Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2025 OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to | | Exact name of registrant as specified in its charter; | | | --- | --- | --- | | Commission | State of Incorporation; | IRS Employer | | File Number | ...

Core Insights - Ameren Corporation (AEE) reported fourth-quarter 2025 earnings of 78 cents per share, exceeding the Zacks Consensus Estimate of 77 cents by 1.3% and reflecting a 1.3% increase from the previous year's figure [1] - The adjusted earnings for 2025 were $5.03 per share, an 8.6% increase from $4.63 in 2024 [2] Revenue Performance - Total revenues for the fourth quarter were $1.78 billion, down 8.2% year over year, and missed the Zacks Consensus Estimate of $2.09 billion by 14.9% [3] - For the full year 2025, total revenues reached $8.8 billion, a 15.4% increase from $7.62 billion in 2024 [3] Operational Highlights - Total electricity sales volumes increased by 6.3% to 16,927 million kilowatt-hours (kWh) compared to 15,929 million kWh in the previous year [4] - Gas volumes rose by 7.5% to 57 million dekatherms from the prior year's level [4] - Total operating expenses were $1.42 billion, down 18.4% year over year [4] - Interest expenses in the fourth quarter totaled $206 million, up from $171 million in the prior-year quarter [4] Segment Performance - The Ameren Missouri segment reported adjusted earnings of $747 million, up from $604 million a year ago, driven by increased infrastructure investments and new electric service rates effective June 1, 2025 [5] - The Ameren Illinois Electric Distribution segment reported adjusted earnings of $256 million, compared to $234 million in the year-ago quarter [5] - The Ameren Illinois Natural Gas segment reported adjusted earnings of $145 million, down from $149 million in the prior-year quarter [6] - The Ameren Transmission segment reported adjusted earnings of $367 million, up from $333 million in the year-ago quarter [6] Financial Condition - As of December 31, 2025, cash and cash equivalents were $13 million, an increase from $7 million at the end of 2024 [7] - Long-term debt totaled $18.21 billion as of December 31, 2025, compared to $17.26 billion at the end of 2024 [9] - Net cash flows from operating activities in 2025 were $3.35 billion, up from $2.76 billion in 2024 [9] Guidance - Ameren affirmed its 2026 earnings guidance, expecting earnings per share (EPS) in the range of $5.25-$5.45, with the Zacks Consensus Estimate for 2026 earnings at $5.35, the midpoint of the company's guided range [10]

Financial Data and Key Metrics Changes - The company reported adjusted earnings of $5.03 per share for 2025, representing an 8.6% increase from the adjusted earnings of $4.63 per share in 2024 [4][28] - The earnings per share guidance for 2026 is affirmed in the range of $5.25 to $5.45, indicating an expected growth of approximately 8.1% compared to the original 2025 earnings guidance midpoint [16][24] Business Line Data and Key Metrics Changes - Weather-normalized sales at Ameren Missouri grew by 1% overall, with residential and commercial classes growing by 0.5% and 1.5% respectively [29] - The company invested over $4 billion in electric, natural gas, and transmission infrastructure in 2025, including the installation of nearly 26,000 electric distribution poles and 31 new or upgraded substations [6][10] Market Data and Key Metrics Changes - The company signed 2.2 GW of large load electric service agreements in Missouri, which is expected to contribute positively to future sales and earnings forecasts [4][20] - The economic impact study indicates that the company's operations generate over $20 billion in annual economic activity in Missouri and Illinois [10] Company Strategy and Development Direction - The company’s three-pillar strategy focuses on investing in rate-regulated infrastructure, advocating for constructive regulatory frameworks, and optimizing business operations [6] - The company plans to invest approximately $5.5 billion in infrastructure from 2026 to 2030, targeting a compound annual rate base growth of 10.6% [14][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving near the upper end of the 6%-8% earnings growth guidance for 2026-2030, supported by the recent large load electric service agreements [5][45] - The management highlighted the importance of disciplined cost management and continuous improvement to keep customer rates low while investing in infrastructure [11][80] Other Important Information - The company’s dividend was increased by 5.6%, marking the thirteenth consecutive year of dividend growth [17] - The company has a robust investment pipeline exceeding $70 billion, aimed at enhancing the safety, reliability, and resiliency of the energy grid [25][26] Q&A Session Summary Question: Can you discuss the 2.2 GW of executed ESAs and how it impacts guidance? - Management indicated that the 2.2 GW of executed ESAs represents upside to the sales growth embedded in the 6%-8% guidance, providing greater confidence in achieving upper-end targets [41][45] Question: How does the company view hybrid securities in the financing plan? - Management noted that hybrid securities might be slightly accretive in the short term, but the overall impact would need to be evaluated over time [47][48] Question: What is the breakdown of the lag between rate base growth and earnings growth? - Management explained that the primary difference is due to equity dilution from planned issuances, and that sales from hyperscalers could help reduce this lag [53][56] Question: Are there concerns about potential cancellations of projects with ESAs? - Management expressed no concerns regarding the ESAs, emphasizing the protective measures in place for customers and the significant milestones ahead for project development [59][61] Question: How does the company view affordability in relation to customer bills? - Management highlighted a focus on disciplined cost control and ensuring that new data centers pay their fair share of costs, aiming to prevent any burden on existing customers [78][80]

