Ameren Corporation

08/03/2026 | Press release | Distributed by Public on 08/03/2026 12:14

Quarterly Report for Quarter Ending June 30, 2026 (Form 10-Q)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
The following discussion should be read in conjunction with the financial statements contained in this Form 10-Q, as well as Management's Discussion and Analysis of Financial Condition and Results of Operations and Risk Factors contained in the Form 10-K. We intend for this discussion to provide the reader with information that will assist in understanding our financial statements, the changes in certain key items in those financial statements, and the primary factors that accounted for those changes, as well as how certain accounting principles affect our financial statements. The discussion also provides information about the financial results of our business segments to provide a better understanding of how those segments and their results affect the financial condition and results of operations of Ameren as a whole. Also see the Glossary of Terms and Abbreviations at the front of this report and in the Form 10-K.
Ameren, headquartered in St. Louis, Missouri, is a public utility holding company whose primary assets are its equity interests in its subsidiaries. Ameren's subsidiaries are separate, independent legal entities with separate businesses, assets, and liabilities. Dividends on Ameren's common stock and the payment of expenses by Ameren depend on distributions made to it by its subsidiaries. Ameren's principal subsidiaries are listed below. Ameren also has other subsidiaries that conduct other activities, such as providing shared services.
•Ameren Missouri operates a rate-regulated electric generation, transmission, and distribution business and a rate-regulated natural gas distribution business in Missouri.
•Ameren Illinois operates rate-regulated electric transmission, electric distribution, and natural gas distribution businesses in Illinois.
•ATXI operates a FERC rate-regulated electric transmission business in the MISO.
Ameren's and Ameren Missouri's financial statements are prepared on a consolidated basis and therefore include the accounts of their majority-owned subsidiaries. All intercompany transactions have been eliminated. Ameren Illinois has no subsidiaries. All tabular dollar amounts are in millions, unless otherwise indicated.
In addition to presenting results of operations and earnings amounts in total, we present certain information in cents per share. These amounts reflect factors that directly affect Ameren's earnings. We believe this per share information helps readers to understand the impact of these factors on Ameren's earnings per diluted share.
OVERVIEW
Net income attributable to Ameren common shareholders in the three months ended June 30, 2026, was $314 million, or $1.13 per diluted share, compared with $275 million, or $1.01 per diluted share, in the year-ago period. Net income attributable to Ameren common shareholders in the six months ended June 30, 2026, was $671 million, or $2.41 per diluted share, compared with $564 million, or $2.08 per diluted share, in the year-ago period. Net income was favorably affected for the three and six months ended June 30, 2026, by increased infrastructure investments across all segments, including infrastructure reflected in electric and natural gas service rates at Ameren Missouri, effective June 1, 2025 and September 1, 2025, respectively, and natural gas rates at Ameren Illinois, effective December 2, 2025. Net income was unfavorably affected for the three and six months ended June 30, 2026, by increased other operations and maintenance expenses at Ameren Missouri not subject to riders or trackers, largely due to higher energy center maintenance expense and an increase in vegetation management expenses, among other items.
Ameren's strategic plan includes investing in rate-regulated energy infrastructure, enhancing regulatory frameworks and energy policies, and optimizing performance to deliver safe, reliable, affordable energy for our customers and communities. Ameren remains focused on disciplined cost management and strategic capital allocation. Ameren invested $2.7 billion in its rate-regulated businesses in the six months ended June 30, 2026.
In June 2026, Ameren Missouri filed a request with the MoPSC seeking approval to increase its annual revenues for electric service by $343 million. The electric rate request is based on a 10.25% return on common equity, a capital structure composed of 52% common equity, a rate base of $16.7 billion, and a test year ended March 31, 2026, with certain pro-forma adjustments expected through an anticipated true-up date of December 31, 2026. The MoPSC proceeding relating to the proposed electric service rate changes will take place over a period of up to 11 months, with a decision by the MoPSC expected by May 2027 and new rates effective by June 2027.
In February 2026, the MoPSC issued an order approving a nonunanimous stipulation and agreement related to a requested CCN for the Big Hollow Natural Gas (800-MW facility) and the Big Hollow Battery Energy Storage (400-MW facility) projects. Also in February 2026, Ameren Missouri acquired the Split Rail Solar Project for approximately $0.6 billion and placed it in-service in June 2026. In May 2026, the MoPSC issued an order approving a nonunanimous stipulation and agreement related to a requested CCN for the Reform Solar Project (250-MW facility). Also in May 2026, Ameren Missouri filed for a CCN to construct the Millcreek (250-MW facility), Huck Finn (200-MW facility), and Castle Bluff (95-MW facility) battery energy storage projects and acquire, after construction, the Ringer (225-MW facility) and Tom Sawyer (175-MW facility) solar projects. In July 2026, Ameren Missouri filed for a CCN to construct the West Alton Natural Gas Project (2,100-MW facility).
In 2026, Ameren Missouri executed electric service agreements with large load customers under its modified large primary service tariff that was approved in 2025, representing 2.8 gigawatts of demand that is expected to begin materializing in the second half of 2027 and to reach full capacity by the end of 2029. Ameren and Ameren Missouri do not expect a material impact to their results of operations, financial position, or liquidity in 2026 related to these agreements.
In February 2026, Ameren Missouri filed an update to its Smart Energy Plan with the MoPSC, which includes a five-year capital investment overview with a detailed one-year plan for 2026. The plan is designed to upgrade Ameren Missouri's electric infrastructure and includes investments that will upgrade the grid to enhance reliability and resiliency. Investments under the plan are expected to total approximately $20.8 billion over the five-year period from 2026 through 2030, with expenditures largely recoverable under the PISA prior to being included in base rates. The Smart Energy Plan excludes investments in its natural gas distribution business, as well as removal costs, net of salvage.
In December 2024, the ICC issued an order in connection with a revised Grid Plan and a revised MYRP filed by Ameren Illinois in March 2024, approving revenue requirements for electric distribution services for 2024 through 2027 of $1,206 million, $1,287 million, $1,367 million, and $1,421 million, respectively. Rate changes consistent with the December 2024 order became effective in December 2024. In May 2026, the Illinois Appellate Court for the Fifth Judicial District upheld the ICC's December 2024 order and orders issued by the ICC in June 2024 and December 2023 following appeals by Ameren Illinois.
In December 2025, the ICC issued an order approving Ameren Illinois' 2024 electric distribution service revenue requirement reconciliation adjustment filing. In March 2026, Ameren Illinois filed an appeal of the December 2025 order with the Illinois Appellate Court for the Fifth Judicial District and withdrew the appeal in July 2026 as a result of the appellate court decision in the MYRP proceeding discussed above.
In April 2026, Ameren Illinois filed a reconciliation adjustment to its 2025 electric distribution service revenue requirement with the ICC. In June 2026, the ICC staff filed its calculation of the reconciliation adjustment, recommending recovery of $31 million. In July 2026, Ameren Illinois filed a revised reconciliation adjustment consistent with the ICC staff's recommendation. The adjustment reflects Ameren Illinois' actual 2025 recoverable costs, 2025 year-end rate base and a capital structure composed of 50% common equity. An ICC decision is required by December 2026, and any approved adjustment would be collected from customers in 2027.
In May 2026, Ameren Illinois filed an electric energy efficiency plan with the ICC, which includes annual investments in electric energy-efficiency programs up to $192 million, $239 million, and $276 million for 2027, 2028, and 2029, respectively. The ICC has the ability to reduce the amount of electric energy-efficiency savings goals in future program years if there are insufficient cost-effective programs available, which could reduce Ameren Illinois' investments in electric energy-efficiency programs. A decision by the ICC in this proceeding is expected by November 2026.
In November 2025, the ICC issued an order in Ameren Illinois' January 2025 natural gas delivery service regulatory rate review, which resulted in an increase to Ameren Illinois' annual revenues for natural gas delivery service of $79 million based on a 9.60% ROE, a capital structure composed of 50% common equity, a 2026 future test year, and a rate base of $3.2 billion. The order reflected a reduction of $75 million of planned distribution and transmission capital investments included in Ameren Illinois' future test year request. The new rates became effective in December 2025. In January 2026, Ameren Illinois filed an appeal of the ICC's November 2025 order to the Illinois Appellate Court for the Fifth Judicial District. The appeal challenged the inclusion of the non-service cost component of the net periodic benefit income related to other postretirement benefits in the annual revenue requirement and the $75 million reduction of planned capital investments, among other things. The court is under no deadline to address the appeal.
For further information on the matters discussed above, see Note 2 - Rate and Regulatory Matters under Part I, Item 1, of this report, and the Outlook section below.
RESULTS OF OPERATIONS
Our results of operations and financial position are affected by many factors. Economic conditions, energy-efficiency investments by our customers and by us, technological advances, distributed generation, and the actions of key customers can significantly affect the demand for our services. Ameren and Ameren Missouri results are also affected by seasonal fluctuations in winter heating and summer cooling demands and by weather conditions, such as storms, as well as by energy center maintenance outages. Additionally, fluctuations in interest rates and conditions in the capital and credit markets affect our cost of borrowing, our pension and postretirement benefits costs, the cash surrender value of COLI, and the asset value of Ameren Missouri's nuclear decommissioning trust fund. Almost all of Ameren's revenues are subject to state or federal regulation. This regulation has a material impact on the rates we charge customers for our services. Our results of operations, financial position, and liquidity are affected by our ability to align our overall spending, both operating and capital, with the frameworks established by our regulators. See Note 2 - Rate and Regulatory Matters under Part I, Item 1, of this report and Note 2 - Rate and Regulatory Matters under Part II, Item 8, of the Form 10-K for additional information regarding Ameren Missouri's, Ameren Illinois', and ATXI's regulatory mechanisms.
Ameren Missouri principally uses coal and enriched uranium for fuel in its electric generation operations and purchases natural gas for its customers. Ameren Illinois purchases power and natural gas for its customers. The prices for these commodities can fluctuate significantly because of the global economic and political environment, weather, supply, demand, and many other factors. We have natural gas cost recovery mechanisms for our Illinois and Missouri natural gas distribution businesses, a purchased power cost recovery mechanism for Ameren Illinois' electric distribution business, and a FAC for Ameren Missouri's electric business.
We employ various risk management strategies to reduce our exposure to commodity and interest rate risk as well as other risks inherent in our business. The reliability of Ameren Missouri's energy centers and our transmission and distribution systems, and the level and timing of operations and maintenance costs and capital investment, are key factors that we seek to manage in order to optimize our results of operations, financial position, and liquidity.
Earnings Summary
The following table presents a summary of Ameren's earnings for the three and six months ended June 30, 2026 and 2025:
Three Months Six Months
2026 2025 2026 2025
Net income attributable to Ameren common shareholders $ 314 $ 275 $ 671 $ 564
Earnings per common share - diluted 1.13 1.01 2.41 2.08
Net income attributable to Ameren common shareholders increased $39 million and earnings per diluted share increased 12 cents in the three months ended June 30, 2026, compared with the year-ago period. The increase was due to net income increases of $10 million,$7 million, and $6 million at Ameren Transmission, Ameren Missouri, and Ameren Illinois Electric Distribution, respectively. The above increases were partially offset by a $1 million reduction in net income at Ameren Illinois Natural Gas. Net income was further impacted by a decrease in net loss of $17 million for activity not reported as part of a segment, primarily at Ameren (parent).
Net income attributable to Ameren common shareholders increased $107 million and earnings per diluted share increased 33 cents in the six months ended June 30, 2026, compared with the year-ago period. The increase was due to net income increases of $41 million, $19 million, $13 million, and $9 million, at Ameren Missouri, Ameren Transmission, Ameren Illinois Natural Gas, and Ameren Illinois Electric Distribution, respectively. Net income was further impacted by a decrease in net loss of $25 million for activity not reported as part of a segment, primarily at Ameren (parent).
Earnings per diluted share were favorably affected in the three and six months ended June 30, 2026, compared to the year-ago periods (except where a specific period is referenced), by:
•a higher allowance for equity funds used during construction and increased base rate revenues at Ameren Missouri for the inclusion of previously deferred interest charges under PISA pursuant to the April 2025 MoPSC electric rate order, partially offset by lower interest deferrals associated with the PISA (8 cents and 15 cents per share, respectively);
•increased base rate revenues at Ameren Missouri, pursuant to the April 2025 MoPSC electric rate order, effective June 1, 2025, partially offset by higher depreciation and amortization and interest expenses in base rates (4 cents and 12 cents per share, respectively);
•an increase in earnings from our equity method investments, primarily related to advance innovative energy technologies in 2026 compared with a net loss on those investments in 2025 (8 cents and 9 cents per share, respectively);
•equity return on increased rate base investments at Ameren Transmission and Ameren Illinois Electric Distribution (5 cents and 9 cents per share);
•increased base rate revenues at Ameren Illinois Natural Gas, pursuant to the November 2025 ICC natural gas rate order, effective December 2, 2025, partially offset by increased operations and maintenance, depreciation and amortization, and interest expenses included in base rates (6 cents per share in the six months ended June 30, 2026);
•higher revenue at Ameren Missouri resulting from the absence in 2026 of a deferral associated with the Rush Island Energy Center (1 cent and 4 cents per share, respectively);
•increased base rate revenues at Ameren Missouri's natural gas business, pursuant to the July 2025 MoPSC natural gas rate order, effective September 1, 2025, partially offset by higher depreciation and amortization expenses included in base rates (1 cent and 4 cents per share, respectively); and
•decreased income tax expense not subject to formula rates or riders, primarily due to increased tax benefits from higher allowance for equity funds used during construction and stock-based compensation costs (3 cents per share in the six months ended June 30, 2026).
