Ameren Corporation

11/06/2025 | Press release | Distributed by Public on 11/06/2025 11:35

Quarterly Report for Quarter Ending September 30, 2025 (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 within 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 September 30, 2025, was $640 million, or $2.35 per diluted share, compared with $456 million, or $1.70 per diluted share, in the year-ago period. Net income attributable to Ameren common shareholders in the nine months ended September 30, 2025, was $1,204 million, or $4.43 per diluted share, compared with $975 million, or $3.65 per diluted share, in the year-ago period. Net income was favorably affected for the three and nine months ended September 30, 2025, by increased base rate revenues at Ameren Missouri effective June 1, 2025, pursuant to the April 2025 MoPSC electric rate order and decreased tax expense at Ameren Transmission due to the revaluation of excess deferred income tax regulatory liabilities. Earnings were also favorably affected for the three and nine months ended September 30, 2025, by decreased other operations and maintenance expenses not subject to formula rates, riders, or trackers, largely because of the absence in 2025 of an Ameren Missouri charge related to the resolution of outstanding claims in the NSR and Clean Air Act litigation associated with the Rush Island Energy Center. Additionally, earnings were favorably affected for the three and nine months ended September 30, 2025, by increased retail electric sales volumes at Ameren Missouri, primarily due to warmer July temperatures and colder winter temperatures in 2025 and growth in retail electric sales and by the increased deferral of financing costs related to rate base investments at Ameren Missouri, and by increased infrastructure investments at Ameren Transmission and Ameren Illinois Electric Distribution. Net income was unfavorably affected for the three and nine months ended September 30, 2025, by increased financing costs, primarily resulting from higher interest rates on higher debt balances at Ameren (parent) and Ameren Missouri and by increased other operations and maintenance expenses not subject to formula rates, riders, or trackers, excluding a charge related to the NSR and Clean Air Act litigation, primarily due to higher storm costs, higher energy center maintenance expenses, and higher transmission and distribution vegetation management costs.
Ameren's strategic plan includes investing in rate-regulated energy infrastructure, enhancing regulatory frameworks and advocating for responsible policies, and optimizing operating performance to capitalize on opportunities to benefit our customers, communities, shareholders, and the environment. Ameren remains focused on disciplined cost management and strategic capital allocation. Ameren invested $3.1 billion in its rate-regulated businesses in the nine months ended September 30, 2025.
In April 2025, Missouri Senate Bill 4 was enacted and became effective in August 2025. The law includes certain provisions that affect the regulation of Ameren Missouri's electric and natural gas businesses. These provisions create modifications to the PISA and integrated resource planning, require electric utilities to submit service tariff schedules for high-demand customers, allow the MoPSC to authorize inclusion of construction work in progress in rate base for new natural gas-fired generation facilities and new generation facilities approved through integrated resource planning, and allow natural gas utilities to file regulatory rate reviews using a future test year, among other things.
In April 2025, the MoPSC issued an order in Ameren Missouri's 2024 electric service regulatory rate review, approving nonunanimous stipulations and agreements. The order authorizes an increase of $355 million to Ameren Missouri's annual revenue requirement for electric retail service, effective June 1, 2025. The approved revenue requirement was based on infrastructure investments as of December 31, 2024. The order did not explicitly specify an ROE, capital structure, rate base, or any rate base disallowances. The order provides for the continued use of all existing riders and trackers. The order also changed annualized depreciation, regulatory asset and liability amortization amounts, and the base level of expenses for trackers. On an annualized basis, these changes reflect an increase in "Depreciation and amortization" of approximately $70 million, among other expense changes, on Ameren's and Ameren Missouri's consolidated statements of income.
In November 2025, Ameren Missouri updated its May 2025 request with the MoPSC to modify its existing large primary service tariff to require customers requesting 75 MWs or more of demand and who are served at transmission level voltage to comply with additional tariff terms. The additional terms include a service term of 12 years plus a ramp period of up to five years to reach peak demand, minimum demand charges of 80% of contracted capacity, customer exit terms and fees, and customer credit and collateral requirements, among other terms. In addition, new customer programs would be available under this tariff, which allow customers to support renewable generation, battery storage, and/or nuclear generation through incremental payments. A decision by the MoPSC is expected by February 2026.
In June 2025, Ameren Missouri filed for a CCN with the MoPSC to construct the Big Hollow Natural Gas (800-MW facility) and the Big Hollow Battery Energy Storage (400-MW facility) projects. In August 2025, Ameren Missouri filed for a CCN to construct the Reform Solar Project (250-MW facility). Ameren Missouri expects decisions by the MoPSC in the first half of 2026.
In July 2025, the MoPSC issued an order in Ameren Missouri's 2024 natural gas delivery service regulatory rate review, approving a unanimous stipulation and agreement. The order authorizes an increase of $32 million to Ameren Missouri's annual revenue requirement for natural gas delivery service, effective September 1, 2025. The order did not explicitly specify an ROE, capital structure, rate base, or any rate base disallowances. The order provides for the continued use of all of Ameren Missouri's existing riders and trackers.
In February 2025, 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 2025. The plan is designed to upgrade Ameren Missouri's electric infrastructure and includes investments that will upgrade the grid and accommodate more renewable energy. Investments under the plan are expected to total approximately $16.2 billion over the five-year period from 2025 through 2029, with expenditures largely recoverable under the PISA. 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 March 2025, Ameren Illinois filed an appeal of the ICC's December 2024 order to the Illinois Appellate Court for the Fifth Judicial District to revise the allowed ROE and to include an asset associated with other postretirement benefits in the rate base, among other things. In addition, Ameren Illinois filed an appeal related to orders issued by the ICC in December 2023 and June 2024 related to the MYRP proceeding. The appellate court is under no deadline to address the appeals.
In April 2025, Ameren Illinois filed for a reconciliation adjustment to its 2024 electric distribution service revenue requirement with the ICC. In September 2025, Ameren Illinois filed a revised reconciliation adjustment, requesting recovery of $60 million. The adjustment reflects Ameren Illinois' actual 2024 recoverable costs, 2024 year-end rate base, and a capital structure composed of 50% common equity. In September 2025, the ICC staff submitted its calculation of the reconciliation adjustment, recommending recovery of $47 million. The ICC staff's recommendation excluded an asset associated with other postretirement benefits from the rate base. An ICC decision in this proceeding is required by December 2025, and any approved adjustment would be collected from customers in 2026.
In January 2025, Ameren Illinois filed a request with the ICC seeking approval to increase its annual revenues for natural gas delivery service. In July 2025, Ameren Illinois filed a revised request seeking to increase its annual revenues by $135 million. The request is based on a 10.7% ROE, a capital structure composed of 52% common equity, and a rate base of $3.3 billion. Ameren Illinois used a 2026 future test year in this proceeding. In August 2025, the ICC staff filed a revised recommendation to increase Ameren Illinois' annual revenues for natural gas delivery service by $104 million. The recommendation is based on a 9.93% ROE, a capital structure composed of 50% common equity, and a rate base of $3.2 billion. In addition, in August 2025, the Illinois Attorney General's office recommended an increase to annual revenues for natural gas delivery service of $55 million, based on a 9.45% ROE, a capital structure composed of 50% common equity, and a rate base of $3.0 billion. In October 2025, the administrative law judge issued a proposed order for an increase to annual revenues of $91 million. The order was consistent with the ICC staff's recommendation with the exception of the exclusion of the non-service cost component of the net periodic benefit income related to other postretirement benefits in the annual revenue requirement. A decision by the ICC in this proceeding is required by early December 2025, with new rates expected to be effective in early December 2025.
In May 2025, Ameren Illinois filed its annual electric energy-efficiency formula rate update to increase its annual revenues by $12 million with the ICC. In August 2025, the ICC staff filed a recommendation supporting Ameren Illinois' requested increase. An ICC decision in this proceeding is required by December 2025, with new rates effective in January 2026.
In August 2025, the ICC issued an order approving Ameren Illinois' energy-efficiency plan that includes annual investments in electric energy-efficiency programs of approximately $126 million per year from 2026 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 the investments in electric energy-efficiency programs.
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 risk and 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 nine months ended September 30, 2025 and 2024:
Three Months Nine Months
2025 2024 2025 2024
Net income attributable to Ameren common shareholders $ 640 $ 456 $ 1,204 $ 975
Earnings per common share - diluted 2.35 1.70 4.43 3.65
Net income attributable to Ameren common shareholders increased $184 million and earnings per diluted share increased 65 cents in the three months ended September 30, 2025, compared with the year-ago period. The increase was due to net income increases of $137 million, $61 million, and $1 million, at Ameren Missouri, Ameren Transmission and Ameren Illinois Electric Distribution, respectively. These increases were partially offset by an increase in net loss of $3 million at Ameren Illinois Natural Gas and $12 million for activity not reported as part of a segment, primarily at Ameren (parent).
