured notes due 2035.

Speaker Change: And in April Ameren, Missouri issued $500 million of 525% first mortgage bonds due 2035.

Speaker Change: To date, we have completed over 80% of our debt financings for the year.

Michael Moehn: Also, we continue to systematically layer in hedges to mitigate interest rate exposure with respect to planned future parent debt Further, in order for us to support our credit ratings and maintain a strong balance sheet while we fund our robust infrastructure plan, we expect to issue approximately $600 million of common equity in 2025. We have sold forward approximately $535 million of equity under our At-The-Market or ATM program. Consisting of approximately 5.8 million shares, which we expect to issue near the end of the And we expect the remainder of our equity needs for the year to be issued under our dividend reinvestment and employee benefits.

Speaker Change: Also we continue to systematically layer on hedges to mitigate interest rate exposure with respect to planned future parent debt issuances.

Speaker Change: Further in order for us to support our credit ratings and maintain a strong balance sheet, while we fund our robust infrastructure plan, we expect to issue approximately $600 million of common equity in 2025.

Speaker Change: We have sold forward approximately $535 million of equity under our at the market or ATM program, consisting of approximately $5 8 million shares, which we expect issue near the end of this year.

Speaker Change: And we expect the remainder of our equity needs for the year to be issued under our dividend reinvestment and employee benefit plans.

Michael Moehn: Having utilized most of the capacity available under our existing equity sales distribution We expect to increase the program capacity in the coming months to enable additional sales to support equity needs in 2026 and beyond. will continue to be thoughtful about our approach to executing our equity.

Speaker Change: Having utilized most of the capacity available under our existing equity sales distribution program, we expect to increase the program capacity in the coming months to enable additional sales to support equity needs in 2026 and beyond.

Speaker Change: We will continue to be thoughtful about our approach to executing our equity plan.

Michael Moehn: On the balance sheet front, April S&P affirmed our BBB plus credit rating, and we expect Moody's to issue its annual credit opinion update later this month. We've said before we value our current ratings and we continue to target credit metrics at or above agency published downgrades.

Speaker Change: On the balance sheet front in April S&P affirmed our triple B plus credit rating.

Speaker Change: And we expect Moody's to issue his annual credit opinion update later this month as we said before we value our current ratings and we continue to target credit metrics at or above agency published downgrade thresholds.

Michael Moehn: On page 19, we provide an update on Illinois regulatory matters.

Speaker Change: On page 19, we provide an update on Illinois regulatory matters earlier this week Ameren, Illinois request with a $61 million revenue adjustment as part of the annual performance based rate reconciliation proceeding under the electric multiyear rate plan.

Michael Moehn: Earlier this week, Cameron, Illinois requested a $61 million revenue adjustment as part of the annual performance-based rate reconciliation program. under the Electric Multi-Year Report. This adjustment reflects 2024 actual cost, actual year-end rate base, and return on equity and common equity ratios established in the multi-year rate An Illinois Commerce Commission, or ICC, decision is expected by mid-December, and rates reflecting the approved reconciliation adjustment will be effective by January 2026.

Speaker Change: This adjustment reflects 2020 for actual cost actual year end rate base and return on equity and common equity ratios established in the multiyear rate plan.

Speaker Change: And then when my Commerce Commission or ICC decision is expected by mid December and rates, reflecting the improved reconciliation adjustment will be effective by January 2026.

Michael Moehn: Before moving on, I'd like to briefly discuss the MISO planning resource auction that took place earlier this week for the upcoming June 2025 through May 2026 planning Importantly, there are adequate resources available to maintain reliability across all zones and seasons.

Speaker Change: Before moving on I'd like to briefly discuss the MISO planning resource auction that took place earlier. This week for the upcoming June 2025 through May 2026 planning year.

Speaker Change: Importantly, there are adequate resources available to maintain reliability across all zones in seasons.

Michael Moehn: That said, new capacity additions did not keep pace with reduced accreditation, suspensions, and retirements of generation.

Speaker Change: That said new capacity additions did not keep pace with reduced accreditation suspensions and retirements of generation and slightly reduced imports, which resulted in a notable increase in capacity prices for June through August 2025, and all MISO zones.

Michael Moehn: Schultz.

Michael Moehn: Thank you. June through August 2025 in all my The results reinforce the need to invest in new regional generation capacity as demand is expected to continue to grow with new large load customer additions, and as we expect, continue retirement of existing generation. That said, annualized capacity pricing for Zone 5, located in Missouri, moderated since the prior year's auction, due in part to strategic infrastructure investments in the energy grids, transmission capabilities, and generation resources.

Speaker Change: The results reinforce the need to invest in new regional generation capacity as demand is expected to continue to grow with new large load customer additions and as we expect continued retirement of existing generation.

That said annualized capacity pricing zone five located in Missouri moderated since the prior year's auction due in part to strategic infrastructure investments in the energy grids transmission capabilities and generation resources.

Michael Moehn: Changes in energy and capacity prices do not materially affect our earnings for AMR Missouri or AMR Illinois as they're passed on to customers with no market. In Zone 4, some of our Ameren only customers will see increases in the energy supply component of their bill for the summer months. That will ultimately depend on if they are taking supply services from Ameren, Illinois or the terms of their contract with another supplier.

Speaker Change: Changes in energy and capacity prices do not materially affect our earnings for Ameren, Missouri, or Ameren, Illinois as they are passed on to customers with no markup.

Speaker Change: And zoned for some of our Ameren, Illinois customers will see increases in the energy supply component of their bill for the summer months.

Speaker Change: That will ultimately depend on if they are taking supply services from Ameren, Illinois, or the terms of their contract with another supplier.

Michael Moehn: Notably, we would expect prices to return to pre-auction levels in October. We remain actively engaged in discussions with key stakeholders to develop long-term solutions to benefit our Illinois customers by ensuring system reliability, promoting regional generation development, and maintaining affordability while supporting the transition to cleaner energy in the state.

Speaker Change: Notably, we would expect prices to return to pre auction levels in October.

Speaker Change: We remain actively engaged in discussions with key stakeholders to develop long term solutions to benefit our illinois customers by ensuring system reliability promoting regional generation development and maintaining affordability, while supporting the transition to a cleaner energy in the state.

Michael Moehn: We will continue to support our customers and communities by connecting them with bill assistance programs and resources where needed.

