Ameren Announces Third Quarter 2025 Results

ST. LOUIS, Nov. 5, 2025 /PRNewswire/ -- Ameren Corporation (NYSE: AEE) today announced third quarter 2025 net income attributable to common shareholders in accordance with generally accepted accounting principles (GAAP) of $640 million, or $2.35 per diluted share, compared to third quarter 2024 GAAP net income of $456 million, or $1.70 per diluted share. Excluding a third quarter 2025 tax benefit and certain 2024 charges described below, Ameren recorded third quarter 2025 adjusted (non-GAAP) net income attributable to common shareholders of $592 million, or $2.17 per diluted share, compared to third quarter 2024 adjusted (non-GAAP) net income attributable to common shareholders of $500 million, or $1.87 per diluted share.

Third quarter 2025 adjusted earnings reflected increased infrastructure investments, new Ameren Missouri electric service rates that became effective June 1, 2025, and higher Ameren Missouri retail sales, primarily driven by warmer July weather in the current period. These positive factors were partially offset by higher interest expense at Ameren Parent and Ameren Missouri, as well as higher energy center and tree trimming expenditures that drove higher operations and maintenance expenses at Ameren Missouri. Finally, the earnings per diluted share comparison reflected higher weighted-average basic common shares outstanding in the third quarter 2025.

"We are executing across all elements of our strategy, including hardening the grid, expanding our balanced generation portfolio and supporting economic development," said Martin J. Lyons, Jr., chairman, president and chief executive officer of Ameren Corporation. "These efforts reflect our commitment to investing in a reliable and resilient energy future that provides value for our customers and communities."

Ameren recorded GAAP net income attributable to common shareholders for the nine months ended September 30, 2025, of $1,204 million, or $4.43 per diluted share, compared to GAAP net income attributable to common shareholders for the nine months ended September 30, 2024, of $975 million, or $3.65 per diluted share. Excluding a third quarter 2025 tax benefit and certain 2024 charges described below, Ameren recorded 2025 adjusted net income for the nine months ended September 30, 2025, of $1,156 million, or $4.25 per diluted share and 2024 adjusted net income for the nine months ended September 30, 2024, of $1,030 million, or $3.86 per diluted share.

The increase in year-over-year nine month adjusted earnings reflected increased infrastructure investments, new Ameren Missouri electric service rates and higher Ameren Missouri electric retail sales, primarily driven by colder winter and warmer July weather in the current period. These positive factors were partially offset by higher interest expense at Ameren Missouri and Ameren Parent and higher operations and maintenance expenses at Ameren Missouri.

As reflected in the table below, the following items were excluded from adjusted earnings for the three-month and nine-month periods ended September 30, 2025, and 2024, respectively.

(In millions, except per share amounts)

Three Months Ended

Sep. 30,

Nine Months Ended

Sep. 30,

2025

2024

2025

2024

GAAP Earnings / Diluted EPS

$ 640

$ 2.35

$ 456

$ 1.70

$ 1,204

$ 4.43

$ 975

$ 3.65

Charge for additional mitigation relief related to Rush Island Energy Center

$ —

$ 44

$ 0.17

$ —

$ 59

$ 0.22

Less: Income tax benefit

—

(10)

(0.04)

—

(14)

(0.05)

Charge, net of tax benefit

$ —

$ 34

$ 0.13

$ —

$ 45

$ 0.17

Charge for customer refunds from FERC order on MISO's allowed base ROE

$ —

$ 12

$ 0.05

$ —

$ 12

$ 0.05

Less: Income tax benefit

—

(2)

(0.01)

—

(2)

(0.01)

Charge, net of tax benefit

$ —

$ 10

$ 0.04

$ —

$ 10

$ 0.04

Tax benefit from FERC order on net operating loss carryforwards

$ (48)

$ (0.18)

$ —

$ (48)

$ (0.18)

$ —

Adjusted Earnings / Diluted EPS

$ 592

$ 2.17

$ 500

$ 1.87

$ 1,156

$ 4.25

$ 1,030

$ 3.86

Earnings Guidance

Ameren now expects 2025 GAAP EPS to be in the range of $5.08 to $5.28 and 2025 adjusted EPS to be in the range of $4.90 to $5.10, both of which reflect an increase from the original 2025 EPS guidance range of $4.85 to $5.05. The adjusted EPS range excludes the third quarter 2025 tax benefit described above.

