[FORM 10-Q Filing Information](index=1&type=section&id=FORM%2010-Q%20Filing%20Information) This section details the registrants, their filing status, and securities information for the Form 10-Q [Registrant Details](index=1&type=section&id=Registrant%20Details) This Form 10-Q is filed by Ameren Corporation, Union Electric Company, and Ameren Illinois Company, each a separate legal entity - The report is a combined Form 10-Q filed by Ameren Corporation (Missouri Corporation), Union Electric Company (Missouri Corporation), and Ameren Illinois Company (Illinois Corporation)[2](index=2&type=chunk)[10](index=10&type=chunk) [Securities and Filing Status](index=1&type=section&id=Securities%20and%20Filing%20Status) Ameren Corporation's common stock is listed on the New York Stock Exchange. Ameren Corporation is classified as a large accelerated filer, while Union Electric Company and Ameren Illinois Company are non-accelerated filers - Ameren Corporation's Common Stock (**$0.01 par value per share**) trades under the symbol AEE on the New York Stock Exchange[3](index=3&type=chunk) - Ameren Corporation is a large accelerated filer, while Union Electric Company and Ameren Illinois Company are non-accelerated filers[8](index=8&type=chunk) Shares Outstanding as of July 31, 2025 | Registrant | Title of each class of common stock | Shares outstanding | | :----------------- | :---------------------------------- | :----------------- | | Ameren Corporation | Common stock, $0.01 par value per share | 270,409,918 | | Union Electric Company | Common stock, $5 par value per share, held by Ameren Corporation | 102,123,834 | | Ameren Illinois Company | Common stock, no par value, held by Ameren Corporation | 25,452,373 | [TABLE OF CONTENTS](index=4&type=section&id=TABLE%20OF%20CONTENTS) This section provides an organized listing of all major sections and topics within the report [GLOSSARY OF TERMS AND ABBREVIATIONS](index=5&type=section&id=GLOSSARY%20OF%20TERMS%20AND%20ABBREVIATIONS) This section provides definitions for key terms and abbreviations used throughout the report, including regulatory plans, filing types, and time period indicators - Key terms defined include '2023 PRP' (Preferred Resource Plan), '2025 Change to the 2023 PRP', 'Form 10-K', 'OBBBA' (The One Big Beautiful Bill Act), 'QTD' (Three months ended June 30), 'YTD' (Six months ended June 30), and 'YoY' (Compared with the year-ago period)[15](index=15&type=chunk)[16](index=16&type=chunk) [FORWARD-LOOKING STATEMENTS](index=5&type=section&id=FORWARD-LOOKING%20STATEMENTS) The report contains forward-looking statements that involve risks and uncertainties, which could cause actual results to differ materially from expectations. Key factors include regulatory actions, cost control, energy technologies, tax laws, market conditions, and environmental policies - Statements not based on historical facts are considered 'forward-looking' and involve risks and uncertainties that could cause actual results to differ materially[17](index=17&type=chunk) - Important factors that could cause actual results to differ include regulatory, judicial, or legislative actions, ability to control costs and make investments, effects of energy technologies, changes in federal/state/local laws and tax rates, market conditions, and environmental regulations[17](index=17&type=chunk)[19](index=19&type=chunk)[22](index=22&type=chunk) [PART I. Financial Information](index=10&type=section&id=PART%20I.%20Financial%20Information) This part contains the unaudited financial statements and management's discussion and analysis of Ameren's financial condition and results of operations [Item 1. Financial Statements (Unaudited)](index=10&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements for Ameren Corporation, Union Electric Company (Ameren Missouri), and Ameren Illinois Company, including statements of income, balance sheets, cash flows, and shareholders' equity, along with detailed notes [Ameren Corporation Consolidated Financial Statements](index=10&type=section&id=Ameren%20Corporation%20Consolidated%20Financial%20Statements) Ameren Corporation reported increased net income and EPS for both the three and six months ended June 30, 2025, compared to the prior year. Total assets and equity also grew, while operating cash flow improved significantly Ameren Corporation: Key Income Statement Data (Unaudited) | Metric | Three Months Ended June 30, 2025 (millions) | Three Months Ended June 30, 2024 (millions) | Six Months Ended June 30, 2025 (millions) | Six Months Ended June 30, 2024 (millions) | | :--------------------------------------- | :---------------------------------------- | :---------------------------------------- | :-------------------------------------- | :-------------------------------------- | | Net Income Attributable to Common Shareholders | $275 | $258 | $564 | $519 | | Earnings per Common Share - Diluted | $1.01 | $0.97 | $2.08 | $1.95 | Ameren Corporation: Key Balance Sheet Data (Unaudited) (millions) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Total Assets | $46,625 | $44,598 | | Total Liabilities | $34,182 | $32,355 | | Total Equity | $12,443 | $12,243 | Ameren Corporation: Key Cash Flow Data (Unaudited) (millions) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $1,293 | $1,049 | | Net cash used in investing activities | $(2,111) | $(1,932) | | Net cash provided by financing activities | $884 | $912 | [Union Electric Company (d/b/a Ameren Missouri) Consolidated Financial Statements](index=15&type=section&id=Union%20Electric%20Company%20(d/b/a%20Ameren%20Missouri)%20Consolidated%20Financial%20Statements) Ameren Missouri saw an increase in net income for both the three and six months ended June 30, 2025. The company's total assets and shareholders' equity also grew, with a notable increase in operating cash flow Ameren Missouri: Key Income Statement Data (Unaudited) (millions) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net Income Available to Common Shareholder | $150 | $128 | $192 | $153 | Ameren Missouri: Key Balance Sheet Data (Unaudited) (millions) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Total Assets | $24,444 | $23,106 | | Total Shareholders' Equity | $8,140 | $7,998 | Ameren Missouri: Key Cash Flow Data (Unaudited) (millions) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $592 | $407 | | Net cash used in investing activities | $(1,322) | $(1,155) | | Net cash provided by financing activities | $774 | $749 | [Ameren Illinois Company (d/b/a Ameren Illinois) Financial Statements](index=20&type=section&id=Ameren%20Illinois%20Company%20(d/b/a%20Ameren%20Illinois)%20Financial%20Statements) Ameren Illinois reported increased net income for both the three and six months ended June 30, 2025. Total assets and shareholders' equity also increased, while cash provided by operating activities saw a slight decrease Ameren Illinois: Key Income Statement Data (Unaudited) (millions) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net Income Available to Common Shareholder | $137 | $124 | $373 | $339 | Ameren Illinois: Key Balance Sheet Data (Unaudited) (millions) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Total Assets | $19,903 | $19,230 | | Total Shareholders' Equity | $7,669 | $7,371 | Ameren Illinois: Key Cash Flow Data (Unaudited) (millions) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $672 | $691 | | Net cash used in investing activities | $(744) | $(742) | | Net cash provided by financing activities | $90 | $90 | [Combined Notes to Financial Statements](index=25&type=section&id=Combined%20Notes%20to%20Financial%20Statements) The notes provide detailed disclosures on accounting policies, regulatory matters, debt, derivatives, fair value measurements, related-party transactions, commitments, the Callaway Energy Center, retirement benefits, income taxes, and supplemental and segment information [Note 1. Summary of Significant Accounting Policies](index=25&type=section&id=Note%201.%20Summary%20of%20Significant%20Accounting%20Policies) Ameren operates as a public utility holding company, with its subsidiaries' financial statements consolidated. The company consolidates AMF, a variable interest entity formed for securitized utility tariff bonds related to the Rush Island Energy Center retirement. Ameren also holds unconsolidated variable interests in innovative energy technologies and maintains Company-Owned Life Insurance (COLI) - Ameren consolidates AMF, a variable interest entity (VIE) formed in 2024 for securitized utility tariff bonds related to the accelerated retirement of the Rush Island Energy Center. Ameren Missouri is the primary beneficiary[57](index=57&type=chunk) - Ameren had unconsolidated variable interests in equity method investments, primarily for innovative energy technologies, totaling **$68 million** as of June 30, 2025, with a maximum exposure to loss of **$99 million**[61](index=61&type=chunk) Net Cash Surrender Value of COLI (millions) | Company | June 30, 2025 | December 31, 2024 | | :-------------- | :------------ | :---------------- | | Ameren (parent) | $209 | $260 | | Ameren Illinois | $122 | $118 | [Note 2. Rate and Regulatory Matters](index=26&type=section&id=Note%202.%20Rate%20and%20Regulatory%20Matters) This note details significant regulatory proceedings and their updates across Missouri, Illinois, and federal jurisdictions, impacting Ameren's electric and natural gas businesses, including rate orders, legislative changes, and appeals [Missouri Regulatory Matters](index=26&type=section&id=Missouri%20Regulatory%20Matters) Missouri enacted Senate Bill 4, modifying PISA, integrated resource planning, and allowing future test years for natural gas utilities. Ameren Missouri received approvals for electric and natural gas rate increases and filed a new large load customer rate plan - Missouri Senate Bill 4 (April 2025, effective August 2025) modifies the PISA to include new natural gas generating units and extends its effective date through 2035 (with potential extension to 2040). It also reduces the annual limit on electric service revenue requirement increases from **2.5% to 2.25%**[64](index=64&type=chunk)[65](index=65&type=chunk)[67](index=67&type=chunk) - The law modifies integrated resource planning, requiring MoPSC to publish a 4-year filing schedule by August 2027. Approved plans will limit CCN review scope and allow construction work in progress (CWIP) in rate base for new generation facilities[68](index=68&type=chunk)[69](index=69&type=chunk) - MoPSC approved a **$355 million** increase to Ameren Missouri's annual electric retail service revenue requirement (effective June 1, 2025) and a **$32 million** increase for natural gas delivery service (effective September 1, 2025)[71](index=71&type=chunk)[72](index=72&type=chunk) - Ameren Missouri filed a request to modify its large primary service tariff for customers requesting **100 MW or more**, including terms like a **15-year minimum service term** and **70% minimum demand charges**. A decision is expected by February 2026[73](index=73&type=chunk) Ameren Missouri: Generation and Storage Facilities | Facility Name | Agreement Type | Facility Size (MW) | MoPSC CCN Status | In-service Date | | :------------------------------ | :------------- | :----------------- | :--------------- | :-------------- | | Vandalia Solar Project | Self-build | 50 | Approved March 2024 | Fourth quarter 2025 | | Bowling Green Solar Project | Self-build | 50 | Approved March 2024 | First quarter 2026 | | Split Rail Solar Project | Build-transfer | 300 | Approved March 2024 | Mid-2026 | | Castle Bluff