Speaker Change: We will continue to support our customers and communities by connecting them with Bill assistance programs and resources where needed.

Michael Moehn: Turning to page 20, our Illinois natural gas rate review remains in progress with intermediate or direct testimony expected next. An ICC decision is expected by early December, with new rates effective later that month.

Speaker Change: Turning to page 20, our Illinois natural gas rate review remains in progress with Intervenor direct testimony is expected next week and ICC decision is expected by early December with new rates effective later that month.

Michael Moehn: In summary, turning to page 21, we're off to a strong start in 2025 and we're well positioned to continue executing our strategic plan, which will drive consistent, superior value for all of our stakeholders. We continue to expect strong earnings per share growth driven by robust rate-based growth, disciplined cost management, and a strong customer growth pipeline. As we said before, we have the right strategy, the right team, and the right culture to capitalize on these opportunities and to create value for our customers and our shareholders.

Speaker Change: In summary, turning to page 21, we're off to a strong start in 2025 and are well positioned to continue executing our strategic plan, which will drive consistent superior value for all of our stakeholders.

Speaker Change: We continue to expect strong earnings per share growth driven by robust rate base growth disciplined cost management and a strong customer growth pipeline as we said before we have the right strategy the right team and the right culture to capitalize on these opportunities and to create value for our customers and our shareholders. We believe this growth will compare favorably with the.

Michael Moehn: We believe this growth will compare favorably with the growth of our... further amateurs continue to offer investors an attractive dividend. In total, we have an attractive total shareholding return story.

Speaker Change: Growth of our peers.

Speaker Change: Further ameren shares continue to offer investors an attractive dividend.

Speaker Change: In total we have an attractive total shareholder return story that concludes our prepared remarks, we now invite your questions.

Operator: That concludes our prepared remarks. We now invite your questions. Thank you.

Operator: At this time, we'll be conducting a question and answer. If you'd like to ask a question, please press star 1 on your telephone. Confirmation to indicate your line is in the question. Mayfair start to if you'd like to remove your question from. For participants using speaker equipment, it may be necessary to pick up your handset before. One moment, please, while we poll.

Speaker Change: Thank you at this time, we'll be conducting a question and answer session. If you'd like to ask a question. Please press star one on your telephone keypad.

Speaker Change: A confirmation tone will indicate your line is in the question queue. You May press star two if you'd like to remove your question from the Q.

Speaker Change: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys, one moment, please while we poll for questions.

Jeremy Tonet: Our first question comes from Jeremy Tonet with J.P. Morgan. Please proceed with Hi, good morning. Morning, Jeremy.

Speaker Change: Our first question comes from Jeremy Tonet with Jpmorgan. Please proceed with your question.

Jeremy Tonet: Hi, good morning.

Speaker Change: Jeremy.

Michael Moehn: I just want to start off with the additions as you laid out there, it seems like a lot of activity percolating, and just want to see the 350 that you referenced there, just want to make sure that's separate from the 2.3 gigawatt referenced, or just want to kind of clarify that point. Yeah, so again, you know, I think the incremental change is, you know, 1.8 to 2.3. So we signed an additional 500 megawatts under construction agreements related to data centers. And so when you think about that 1.8 that we had in the fourth quarter of last year, I mean, that was inclusive of that 350.

Speaker Change: Just wanted to start off with the with the additions as you laid out there. It seems like a lot of activity percolating and just wanted to see the $3 50 that you referenced there just wanted to make sure that's separate from the two three gigawatt referenced or just wanted to kind of clarify that point and the outlook there.

Michael: Hey, Jeremy Good morning, it's Michael again, so again.

Jeremy Tonet: I think the incremental changes one eight to 2.3, so we signed an additional 500 megawatts under construction agreements related to data centers and so when you think about that one eight that we had in the fourth quarter of last year I mean that was inclusive of that $3 50, So hopefully that's.

Michael Moehn: So hopefully, that's clear. So it's an incremental 500 between where we were at the fourth quarter. Okay, got it.

Jeremy Tonet: Clear so it is an incremental 500 between where we were at the fourth quarter.

Michael Moehn: Thank you.

Martin Lyons: And then just wondering if you could expand a bit more, I guess, as you know, these additions continue, how that looks for the need for new generation here, you know, compounds, I guess, some of the factors that you laid out earlier, just any other Yeah, Jeremy, this is this is Marty. Again, thanks for joining us. You know, when we think about the 2.3 gigawatts of data center load growth, and you think about it in terms of the sales growth that, you know, we've laid out, it just gives us greater confidence in, you know, some of the sales growth estimates that we've provided.

Jeremy Tonet: Okay got it. Thank you and then just wondering if you could expand a bit more I guess.

Jeremy Tonet: These additions continue.

Jeremy Tonet: How that looks for the need for new generation here.

Jeremy Tonet: Pounds I guess some of the factors that you laid out earlier, just any other thoughts would be helpful.

Jeremy Tonet: Yes, Jeremy. This is this is Marty again, thanks for joining us.

Jeremy Tonet: We think about the two three gigawatts of data center load growth and you think about it in terms of the sales growth that we've laid out just gives us greater confidence in some of the sales growth estimates that we provided when you went back and you look at the slide that we provided I think it was slide nine.

Martin Lyons: And, you know, when you went back and you look at the slide that we provided, you know, I think it was slide nine, you know, we show there is an expectation of five and a half percent compound annual sales growth, in Missouri. And, you know, that is foundational, of course, to the resource plan that we filed. But also that resource plan that we filed has the generation that's capable of supplying up to that two gigawatts of, you know, load growth by 2030, that's shown in the green shaded area on that slide. You know, with that, we'll get greater clarity in terms of the ramp up schedule for these, you know, for these data centers.

Jeremy Tonet: We show there is an expectation of five 5% compound annual sales growth in Missouri and that is foundational of course to the resource plan that we filed.

Jeremy Tonet: But also that resource plan that we filed has the generation that's capable of supplying up to that two gigawatts of.

Jeremy Tonet: Low growth by 2030, that's shown in the Green shaded area on that slide and we think about this two three gigawatts of data center construction.

Jeremy Tonet: Construction agreements again, just gives us greater confidence with respect to that sales growth now what we're going to be working on here as we mentioned in our prepared remarks is we're going to be.

Jeremy Tonet: Filing with the commission.