Net income attributable to Ameren common shareholders increased $229 million and earnings per diluted share increased 78 cents in the nine months ended September 30, 2025, compared with the year-ago period. The increase was due to net income increases of $176 million, $85 million, $11 million, and $3 million at Ameren Missouri, Ameren Transmission, Ameren Illinois Electric Distribution, and Ameren Illinois Natural Gas, respectively. These increases were partially offset by an increase in net loss of $46 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 nine months ended September 30, 2025, compared to the year-ago periods (except where a specific period is referenced), by:
•increased base rate revenues at Ameren Missouri effective June 1, 2025, pursuant to the April 2025 MoPSC electric rate order and a lower base level of expenses, partially offset by financing costs otherwise recoverable under the PISA and RESRAM, depreciation and amortization on property, plant, and equipment previously eligible for deferral under the PISA and RESRAM, and the net recovery for amounts associated with the reduction in sales volumes resulting from MEEIA programs (28 cents and 36 cents per share, respectively);
•decreased income tax expense at Ameren Transmission resulting from the revaluation of excess deferred income tax regulatory liabilities, resulting from TCJA for FERC-regulated jurisdictions, related to ratemaking treatment of net operating loss carryforwards by affiliates under a tax allocation agreement, see Note 12 - Income Taxes under Part I, Item 1, of this report for additional information (18 cents per share for both periods);
•the absence of a 2024 charge recorded by Ameren Missouri, included in other operation and maintenance expenses, related to a settlement agreement with the United States Department of Justice that resolved all outstanding claims in the NSR and Clean Air Act litigation related to the Rush Island Energy Center (13 cents and 17 cents per share, respectively);
•increased retail electric sales volumes at Ameren Missouri, excluding customer energy-efficiency programs, primarily due to warmer July temperatures and colder winter temperatures compared to the prior-year periods, and growth in retail electric sales (estimated at 15 cents and 17 cents per share, respectively);
•increased base rate revenues at Ameren Missouri for the inclusion of previously deferred interest charges pursuant to the April 2025 MoPSC electric rate order effective June 1, 2025, and higher interest deferrals related to infrastructure investments associated with the PISA and RESRAM (4 cents and 13 cents per share, respectively);
•increased rate base investments at Ameren Transmission and Ameren Illinois Electric Distribution (5 cents and 11 cents per share, respectively);
•the absence of the October 2024 FERC order reducing the allowed base ROE for FERC regulated transmission rate base and required refunds for certain prior periods under the MISO tariff, which increased Ameren Transmission earnings (4 cents per share for both periods); and
•a higher allowance for equity funds used during construction at Ameren Transmission (4 cents per share in the nine months ended September 30, 2025).
Earnings per diluted share were unfavorably affected in the three and nine months ended September 30, 2025, compared to the year-ago periods, by:
•increased financing costs primarily due to higher interest rates on higher debt balances at Ameren (parent) and Ameren Missouri (6 cents and 20 cents per share, respectively);
•increased other operations and maintenance expenses not subject to formula rates, riders, or trackers, excluding a 2024 charge related to the NSR and Clean Air Act litigation discussed above, largely because of higher storm costs, higher energy center maintenance expense, and higher transmission and distribution expenditures for vegetation management costs at Ameren Missouri (6 cents and 9 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); and
•increased losses related to equity method investments (2 cents and 5 cents per share, respectively).
The cents per share variances above are presented based on the weighted-average basic common shares outstanding in the three and nine months ended September 30, 2024, 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 2025 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 nine months ended September 30, 2025 and 2024:
Ameren
Missouri 		Ameren
Illinois
Electric
Distribution 		Ameren
Illinois
Natural Gas 		Ameren Transmission Other /
Intersegment
Eliminations 		Ameren
Three Months 2025:
Electric revenues $ 1,685 $ 699 $ - $ 240 $ (61) $ 2,563
Natural gas revenues 20 - 117 - (1) 136
Fuel and purchased power (487) (330) - - 49 (768)
Natural gas purchased for resale (6) - (19) - - (25)
Other operations and maintenance expenses (260) (171) (55) (19) 3 (502)
Depreciation and amortization expenses (239) (92) (33) (49) (2) (415)
Taxes other than income taxes (122) (22) (15) (3) (2) (164)
Operating income (loss) 591 84 (5) 169 (14) 825
Other income (expense), net 45 20 4 (3) 10 76
Interest charges (85) (28) (16) (31) (48) (208)
Income (taxes) benefit (32) (19) 4 16 (21) (52)
Net income (loss) 519 57 (13) 151 (73) 641
Noncontrolling interests -preferred stock dividends
(1) - - - - (1)
Net income (loss) attributable to Ameren common shareholders $ 518 $ 57 $ (13) $ 151 $ (73) $ 640
Three Months 2024:
Electric revenues $ 1,324 $ 552 $ - $ 210 $ (51) $ 2,035
Natural gas revenues 18 - 121 - (1) 138
Fuel and purchased power (334) (204) - - 39 (499)
Natural gas purchased for resale (4) - (26) - - (30)
Other operations and maintenance expenses (288) (163) (51) (19) 1 (520)
Depreciation and amortization expenses (220) (92) (32) (42) (2) (388)
Taxes other than income taxes (109) (21) (14) (2) (4) (150)
Operating income (loss) 387 72 (2) 147 (18) 586
Other income, net 51 23 6 8 13 101
Interest charges (62) (25) (16) (31) (39) (173)
Income (taxes) benefit 6 (14) 2 (34) (17) (57)
Net income (loss) 382 56 (10) 90 (61) 457
Noncontrolling interests -preferred stock dividends
(1) - - - - (1)
Net income (loss) attributable to Ameren common shareholders $ 381 $ 56 $ (10) $ 90 $ (61) $ 456
Ameren
Missouri 		Ameren
Illinois
Electric
Distribution 		Ameren
Illinois
Natural Gas 		Ameren Transmission Other /
Intersegment
Eliminations 		Ameren
Nine Months 2025:
Electric revenues $ 3,893 $ 1,844 $ - $ 658 $ (172) $ 6,223
Natural gas revenues 109 - 686 - (1) 794
Fuel and purchased power (1,431) (765) - - 132 (2,064)
Natural gas purchased for resale (45) - (188) - - (233)
Other operations and maintenance expenses (748) (493) (165) (56) 15 (1,447)
Depreciation and amortization expenses (642) (276) (98) (146) (6) (1,168)
Taxes other than income taxes (300) (63) (60) (7) (9) (439)
Operating income (loss) 836 247 175 449 (41) 1,666
Other income, net 135 66 14 14 28 257
Interest charges (215) (80) (47) (89) (139) (570)
Income (taxes) benefit (43) (48) (37) (48) 31 (145)
Net income (loss) 713 185 105 326 (121) 1,208
Noncontrolling interests -preferred stock dividends
(3) (1) - - - (4)
Net income (loss) attributable to Ameren common shareholders $ 710 $ 184 $ 105 $ 326 $ (121) $ 1,204
Nine Months 2024:
Electric revenues $ 2,902 $ 1,567 $ - $ 586 $ (135) $ 4,920
Natural gas revenues 103 - 660 - (1) 762
Fuel and purchased power (689) (564) - - 99 (1,154)
Natural gas purchased for resale (41) - (173) - - (214)
Other operations and maintenance expenses (789) (452) (168) (54) 8 (1,455)
Depreciation and amortization expenses (623) (278) (98) (121) (5) (1,125)
Taxes other than income taxes (287) (57) (55) (6) (11) (416)
Operating income (loss) 576 216 166 405 (45) 1,318
Other income, net 144 72 20 14 43 293
Interest charges (187) (73) (46) (89) (97) (492)
Income (taxes) benefit 4 (41) (38) (89) 24 (140)
Net income (loss) 537 174 102 241 (75) 979
Noncontrolling interests -preferred stock dividends
(3) (1) - - - (4)
Net income (loss) attributable to Ameren common shareholders $ 534 $ 173 $ 102 $ 241 $ (75) $ 975
Below is Ameren Illinois' table of income statement components by segment for the three and nine months ended September 30, 2025 and 2024:
Ameren
Illinois
Electric
Distribution 		Ameren
Illinois
Natural Gas 		Ameren
Illinois Transmission 		Other /
Intersegment
Eliminations 		Ameren Illinois
Three Months 2025:
Electric revenues $ 699 $ - $ 176 $ (46) $ 829
Natural gas revenues - 117 - - 117
Purchased power (330) - - 46 (284)
Natural gas purchased for resale - (19) - - (19)
Other operations and maintenance expenses (171) (55) (15) - (241)
Depreciation and amortization expenses (92) (33) (37) - (162)
Taxes other than income taxes (22) (15) (1) - (38)
Operating income (loss) 84 (5) 123 - 202
Other income, net 20 4 6 - 30
Interest charges (28) (16) (23) - (67)
Income (taxes) benefit (19) 4 (2) - (17)
Net income (loss) attributable to Ameren common shareholders $ 57 $ (13) $ 104 $ - $ 148
Three Months 2024:
Electric revenues $ 552 $ - $ 155 $ (35) $ 672
Natural gas revenues - 121 - - 121
Purchased power (204) - - 35 (169)
Natural gas purchased for resale - (26) - - (26)
Other operations and maintenance expenses (163) (51) (15) - (229)
Depreciation and amortization expenses (92) (32) (31) - (155)
Taxes other than income taxes (21) (14) (2) - (37)
Operating income (loss) 72 (2) 107 - 177
Other income, net 23 6 8 - 37
Interest charges (25) (16) (22) - (63)
Income (taxes) benefit (14) 2 (25) - (37)
Net income (loss) attributable to Ameren common shareholders $ 56 $ (10) $ 68 $ - $ 114
Nine Months 2025:
Electric revenues $ 1,844 $ - $ 482 $ (123) $ 2,203
Natural gas revenues - 686 - - 686
Purchased power (765) - - 123 (642)
Natural gas purchased for resale - (188) - - (188)
Other operations and maintenance expenses (493) (165) (44) - (702)
Depreciation and amortization expenses (276) (98) (110) - (484)
Taxes other than income taxes (63) (60) (3) - (126)
Operating income 247 175 325 - 747
Other income, net 66 14 21 - 101
Interest charges (80) (47) (65) - (192)
Income taxes (48) (37) (49) - (134)
Net income 185 105 232 - 522
Preferred stock dividends (1) - - - (1)
Net income attributable to common shareholder $ 184 $ 105 $ 232 $ - $ 521
Ameren
Illinois
Electric
Distribution 		Ameren
Illinois
Natural Gas 		Ameren
Illinois Transmission 		Other /
Intersegment
Eliminations 		Ameren Illinois
Nine Months 2024:
Electric revenues $ 1,567 $ - $ 422 $ (90) $ 1,899
Natural gas revenues - 660 - - 660
Purchased power (564) - - 90 (474)
Natural gas purchased for resale - (173) - - (173)
Other operations and maintenance expenses (452) (168) (43) - (663)
Depreciation and amortization expenses (278) (98) (86) - (462)
Taxes other than income taxes (57) (55) (4) - (116)
Operating income 216 166 289 - 671