Ameren expects 2026 diluted EPS to be in the range of $5.25 to $5.45.

Earnings guidance for 2025 assumes normal temperatures for the last three months of the year, and earnings guidance for 2026 assumes normal temperatures for the full year. Earnings guidance for 2025 and 2026 is subject to the effects of, among other things: regulatory, judicial and legislative actions; energy center and energy transmission and distribution operations; energy, economic, capital and credit market conditions; customer usage; severe storms; market returns on company-owned life insurance investments; unusual or otherwise unexpected gains or losses; and other risks and uncertainties outlined, or referred to, in the Forward-looking Statements section of this press release.

Ameren Missouri Segment Results

Ameren Missouri third quarter 2025 earnings were $518 million, compared to third quarter 2024 GAAP and adjusted earnings of $381 million and $415 million, respectively. Adjusted earnings in 2024 excluded the above-described mitigation charges related to an agreement in principle to settle the Rush Island Energy Center New Source Review and Clean Air Act proceeding. On an adjusted basis, the year-over-year increase reflected earnings on increased infrastructure investments, new electric service rates that became effective June 1, 2025 and higher electric retail sales, primarily driven by warmer July weather in the current period. These positive factors were partially offset by higher interest expense and higher operations and maintenance expenses, the latter driven primarily by higher energy center and tree trimming expenditures.

Ameren Transmission Segment Results

Ameren Transmission third quarter 2025 GAAP and adjusted earnings were $151 million and $103 million, respectively, compared to third quarter 2024 GAAP and adjusted earnings of $90 million and $100 million, respectively. Adjusted earnings in 2025 excluded the above-described tax benefit related to a Federal Energy Regulatory Commission (FERC) order on net operating loss carryforwards. Adjusted earnings in 2024 excluded the above-described charges for customer refunds from a FERC order on the Midcontinent Independent System Operator's (MISO) allowed base return on equity.

Ameren Illinois Electric Distribution Segment Results

Ameren Illinois Electric Distribution third quarter 2025 earnings were $57 million, compared to third quarter 2024 earnings of $56 million.

Ameren Illinois Natural Gas Segment Results

Ameren Illinois Natural Gas third quarter 2025 loss was $13 million, compared to a third quarter 2024 loss of $10 million.

Ameren Parent Results (includes items not reported in a business segment)

Ameren Parent third quarter 2025 loss was $73 million, compared to a third quarter 2024 loss of $61 million. The year-over-year comparison reflected higher interest expense.

Analyst Conference Call

Ameren will conduct a conference call for financial analysts at 9 a.m. Central Time on Thursday, November 6, 2025, to discuss third quarter earnings, 2025 and 2026 earnings guidance and other matters. Investors, the news media and the public may listen to a live broadcast of the call at AmerenInvestors.com by clicking on "Webcast" under "Latest Quarterly Results," where an accompanying slide presentation will also be available. The conference call and presentation will be archived in the "Investors" section of the website under "Quarterly Earnings."

About Ameren

St. Louis-based Ameren Corporation powers the quality of life for 2.5 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area through its Ameren Missouri and Ameren Illinois rate-regulated utility subsidiaries. Ameren Illinois provides electric transmission and distribution service and natural gas distribution service. Ameren Missouri provides electric generation, transmission and distribution service, as well as natural gas distribution service. Ameren Transmission Company of Illinois develops, owns and operates rate-regulated regional electric transmission projects in the Midcontinent Independent System Operator, Inc. For more information, visit Ameren.com, or follow us at @AmerenCorp, Facebook.com/AmerenCorp, or LinkedIn.com/company/Ameren.