Financial Data and Key Metrics Changes - The company reported adjusted earnings of $5.03 per share for 2025, representing an 8.6% increase from the adjusted earnings of $4.63 per share in 2024 [4][28] - The company affirmed its 2026 earnings per share guidance range of $5.25 to $5.45, indicating an expected growth of approximately 8.1% compared to the original 2025 earnings guidance midpoint [17][24] Business Line Data and Key Metrics Changes - Weather-normalized sales at Ameren Missouri grew by 1% overall, with residential and commercial classes growing by 0.5% and 1.5% respectively [29] - The company invested over $4 billion in electric, natural gas, and transmission infrastructure, including the installation of nearly 26,000 electric distribution poles and 283 miles of upgraded transmission and distribution lines [6][10] Market Data and Key Metrics Changes - The company signed 2.2 GW of large load electric service agreements in Missouri, which is expected to support significant economic development opportunities [4][20] - The economic impact study indicated that the company's operations in Missouri and Illinois generate over $20 billion in annual economic activity [10] Company Strategy and Development Direction - The company continues to focus on a three-pillar strategy: investing in rate-regulated infrastructure, advocating for constructive regulatory frameworks, and optimizing business operations [6] - The company plans to invest approximately $5.5 billion in electric, natural gas, and transmission infrastructure in 2026 to enhance the reliability and responsiveness of the energy grid [14][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong returns and maintain disciplined cost management, with a focus on keeping rates low for customers [11][81] - The company anticipates continued earnings growth near the upper end of the 6%-8% range from 2026 through 2030, supported by the recent large load electric service agreements [45][60] Other Important Information - The company achieved $20 million in recurring O&M savings from energy delivery process improvements over the past two years [29] - The company expects to maintain a dividend payout ratio of approximately 50%-60%, with a recent quarterly dividend increase of 5.6% [18] Q&A Session Summary Question: Can you discuss the 2.2 GW of executed ESAs and how it impacts guidance? - Management indicated that the 2.2 GW of executed ESAs represents upside to the sales growth embedded in the 6%-8% guidance, providing greater confidence in achieving the upper end of that range [41][45] Question: How do you view the use of hybrid securities in your financing plan? - Management noted that hybrid securities might be slightly accretive in the short term, but the overall impact would need to be evaluated over time [47][48] Question: What is the breakdown of the lag between rate base growth and earnings growth? - Management explained that the primary difference is due to equity dilution from planned issuances, and that sales growth from hyperscalers could help reduce this lag [53][56] Question: Are there concerns about potential cancellations of ESAs? - Management expressed no concerns regarding the ESAs, emphasizing the protective provisions in place for customers [59][61] Question: How does the updated plan impact customer bills, particularly in Missouri? - Management highlighted a focus on affordability and disciplined cost control, ensuring that new data centers pay their fair share without burdening existing customers [79][80]