Other income, net 72 20 13 - 105
Interest charges (73) (46) (59) - (178)
Income taxes (41) (38) (65) - (144)
Net income 174 102 178 - 454
Preferred stock dividends (1) - - - (1)
Net income attributable to common shareholder $ 173 $ 102 $ 178 $ - $ 453
Operating Revenues
The following table presents the increases (decreases) by Ameren segment for electric and natural gas revenues for the three and nine months ended September 30, 2025, 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)
$ 143 $ 23 $ - $ 30 $ - $ 196
Effect of weather (estimate)(c)
37 - - - - 37
Retail sales volumes and changes in customer usage patterns (excluding the estimated effects of weather and MEEIA) 23 - - - - 23
MEEIA performance incentives 3 - - - - 3
Off-system sales, capacity, transmission, and FAC revenues, net 146 - - - - 146
Ameren Illinois energy-efficiency program investment revenues - 6 - - - 6
Securitized utility tariff bond surcharges 11 - - - - 11
RESRAM(d)
(10) - - - - (10)
Other 4 3 - - - 7
Cost recovery mechanisms - offset in fuel and purchased power(e)
(1) 126 - - (10) 115
Other cost recovery mechanisms(f)
5 (11) - - - (6)
Total electric revenue change $ 361 $ 147 $ - $ 30 $ (10) $ 528
Natural gas revenue change:
Base rates (estimate) $ 1 $ - $ - $ - $ - $ 1
Other (1) - - - - (1)
Cost recovery mechanisms - offset in natural gas purchased for resale(e)
2 - (7) - - (5)
Other cost recovery mechanisms(f)
- - 3 - - 3
Total natural gas revenue change $ 2 $ - $ (4) $ - $ - $ (2)
Nine Months
Electric revenue change:
Base rates (estimate)(b)
$ 187 $ 54 $ - $ 72 $ - $ 313
Effect of weather (estimate)(c)
48 - - - - 48
Retail sales volumes and changes in customer usage patterns (excluding the estimated effects of weather and MEEIA) 23 - - - - 23
MEEIA performance incentives 4 - - - - 4
Off-system sales, capacity, and FAC revenues, net 745 - - - - 745
Ameren Illinois energy-efficiency program investment revenues - 10 - - - 10
Rush Island Energy Center base rate revenue deferral (26) - - - - (26)
Securitized utility tariff bond surcharges 35 - - - - 35
RESRAM(d)
(17) - - - - (17)
Other 9 12 - - (4) 17
Cost recovery mechanisms - offset in fuel and purchased power(e)
(19) 201 - - (33) 149
Other cost recovery mechanisms(f)
2 - - - - 2
Total electric revenue change $ 991 $ 277 $ - $ 72 $ (37) $ 1,303
Natural gas revenue change:
Base rates (estimate) $ 1 $ - $ - $ - $ - $ 1
Effect of weather (estimate)(c)
9 - - - - 9
VBA - - 7 - - 7
Other (1) - - - - (1)
Cost recovery mechanisms - offset in natural gas purchased for resale(e)
(3) - 15 - - 12
Other cost recovery mechanisms(f)
- - 4 - - 4
Total natural gas revenue change $ 6 $ - $ 26 $ - $ - $ 32
(a)Includes an increase in transmission revenues of $21 million and $60 million at Ameren Illinois for the three and nine months ended September 30, 2025, 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,resultingfrom 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 (excluding 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)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.
(e)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 nine months ended September 30, 2025, activity in Other/Intersegment Eliminations of $10 million and $33 million, respectively, was primarily due to the changes in Ameren Transmission revenue from transmission services provided to Ameren Illinois Electric Distribution (-$11 million and -$33 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.
(f)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 increased $528 million, or 26%, and $1,303 million, or 26%, for the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods, primarily due to increased revenues at Ameren Missouri, Ameren Illinois Electric Distribution, and Ameren Transmission, as discussed below.
Ameren Transmission
Ameren Transmission's electric revenues increased $30 million, or 14%, and $72 million, or 12%, for the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods. Revenues were primarily affected by higher recoverable expenses
(+$12 million and +$44 million, respectively) and increased capital investment (+$8 million and +$18 million, respectively), as evidenced by a 7% increase in rate base used to calculate the revenue requirement. Additionally, revenues were favorably affected by a higher ROE
(+$10 million in both periods) due to the absence of the October 2024 FERC order that decreased base ROE for certain historical periods.
Ameren Missouri
Ameren Missouri's electric revenues increased $361 million, or 27%, and $991 million, or 34%,for the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods.
The following items increased Ameren Missouri's electric revenues for the three and nine months ended September 30, 2025:
•"Off-system sales, capacity, transmission, and FAC revenues, net" increased $146 million and $745 million, respectively, primarily due to summer capacity prices increasing from $30 per MW-day in 2024 to $667 per MW-day in 2025 pursuant to the April 2025 annual MISO capacity auction.
•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 $143 million and $187 million, respectively. See Note 2 - Rate and Regulatory Matters under Part I, Item 1, of this report for additional information regarding the April 2025 MoPSC electric rate order.
•The effect of weather increased revenues an estimated $37 million and $48 million, respectively, primarily due to warmer July temperatures and colder winter temperatures.
•Revenues increased $11 million and $35 million, respectively, due to surcharges related to the servicing of securitized utility tariff bonds issued in December 2024 to finance costs related to the accelerated retirement of the Rush Island Energy Center. This increase in revenue is offset by increases in interest and amortization expense. See Variable Interest Entities in Note 1 - Summary of Significant Accounting Policies under Part I, Item 1, of this report for additional information.
•Excluding the estimated effects of weather and the MEEIA customer energy-efficiency programs, electric revenues increased an estimated $23 million in both periods, primarily due to increased retail sales volumes and higher demand charges, partially offset by lower realized prices due to changes in customer usage patterns.
The following items decreased Ameren Missouri's electric revenues for the three and nine months ended September 30, 2025 (except where a specific period is referenced):
•In accordance with the June 2024 MoPSC financing order, revenues decreased $26 million for the nine months ended September 30, 2025, due to the deferral of base rate revenues to a regulatory liability related to the Rush Island Energy Center since its October 15, 2024 retirement date. The deferral ended with new rates effective June 1, 2025.
•Revenues associated with "Cost recovery mechanisms - offset in fuel and purchased power" decreased $19 million for the nine months ended September 30, 2025, due to decreased revenue related to the amortization of costs previously deferred under the FAC that were reflected in customer rates. 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.
•RESRAM revenues decreased $10 million and $17 million, respectively. These changes are largely offset by changes in the "Depreciation and amortization" section of the statement of income.
Ameren Illinois
Ameren Illinois' electric revenues increased $157 million, or 23%, and $304 million, or 16%, for the three and nine months ended September 30, 2025, 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 $147 million, or 27%, and $277 million, or 18%, for the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods.
The following items increased Ameren Illinois Electric Distribution's revenues for the three and nine months ended September 30, 2025:
•Revenues associated with "Cost recovery mechanisms - offset in fuel and purchased power" increased $126 million and $201 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 $23 million and $54 million, respectively, due to higher recoverable non-purchased power expenses
(+$22 million and +$46 million, respectively) and increased capital investment (+$1 million and +$7 million, respectively).
•Other revenues increased $3 million and $12 million, respectively, primarily due to mutual assistance provided to Ameren Missouri for major storms experienced in 2025 throughout its service territory and the recovery of and return on increased customer generation rebates.
•Revenues increased $6 million and $10 million, respectively, due to the recovery of and return on increased energy-efficiency program investments under performance-based formula ratemaking.
Other cost recovery mechanisms decreased revenues by $11 million for the three months ended September 30, 2025, 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 $21 million, or 14%, and $60 million, or 14%, for the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods. Base rate revenues were primarily affected by higher recoverable expenses (+$8 million and +$39 million, respectively) and increased capital investment (+$6 million and +$14 million, respectively), as evidenced by an 8% increase in rate base used to calculate the revenue requirement. Additionally, revenues were favorably affected by a higher ROE (+$7 million in both periods) due to the absence of the October 2024 FERC order that decreased base ROE for certain historical periods.
Natural Gas Revenues
Ameren
Ameren's natural gas revenues were comparable for thethree months ended September 30, 2025, and increased $32 million, or 4%, for the nine months ended September 30, 2025, 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 September 30, 2025, and increased $6 million, or 6%, forthe nine months ended September 30, 2025, compared with the year-ago periods, primarily due to colder winter temperatures.
Ameren Illinois Natural Gas
Ameren Illinois Natural Gas' revenues were comparable for the three months ended September 30, 2025, and increased $26 million, or 4%, for the nine months ended September 30, 2025, compared with the year-ago periods. "Cost recovery mechanisms - offset in natural gas purchased for resale" increased revenues $15 million for the nine months ended September 30, 2025, due to a higher collection of natural gas costs previously deferred under the PGA. Changes in natural gas revenues under the PGA are fully offset by changes in natural gas purchased for resale expenses. Revenues increased$7 million forthe nine months ended September 30, 2025 due to a change in the timing of revenues recognized under the VBA. Revenues are decoupled from actual sales volumes for residential and small nonresidential customers, and the change in the timing of revenues is not expected to materially impact full-year results.