Natural Gas Project | Self-build | 800 | Approved October 2024 | Fourth quarter 2027 | | Big Hollow Battery Energy Storage Project | Self-build | 400 | Filed June 2025 | Second quarter 2028 | | Big Hollow Natural Gas Project | Self-build | 800 | Filed June 2025 | Third quarter 2028 | [Illinois Regulatory Matters](index=30&type=section&id=Illinois%20Regulatory%20Matters) Ameren Illinois is appealing the ICC's MYRP order regarding allowed ROE and rate base inclusion. The company also filed for a reconciliation adjustment for 2024 electric distribution service, proposed energy-efficiency investments, and requested a natural gas delivery service rate increase - ICC approved electric distribution service revenue requirements for 2024-2027, totaling a cumulative four-year increase of **$308 million**. Ameren Illinois appealed the order to revise the allowed ROE and include an asset for other postretirement benefits in the rate base[77](index=77&type=chunk) - Ameren Illinois filed for a 2024 electric distribution service revenue requirement reconciliation adjustment, requesting **$60 million**, while ICC staff recommended **$49 million**. A decision is required by December 2025[78](index=78&type=chunk) - Ameren Illinois filed an energy-efficiency plan proposing annual investments up to **$126 million** from 2026 through 2029, with an ICC decision expected by September 2025[80](index=80&type=chunk) - Ameren Illinois requested a **$135 million** increase in annual revenues for natural gas delivery service, based on a **10.7% ROE** and **$3.3 billion** rate base. ICC staff recommended **$103 million**, and the Illinois Attorney General recommended **$55 million**. A decision is expected by early December 2025[81](index=81&type=chunk) [Federal Regulatory Matters](index=31&type=section&id=Federal%20Regulatory%20Matters) FERC approved transmission rate incentives for Ameren's MISO second tranche projects, allowing CWIP in rate base for ATXI. The FERC also decreased the allowed base ROE for MISO transmission rate base, leading to required refunds and ongoing appeals by Ameren companies - FERC approved transmission rate incentives for Ameren's MISO second tranche projects, allowing construction work in progress (CWIP) in rate base for ATXI and recovery of prudently incurred costs if projects are abandoned[83](index=83&type=chunk) - FERC decreased the allowed base ROE for MISO-regulated transmission rate base from **10.02% to 9.98%** in October 2024, requiring refunds. Ameren Missouri, Ameren Illinois, and ATXI have appealed this order[84](index=84&type=chunk) Liabilities for Expected FERC ROE Refunds (June 30, 2025, millions) | Company | Amount | | :-------------- | :----- | | Ameren | $11 | | Ameren Illinois | $7 | [Note 3. Short-term Debt and Liquidity](index=33&type=section&id=Note%203.%20Short-term%20Debt%20and%20Liquidity) Ameren's liquidity is supported by available cash, credit agreements, commercial paper, and short-term affiliate borrowings. As of June 30, 2025, the company had **$1.4 billion** in net available liquidity and was in compliance with credit agreement covenants - As of June 30, 2025, the net liquidity available to Ameren (parent), Ameren Missouri, and Ameren Illinois, collectively, was **$1.4 billion**[88](index=88&type=chunk) Commercial Paper Outstanding (millions) | Company | June 30, 2025 | December 31, 2024 | | :-------------- | :------------ | :---------------- | | Ameren (parent) | $566 | $1,055 | | Ameren Missouri | $330 | $— | | Ameren Illinois | $245 | $88 | | Ameren consolidated | $1,141 | $1,143 | Weighted-Average Interest Rates for Commercial Paper (Six Months Ended June 30, 2025) | Company | Weighted-Average Interest Rate (%) | | :-------------- | :----------------------------- | | Ameren (parent) | 4.63 | | Ameren Missouri | 4.60 | | Ameren Illinois | 4.59 | | Ameren Consolidated | 4.61 | - The average interest rate for borrowings under the utility money pool for the six months ended June 30, 2025, was **4.58%**, down from **5.41%** in 2024[91](index=91&type=chunk) [Note 4. Long-term Debt and Equity Financings](index=33&type=section&id=Note%204.%20Long-term%20Debt%20and%20Equity%20Financings) Ameren issued common stock through its DRPlus and 401(k) plan and for stock-based compensation. The company also entered into new forward sale agreements and issued senior unsecured notes. Ameren Missouri and Ameren Illinois issued first mortgage bonds to repay short-term debt and maturing long-term debt - Ameren issued **0.2 million shares** of common stock under its DRPlus and 401(k) plan, generating **$18 million** in proceeds for the six months ended June 30, 2025. Additionally, **0.3 million shares** valued at **$25 million** were issued for stock-based compensation in Q1 2025[92](index=92&type=chunk) - Ameren has an ATM program to sell up to **$1.75 billion** of common stock, with approximately **$230 million** available as of June 30, 2025. No shares were issued under this program during the three and six months ended June 30, 2025[94](index=94&type=chunk) - Ameren had forward sale agreements for **12.2 million shares** of common stock outstanding as of June 30, 2025, representing **$1.1 billion** in potential cash proceeds upon physical settlement[95](index=95&type=chunk)[96](index=96&type=chunk) - Ameren (parent) issued **$750 million** of **5.375%** senior unsecured notes due March 2035. Ameren Missouri issued **$500 million** of **5.25%** first mortgage bonds due April 2035. Ameren Illinois issued **$350 million** of **5.625%** first mortgage bonds due March 2055[97](index=97&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk) - Ameren (parent) repurchased **$24 million** of subsidiary debt, resulting in an **$8 million** pre-tax gain[98](index=98&type=chunk) [Note 5. Other Income, Net](index=37&type=section&id=Note%205.%20Other%20Income,%20Net) Ameren's 'Other Income, Net' decreased for both the three and six months ended June 30, 2025, primarily due to lower non-service cost components of net periodic benefit income, partially offset by gains on debt extinguishment and increased allowance for equity funds used during construction Other Income, Net (millions) | Company | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Ameren | $96 | $103 | $181 | $192 | | Ameren Missouri | $47 | $49 | $90 | $93 | | Ameren Illinois | $37 | $37 | $71 | $68 | - For Ameren, the decrease in 'Other Income, Net' was primarily driven by a reduction in the non-service cost components of net periodic benefit income, partially offset by an **$8 million** gain on the extinguishment of debt[104](index=104&type=chunk)[105](index=105&type=chunk) [Note 6. Derivative Financial Instruments](index=37&type=section&id=Note%206.%20Derivative%20Financial%20Instruments) Ameren uses derivatives to manage market price risks for natural gas, power, and interest rates. Most commodity derivatives qualify for regulatory deferral, with changes in fair value recorded as regulatory assets or liabilities. Ameren (parent) uses interest rate swaps as cash flow hedges - Derivative instruments are used to manage risks from changes in market prices for natural gas, power, interest rates, and rail transportation surcharges[106](index=106&type=chunk) - Derivative contracts that qualify for regulatory deferral are recorded at fair value, with changes in fair value recognized as regulatory assets or liabilities, having no effect on operating income[109](index=109&type=chunk) - Ameren (parent) had interest rate swaps with notional amounts of **$490 million** as of June 30, 2025, designated as cash flow hedges, resulting in an unrealized loss of **$6 million** (net of income tax benefits) for the six months ended June 30, 2025[110](index=110&type=chunk) Open Gross Commodity Contract Volumes (June 30, 2025) | Commodity | Ameren Missouri (gallons) | Ameren Illinois (mmbtu) | Ameren (MWhs) | | :---------- | :------------------------ | :---------------------- | :------------ | | Fuel oils | 24 | — | 24 | | Natural gas | 44 | 223 | 267 | | Power | — | 4 | 4 | Derivative Assets and Liabilities (June 30, 2025, millions) | Company | Derivative Assets | Derivative Liabilities | | :-------------- | :---------------- | :--------------------- | | Ameren | $29 | $113 | | Ameren Missouri | $17 | $13 | | Ameren Illinois | $12 | $100 | [Note 7. Fair Value Measurements](index=40&type=section&id=Note%207.%20Fair%20Value%20Measurements) Fair value measurements are categorized into three levels based on input observability. The nuclear decommissioning trust fund primarily consists of Level 1 equity securities. Long-term debt is disclosed at fair value, with most classified as Level 2 - Fair value measurements are classified into Level 1 (quoted prices), Level 2 (observable inputs), and Level 3 (unobservable inputs)[116](index=116&type=chunk) Nuclear Decommissioning Trust Fund Fair Value (June 30, 2025, millions) | Investment Type | Level 1 | Level 2 | Level 3 | Total | | :---------------- | :------ | :------ | :------ | :---- | | Equity securities: U.S. large capitalization | $967 | $— | $— | $967 | | Debt securities: U.S. Treasury and agency | $— | $179 | $— | $179 | | Debt securities: Corporate bonds | $— | $163 | $— | $163 | | Debt securities: Other | $— | $97 | $— | $97 | | **Total** | **$967**| **$439**| **$—** | **$1,406**| Long-Term Debt Fair Value (June 30, 2025, millions) | Company | Carrying Amount | Fair Value (Total) | Level 2 Fair Value | Level 3 Fair Value | | :-------------- | :-------------- | :----------------- | :----------------- | :----------------- | | Ameren | $18,840 | $17,338 | $16,792 | $546 | | Ameren Missouri | $8,244 | $7,483 | $7,483 | $— | | Ameren Illinois | $5,900 | $5,296 | $5,296 | $— | [Note 8. Related-party Transactions](index=42&type=section&id=Note%208.%20Related-party%20Transactions) Ameren Missouri and Ameren Illinois engage in affiliate transactions, including support services, and have intercompany balances related to income taxes. These transactions are eliminated in Ameren's consolidated financial statements - Ameren Missouri and Ameren Illinois had long-term receivables from Ameren Services of **$20 million** and **$22 million**, respectively, as of June 30, 2025, related to pension and postretirement benefit plans[127](index=127&type=chunk) Affiliate Balances Related to Income Taxes (June 30, 2025, millions) | Company | Income Taxes Payable to Parent | Income Taxes Receivable from Parent | | :-------------- | :----------------------------- | :---------------------------------- | | Ameren Missouri | $1 | $25 | | Ameren Illinois | $24 | $— | Impact of Related-party Transactions on Income Statement (Six Months Ended June 30, 2025, millions) | Line Item | Ameren Missouri | Ameren Illinois | | :-------------------------------- | :-------------- | :-------------- | | Total Operating Revenues | $15 | $6 | | Total Other Operations and Maintenance | $88 | $83 | [Note 9. Commitments and Contingencies](index=44&type=section&id=Note%209.