Financial Data and Key Metrics Changes - The company reported adjusted earnings of $5.03 per share for 2025, representing an 8.6% growth over the adjusted earnings of $4.63 per share in 2024 [4][29] - The company affirmed its 2026 earnings per share guidance range of $5.25 to $5.45, indicating an expected growth of approximately 8.1% compared to the midpoint of the original 2025 earnings guidance [18][38] Business Line Data and Key Metrics Changes - Weather-normalized sales at Ameren Missouri grew by 1% overall, with residential and commercial classes growing by 0.5% and 1.5% respectively [31] - The company invested over $4 billion in electric, natural gas, and transmission infrastructure, including the installation of nearly 26,000 electric distribution poles and 283 miles of upgraded transmission and distribution lines [6][8] Market Data and Key Metrics Changes - The company signed 2.2 GW of large load electric service agreements in Missouri, which is expected to support significant economic development and job creation in the region [4][21] - The economic impact study indicates that the company's operations generate over $20 billion in annual economic activity in Missouri and Illinois [11] Company Strategy and Development Direction - The company continues to focus on a three-pillar strategy: investing in rate-regulated infrastructure, advocating for constructive regulatory frameworks, and optimizing business operations [6] - The company plans to invest approximately $5.5 billion in electric, natural gas, and transmission infrastructure in 2026 to enhance the reliability and safety of the energy grid [14][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong returns and maintain disciplined cost management, with a focus on keeping rates low for customers [12][80] - The company anticipates that the execution of its strategy will continue to drive strong total shareholder returns, with a compound annual earnings growth expectation of 6%-8% from 2026 through 2030 [18][28] Other Important Information - The company has received constructive orders in both Missouri and Illinois regarding electric and natural gas rate reviews, which are expected to support future earnings growth [6][32] - The company has a robust investment pipeline exceeding $70 billion, aimed at strengthening the energy grid and supporting economic growth [27] Q&A Session Summary Question: Can you discuss the 2.2 GW of executed ESAs and its implications? - Management indicated that the 2.2 GW of executed ESAs represents upside to the sales growth embedded in the 6%-8% guidance, providing greater confidence in achieving the upper end of that range [42][45] Question: How do you view the lag between rate base growth and earnings growth? - Management noted that the primary difference between the 10.6% rate base CAGR and the 6%-8% EPS growth is due to equity dilution from planned issuances, and that sales growth from hyperscalers could help reduce this lag [53][56] Question: Are there concerns about potential cancellations of ESAs? - Management expressed no concerns regarding the ESAs, emphasizing that significant milestones remain ahead for project development, and that the ESAs are designed to protect existing customers [59][61] Question: How does the updated plan impact customer bills, particularly in Missouri? - Management highlighted a focus on affordability and disciplined cost control, ensuring that new data centers pay their fair share of costs without burdening existing customers [78][79]

Cautionary Statements Use of Non-GAAP Financial Measures 2025 Results and Guidance | Feb. 12, 2026 2 In this presentation, Ameren has presented adjusted earnings per share, which is a non-GAAP measure and may not be comparable to those of other companies. A reconciliation of GAAP to non-GAAP information is included in this presentation. Generally, adjusted earnings or losses include earnings or losses attributable to Ameren common shareholders and exclude income or loss from significant discrete items that ...

Core Insights - Ameren Missouri is enhancing grid reliability through its Smart Energy Plan, which has successfully limited outages during severe weather events and outlines a five-year strategy for a more resilient electric grid [1] Group 1: Smart Energy Plan Investments - The Smart Energy Plan has prevented 160,000 customer outages during major storms in 2025 [1] - Key upgrades include modernization of nearly 150 substations and the addition of 850 composite poles, which are stronger than wooden poles [1] - Over 2,000 smart switches have been installed, preventing more than 330,000 customer outages in the past five years [1] Group 2: Energy Resource Development - Ameren Missouri is investing in a diverse energy portfolio, including new generation facilities and upgrades to existing assets [1] - In 2025, the company replaced two 90-year-old turbines at Osage Energy Center and added 50 MW of new power with the Vandalia Renewable Energy Center [1] - Construction has begun on the Castle Bluff Energy Center, an 800 MW natural gas facility to support grid demand [1] Group 3: Economic Impact - The Smart Energy Plan has attracted 35 businesses to expand or relocate in Missouri, resulting in over $1.5 billion in capital investment and creating more than 2,200 jobs [1] - Notable investments include IKO's $120 million facility and Amazon's $15 million last-mile delivery station, both contributing to local job creation [1] - Ameren Missouri's rates are approximately 27% below the Midwest and national averages, supporting economic growth [1]