Fuel and Purchased Power
The following table presents the increases (decreases) by Ameren segment for fuel and purchased power for the three and nine months ended September 30, 2025, 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) $ 148 $ - $ - $ - $ - $ 148
Retail sales volume (excluding the estimated effect of weather) 3 - - - - 3
Effect of weather (estimate)(a)
4 - - - - 4
Effect of lower net energy costs included in base rates (3) - - - - (3)
Transmission service charges (not included in the FAC) 2 - - - - 2
Cost recovery mechanisms - offset in electric revenue(b)
(1) 126 - - (10) 115
Total fuel and purchased power change $ 153 $ 126 $ - $ - $ (10) $ 269
Nine Months
Fuel and purchased power change:
Energy costs (excluding the estimated effect of weather) $ 750 $ - $ - $ - $ - $ 750
Retail sales volume (excluding the estimated effect of weather) 2 - - - - 2
Effect of weather (estimate)(a)
8 - - - - 8
Transmission service charges (not included in the FAC) 7 - - - - 7
Effect of lower net energy costs included in base rates (3) - - - - (3)
Other (3) - - - - (3)
Cost recovery mechanisms - offset in electric revenue(b)
(19) 201 - - (33) 149
Total fuel and purchased power change $ 742 $ 201 $ - $ - $ (33) $ 910
(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 nine months ended September 30, 2025, activity in Other/Intersegment Eliminations of $10 million and $33 million, respectively, was primarily due to the changes in Ameren Transmission revenue from transmission services provided to Ameren Illinois Electric Distribution (-$11 million and -$33 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 increased $269 million, or 54%, and $910 million, or 79%, for the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods, primarily due to increased fuel and purchased power expenses at Ameren Missouri and Ameren Illinois Electric Distribution, as discussed below.
Ameren Missouri
Ameren Missouri's fuel and purchased power expenses increased $153 million, or 46%, and $742 million, or 108%, for the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods.
The following items increased Ameren Missouri's fuel and purchased power expenses for the three and nine months ended September 30, 2025:
•Energy costs increased $148 million and $750 million, respectively, primarily due to summer capacity prices increasing from $30 per MW-day in 2024 to $667 per MW-day in 2025 pursuant to the April 2025 annual MISO capacity auction. Ameren Missouri's 5% exposure to net energy cost variances under the FAC of $2 million and $5 million for the three and nine months ended September 30, 2025 is the difference between "Off-system sales, capacity, transmission, and FAC revenues, net" in electric revenues and "Energy costs (excluding the estimated effect of weather)".
•Fuel and purchased power expenses increased an estimated $4 million and $8 million, respectively, due to an increase in electric retail sales related to weather.
•Transmission service charges (not included in the FAC) increased $2 million and $7 million, respectively, due to higher transmission rates related to increased revenue requirements of other MISO transmission operators.
"Cost recovery mechanisms - offset in electric revenue" decreased fuel and purchased power expenses $19 million for the nine months ended September 30, 2025, due to decreased amortization 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 $126 million, or 62%, and $201 million, or 36%, for the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods, primarily due to summer capacity prices increasing from $30 per MW-day in 2024 to $667 per MW-day in 2025 pursuant to the April 2025 annual MISO capacity auction (+$47 million and +$88 million, respectively), increased volumes (+$29 million and +$51 million, respectively), primarily due to residential and small commercial customers switching from alternative retail electric suppliers to Ameren Illinois' supplied power, increases in transmission service charges (+$11 million and +$36 million, respectively), and increased energy prices (+$33 million and +$15 million, respectively). 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 nine months ended September 30, 2025, 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:
Cost recovery mechanisms - offset in natural gas revenue(a)
$ 2 $ - $ (7) $ - $ - $ (5)
Total natural gas purchased for resale change $ 2 $ - $ (7) $ - $ - $ (5)
Nine Months
Natural gas purchased for resale change:
Effect of weather (estimate)(b)
$ 7 $ - $ - $ - $ - $ 7
Cost recovery mechanisms - offset in natural gas revenue(a)
(3) - 15 - - 12
Total natural gas purchased for resale change $ 4 $ - $ 15 $ - $ - $ 19
(a)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.
(b)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.
Ameren
Ameren Missouri and Ameren Illinois are allowed to pass on to customers prudently incurred costs for natural gas purchased for resale. Ameren's natural gas purchased for resale expenses were comparable for the three months ended September 30, 2025, and increased $19 million, or 9%, for the nine months ended September 30, 2025, compared with the year-ago periods, primarily due to increased natural gas purchased for resale expenses at Ameren Illinois Natural Gas, as discussed below.
Ameren Missouri
Ameren Missouri's natural gas purchased for resale expenses were comparable for the three and nine months ended September 30, 2025, compared with the year-ago periods.
Ameren Illinois Natural Gas
Ameren Illinois Natural Gas' natural gas purchased for resale expenses decreased $7 million, or 27%, for the three months ended September 30, 2025, and increased $15 million, or 9%, for the nine months ended September 30, 2025, compared with the year-ago periods, primarily due to the amortization of natural gas costs that were previously deferred under the PGA. Changes in natural gas purchased for resale expenses are fully offset by changes in natural gas revenues under the PGA.
Other Operations and Maintenance Expenses
Increase (Decrease) by Segment
Overall Ameren Decrease of $18 Million (QTD YoY)
Overall Ameren Decrease of $8 Million (YTD YoY)
Total by Segment(a)
(a)Includes $19 million and $19 million at Ameren Transmission in the three months ended September 30, 2025 and 2024, respectively. Includes other/intersegment eliminations of $(3) million and $(1) million in the three months ended September 30, 2025 and 2024, respectively. Also includes other/intersegment eliminations of $(15) million and $(8) million in the nine months ended September 30, 2025 and 2024, respectively.
Ameren Missouri Ameren Illinois Natural Gas Other/Intersegment Eliminations
Ameren Illinois Electric Distribution Ameren Transmission
Ameren
Other operations and maintenance expenses decreased $18 million and $8 million in the three and nine months ended September 30, 2025, due to the changes discussed below. In addition to changes by segments discussed below, other operations and maintenance expenses were comparable in the three months ended September 30, 2025 and decreased $7 million in the nine months ended September 30, 2025, 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 $13 million in the elimination of the non-service cost component of net periodic benefit income in the nine months ended September 30, 2025. 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. The decreases are offset by the absence of a gain on the sale of land of $9 million that occurred in 2024.
Ameren Transmission
Other operations and maintenance expenses were comparable between periods.
Ameren Missouri
Other operations and maintenance expenses decreased $28 million and $41 million in the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods. The following items decreased other operations and maintenance expenses in the three and nine months ended September 30, 2025, compared with the year-ago periods:
•The absence in 2025 of a $44 million and $59 million charge in the three and nine months ended September 30, 2025, related to the NSR and Clean Air Act litigation associated with the Rush Island Energy Center.
•Expenses associated with the MEEIA customer energy-efficiency program decreased $4 million and $11 million, respectively, as approved by the MoPSC in November 2024.
The following items partially offset the decrease in other operations and maintenance expenses for the three and nine months ended September 30, 2025, compared with the year-ago periods (except where a specific period is referenced):
•Non-nuclear energy center operations and maintenance expenses increased $6 million and $10 million in the three and nine months ended September 30, 2025.
•Increased expense of $5 million and $9 million, respectively, for cloud-related software.
•Transmission and distribution storm-related expenses increased $8 million in the nine months ended September 30, 2025, primarily because of the major storms experienced throughout its service territory in 2025.
•Transmission and distribution expenditures, excluding major storm-related costs, increased $6 million and $4 million in the three and nine months ended September 30, 2025, respectively, largely due to increased vegetation management expenditures and higher levels of pole inspections.
Ameren Illinois
Other operations and maintenance expenses increased $12 million and $39 million in the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods, primarily due to the following items:
Ameren Illinois Electric Distribution
Other operations and maintenance expenses increased $8 million and $41 million in the three and nine months ended September 30, 2025, respectively, primarily due to the following items (except where a specific period is referenced):
•Increased costs of $6 million and $11 million, respectively, resulting from compliance with new and expanding programs under CEJA.
•Bad debt costs on accounts receivables increased $10 million in the nine months ended September 30, 2025, primarily because of a higher base level of expenses included in customer rates pursuant to the associated rider.
•Increased costs associated with customer energy-efficiency investments under formula ratemaking of $3 million and $9 million, respectively, primarily due to amortization of regulatory assets.
•Increased expense of $4 million and $7 million, respectively, for cloud-related software.
•Distribution expenditures increased $3 million and $7 million, respectively, primarily due to higher levels of pole inspections and other maintenance activity.
•Injuries and damages increased $3 million and $5 million, respectively, primarily due to an increase in claims compared to the year-ago period.
The above increases in the three and nine months ended September 30, 2025, compared with the year-ago periods, were partially offset by the following items (except where a specific period is referenced):
•Bad debt costs on purchased receivables decreased $5 million and $11 million, respectively, primarily because of a lower base level of expenses included in customer rates pursuant to the associated rider.
•Reduction in environmental remediation rider costs of $3 million and $7 million, respectively.
•Bad debt costs on accounts receivables decreased $7 million in the three months ended September 30, 2025, primarily because of a lower base level of expenses included in customer rates, effective June 2025, pursuant to the associated rider.
Ameren Illinois Natural Gas
Other operations and maintenance expenses were comparable between periods.
Ameren Illinois Transmission
Other operations and maintenance expenses were comparable between periods.
Depreciation and Amortization Expenses
Increase (Decrease) by Segment
Overall Ameren Increase of $27 Million (QTD YoY)
Overall Ameren Increase of $43 Million (YTD YoY)
Total by Segment(a)
(a)Includes other/intersegment eliminations of $2 million and $2 million in the three months ended September 30, 2025 and 2024, respectively. Also includes other/intersegment eliminations of $6 million and $5 million in the nine months ended September 30, 2025 and 2024, respectively.