Earnings per diluted share were unfavorably affected in the three and six months ended June 30, 2026, compared to the year-ago periods by:
•increased other operations and maintenance expenses at Ameren Missouri not subject to riders or trackers, largely due to increased reliability measures at the Labadie and Sioux energy centers and an increase in transmission and distribution vegetation management
expenses, partially offset by a decrease in storm-related costs compared to the year-ago period (11 cents and 14 cents per share, respectively);
•increased weighted-average basic common shares outstanding resulting from issuances of common shares (3 cents and 6 cents per share, respectively);
•decreased retail electric sales volumes at Ameren Missouri, excluding customer energy-efficiency programs, primarily due to milder temperatures in the first half of 2026 (estimated at 1 cent and 6 cents per share, respectively); and
•increased financing costs primarily at Ameren Missouri and Ameren (Parent), largely due to higher rates on higher long-term debt balances (2 cents and 4 cents, respectively).
The cents per share variances above are presented based on the weighted-average basic common shares outstanding in the three and six months ended June 30, 2025, and do not reflect the impact of dilution on earnings per share, unless otherwise noted. The amounts above other than variances related to income taxes have been presented net of income taxes using Ameren's 2026 blended federal and state statutory tax rate of 26%. For additional details regarding the Ameren Companies' results of operations, including explanations of Operating Revenues for both Electric Revenues and Natural Gas Revenues; Fuel and Purchased Power Expenses; Other Operations and Maintenance Expenses; Depreciation and Amortization Expenses; Taxes Other Than Income Taxes; Other Income, Net; Interest Charges; and Income Taxes, see the major headings below.
Below is Ameren's table of income statement components by segment for the three and six months ended June 30, 2026 and 2025:
Ameren
Missouri 		Ameren
Illinois
Electric
Distribution 		Ameren
Illinois
Natural Gas 		Ameren Transmission Other /
Intersegment
Eliminations 		Ameren
Three Months 2026:
Electric revenues $ 1,094 $ 629 $ - $ 229 $ (65) $ 1,887
Natural gas revenues 30 - 176 - (1) 205
Fuel and purchased power (318) (238) - - 49 (507)
Natural gas purchased for resale (7) - (32) - - (39)
Other operations and maintenance expenses (282) (165) (67) (21) 14 (521)
Depreciation and amortization expenses (234) (98) (33) (52) (3) (420)
Taxes other than income taxes (101) (21) (17) (3) (4) (146)
Operating income (loss) 182 107 27 153 (10) 459
Other income, net 60 18 4 6 30 118
Interest charges (83) (28) (17) (32) (49) (209)
Income (taxes) benefit (1) (26) (5) (31) 11 (52)
Net income (loss) 158 71 9 96 (18) 316
Noncontrolling interests - preferred stock dividends
(1) (1) - - - (2)
Net income (loss) attributable to Ameren common shareholders $ 157 $ 70 $ 9 $ 96 $ (18) $ 314
Three Months 2025:
Electric revenues $ 1,315 $ 573 $ - $ 208 $ (58) $ 2,038
Natural gas revenues 25 - 158 - - 183
Fuel and purchased power (614) (223) - - 43 (794)
Natural gas purchased for resale (9) - (30) - - (39)
Other operations and maintenance expenses (238) (156) (55) (18) 7 (460)
Depreciation and amortization expenses (209) (93) (33) (49) (2) (386)
Taxes other than income taxes (89) (20) (16) (3) (3) (131)
Operating income (loss) 181 81 24 138 (13) 411
Other income, net 47 23 5 10 11 96
Interest charges (70) (26) (16) (29) (46) (187)
Income (taxes) benefit (7) (13) (3) (33) 13 (43)
Net income (loss) 151 65 10 86 (35) 277
Noncontrolling interests - preferred stock dividends
(1) (1) - - - (2)
Net income (loss) attributable to Ameren common shareholders $ 150 $ 64 $ 10 $ 86 $ (35) $ 275
Ameren
Missouri 		Ameren
Illinois
Electric
Distribution 		Ameren
Illinois
Natural Gas 		Ameren Transmission Other /
Intersegment
Eliminations 		Ameren
Six Months 2026:
Electric revenues $ 1,945 $ 1,272 $ - $ 456 $ (125) $ 3,548
Natural gas revenues 109 - 612 - (1) 720
Fuel and purchased power (532) (504) - - 96 (940)
Natural gas purchased for resale (41) - (169) - - (210)
Other operations and maintenance expenses (546) (325) (124) (40) 23 (1,012)
Depreciation and amortization expenses (448) (194) (67) (105) (4) (818)
Taxes other than income taxes (196) (43) (46) (5) (7) (297)
Operating income (loss) 291 206 206 306 (18) 991
Other income, net 113 37 7 13 38 208
Interest charges (165) (56) (33) (62) (97) (413)
Income (taxes) benefit (4) (50) (49) (63) 54 (112)
Net income (loss) 235 137 131 194 (23) 674
Noncontrolling interests - preferred stock dividends
(2) (1) - - - (3)
Net income (loss) attributable to Ameren common shareholders $ 233 $ 136 $ 131 $ 194 $ (23) $ 671
Six Months 2025:
Electric revenues $ 2,208 $ 1,145 $ - $ 418 $ (111) $ 3,660
Natural gas revenues 89 - 569 - - 658
Fuel and purchased power (944) (435) - - 83 (1,296)
Natural gas purchased for resale (39) - (169) - - (208)
Other operations and maintenance expenses (488) (322) (110) (37) 12 (945)
Depreciation and amortization expenses (403) (184) (65) (97) (4) (753)
Taxes other than income taxes (178) (41) (45) (4) (7) (275)
Operating income (loss) 245 163 180 280 (27) 841
Other income, net 90 46 10 17 18 181
Interest charges (130) (52) (31) (58) (91) (362)
Income (taxes) benefit (11) (29) (41) (64) 52 (93)
Net income (loss) 194 128 118 175 (48) 567
Noncontrolling interests - preferred stock dividends
(2) (1) - - - (3)
Net income (loss) attributable to Ameren common shareholders $ 192 $ 127 $ 118 $ 175 $ (48) $ 564
Below is Ameren Illinois' table of income statement components by segment for the three and six months ended June 30, 2026 and 2025:
Ameren
Illinois
Electric
Distribution 		Ameren
Illinois
Natural Gas 		Ameren
Illinois Transmission 		Other /
Intersegment
Eliminations 		Ameren Illinois
Three Months 2026:
Electric revenues $ 629 $ - $ 168 $ (45) $ 752
Natural gas revenues - 176 - - 176
Purchased power (238) - - 45 (193)
Natural gas purchased for resale - (32) - - (32)
Other operations and maintenance expenses (165) (67) (16) - (248)
Depreciation and amortization expenses (98) (33) (41) - (172)
Taxes other than income taxes (21) (17) (1) - (39)
Operating income 107 27 110 - 244
Other income, net 18 4 4 - 26
Interest charges (28) (17) (24) - (69)
Income taxes (26) (5) (22) - (53)
Net income 71 9 68 - 148
Preferred stock dividends (1) - - - (1)
Net income attributable to common shareholder $ 70 $ 9 $ 68 $ - $ 147
Three Months 2025:
Electric revenues $ 573 $ - $ 152 $ (40) $ 685
Natural gas revenues - 158 - - 158
Purchased power (223) - - 40 (183)
Natural gas purchased for resale - (30) - - (30)
Other operations and maintenance expenses (156) (55) (14) - (225)
Depreciation and amortization expenses (93) (33) (37) - (163)
Taxes other than income taxes (20) (16) (1) - (37)
Operating income 81 24 100 - 205
Other income, net 23 5 9 - 37
Interest charges (26) (16) (21) - (63)
Income taxes (13) (3) (25) - (41)
Net income 65 10 63 - 138
Preferred stock dividends (1) - - - (1)
Net income attributable to common shareholder $ 64 $ 10 $ 63 $ - $ 137
Ameren
Illinois
Electric
Distribution 		Ameren
Illinois
Natural Gas 		Ameren
Illinois Transmission 		Other /
Intersegment
Eliminations 		Ameren Illinois
Six Months 2026:
Electric revenues $ 1,272 $ - $ 332 $ (89) $ 1,515
Natural gas revenues - 612 - - 612
Purchased power (504) - - 89 (415)
Natural gas purchased for resale - (169) - - (169)
Other operations and maintenance expenses (325) (124) (31) - (480)
Depreciation and amortization expenses (194) (67) (81) - (342)
Taxes other than income taxes (43) (46) (2) - (91)
Operating income 206 206 218 - 630
Other income, net 37 7 11 - 55
Interest charges (56) (33) (48) - (137)
Income taxes (50) (49) (45) - (144)
Net income 137 131 136 - 404
Preferred stock dividends (1) - - - (1)
Net income attributable to common shareholder $ 136 $ 131 $ 136 $ - $ 403
Six Months 2025:
Electric revenues $ 1,145 $ - $ 306 $ (77) $ 1,374
Natural gas revenues - 569 - - 569
Purchased power (435) - - 77 (358)
Natural gas purchased for resale - (169) - - (169)
Other operations and maintenance expenses (322) (110) (29) - (461)
Depreciation and amortization expenses (184) (65) (73) - (322)
Taxes other than income taxes (41) (45) (2) - (88)
Operating income 163 180 202 - 545
Other income, net 46 10 15 - 71
Interest charges (52) (31) (42) - (125)
Income taxes (29) (41) (47) - (117)
Net income 128 118 128 - 374
Preferred stock dividends (1) - - - (1)
Net income attributable to common shareholder $ 127 $ 118 $ 128 $ - $ 373
Operating Revenues
The following table presents the increases (decreases) by Ameren segment for electric and natural gas revenues for the three and six months ended June 30, 2026, compared with the year-ago periods:
Three Months Ameren Missouri Ameren Illinois
Electric Distribution 		Ameren Illinois
Natural Gas
Ameren Transmission(a)
Other /Intersegment Eliminations Ameren
Electric revenue change:
Base rates (estimate)(b)
$ 44 $ 27 $ - $ 21 $ - $ 92
Effect of weather (estimate)(c)
(13) - - - - (13)
Retail sales volumes and changes in customer usage patterns (normalized for the estimated effects of weather and MEEIA) 16 - - - - 16
Transmission service charges (not included in the FAC) 3 - - - - 3
Off-system sales, capacity, transmission, and FAC revenues, net (333) - - - - (333)
Ameren Illinois energy-efficiency program investment revenues - 3 - - - 3
Electric deferred income tax adjustment(d)
- 5 - - - 5
Rush Island Energy Center base rate revenue deferral 9 - - - - 9
Customer generation rebate program revenues - 5 - - - 5
RESRAM(e)
10 - - - - 10
Other 4 2 - - (1) 5
Cost recovery mechanisms - offset in fuel and purchased power(f)
32 15 - - (6) 41
Other cost recovery mechanisms(g)
7 (1) - - - 6
Total electric revenue change $ (221) $ 56 $ - $ 21 $ (7) $ (151)
Natural gas revenue change:
Base rates (estimate) $ 5 $ - $ 13 $ - $ - $ 18
Change in rate design (estimate) - - 3 - - 3
Other 1 - - - (1) -
Cost recovery mechanisms - offset in natural gas purchased for resale(f)
(1) - 2 - - 1
Total natural gas revenue change $ 5 $ - $ 18 $ - $ (1) $ 22
Six Months
Electric revenue change:
Base rates (estimate)(b)
$ 118 $ 43 $ - $ 38 $ - $ 199
Effect of weather (estimate)(c)
(30) - - - - (30)
Retail sales volumes and changes in customer usage patterns (normalized for the estimated effects of weather and MEEIA) 12 - - - - 12
Transmission service charges (not included in the FAC) 6 - - - - 6
Off-system sales, capacity, and FAC revenues, net (478) - - - - (478)
Ameren Illinois energy-efficiency program investment revenues - 5 - - - 5
Electric deferred income tax adjustment(d)
- 11 - - - 11
Rush Island Energy Center base rate revenue deferral 26 - - - - 26
Customer generation rebate program revenues - 7 - - - 7
RESRAM(e)
12 - - - - 12
Other 4 - - - (1) 3
Cost recovery mechanisms - offset in fuel and purchased power(f)
59 69 - - (13) 115
Other cost recovery mechanisms(g)
8 (8) - - - -
Total electric revenue change $ (263) $ 127 $ - $ 38 $ (14) $ (112)
Natural gas revenue change:
Base rates (estimate) $ 16 $ - $ 43 $ - $ - $ 59
Change in rate design (estimate) - - (1) - - (1)
Effect of weather (estimate)(c)
(3) - - - - (3)
Other 1 - (1) - (1) (1)
Cost recovery mechanisms - offset in natural gas purchased for resale(f)
6 - - - - 6
Other cost recovery mechanisms(g)
- - 2 - - 2
Total natural gas revenue change $ 20 $ - $ 43 $ - $ (1) $ 62
(a)Includes an increase in transmission revenues of $16 million and $26 million at Ameren Illinois for the three and six months ended June 30, 2026, respectively, compared with the year-ago periods.