Jeremy Tonet: Our rate construct.

Jeremy Tonet: For these large load customers here in the second quarter, and then we're going to be working to develop service agreements with the Hyperscale <unk> that would use and others that would use these data centers. We expect these customers would sign these separate agreements and amongst other things those agreements would lay out.

Jeremy Tonet: The ramp up schedule minimum load obligations and things like that.

Jeremy Tonet: That will get greater clarity in terms of the ramp up schedule for these.

Michael Moehn: But if you sign 2.3 gigawatts of construction agreements, for example, you could still have at or less than, you know, two gigawatts of sales by 2032, depending upon the ramp up schedule. So we'll get greater clarity over time. Thank you. Got it. That's very helpful there.

Jeremy Tonet: For these data centers.

Jeremy Tonet: But if you signed two three gigawatts of construction agreements for example, you could still have.

Jeremy Tonet: At or less than two gigawatts of sales by 2032, depending upon the ramp up schedule. So we'll get greater clarity over time, but I think the two three gigawatts certainly gives us greater confidence with respect to the sales growth and of course, our ERP is tied to our plants now I will say that as the interest in data centers.

Jeremy Tonet: As we continue to explore avenues to provide incremental.

Jeremy Tonet: Incremental generation if needed, but feel like the generation plans that we laid out.

Jeremy Tonet: That would be adequate to serve this two three gigawatts of load as we see it today.

Jeremy Tonet: Thanks. I just wanted to go back to the IRA if you could, and granted there's a lot of uncertainty at this point, but in the market there's a lot of attention on transferability. If there were any changes there, if that was taken away, I guess, the impact that might have on your plan or how you think about potential offsets there.

Jeremy Tonet: Got it that's very helpful. There. Thanks.

Jeremy Tonet: Just wanted to go back to the IRA if it couldn't granted there's a lot of uncertainty at this point in the market, there's a lot of attention on transferability and.

Jeremy Tonet: If there were any changes there if that was taken away I guess the impacts that might have on your plan or how you think about potential offsets there as needed.

Martin Lyons: Yeah, Jeremy, we'll kind of tag team that. It's certainly a really timely question. You know, as you've seen in the press, House Ways and Means is expected to start marking up legislation in the next week or so, and Congress as a whole, I know, wants to have a bill on the President's desk by July 4th. So a lot of work to be done here in the near term. You know, so we're going to see in the coming weeks where compromise can be reached on the tax credits and, of course, other important provisions, you know, that will be in that legislation for our customers.

Jeremy Tonet: Yes, Jeremy will kind of tag team that it's certainly a really timely question.

Jeremy Tonet: As <unk> seen in the press house ways and means is expected to start marking up legislation in the next week or so in Congress as a whole I know wants to have a bill on the President's desk by July 4th So a lot of work to be done here in the near term.

Jeremy Tonet: So we're seeing the coming weeks, where compromise can be reached on the tax credits and of course other important provisions.

Jeremy Tonet: That will be in that legislation for our customers and really that's the key here I think these tax credits are all about being able to build the generation resources, our customers need in the near term.

Martin Lyons: And really, that's the key here, I think. You know, these tax credits are all about being able to build the generation resources our customers need in the near term, you know, at an affordable cost. For us, based on that IRP that I just referred to earlier, which, as you know, sort of incorporates in all of the above portfolio resources, you know, calls for more gas, solar, wind, batteries, and eventually nuclear. And so those tech-neutral tax credits, they're estimated to deliver a little over $2 billion of customer bill savings to our customers over the next 10 years based on that IRP.

Jeremy Tonet: At an affordable cost.

Jeremy Tonet: For us based on that ERP that I, just referred to earlier, which is you know sort of incorporates an all of the above portfolio of resources calls for more gas solar wind batteries and eventually nuclear.

Jeremy Tonet: And so those tech neutral tax credits they are estimated to deliver a little over $2 billion of customer bill savings to our customers over the next 10 years based on that RFP.

Martin Lyons: And that value, of course, doesn't accrue to shareholders. Those credits reduce customer rates. So maintaining the credits as long as we can, let's say into the early 2030s with safe harbor provisions and transferability is, you know, would be really great for our customers. And that transferability you mentioned is really key. We use that provision today to sell the credits as they're earned and then pass that cash on to customers. And I see it as, you know, the credits and the transferability really go hand in hand and are really key to that affordability picture. And so that's what we've been advocating for.

Jeremy Tonet: And that value of course doesn't accrue to shareholders those credits reduced customer rates. So maintaining the credits as long as we can let's say into the early 2000 <unk>.

Jeremy Tonet: With safe Harbor provisions and transferability as would be really great for our customers and their transferability. You mentioned is really key we use that provision today to sell the credits.

Jeremy Tonet: As they're earned and then pass that cash on to customers.

And I see it as the credits and the Transferability really go hand in hand, and are really key to that affordability picture and so that's what our that's what we've been advocating for what I've been in D. C. It's what our industry is advocating for.

Martin Lyons: You know, when I've been in D.C., it's what our industry is advocating for and, you know, what others in D.C. are advocating for. And so, you know, look, as we look out over the next few weeks, the sausage making may not be pretty as, you know, Congress has a lot to balance in terms of their priorities, but I still remain optimistic we'll get to a reasonable resolution based on, you know, the fact that, you know, this is really about all about energy reliability for our customers, energy dominance, if you will, and customer energy prices. And I think that's really key at the end of the day.

Jeremy Tonet: What others in D. C are advocating for and so look as we look out over the next few weeks the sausage, making may not be pretty.

Yes.

Jeremy Tonet: Congress has a lot to balanced in terms of their priorities, but I still remain optimistic we'll get to a reasonable resolution based on the fact that this is really about all about energy reliability for our customers energy dominance if you will.

<unk> customer energy prices and I think that's really key at the end of the day, but I'll, let Michael chime in further in terms of our specific plants, yes, hey, thanks Marty.

Michael Moehn: But I'll let Michael chime in further in terms of our specific plans. Yeah. Hey, thanks, Marty. That's great overview. And I share Marty's optimism. This ends up, you know, ultimately in a good spot. I think, Jeremy, a couple of things just to keep in mind. I mean, yeah, we've talked about this before. I mean, we come into this as in a position of strength, right? I mean, I think our balance sheet is probably one of the stronger in the industry. And so that's given us a great deal of flexibility. I think as we laid out on our fourth quarter call, you know, we're averaging about $300 million per year, you know, over this five-year plan with respect to credit.