Use of Non-GAAP Financial Measures

In this release, Ameren has presented adjusted earnings and adjusted earnings per share, which are non-GAAP measures and may not be comparable to those of other companies. A reconciliation of GAAP to non-GAAP information is included in this release. Generally, adjusted earnings or losses include earnings or losses attributable to Ameren common shareholders and exclude income or loss from significant discrete items that management does not consider representative of ongoing earnings, such as the cumulative impact of the first and third quarter 2024 charges for additional mitigation relief related to an agreement in principle to settle the New Source Review (NSR) and Clean Air Act proceeding, a third quarter 2024 charge for customer refunds related to the FERC's October 2024 order on MISO's allowed base return on equity, and a third quarter 2025 tax benefit related to a FERC order on net operating loss carryforwards. Ameren uses adjusted earnings internally for financial planning and for analysis of performance. Ameren also uses adjusted earnings as the primary performance measurement when communicating with analysts and investors regarding our earnings results and outlook, as the company believes that adjusted earnings allow the company to more accurately compare its ongoing performance across periods. In providing adjusted earnings guidance, there could be differences between adjusted earnings and earnings prepared in accordance with GAAP as a result of our treatment of certain items, such as those described above.

Forward-looking Statements

Statements in this release not based on historical facts are considered "forward-looking" and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These statements include (without limitation) statements as to future expectations, beliefs, plans, projections, strategies, targets, estimates, objectives, events, conditions, and financial performance. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we are providing this cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. The following factors, in addition to those discussed within Risk Factors in Ameren's Annual Report on Form 10-K for the year ended December 31, 2024, and elsewhere in this release and in our other filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations suggested in such forward-looking statements:

New factors emerge from time to time, and it is not possible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement. Given these uncertainties, undue reliance should not be placed on these forward-looking statements. Except to the extent required by the federal securities laws, we undertake no obligation to update or revise publicly any forward-looking statements to reflect new information or future events.

AMEREN CORPORATION (AEE)

CONSOLIDATED STATEMENT OF INCOME

(Unaudited, in millions, except per share amounts)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Operating Revenues:

Electric

$ 2,563

$ 2,035

$ 6,223

$ 4,920

Natural gas

136

138

794

762

Total operating revenues

2,699

2,173

7,017

5,682

Operating Expenses:

Fuel and purchased power

768

499

2,064

1,154

Natural gas purchased for resale

233

214

Other operations and maintenance

502

520

1,447

1,455

Depreciation and amortization

415

388

1,168

1,125

Taxes other than income taxes

164

150

439

416

Total operating expenses

1,874

1,587

5,351

4,364

Operating Income

825

586

1,666

1,318

Other Income, Net

101

257

293

Interest Charges

208

173

570

492

Income Before Income Taxes

693

514

1,353

1,119

Income Taxes

145

140

Net Income

641

457

1,208

979

Less: Net Income Attributable to Noncontrolling Interests

Net Income Attributable to Ameren Common Shareholders

$ 640

$ 456

$ 1,204

$ 975

Earnings per Common Share - Basic

$ 2.37

$ 1.71

$ 4.46

$ 3.66

Earnings per Common Share – Diluted

$ 2.35

$ 1.70

$ 4.43

$ 3.65

Weighted-average Common Shares Outstanding – Basic

270.4

266.8

270.2

266.6

Weighted-average Common Shares Outstanding – Diluted

272.2

267.3

271.7

266.9

AMEREN CORPORATION (AEE)

CONSOLIDATED BALANCE SHEET

(Unaudited, in millions)

September 30,

2025

December 31,

2024

ASSETS

Current Assets:

Cash and cash equivalents

$ 9

$ 7

Accounts receivable - trade (less allowance for doubtful accounts)