(b)For Ameren Illinois Electric Distribution and Ameren Transmission, base rates include increases or decreases in operating revenues related to the revenue requirement reconciliation adjustment under the MYRP and formula rates, respectively. For Ameren Missouri, base rates exclude an increase for the recovery of lost electric revenue, less the associated fuel and purchased power expenses, resulting from the MEEIA customer energy-efficiency programs and a decrease in base rates for RESRAM. These changes in Ameren Missouri base rates are included in the "Retail sales volumes and changes in customer usage patterns (normalized for the estimated effects of weather and MEEIA)" and "Cost recovery mechanisms - offset in fuel and purchased power" line items, respectively.
(c)Represents the estimated variation resulting primarily from changes in cooling and heating degree-days on electric and natural gas demand compared with the year-ago periods; this variation is based on temperature readings from National Oceanic and Atmospheric Administration weather stations at local airports in our service territories.
(d)The electric deferred income tax adjustment relates to certain excess deferred income taxes that were amortized through 2025. Offsetting expense increases or decreases are reflected within the "Income Taxes" section of the statement of income. This item has no overall impact on earnings.
(e)Changes in RESRAM revenues are largely offset in "Fuel and purchased power," "Other operations and maintenance," "Depreciation and amortization," "Taxes other than income taxes," or "Income taxes" on the statement of income.
(f)Electric and natural gas revenue changes are offset by corresponding changes in "Fuel and purchased power" and "Natural gas purchased for resale" on the statement of income. For the three and six months ended June 30, 2026, activity in Other/Intersegment Eliminations of $6 million and $13 million, respectively, was primarily due to the changes in Ameren Transmission revenue from transmission services provided to Ameren Illinois Electric Distribution (-$5 million and -$12 million, respectively). See Note 14 - Segment Information under Part I, Item 1, of this report for additional information on intersegment eliminations. These items have no overall impact on earnings.
(g)Offsetting expense increases or decreases are reflected in "Other operations and maintenance," "Taxes other than income taxes," or "Income taxes" on the statement of income. These items have no overall impact on earnings.
Electric Revenues
Ameren
Ameren's electric revenues decreased $151 million, or 7%, and $112 million, or 3%, for the three and six months ended June 30, 2026, respectively, compared with the year-ago periods, primarily due to decreased revenues at Ameren Missouri, partially offset by increased revenues at Ameren Illinois Electric Distribution and Ameren Transmission, as discussed below.
Ameren Transmission
Ameren Transmission's electric revenues increased $21 million, or 10%, and $38 million, or 9%, for the three and six months ended June 30, 2026, respectively, compared with the year-ago periods. Revenues were affected by higher recoverable expenses (+$12 million and +$22 million, respectively) and return on higher rate base (+$9 million and +$16 million, respectively), as evidenced by a 10% increase in rate base used to calculate the revenue requirement.
Ameren Missouri
Ameren Missouri's electric revenues decreased $221 million, or 17%, and $263 million, or 12%, for the three and six months ended June 30, 2026, respectively, compared with the year-ago periods.
The following items decreased Ameren Missouri's electric revenues for the three and six months ended June 30, 2026:
•"Off-system sales, capacity, transmission, and FAC revenues, net" decreased $333 million and $478 million, respectively, primarily due to spring capacity prices decreasing from $720 per MW-day in 2025 to $70 per MW-day in 2026 as a result of the annual MISO auctions.
•The effect of weather decreased revenues an estimated $13 million and $30 million, respectively. This is due to milder temperatures in the first half of 2026.
The following items increased Ameren Missouri's electric revenues for the three and six months ended June 30, 2026:
•Higher electric base rates, excluding the change in base rates for the MEEIA customer energy-efficiency programs and the RESRAM, resulting from the April 2025 MoPSC electric rate order effective June 1, 2025, increased revenues an estimated $44 million and $118 million, respectively.
•Revenues associated with "Cost recovery mechanisms - offset in fuel and purchased power" increased $32 million and $59 million, respectively, due to increased revenue related to the recovery of costs previously deferred under the FAC. The changes to "Cost recovery mechanisms - offset in fuel and purchased power" are fully offset by changes to "Cost recovery mechanisms - offset in electric revenue" in fuel and purchased power.
•Revenues increased $9 million and $26 million, respectively, due to the absence of the deferral of base rate revenues to a regulatory liability related to the Rush Island Energy Center following its October 15, 2024 retirement date, in accordance with the June 2024 MoPSC financing order. The deferral ended with new rates effective June 1, 2025.
•Excluding the estimated effects of weather and the MEEIA customer energy-efficiency programs, electric revenues increased an estimated $16 million and $12 million, respectively, primarily due to increased retail sales volumes, partially offset by lower realized prices due to changes in customer usage patterns.
•RESRAM revenues increased $10 million and $12 million, respectively, primarily due to increased wind generation. The changes in revenue are primarily offset by changes in the "Depreciation and amortization" section of the statement of income.
Ameren Illinois
Ameren Illinois' electric revenues increased $67 million, or 10%, and $141 million, or 10%, for the three and six months ended June 30, 2026, respectively, compared with the year-ago periods, driven by increased revenues at Ameren Illinois Electric Distribution and Ameren Illinois Transmission.
Ameren Illinois Electric Distribution
Ameren Illinois Electric Distribution's revenues increased $56 million, or 10%, and $127 million, or 11%, for the three and six months ended June 30, 2026, respectively, compared with the year-ago periods.
The following items increased Ameren Illinois Electric Distribution's revenues for the three and six months ended June 30, 2026:
•Revenues associated with "Cost recovery mechanisms - offset in fuel and purchased power" increased $15 million and $69 million, respectively, due to increased purchased power expenses recovered from customers. The increase in electric revenues are fully offset by an increase in purchased power expenses under cost recovery mechanisms for purchased power, as discussed below.
•Base rates increased revenues by $27 million and $43 million, respectively, due to higher recoverable non-purchased power expenses (+$24 million and +$37 million, respectively) and return on higher rate base (+$3 million and +$6 million, respectively).
•Revenues increased $5 million and $11 million, respectively, due to the absence of amortization of certain excess deferred income taxes in 2025.
•Revenues associated with the recovery of and return on customer generation rebates increased $5 million and $7 million, respectively.
Other cost recovery mechanisms decreased revenues $1 million and $8 million, respectively, for the three and six months ended June 30, 2026, primarily due to a lower amount of bad debt costs included in customer rates, effective June 2025, pursuant to the associated rider.
Ameren Illinois Transmission
Ameren Illinois Transmission's revenues increased $16 million, or 11%, and $26 million, or 8%, for the three and six months ended June 30, 2026, respectively, compared with the year-ago periods. Base rate revenues were primarily affected by higher recoverable expenses (+$11 million and +$17 million, respectively) and return on higher rate base (+$5 million and +$9 million, respectively), as evidenced by an 8% increase in rate base used to calculate the revenue requirement.
Ameren
Ameren's natural gas revenues increased $22 million, or 12%, and $62 million, or 9%, for the three and six months ended June 30, 2026, respectively, compared with the year-ago periods, due to increased revenues at Ameren Illinois Natural Gas and Ameren Missouri, as discussed below.
Ameren Missouri
Ameren Missouri's natural gas revenues were comparable for the three months ended June 30, 2026, and increased $20 million, or 22%, for the six months ended June 30, 2026, respectively, compared with the year-ago periods, primarily due to the effect of higher natural gas base rates as a result of the July 2025 MoPSC natural gas rate order effective September 1, 2025, and increased revenues associated with "Cost recovery mechanisms - offset in natural gas purchased for resale" primarily due to higher natural gas prices.
Ameren Illinois Natural Gas
Ameren Illinois Natural Gas' revenues increased $18 million, or 11%, and $43 million, or 8%, for the three and six months ended June 30, 2026, respectively, compared with the year-ago periods. Base rate revenue increased an estimated $13 million and $43 million, respectively, for the three and six months ended June 30, 2026, due to higher natural gas rates as a result of the November 2025 natural gas rate order effective December 2, 2025. See Note 2 - Rate and Regulatory Matters under Part I, Item 1, of this report for additional information regarding the November 2025 natural gas rate order.
Fuel and Purchased Power
The following table presents the increases (decreases) by Ameren segment for fuel and purchased power for the three and six months ended June 30, 2026, compared with the year-ago periods:
Three Months Ameren Missouri Ameren Illinois
Electric Distribution 		Ameren Illinois
Natural Gas 		Ameren Transmission Other /Intersegment Eliminations Ameren
Fuel and purchased power change:
Energy costs (excluding the estimated effect of weather) $ (334) $ - $ - $ - $ - $ (334)
Retail sales volume (excluding the estimated effect of weather) 4 - - - - 4
Effect of weather (estimate)(a)
(2) - - - - (2)
Effect of higher net energy costs included in base rates 1 - - - - 1
Transmission service charges (not included in the FAC) 2 - - - - 2
Other 1 - - - - 1
Cost recovery mechanisms - offset in electric revenue(b)
32 15 - - (6) 41
Total fuel and purchased power change $ (296) $ 15 $ - $ - $ (6) $ (287)
Six Months
Fuel and purchased power change:
Energy costs (excluding the estimated effect of weather) $ (478) $ - $ - $ - $ - $ (478)
Retail sales volume (excluding the estimated effect of weather) 3 - - - - 3
Effect of weather (estimate)(a)
(5) - - - - (5)
Transmission service charges (not included in the FAC) 5 - - - - 5
Effect of higher net energy costs included in base rates 5 - - - - 5
Other (1) - - - - (1)
Cost recovery mechanisms - offset in electric revenue(b)
59 69 - - (13) 115
Total fuel and purchased power change $ (412) $ 69 $ - $ - $ (13) $ (356)
(a)Represents the estimated variation resulting primarily from changes in cooling and heating degree-days on electric demand compared with the year-ago periods; this variation is based on temperature readings from the National Oceanic and Atmospheric Administration weather stations at local airports in our service territories.
(b)"Cost recovery mechanisms - offset in electric revenue" changes are offset by corresponding changes in "Cost recovery mechanisms - offset in fuel and purchased power" in electric revenues. For the three and six months ended June 30, 2026, activity in Other/Intersegment Eliminations of $6 million and $13 million, respectively, was primarily due to the changes in Ameren Transmission revenue from transmission services provided to Ameren Illinois Electric Distribution (-$5 million and -$12 million, respectively). See Note 14 - Segment Information under Part I, Item 1, of this report for additional information on intersegment eliminations. These items have no overall impact on earnings.
Ameren
Ameren Missouri and Ameren Illinois are generally allowed to pass on to customers prudently incurred costs for fuel and purchased power. Ameren's electric fuel and purchased power expenses decreased $287 million, or 36%, and $356 million, or 27%, for the three and six months ended June 30, 2026, respectively, compared with the year-ago periods, primarily due to decreased fuel and purchased power expenses at Ameren Missouri, partially offset by increased fuel and purchased power expenses at Ameren Illinois Electric Distribution, as discussed below.
Ameren Missouri
Ameren Missouri's fuel and purchased power expenses decreased $296 million, or 48%, and $412 million, or 44%, for the three and six months ended June 30, 2026, respectively, compared with the year-ago periods. Energy costs decreased $334 million and $478 million, respectively, primarily due to spring capacity prices decreasing from $720 per MW-day in 2025 to $70 per MW-day in 2026 as a result of the annual MISO auctions. Ameren Missouri's 5% exposure to net energy cost variances under the FAC increased $1 million in the three months ended June 30, 2026 represented by the difference between "Off-system sales, capacity, transmission, and FAC revenues, net" in electric revenues and "Energy costs (excluding the estimated effect of weather)". "Cost recovery mechanisms - offset in electric revenue" increased fuel and purchased power expenses $32 million and $59 million, respectively, due to increased recovery of costs previously deferred under the FAC. The changes to "Cost recovery mechanisms - offset in electric revenue" are fully offset by "Cost recovery mechanisms - offset in fuel and purchased power" in electric revenues.