Ameren Missouri Ameren Illinois Natural Gas Other/Intersegment Eliminations
Ameren Illinois Electric Distribution Ameren Transmission
Depreciation and amortization expenses increased $27 million, $19 million, and $7 million in the three months ended September 30, 2025, compared with the year-ago period at Ameren, Ameren Missouri, and Ameren Transmission, respectively, primarily because of additional property, plant, and equipment investments. Depreciation and amortization expenses increased $43 million, $25 million, and $19 million in the nine months ended September 30, 2025, compared with the year-ago period at Ameren, Ameren Transmission, and Ameren Missouri, respectively, primarily because of additional property, plant, and equipment investments. Ameren's and Ameren Missouri's depreciation and amortization expenses for the three and nine months ended September 30, 2025, 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 $16 million and $21 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.
•The amortization of a regulatory asset associated with the securitization of Ameren Missouri's Rush Island Energy Center increased depreciation and amortization expenses by $5 million and $16 million, respectively.
•Depreciation and amortization expenses reflected a deferral to a regulatory asset of depreciation associated with investments in eligible property, plant, and equipment not yet included in base rates, pursuant to PISA. Base rates were updated to include the eligible property, plant, and equipment in-service through December 31, 2024, when new customer rates became effective on June 1, 2025, pursuant to the April 2025 MoPSC electric rate order. The effect of rebasing PISA and increased amortization of prior PISA deferrals, increased depreciation and amortization by $10 million in both periods.
•The lower net deferral pursuant to a tracker related to certain excess deferred income taxes, which increased depreciation and amortization expenses by $7 million and $10 million, respectively.
•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 $4 million and $5 million, respectively.
•The absence of depreciation expense associated with Ameren Missouri's Rush Island Energy Center decreased expenses by $9 million and $27 million, respectively.
•Lower amortization of prior deferrals and the higher net under-recovery of RESRAM eligible expenses decreased depreciation and amortization expenses by $10 million and $16 million, respectively.
Taxes Other Than Income Taxes
Increase (Decrease) by Segment
Overall Ameren Increase of $14 Million (QTD YoY)
Overall Ameren Increase of $23 Million (YTD YoY)
Total by Segment(a)
(a)Includes $3 million, $2 million, $7 million, and $6 million at Ameren Transmission in the three months ended September 30, 2025 and 2024, and in the nine months ended September 30, 2025 and 2024, respectively. Also includes other/intersegment eliminations of $2 million, $4 million, $9 million, and $11 million in the three months ended September 30, 2025 and 2024, and in the nine months ended September 30, 2025 and 2024, respectively.
Ameren Missouri Ameren Illinois Natural Gas Other/Intersegment Eliminations
Ameren Illinois Electric Distribution Ameren Transmission
Taxes other than income taxes increased $14 million in the three months ended September 30, 2025, compared with the year-ago period, primarily because of an increase of $10 million in gross receipts tax at Ameren Missouri due to increased retail electric sales.
Taxes other than income taxes increased $23 million in the nine months ended September 30, 2025, compared with the year-ago period, primarily because of an increase of $13 million, $6 million, and $5 million at Ameren Missouri, Ameren Illinois Electric Distribution and Ameren Illinois Natural Gas, respectively. Taxes other than income taxes increased primarily due to an increase in gross receipts taxes of $14 million, $4 million and $4 million at Ameren Missouri, Ameren Illinois Natural Gas and Ameren Illinois Electric Distribution, respectively, resulting from increased retail natural gas and electric sales.
Other Income, Net
Increase (Decrease) by Segment
Overall Ameren Decrease of $25 Million (QTD YoY)
Overall Ameren Decrease of $36 Million (YTD YoY)
Total by Segment(a)
(a)Includes $(3) million and $8 million at Ameren Transmission in the three months ended September 30, 2025 and 2024, respectively. Also includes $4 million and $6 million at Ameren Illinois Natural Gas in the three months ended September 30, 2025 and 2024, 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.
Ameren
Other income, net, decreased $25 million and $36 million in the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods. In addition to changes discussed below, other income, net, decreased $3 million and $15 million, respectively, for activity not reported as part of a segment, primarily due to a decrease of $7 million and $16 million, respectively, in the non-service cost component of net periodic benefit income.
Ameren Transmission
Other income, net, decreased $11 million in the three months ended September 30, 2025 and were comparable in the nine months ended September 30, 2025, compared with the year-ago periods. This is primarily due to a $9 million impairment of an equity method investment in the three and nine months ended September 30, 2025. This decrease is offset by a $10 million increase in the allowance for equity funds used during construction, primarily resulting from a decreased level of short-term borrowings included in the calculation and higher average construction work in progress balances in the nine months ended September 30, 2025.
Ameren Missouri
Other income, net, decreased $6 million and $9 million in the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods. This is primarily due to a decrease of $6 million and $8 million in the reduction in non-service cost component of net periodic benefit income in the three and nine months ended September 30, 2025, and an increase of $2 million in charitable donations related to customer assistance programs in both periods.
Ameren Illinois
Other income, net, decreased $7 million and $4 million in the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods primarily due to the decrease of $4 million and $17 million in the non-service cost component of net periodic benefit income, largely at Ameren Illinois Electric Distribution and Ameren Illinois Natural Gas. In addition, Other income, net, decreased by $4 million and $3 million due to an increase in charitable donations related to customer assistance programs in the three and nine months ended September 30, 2025, respectively, primarily at Ameren Illinois Electric Distribution. The decreases are partially offset by an $11 million increase in the allowance for equity funds used during construction in the nine months ended September 30, 2025, largely at Ameren Illinois Transmission.
Interest Charges
Increase by Segment
Overall Ameren Increase of $35 Million (QTD YoY)
Overall Ameren Increase of $78 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 $35 million and $78 million in the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods. In addition to changes by segments discussed below, interest charges increased $9 million and $42 million respectively, at Ameren (parent), because of increased levels of short-term borrowings that increased interest charges by $3 million and $29 million, respectively. Additionally, interest charges increased $8 million and $15 million, respectively, at Ameren (parent), due to a long-term debt issuance in March 2025 offset by the repayment of a senior unsecured note in September 2024.
Ameren Transmission
Interest charges were comparable between periods.
Ameren Missouri
Interest charges increased $23 million and $28 million in the three and nine months ended September 30, 2025, respectively, compared with the year-ago periods. Interest charges increased by $12 million and $37 million, respectively, primarily due to the issuances of long-term debt in April 2024, October 2024, and April 2025. Interest charges also increased by $6 million and $17 million, respectively, due to the December 2024 issuance of securitized utility tariff bonds associated with the retirement of the Rush Island Energy Center, see Note 14 - Commitments and Contingencies under Part II, Item 8, in the Form 10-K for more information. Additionally, the amount of interest charges included in base rates for PISA and RESRAM was 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 $4 million in the three months ended September 30, 2025.
The above increases were partially offset by interest charges that reflected a deferral to a regulatory asset of interest associated with investments in eligible property, plant and equipment not yet reflected in rates pursuant to PISA and RESRAM, which decreased interest charges by $22 million in the nine months ended September 30, 2025.
Ameren Illinois
Interest charges were comparable in the three months ended September 30, 2025, and increased $14 million in the nine months ended September 30, 2025, compared with the year-ago periods, primarily due to the following:
Ameren Illinois Transmission
Interest charges were comparable in the three months ended September 30, 2025, and increased by $6 million in the nine months ended September 30, 2025, compared with the year-ago periods, primarily because of issuances of long-term debt in June 2024 and March 2025, which increased interest expense by $10 million. The increases were partially offset by decreased levels of interest charges associated with short-term debt of $3 million.
Ameren Illinois Electric Distribution
Interest charges increased by $3 million and $7 million in the three and nine months ended September 30, 2025, respectively, primarily because of issuances of long-term debt in June 2024 and March 2025, which increased interest expense by $2 million and $12 million, respectively. The increases in the nine months ended September 30, 2025 were partially offset by $2 million due to decreased levels of borrowing on short-term debt and by $2 million due to the maturity of senior secured notes in March 2025.
Ameren Illinois Natural Gas
Interest charges were comparable between periods.
Income Taxes
The following table presents effective income tax rates for the three and nine months ended September 30, 2025 and 2024:
Three Months(a)
Nine Months(a)
2025 2024 2025 2024
Ameren 7 % 11 % 11 % 13 %
Ameren Missouri 6 % (2) % 6 % (1) %
Ameren Illinois 10 % 24 % 20 % 24 %
Ameren Illinois Electric Distribution
25 % 20 % 21 % 19 %
Ameren Illinois Natural Gas
25 % 22 % 26 % 27 %
Ameren Illinois Transmission 2 % 27 % 17 % 27 %
Ameren Transmission (12) % 27 % 13 % 27 %
(a)Estimate of the annual effective income tax rate adjusted to reflect the tax effect of items discrete to the three and nine months ended September 30, 2025 and 2024.
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 lower at Ameren Transmission and Ameren Illinois Transmission for the three and nine months ended September 30, 2025 compared with the year-ago periods due to a revaluation of excess deferred income tax regulatory liabilities in the third quarter of 2025. In 2024, the IRS issued a series of private letter rulings to another taxpayer, which provided guidance on applying IRS normalization rules to the calculation of tax benefits applicable to the ratemaking treatment related to net operating loss carryforwards. The rulings concluded that, for ratemaking purposes, net operating loss carryforwards should be reflected on a separate company basis and should not be reduced by payments received for the utilization of losses by other affiliates under a tax allocation agreement. In 2025, the FERC issued an order reflecting implementation of the rules for the other taxpayer who had a similar fact pattern as Ameren Illinois and ATXI. Accordingly, in the third quarter of 2025, Ameren and Ameren Illinois decreased income tax expense by $48 million and $23 million, respectively, to reflect the revaluation of excess deferred income tax regulatory liabilities resulting from TCJA for FERC-regulated jurisdictions pursuant to IRS guidance and recent FERC order.