%20Commitments%20and%20Contingencies) Ameren is involved in various legal, tax, and regulatory proceedings. Environmental compliance, particularly with Clean Air Act and CCR Rule, is a significant commitment, with revised capital expenditure estimates for 2025-2029. Ameren Illinois also has substantial remediation obligations for former MGP sites - Ameren and Ameren Missouri revised capital expenditure estimates for environmental compliance to a range of **$90 million to $120 million** from 2025 through 2029, due to proposed EPA rules[137](index=137&type=chunk) - The EPA issued proposed rules in June and July 2025 to repeal greenhouse gas emissions standards for fossil fuel-fired power plants and to repeal revisions to the MATS[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk) - Ameren Missouri plans to substantially complete the closures of remaining CCR surface impoundments by the end of 2026, with Asset Retirement Obligations (AROs) of **$46 million** associated with CCR storage facilities as of June 30, 2025[145](index=145&type=chunk) - Ameren Illinois has an estimated remaining obligation of **$46 million to $91 million** for remediation of former MGP sites, with actual costs and timing subject to significant uncertainty[147](index=147&type=chunk)[148](index=148&type=chunk) [Note 10. Callaway Energy Center](index=50&type=section&id=Note%2010.%20Callaway%20Energy%20Center) The nuclear decommissioning trust fund for Ameren Missouri's Callaway Energy Center totaled **$1,414 million** as of June 30, 2025. The MoPSC approved reducing annual customer contributions for decommissioning costs to zero, effective June 2025, as the trust fund exceeded estimated future costs. The center maintains substantial insurance coverage - The fair value of the nuclear decommissioning trust fund for Ameren Missouri's Callaway Energy Center was **$1,414 million** as of June 30, 2025[151](index=151&type=chunk) - In May 2025, the MoPSC ordered the reduction of annual customer contributions for Callaway Energy Center decommissioning costs from **$7 million to zero**, effective June 2025, because the trust fund level exceeded estimated future costs[151](index=151&type=chunk) Callaway Energy Center Insurance Coverage (April 1, 2025, millions) | Type of Coverage | Maximum Coverages | Maximum Assessments for Single Incidents | | :----------------------- | :---------------- | :--------------------------------------- | | Public liability and nuclear worker liability | $16,263 | $166 | | Property damage | $3,200 | $22 | | Accidental outage | $490 | $9 | [Note 11. Retirement Benefits](index=52&type=section&id=Note%2011.%20Retirement%20Benefits) This note details the components of net periodic benefit cost (income) for Ameren's pension and postretirement benefit plans. For the six months ended June 30, 2025, Ameren reported net periodic benefit income for both pension and postretirement plans Net Periodic Benefit Cost (Income) (Six Months Ended June 30, millions) | Metric | 2025 Pension Benefits | 2024 Pension Benefits | 2025 Postretirement Benefits | 2024 Postretirement Benefits | | :-------------------------------- | :-------------------- | :-------------------- | :--------------------------- | :--------------------------- | | Service cost | $41 | $44 | $5 | $6 | | Total non-service cost components | $(51) | $(86) | $(45) | $(46) | | **Net periodic benefit income** | **$(10)** | **$(42)** | **$(40)** | **$(40)** | Net Periodic Benefit Costs (Income) by Subsidiary (Six Months Ended June 30, 2025, millions) | Company | Pension Benefits | Postretirement Benefits | | :-------------- | :--------------- | :---------------------- | | Ameren Missouri | $(7) | $(14) | | Ameren Illinois | $(2) | $(26) | [Note 12. Income Taxes](index=53&type=section&id=Note%2012.%20Income%20Taxes) The recently enacted OBBBA modified IRA provisions for production and investment tax credits, maintaining eligibility for certain solar, wind, and battery storage projects while restricting transferability to specified foreign entities. Ameren is evaluating the OBBBA's impact but expects no material effects in 2025. Effective income tax rates varied across Ameren and its subsidiaries - The OBBBA (enacted July 2025) modified IRA provisions for production and investment tax credits, maintaining eligibility for solar and wind projects starting construction within one year of enactment and placed in-service by end of 2030. It also provides investment tax credits for battery storage projects[165](index=165&type=chunk) - The OBBBA continues to allow transferability of tax credits but restricts transfers to specified foreign entities. Ameren is evaluating the OBBBA and expects no material impacts on its results of operations, financial position, and liquidity in 2025[165](index=165&type=chunk) Effective Income Tax Rates (Six Months Ended June 30) | Company | 2025 (%) | 2024 (%) | | :-------------- | :------- | :------- | | Ameren | 14 | 14 | | Ameren Missouri | 6 | 2 | | Ameren Illinois | 24 | 24 | [Note 13. Supplemental Information](index=54&type=section&id=Note%2013.%20Supplemental%20Information) This note provides supplemental financial details, including reconciliations of cash, cash equivalents, and restricted cash, allowance for doubtful accounts, accrued capital expenditures, asset retirement obligations, stock-based compensation, deferred compensation, operating revenues, excise taxes, and earnings per share Cash, Cash Equivalents, and Restricted Cash (June 30, 2025, millions) | Company | Total Cash, Cash Equivalents, and Restricted Cash | | :-------------- | :---------------------------------------------- | | Ameren | $394 | | Ameren Missouri | $61 | | Ameren Illinois | $320 | Allowance for Doubtful Accounts (June 30, 2025, millions) | Company | End of Period | | :-------------- | :------------ | | Ameren | $39 | | Ameren Missouri | $12 | | Ameren Illinois | $27 | Accrued Capital Expenditures (Six Months Ended June 30, 2025, millions) | Company | Accrued Capital Expenditures | | :-------------- | :--------------------------- | | Ameren | $453 | | Ameren Missouri | $284 | | Ameren Illinois | $162 | - Ameren granted **275,869 performance share units** (**$33 million** fair value) and **118,213 restricted share units** (**$11 million** fair value) in Q1 2025[176](index=176&type=chunk) Excise Taxes (Six Months Ended June 30, 2025, millions) | Company | Excise Taxes | | :-------------- | :----------- | | Ameren | $155 | | Ameren Missouri | $81 | | Ameren Illinois | $74 | Weighted-Average Common Shares Outstanding (Six Months Ended June 30) | Metric | 2025 (millions) | 2024 (millions) | | :--------------------------------------- | :-------------- | :-------------- | | Weighted-average Common Shares Outstanding – Basic | 270.1 | 266.5 | | Weighted-average Common Shares Outstanding – Diluted | 271.5 | 266.8 | [Note 14. Segment Information](index=57&type=section&id=Note%2014.%20Segment%20Information) This note provides disaggregated financial information by segment for Ameren and Ameren Illinois, detailing revenues, net income attributable to common shareholders, and capital expenditures for the three and six months ended June 30, 2025 and 2024 Ameren: Net Income Attributable to Common Shareholders by Segment (Six Months Ended June 30, 2025, millions) | Segment | Net Income Attributable to Ameren Common Shareholders | | :-------------------------------- | :---------------------------------------------------- | | Ameren Missouri | $192 | | Ameren Illinois Electric Distribution | $127 | | Ameren Illinois Natural Gas | $118 | | Ameren Transmission | $175 | | Other / Intersegment Eliminations | $(48) | | **Total Ameren** | **$564** | Ameren: Capital Expenditures by Segment (Six Months Ended June 30, 2025, millions) | Segment | Capital Expenditures | | :-------------------------------- | :------------------- | | Ameren Missouri | $1,325 | | Ameren Illinois Electric Distribution | $320 | | Ameren Illinois Natural Gas | $147 | | Ameren Transmission | $331 | | Other / Intersegment Eliminations | $5 | | **Total Ameren** | **$2,130** | Ameren: Total Revenues by Segment (Six Months Ended June 30, 2025, millions) | Segment | Total Revenues | | :-------------------------------- | :------------- | | Ameren Missouri | $2,297 | | Ameren Illinois Electric Distribution | $1,145 | | Ameren Illinois Natural Gas | $569 | | Ameren Transmission | $418 | | Intersegment Eliminations | $(111) | | **Total Ameren** | **$4,318** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=63&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on Ameren's financial performance, condition, and results of operations, including an overview of key drivers, detailed analysis of income statement components, liquidity and capital resources, and future outlook [Overview](index=63&type=section&id=Overview) Ameren reported increased net income and EPS for the three and six months ended June 30, 2025, driven by higher base rates, increased deferral of financing costs, infrastructure investments, and improved AFUDC. The company invested **$2.1 billion** in rate-regulated businesses and highlighted key regulatory developments in Missouri and Illinois Net Income Attributable to Ameren Common Shareholders (millions, except per share) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net Income Attributable to Common Shareholders | $275 | $258 | $564 | $519 | | Earnings per Common Share - Diluted | $1.01 | $0.97 | $2.08 | $1.95 | - Net income was favorably affected by increased base rate revenues at Ameren Missouri, increased deferral of financing costs related to PISA and RESRAM, increased infrastructure investments at Ameren Transmission and Ameren Illinois Electric Distribution, and higher allowance for equity funds used during construction at Ameren Transmission[199](index=199&type=chunk) - Unfavorable impacts included increased financing costs due to higher short-term debt and interest rates, and decreased retail electric sales volumes at Ameren Missouri due to milder spring and early summer temperatures[202](index=202&type=chunk) - Ameren invested **$2.1 billion** in its rate-regulated businesses in the six months ended June 30, 2025, as part of its strategic plan to invest in infrastructure, enhance regulatory frameworks, and optimize operating performance[203](index=203&type=chunk) - Key regulatory updates include Missouri Senate Bill 4 enactment, MoPSC approval of a **$355 million** increase in Ameren Missouri's electric retail service revenue requirement, and Ameren Illinois' appeal of the ICC's MYRP order[204](index=204&type=chunk)[205](index=205&type=chunk)[210](index=210&type=chunk) [Results of Operations](index=67&type=section&id=Results%20of%20Operations) Ameren's results of operations are influenced by economic conditions, energy efficiency, weather, and regulatory frameworks. The company reported increased earnings per diluted share, driven by higher base rates and infrastructure investments, but partially offset by increased financing costs and share issuances [Earnings Summary](index=69&type=section&id=Earnings%20Summary) Ameren's net income attributable to common shareholders and diluted EPS increased for both the three and six months ended June 30, 2025, primarily due to higher base rates, increased deferrals, and infrastructure investments, partially offset by increased financing costs and common share issuances Ameren Earnings Summary (millions, except per share) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net Income Attributable to Common Shareholders | $275 | $258 | $564 | $519 | | Earnings per Common Share - Diluted | $1.01 | $0.97 | $2.08 | $1.95 | - Favorable impacts on diluted EPS included decreased interest charges (**4 cents QTD, 9 cents YTD**), increased base rate revenues (**8 cents QTD/YTD**), increased rate base investments (**2 cents QTD, 6 cents YTD**), and higher AFUDC (**3 cents QTD, 5 cents YTD**)[226](index=226&type=chunk) - Unfavorable impacts on diluted EPS included increased financing costs (**6 cents QTD, 14 cents YTD**), decreased retail electric sales volumes due to milder weather (**4 cents QTD**), and increased weighted-average basic common shares outstanding (**2 cents QTD, 3 cents YTD**)[226](index=226&type=chunk) [Operating