Ameren Illinois Electric Distribution
Ameren Illinois Electric Distribution's purchased power expenses increased $15 million, or 7%, and $69 million, or 16%, for the three and six months ended June 30, 2026, respectively, compared with the year-ago periods. This is primarily due to increased energy prices
(+$23 million and +$62 million, respectively), transmission service charges (+$5 million and +$13 million, respectively) and volumes
(+$3 million and +$2 million, respectively), partially offset by lower capacity prices (-$16 million and -$13 million, respectively) as a result of the annual MISO auctions. The changes to "Cost recovery mechanisms - offset in electric revenue" are fully offset by changes to "Cost recovery mechanisms - offset in fuel and purchased power" in electric revenues.
Natural Gas Purchased for Resale
The following table presents the increases (decreases) by Ameren segment for natural gas purchased for resale for the three and six months ended June 30, 2026, compared with the year-ago periods:
Three Months Ameren Missouri Ameren Illinois
Electric Distribution 		Ameren Illinois
Natural Gas 		Ameren Transmission Other /Intersegment Eliminations Ameren
Natural gas purchased for resale change:
Effect of weather (estimate)(a)
$ (1) $ - $ - $ - $ - $ (1)
Cost recovery mechanisms - offset in natural gas revenue(b)
(1) - 2 - - 1
Total natural gas purchased for resale change $ (2) $ - $ 2 $ - $ - $ -
Six Months
Natural gas purchased for resale change:
Effect of weather (estimate)(a)
$ (4) $ - $ - $ - $ - $ (4)
Cost recovery mechanisms - offset in natural gas revenue(b)
6 - - - - 6
Total natural gas purchased for resale change $ 2 $ - $ - $ - $ - $ 2
(a)Represents the estimated variation resulting primarily from changes in cooling and heating degree-days on natural gas demand compared with the year-ago periods; this variation is based on temperature readings from the National Oceanic and Atmospheric Administration weather stations at local airports in our service territories.
(b)Natural gas purchased for resale changes are offset by corresponding changes in "Natural gas revenues" on the statement of income. These items have no overall impact on earnings.
Ameren Missouri and Ameren Illinois are allowed to pass on to customers prudently incurred costs for natural gas purchased for resale. Natural gas purchased for resale expenses were comparable between periods at Ameren, Ameren Missouri, and Ameren Illinois Natural Gas.
Other Operations and Maintenance Expenses
Increase (Decrease) by Segment
Overall Ameren Increase of $61 Million (QTD YoY)
Overall Ameren Increase of $67 Million (YTD YoY)
Total by Segment(a)
(a)Includes $21 million and $18 million at Ameren Transmission in the three months ended June 30, 2026 and 2025, respectively. Includes other/intersegment eliminations of $(14) million and $(7) million in the three months ended June 30, 2026 and 2025, respectively. Also includes other/intersegment eliminations of $(23) million and $(12) million in the six months ended June 30, 2026 and 2025, respectively.
Ameren Missouri Ameren Illinois Natural Gas Other/Intersegment Eliminations
Ameren Illinois Electric Distribution Ameren Transmission
Ameren
Other operations and maintenance expenses increased $61 million and $67 million in the three and six months ended June 30, 2026, respectively, due to the changes discussed below. In addition to changes by segments discussed below, other operations and maintenance expenses decreased $7 million and $11 million, respectively, for activity not reported as part of a segment, as reflected in "Other/Intersegment Eliminations" above. This is primarily due to a decrease of $4 million and $10 million, respectively, in the elimination of the non-service cost component of net periodic benefit income. The non-service cost component of net periodic benefit cost or income at Ameren Services is allocated to the segments and primarily included in the segments' other operations and maintenance expenses.
Ameren Transmission
Other operations and maintenance expenses were comparable between periods.
Ameren Missouri
Other operations and maintenance expenses increased $44 million and $58 million in the three and six months ended June 30, 2026, respectively, compared with the year-ago period, primarily due to the following items:
•Non-nuclear generation operations and maintenance expenses increased $13 million and $20 million, respectively, primarily due to increased reliability measures at the Labadie and Sioux energy centers.
•Transmission and distribution expenditures, excluding major storm-related expenses, increased $10 million and $14 million, respectively, largely due to increased vegetation management expenditures.
•Callaway Energy Center operating costs increased $7 million and $10 million, respectively, primarily due to increased amortization costs from the spring 2025 refueling and maintenance outage.
•Injuries and damages increased $5 million and $10 million, respectively, primarily due to higher claim expenses.
The increase in other operations and maintenance expenses was partially offset for the three and six months ended June 30, 2026, compared with the year-ago periods, by a $4 million and $10 million decrease, respectively, in storm-related costs.
Ameren Illinois
Other operations and maintenance expenses increased $23 million and $19 million in the three and six months ended June 30, 2026, respectively, compared with the year-ago periods, primarily due to the following items:
Ameren Illinois Electric Distribution
Other operations and maintenance expenses increased $9 million and $3 million in the three and six months ended June 30, 2026, respectively. The increased costs were primarily due to expanding programs under CEJA of $6 million and $9 million, respectively, and increased costs associated with customer solar rebates and energy-efficiency investments under formula ratemaking of $3 million and $6 million, respectively, due to increased amortization of regulatory assets. The increased expenses were partially offset by decreases in customer bad debts of $3 million and $11 million, respectively.
Ameren Illinois Natural Gas
Other operations and maintenance expenses increased $12 million and $14 million in the three and six months ended June 30, 2026, respectively, primarily due to increased natural gas storage costs of $8 million and increased costs in system maintenance of $3 million.
Ameren Illinois Transmission
Other operations and maintenance expenses were comparable between periods.
Depreciation and Amortization Expenses
Increase by Segment
Overall Ameren Increase of $34 Million (QTD YoY)
Overall Ameren Increase of $65 Million (YTD YoY)
Total by Segment(a)
(a)Includes other/intersegment eliminations of $3 million and $2 million in the three months ended June 30, 2026 and 2025, respectively. Also includes other/intersegment eliminations of $4 million and $4 million in the six months ended June 30, 2026 and 2025, respectively.
Ameren Missouri Ameren Illinois Natural Gas Other/Intersegment Eliminations
Ameren Illinois Electric Distribution Ameren Transmission
Depreciation and amortization expenses increased $34 million, $25 million, and $9 million in the three months ended June 30, 2026, compared with the year-ago period at Ameren, Ameren Missouri, and Ameren Illinois, respectively, primarily because of additional property, plant, and equipment investments. Depreciation and amortization expenses increased $65 million, $45 million and $20 million in the six months ended June 30, 2026 at Ameren, Ameren Missouri, and Ameren Illinois, respectively, primarily because of additional property, plant, and equipment investments. Ameren's and Ameren Missouri's depreciation and amortization expenses for the three and six months ended June 30, 2026, compared with the year-ago periods, were affected by the following, which include the effect of the additional investments at Ameren Missouri:
•Increased depreciation and amortization of $10 million and $25 million, respectively, due to the inclusion in base rates of property, plant, and equipment previously eligible for deferral to a regulatory asset under the PISA and RESRAM effective June 1, 2025, pursuant to the April 2025 MoPSC electric rate order.
•Depreciation and amortization rate changes effective June 1, 2025, pursuant to the April 2025 MoPSC electric rate order, which increased depreciation and amortization expenses by $3 million and $6 million, respectively.
Taxes Other Than Income Taxes
Increase by Segment
Overall Ameren Increase of $15 Million (QTD YoY)
Overall Ameren Increase of $22 Million (YTD YoY)
Total by Segment(a)
(a)Includes $3 million, $3 million, $5 million, and $4 million at Ameren Transmission in the three months ended June 30, 2026 and 2025, and in the six months ended June 30, 2026 and 2025, respectively. Also includes other/intersegment eliminations of $4 million, $3 million, $7 million, and $7 million in the three months ended June 30, 2026 and 2025, and in the six months ended June 30, 2026 and 2025, respectively.
Ameren Missouri Ameren Illinois Natural Gas Other/Intersegment Eliminations
Ameren Illinois Electric Distribution Ameren Transmission
Taxes other than income taxes increased $15 million and $22 million in the three and six months ended June 30, 2026, respectively, compared with the year-ago periods, primarily because of an increase of $12 million and $18 million, respectively, at Ameren Missouri. The increase at Ameren Missouri is largely due to an increase in property taxes of $8 million and $11 million, respectively. Additionally, gross receipts taxes at Ameren Missouri increased $4 million and $6 million resulting from an increase in retail electric base rates.
Other Income, Net
Increase (Decrease) by Segment
Overall Ameren Increase of $22 Million (QTD YoY)
Overall Ameren Increase of $27 Million (YTD YoY)
Total by Segment(a)
(a)Includes $6 million and $10 million at Ameren Transmission in the three months ended June 30, 2026 and 2025, respectively.
Ameren Missouri Ameren Illinois Natural Gas Other/Intersegment Eliminations
Ameren Illinois Electric Distribution Ameren Transmission
See Note 5 - Other Income, Net, under Part I, Item 1, of this report for additional information. See Note 11 - Retirement Benefits under Part I, Item 1, of this report for more information on the non-service cost components of net periodic benefit income.
Other income, net, increased $22 million and $27 million in the three and six months ended June 30, 2026, respectively, compared with the year-ago periods. In addition to the changes discussed below, other income, net, increased by $19 million and $20 million, respectively, for activity not reported as part of a segment, due to an increase of $28 million and $34 million in income from equity method investments primarily associated with investments to advance innovative energy technologies in the three and six months ended June 30, 2026. The increase was partially offset by a decrease of $4 million and $10 million, respectively, in the non-service cost component of net periodic benefit income and a decrease of $4 million in the net gain on extinguishment of debt in the three and six months ended June 30, 2026.
Ameren Transmission
Other income, net, were comparable between periods.
Ameren Missouri
Other income, net, increased $13 million and $23 million in the three and six months ended June 30, 2026, respectively, compared with the year-ago periods, primarily due to an increase of $15 million and $30 million, respectively, in the allowance for equity funds used during construction. This increase was partially offset by a decrease of $3 million and $8 million in the non-service cost component of net periodic benefit income in the three and six months ended June 30, 2026.
Ameren Illinois
Other income, net, decreased $11 million and $16 million in the three and six months ended June 30, 2026, respectively, compared with the year-ago periods primarily due to the decrease of $6 million and $11 million, respectively, in the non-service cost component of net periodic benefit income, largely at Ameren Illinois Electric Distribution and Ameren Illinois Natural Gas. Other income, net, decreased $3 million and $6 million in the three and six months ended June 30, 2026, respectively, due to lower interest income on regulatory deferrals, primarily at Ameren Illinois Electric Distribution.
Interest Charges
Increase by Segment
Overall Ameren Increase of $22 Million (QTD YoY)
Overall Ameren Increase of $51 Million (YTD YoY)
Total by Segment
Ameren Missouri Ameren Illinois Natural Gas Other/Intersegment Eliminations
Ameren Illinois Electric Distribution Ameren Transmission
See Note 3 - Short-term Debt and Liquidity under Part I, Item 1, of this report and the Long-term Debt and Equity section below for additional information on short-term borrowings and long-term debt, respectively, discussed below.
Ameren
Interest charges increased $22 million and $51 million in the three and six months ended June 30, 2026, respectively, compared with the year-ago periods. In addition to changes by segments discussed below, interest charges increased $3 million and $6 million in the three and six months ended June 30, 2026 at Ameren (parent). The increase is primarily due to issuances less maturities of long-term debt in March 2025 and March 2026, which increased interest by $2 million and $9 million in the three and six months ended June 30, 2026, respectively. Additionally, interest expense decreased in the six months ended June 30, 2026 by $3 million due to lower short-term borrowings and applicable rates.
Ameren Transmission
Interest charges were comparable between periods.
Ameren Missouri
Interest charges increased $13 million and $35 million in the three and six months ended June 30, 2026, compared with the year-ago periods. Interest charges increased primarily because the PISA and RESRAM were updated when new customer rates became effective on June 1, 2025, pursuant to the April 2025 MoPSC electric rate order. Lower deferrals due to the inclusion in base rates of interest associated with certain property, plant, and equipment previously deferred under the PISA and RESRAM increased interest charges by $5 million and $21 million, respectively. Additionally, interest charges increased $12 million and $23 million, respectively, due to the issuances of long-term debt in February 2026 and April 2025. These increases were partially offset by an increase in the borrowed funds capitalized as part of the allowance for funds used during construction, which decreased interest charges by $7 million and $14 million, respectively. This was primarily driven by higher average construction work in progress balances.
