AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 6/6 · 18/10/2026
Moat56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Operating regulated infrastructure, approved construction rights and formula-based transmission recovery demonstrate a structural advantage. Exclusive territorial protection and superior costs are not established.
durability · 2/4 · Annual reconciliation and approved project protections support persistence, but historical ROE changes and recovery limitations make the advantage conditional.
customer dependency · 2/4 · Operating delivery networks and customers returning to supplied power indirectly support ongoing dependency. Supply switching and private generation limit lock-in; future large-load demand is not realized retention.
erosion resilience · 2/4 · Actual cost-recovery offsets cushion commodity exposure, and competitive awards demonstrate continued project access. Financing pressure, customer alternatives and regulatory return changes constrain resilience.
Pricing power50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Actual corresponding revenue offsets demonstrate realized cost recovery. This supports pricing protection, but does not establish discretionary price increases or premium pricing; allowed returns have also been changed through complaints.
retention · 2/4 · Customers switching back to Ameren Illinois supplied power provide indirect operating evidence of demand retention. Switching remains possible, and the passages disclose no cohort retention rate.
margin resilience · 3/4 · Actual revenue-cost offsets and regulatory deferral of qualifying derivatives demonstrate protection against specified commodity movements. Missouri's 95% variance recovery and prudence reviews leave residual exposure; this is not evidence of complete margin protection.
contractual freedom · 1/4 · Prices and returns depend on regulatory formulas, recoverability determinations and reconciliation limits. Historical customer complaint cases demonstrate that this constraint is operative.
Predictability62
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 75.00
- Revenue growth volatility (pp)
- 11.74
- Positive FCF years (%)
- 0.00
- FCF margin volatility (pp)
- 4.41
Financial strength4
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 0.00
- netDebtEbitGrade
- 0.00
- interestCoverageGrade
- 14.64
- currentRatioGrade
- 0.00
- Net debt / operating income (x)
- 9.78
- Interest coverage (x)
- 2.61
- Current ratio (x)
- 0.66
Capital allocation48
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 5.75
- 3-year average dilution (%)
- 1.54
- 3-year average SBC / revenue (%)
- 0.34
- cashConversionGrade
- 0.00
Management69
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · 2025 investment matched the announced plan, but Missouri's first-half 2026 capital expenditures substantially exceeded operating cash flow and required debt and parent funding. Increased consolidated share counts show dilution. These establish mixed financing and spending evidence, without proving poor investment returns.
incentive alignment · 3/4 · Existing grants place substantial weight on relative TSR and settle earned awards in stock. Actual 2023 relative-TSR awards paid below target following a 47th-percentile result, demonstrating performance sensitivity. Executive ownership and the full adjustment framework remain unavailable.
execution · 3/4 · Completed investment against plan, reported earnings growth, achieved generation milestones and actual competitive transmission wins demonstrate execution. Adjusted earnings and compensation-related achievement reporting are issuer disclosures; these do not prove exceptional execution or future project completion.
governance · 3/4 · Disclosed independent committees and routine independent executive sessions demonstrate functioning oversight arrangements. Management reported effective disclosure controls, but that conclusion is not independent proof of exceptional governance.
Evidence
•Union Electric Company, doing business as Ameren Missouri, operates a rate-regulated electric generation, transmission, and distribution business and a rate-regulated natural gas distribution business in Missouri.
Note 1: Ameren Missouri regulated businesses · Filed 03/08/2026
•Ameren Illinois Company, doing business as Ameren Illinois, operates rate-regulated electric transmission, electric distribution, and natural gas distribution businesses in Illinois.
Note 1: Ameren Illinois regulated businesses · Filed 03/08/2026
•Ameren Illinois and ATXI use a forward-looking rate calculation with an annual revenue requirement reconciliation for each company’s electric transmission business.
Regulatory matters: annual transmission revenue reconciliation · Filed 18/02/2026
These rates affect Ameren Illinois’ and ATXI’s cash receipts during 2026, but do not determine their respective electric transmission service operating revenues, which instead are based on 2026 actual recoverable costs, rate base, and a return on rate base at the applicable WACC as calculated under the FERC formula ratemaking framework.
Regulatory matters: transmission revenue determination · Filed 03/08/2026
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.
MISO long-range transmission projects: approved construction certificate · Filed 18/02/2026
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.
Federal transmission rate incentives: approved recovery protections · Filed 18/02/2026
In May 2026, the MISO awarded two competitive bid projects to ATXI and other joint owners that represent a total estimated investment of approximately $700 million for ATXI, based on the MISO’s cost estimate.