Revenues](index=75&type=section&id=Operating%20Revenues) Ameren's total operating revenues increased significantly, driven by higher electric revenues across Ameren Missouri, Ameren Illinois Electric Distribution, and Ameren Transmission, and increased natural gas revenues from Ameren Illinois Natural Gas and Ameren Missouri [Electric Revenues](index=77&type=section&id=Electric%20Revenues) Ameren's electric revenues increased substantially, primarily due to higher off-system sales, capacity, and FAC revenues at Ameren Missouri, coupled with base rate increases and increased capital investments across its electric segments - Ameren's electric revenues increased **$517 million (+34%)** for the three months and **$775 million (+27%)** for the six months ended June 30, 2025, compared to the year-ago periods[237](index=237&type=chunk) - Ameren Missouri's electric revenues increased **$451 million (+52%) QTD** and **$630 million (+40%) YTD**, primarily due to higher off-system sales, capacity, transmission, and FAC revenues (**+$435 million QTD, +$599 million YTD**) and higher electric base rates (**+$44 million QTD/YTD**)[239](index=239&type=chunk)[240](index=240&type=chunk) - Ameren Illinois Electric Distribution's revenues increased **$64 million (+13%) QTD** and **$130 million (+13%) YTD**, mainly from increased purchased power expenses recovered from customers (**+$55 million QTD, +$75 million YTD**) and higher base rates (**+$9 million QTD, +$31 million YTD**)[241](index=241&type=chunk)[246](index=246&type=chunk) - Ameren Transmission's electric revenues increased **$17 million (+9%) QTD** and **$42 million (+11%) YTD**, driven by higher recoverable expenses and increased capital investment[238](index=238&type=chunk) [Natural Gas Revenues](index=79&type=section&id=Natural%20Gas%20Revenues) Ameren's natural gas revenues increased, primarily driven by higher collection of natural gas costs under the PGA at Ameren Illinois Natural Gas and colder winter temperatures impacting Ameren Missouri - Ameren's natural gas revenues increased **$11 million (+6%) QTD** and **$34 million (+5%) YTD**[247](index=247&type=chunk) - Ameren Illinois Natural Gas' revenues increased **$10 million (+7%) QTD** and **$30 million (+6%) YTD**, mainly due to higher collection of natural gas costs under the PGA (**+$6 million QTD, +$22 million YTD**) and a change in timing of VBA revenues (**+$6 million QTD/YTD**)[249](index=249&type=chunk) - Ameren Missouri's natural gas revenues were comparable QTD and increased **$4 million (+5%) YTD**, primarily due to colder winter temperatures[248](index=248&type=chunk) [Fuel and Purchased Power](index=80&type=section&id=Fuel%20and%20Purchased%20Power) Ameren's fuel and purchased power expenses significantly increased, largely due to higher energy costs from MISO capacity auctions at Ameren Missouri and increased purchased power expenses at Ameren Illinois Electric Distribution - Ameren's electric fuel and purchased power expenses increased **$467 million (+143%) QTD** and **$641 million (+98%) YTD**[252](index=252&type=chunk) - Ameren Missouri's fuel and purchased power expenses increased **$425 million (+225%) QTD** and **$589 million (+166%) YTD**, primarily due to higher spring and summer capacity prices from MISO auctions (**+$437 million QTD, +$602 million YTD**)[253](index=253&type=chunk)[255](index=255&type=chunk) - Ameren Illinois Electric Distribution's purchased power expenses increased **$55 million (+33%) QTD** and **$75 million (+21%) YTD**, mainly due to higher summer capacity prices from MISO auctions (**+$43 million QTD, +$41 million YTD**) and increased transmission service charges[254](index=254&type=chunk) [Natural Gas Purchased for Resale](index=82&type=section&id=Natural%20Gas%20Purchased%20for%20Resale) Ameren's natural gas purchased for resale expenses increased, primarily driven by higher amortization of natural gas costs deferred under the PGA at Ameren Illinois Natural Gas - Ameren's natural gas purchased for resale expenses increased **$6 million (+18%) QTD** and **$24 million (+13%) YTD**[258](index=258&type=chunk) - Ameren Illinois Natural Gas' expenses increased **$6 million (+25%) QTD** and **$22 million (+15%) YTD**, primarily due to higher amortization of natural gas costs previously deferred under the PGA[260](index=260&type=chunk) - Ameren Missouri's natural gas purchased for resale expenses were comparable QTD/YTD, with colder winter temperatures increasing costs by **$7 million YTD**, offset by lower PGA amortization[259](index=259&type=chunk) [Other Operations and Maintenance Expenses](index=83&type=section&id=Other%20Operations%20and%20Maintenance%20Expenses) Ameren's other operations and maintenance expenses decreased QTD but increased YTD. Ameren Missouri saw decreases due to the absence of a litigation charge and lower MEEIA program expenses, while Ameren Illinois experienced increases from higher bad debt costs and storm-related expenses - Ameren's other operations and maintenance expenses decreased **$5 million QTD** and increased **$10 million YTD**[265](index=265&type=chunk) - Ameren Missouri's expenses decreased **$9 million QTD** and **$13 million YTD**, primarily due to the absence of a **$15 million** charge related to the Rush Island Energy Center litigation (YTD) and decreased MEEIA program expenses[267](index=267&type=chunk)[268](index=268&type=chunk)[269](index=269&type=chunk) - Ameren Illinois Electric Distribution's expenses increased **$3 million QTD** and **$33 million YTD**, driven by higher bad debt costs (**+$4 million QTD, +$17 million YTD**), increased energy-efficiency investments, and storm-related expenses[269](index=269&type=chunk)[270](index=270&type=chunk) - Ameren Illinois Natural Gas' expenses decreased **$4 million QTD** and **$7 million YTD**, mainly due to lower labor expense and energy efficiency rider costs[270](index=270&type=chunk) [Depreciation and Amortization Expenses](index=86&type=section&id=Depreciation%20and%20Amortization%20Expenses) Ameren's depreciation and amortization expenses increased, primarily due to the amortization of a regulatory asset related to the Rush Island Energy Center securitization and the inclusion of previously deferred property, plant, and equipment in base rates, partially offset by the absence of Rush Island depreciation - Ameren's depreciation and amortization expenses increased **$10 million QTD** and **$16 million YTD**[275](index=275&type=chunk) - Ameren Missouri's expenses increased **$1 million QTD** and YTD, driven by the amortization of a regulatory asset for Rush Island Energy Center securitization (**+$5 million QTD, +$11 million YTD**) and inclusion of PISA/RESRAM eligible assets in base rates (**+$5 million QTD/YTD**)[276](index=276&type=chunk) - These increases were partially offset by the absence of depreciation expense associated with Ameren Missouri's Rush Island Energy Center (**-$9 million QTD, -$18 million YTD**)[276](index=276&type=chunk) [Taxes Other Than Income Taxes](index=87&type=section&id=Taxes%20Other%20Than%20Income%20Taxes) Ameren's taxes other than income taxes were comparable QTD but increased YTD, mainly due to higher gross receipts taxes across Ameren Missouri and Ameren Illinois, partially offset by a property tax refund at Ameren Missouri - Ameren's taxes other than income taxes were comparable QTD and increased **$9 million YTD**[281](index=281&type=chunk) - The increase was primarily due to higher gross receipts taxes at Ameren Missouri (**+$5 million**), Ameren Illinois Natural Gas (**+$4 million**), and Ameren Illinois Electric Distribution (**+$3 million**), resulting from increased retail sales[281](index=281&type=chunk) - These increases were partially offset by a **$6 million** property tax refund at Ameren Missouri[281](index=281&type=chunk) [Other Income, Net](index=88&type=section&id=Other%20Income,%20Net) Ameren's 'Other Income, Net' decreased QTD and YTD, primarily due to lower non-service cost components of net periodic benefit income. Ameren Transmission saw an increase from higher AFUDC, while Ameren Illinois' 'Other Income, Net' was comparable QTD and increased YTD due to AFUDC and interest income - Ameren's 'Other Income, Net' decreased **$7 million QTD** and **$11 million YTD**, primarily due to a decrease in the non-service cost component of net periodic benefit income[288](index=288&type=chunk) - Ameren Transmission's 'Other Income, Net' increased **$6 million QTD** and **$11 million YTD**, driven by a higher allowance for equity funds used during construction (AFUDC)[289](index=289&type=chunk) - Ameren Illinois' 'Other Income, Net' was comparable QTD and increased **$3 million YTD**, mainly due to a **$13 million** increase in AFUDC and **$2 million** from other interest income, partially offset by a **$13 million** decrease in the non-service cost component of net periodic benefit income[291](index=291&type=chunk)[292](index=292&type=chunk) [Interest Charges](index=90&type=section&id=Interest%20Charges) Ameren's interest charges increased significantly, driven by higher short-term borrowings and long-term debt issuances at Ameren (parent) and Ameren Missouri. These increases were partially offset by deferrals to regulatory assets at Ameren Missouri - Ameren's interest charges increased **$22 million QTD** and **$43 million YTD**[295](index=295&type=chunk) - Ameren (parent)'s interest charges increased **$14 million QTD** and **$33 million YTD**, due to higher short-term borrowings (**+$6 million QTD, +$26 million YTD**) and a long-term debt issuance (**+$7 million QTD/YTD**)[295](index=295&type=chunk) - Ameren Missouri's interest charges increased **$7 million QTD** and **$5 million YTD**, primarily due to long-term debt issuances (**+$12 million QTD, +$20 million YTD**) and securitized utility tariff bonds (**+$6 million QTD, +$12 million YTD**)[297](index=297&type=chunk) - These increases were partially offset by a deferral of interest to a regulatory asset related to PISA and RESRAM investments, which decreased Ameren Missouri's interest charges by **$10 million QTD** and **$27 million YTD**[298](index=298&type=chunk) - Ameren Illinois' interest charges increased **$3 million QTD** and **$10 million YTD**, mainly due to increased long-term debt interest at Ameren Illinois Transmission and Electric Distribution, partially offset by decreased short-term debt interest[300](index=300&type=chunk)[301](index=301&type=chunk) [Income Taxes](index=92&type=section&id=Income%20Taxes) The effective income tax rates for Ameren and its subsidiaries remained relatively stable or saw slight increases for the six months ended June 30, 2025. Ameren Illinois Electric Distribution and Natural Gas experienced lower effective tax rates QTD due to timing of pre-tax income and higher AFUDC tax benefits Effective Income Tax Rates (Six Months Ended June 30) | Company | 2025 (%) | 2024 (%) | | :-------------- | :------- | :------- | | Ameren | 14 | 14 | | Ameren Missouri | 6 | 2 | | Ameren Illinois | 24 | 24 | - The effective tax rate was lower at Ameren Illinois Electric Distribution (**16% vs 20%**) and Ameren Illinois Natural Gas (**26% vs 35%**) for the three months ended June 30, 2025, primarily due to the timing of pre-tax income and higher tax benefits related to the allowance for funds used during construction[303](index=303&type=chunk)[304](index=304&type=chunk) [Liquidity and Capital Resources](index=92&type=section&id=Liquidity%20and%20Capital%20Resources) Ameren's liquidity is primarily supported by utility tariff-based revenues and access to capital markets. The