Ameren Illinois
Interest charges increased $6 million and $12 million in the three and six months ended June 30, 2026, respectively, compared with the year-ago periods, primarily due to issuances less maturities of long-term debt. These increased interest expense by $2 million and $5 million at Ameren Illinois Transmission, $2 million and $4 million at Ameren Illinois Electric Distribution, and $1 million and $2 million at Ameren Illinois Natural Gas for the three and six months ended June 30, 2026, respectively
Income Taxes
The following table presents effective income tax rates for the three and six months ended June 30, 2026 and 2025:
Three Months(a)
Six Months(a)
2026 2025 2026 2025
Ameren 14 % 13 % 14 % 14 %
Ameren Missouri 1 % 5 % 2 % 6 %
Ameren Illinois 26 % 23 % 26 % 24 %
Ameren Illinois Electric Distribution
26 % 16 % 27 % 18 %
Ameren Illinois Natural Gas
33 % 26 % 27 % 26 %
Ameren Illinois Transmission 25 % 28 % 25 % 27 %
Ameren Transmission 25 % 28 % 25 % 27 %
(a)Estimate of the annual effective income tax rate adjusted to reflect the tax effect of items discrete to the three and six months ended June 30, 2026 and 2025.
See Note 12 - Income Taxes under Part I, Item 1, of this report for a reconciliation of the federal statutory corporate income tax rate to the effective income tax rate for the Ameren Companies.
The effective tax rate was higher at Ameren Illinois Electric Distribution in the three and six months ended June 30, 2026, compared with the year-ago periods, primarily due to a decrease in excess deferred tax amortization pursuant to an ICC order, which was offset by a corresponding increase in electric revenues. The effective tax rate was higher at Ameren Illinois Natural Gas in the three months ended June 30, 2026, compared with the year-ago period, primarily due to a decrease in excess deferred tax amortization.
LIQUIDITY AND CAPITAL RESOURCES
Collections from our utility tariff-based revenues are our principal source of cash provided by operating activities. A diversified retail customer mix, primarily consisting of rate-regulated residential, commercial, and industrial customers, provides us with a reasonably predictable source of cash. In addition to using cash provided by operating activities, we use available cash, drawings under committed credit agreements, commercial paper issuances, and/or, in the case of Ameren Missouri and Ameren Illinois, short-term affiliate borrowings to support normal operations and temporary capital requirements. We may reduce our short-term borrowings with cash provided by operations or, at our discretion, with long-term borrowings, or, in the case of Ameren Missouri and Ameren Illinois, with capital contributions from Ameren (parent). As of June 30, 2026, there have been no material changes other than in the ordinary course of business related to cash requirements arising from the long-term commitments for fuel for generation, purchased power, and natural gas for distribution as described under Liquidity and Capital Resources in Item 7 of the Form 10-K.
We expect to make significant capital expenditures over the next five years, supported by a combination of long-term debt and equity, as we invest in our electric and natural gas utility infrastructure to support expected increases in demand, overall system reliability, grid modernization, renewable energy target requirements, and other improvements. For additional information about our long-term debt outstanding, including maturities due within one year, and the applicable interest rates, see Note 5 - Long-term Debt and Equity Financings under Part II, Item 8 of the Form 10-K and Note 4 - Long-term Debt and Equity Financings under Part I, Item 1, of this report. As part of its funding plan for capital expenditures, Ameren is using newly-issued shares of common stock to satisfy requirements under the DRPlus and employee benefit plans and expects to continue to do so through at least 2030. Additionally, Ameren may offer and sell from time to time common stock, including under its ATM program, which includes the ability to enter into forward sale agreements, subject to market conditions and other factors. There were no shares issued under the ATM program during the six months ended June 30, 2026. As of June 30, 2026, Ameren had approximately $417 million of common stock remaining available for sale under the ATM program. As of June 30, 2026, Ameren had multiple forward sale agreements with various counterparties relating to 16.0 million shares of common stock. In July 2026, Ameren entered into forward sale agreements under the ATM program relating to 1.4 million shares of common stock. Of these shares, Ameren expects to settle 6.4 million in 2026 and the remaining 11 million to fund a portion of its equity needs beyond 2026. Ameren's equity financing plan is estimated to be approximately $4 billion from 2026 to 2030. This plan includes equity issuances under forward sales agreements, the DRPlus, and employee benefit plans, and could include issuances of hybrid debt securities. Ameren expects these issuances to be aligned with the timing of generation investments. The Ameren Companies expect their equity to total capitalization and cash flow metrics to support solid investment-grade credit ratings. See Long-term Debt and Equity below and Note 4 - Long-term Debt and Equity
Financings under Part I, Item 1, of this report for additional information on the ATM program and forward sale agreements relating to common stock, including those under the ATM program.
The following table presents net cash provided by (used in) operating, investing, and financing activities for the six months ended June 30, 2026 and 2025:
Net Cash Provided By
Operating Activities 		Net Cash Used In
Investing Activities 		Net Cash Provided By
Financing Activities
2026 2025 Variance 2026 2025 Variance 2026 2025 Variance
Ameren $ 1,191
(a)
$ 1,293
(a)
$ (102) $ (2,706) $ (2,111) $ (595) $ 1,565 $ 884 $ 681
Ameren Missouri 596 592 4 (1,939) (1,322) (617) 1,321 774 547
Ameren Illinois 638
(a)
672
(a)
(34) (712) (744) 32 145 90 55
(a)Both Ameren and Ameren Illinois' cash provided by operating activities included cash outflows of $59 million and $51 million for the electric energy-efficiency rider and $118 million and $26 million for the customer generation rebate program for the six months ended June 30, 2026 and 2025, respectively.
Cash Flows from Operating Activities
Our cash, cash equivalents, and restricted cash provided by operating activities is affected by fluctuations of trade accounts receivable, inventories, and accounts and wages payable, among other things, as well as the unique regulatory environment for each of our businesses. Substantially all expenditures related to fuel, purchased power, and natural gas purchased for resale are recovered from customers through rate adjustment mechanisms, which may be adjusted without a traditional regulatory rate review, subject to prudence reviews. Similar regulatory mechanisms exist for certain other operating expenses that can also affect the timing of cash provided by operating activities. The timing of cash payments for costs recoverable under our regulatory mechanisms differs from the recovery period of those costs. Additionally, the seasonality of our electric and natural gas businesses, primarily caused by seasonal customer rates and changes in customer demand due to weather, significantly affects the amount and timing of our cash provided by operating activities. For additional information on cash, cash equivalents, and restricted cash, see Note 13 - Supplemental Information under Part I, Item 1, of this report.
Ameren
Ameren's cash provided by operating activities decreased $102 million in the first six months of 2026, compared with the year-ago period. The following items contributed to the decrease:
•A $223 million decrease in production and investment tax credit transfers to unrelated parties at Ameren Missouri.
•A $56 million decrease due to the timing of payments and reimbursements for programs related to customer-owned distributed generation facilities in Ameren Illinois' service territory.
•A $50 million increase in interest payments, including settlements of interest rate hedges, primarily due to higher average outstanding debt and interest rates on long-term debt.
•A $24 million increase in payments for non-nuclear energy center maintenance, primarily due to increased reliability measures at the Labadie and Sioux energy centers.
•A $13 million increase in payments to contractors at Ameren Illinois, primarily related to higher costs to comply with expanded programs under the CEJA.
•A $12 million decrease due to the timing of receipts and refunds of customer deposits.
•A $12 million increase in gross receipts tax payments due to an increase in base rates at Ameren Missouri and Ameren Illinois in 2026, compared to 2025.
•An $11 million increase in pension and postretirement benefit plan contributions.
•A $9 million increase in payments to fund mitigation programs ordered in the NSR and Clean Air Act litigation discussed in Note 14 - Commitments and Contingencies under Part II, Item 8, of the Form 10-K.
The following items partially offset the decrease in Ameren's cash from operating activities between periods:
•A $207 million increase resulting from higher customer collections, primarily from increased electric and natural gas base rates at Ameren Missouri effective June 1, 2025, and September 1, 2025, respectively, pursuant to the April 2025 electric and July 2025 natural gas MoPSC rate orders, electric distribution and transmission base rate increases at Ameren Illinois, and increased natural gas base rates at Ameren Illinois effective December 2, 2025, pursuant to the November 2025 ICC rate order. These increases were partially offset by lower customer collections under cost recovery mechanisms.
•A $77 million increase resulting from collateral activity, primarily from increased net collateral posted by certain Ameren Missouri large load customers under its modified large primary service tariff that was approved in 2025 and, at Ameren Illinois, a decrease in net collateral posted with counterparties, primarily due to changes in the market price of power and the timing of payments and settlements.
•A $29 million increase due to the absence of nuclear refueling and maintenance outage payments in 2026 related to the Callaway Energy Center. The last scheduled refueling and maintenance outage was in the spring of 2025.
•A $15 million decrease in payments for coal deliveries, primarily due to decreased generation at Ameren Missouri's coal-fired energy centers in 2026.
Ameren Missouri
Ameren Missouri's cash provided by operating activities increased $4 million in the first six months of 2026, compared with the year-ago period. The following items contributed to the increase:
•A $188 million increase resulting from higher customer collections, primarily from increased electric and natural gas base rates effective June 1, 2025, and September 1, 2025, respectively, pursuant to the April 2025 electric and July 2025 natural gas MoPSC rate orders and higher customer collections under cost recovery mechanisms.
•A $46 million increase in income tax refunds from Ameren (parent), pursuant to the tax allocation agreement, primarily due to lower taxable income compared to 2025.
•A $43 million increase in net collateral posted by counterparties, primarily due to collateral received from certain large load customers under its modified large primary service tariff that was approved in 2025.
•A $29 million increase due to the absence of nuclear refueling and maintenance outage payments in 2026 related to the Callaway Energy Center. The last scheduled refueling and maintenance outage was in the spring of 2025.
•A $15 million decrease in payments for coal deliveries, primarily due to decreased generation at coal-fired energy centers in 2026.
The following items partially offset the increase in Ameren Missouri's cash from operating activities between periods:
•A $223 million decrease in production and investment tax credit transfers to unrelated parties.
•A $24 million increase in payments for non-nuclear energy center maintenance, primarily due to increased reliability measures at the Labadie and Sioux energy centers.
•A $16 million increase in interest payments primarily due to higher average outstanding debt and interest rates on long-term debt.
•An $11 million decrease due to the timing of receipts and refunds of customer deposits.
•A $9 million increase in payments to fund mitigation programs ordered in the NSR and Clean Air Act litigation discussed in Note 14 - Commitments and Contingencies under Part II, Item 8, of the Form 10-K.
•An $8 million increase in gross receipts tax payments due to an increase in base rates in 2026, compared to 2025.
•A $5 million increase in pension and postretirement benefit plan contributions.
•A $4 million decrease due to the timing of payments for accounts payable.
Ameren Illinois
Ameren Illinois' cash provided by operating activities decreased $34 million in the first six months of 2026, compared with the year-ago period. The following items contributed to the decrease:
•A $56 million decrease due to the timing of payments and reimbursements for programs related to customer-owned distributed generation facilities.
•A $15 million increase in interest payments primarily due to higher average outstanding debt and interest rates on long-term debt.
•A $13 million increase in payments to contractors, primarily related to higher costs to comply with expanded programs under the CEJA.
•A $5 million increase in pension and postretirement benefit plan contributions.
The following items partially offset the decrease in Ameren Illinois' cash from operating activities between periods:
•A $34 million decrease in net collateral posted with counterparties, primarily due to changes in the market price of power and the timing of payments and settlements.
•A $22 million increase due to the timing of payments for accounts payable.
•A $10 million increase resulting from higher customer collections primarily from electric distribution and transmission base rate increases and increased natural gas base rates effective December 2, 2025, pursuant to the November 2025 ICC rate order. These increases were partially offset by lower customer collections under cost recovery mechanisms.
Cash Flows from Investing Activities
Ameren's cash used in investing activities increased $595 million during the first six months of 2026, compared with the year-ago period, primarily as a result of a $523 million increase in capital expenditures, largely resulting from the acquisition of the Split Rail Solar Project at Ameren Missouri, partially offset by decreased storm-related expenditures at Ameren Missouri and decreased expenditures for natural gas infrastructure upgrades at Ameren Illinois.
Ameren Missouri's cash used in investing activities increased $617 million during the first six months of 2026, compared with the year-ago period, primarily as a result of a $446 million increase in capital expenditures, largely resulting from the acquisition of the Split Rail Solar Project, partially offset by decreased storm-related expenditures, and a $159 million increase due to net money pool advances.