Federal transmission rate incentives: May 2026 competitive project awards · Filed 03/08/2026
FERC ROE Complaint Cases Since November 2013, the allowed base ROE for FERC-regulated transmission rate base under the MISO tariff has been subject to customer complaint cases and has been changed by various FERC orders.
FERC ROE complaint cases: historical changes to allowed returns · Filed 03/08/2026
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.
Outlook: prudence reviews and regulatory lag · Filed 03/08/2026
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.
Outlook: recovery pressures, financing costs and customer alternatives · Filed 03/08/2026
•Regulatory environment and external regulatory decisions and requirements •Anticipated future regulatory decisions and our assessment of their impact •The impact of prudence reviews, complaint cases, limitations on electric rate increases in Missouri and Illinois, and opposition during the ratemaking process that may limit our ability to timely recover costs and earn a fair return on our investments •Ameren Illinois’ assessment of and ability to estimate the current year’s electric distribution service costs to be reflected in revenues and recovered from customers in a subsequent year under the MYRP process, which includes a revenue requirement reconciliation, which may not allow for full recovery of actual costs due to a reconciliation cap •Ameren Illinois’ and ATXI’s assessment of and ability to estimate the current year’s electric transmission service costs to be reflected in revenues and recovered from customers in a subsequent year under the FERC ratemaking frameworks •Ameren Missouri’s estimate of revenue recovery under the MEEIA plans Basis for Judgment The application of accounting guidance for rate-regulated businesses results in recording regulatory assets and liabilities.
Critical accounting estimates: recovery limitations and reconciliation cap · Filed 18/02/2026
Ameren Illinois Electric Distribution Ameren Illinois Electric Distribution’s purchased power expenses increased $201 million, or 27%, in 2025, compared with 2024, 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 (+$69 million), increased volumes (+$61 million), primarily due to residential and small commercial customers switching from alternative retail electric suppliers to Ameren Illinois’ supplied power, increases in transmission service charges (+$46 million), and increased energy prices (+$25 million).
2025 results: purchased-power costs and customers switching suppliers · Filed 18/02/2026
(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.
2026 results: actual corresponding revenue and purchased-power recovery offsets · Filed 03/08/2026
Ameren Missouri’s purchased power costs are part of the net energy costs recoverable under the FAC, with 95% of the variance between net energy costs and the amount set in base rates recovered or refunded through the FAC.
Outlook: Missouri fuel adjustment recovery and refund percentage · Filed 03/08/2026
Therefore, gains and losses on these derivatives have no effect on operating income.
Derivative instruments: operating-income effect of regulatory deferral · Filed 03/08/2026
As of June 30, 2026, and December 31, 2025, all commodity contracts that met the definition of a derivative and were not eligible for the NPNS exception received regulatory deferral.
Derivative instruments: contracts receiving regulatory deferral · Filed 03/08/2026
In 2026, Ameren Missouri executed electric service agreements with large load customers under its modified large primary service tariff that was approved in 2025, representing 2.8 gigawatts of demand that is expected to begin materializing in the second half of 2027 and to reach full capacity by the end of 2029.
Outlook: executed large-load agreements and expected demand timing · Filed 03/08/2026
9 Table of Contents UNION ELECTRIC COMPANY (d/b/a AMEREN MISSOURI) CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) (In millions) Six Months Ended June 30, 2026 2025 Cash Flows From Operating Activities: Net income $ 235 $ 194 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 470 445 Amortization of nuclear fuel 43 20 Amortization of debt issuance costs and premium/discounts 4 4 Deferred income taxes and tax credits, net 68 137 Allowance for equity funds used during construction (53) (23) Other 8 5 Changes in assets and liabilities: Receivables (74) (164) Inventories (33) 16 Accounts and wages payable (225) (202) Taxes accrued 168 278 Regulatory assets and liabilities (78) (146) Assets, other (2) (4) Liabilities, other 80 60 Pension and other postretirement benefits (15) (28) Net cash provided by operating activities 596 592 Cash Flows From Investing Activities: Capital expenditures (1,771) (1,325) Nuclear fuel expenditures (23) (19) Purchases of securities – nuclear decommissioning trust fund (168) (244) Sales and maturities of securities – nuclear decommissioning trust fund 158 223 Money pool advances, net (116) 43 Other (19) — Net cash used in investing activities (1,939) (1,322) Cash Flows From Financing Activities: Dividends on common stock — (50) Dividends on preferred stock (2) (2) Short-term debt, net (471) 330 Maturities of long-term debt (12) — Issuances of long-term debt 1,395 500 Capital contribution from parent 425 — Debt issuance costs (14) (4) Net cash provided by financing activities 1,321 774 Net change in cash, cash equivalents, and restricted cash (22) 44 Cash, cash equivalents, and restricted cash at beginning of year 68 17 Cash, cash equivalents, and restricted cash at end of period $ 46 $ 61 The accompanying notes as they relate to Ameren Missouri are an integral part of these consolidated financial statements.