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 September 30, 2025, 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 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 2029. 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 nine months ended September 30, 2025. As of September 30, 2025, Ameren had multiple forward sale agreements that could be settled with various counterparties relating to 12.2 million shares of common stock. Ameren expects to settle approximately $530 million of the forward sale agreements with physical delivery of 5.8 million shares of common stock by December 31, 2025 and to settle another approximately $590 million of the forward sale agreements with physical delivery of 6.4 million shares of common stock by December 31, 2026. Including issuances under the DRPlus and employee benefit plans, Ameren plans to issue approximately $600 million of equity each year from 2025 to 2029. In August 2025, Ameren increased the amount of common stock available for sale under the ATM program by $1.25 billion to a total of $3 billion. As of September 30, 2025, Ameren had approximately $1.5 billion of common stock remaining available for sale under the ATM program. 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 nine months ended September 30, 2025 and 2024:
Net Cash Provided By
Operating Activities 		Net Cash Used In
Investing Activities 		Net Cash Provided By
Financing Activities
2025 2024 Variance 2025 2024 Variance 2025 2024 Variance
Ameren $ 2,397
(a)
$ 1,946
(a)
$ 451 $ (3,112) $ (3,106) $ (6) $ 822 $ 1,212 $ (390)
Ameren Missouri 1,273 997 276 (1,875) (1,932) 57 678 935 (257)
Ameren Illinois 1,117
(a)
1,067
(a)
50 (1,181) (1,090) (91) 92 82 10
(a)Both Ameren and Ameren Illinois' cash provided by operating activities included cash outflows of $85 million and $82 million for the electric energy-efficiency rider and $40 million and $20 million for the customer generation rebate program for the nine months ended September 30, 2025 and 2024, respectively.
Cash Flows from Operating Activities
Our 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.
Ameren
Ameren's cash provided by operating activities increased $451 million in the first nine months of 2025, compared with the year-ago period. The following items contributed to the increase:
•A $423 million increase resulting from higher customer collections primarily from higher electric and natural gas sales volumes due to warmer July temperatures and colder winter temperatures in 2025, increased base rates at Ameren Missouri effective June 1, 2025, pursuant to the April 2025 MoPSC electric rate order, and at Ameren Illinois, electric distribution and transmission base rate increases and higher customer collections under cost recovery mechanisms.
•A $236 million increase due to the transfer of production and investment tax credits to unrelated parties.
•A $27 million increase due to the timing of payments for spent nuclear fuel storage and reimbursements from the DOE.
The following items partially offset the increase in Ameren's cash from operating activities between periods:
•A $120 million increase in interest payments, primarily due to higher average outstanding debt and interest rates.
•A $36 million increase in payments for the spring 2025 refueling and maintenance outage at the Callaway Energy Center. There was no outage in 2024.
•A $32 million decrease due to higher workers' compensation claim payments and the absence of insurance proceeds received in 2024 related to workers' compensation claims at Ameren Illinois.
•An $18 million increase in payments for coal deliveries, primarily due to increased generation at Ameren Missouri's coal-fired energy centers in 2025.
•A $15 million increase in restoration expenses related to major storms in 2025.
•A $15 million increase in payments to contractors at Ameren Illinois, primarily related to higher levels of pole inspections and other maintenance activity and costs to comply with the CEJA.
•A $13 million increase in the cost of natural gas held in storage, primarily at Ameren Illinois, due to changes in the market price of natural gas and higher volumes.
Ameren Missouri
Ameren Missouri's cash provided by operating activities increased $276 million in the first nine months of 2025, compared with the year-ago period. The following items contributed to the increase:
•A $236 million increase due to the transfer of production and investment tax credits to unrelated parties.
•A $138 million increase resulting from higher customer collections primarily from higher electric sales volumes due to warmer July temperatures and colder winter temperatures in 2025 and increased base rates effective June 1, 2025, pursuant to the April 2025 MoPSC electric rate order, partially offset by lower customer collections under cost recovery mechanisms.
•A $27 million increase due to the timing of payments for spent nuclear fuel storage and reimbursements from the DOE .
The following items partially offset the increase in Ameren Missouri's cash from operating activities between periods:
•A $36 million increase in interest payments, primarily due to higher average outstanding debt and interest rates.
•A $36 million increase in payments for the spring 2025 refueling and maintenance outage at the Callaway Energy Center. There was no outage in 2024.
•An $18 million increase in payments for coal deliveries, primarily due to increased generation at coal-fired energy centers in 2025.
•A $9 million increase in restoration expenses related to major storms in 2025.
Ameren Illinois
Ameren Illinois' cash provided by operating activities increased $50 million in the first nine months of 2025, compared with the year-ago period, primarily due to a $278 million increase resulting from higher customer collections primarily from higher electric and natural gas distribution sales volumes due to to warmer July temperatures and colder winter temperatures in 2025, electric distribution and transmission base rate increases, and higher customer collections under cost recovery mechanisms.
The following items partially offset the increase in Ameren Illinois' cash from operating activities between periods:
•A $121 million increase in income tax payments to Ameren (parent), pursuant to the tax allocation agreement, primarily due to higher taxable income compared to 2024.
•A $31 million decrease due to higher workers' compensation claim payments and the absence of insurance proceeds received in 2024 related to workers' compensation claims.
•A $30 million increase in interest payments, primarily due to higher average outstanding debt and interest rates.
•A $15 million increase in payments to contractors, primarily related to higher levels of pole inspections and other maintenance activity and costs to comply with the CEJA.
•A $13 million increase in the cost of natural gas held in storage due to changes in the market price of natural gas and higher volumes.
•A $6 million increase in restoration expenses related to major storms in 2025.
Cash Flows from Investing Activities
Ameren's cash used in investing activities increased $6 million during the first nine months of 2025, compared with the year-ago period, primarily as a result of an $89 million increase in capital expenditures, largely resulting from increased natural gas generation-related investments at Ameren Missouri, increased expenditures for natural gas and electric distribution infrastructure upgrades at Ameren Illinois, and increased expenditures related to major storms at Ameren Missouri and Ameren Illinois. Ameren's increase in cash used in investing activities was partially offset by a $54 million withdrawal of funds related to the cash surrender value of COLI and a $37 million decrease due to the timing of nuclear fuel expenditures at Ameren Missouri.
Ameren Missouri's cash used in investing activities decreased $57 million during the first nine months of 2025, compared with the year-ago period, primarily as a result of a $43 million return of net money pool advances and a $37 million decrease due to the timing of nuclear fuel expenditures. Ameren Missouri's decrease in cash used in investing activities was partially offset by a $34 million increase in capital expenditures, largely resulting from increased natural gas generation-related investments, as well as increased expenditures related to major storms.
Ameren Illinois' cash used in investing activities increased $91 million during the first nine months of 2025, compared with the year-ago period, primarily as a result of a $51 million increase in net money pool advances, and a $36 million increase in capital expenditures, largely resulting from increased expenditures for natural gas and electric distribution infrastructure upgrades as well as increased expenditures related to major storms.
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 decreased $390 million during the first nine months of 2025, compared with the year-ago period. During the first nine months of 2025, Ameren utilized net proceeds from the issuance of long-term debt of $2.0 billion for general corporate purposes and to repay $300 million of long-term debt maturities and then-outstanding short-term debt. During the first nine months of 2025, Ameren also repaid net short-term debt of $239 million. In comparison, during the first nine months of 2024, Ameren utilized net proceeds from the issuance of long-term debt of $1.6 billion for capital expenditures, to repay then-outstanding short-term debt, and to repay $49 million of maturities of long-term debt at ATXI. In addition, during the first nine months of 2024, Ameren utilized proceeds from net commercial paper issuances of $1.0 billion along with cash on hand and cash provided by operating activities to repay $800 million of long-term debt maturities at Ameren (parent) and Ameren Missouri, and to fund, in part, capital expenditures. During the first nine months of 2025, Ameren paid common stock dividends of $576 million, compared with $535 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 decreased $257 million during the first nine months of 2025, compared with the year-ago period. During the first nine 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 nine months of 2025, Ameren Missouri utilized proceeds from net commercial paper issuances of $259 million, money pool borrowings of $51 million, and cash provided by operating activities to fund, in part, capital expenditures. In comparison, during the first nine months of 2024, Ameren Missouri utilized net proceeds from the issuance of
long-term debt of $846 million for capital expenditures and to repay then-outstanding short-term debt. Additionally, during the first nine months of 2024, Ameren Missouri utilized net commercial paper issuances totaling $406 million, capital contributions from Ameren (parent) of $350 million, and cash provided by operating activities to fund, in part, capital expenditures. Ameren Missouri also repaid $350 million of long-term debt maturities and $289 million of money pool borrowings during the first nine months of 2024. During the first nine months of 2025, Ameren Missouri also paid common stock dividends of $125 million.