company expects significant capital expenditures over the next five years, funded by a combination of long-term debt and equity issuances. Cash flows from operating activities increased, while investing activities used more cash [Cash Flows from Operating Activities](index=94&type=section&id=Cash%20Flows%20from%20Operating%20Activities) Ameren's cash provided by operating activities increased significantly, driven by the transfer of production and investment tax credits and higher customer collections. This was partially offset by increased interest payments, collateral postings, and payments for Callaway Energy Center outage and coal deliveries - Ameren's cash provided by operating activities increased **$244 million** in the first six months of 2025, compared with the year-ago period[311](index=311&type=chunk) - Key contributors to the increase included a **$234 million** increase from the transfer of production and investment tax credits and a **$216 million** increase from higher customer collections due to base rate increases and colder winter temperatures[311](index=311&type=chunk) - Offsetting factors included a **$65 million** increase in interest payments, a **$49 million** increase in net collateral posted, a **$22 million** decrease due to the absence of insurance proceeds, and increased payments for the Callaway Energy Center outage (**+$21 million**) and coal deliveries (**+$19 million**)[311](index=311&type=chunk)[312](index=312&type=chunk) [Cash Flows from Investing Activities](index=96&type=section&id=Cash%20Flows%20from%20Investing%20Activities) Ameren's cash used in investing activities increased, primarily due to a significant rise in capital expenditures for natural gas generation, infrastructure upgrades, and storm-related expenses. This was partially offset by a withdrawal from COLI funds and decreased nuclear fuel expenditures - Ameren's cash used in investing activities increased **$179 million** during the first six months of 2025, compared with the year-ago period[315](index=315&type=chunk) - The increase was primarily a result of a **$238 million** increase in capital expenditures, largely for natural gas generation-related investments at Ameren Missouri, natural gas distribution and infrastructure upgrades at Ameren Illinois, and major storm-related expenditures[315](index=315&type=chunk) - This increase was partially offset by a **$54 million** withdrawal of funds related to the cash surrender value of COLI and an **$18 million** decrease due to the timing of nuclear fuel expenditures at Ameren Missouri[315](index=315&type=chunk) [Cash Flows from Financing Activities](index=98&type=section&id=Cash%20Flows%20from%20Financing%20Activities) Ameren's cash provided by financing activities decreased, as the company utilized proceeds from long-term debt issuances to repay debt and fund capital expenditures. Common stock dividends increased due to a higher dividend rate and more shares outstanding - Ameren's cash provided by financing activities decreased **$28 million** during the first six months of 2025[320](index=320&type=chunk) - Ameren utilized **$1.6 billion** in net proceeds from long-term debt issuances for general corporate purposes and to repay **$300 million** of long-term debt maturities and short-term debt[320](index=320&type=chunk) - Common stock dividends paid by Ameren increased to **$384 million** (YTD 2025) from **$356 million** (YTD 2024), due to increases in both the dividend rate and the number of common shares outstanding[320](index=320&type=chunk) [Short-term Debt and Liquidity](index=99&type=section&id=Short-term%20Debt%20and%20Liquidity) Ameren's consolidated net available liquidity was **$1.422 billion** as of June 30, 2025, supported by **$2.6 billion** in credit agreements. The company's utility subsidiaries have FERC authorization for short-term debt issuances Ameren's Consolidated Net Available Liquidity (June 30, 2025, millions) | Component | Amount | | :-------------------------------- | :----- | | Missouri Credit Agreement – subtotal | $693 | | Illinois Credit Agreement – subtotal | $718 | | Subtotal | $1,411 | | Add: Cash and cash equivalents | $11 | | **Net Available Liquidity** | **$1,422** | - The Ameren Companies have multiyear credit agreements providing **$2.6 billion** of credit through December 2028[325](index=325&type=chunk) - FERC authorized Ameren Missouri, Ameren Illinois, and ATXI to issue up to **$1.4 billion**, **$1 billion**, and **$500 million**, respectively, of short-term debt securities through January 2027[328](index=328&type=chunk) [Long-term Debt and Equity](index=100&type=section&id=Long-term%20Debt%20and%20Equity) Ameren and its subsidiaries issued **$1.6 billion** in long-term debt during the first six months of 2025, primarily to repay short-term debt and maturing obligations. Ameren also issued common stock through its DRPlus and 401(k) plan Issuances of Long-term Debt (Six Months Ended June 30, 2025, millions) | Registrant | Description | Amount | | :---------------- | :-------------------------------- | :----- | | Ameren | 5.375% Senior unsecured notes due 2035 | $749 | | Ameren Missouri | 5.25% First mortgage bonds due 2035 | $500 | | Ameren Illinois | 5.625% First mortgage bonds due 2055 | $350 | | **Total Ameren** | | **$1,599** | Maturities of Long-term Debt (Six Months Ended June 30, 2025, millions) | Registrant | Description | Amount | | :---------------- | :-------------------------------- | :----- | | Ameren Illinois | 3.25% Senior secured notes due 2025 | $300 | | **Total Ameren** | | **$300** | - Ameren issued **$25 million** in common stock under its DRPlus and 401(k) plan for the six months ended June 30, 2025[331](index=331&type=chunk) [Indebtedness Provisions and Other Covenants](index=100&type=section&id=Indebtedness%20Provisions%20and%20Other%20Covenants) As of June 30, 2025, all Ameren Companies were in compliance with the provisions and covenants of their credit agreements, indentures, and articles of incorporation. The companies believe they will maintain access to capital markets on reasonable terms - At June 30, 2025, the Ameren Companies were in compliance with all provisions and covenants contained in their credit agreements, indentures, and articles of incorporation[334](index=334&type=chunk) - Ameren, Ameren Missouri, and Ameren Illinois each believe they will continue to have access to the capital and credit markets on reasonable terms, despite potential uncertainties[335](index=335&type=chunk) [Dividends](index=100&type=section&id=Dividends) Ameren's board of directors determines common stock dividends, considering various factors, and expects a payout ratio between **55% and 65%** of annual earnings. No restrictions on dividend payments were in effect for Ameren or its subsidiaries as of June 30, 2025 - Ameren expects its dividend payout ratio to be between **55% and 65%** of annual earnings over the next few years[338](index=338&type=chunk) - As of June 30, 2025, Ameren, Ameren Missouri, and Ameren Illinois were not restricted from paying dividends[339](index=339&type=chunk) Common Stock Dividends Declared and Paid (Six Months Ended June 30, millions) | Company | 2025 | 2024 | | :-------------- | :--- | :--- | | Ameren | $384 | $356 | | Ameren Missouri | $50 | $— | | Ameren Illinois | $75 | $25 | | ATXI | $39 | $— | [Credit Ratings](index=102&type=section&id=Credit%20Ratings) Ameren and its subsidiaries maintain solid investment-grade credit ratings from Moody's and S&P, which are crucial for liquidity and access to capital markets Principal Credit Ratings (Effective Date of Report) | Company | Moody's Issuer/Corporate Credit Rating | S&P Issuer/Corporate Credit Rating | | :-------------- | :------------------------------------- | :--------------------------------- | | Ameren | Baa1 | BBB+ | | Ameren Missouri | Baa1 | BBB+ | | Ameren Illinois | A3 | BBB+ | | ATXI | A2 | Not Rated | [Collateral Postings](index=102&type=section&id=Collateral%20Postings) A downgrade below investment grade could trigger significant additional collateral postings for Ameren and its subsidiaries. Changes in commodity prices could also require additional collateral, though currently estimated to be immaterial - A downgrade below investment grade (below 'Baa3' from Moody's or 'BBB-' from S&P) could require Ameren, Ameren Missouri, and Ameren Illinois to post additional collateral of **$702 million**, **$666 million**, and **$36 million**, respectively, as of June 30, 2025[342](index=342&type=chunk) - Changes in commodity prices (e.g., **15% higher/lower** in next 12 months) could trigger additional collateral postings, but these amounts are currently estimated to be immaterial compared to each company's liquidity[344](index=344&type=chunk) [Outlook](index=104&type=section&id=Outlook) Ameren's outlook highlights key trends and uncertainties, including regulatory changes in Missouri and Illinois, significant capital expenditure plans for infrastructure and clean energy transition, and the impact of tax credit provisions. The company expects continued investment in its utility infrastructure and managing liquidity [Operations Outlook](index=104&type=section&id=Operations%20Outlook) Ameren anticipates significant operational changes driven by Missouri Senate Bill 4, which modifies resource planning and rate mechanisms. The company expects substantial capital expenditures for infrastructure, including MISO transmission projects and Ameren Missouri's clean energy transition plan, which targets net-zero carbon emissions by 2045 - Missouri Senate Bill 4 (effective August 2025) modifies integrated resource planning, allowing CWIP in rate base for new generation facilities and a future test year for natural gas utilities. It also extends PISA through 2035 and reduces the annual electric rate increase limit to **2.25%**[346](index=346&type=chunk)[347](index=347&type=chunk)[348](index=348&type=chunk) - Ameren Missouri expects a year-over-year earnings increase of approximately **$100 million** in 2025 due to the April 2025 MoPSC electric rate order, which authorized a **$355 million** increase to its annual revenue requirement[348](index=348&type=chunk) - Ameren Missouri's 2025 Change to the 2023 PRP targets net-zero carbon emissions by 2045, including adding **1,600 MW** of natural gas-fired generation by 2030, **3,200 MW** of renewable generation by 2030, and **1,000 MW** of battery storage by 2030. It also plans to retire all coal-fired energy centers by 2042[354](index=354&type=chunk) - Estimated capital expenditures from 2025 through 2029 are up to **$27.4 billion** (Ameren M