Jeremy Tonet: Great overview and Im sure Marty as optimism this ends up ultimately.

Michael: Ultimately in a good spot I think Jeremy a couple of things just to keep in mind I mean.

Michael: We've talked about this before I mean, we come into this isn't a position of strength right. I mean, I think our balance sheet is probably one of the stronger in the industry and so that's given us a great deal of flexibility I think as we laid out on our fourth quarter call, we're averaging about $300 million per year over this five year plan with respect to credits.

Michael Moehn: And I think, you know, the thing that gets a bit nuanced is, I think even in some of the discussions that are going on, you know, in DC, it's, you know, a lot of this is already associated with projects that are in service or have been safe harbored. And so, you know, it gets even further nuanced down from there. But I mean, take, for example, 2025, I think we have about, I don't know, a little less than $300 million worth of credits, we've already realized more than half of that. this year, and then we'll probably realize the rest of it over the next couple of months.

Michael: The thing that gets a bit nuanced as I think even in some of the discussions that are going on in D. C. It's.

Michael: A lot of this is already associated with projects that are in service or have been safe harbored and so it.

Michael: It gets even further nuance down from there, but I mean take for example, 2025 I think we have about I don't know.

Michael: Little less than $300 million of the credits we have already realized more than half of that this.

Michael: This year and then we'll probably realize the rest of it over.

Michael Moehn: But if you kind of go through scenarios and try to parse some of that back, look, I feel good about this. I think it's manageable at the end of the day. I mean, even without those credits, I mean, you're going to end up with higher rate base, obviously. Unfortunately, you're going to have higher prices for customers. But I do think the cash flow piece is manageable. I think over that kind of 25 through 27 time period. You know kind of where we're focused on with the rating agencies You know we're at or above that downgrade threshold over that period of time So, you know, we just completed our review with S&P over the last couple weeks They again reaffirmed our triple B plus, you know, just sit in a really strong position with respect to them Their downgrade threshold just as reminders 13% we got quite a bit of cushion over that as well So again, feel like we got lots of flexibility.

Michael: The next couple of months.

Michael: But if you kind of go through scenarios and trying to parse some of that back.

Michael: Feel good about this I think it's manageable at the end of the day I mean, even without those credits I mean, youre going to end up with higher rate base. Obviously, unfortunately, you're going to have higher prices for customers, but I do think the cash flow piece is manageable I think over that kind of 25% through 2007 time period.

Michael: Kind of where we're focused one with the rating agencies.

Michael: At or above that downgrade threshold over that period of time. So we just completed our review with S&P.

Michael: Last couple of weeks again reaffirmed our triple B plus.

Michael: And a really strong position with respect to them their downgrade threshold just as a reminder of 13% we got quite a bit of a cushion over that as well. So again feel like we got lots of flexibility again I share Marty's optimism I think this thing lands hopefully in an okay spot, but I think either way.

Jeremy Tonet: Again, I share Marty's optimism I think this thing lands hopefully in an okay spot But I think either way we're able to to work around this in a in a manageable way Got it. Thank you for the thoughts.

Michael: Well two to work around this.

Michael: Manageable way.

Operator: No one likes the sauce.

Michael: Got it. Thank you thought no one likes the sausage, making.

Michael: Yeah.

Michael: Alright.

Brian Russo: Our next question comes from Julian DeMoulin-Smith with Jeffries. Yeah, hi, good morning. It's Brian Russo on for Julian. How are you? Great, Brian. Good to have you.

Michael: Okay.

Speaker Change: Our next question comes from Julien Dumoulin Smith with Jefferies. Please proceed with your question.

Brian Russo: Hi, Good morning, it's Brian Russo on for Julien how are you great.

Speaker Change: Great Brian good to have you.

Brian Russo: Just to follow up on the transferability question, the $300 million per year of tax credit monetization manageable. So how Technically, would you offset that? I think you've got an FFO to debt target of 17% every year. Could that be done without additional equity to offset the $300 million? Is there another way for you to accomplish that? Absolutely. I mean, look, again, as I say here today, what I just said before, I do think this is really manageable, I think, even without these credits. And again, I think you've got to get into how much really go away, right?

Speaker Change: Just to follow up on the transfer Bootie question of the 300 million per year of tax credit monetization.

Speaker Change: Manageable.

Speaker Change: Technically would you offset that I think you've got an <unk> to debt.

Speaker Change: Target of 70% every year could that be done.

Speaker Change: Additional equity to offset the $300 million another.

Speaker Change: Another way for you to accomplish that.

Speaker Change: Absolutely I mean look again as I sit here today.

Speaker Change: Just before I do think this is really a manageable I think even without these credits and again, it's I think you've got to get into.

Michael Moehn: Because I think there is a piece associated with stuff that's already in service, stuff that's safe harbored, I really think those probably stay. And even ultimately, if some of that stuff would go away, which seems to be a really draconian way to look at it, I still think it's manageable without issuing additional equity. Again, I think over that three-year period, you know, we're averaging it right at that downgrade threshold. And, look, we continue to advocate with Moody's in particular, you know, that that downgrade threshold probably should come down, too, as well. And we look at a couple of our peers, you know, we've made some arguments around that, that we think, given all the progress that we've continued to make, you know, regulatory, legislatively in Missouri, got things stabilized in Illinois, that, you know, we're being held to a higher standard, which I think also would give some flexibility.

Speaker Change: How much really go away right because I think there is a piece associated with stuff that's already in service of that Safe Harbor, I really think those probably stay.

Speaker Change: And even ultimately if some of that stuff will go away, which seems to be a really draconian way to look at it I still think it's manageable without issuing additional equity again I think over that three year period, we're averaging right at that downgrade threshold and look we continue to advocate with.

Speaker Change: With Moody's in particular, the downgrade threshold, probably should come down to as well I mean, when you look at it a couple of our peers. We've made some arguments around that that we think given all the progress that we've continued to make regulatory lag legislatively in Missouri got things stabilized in Illinois.

Were being held to a higher standard, which I think also it gives them flexibility so, but we'll see where they ultimately go on all of that at the end of the day, but even without that again feel very good about the financing plan that we have in place.

Michael Moehn: So, but, you know, we'll see where they ultimately go on all of that at the end of the day.