Ameren Illinois' cash provided by financing activities increased $10 million during the first nine months of 2025, compared with the year-ago period. During the first nine months of 2025, Ameren Illinois utilized proceeds from the issuance of long-term debt of $711 million to repay $300 million of long-term debt maturities and then-outstanding short-term debt. Ameren Illinois also repaid net commercial paper borrowings of $88 million and money pool borrowings of $37 million during the first nine months of 2025. In comparison, during the first nine months of 2024, Ameren Illinois utilized proceeds from the issuance of long-term debt of $624 million to repay then-outstanding short-term debt. In addition, during the first nine months of 2024, Ameren Illinois repaid net commercial paper borrowings of $349 million and money pool borrowings of $135 million. During the first nine months of 2025, Ameren Illinois also paid common stock dividends of $185 million compared with $50 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 September 30, 2025:
Available at September 30, 2025
Ameren (parent) and Ameren Missouri:
Missouri Credit Agreement -borrowing capacity
$ 1,400
Less: Ameren (parent) commercial paper outstanding 379
Less: Ameren Missouri commercial paper outstanding
259
Less: Letters of credit 55
Missouri Credit Agreement - subtotal
707
Ameren (parent) and Ameren Illinois:
Illinois Credit Agreement -borrowing capacity
1,200
Less: Ameren (parent) commercial paper outstanding 265
Less: Letters of credit 4
Illinois Credit Agreement -subtotal
931
Subtotal
$ 1,638
Add: Cash and cash equivalents
9
Net Available Liquidity(a)
$ 1,647
(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 $2.6 billion of credit until maturity in December 2028. 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 nine months ended September 30, 2025, 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 Ameren Missouri, Ameren Illinois, and ATXI to issue up to $1.4 billion, $1 billion, and $500 million, respectively, of short-term debt securities through January 2027.
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 nine months ended September 30, 2025 and 2024:
Month Issued, Redeemed, or Matured 2025 2024
Issuances of Long-term Debt
Ameren:
5.375% Senior unsecured notes due 2035 March $ 749 $ -
Ameren Missouri:
5.25% First mortgage bonds due 2054 January - 347
5.25% First mortgage bonds due 2035 April 500 -
5.20% First mortgage bonds due 2034 April - 499
Ameren Illinois:
5.625% First mortgage bonds due 2055 March 350 -
5.55% First mortgage bonds due 2054 June - 624
5.625% First mortgage bonds due 2055 September 361 -
ATXI:
5.17% Senior unsecured notes due 2039 August - 70
5.42% Senior unsecured notes due 2053 August - 70
Total Ameren long-term debt issuances $ 1,960 $ 1,610
Issuances of Common Stock
Ameren:
DRPlus and 401(k)(a)(b)
Various $ 35 $ 30
Total Ameren common stock issuances(c)
$ 35 $ 30
Maturities of Long-term Debt
Ameren:
2.50% Senior unsecured notes due 2024 September $ - $ 450
Ameren Missouri:
3.50% Senior secured notes due 2024 April - 350
Ameren Illinois:
3.25% Senior secured notes due 2025 March 300 -
ATXI:
3.43% Senior unsecured notes due 2050 August - 49
Total Ameren long-term debt maturities $ 300
(d)
$ 849
(a)Ameren issued a total of 0.3 million and 0.4 million shares of common stock under its DRPlus and 401(k) plan for the nine months ended September 30, 2025 and 2024, respectively.
(b)Excludes a $7 million and $7 million receivable at September 30, 2025 and 2024, respectively.
(c)Excludes 0.3 million and 0.2 million shares of common stock valued at $25 million and $16 million issued for no cash consideration in connection with stock-based compensation for the nine months ended September 30, 2025 and 2024, respectively.
(d)Excludes Ameren (parent)'s June 2025 purchase of senior secured notes and first mortgage bonds issued by Ameren Missouri and first mortgage bonds issued by Ameren Illinois for $24 million in aggregate.
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 September 30, 2025, 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 55% and 65% 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 September 30, 2025, 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 nine months ended September 30, 2025 and 2024:
Nine Months
2025 2024
Ameren $ 576 $ 535
Ameren Missouri 125 -
Ameren Illinois 185 50
ATXI 49 -
Credit Ratings
Our credit ratings affect our liquidity, our access to the capital and credit markets, our cost of borrowing under our credit facilities and our commercial paper programs, and our collateral posting requirements under commodity contracts.
The following table presents the principal credit ratings by Moody's and S&P, as applicable, effective on the date of this report:
Moody's S&P
Ameren:
Issuer/corporate credit rating Baa1 BBB+
Senior unsecured debt Baa1 BBB
Commercial paper P-2 A-2
Ameren Missouri:
Issuer/corporate credit rating Baa1 BBB+
Secured debt A2 A
Senior unsecured debt Baa1 Not Rated
Commercial paper P-2 A-2
AMF securitized utility tariff bonds Aaa AAA
Ameren Illinois:
Issuer/corporate credit rating A3 BBB+
Secured debt A1 A
Senior unsecured debt A3 BBB+
Commercial paper P-2 A-2
ATXI:
Issuer credit rating A2 Not Rated
Senior unsecured debt A2 Not Rated
A credit rating is not a recommendation to buy, sell, or hold securities. It should be evaluated independently of any other rating. Ratings are subject to revision or withdrawal at any time by the rating organization.
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 $58 million for Ameren and Ameren Illinois at September 30, 2025. A sub-investment-grade issuer or senior unsecured debt rating (below "Baa3" from Moody's or below "BBB-" from S&P) at September 30, 2025, 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 $701 million, $657 million, and $44 million, respectively.
Changes in commodity prices could trigger additional collateral postings and prepayments. Based on credit ratings at September 30, 2025, if market prices were 15% higher or lower than September 30, 2025 levels in the next 12 months and 20% higher or lower thereafter through the end of the term of the commodity contracts, then Ameren, Ameren Missouri, and Ameren Illinois could be required to post an immaterial amount, compared to each company's liquidity, 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 2025 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
•In April 2025, Missouri Senate Bill 4 was enacted and became effective in August 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. In making this determination, the MoPSC shall consider whether the plans appropriately balance specific factors described in the law. 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, beginning in July 2026 the law allows natural gas utilities to file regulatory rate reviews using a future test year, subject to MoPSC approval. If a natural gas utility is allowed to use a future test year, a reconciliation of the actual rate base and certain forecasted costs will be performed 45 days after the end of the test year. If a given year's actual revenue requirement is less than the revenue requirement approved by the MoPSC due to changes in rate base or certain other costs, an adjustment is made to reduce natural gas operating revenues with an offset to a regulatory liability to reflect that test year's amounts. The regulatory liability will then be refunded to customers in the next regulatory rate review and will accrue carrying costs at the applicable WACC. The law also requires an electric utility to develop and submit to the MoPSC schedules that include its service tariff applicable to customers projected to have 100 MWs or more of demand. These schedules must reasonably ensure that such high-demand customers' rates reflect a representative share of the costs incurred to serve them and further, must prevent other lower-demand customer rates from reflecting any unjust or unreasonable costs arising from service provided to these high-demand customers. The law also made certain modifications to the PISA 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. The regulatory asset for accumulated PISA deferrals also earns a return at the applicable WACC until added to rate base prospectively. Ameren Missouri recognizes an offset to "Interest Charges" on its consolidated statement of income for its carrying cost of debt relating to each return allowed under the PISA, with the difference between the applicable WACC and its carrying cost of debt recognized in revenues when recovery of PISA deferrals is reflected in customer rates. Approved PISA deferrals are recovered over a period of 20 years following a regulatory rate review. Additionally, 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. Accumulated RESRAM deferrals earn carrying costs at short-term interest rates. 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. As a result of the PISA election, additional provisions of the law apply to Ameren Missouri, including limitations on electric customer rate increases. Pursuant to Missouri law enacted in April 2025 and 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.
•In April 2025, the MoPSC issued an order that authorizes an increase of $355 million to Ameren Missouri's annual revenue requirement for electric retail service, effective June 1, 2025. The order changed annualized depreciation, regulatory asset and liability amortization amounts, and the base level of expenses for trackers. On an annualized basis, these changes reflect an increase in "Depreciation and amortization" of approximately $70 million, among other expense changes, on Ameren's and Ameren Missouri's consolidated statements of income. As a result of this order, Ameren Missouri expects a year-over-year increase to 2025 earnings, compared to 2024, of approximately $120 million and a year-over-year increase to 2026 earnings, compared to 2025, of approximately $30 million.
•In July 2025, the MoPSC issued an order in Ameren Missouri's 2024 natural gas delivery service regulatory rate review, approving a unanimous stipulation and agreement. The order authorizes an increase of $32 million to Ameren Missouri's annual revenue requirement for natural gas delivery service, effective September 1, 2025.
•In November 2025, Ameren Missouri updated its May 2025 request with the MoPSC to modify its existing large primary service tariff to require customers requesting 75 MWs or more of demand and who are served at transmission level voltage to comply with additional tariff terms. The additional terms include a service term of 12 years plus a ramp period of up to five years to reach peak demand, minimum demand charges of 80% of contracted capacity, customer exit terms and fees, and customer credit and collateral requirements, among other terms. In addition, new customer programs would be available under this tariff, which allow customers to support renewable generation, battery storage, and/or nuclear generation through incremental payments. A decision by the MoPSC is expected by February 2026.
•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 will be 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 will affect Ameren Illinois' and ATXI's cash receipts during 2026, but will not determine their respective electric transmission service operating revenues, which will instead be 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 $17 million and $12 million, respectively, based on each company's 2025 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' 2025 electric distribution service revenues will be based on its 2025 actual recoverable costs, 2025 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 2025, Ameren Illinois filed for a reconciliation adjustment to its 2024 electric distribution service revenue requirement with the ICC. In September 2025, Ameren Illinois filed a revised reconciliation adjustment, requesting recovery of $60 million. An ICC decision in this proceeding is required by December 2025, and any approved adjustment would be collected from customers in 2026.
•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 March 2025, Ameren Illinois filed an appeal of the ICC's December 2024 order to the Illinois Appellate Court for the Fifth Judicial District to revise the allowed ROE and to include an asset associated with other postretirement benefits in the rate base, among other things. The appellate court is under no deadline to address the appeal, and Ameren Illinois cannot predict the ultimate outcome of the appeal.