Core Insights - Ameren reported strong second-quarter 2025 results, with GAAP revenue of $2,221 million, exceeding analyst estimates by 24.7% and GAAP EPS of $1.01, beating consensus by 2.0% [1][2] - The growth was driven by new electric rates in Missouri and continued capital investments, despite challenges such as rising interest expenses and a dip in retail electric sales due to normal weather patterns [1][5] Financial Performance - GAAP EPS increased by 4.1% year-over-year from $0.97 in Q2 2024 to $1.01 in Q2 2025 [2] - GAAP revenue rose by 31.2% year-over-year from $1,693 million in Q2 2024 to $2,221 million in Q2 2025 [2] - Operating income reached $411 million, up 13.8% from $361 million in Q2 2024 [2] - Net income attributable to common shareholders was $275 million, a 6.6% increase from $258 million in Q2 2024 [2] Business Overview - Ameren is a regulated utility based in St. Louis, providing electric and natural gas services primarily in Missouri and Illinois [3] - The company focuses on operating the electric grid, generating electricity, distributing natural gas, and investing in infrastructure to meet customer and regulatory demands [3] Strategic Focus - Recent strategic initiatives include regulatory strategy, energy transition, supply chain management, and talent development [4] - The long-term growth plan emphasizes renewable energy, natural gas generation expansion, and network upgrades for reliability [4] Revenue Drivers and Segment Results - New service rates in Missouri, effective June 1, 2025, significantly boosted revenue, contributing to a $439.82 million revenue beat [5] - Ameren Missouri recorded $150 million in GAAP profits, up from $128 million in Q2 2024, while Ameren Illinois electric distribution earned $64 million, slightly up from $61 million in Q2 2024 [6] Retail Sales and Market Dynamics - Retail electric sales in Missouri decreased by 3.1% year-over-year, with total electric load at 7,211 GWh in Q2 2025 compared to 7,441 GWh in Q2 2024 [7] - Off-system electricity sales fell sharply to 662 GWh in Q2 2025 from 1,484 GWh in Q2 2024 due to fewer wholesale market opportunities [7] Capital Investments and Sustainability - Capital expenditures totaled $2.13 billion in the first half of 2025, up from $1.89 billion in the first half of 2024 [8] - The company is advancing renewable generation projects and has secured key equipment for new gas-fired plants scheduled for completion in 2027 and 2028 [9] Supply Chain and Workforce Management - Ameren's supply chain operations remained stable, utilizing early procurement strategies to mitigate global trade disruptions [10] - The company reported that grid investments have prevented over 114,000 potential customer outages in 2025 [10] Regulatory Developments and Future Outlook - Management reaffirmed its full-year 2025 guidance for GAAP diluted EPS of $4.85 to $5.05, with expectations leaning towards the upper half of the range [13] - A pipeline of $63 billion in total capital investments is planned over the next decade to support grid resilience and clean generation [13]

Financial Data and Key Metrics Changes - The company reported second quarter 2025 earnings of $1.01 per share, an increase from $0.97 per share in 2024, with expectations for 2025 diluted earnings per share to be in the range of $4.85 to $5.05 [8][19] - Total normalized retail sales in Missouri increased approximately 1% over the trailing twelve months through June, with industrial sales up more than 2.5% [20][21] Business Line Data and Key Metrics Changes - The company invested over $2 billion in critical infrastructure during the first half of the year, focusing on strengthening the energy grid and enhancing operational performance [5][17] - The company has signed construction agreements with data center developers representing approximately 2.3 gigawatts of future demand, expected to ramp up in late 2026 and beyond [9][42] Market Data and Key Metrics Changes - The company anticipates approximately 5.5% compound annual sales growth in Missouri from 2025 through 2029, primarily driven by increased data center demand [8][9] - The industrial sector's growth is supported by ongoing manufacturing expansions and the growth of new digital and communication services firms [21] Company Strategy and Development Direction - The company's strategy is built on three pillars: prudent investments in rate-regulated energy infrastructure, advocating for responsible energy policies, and optimizing operations for long-term sustainable value [4] - The company has a robust pipeline of investment opportunities exceeding $63 billion, aimed at strengthening the energy grid and powering economic growth [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute the investment plan and strategy across all business segments, expecting strong long-term earnings and dividend growth [17][29] - The company remains focused on building a resilient energy grid, with ongoing investments in upgraded substations and smart technologies to enhance outage detection and recovery [7][12] Other Important Information - The company plans to issue approximately $600 million of common equity each year through 2029 to support its investment plan [24] - Federal energy-related tax credits are expected to provide approximately $1.5 billion in cost savings for customers from 2025 through 2029 [25][26] Q&A Session Summary Question: Data center load and economic development outlook - Management highlighted strong interest and momentum from data center developers, with a robust pipeline of signed construction agreements totaling 2.3 gigawatts [34][36] Question: Turbine slot queue and growth derisking - Management confirmed they are actively securing turbine slots and are confident in meeting service dates for upcoming projects [44][46] Question: Access to gas for plans - Management stated they feel good about their current gas transmission position and the ability to meet future needs with existing infrastructure [49][51] Question: MISO awards and regulatory challenges - Management acknowledged the recent complaint regarding MISO's tranche 2.1 projects but expressed support for the need for transmission investments [68][70] Question: Impact of potential changes in federal renewable policies - Management emphasized their advocacy for business certainty regarding tax credits and expressed confidence in the current legislative framework [74][76]

Financial Data and Key Metrics Changes - The company reported second quarter 2025 earnings of $1.01 per share, an increase from $0.97 per share in 2024, indicating a positive trend in earnings growth [6][17][18] - The expected diluted earnings per share for 2025 is projected to be in the range of $4.85 to $5.05 [6][18] Business Line Data and Key Metrics Changes - Total normalized retail sales in Ameren Missouri increased by approximately 1% across all customer classes over the trailing twelve months through June [18] - Industrial class sales saw a growth of more than 2.5% during the same period, driven by manufacturing expansions and growth in digital and communication services [19] Market Data and Key Metrics Changes - The company anticipates approximately 5.5% compound annual sales growth in Missouri from 2025 through 2029, primarily due to increased data center demand [7][8] - The company has signed construction agreements with data center developers representing approximately 2.3 gigawatts of future demand, expected to ramp up in late 2026 and beyond [8][30] Company Strategy and Development Direction - The strategic approach focuses on prudent investments in rate-regulated energy infrastructure, advocating for responsible energy policies, and optimizing operations for long-term sustainable value [3][4] - The company has a robust pipeline of investment opportunities exceeding $63 billion aimed at strengthening the energy grid and powering economic growth in communities [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute the investment plan and strategy across all business segments, expecting strong earnings and dividend growth [16][27] - The company remains focused on building a more resilient energy grid, especially in light of severe weather events that have highlighted the need for ongoing investments [5][4] Other Important Information - The company plans to issue approximately $600 million of common equity each year through 2029 to support its investment plan [21][22] - Federal energy-related tax credits are expected to provide approximately $1.5 billion in cost savings for customers from 2025 through 2029 [23][24] Q&A Session Summary Question: Data center load and economic development outlook - Management remains excited about opportunities in data center development, with a strong pipeline and ongoing negotiations for energy service agreements [30][32][38] Question: Turbine slot queue and growth - The company is actively securing turbine slots and is confident in meeting service dates for upcoming projects [41][42] Question: Gas transmission and pipeline needs - Management feels confident about existing gas transmission capabilities and does not foresee the need for new pipelines at this time [44] Question: MISO awards and regulatory challenges - Management is assessing recent complaints regarding MISO's tranche 2.1 projects but supports the need for transmission investments [59][62] Question: Tax credits and potential disruptions - Management is optimistic about the stability of tax credits and has a solid plan in place to ensure project continuity [66][70]

Core Insights - Ameren Corporation (AEE) reported second-quarter 2025 earnings of $1.01 per share, exceeding the Zacks Consensus Estimate of $1 by 1% and improving 4.1% from the previous year's 97 cents [1][7] - Total revenues for the quarter reached $2.22 billion, marking a 31.2% year-over-year increase and surpassing the Zacks Consensus Estimate of $1.84 billion by 20.7% [2][7] Revenue and Sales Performance - Total electricity sales volumes decreased by 8.4% to 15,672 million kilowatt-hours (kWh) compared to 17,110 million kWh in the same quarter last year, while gas volumes increased by 6.5% to 33 million dekatherms [3] - Total operating expenses rose to $1.81 billion, up 35.9% year over year [3] Segment Performance - The Ameren Missouri segment reported earnings of $150 million, an increase from $128 million a year ago, driven by new electric service rates, increased infrastructure investments, and lower operational costs [4] - The Ameren Illinois Electric Distribution segment's earnings rose to $64 million from $61 million in the previous year [4] - The Ameren Illinois Natural Gas segment posted earnings of $10 million, up from $6 million a year ago, while the Ameren Transmission segment reported earnings of $86 million compared to $79 million in the prior year [5] Financial Condition - As of June 30, 2025, Ameren reported cash and cash equivalents of $11 million, up from $7 million at the end of 2024 [6] - Long-term debt increased to $18.81 billion from $17.26 billion as of December 31, 2024 [6] - Cash flow from operating activities amounted to $1.29 billion, compared to $1.05 billion a year ago [6] Guidance - Ameren reaffirmed its 2025 earnings guidance, expecting earnings per share (EPS) in the range of $4.85-$5.05, with the Zacks Consensus Estimate for 2025 earnings at $4.94, just below the midpoint of the company's guidance [8]

Financial Performance & Guidance - Ameren's adjusted diluted EPS for the second quarter of 2025 was $1.01, compared to $0.97 in 2024[16] - For the first six months of 2025, the adjusted diluted EPS was $2.08, compared to $1.99 in 2024[16] - The company reaffirmed its 2025 diluted EPS guidance range of $4.85 to $5.05[18, 51] - The company expects a compound annual EPS growth of 6% to 8% from 2025-2029, using the midpoint of the 2025 EPS guidance range ($4.95) as the base[43, 68] Capital Investments & Rate Base - The company invested over $2 billion YTD in electric, natural gas, and transmission infrastructure[8] - Planned infrastructure investment from 2025-2029 is $26.3 billion[43, 37] - The company expects a rate base CAGR of approximately 9.2% from 2024-2029[43, 41, 68] - The company has a strong long-term infrastructure pipeline of over $63 billion from 2025-2034[38, 68] Ameren Missouri Growth & Initiatives - Ameren Missouri expects approximately 5.5% sales CAGR from 2025-2029, primarily driven by data centers[23] - The 2025 Preferred Resource Plan assumes load growth of 1 GW by the end of 2029 and 1.5 GW by the end of 2032[23] - The company filed for MoPSC approval of a proposed rate structure for large load customers requesting 100+ MW of load[31] Regulatory & Legislative Matters - The company expects to sell and transfer additional energy tax credits worth approximately $300 million per year on average to benefit customers[79] - In July 2025, an updated request for a $60 million reconciliation adjustment to the 2024 revenue requirement was made for electric distribution in Illinois[63] - In July 2025, an updated request to a $135 million annual base rate increase was made for natural gas distribution in Illinois[66]