Michael Moehn: But even without that, again, feel very good about the financing plan that we have. Okay, great.

Michael Moehn: And then on the PRP with smart plan, I mean, how confident are you on the timeline that's proposed in the total cost of the $16.2 billion, you know, to diversify mix of, like you said, renewables, gas, and battery tariffs, and obviously a lot of macro uncertainty, the tariffs and supply chains, just wanted to, you know, get your thoughts on your materials or major equipment procurement, you know, ahead of the ramp up in spend. Yeah, this is Michael and Brian. Yeah, look, we feel great about our plan. You know, I think we've talked about this over the over the past year or so, you know, with respect to those two gas turbines that we have in our plan, I mean, we took some early action to put contracts in place with respect to the long lead time material, you know, just recognizing the tightness that was getting there in the market.

Speaker Change: Okay, Great and then on the <unk> Smart plan.

Speaker Change: How confident are you on the timeline that's proposed and then the total cost of $16 2 billion.

Speaker Change: A diversified mix of like you said renewables gas and battery retire. It was obviously a lot of macro uncertainty with tariffs and supply chain just wanted to get your thoughts on your materials are a major equipment procurement.

Speaker Change: Ahead of the ramp up in spend yes.

Speaker Change: Yes.

Speaker Change: This is Michael again, Brian Yes look we feel great about our plan I think we've talked about this over the over the past year or so with respect to those two gas turbines that we have in our plan I mean, we took some early action to put contracts in place with respect to the long lead time material human just recognizing the tightness that was getting there in the market.

Michael Moehn: We've made, you know, payments in excess of $100 million to that supplier to make sure those are secured, feel good about the progress that's being made there. Construction started really on both sites. I think the teams feel very good not hearing anything, you know, from the vendor that causes us any concern at all with respect to those gas turbines.

Speaker Change: We've made.

Speaker Change: Payments in excess of $100 million two to that supplier to make sure those are secured feel good about.

Speaker Change: The progress Thats being made there construction started really on both sides.

I think the teams feel very good not hearing anything from the vendor that causes us any concern at all with respect to those gas turbines.

Michael Moehn: you know, now turning really our focus to the combined cycle that's out there in the kind of 2032 timeframe. And I think, you know, we'll probably be in a position by the end of this year to, you know, have some contracts in place there as well. So that'll give us even further confidence.

Speaker Change: Now turning really our focus to the combined cycle, that's out there and that kind of 2000 <unk> timeframe.

Speaker Change: And I think probably be in a position by the end of this year to have some contracts in place there as well so that will give us even further confidence.

Michael Moehn: You know, from a renewable standpoint, you know, I think we had a slide in there that talked about 400 megawatts of different projects from a solar perspective. Team has been just super aggressive about getting material on site for all of those projects. Feel very good about even avoiding tariffs. Most of that, those cells, et cetera, are in the U.S., either on site or they're in warehouses, et cetera. Construction's well underway. Again, feel very good about what we see over the next few years. You know, we'll have to continue to kind of work around all these tariff issues.

Speaker Change: From a renewable standpoint, I think we had a slide in there that talked about 400 400 megawatts of different projects from a solar perspective team has been just super aggressive about getting material on site for all of those projects feel very good about even avoiding tariffs most of that those cells et cetera in the U S.

Speaker Change: Either on the onsite or theyre in warehouses et cetera constructions.

Speaker Change: Construction is well underway again feel very good about what we see over the next few years, we'll have to continue to kind of work around all of these tariff.

Michael Moehn: But at the present moment, feel very good about the construction schedule. Okay, great.

Speaker Change: Issues, but at the present moment feel very good about the construction schedule.

Michael Moehn: And then just lastly, on your Missouri regulatory strategy, the constructive rate case settlement and with accelerating load growth, ramping up in 26 and beyond, and now with, you know, SB4 support, do you see the cadence of your rate case filings, you know, changing? And then, you know, a follow on to that would just be kind of the earned returns that you expect in Missouri now. I think historically, it's been more of a, you know, a step up. But in terms of lag relative to when you get new rates, and just, you know, curious there. Yeah, you bet.

Speaker Change: Okay, Great and then just lastly on your Missouri regulatory strategy.

Speaker Change: Sure.

Speaker Change: Our rate case settlement.

Speaker Change: <unk> load growth ramping up in 2006 and beyond.

Speaker Change: Now with SB four support do you see the cadence of your breakeven filings.

Speaker Change: Changing and then.

Speaker Change: A follow on to that would just be kind of the earned returns that you expect in Missouri now I think historically, it's been more of a.

Speaker Change: A step up in terms of lag relative to when you get new rates in just curious there.

Michael Moehn: Again, I think, you know, the overall settlement, as you just noted, it was constructive. I think I noted in my, you know, remarks, I think it's the fifth one. And then again, I think it's a win win for both customers and shareholders. And I think it's just a reflection of, I think, all the progress that we've continued to make both regulatory and legislatively in Missouri. And then obviously, as Marty went through some of the aspects of Senate Bill 4, again, I think it's, you know, some is incrementally positive how we think about regulatory lag, our focus has always been earning as close to that allowed as possible.

Speaker Change: Yes, you bet again, I think the overall settlement as you just noted it was constructive I think I noted in my <unk>.

Speaker Change: Remarks, I think it's the fifth one.

Speaker Change: And so and again I think it's a win win for both customers and shareholders.

Speaker Change: It's just a.

Speaker Change: A reflection of I think all of the progress that we've continued to make both regulatory and legislative Willie.

Marty Lyons: In Missouri, and then obviously as Marty you went through some of the aspects of Senate Bill four again, I think it's something as incrementally positive to how we think about regulatory lag. Our focus has always been earning as close to that allowed as possible.

Speaker Change: Bergen that team continue to do a great job there. They are very mindful of cost very mindful of that.

Marty Lyons: The regulatory cycle and getting things in service at the right times.

Michael Moehn: You know, as you noted, I mean, we've been on, I'd say about every kind of two year cadence, we're always looking to try to stretch that out as far as we can. But just given the overall kind of super cycle of capital that we're in, it's hard to do that even with PISA, you really have to go in and kind of freshen up rates every couple of years. Look, I think we'll continue to step back as we, as Marty went through some of the data center opportunities and a little growth, we'll evaluate that. I mean, if it gives us more flexibility, obviously, we want to do that, you know, a lot will depend sort of on the ramp schedules, etc, when this stuff comes into place.