•Pursuant to Illinois law, Ameren Illinois' electric energy-efficiency investments are deferred as a regulatory asset and earn a return at the applicable WACC, with the ROE component 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 goals. The ICC has approved a plan for Ameren Illinois to invest approximately $126 million in electric energy-efficiency programs per year from 2026 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 the investments in electric energy-efficiency programs.
•In January 2025, Ameren Illinois filed a request with the ICC seeking approval to increase its annual revenues for natural gas delivery service. In July 2025, Ameren Illinois filed a revised request seeking to increase its annual revenues by $135 million. A decision by the ICC in this proceeding is required by early December 2025, with new rates expected to be effective in early December 2025. Ameren Illinois cannot predict the level of any delivery service rate change the ICC may approve, nor whether any rate change that may eventually be approved will be sufficient to enable Ameren Illinois to recover its costs and to earn a reasonable return on investments when the rate changes go into effect.
•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 early 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.
•In late 2024 three turbines at the High Prairie Energy Center collapsed, resulting in significantly reduced operation of the energy center. While the investigation into the cause of the collapse is ongoing, a large majority of the turbines at the energy center have returned to operation, and work is ongoing to restore the remaining turbines.
•In April 2025, the MISO released the results of its annual capacity auction, which included a fall capacity price decrease in certain portions of the central region of the MISO footprint, where Ameren Missouri's service territory is located. Fall capacity prices decreased from $720 per MW-day in 2024 to $92 per MW-day in 2025. Based on the capacity prices set by the April 2025 MISO auction, Ameren Missouri estimates decreases to capacity revenues and purchased power costs in the fourth quarter of 2025, compared to the fourth quarter of 2024, of approximately $290 million. Ameren Missouri sells nearly all of its capacity to the MISO and purchases the capacity it needs to supply its native load sales from the MISO. Ameren Missouri's capacity revenues and purchased power costs are a 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.
•Ameren Missouri and Ameren Illinois continue to make infrastructure investments 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, including data center, manufacturing, aviation and defense, and biotechnology, are considering either locating or expanding their operations within our service territories. As a result, Ameren Missouri filed a request to modify its existing large primary service tariff as discussed above. Construction agreements associated with new data centers representing a maximum of approximately 3 gigawatts have been signed, subject to MoPSC approval of the modified large primary service tariff. Serving these new loads will require increased investments, including future investments for system reliability improvements and new generation sources, that will result in rate base growth.
Liquidity and Capital Resources
•In 2025, the presidential administration took executive action to impose additional foreign trade tariffs on various goods imported from numerous countries, and several of these countries imposed retaliatory foreign trade tariffs in response. Some of these foreign trade tariffs have been modified several times and/or paused for specific periods of time. The Ameren Companies are assessing the foreign trade tariffs and have not experienced material impacts on their results of operations, financial position, and liquidity, but the foreign trade tariffs may have future impacts. The Ameren Companies will continue to take actions to mitigate risks associated with costs and project timelines.
•As discussed above, several entities in various industries, including data center and manufacturing, 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 preferred resource plan with the MoPSC in February 2025. Ameren is continuing to target net-zero carbon emissions by 2045, as well as a 60% reduction by 2030 and an 85% reduction by 2040 based on 2005 levels in a safe, reliable, and affordable manner. Ameren's goals include both reduction of direct emissions from operations (scope 1), as well as electricity usage at Ameren buildings (scope 2), including other greenhouse gas emissions of methane, nitrous oxide, and sulfur hexafluoride. Achieving these goals will be dependent on a variety of factors, including cost-effective advancements in innovative energy technologies and constructive federal and state energy and economic policies. 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 will be achieved through the 1,600 MWs of 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 and an additional 1,200 MWs by 2040;
•adding 3,200 MWs of renewable generation by 2030, which includes the 650 MWs of 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 400-MW Big Hollow Battery Energy Storage Project 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 and acquire or construct that generation 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 continued existence and ability to qualify for, and use or transfer, federal production or investment tax credits; the ability to maintain system reliability during and after the transition to clean energy generation; new and/or changes in environmental regulations, including those related to CO2and other greenhouse gas emissions; energy 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. The next preferred resource plan is required to be filed by October 2026.
•Through 2029, 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. We estimate that we will invest up to $27.4 billion (Ameren Missouri - up to $17.5 billion; Ameren Illinois - up to $7.0 billion; ATXI - up to $2.9 billion) of capital expenditures during the period from 2025 through 2029. 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 substation upgrades in May 2024 in advance of transmission line construction, which is expected to begin in 2026, 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 $220 million for ATXI. In July 2025, the ICC issued an order approving a request filed by Ameren Illinois and ATXI for a CCN, among other things, related to the portion of the MISO long-range transmission projects they will construct within the ICC's jurisdiction. In 2024, ATXI filed requests for CCNs, among other things, with the MoPSC related to the MISO long-range transmission projects that it expects to construct within the MoPSC's jurisdiction. In July 2025, the MoPSC issued an order approving a CCN for a portion of the projects and a decision on the remaining projects is expected in 2025. 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. The first set of second tranche projects also includes competitive bid projects that are estimated to cost $6.5 billion, which includes projects located in Illinois that are estimated to cost $1.8 billion, based on the MISO's cost estimate. The competitive bid process is expected to take place through 2026. Separately, in July 2025, the FERC approved transmission rate incentives relating to the second tranche projects assigned to Ameren. The incentives will allow construction work in progress to be included in rate base for projects constructed by ATXI, 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 Ameren. ATXI will not capitalize allowance for funds used during construction on the related projects.The MISO is conducting future long-range transmission scenario planning and is expected to issue a final report in early 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 CO2or other emissions, or other executive orders or other 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 $2.6 billion of credit through December 2028, 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 $3.2 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 2025 to 2029 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 2025 through the date of this report. Ameren (parent) entered into interest rate swaps to hedge a portion of its interest rate risk on cash flows related to certain forecasted 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 September 30, 2025, for Ameren. 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 2029. 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 September 30, 2025, Ameren had multiple forward sale agreements that could be settled with various counterparties relating to 12.2 million shares of common stock. Ameren expects to settle approximately $530 million of the forward sale agreements with physical delivery of 5.8 million shares of common stock by December 31, 2025 and to settle another approximately $590 million of the forward sale agreements with physical delivery of 6.4 million shares of common stock by December 31, 2026. Including issuances under the DRPlus and employee benefit plans, Ameren plans to issue approximately $600 million of equity each year from 2025 to 2029. In August 2025, Ameren increased the amount of common stock available for sale under the ATM program by $1.25 billion to a total of $3 billion. As of September 30, 2025, Ameren had approximately $1.5 billion of common stock remaining available for sale under the ATM program. 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).
•The IRA was enacted in 2022, and includes various income tax provisions, among other things. The law extends federal production and investment tax credits for projects that began construction through 2024 and creates renewable energy production and investment tax credits and nuclear production tax credits for projects beginning construction after 2024, subject to the phase out provisions established by the OBBBA as discussed below. The law allows for transferability, subject to revisions made by the OBBBA discussed below, to an unrelated party for cash of up to 100% of certain tax credits generated after 2022.
•The OBBBA was enacted in July 2025 and includes various income tax provisions, among other things. The OBBBA modified provisions of the IRA related to production and investment tax credits. The new law maintains production and investment tax credits for solar and wind projects that begin construction within one year of the OBBBA's enactment and are placed in-service by the end of 2030. Projects that begin construction after one year from enactment of the OBBBA but are placed in service by the end of 2027 also remain eligible. The law provides investment tax credits for battery storage projects that begin construction by the end of 2033 and phase out by the end of 2035. Renewable energy projects that begin construction in 2026 and beyond that use a certain threshold percentage of materials from prohibited foreign entities, as defined in the OBBBA, are not eligible for the tax credits. Production tax credits associated with nuclear generation remain unchanged from the IRA and phase out by the end of 2032. Furthermore, the new law continues to allow for transferability of the production and investment tax credits to an unrelated party for cash but is restricted from being transferred to specified foreign entities, as defined in the OBBBA. Ameren is currently evaluating the OBBBA and guidance issued in connection with the OBBBA and does not expect any material impacts on its results of operations, financial position, and liquidity in 2025. Implementation of the OBBBA provisions is subject to additional guidance, regulations, interpretations, amendments, or technical corrections that may be issued by the IRS or United States Department of Treasury.
•Pursuant to the IRA and the OBBBA discussed above, Ameren Missouri expects to transfer production and investment tax credits to unrelated parties of approximately $1.5 billion from 2025 to 2029. 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.
•In 2024, the IRS issued a series of private letter rulings to another taxpayer which provided guidance on applying IRS normalization rules to the calculation of tax benefits related to net operating loss carryforwards. The rulings concluded, that for ratemaking purposes, net operating loss carryforwards should be reflected on a separate company basis and should not be reduced by payments received for the utilization of losses by other affiliates under a tax allocation agreement. While a private letter ruling issued to another taxpayer may not be relied on as precedent, Ameren Illinois is evaluating this guidance and is addressing potential impacts of the private letter rulings with the ICC. These impacts could result in reductions to income tax expense at Ameren Illinois' electric and natural gas distribution businesses of $25 million and $13 million, respectively. Ameren Illinois will record the impacts, if any, if approved by the ICC in its 2024 electric distribution service revenue requirement reconciliation adjustment proceeding and in its January 2025 natural gas rate review.
•As of September 30, 2025, Ameren had $177 million in tax benefits from federal and state income tax credit carryforwards, $55 million in tax benefits from federal and state net operating loss carryforwards, and $23 million in tax receivables, which will be utilized in future periods. 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 2029.
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.
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