Core Insights - Ameren reported $2.22 billion in revenue for the quarter ended June 2025, marking a year-over-year increase of 31.2% and exceeding the Zacks Consensus Estimate of $1.84 billion by 20.65% [1] - The company's EPS for the same period was $1.01, up from $0.97 a year ago, with a surprise of 1% compared to the consensus estimate of $1.00 [1] Revenue Performance - Total electric sales for Ameren were 15,672 GWh, below the average estimate of 17,176.59 GWh from two analysts [4] - Electric revenues for Ameren Missouri reached $1.32 billion, surpassing the estimated $951.36 million, reflecting a year-over-year increase of 52.2% [4] - Electric revenues for Ameren Illinois Electric Distribution totaled $573 million, exceeding the $542 million estimate, with a year-over-year change of 12.6% [4] - Electric revenues from Ameren Transmission were $208 million, slightly above the $206.52 million estimate, representing an 8.9% year-over-year increase [4] - Operating revenues from natural gas were $183 million, compared to the average estimate of $175.2 million, showing a 6.4% year-over-year change [4] - Gas revenues for Ameren Illinois Natural Gas were $158 million, exceeding the estimated $152.05 million, with a year-over-year change of 6.8% [4] - Operating revenues from electric sources were $2.04 billion, surpassing the $1.62 billion estimate, indicating a year-over-year increase of 34% [4] - Gas revenues for Ameren Missouri were $25 million, compared to the average estimate of $23.41 million, reflecting a 4.2% year-over-year change [4] Stock Performance - Ameren's shares have returned 4.6% over the past month, outperforming the Zacks S&P 500 composite's 2.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Viewpoint - Ameren reported quarterly earnings of $1.01 per share, exceeding the Zacks Consensus Estimate of $1 per share, and showing an increase from $0.97 per share a year ago, indicating a positive earnings surprise of +1.00% [1] Financial Performance - The company posted revenues of $2.22 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 20.65%, compared to year-ago revenues of $1.69 billion [2] - Over the last four quarters, Ameren has exceeded consensus revenue estimates three times [2] Stock Performance - Ameren shares have increased approximately 12% since the beginning of the year, outperforming the S&P 500's gain of 8.2% [3] Future Outlook - The company's earnings outlook is crucial for investors, including current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $1.82 on revenues of $2.29 billion, and for the current fiscal year, it is $4.94 on revenues of $8.42 billion [7] Industry Context - The Utility - Electric Power industry, to which Ameren belongs, is currently ranked in the top 34% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [8]

[Executive Summary & Financial Highlights](index=1&type=section&id=1.%20Executive%20Summary%20%26%20Financial%20Highlights) Ameren Corporation reported increased net income and diluted EPS for Q2 and YTD 2025, reaffirming its full-year earnings guidance [Second Quarter 2025 Financial Performance](index=1&type=section&id=1.1%20Second%20Quarter%202025%20Financial%20Performance) Ameren Corporation reported increased net income and diluted EPS for the second quarter of 2025 compared to the prior year, driven by infrastructure investments, new electric service rates, and cost management, partially offset by higher interest expense and lower retail sales due to weather Q2 Financial Performance Summary | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :----------------------------------- | :------ | :------ | :----------- | | Net Income Attributable to Common Shareholders | $275 million | $258 million | +$17 million | | Diluted EPS | $1.01 | $0.97 | +$0.04 | - Positive factors contributing to earnings growth include **increased infrastructure investments**, **new Ameren Missouri electric service rates** (effective June 1, 2025), and continued **disciplined cost management**[3](index=3&type=chunk) - Offsetting factors include **higher interest expense** at Ameren Parent and Ameren Missouri, **lower Ameren Missouri retail sales** (due to near-normal temperatures in Q2 2025 compared to warmer-than-normal in Q2 2024), and **higher weighted-average basic common shares outstanding**[3](index=3&type=chunk) [Year-to-Date 2025 Financial Performance](index=1&type=section&id=1.2%20Year-to-Date%202025%20Financial%20Performance) For the six months ended June 30, 2025, Ameren's GAAP net income and diluted EPS increased year-over-year. Adjusted net income for 2024, excluding a prior year charge, also showed growth YTD Financial Performance Summary | Metric | YTD 2025 (GAAP) | YTD 2024 (GAAP) | YTD 2024 (Adjusted) | | :----------------------------------- | :-------------- | :-------------- | :------------------ | | Net Income Attributable to Common Shareholders | $564 million | $519 million | $530 million | | Diluted EPS | $2.08 | $1.95 | $1.99 | - The increase in year-over-year six-month earnings reflected **increased infrastructure investments**, **new Ameren Missouri electric service rates**, and **higher Ameren Missouri electric retail sales**[4](index=4&type=chunk) - These positive factors were partially offset by **higher interest expense** at Ameren Missouri and Ameren Parent[6](index=6&type=chunk) - A charge for additional mitigation relief related to Ameren Missouri's Rush Island Energy Center, which decreased first quarter 2024 earnings by **$11 million**, was excluded from adjusted six-month 2024 earnings[6](index=6&type=chunk)[7](index=7&type=chunk) [Earnings Guidance](index=1&type=section&id=1.3%20Earnings%20Guidance) Ameren reaffirmed its 2025 diluted EPS guidance range and anticipates delivering earnings in the top half of this range, supported by strong year-to-date performance and assuming normal temperatures for the latter half of the year 2025 Earnings Guidance | Metric | 2025 Guidance Range | | :-------------------- | :------------------ | | Diluted EPS | $4.85 to $5.05 per share | - Ameren is well positioned to deliver 2025 earnings in the **top half of its guidance range** due to strong year-to-date performance[8](index=8&type=chunk) - Earnings guidance for 2025 assumes **normal temperatures** for the last six months of the year and is subject to various **risks and uncertainties**[8](index=8&type=chunk) [Segment Performance](index=2&type=section&id=2.%20Segment%20Performance) Ameren's operating segments generally reported increased earnings for Q2 2025, while Ameren Parent recorded a larger loss [Ameren Missouri Segment Results](index=2&type=section&id=2.1%20Ameren%20Missouri%20Segment%20Results) Ameren Missouri's second quarter 2025 earnings increased, primarily due to new electric service rates and infrastructure investments, despite lower electric retail sales influenced by weather and higher interest expense Ameren Missouri Earnings | Metric | Q2 2025 | Q2 2024 | | :------- | :------ | :------ | | Earnings | $150 million | $128 million | - The year-over-year increase reflected **new electric service rates** effective June 1, 2025, earnings on **increased infrastructure investments**, and lower operations and maintenance expenses[9](index=9&type=chunk) - These positive factors were partially offset by **lower electric retail sales**, primarily driven by near-normal temperatures in Q2 2025 compared to warmer-than-normal temperatures in the prior-year period, and **higher interest expense**[9](index=9&type=chunk) [Ameren Transmission Segment Results](index=3&type=section&id=2.2%20Ameren%20Transmission%20Segment%20Results) Ameren Transmission reported an increase in earnings for the second quarter of 2025 Ameren Transmission Earnings | Metric | Q2 2025 | Q2 2024 | | :------- | :------ | :------ | | Earnings | $86 million | $79 million | [Ameren Illinois Electric Distribution Segment Results](index=3&type=section&id=2.3%20Ameren%20Illinois%20Electric%20Distribution%20Segment%20Results) Ameren Illinois Electric Distribution experienced a slight increase in earnings for the second quarter of 2025 Ameren Illinois Electric Distribution Earnings | Metric | Q2 2025 | Q2 2024 | | :------- | :------ | :------ | | Earnings | $64 million | $61 million | [Ameren Illinois Natural Gas Segment Results](index=3&type=section&id=2.4%20Ameren%20Illinois%20Natural%20Gas%20Segment%20Results) Ameren Illinois Natural Gas reported an increase in earnings for the second quarter of 2025 Ameren Illinois Natural Gas Earnings | Metric | Q2 2025 | Q2 2024 | | :------- | :------ | :------ | | Earnings | $10 million | $6 million | [Ameren Parent Results](index=3&type=section&id=2.5%20Ameren%20Parent%20Results) Ameren Parent recorded a larger loss in the second quarter of 2025 compared to the prior year, primarily due to higher interest expense Ameren Parent Loss | Metric | Q2 2025 | Q2 2024 | | :------- | :------ | :------ | | Loss | $35 million | $16 million | - The year-over-year comparison reflected **higher interest expense**[13](index=13&type=chunk) [Company Information & Disclosures](index=3&type=section&id=3.%20Company%20Information%20%26%20Disclosures) This section details Ameren's analyst call, company profile, non-GAAP financial measures, and forward-looking statements [Analyst Conference Call](index=3&type=section&id=3.1%20Analyst%20Conference%20Call) Ameren will host a conference call on August 1, 2025, for financial analysts, investors, and the public to discuss 2025 earnings, guidance, and other matters, with a live webcast and presentation available online - Ameren will conduct a conference call for financial analysts at 9 a.m. Central Time on Friday, **August 1, 2025**[14](index=14&type=chunk) - The call will discuss 2025 earnings, earnings guidance, and other matters[14](index=14&type=chunk) - Investors, news media, and the public can listen to a live broadcast and access an accompanying slide presentation at AmerenInvestors.com[14](index=14&type=chunk) [About Ameren](index=3&type=section&id=3.2%20About%20Ameren) Ameren Corporation is a St. Louis-based utility company providing electric and natural gas services to millions of customers across a 64,000-square-mile area through its rate-regulated utility subsidiaries: Ameren Missouri, Ameren Illinois, and Ameren Transmission Company of Illinois - Ameren Corporation is based in St. Louis and serves **2.5 million electric customers** and **over 900,000 natural gas customers**[15](index=15&type=chunk) - Its service area covers **64,000 square miles** through its Ameren Missouri and Ameren Illinois rate-regulated utility subsidiaries[15](index=15&type=chunk) - Subsidiaries include Ameren Missouri (electric generation, transmission, distribution, natural gas distribution), Ameren Illinois (electric transmission and distribution, natural gas distribution), and Ameren Transmission Company of Illinois (regional electric transmission projects in MISO)[15](index=15&type=chunk) [Use of Non-GAAP Financial Measures](index=3&type=section&id=3.3%20Use%20of%20Non-GAAP%20Financial%20Measures) Ameren utilizes adjusted earnings