Marty Lyons: As you noted I mean, we've been on I'd say about every kind of two year cadence, we're always looking to try to stretch that out as far as we can but just given the overall kind of super cycle of capital that we're in it's hard to do that even with pizza you really have to go in and kind of freshen up rates over a couple of years.

Marty Lyons: Look I think we will continue to step back because we as Marty you went through some of the data center opportunities and loan growth.

Marty Lyons: You wait then.

Marty Lyons: US more flexibility, obviously, we want to do that a lot will depend on the ramp schedules et cetera, when the stuff comes into place.

Michael Moehn: The longest you can ever stay out of Missouri is four years because of the FAC, so, you know, it's someplace between that two and four year cycle, but that's sort of what's on our mind and how we kind of think about it today.

Marty Lyons: The long as you can ever stand in Missouri is four years because of the FSC. So it someplace between that two and four year cycle, but.

Marty Lyons: Sort of what's on our mind on how do we kind of think about it today.

Michael Moehn: Okay, great.

Michael Moehn: Thank you very much.

Marty Lyons: Okay, great. Thank you very much you bet.

Carly Davenport: Our next question comes from Carly Davenport with Goldman Sachs. Please proceed with your question. Hey, good morning. Thanks so much for taking the questions today.

Speaker Change: Our next question comes from Carly Davenport with Goldman Sachs. Please proceed with your question.

Carly Davenport: Hey, good morning, Thanks, so much for taking the questions today.

Michael Moehn: Maybe to start, just as we think about the macro environment and the higher degree of uncertainty, is there anything that you're seeing or hearing from your customers, particularly on the commercial or industrial side, giving any early indications of any potential pockets of slowdown or changes in plans for future loads?

Carly Davenport: Maybe to start just as we think about the macro environment and a higher degree of uncertainty is there anything that youre seeing or hearing from your customers, particularly on the commercial or industrial side, giving any early indications of any potential pockets of slowdown or changes in plans for future load.

Michael Moehn: Hey, good morning, Carly, this is Michael. No, not at all. I mean, I think, you know, even I tried to note this in the remarks, if you kind of step back, and, you know, it's difficult when you're kind of looking on quarter by quarter basis, but you look at the last trailing 12 months, I mean, the overall growth has still been very, very strong. I noted 3% across all classes. Again, residential up 1%, you know, commercial up a little bit less than industrial up a strong, you know, 2%. So, seeing growth, in all areas that's coming off of a strong year, as you know, as we noted in 2024, we ended up 2% there as well.

Michael: Hey, good morning, Carla This is Michael no not at all I mean I think.

Michael: Even I tried to notice in the remarks, if you kind of step back and it's difficult when you kind of look on a quarter by quarter basis, but if you look at that.

Michael: The last trailing 12 months I mean, the overall growth has still been very very strong I noted, 3% it's across all classes.

Michael: Again residential up 1% commercial up a little bit less than industrial up a strong two.

Michael: 2%, so seeing growth.

Michael: In all areas, that's coming off of a strong year as we noted in 2024, we ended up 2% there as well again and noted the Boeing opportunity, which I think is tremendous for the country trend is for St. Louis State of Missouri in terms of the 47 being built here I think it's got a lot of long term benefit.

Martin Lyons: Again, I noted the Boeing opportunity, which, you know, I think is tremendous for the country, tremendous for St. Louis, state of Missouri, in terms of the F47 being built here. I think it's got a lot of long term benefits. Marty noted a number of other industries. folks seem to be kind of weathering the storm, if you will.

Michael: As Marty noted a number of other industry.

Michael: Folks seem to be kind of weathering. The storm if you will Marty anything to add from your perspective, no. That's exactly right I would just say the when we look ahead at the sales growth opportunities we have.

Martin Lyons: Marty, anything to add from your perspective? No, that's exactly right. And I would just say, you know, when we look ahead at the sales growth opportunities we have, you know, really the big thing driving that is this, you know, potential data center load, you know, hyperscaler interest, and, you know, that interest is just, you know, continued, evidenced, obviously, by the 500 megawatts of additional.

Michael: <unk>.

Michael: Really the big thing driving that is this.

Michael: Potential data center load hyperscale or interest in that.

Michael: That interest is just <unk>.

Michael: Continued evidenced obviously by the 500 megawatts of additional.

Carly Davenport: Thank you, everybody. Hey, sorry, the line cut out there for a second for me. Can you guys still hear me? We can now, yeah. Hopefully you can hear us. Great.

Michael: Still there.

Speaker Change: Hey, sorry, the line cut out there for a second from me can you guys still hear me. We can now yes, hopefully you can hear us great I missed the last maybe 10 to 15 seconds Marty of of your kind of.

Martin Lyons: I missed the last. 10 to 15 seconds, Marty, of your kind of comment. It was really important. I know you started out on the data center piece, and then I lost you for the last bit there. Yeah, sorry about that. Yeah, you know, I was just underscoring that, you know, with respect to, you know, I know there have been some questions out in the market about, you know, the hyperscaler interest in data centers, and I just want to underscore, you know, we're still having very positive, constructive conversations there, and moving forward at a steady pace, you know, it's underscored by obviously the 500 megawatts of additional construction agreements we had signed, but, you know, I know your question was about the overall economy, but we look at some of the sales growth ahead, you know, obviously foundational to that is this data center demand, this hyperscaler interest, and, you know, that continues to be just, you know, sort of rock solid in terms of how we're moving forward with those conversations.

Michael: It was really important.

Michael: I know you started out on the data center piece and then I lost the last bit there, yes, sorry about that yeah. I was just underscoring that with respect to because I know there've been some questions out in the market about the hyperscale or interest in Datacenters and I just want to underscore we are still having a very positive constructive conversations there and moved.

Michael: Forward at a steady pace, it's underscored by obviously the 500 megawatts of additional construction agreements, we had signed but.

Michael: I know Youre out your question was about the overall economy, though when we look at the some of the sales growth ahead, obviously foundation of all of that is this data center demand.

Michael: Hyperscale or interest in that.

Michael: That continues to be just in a sort of rock solid in terms of how we're moving forward with those conversations.

Carly Davenport: Great. Thank you for running back through that. Appreciate it.