Ameren Illinois' cash used in investing activities decreased $32 million during the first six months of 2026, compared with the year-ago period, as a result of a decrease in capital expenditures, primarily for electric transmission and natural gas infrastructure upgrades.
Cash Flows from Financing Activities
Cash provided by, or used in, financing activities is a result of our financing needs, which depend on the level of cash provided by operating activities, the level of cash used in investing activities, the level of dividends, and our long-term debt maturities, among other things.
Ameren's cash provided by financing activities increased $681 million during the first six months of 2026, compared with the year-ago period. During the first six months of 2026, Ameren utilized net proceeds from the issuance of long-term debt of $1.8 billion to repay then-outstanding short-term debt, including short-term debt incurred to refinance $350 million of long-term debt maturities. During the first six months of 2026, Ameren utilized proceeds from net commercial paper issuances of $577 million and cash provided by operating activities to fund, in part, capital expenditures. In comparison, during the first six months of 2025, Ameren utilized net proceeds from the issuance of long-term debt of $1.6 billion for general corporate purposes, and to repay $300 million of long-term debt maturities and then-outstanding short-term debt. Short-term debt along with cash provided by operating activities were used to fund, in part, capital expenditures. During the first six months of 2026, Ameren paid common stock dividends of $414 million, compared with $384 million in the year-ago period, as a result of an increase in both the dividend rate and the number of common shares outstanding.
Ameren Missouri's cash provided by financing activities increased $547 million during the first six months of 2026, compared with the year-ago period. During the first six months of 2026, Ameren Missouri utilized net proceeds from the issuance of long-term debt of $1.4 billion to repay then-outstanding short-term debt, including net commercial paper of $471 million. Additionally, during the first six months of 2026, Ameren Missouri utilized capital contributions from Ameren (Parent) of $425 million, and cash provided by operating activities to fund, in part, capital expenditures. In comparison, during the first six months of 2025, Ameren Missouri utilized net proceeds from the issuance of long-term debt of $500 million to repay then-outstanding short-term debt. In addition, during the first six months of 2025, Ameren Missouri utilized proceeds from net commercial paper issuances of $330 million and cash provided by operating activities to fund, in part, capital expenditures. During the first six months of 2025, Ameren Missouri paid common stock dividends of $50 million.
Ameren Illinois' cash provided by financing activities increased $55 million during the first six months of 2026, compared with the year-ago period. During the first six months of 2026, Ameren Illinois utilized proceeds from net commercial paper issuances of $295 million, money pool borrowings of $116 million, and cash provided by operating activities to fund, in part, capital expenditures. In comparison, during the first six months of 2025, Ameren Illinois utilized proceeds from the issuance of long-term debt of $350 million to repay $300 million of long-term debt maturities and then-outstanding short-term debt. In addition, during the first six months of 2025, Ameren Illinois also utilized proceeds from net commercial paper issuances of $157 million and cash provided by operating activities to fund, in part, capital expenditures, and to repay $37 million of money pool borrowings. During the first six months of 2026, Ameren Illinois also paid common stock dividends of $265 million compared with $75 million in the year-ago period.
See Long-term Debt and Equity in this section for additional information on maturities and issuances of long-term debt, and issuances of common stock.
Short-term Debt and Liquidity
The following table presents Ameren's consolidated net available liquidity as of June 30, 2026:
Available at June 30, 2026
Ameren (parent) and Ameren Missouri:
Missouri Credit Agreement - borrowing capacity
$ 1,900
Less: Ameren (parent) commercial paper outstanding and other short-term debt 534
Less: Letters of credit 59
Missouri Credit Agreement - subtotal
1,307
Ameren (parent) and Ameren Illinois:
Illinois Credit Agreement - borrowing capacity
1,300
Less: Ameren (parent) commercial paper outstanding and other short-term debt 374
Less: Ameren Illinois commercial paper outstanding
312
Less: Letters of credit 4
Illinois Credit Agreement - subtotal
610
Subtotal
$ 1,917
Add: Cash and cash equivalents
12
Net Available Liquidity(a)
$ 1,929
(a)Does not include Ameren's forward equity sale agreements. See Note 4 - Long-term Debt and Equity Financings under Part I, Item 1, of this report for additional information.
The Credit Agreements, among other things, provide $3.2 billion of credit until maturity in December 2030. See Note 3 - Short-term Debt and Liquidity under Part I, Item 1, of this report for additional information on the Credit Agreements. During the six months ended June 30, 2026, Ameren (parent), Ameren Missouri, and Ameren Illinois each issued commercial paper. Borrowings under the Credit Agreements and commercial paper issuances are based upon available interest rates at the time of the borrowing or issuance.
Ameren has a money pool agreement with and among its utility subsidiaries to coordinate and to provide for certain short-term cash and working capital requirements. As short-term capital needs arise, and based on availability of funding sources, Ameren Missouri and Ameren Illinois will access funds from the utility money pool, the Credit Agreements, or the commercial paper programs depending on which option has the lowest interest rates.
See Note 3 - Short-term Debt and Liquidity under Part I, Item 1, of this report for additional information on credit agreements, commercial paper issuances, Ameren's money pool agreements and related borrowings, and relevant interest rates.
The issuance of short-term debt securities by Ameren's utility subsidiaries is subject to FERC approval under the Federal Power Act. In January 2025, the FERC issued orders authorizing ATXI to issue up to $500 million of short-term debt securities through January 2027. In December 2025, the FERC issued orders authorizing Ameren Missouri and Ameren Illinois to issue up to $1.6 billion and $1.1 billion, respectively, of short-term debt securities through December 2027.
The Ameren Companies continually evaluate the adequacy and appropriateness of their liquidity arrangements for changing business conditions. When business conditions warrant, changes may be made to the existing Credit Agreements or to other borrowing arrangements, or other arrangements may be made.
Long-term Debt and Equity
The following table presents issuances (net of any issuance premiums or discounts) of long-term debt and equity, as well as redemptions and maturities of long-term debt for the six months ended June 30, 2026 and 2025:
Month Issued, Redeemed, or Matured 2026 2025
Issuances of Long-term Debt
Ameren:
5.375% Senior unsecured notes due 2035 March $ - $ 749
5.00% Senior unsecured notes due 2036 March 399 -
Ameren Missouri:
4.80% First mortgage bonds due 2036 February 450 -
5.55% First mortgage bonds due 2056 February 448 -
5.25% First mortgage bonds due 2035 April - 500
5.75% First mortgage bonds due 2056 June 497 -
Ameren Illinois:
5.625% First mortgage bonds due 2055 March - 350
Total Ameren long-term debt issuances $ 1,794 $ 1,599
Issuances of Common Stock
Ameren:
DRPlus and 401(k)(a)(b)
Various $ 22 $ 25
Total Ameren common stock issuances(c)
$ 22 $ 25
Maturities of Long-term Debt
Ameren:
3.65% Senior unsecured notes due 2026 February $ 350 $ -
Ameren Missouri:
4.85% Securitized utility tariff bonds due 2039(d)
April 12 -
Ameren Illinois:
3.25% Senior secured notes due 2025 March - 300
Total Ameren long-term debt maturities $ 362
(e)
$ 300
(e)
(a)Ameren issued a total of 0.2 million and 0.2 million shares of common stock under its DRPlus and 401(k) plan for the six months ended June 30, 2026 and 2025, respectively.
(b)Excludes a $7 million and $7 million receivable at June 30, 2026 and 2025, respectively.
(c)Excludes 0.2 million and 0.3 million shares of common stock valued at $25 million and $25 million issued for no cash consideration in connection with stock-based compensation for the six months ended June 30, 2026 and 2025, respectively.
(d)These securitized utility tariff bonds were issued by AMF. The securitized tariff bondholders have no recourse to Ameren Missouri.
(e)Excludes Ameren (parent)'s purchases of senior secured notes and first mortgage bonds issued by Ameren Missouri and first mortgage bonds issued by Ameren Illinois for $16 million and $24 million in aggregate for the six months ended June 30, 2026 and 2025, respectively.
See Note 4 - Long-term Debt and Equity Financings under Part I, Item 1, of this report for additional information, including proceeds from issuances of long-term debt, the use of those proceeds, Ameren's forward equity sale agreements, and the ATM program.
Indebtedness Provisions and Other Covenants
At June 30, 2026, the Ameren Companies were in compliance with the provisions and covenants contained in their credit agreements, indentures, and articles of incorporation, as applicable, and ATXI was in compliance with the provisions and covenants contained in its note purchase agreements. See Note 3 - Short-term Debt and Liquidity under Part I, Item 1, of this report and Note 4 - Short-term Debt and Liquidity and Note 5 - Long-term Debt and Equity Financings under Part II, Item 8, of the Form 10-K for a discussion of provisions, applicable cross-default provisions, and covenants contained in our credit agreements, in ATXI's note purchase agreements, and in certain of the Ameren Companies' indentures and articles of incorporation.
We consider access to short-term and long-term capital and credit markets to be a significant source of funding for capital requirements not satisfied by cash provided by our operating activities. Inability to raise capital on reasonable terms, particularly during times of uncertainty in the capital and credit markets, could negatively affect our ability to maintain and expand our businesses. After assessing their respective current operating performance, liquidity, and credit ratings (see Credit Ratings below), Ameren, Ameren Missouri, and Ameren Illinois each believes that it will continue to have access to the capital and credit markets on reasonable terms. However, events beyond Ameren's, Ameren Missouri's, and Ameren Illinois' control may create uncertainty in the capital and credit markets or make access to the capital and credit markets uncertain or limited. Such events could increase our cost of capital and adversely affect our ability to access the capital and credit markets.
Dividends
The amount and timing of dividends payable on Ameren's common stock are within the sole discretion of Ameren's board of directors. Ameren's board of directors has not set specific targets or payout parameters when declaring common stock dividends, but it considers various factors, including Ameren's overall payout ratio, payout ratios of our peers, projected cash flow and potential future cash flow requirements, historical earnings and cash flow, projected earnings, impacts of regulatory orders or legislation, and other key business considerations. Ameren expects its dividend payout ratio to be between 50% and 60% of annual earnings over the next few years.
See Note 4 - Short-term Debt and Liquidity and Note 5 - Long-term Debt and Equity Financings under Part II, Item 8, of the Form 10-K for additional discussion of covenants and provisions contained in certain of the Ameren Companies' financial agreements and articles of incorporation that would restrict the Ameren Companies' payment of dividends in certain circumstances. At June 30, 2026, none of these circumstances existed at Ameren, Ameren Missouri, or Ameren Illinois and, as a result, these companies were not restricted from paying dividends.
The following table presents common stock dividends declared and paid by Ameren Corporation to its common shareholders and by Ameren subsidiaries to their parent, Ameren Corporation, for the six months ended June 30, 2026 and 2025:
Six Months
2026 2025
Ameren $ 414 $ 384
Ameren Missouri - 50
Ameren Illinois 265 75
ATXI 15 39
Collateral Postings
Any weakening of our credit ratings may reduce access to capital and trigger additional collateral postings and prepayments. Such changes may also increase the cost of borrowing, resulting in an adverse effect on earnings. Cash collateral postings and prepayments made with external parties were immaterial and cash collateral posted by external parties were $124 million, $41 million, and $83 million for Ameren, Ameren Missouri, and Ameren Illinois at June 30, 2026. A sub-investment-grade issuer or senior unsecured debt rating (below "Baa3" from Moody's or below "BBB-" from S&P) at June 30, 2026, could have resulted in Ameren, Ameren Missouri, or Ameren Illinois being required to post additional collateral or other assurances for certain trade and contractual obligations amounting to $145 million, $69 million, and $76 million, respectively.
Changes in commodity prices could trigger additional collateral postings and prepayments. Based on credit ratings at June 30, 2026, if market prices were 15% higher or lower than June 30, 2026 levels in the next 12 months and 20% higher or lower thereafter through the end of the term of the commodity contracts, then Ameren and Ameren Missouri could be required to post $61 million of collateral or provide other assurances for certain trade and contractual obligations.
OUTLOOK
Below are some key trends, events, and uncertainties that may reasonably affect our results of operations, financial condition, or liquidity, as well as our ability to achieve strategic and financial objectives, for 2026 and beyond. For additional information regarding recent rate orders, lawsuits, and pending requests filed with state and federal regulatory commissions, including those discussed below, see Note 2 - Rate and Regulatory Matters under Part I, Item 1, of this report and Note 2 - Rate and Regulatory Matters under Part II, Item 8, of the Form 10-K.