and adjusted earnings per share as non-GAAP financial measures, which exclude significant discrete items not considered representative of ongoing earnings, such as prior year charges related to legal settlements and regulatory orders. These measures are used for internal financial planning, performance analysis, and communication with stakeholders - Ameren presents adjusted earnings and adjusted earnings per share as non-GAAP measures, which may not be comparable to those of other companies[16](index=16&type=chunk) - Adjusted earnings generally exclude income or loss from **significant discrete items** that management does not consider representative of ongoing earnings, such as **prior year charges for mitigation relief** related to the New Source Review (NSR) and Clean Air Act proceeding, and **customer refunds related to a FERC order** on MISO's allowed base return on equity (ROE)[16](index=16&type=chunk) - These non-GAAP measures are used internally for **financial planning and performance analysis**, and externally for **communicating earnings results and outlook** to analysts and investors, as they allow for more accurate comparison of ongoing performance across periods[17](index=17&type=chunk) [Forward-looking Statements](index=5&type=section&id=3.4%20Forward-looking%20Statements) The release contains forward-looking statements that are subject to various risks and uncertainties, which could cause actual results to differ materially from those discussed. These factors include regulatory, judicial, or legislative actions, economic and market conditions, operational risks, environmental policies, and geopolitical events - Statements not based on historical facts are considered '**forward-looking**' and involve **risks and uncertainties** that could cause actual results to differ materially[18](index=18&type=chunk) - Key risk factors include **regulatory, judicial, or legislative actions**; **ability to control costs and recover investments**; effects of **multi-year rate plans (MYRPs)**; **ability to construct/acquire renewable energy facilities**; **MISO long-range transmission planning**; **counterparty obligations**; **advancements in energy technologies**; **changes in federal, state, or local laws and policies** (e.g., OBBBA, IRA); **energy demand**; **fuel cost and availability**; **cyberattacks**; **economic, geopolitical, and capital market conditions**; **weather**; **construction, installation, performance, and cost recovery of assets**; **environmental laws**; **labor disputes**; **negative public opinion**; **legal proceedings**; **pandemics**; and **global conflicts**[18](index=18&type=chunk)[20](index=20&type=chunk) - The company cautions against undue reliance on these statements and undertakes **no obligation to update or revise them publicly**, except as required by federal securities laws[19](index=19&type=chunk) [Financial Statements](index=7&type=section&id=4.%20Financial%20Statements) Ameren's consolidated financial statements show increased revenues and net income, alongside growth in assets and operating cash flows for Q2 and YTD 2025 [Consolidated Statement of Income](index=7&type=section&id=4.1%20Consolidated%20Statement%20of%20Income) Ameren's consolidated statement of income shows increased total operating revenues and net income for both the three and six months ended June 30, 2025, compared to the prior year, primarily driven by higher electric revenues, though operating expenses also rose significantly due to fuel and purchased power costs Consolidated Income Statement Highlights (Millions of $) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :----------------------------------- | :------ | :------ | :------- | :------- | | Total Operating Revenues | $2,221 | $1,693 | $4,318 | $3,509 | | Operating Income | $411 | $361 | $841 | $732 | | Net Income Attributable to Ameren Common Shareholders | $275 | $258 | $564 | $519 | | Diluted EPS | $1.01 | $0.97 | $2.08 | $1.95 | - **Electric revenues significantly increased** from **$1,521 million** in Q2 2024 to **$2,038 million** in Q2 2025, and from **$2,885 million** in YTD 2024 to **$3,660 million** in YTD 2025[22](index=22&type=chunk) - **Fuel and purchased power expenses rose substantially** from **$327 million** in Q2 2024 to **$794 million** in Q2 2025, and from **$655 million** in YTD 2024 to **$1,296 million** in YTD 2025[22](index=22&type=chunk) [Consolidated Balance Sheet](index=8&type=section&id=4.2%20Consolidated%20Balance%20Sheet) As of June 30, 2025, Ameren's total assets increased to $46,625 million from $44,598 million at December 31, 2024, primarily driven by growth in property, plant, and equipment, and regulatory assets. Long-term debt also saw an increase Consolidated Balance Sheet Highlights (Millions of $) | Metric | June 30, 2025 | December 31, 2024 | | :----------------------------------- | :------------ | :---------------- | | Total Assets | $46,625 million | $44,598 million | | Property, Plant, and Equipment, Net | $37,816 million | $36,304 million | | Long-term Debt, Net | $18,811 million | $17,262 million | | Total Shareholders' Equity | $12,314 million | $12,114 million | - **Current assets increased** from **$2,264 million** at December 31, 2024, to **$2,474 million** at June 30, 2025, mainly due to higher accounts receivable and unbilled revenue[24](index=24&type=chunk) - **Current liabilities decreased** from **$3,413 million** to **$3,087 million**, largely due to a reduction in current maturities of long-term debt[24](index=24&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=9&type=section&id=4.3%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, Ameren saw an increase in net cash provided by operating activities, while net cash used in investing activities also increased due to higher capital expenditures. Net cash provided by financing activities slightly decreased Condensed Consolidated Cash Flows (Millions of $) | Metric | YTD 2025 | YTD 2024 | | :----------------------------------- | :------- | :------- | | Net cash provided by operating activities | $1,293 million | $1,049 million | | Net cash used in investing activities | $(2,111) million | $(1,932) million | | Net cash provided by financing activities | $884 million | $912 million | | Capital expenditures | $(2,130) million | $(1,892) million | | Cash, cash equivalents, and restricted cash at end of period | $394 million | $301 million | - **Operating activities benefited from higher net income and deferred income taxes**, partially offset by changes in other assets and liabilities[26](index=26&type=chunk) - **Financing activities included significant issuances of long-term debt ($1,599 million** in YTD 2025 vs **$1,470 million** in YTD 2024) and **dividends on common stock ($384 million** in YTD 2025 vs **$356 million** in YTD 2024)[26](index=26&type=chunk) [Operating Statistics](index=10&type=section&id=5.%20Operating%20Statistics) Operating statistics reveal decreased electric sales but increased electric revenues, alongside growth in gas sales and revenues, and a slight increase in common shares outstanding [Electric Sales and Revenues](index=10&type=section&id=5.1%20Electric%20Sales%20and%20Revenues) Total electric sales decreased for both the second quarter and year-to-date 2025, primarily due to lower Ameren Missouri off-system sales and Ameren Illinois industrial sales. Despite this, total electric revenues significantly increased, largely driven by a substantial rise in Ameren Missouri's off-system sales and capacity revenues Electric Sales and Revenues | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :----------------------------------- | :------ | :------ | :------- | :------- | | Total Electric Sales (million kWh) | 15,672 | 17,110 | 33,480 | 34,250 | | Total Electric Revenues (million $) | $2,038 | $1,521 | $3,660 | $2,885 | - **Ameren Missouri's off-system sales decreased** from **1,484 million kWh** in Q2 2024 to **662 million kWh** in Q2 2025, but **off-system sales and capacity revenues dramatically increased** from **$47 million** to **$471 million** in the same period[29](index=29&type=chunk) - **Ameren Illinois Electric Distribution's industrial sales decreased** from **2,712 million kWh** in Q2 2024 to **2,511 million kWh** in Q2 2025[29](index=29&type=chunk) [Gas Sales and Revenues](index=11&type=section&id=5.2%20Gas%20Sales%20and%20Revenues) Total gas sales and revenues increased for both the second quarter and year-to-date 2025, with Ameren Illinois Natural Gas contributing the majority of the growth Gas Sales and Revenues | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :----------------------------------- | :------ | :------ | :------- | :------- | | Total Gas Sales (million dekatherms) | 33 | 31 | 107 | 99 | | Total Gas Revenues (million $) | $183 | $172 | $658 | $624 | - **Ameren Illinois Natural Gas sales increased** from **28 million dekatherms** in Q2 2024 to **30 million dekatherms** in Q2 2025, and **revenues increased** from **$148 million** to **$158 million**[31](index=31&type=chunk) [Common Stock Information](index=11&type=section&id=5.3%20Common%20Stock%20Information) As of June 30, 2025, Ameren's common shares outstanding slightly increased, and the book value per share improved compared to December 31, 2024 Common Stock Details | Metric | June 30, 2025 | December 31, 2024 | | :----------------------------------- | :------------ | :---------------- | | Shares outstanding (in millions) | 270.4 | 269.9 | | Book value per share | $45.54 | $44.88 |

Core Points - Ameren Corporation reported a second quarter 2025 net income of $275 million, or $1.01 per diluted share, an increase from $258 million, or $0.97 per diluted share in the same quarter of 2024 [1][2][11] - The earnings growth was driven by increased infrastructure investments, new electric service rates in Ameren Missouri, and disciplined cost management, although it faced challenges from higher interest expenses and lower retail sales due to near-normal temperatures [2][3][7] Financial Performance - For the six months ended June 30, 2025, Ameren's net income attributable to common shareholders was $564 million, or $2.08 per diluted share, compared to $519 million, or $1.95 per diluted share for the same period in 2024 [3][18] - The adjusted net income for the first half of 2024 was $530 million, or $1.99 per diluted share, indicating a year-over-year increase in earnings [3][4] Segment Results - Ameren Missouri's second quarter 2025 earnings were $150 million, up from $128 million in the second quarter of 2024, attributed to new electric service rates and increased infrastructure investments [7] - Ameren Transmission segment earnings rose to $86 million in Q2 2025 from $79 million in Q2 2024, while Ameren Illinois Electric Distribution segment earnings increased to $64 million from $61 million [8] - The Ameren Parent segment reported a loss of $35 million in Q2 2025, compared to a loss of $16 million in Q2 2024, primarily due to higher interest expenses [9] Earnings Guidance - The company reaffirmed its 2025 earnings per share guidance range of $4.85 to $5.05, indicating strong year-to-date performance and positioning to deliver earnings in the top half of this range [6][11] Operating Statistics - Total operating revenues for the second quarter of 2025 were $2.221 billion, compared to $1.693 billion in Q2 2024, reflecting a significant increase [18] - Electric sales in Ameren Missouri decreased to 7,873 million kilowatt-hours in Q2 2025 from 8,925 million kilowatt-hours in Q2 2024, while Ameren Illinois Electric Distribution sales also saw a decline [22]