Michael Moehn: And then maybe just a quick follow-up on the broader capital plan. I know you had some high-level comments in the prepares on tariffs, you know, being manageable. Is there any quantification you can provide on the exposure of the overall capital plan to tariffs? And if there's any particular vertical, you know, that maybe is driving that exposure? You bet. Yeah, I mean, I think when you kind of step back and look at the overall plan, I mean, just think about it in terms of the $26 billion. And so, you know, Carly, from that, about 65% is labor-related, right?

Speaker Change: Great. Thank you for running back through that appreciate it and then maybe just a quick follow up on the broader capital plan I know you had some high level comments in the prepared on tariffs being manageable is there any quantification you can provide on the exposure of the overall capital plan to tariffs and if theres any particular vertical.

Michael: Maybe it's driving that exposure.

Michael: You bet, Yeah, I mean, I think when you kind of step back and look at the overall.

Michael: Plan I mean, just thinking about it in terms of the $26 billion.

Michael: And so purely from that about 65% labor related right. So we're not talking about any tariffs with respect to that at the moment. So 35% is sort of on the materials side.

Michael Moehn: So, you know, we're not talking about any tariffs with respect to that at the moment. So, 35% is sort of on the material side. And then from there, you know, historically, about 85% or so of that is domestically sourced. I mean, the team has really done a nice job over the years developing kind of a robust, diverse supply chain. So, I feel very, very good about that. As we kind of look through where we potentially have some exposure, you know, I think on average, we think over that $26 billion, it could be about 2%, and that's really before any mitigation.

Michael: And then from there historically about 85% or so of that is domestically sourced I mean, the team has really done a nice job over the years developing them kind of a robust diverse supply chain. So feel very very good about that as.

Michael: As we kind of look through where we potentially have some exposure.

Michael: I think on average we think over that $26 billion. It could be about two 2% and that's really before any mitigation.

Michael Moehn: And, you know, the team will continue to look at it. Most of that's going to be, honestly, tied up through some of the battery projects where we haven't made final decisions yet. You know, the team's kind of working through some final RFP pieces this year. And I think there's some ability to pivot if we need to, you know, to have some more of that domestically sourced, but also we may decide to leave it there at the end of the day if it makes more sense from a reliability standpoint, you know, the quality of the product, et cetera.

Michael: And the team will continue to look at it most of that is going to be honestly tied up through some of the battery projects, where we haven't made final decisions yet it seems kind of working through some final RFP.

Michael: Pieces this year.

Michael: And then I think there is some ability to pivot if we need to do.

Michael: To have that some more of that domestically source, but also when we may states decided to leave it there at the end of the day, if it makes more sense from a reliability standpoint.

Michael Moehn: So, again, that 2%, I think, is a very manageable number. I mean, it's on top of that $26 billion plan. It's over that five years. These are capital projects that we're talking about. Again, I think we'll look for ways to try to mitigate that. You know, I don't want to minimize it. Every dollar matters here, right? We don't want to pass on any more cost than we absolutely have to. So, the team will continue to look for ways to pivot and try to bring that down wherever possible. But I think at the highest level, the number's fairly manageable.

Michael: The quality of the product et cetera, So again that 2% I think is a very manageable number or math on top of that $26 billion plan. It's over that five years. These are capital.

Michael: Capital projects that we're talking about again I think we'll look for ways to try to mitigate that.

Michael: Want to minimize every dollar matters right and we don't want to pass on any more costs than we absolutely have to so the team will continue to look for ways to pivot and try to bring that down wherever possible.

Michael Moehn: Hopefully, that gives you some context. That's really helpful. Thank you so much.

Michael: But I think at the highest level and then the numbers fairly manageable hopefully that gives you some context.

Speaker Change: That's really helpful. Thank you so much for your time.

Operator: As a reminder, if you'd like to ask a question, please press star 1 on your television. One moment, please, while we.

Speaker Change: As a reminder, if you'd like to ask a question. Please press star one on your telephone keypad one moment, please while we poll for questions.

Paul Fremont: Our next question comes from Paul Fremont with Lattenberg-Solomon, please. Thank you very much. I guess. Is there a cost estimate just on the on the Castle Bluffs 800 megawatt plant now that you procure the turbines? Yeah, I think $900 million is the number that I think we may be disclosed in the end of the fourth quarter. So I still feel good about that estimate, even as we've kind of gone through and freshened up everything from a contract perspective.

Speaker Change: Our next question comes from Paul Fremont with Ladenburg Thalmann. Please proceed with your question.

Paul Fremont: Hi, Thank you very much.

Speaker Change: I guess.

Paul Fremont: Is there a cost estimate just on the.

Paul Fremont: On the castle, plus 800 megawatt plant now that you.

Paul Fremont: Procured the turbines.

Paul Fremont: Yes.

Paul Fremont: $900 million of the number that I think we disclosed in the end of the fourth quarter and so I still feel good about that estimate even as we've kind of gone through and freshened up everything from a contract perspective.

Michael Moehn: Great. And then if if you were to choose to build additional gas fire generation, do you have a sense of what the cost would be and how long it would take for you to line up the equipment? Well, you know, we do have that other 800 megawatt gas plant that's in the plan there, you know, the following year. And again, in the I've made some previous comments about this. And again, we have secured the turbines there feel good about it. I'd say the costs were a little bit higher, but generally in the range. And, you know, more importantly, just feel good about being able to get the project done in that timeframe from a reliability standpoint.

Paul Fremont: Great and then.

Paul Fremont: You were to choose to build additional gas fired generation do you have a sense of what the cost would be and how long it would take for you to.

Paul Fremont: Lineup the equipment.

Paul Fremont: But we do have that other 800 megawatt gas plant that's in the plan there the following year and again and I've made some previous comments about this and again, we have secured the turbines there I feel good about it I would say the costs were a little bit higher but generally in the range and more importantly, just feel good about being able to get them.

Michael Moehn: So, yeah, I think that's a good point. Yeah, I think that's a good point.

Paul Fremont: Project done in that timeframe from a reliability standpoint.

Michael Moehn: And then, you know, the next one out there is this combined cycle plan. And I alluded to this a couple minutes ago. I mean, the team is in active, you know, RFP process in the moment, you know, going through and looking at potential turbine vendors, etc. And so we'll have that locked down, I would say, by the end of this year. And so, you know, look, obviously you're seeing some tightness in the market. We'll see what that ultimately produces from a cost perspective. But, you know, very, very focused on getting this generation online in the time frame that we've laid out there because of all the things that Marty talked about from the data center economic development, just general reliability perspective.