Ameren Missouri: six-month operating cash flow, capital spending and financing · Filed 03/08/2026
The following table presents the excise taxes recorded on a gross basis in “Operating Revenues – Electric,” “Operating Revenues – Natural gas” and “Operating Expenses – Taxes other than income taxes” on the statements of income for the three and six months ended June 30, 2026 and 2025: Three Months Six Months 2026 2025 2026 2025 Ameren Missouri $ 47 $ 43 $ 87 $ 81 Ameren Illinois 32 31 77 74 Ameren $ 79 $ 74 $ 164 $ 155 Earnings per Share The following table reconciles the basic weighted-average number of common shares outstanding to the diluted weighted-average number of common shares outstanding for the three and six months ended June 30, 2026 and 2025: Three Months Six Months 2026 2025 2026 2025 Weighted-average Common Shares Outstanding – Basic 276.8 270.3 276.6 270.1 Assumed settlement of performance share units and restricted stock units 0.8 0.8 1.0 0.9 Dilutive effect of forward sale agreements 1.1 0.5 1.0 0.5 Weighted-average Common Shares Outstanding – Diluted(a) 278.7 271.6 278.6 271.5 (a)There was an immaterial number of anti-dilutive performance share units excluded from the earnings per diluted share calculations for the three and six months ended June 30, 2026 and 2025.
Earnings per share: weighted-average shares and dilution · Filed 03/08/2026
We also executed significant capital investments of $4.1 billion, which was in line with the five-year investment plan we announced in February 2025.
Shareholder letter: 2025 investment compared with announced plan · Filed 31/03/2026
Key financial and operational highlights include the following: Financial Highlights • In 2025, Ameren earned $5.35 per diluted share on a GAAP basis, representing an approximately 21.0 percent increase over 2024 GAAP earnings, and $4.89 per diluted share on a weather-normalized adjusted (non-GAAP) basis, representing an approximately 5.2 percent increase over 2024 weather-normalized adjusted (non-GAAP) earnings.* The 2025 earnings reflected strong operating performance and the execution of the Company’s strategy across all business segments.
Executive compensation discussion: GAAP and adjusted earnings outcomes · Filed 31/03/2026
• Ameren ranked 11th in Relative TSR compared to the defined TSR peer group of 20 companies (i.e., the 47th percentile) over the three-year measurement period (2023-2025).
Executive compensation highlights: realized relative shareholder return · Filed 31/03/2026
Based on this TSR performance, the PSU long-term incentive awards tied to Relative TSR that were granted in 2023 were earned at 94.0 percent of target.
Executive compensation highlights: earned relative-TSR award payout · Filed 31/03/2026
• The PSU long-term incentive awards tied to Energy Transition goals that were granted in 2023 were earned at 141.3 percent of target based on the retirement and installation of new generation resources in an aggregate amount of 1,803.3 MW over the three-year measurement period (2023-2025).
Executive compensation highlights: achieved generation transition milestones · Filed 31/03/2026
• PSUs tied to relative TSR represent 60% of the total 2025 annual grant value.
2025 grants: relative-TSR weighting · Filed 31/03/2026
• Promote stock ownership: Payout of earned PSU and RSU awards is made 100% in common stock, with the dividends on common stock, as declared and paid, reinvested into additional PSUs and RSUs throughout the vesting period.
Long-term incentives: stock settlement of earned awards · Filed 31/03/2026
Each committee is comprised entirely of non-management directors, each of whom the Board of Directors has determined to be “independent” as defined by the relevant provisions of the Sarbanes-Oxley Act of 2002, the NYSE listing standards and the Director Nomination Policy.
Corporate governance: committee independence · Filed 31/03/2026
Executive Sessions of Independent Directors The independent directors meet privately in executive sessions to consider such matters as they deem appropriate, without management being present, as a routinely scheduled agenda item for every Board meeting.
Corporate governance: independent director executive sessions · Filed 31/03/2026
Based on those evaluations, as of June 30, 2026, the principal executive officer and the principal financial officer of each of the Ameren Companies 72 Table of Contents concluded that such disclosure controls and procedures are effective to provide assurance that information required to be disclosed in such registrant’s reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and such information is accumulated and communicated to its management, including its principal executive officer and its principal financial officer, to allow timely decisions regarding required disclosure.
Controls and procedures: management effectiveness conclusion · Filed 03/08/2026