Operations
•The PPRA became effective in 2025. The law made modifications to integrated resource planning, which requires Missouri electric utilities to file plans for meeting their customers' long-term energy needs. By August 2027, the MoPSC will publish a schedule for Missouri electric utilities to file integrated resource plans every four years. The MoPSC will be required to issue an order on the plans and shall determine whether the electric utility has submitted sufficient documentation and selected preferred resource plans representing a reasonable and prudent means of serving the utility's load obligations at just and reasonable rates. If the MoPSC approves the plans, requests for CCNs for new generation facilities to be constructed or acquired as a part of the approved plans shall be deemed necessary and convenient and the scope of the CCN proceedings to review projects will be limited. The approved generation facilities will also be eligible to include construction work in progress in rate base, subject to MoPSC approval, which would improve the timeliness of cash recovery. Utilities are not allowed to capitalize allowance for funds used during construction on amounts included in rate base under this provision. The amount of construction work in progress to be included in rate base is limited to prudently incurred expenditures made within the construction period for the facility. Separately, outside of the integrated resource planning
process discussed above, the law allows a Missouri electric utility to request that the MoPSC authorize the inclusion of construction work in progress for new natural gas-fired generation facilities in rate base, subject to the same restrictions discussed above. The provisions allowing for the inclusion of construction work in progress on natural gas-fired generation in rate base expire in December 2035, unless Ameren Missouri requests and receives MoPSC approval of an extension through 2045. Also, the law allows natural gas utilities to file regulatory rate reviews using a future test year, subject to MoPSC approval. The law also made modifications to the PISA and requires electric utilities to submit service tariff schedules for certain large load customers as discussed below.
•The PISA permits Ameren Missouri to defer and recover 85% of the depreciation expense for investments in qualifying property, plant, and equipment placed in service and not included in base rates. Investments not eligible for recovery under the PISA include amounts related to new nuclear generation facilities and service to new customer premises. Additionally, the PISA permits Ameren Missouri to earn a return at the applicable WACC on 85% of rate base that incorporates those qualifying investments, as well as changes in total accumulated depreciation excluding retirements and plant-related deferred income taxes since the previous regulatory rate review. Also, under the RESRAM, Ameren Missouri is permitted to recover the 15% of depreciation expense not recovered under the PISA, and earn a return at the applicable WACC for investments in renewable generation plant placed in service to comply with Missouri's renewable energy standard. The PISA and the RESRAM mitigate the effects of regulatory lag between regulatory rate reviews. Those investments not eligible for recovery under the PISA and the remaining 15% of certain property, plant, and equipment placed in service, unless eligible for recovery under the RESRAM, remain subject to regulatory lag. Pursuant to the PPRA discussed above, Ameren Missouri's PISA election was extended through 2035 and an additional extension through 2040 is allowed if requested by Ameren Missouri and approved by the MoPSC. This law also reduced the annual limit on increases to the electric service revenue requirement used to set customer rates, compared to the revenue requirement established in the immediately preceding rate order, due to the inclusion of incremental PISA deferrals in the revenue requirement. The annual limit in effect was 2.5% and changed to 2.25%, prorated monthly, for revenue requirements approved by the MoPSC after August 2025. Ameren Missouri expects significantly higher allowance for equity funds used during construction and investments in infrastructure eligible for PISA in 2026, compared to 2025.
•In June 2026, Ameren Missouri filed a request with the MoPSC seeking approval to increase its annual revenues for electric service by $343 million. The MoPSC proceeding relating to the proposed electric service rate changes will take place over a period of up to 11 months, with a decision by the MoPSC expected by May 2027 and new rates effective by June 2027. Ameren Missouri cannot predict the level of any electric service rate change the MoPSC may approve, whether the requested regulatory recovery mechanisms will be continued, or whether any rate change that may eventually be approved will be sufficient for Ameren Missouri to recover its costs and earn a reasonable return on its investments when the rate change goes into effect.
•Ameren Illinois and ATXI use a forward-looking rate calculation with an annual revenue requirement reconciliation for each company's electric transmission business. Based on expected rate base and the currently allowed 10.48% ROE, which includes a 50-basis-point incentive adder for participation in an RTO, the revenue requirements that are included in 2026 rates for Ameren Illinois' and ATXI's electric transmission businesses are $685 million and $265 million, respectively. These revenue requirements represent increases in Ameren Illinois' and ATXI's revenue requirements of $42 million and $33 million, respectively, from the revenue requirements reflected in 2025 rates, primarily due to higher expected rate base. These rates affect Ameren Illinois' and ATXI's cash receipts during 2026, but do not determine their respective electric transmission service operating revenues, which instead are based on 2026 actual recoverable costs, rate base, and a return on rate base at the applicable WACC as calculated under the FERC formula ratemaking framework.
•In 2020, the FERC issued a Notice of Proposed Rulemaking on its transmission incentives policy, which proposed to increase the incentive ROE for participation in an RTO to 100 basis points from the current 50 basis points and revised the parameters for awarding incentives, while limiting the overall incentives to a cap of 250 basis points, among other things. In 2021, the FERC issued a Supplemental Notice of Proposed Rulemaking, which proposed to modify the Notice of Proposed Rulemaking's incentive for participation in an RTO by limiting this incentive for utilities that join an RTO to 50 basis points and only allowing them to earn the incentive for three years, among other things. If this proposal is included in a final rule, Ameren Illinois and ATXI would no longer be eligible for the 50 basis point RTO incentive adder, prospectively. The FERC is under no deadline to issue a final rule on this matter. Ameren is unable to predict the ultimate impact of any changes to the FERC's incentives policy. A 50-basis-point change in the FERC-allowed ROE would affect Ameren's and Ameren Illinois' annual net income by an estimated $19 million and $14 million, respectively, based on each company's 2026 projected rate base.
•Pursuant to the CEJA, Ameren Illinois may file an MYRP with the ICC to establish base rates for electric distribution service to be charged to customers for each calendar year of a four-year period. The base rates for a particular calendar year are based on forecasted recoverable costs and an ICC-determined ROE applied to Ameren Illinois' forecasted average annual rate base using a forecasted capital structure, with a common equity ratio of up to 50% being deemed prudent and reasonable by law and a higher equity ratio requiring specific ICC approval. The ROE determined by the ICC for each calendar year of the four-year period is subject to annual adjustments based on certain performance incentives and penalties. An MYRP allows Ameren Illinois to reconcile electric distribution service rates to its actual revenue requirement on an annual basis, subject to a reconciliation cap and adjustments to the ROE. Under the MYRP discussed below, Ameren Illinois' 2026 electric distribution service revenues are based on its 2026 actual recoverable costs,
2026 year-end rate base, and an ROE of 8.72%, as adjusted for any performance incentives or penalties, provided the actual revenue requirement does not exceed the reconciliation cap. If a given year's revenue amount collected from customers varies from the approved revenue requirement, an adjustment is made to electric operating revenues with an offset to a regulatory asset or liability to reflect that year's actual revenue requirement. The regulatory balance is then collected from, or refunded to, customers within two years from the end of the applicable annual period. Additionally, the RBA ensures electric distribution service revenues are decoupled from sales volumes and wholesale and miscellaneous revenue differences from those assumed in the revenue requirement approved by the ICC. The RBA remains effective whether Ameren Illinois elects to file an MYRP or a traditional regulatory rate review. In April 2026, Ameren Illinois filed a reconciliation adjustment to its 2025 electric distribution service revenue requirement with the ICC. In June 2026, the ICC staff filed its calculation of the reconciliation adjustment, recommending recovery of $31 million. In July 2026, Ameren Illinois filed a revised reconciliation adjustment consistent with the ICC staff's recommendation. The adjustment reflects Ameren Illinois' actual 2025 recoverable costs, 2025 year-end rate base and a capital structure composed of 50% common equity. An ICC decision is required by December 2026, and any approved adjustment would be collected from customers in 2027.
•In December 2024, the ICC issued an order in connection with a revised Grid Plan and a revised MYRP filed by Ameren Illinois in March 2024, approving revenue requirements for electric distribution services for 2024 through 2027 of $1,206 million, $1,287 million, $1,367 million, and $1,421 million, respectively. Using the 2023 revenue requirement as a starting point, the approved revenue requirements in the ICC's December 2024 order represent a cumulative four-year increase of $308 million. Rate changes consistent with the December 2024 order became effective in December 2024.
•In January 2026, the CRGA was enacted and became effective in June 2026. The law includes certain provisions that affect Ameren Illinois' annual investments in energy-efficiency programs, and the related return on those investments. Under the law, the annual spending cap for energy-efficiency investments increased for 2027, 2028, and 2029. As a result, in May 2026, Ameren Illinois filed an electric energy efficiency plan with the ICC, which includes annual investments in electric energy-efficiency programs up to $192 million, $239 million, and $276 million for 2027, 2028, and 2029, respectively. A decision by the ICC in this proceeding is expected by November 2026. In addition, beginning in 2027, the ROE component of the applicable WACC used to calculate Ameren Illinois' return on energy-efficiency investments for the year will be that year's ICC-approved ROE for Ameren Illinois' electric distribution service. For 2027, the allowed ROE will be the ICC-approved 8.72% from Ameren Illinois' MYRP electric distribution service regulatory rate review. The allowed ROE can be increased or decreased up to 200 basis points, depending on the achievement of annual energy savings and demand goals.
•Pursuant to Illinois law, Ameren Illinois' electric energy-efficiency investments are deferred as a regulatory asset and earn a return at the applicable WACC. Through 2026, the ROE component of the applicable WACC is based on the annual average of the monthly yields of the 30-year United States Treasury bonds plus 580 basis points. The allowed ROE on electric energy-efficiency investments can be increased or decreased by up to 200 basis points, depending on the achievement of annual energy savings and demand goals. While the ICC has approved a plan for Ameren Illinois to invest approximately $126 million per year in electric energy-efficiency programs through 2029, the ICC has the ability to reduce the amount of electric energy-efficiency savings goals in future program years if there are insufficient cost-effective programs available, which could reduce Ameren Illinois' investments in electric energy-efficiency programs. Pursuant to the CRGA, Ameren Illinois filed an updated energy-efficiency plan for 2027 through 2029 as discussed above.
•In November 2025, the ICC issued an order in Ameren Illinois' January 2025 natural gas delivery service regulatory rate review, which resulted in an increase to Ameren Illinois' annual revenues for natural gas delivery service of $79 million. The order reflected a reduction of $75 million of planned distribution and transmission capital investments included in Ameren Illinois' future test year request. The new rates became effective in December 2025. In January 2026, Ameren Illinois filed an appeal of the ICC's November 2025 order to the Illinois Appellate Court for the Fifth Judicial District. The appeal challenged the inclusion of the non-service cost component of the net periodic benefit income related to other postretirement benefits in the annual revenue requirement and the $75 million reduction of planned capital investments, among other things. The court is under no deadline to address the appeal, and Ameren Illinois cannot predict the ultimate outcome of the appeal.
•A November 2023 ICC order directed the ICC staff to develop a plan for a future of gas proceeding. All of the Illinois natural gas utilities subject to ICC regulation are included in this proceeding, which is exploring issues involving the decarbonization of the natural gas distribution system in light of the state of Illinois' goal of economy-wide 100% clean energy by 2050, pursuant to the CEJA. Some of the issues being addressed include the mitigation of any natural gas distribution stranded assets, the role of energy efficiency in decarbonization, and the associated impacts of natural gas decarbonization to the electric distribution system, among others. A final ICC staff report is expected in 2026 and will be used by the ICC to guide further action, if any.
•Ameren Missouri's next refueling and maintenance outage at the Callaway Energy Center is scheduled for the fall of 2026. During a scheduled refueling, which occurs every 18 months, maintenance expenses are deferred as a regulatory asset and amortized until the completion of the next refueling and maintenance outage. During an outage, depending on the availability of its other generation sources and the market prices for power, Ameren Missouri's purchased power costs may increase and the amount of excess power available for
sale may decrease versus non-outage years. Changes in purchased power costs and excess power available for sale are included in the FAC, which results in limited impacts to earnings. In addition, Ameren Missouri may incur increased non-nuclear energy center maintenance costs in non-outage years.
•Ameren Missouri and Ameren Illinois continue to make infrastructure investments to meet customer needs and expect to seek increases to electric and natural gas rates to recover the cost of investments and earn an adequate return. Ameren Missouri and Ameren Illinois will also seek new, or to maintain existing, regulatory and legislative solutions to address regulatory lag and to support investment in their utility infrastructure for the benefit of their customers. Ameren Missouri and Ameren Illinois continue to face cost recovery pressures, higher cost of debt, customer conservation efforts, the impacts of additional customer energy-efficiency programs, and increased customer use of increasingly cost-effective advancements in innovative energy technologies, including private generation and battery storage. We expect a net increase in demand resulting from the electrification of the economy, including in the transportation sector. In addition, several entities in various industries are considering either locating or expanding their operations within our service territories. In 2026, Ameren Missouri executed electric service agreements with large load customers under its modified large primary service tariff that was approved in 2025, representing 2.8 gigawatts of demand that is expected to begin materializing in the second half of 2027 and to reach full capacity by the end of 2029. Construction agreements have been signed with developers representing 3.4 gigawatts of demand, which includes the executed electric service agreements. Serving increased demand due to electrification, new customers, and other growth will require increased investments, including future investments for system reliability improvements and new generation sources, which will result in rate base growth, and higher purchased power costs in the future until new generation is placed in service. Ameren Missouri's purchased power costs are part of the net energy costs recoverable under the FAC, with 95% of the variance between net energy costs and the amount set in base rates recovered or refunded through the FAC.
