Ameren Announces Pricing of Senior Notes due 2036 [Accessibility Statement] Skip NavigationST. LOUIS, Feb. 26, 2026 /PRNewswire/ -- Ameren Corporation (NYSE: AEE) announced today the pricing of a public offering of $400 million aggregate principal amount of 5.00% senior notes due 2036 at 99.802% of their principal amount. The transaction is expected to close on March 4, 2026, subject to the satisfaction of customary closing conditions.Ameren intends to use the net proceeds of the offering for general corpor ...

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Core Viewpoint - Union Electric Company, operating as Ameren Missouri, has announced a public offering of $450 million in first mortgage bonds with two different maturities, indicating a strategic move to raise capital for future investments [1] Group 1: Bond Offering Details - The company is offering $450 million aggregate principal amount of 4.80% first mortgage bonds due in 2036, priced at 99.926% of their principal amount [1] - Additionally, the company is offering $450 million aggregate principal amount of 5.55% first mortgage bonds due in 2056, priced at 99.619% of their principal amount [1] - The transaction is expected to close on February 27, 2026, pending customary closing conditions [1]

Regulatory Environment - The electric and natural gas utility industry is highly regulated, with rates determined by governmental entities such as the MoPSC and ICC, which can significantly influence financial results [90]. - The regulatory lag in obtaining new customer rates can materially affect the financial position and liquidity of Ameren Companies [90]. - The FERC regulates Ameren Missouri's, Ameren Illinois', and ATXI's cost-based rates for wholesale transmission and distribution of energy [91]. - Ameren Missouri's hydroelectric projects are subject to FERC regulations, with licenses expiring in 2047 and 2044 for different facilities [101]. - The Public Utility Regulatory Act requires Ameren Missouri to file integrated resource plans every four years, with the next plan due in September 2026 [111]. - Ameren Illinois is required to file a Grid Plan with the ICC every four years, with the next plan submitted in January 2026 for 2028-2031 [117]. Financial Performance - Electric operating revenues reached $7,668 million in 2025, compared to $6,540 million in 2024, and $6,439 million in 2023, indicating a year-over-year increase of about 17.2% [160]. - Ameren's total electric sales increased to 69,416 million kilowatt-hours in 2025, up from 68,744 million in 2024, and 67,969 million in 2023, reflecting a growth of approximately 1% year-over-year [160]. - Natural gas operating revenues for Ameren Illinois reached $968 million in 2025, compared to $938 million in 2024, marking a year-over-year increase of about 3.2% [163]. - The rate base for electric transmission and distribution increased to $20.3 billion in 2025, up from $18.5 billion in 2024, representing a growth of 9.7% [163]. - The total workforce at Ameren is 8,913, with an overall attrition rate of 6% in 2025, primarily due to retirements [153]. Energy Generation and Supply - Ameren Missouri's peak demand reached 7,487 MWs in 2025, while Ameren Illinois had a peak demand of 8,027 MWs [104]. - Ameren Missouri burned approximately 12.0 million tons of coal in 2025, with 96% sourced from the Powder River Basin [121][122]. - The share of coal in Ameren Missouri's energy supply was 56.5% in 2025, an increase from 50.5% in 2024, reflecting a shift towards more coal reliance [162]. - Ameren Missouri's electric supply is primarily generated from its energy centers, with factors influencing power purchases including outages and renewable energy requirements [107]. - Ameren Missouri expects to satisfy the renewable energy requirement of 15% of native load sales from renewable sources in 2026 [128]. Renewable Energy Initiatives - Ameren Illinois plans to add 3,200 MWs of renewable generation by 2030, including solar projects, and an additional 1,500 MWs by 2035 [114]. - Ameren Illinois has contractual commitments to purchase approximately 3.1 million wind renewable energy credits and 4.1 million solar renewable energy credits per year [129]. - The CRGA establishes an energy storage credit program requiring Illinois utilities to enter into 20-year contracts for energy storage credits, with delivery starting no later than 2030 [130]. - Ameren Missouri plans to invest $51 million in 2026 and $22 million in 2027 for customer energy-efficiency and demand response programs [135]. - Ameren Illinois' electric energy-efficiency investments earn a return based on the WACC, with the ROE currently linked to the 30-year U.S. Treasury bond yields plus 580 basis points [138]. Workforce and Employee Engagement - As of December 31, 2025, labor unions represent 46% of Ameren's total workforce, with contracts expiring in 2026 and 2028 for Ameren Missouri and in 2027 and 2029 for Ameren Illinois [155]. - Ameren's workforce strategy focuses on culture, leadership development, organizational alignment, and talent attraction to enhance operational performance [142]. - The employee demographic includes 43% Millennials, 39% Generation X, and 9% Baby Boomers, indicating a younger workforce [153]. - Ameren is investing in workforce development initiatives, including partnerships for recruiting early and mid-career talent [151]. - The company emphasizes employee safety and engagement through feedback mechanisms and safety training programs [146][145]. Challenges and Future Outlook - The company is facing challenges related to public concerns about environmental impacts and regulatory scrutiny regarding fossil fuel usage and new facility siting [159]. - Ameren is facing challenges related to regulatory changes, cybersecurity risks, and the need for infrastructure investments, impacting financial performance [156][159]. - The company anticipates continued pressure on customer growth and sales volumes due to increased competition and economic conditions [158]. - Ameren Missouri continues to evaluate new generating capacity needs based on factors like load growth and technological advancements [112]. - Ameren Illinois plans to retire all coal-fired energy centers by 2042 and 1,800 MWs of natural gas-fired centers by 2040 to comply with state law [114].

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

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

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

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

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

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