Core Insights - Ameren reported revenue of $1.78 billion for the quarter ended December 2025, reflecting an 8.2% decrease year-over-year and a significant miss of 14.92% against the Zacks Consensus Estimate of $2.09 billion [1] - The company's EPS was $0.78, slightly up from $0.77 in the same quarter last year, resulting in a positive surprise of 1.56% compared to the consensus estimate of $0.77 [1] Financial Performance Metrics - Total electric sales for Ameren reached 16,927 GWh, exceeding the average estimate of 16,648.05 GWh from two analysts [4] - Electric revenues for Ameren Missouri totaled $738 million, significantly below the $1.1 billion average estimate, marking a year-over-year decline of 21.9% [4] - Electric revenues for Ameren Illinois Electric Distribution were $555 million, surpassing the estimated $527.9 million, representing a year-over-year increase of 6.3% [4] - Electric revenues from Ameren Transmission amounted to $204 million, slightly below the $208.2 million estimate, but showing a year-over-year growth of 4.6% [4] - Operating revenues from natural gas were reported at $337 million, exceeding the $327.17 million estimate, with a year-over-year increase of 5% [4] - Gas revenues for Ameren Illinois Natural Gas were $282 million, close to the average estimate of $284.35 million, reflecting a year-over-year growth of 1.4% [4] - Operating revenues from electric sources were $1.45 billion, falling short of the $1.76 billion estimate, indicating a year-over-year decline of 10.8% [4] - Gas revenues for Ameren Missouri reached $55 million, outperforming the $43.13 million estimate, with a notable year-over-year increase of 27.9% [4] Stock Performance - Ameren's shares have returned 4.3% over the past month, contrasting with a -0.3% change in the Zacks S&P 500 composite, indicating potential outperformance in the near term [3]

分组1 - Ameren reported quarterly earnings of $0.78 per share, exceeding the Zacks Consensus Estimate of $0.77 per share, and showing an increase from $0.77 per share a year ago, resulting in an earnings surprise of +1.56% [1] - The company posted revenues of $1.78 billion for the quarter ended December 2025, which was 14.92% below the Zacks Consensus Estimate and a decrease from $1.94 billion in the same quarter last year [2] - Ameren has surpassed consensus EPS estimates three times over the last four quarters, indicating a positive trend in earnings performance [2] 分组2 - The stock has gained approximately 5.9% since the beginning of the year, outperforming the S&P 500's gain of 1.4% [3] - The current consensus EPS estimate for the upcoming quarter is $1.17 on revenues of $2.22 billion, and for the current fiscal year, it is $5.35 on revenues of $9.65 billion [7] - The Utility - Electric Power industry, to which Ameren belongs, is currently ranked in the top 36% of over 250 Zacks industries, suggesting a favorable outlook for the sector [8]

Core Viewpoint - Ameren Corp reported a fourth-quarter profit that narrowly exceeded Wall Street estimates, driven by increased electricity rates and stronger retail sales in its Missouri unit [1] Financial Performance - The company reported fourth-quarter revenue of $1.78 billion, surpassing analysts' expectations of $1.67 billion [1] - Ameren's profit for the quarter was 78 cents per share, slightly above the analysts' estimate of 77 cents per share [1] - Revenue from the gas segment increased to $337 million, up from $321 million a year earlier [1] Operational Highlights - Ameren Missouri's electric sales reached 8,405 million kilowatt hours, compared to 7,806 million in the previous year [1] - The company reaffirmed its profit forecast for 2026, estimating earnings between $5.25 and $5.45 per share [1] Strategic Developments - Ameren Missouri received approval for the Big Hollow Energy Center, a new hybrid facility expected to begin operations in 2028, which includes an 800 MW natural gas plant and a large-scale battery storage facility [1] - The company plans to add 1,000 MW of battery storage by 2030 and expand to 1,800 MW by 2042 [1] Industry Context - U.S. electricity usage reached record highs in 2025 and is projected to continue rising, influenced by the expansion of AI and the transition from fossil fuels to electric heating and vehicles [1] - Utilities are increasing power rates to offset higher grid modernization costs amid extreme weather and rising demand from industrial electrification and data center expansions [1]