Liquidity and Capital Resources
•As discussed above, Ameren Missouri has executed electric service agreements with large load customers in 2026, and several other entities in various industries are considering either locating or expanding their operations within Ameren Missouri's service territory. In order to address these load growth opportunities and ensure reliability, Ameren Missouri filed a notice of change in its September 2023 preferred resource plan with the MoPSC in 2025. The 2025 Change to the 2023 PRP includes, among other things, the following:
•estimated total load growth of 1.5 gigawatts by 2032 and 2.5 gigawatts by 2040;
•adding 1,600 MWs of natural gas-fired simple-cycle generation by 2030, which are expected to be achieved through the Big Hollow and Castle Bluff natural gas generation projects discussed in Note 2 - Rate and Regulatory Matters under Part I, Item 1, of this report, and an additional 1,200 MWs by 2043;
•adding 2,100 MWs of natural gas-fired combined-cycle generation by 2035, which are expected to be achieved through the West Alton Natural Gas Project discussed in Note 2 - Rate and Regulatory Matters under Part I, Item 1, of this report, and an additional 1,200 MWs by 2040;
•adding 3,200 MWs of renewable generation by 2030, which includes the solar generation projects discussed in Note 2 - Rate and Regulatory Matters under Part I, Item 1, of this report, and an additional 1,500 MWs by 2035;
•adding 1,000 MWs of battery storage by 2030, which includes the battery energy storage projects discussed in Note 2 - Rate and Regulatory Matters under Part I, Item 1, of this report, and an additional 800 MWs by 2042;
•adding 1,500 MWs of nuclear generation by 2040;
•retiring all of Ameren Missouri's coal-fired energy centers by 2042;
•retiring 1,800 MWs of Ameren Missouri's natural gas-fired energy centers by 2040 to comply with Illinois law;
•the continued implementation of customer energy-efficiency and demand response programs; and
•the expectation that Ameren Missouri will seek and receive NRC approval for an extension of the operating license for the Callaway Energy Center beyond its current 2044 expiration date.
Ameren Missouri's plan could be affected by, among other factors: Ameren Missouri's ability to obtain CCNs from the MoPSC, and any other required state or federal approvals for the addition of renewable resources, battery storage, or nuclear or natural gas-fired generation, retirement of energy centers, and new or continued customer energy-efficiency programs; the ability to enter into agreements for renewable, natural gas-fired, or nuclear generation or battery storage and acquire or construct those resources at a reasonable cost; the ability of suppliers, contractors, and developers to meet contractual commitments and complete projects timely, which is dependent upon the availability of necessary labor, materials, and equipment, geopolitical conflict, or government actions, among other things; changes in the scope and timing of projects; the ability to enter into natural gas supply agreements at reasonable prices and adequate quantities to power Ameren Missouri's natural gas-fired energy centers; the continued existence and ability to qualify for, and use or transfer, federal production or investment tax credits; the ability to maintain system reliability; new and/or changes in environmental regulations, including those related to CO2 and other greenhouse gas emissions; energy and capacity prices; and demand; Ameren Missouri's ability to obtain necessary rights-of-way, easements, and transmission interconnection agreements at an acceptable cost and in a timely fashion; the ability to earn an adequate return on invested capital; and the ability to raise capital on reasonable terms. Also, changes to capacity accreditation rules adopted by the MISO could reduce the accredited capacity of renewable
generation and battery storage and increase regional capacity prices, potentially requiring additional investment and higher costs to satisfy resource adequacy requirements. In addition, the presidential administration has issued executive orders and taken other actions to increase investment in fossil fuel infrastructure, including implementing low cost financing programs for certain fossil fuel-fired generation projects. This change in federal domestic energy policy has created uncertainty regarding the role existing renewable generation will play in supporting the United States' energy grid and the timing and extent of future renewable generation infrastructure development. Ameren Missouri's plan could be affected by this change in energy policy. Ameren Missouri expects to file its next preferred resource plan in September 2026.
•Through 2030, we expect to make significant capital expenditures to improve our electric and natural gas utility infrastructure, with a major portion directed to our transmission and distribution systems, as well as generation and battery storage facilities that align with the 2025 Change to the 2023 PRP discussed above. We estimate that we will invest up to $33.1 billion (Ameren Missouri - up to $22.2 billion; Ameren Illinois - up to $8.3 billion; ATXI - up to $2.6 billion) of capital expenditures during the period from 2026 through 2030. These estimates include the MISO long-range transmission projects assigned to Ameren, as well as the first tranche competitive projects awarded to ATXI discussed below.
•In 2021, the MISO issued a report outlining a preliminary long-range transmission planning roadmap of projects through 2039, which considers the rapidly changing generation mix within MISO resulting from significant additions of renewable generation, actual and expected generation plant closures, and state mandates or goals for clean energy or carbon emissions reductions. In 2022, the MISO approved the first tranche of projects under the roadmap. A portion of these projects were assigned to various utilities, of which Ameren was awarded projects that are estimated to cost approximately $1.8 billion, based on the MISO's cost estimate. Related to these projects, Ameren began construction in 2024, with forecasted completion dates near the end of this decade. In addition, the MISO awarded three competitive bid projects to ATXI that represent a total estimated investment of approximately $250 million for ATXI. Also in 2024, the MISO approved a first set of second tranche projects. A portion of these projects were assigned to Ameren and are estimated to cost approximately $1.3 billion, based on the MISO's cost estimate. Related to these projects, Ameren expects to begin construction in mid-2028, with forecasted completion dates early in the next decade. The first set of second tranche projects also includes competitive bid projects. In May 2026, the MISO awarded two of these competitive bid projects to ATXI and other joint owners that represent a total estimated investment of approximately $700 million for ATXI, based on the MISO's cost estimate. In June 2026, the MISO and Ameren Services, on behalf of ATXI, filed a request with the FERC to allow transmission rate incentives relating to these competitive bid projects awarded to ATXI. If approved by the FERC, the incentives would allow construction work in progress to be included in rate base, thereby improving the timeliness of cash recovery, and would allow recovery of prudently incurred costs, subject to FERC approval, for any portion of the projects if they are abandoned for reasons beyond the control of ATXI. If the incentive allowing construction work in progress to be included in rate base is approved by the FERC, ATXI would not capitalize allowance for funds used during construction on the related projects. A decision by the FERC is expected in August 2026. The remaining competitive bid projects that have not been awarded are estimated to cost $2.7 billion, based on the MISO's cost estimate. The competitive bid process is expected to continue through 2026.
•In 2025, the presidential administration issued several executive orders on environmental regulations and enforcement. Many of these actions require further implementation by the EPA, and some of these actions will likely be subject to further judicial review. Grid reliability, environmental, or other regulations, including those related to CO2 or other emissions, or other executive orders or actions taken by federal or state regulators, including federal orders related to planned retirements of coal-fired power plants, could result in significant changes in capital expenditures and operating costs. Regulations can be reviewed and repealed, and replacement or alternative regulations can be proposed or adopted by the regulatory agencies, including the EPA. See Note 9 - Commitments and Contingencies under Part I, Item 1, of this report, for additional information on environmental matters. The ultimate implementation of any of these new regulations, as well as the timing of any such implementation, is uncertain. Ameren Missouri's operating costs and capital expenditures are subject to MoPSC prudence reviews, which could result in cost disallowances, as well as regulatory lag. The cost of Ameren Illinois' purchased power and natural gas purchased for resale could increase. However, Ameren Illinois expects that these costs would be recovered from customers with no material adverse effect on its results of operations, financial position, or liquidity. Ameren's and Ameren Missouri's earnings could benefit from increased investment to comply with environmental regulations if those investments are reflected and recovered on a timely basis in customer rates.
•The Ameren Companies have multiyear credit agreements that cumulatively provide $3.2 billion of credit through December 2030, subject to a 364-day repayment term for Ameren Missouri and Ameren Illinois, with the option to seek incremental commitments to increase the cumulative credit provided to $4.0 billion. See Note 3 - Short-term Debt and Liquidity under Part I, Item 1, of this report and Note 4 - Short-term Debt and Liquidity under Part II, Item 8, of the Form 10-K for additional information regarding the Credit Agreements. See Note 5 - Long-term Debt and Equity Financings under Part II, Item 8, of the Form 10-K for long-term debt maturities from 2026 to 2030 and beyond at Ameren (parent), Ameren Missouri, Ameren Illinois, and ATXI. See Note 4 - Long-term Debt and Equity Financings under Part I, Item 1, of this report for outstanding forward sale agreements, including under the ATM program, and issuances and maturities of long-term debt in 2026 through the date of this report. Ameren (parent) entered into interest rate swaps to hedge interest rate risk on certain forecasted interest payments related to future debt issuances to occur in 2026 and 2027. The use of
cash provided by operating activities and short-term borrowings to fund capital expenditures and other long-term investments at the Ameren Companies frequently results in a working capital deficit, defined as current liabilities exceeding current assets, as was the case at June 30, 2026, for Ameren, Ameren Missouri, and Ameren Illinois. Ameren, Ameren Missouri, and Ameren Illinois each believe that their liquidity is adequate given their respective expected operating cash flows, capital expenditures, and financing plans, and expect to continue to have access to the capital and credit markets on reasonable terms when needed. However, there can be no assurance that significant changes in economic conditions, disruptions in the capital and credit markets, or other unforeseen events will not materially affect their ability to execute their expected operating, capital, or financing plans.
•Ameren expects its cash used for currently planned capital expenditures and dividends to exceed cash provided by operating activities over the next several years. As part of its funding plan for capital expenditures, Ameren is using newly-issued shares of common stock to satisfy requirements under the DRPlus and employee benefit plans and expects to continue to do so through at least 2030. Additionally, Ameren may offer and sell from time to time common stock, including under its ATM program, which includes the ability to enter into forward sale agreements, subject to market conditions and other factors. As of June 30, 2026, Ameren had approximately $417 million of common stock remaining available for sale under the ATM program. As of June 30, 2026, Ameren had multiple forward sale agreements with various counterparties relating to 16.0 million shares of common stock. In July 2026, Ameren entered into forward sale agreements under the ATM program relating to 1.4 million shares of common stock. Of these shares, Ameren expects to settle 6.4 million in 2026 and the remaining 11 million to fund a portion of its equity needs beyond 2026. Ameren's equity financing plan is estimated to be approximately $4 billion from 2026 to 2030. This plan includes equity issuances under forward sales agreements, the DRPlus, and employee benefit plans, and could include issuances of hybrid debt securities. Ameren expects these issuances to be aligned with the timing of generation investments. The Ameren Companies expect their equity to total capitalization and cash flow metrics to support solid investment-grade credit ratings. Ameren Missouri and Ameren Illinois expect to fund cash flow needs through debt issuances, cash provided by operating activities, and/or capital contributions from Ameren (parent).
•Pursuant to the IRA and the OBBBA, Ameren Missouri expects to transfer production and investment tax credits to unrelated parties in an aggregate amount of approximately $1.8 billion from 2026 to 2030. Proceeds from these transfers are included in Ameren Missouri's tracker related to production and investment tax credits allowed under the IRA and the OBBBA or the RESRAM and are ultimately refunded to customers.
•As of June 30, 2026, Ameren had $351 million in tax benefits from federal and state income tax credit carryforwards, $186 million in tax benefits from federal and state net operating loss carryforwards, $20 million in tax receivables, which will be utilized in future periods, and $45 million in receivables related to production and investment tax credits to be transferred to third parties. Future expected income tax payments are based on expected taxable income, available income tax credit and net operating loss carryforwards, and current tax law. Expected taxable income is affected by expected capital expenditures, when property, plant, and equipment is placed in-service or retired, and the timing of regulatory reviews, among other things. Ameren expects annual federal income tax payments to be immaterial through 2030.
The above items could have a material impact on our results of operations, financial position, and liquidity. Additionally, in the ordinary course of business, we evaluate strategies to enhance our results of operations, financial position, and liquidity. These strategies may include acquisitions, divestitures, opportunities to reduce costs or increase revenues, and other strategic initiatives to increase Ameren's shareholder value. We are unable to predict which, if any, of these initiatives will be executed. The execution of these initiatives may have a material impact on our future results of operations, financial position, or liquidity.
REGULATORY MATTERS
See Note 2 - Rate and Regulatory Matters under Part I, Item 1, of this report.
Ameren Corporation published this content on August 03, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 03, 2026 at 18:15 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]