Paul Fremont: And then the next one out there is this combined cycle plant I alluded to this couple of minutes ago. I mean, the team is in active RFP process and the moment going through and looking at potential turbine vendors et cetera, and so we'll have that locked down I would say by the end of this year.

Paul Fremont: And so.

Paul Fremont: Obviously youre seeing some tightness in the market, we'll see what that ultimately produces from a cost perspective.

Marty Lyons: But very very focused on getting this generation online and then time flaring timeframe that we've laid out there because of all the things that Marty talked about from a data center economic development, just general reliability perspective.

Michael Moehn: Great, thank you very much. You bet.

Paul Fremont: Great. Thank you very much you bet.

David Paz: Our next question comes from David Paz with Wolf Research. Please proceed with your question. Good morning. Thanks for the time. Hey, David. Hey, um, just, I guess quickly, just as, and then I appreciate the update, uh, thorough as always. But as you stand today, do you see your EPS growth? in the second half of your planning period toward that upper end of six to eight. The answer is yes, David. No change there. You know, as we talked about on our year-end call, and certainly we've given guidance of 68% EPS CAGR for 2025-2029. In the short term, we expect to be at or above the midpoint, meaning this year and next year.

Speaker Change: Our next question comes from David Paz with Wolfe Research. Please proceed with your question.

David Paz: Hey, good morning, Thanks for the time.

Speaker Change: Hi, David.

Speaker Change: Hey, Jim.

Speaker Change: I guess quickly.

Speaker Change: And then I appreciate the update there.

Speaker Change: Always always.

Speaker Change: But as you stand today do you see.

Speaker Change: Your EPS growth.

Speaker Change: The second half of your planning period towards that upper end of six to eight.

Speaker Change: And the answer is yes.

Speaker Change: David It does note no change there.

Speaker Change: As we talked about on our.

Speaker Change: Our year end call and certainly we've given guidance of 6% to 8% EPS CAGR for 'twenty five to 'twenty nine.

Speaker Change: Short term, we expect to be at or above the midpoint and meaning this year and next year, but.

Martin Lyons: But as we see some of this load tick up, which we expect to see that load growth in late 2026 and into 2027, as we talked about in February, and we have some of this big capex that's in our IRP that Michael just talked about, goes into service in 2027, 2028, goes into rate base. You know, in those periods, yeah, we expect to deliver near the upper end of the range, you know, in that middle to upper end. I'm, you know, pleased with the performance this quarter. You know, we talked about the additional construction agreements for data centers, which, you know, is giving us, you know, added confidence with respect to some of that load growth that we're seeing.

Speaker Change: As we see some of this load tick up which we expect to see that load growth in late <unk> and into 2027 as we talked about in February and we have some of this big Capex.

Speaker Change: In our IOP that Michael just talked about goes into service in 2027 2028 goes into rate base.

Speaker Change: In those periods, yes, we expect to deliver near the upper end of the range.

Speaker Change: And that middle to latter part of that five year plan and so.

Speaker Change: And look I'm pleased with the performance this quarter, we talked about the additional construction agreements for data centers, which is giving us added confidence with respect to some of that load growth that we're seeing.

Martin Lyons: I'll be honest with you, David, I was just pleased overall with the company's performance here in the first quarter. I think the Ameren team did a great job making progress on a lot of the strategic goals that we had set for ourselves in Q1, and additionally performed very well operationally, despite some weather challenges, and obviously we delivered solid earnings and growth over last year. So, real pleased about all that.

Speaker Change: And I'll be honest with you David I was just pleased overall with the company's performance here in the first quarter I think the Ameren team did a great job, making progress on a lot of the strategic goals that we had set for ourselves in Q1, and additionally performed very well operationally. Despite some weather challenges and obviously, we delivered solid earnings and growth over last year.

Martin Lyons: We covered a lot of that in prepared remarks, so I won't tick through it all, but, you know, the key is that those things, you know, like the IRP filing, like the constructive rate review settlement in Missouri, Senate Bill 4 in Missouri, the financings that our team completed in this quarter, both debt equity financings, the incremental data center, you know, construction agreements, all of the ongoing cost management across the company and the business process improvement efforts that we've got underway, all of these things give me greater optimism about the future and confidence that we're going to be able to invest and grow our economies and deliver great value for our customers, communities, and shareholders.

Speaker Change: So real pleased about all of that we covered a lot of that in prepared remarks, so I won't tick through it all but.

Speaker Change: The key is are those things like the AARP file in like the constructive rate review settlement in Missouri Senate Bill four in Missouri.

Speaker Change: The financings that our team completed in this quarter, both debt and equity financings the incremental data center construction agreements.

Speaker Change: All of the ongoing cost management across the company and the business process improvement efforts that we've got underway. All of these things give me greater optimism about the future and confidence that we're going to be able to invest and grow our economies and deliver great value for our customers communities and shareholders. So as I sit here today I think we had a very strong quarter.

David Paz: So, as I sit here today, I think we had a very strong quarter and, you know, feel very good about the guidance that we provided back in February. Great. That's good to hear. Thank you, Marty. You bet, David.

Speaker Change: And <unk>.

Speaker Change: Feel very good about the guidance that we provided back in February.

Speaker Change: Great.

Marty Lyons: That's good to hear thank you Marty.

Speaker Change: You bet David.

Operator: We have reached the end of the question and answer session.

Martin Lyons: I'd now like to turn the call back over to Martin Lyons for closing. Great. Well, hey, thank you all for joining us today. We look forward to seeing many of you at the AGA Financial Forum, which is coming up in a few weeks. And with that, thank you. Have a great day and a great weekend.

Speaker Change: We have reached the end of the question and answer session I would now like to turn the call back over to Marty Lyons for closing comments.

Marty Lyons: Great well hey, Thank you all for joining US today, we look forward to seeing many of you at the <unk> Financial Forum, which is coming up in a few weeks and with that thank you have a great day and a great weekend.

Operator: This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

Speaker Change: Yeah.

Speaker Change: This concludes today's conference you may disconnect your lines at this time and we thank you for your participation.

Speaker Change: Okay.