794

525

Unbilled revenue

413

346

Miscellaneous accounts receivable

Inventories

804

762

Current regulatory assets

260

366

Other current assets

252

162

Total current assets

2,610

2,264

Property, Plant, and Equipment, Net

38,411

36,304

Investments and Other Assets:

Nuclear decommissioning trust fund

1,502

1,342

Goodwill

411

Regulatory assets

2,611

2,397

Pension and other postretirement benefits

741

757

Other assets

1,130

1,123

Total investments and other assets

6,395

6,030

TOTAL ASSETS

$ 47,416

$ 44,598

LIABILITIES AND EQUITY

Current Liabilities:

Current maturities of long-term debt

$ 29

$ 317

Short-term debt

903

1,143

Accounts and wages payable

762

1,059

Taxes accrued

215

Interest accrued

183

196

Customer deposits

248

223

Current regulatory liabilities

142

120

Other current liabilities

323

295

Total current liabilities

2,805

3,413

Long-term Debt, Net

19,172

17,262

Deferred Credits and Other Liabilities:

Accumulated deferred income taxes and tax credits, net

5,081

4,474

Regulatory liabilities

6,089

5,897

Asset retirement obligations

844

822

Other deferred credits and liabilities

516

487

Total deferred credits and other liabilities

12,530

11,680

Shareholders' Equity:

Common stock

Other paid-in capital, principally premium on common stock

7,559

7,513

Retained earnings

5,232

4,604

Accumulated other comprehensive loss

(14)

(6)

Total shareholders' equity

12,780

12,114

Noncontrolling Interests

129

Total equity

12,909

12,243

TOTAL LIABILITIES AND EQUITY

$ 47,416

$ 44,598

AMEREN CORPORATION (AEE)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited, in millions)

Nine Months Ended

September 30,

2025

2024

Cash Flows From Operating Activities:

Net income

$ 1,208

$ 979

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

1,199

1,142

Amortization of nuclear fuel

Amortization of debt issuance costs and premium/discounts

Deferred income taxes and tax credits, net

255

145

Allowance for equity funds used during construction

(60)

(48)

Stock-based compensation costs

Other

Changes in assets and liabilities

(308)

(451)

Net cash provided by operating activities

2,397

1,946

Cash Flows From Investing Activities:

Capital expenditures

(3,118)

(3,029)

Nuclear fuel expenditures

(20)

(57)

Purchases of securities – nuclear decommissioning trust fund

(373)

(499)

Sales and maturities of securities – nuclear decommissioning trust fund

348

480

Other

(1)

Net cash used in investing activities

(3,112)

(3,106)

Cash Flows From Financing Activities:

Dividends on common stock

(576)

(535)

Dividends paid to noncontrolling interest holders

(4)

Short-term debt, net

(239)

1,002

Maturities and extinguishment of long-term debt

(324)

(849)

Issuances of long-term debt

1,960

1,610

Issuances of common stock

Employee payroll taxes related to stock-based compensation

(13)

(8)

Debt issuance costs

(17)

(19)

Other

—

(15)

Net cash provided by financing activities

822

1,212

Net change in cash, cash equivalents, and restricted cash

107

Cash, cash equivalents, and restricted cash at beginning of year (a)

328

272

Cash, cash equivalents, and restricted cash at end of period (b)

$ 435

$ 324

(a) Includes $7 million of cash and cash equivalents and $321 million of restricted cash as of December 31, 2024.

(b) Includes $9 million of cash and cash equivalents and $426 million of restricted cash as of September 30, 2025.

AMEREN CORPORATION (AEE)

OPERATING STATISTICS

Three Months Ended

Nine Months Ended

September 30,

2025

2024

2025

2024

Electric Sales - kilowatthours (in millions):

Ameren Missouri

Residential

3,894

3,636

10,570

10,108

Commercial

3,962

3,753

10,678

10,410

Industrial

1,112

1,094

3,108

3,099

Street lighting and public authority

Ameren Missouri retail load subtotal

8,982

8,497

24,400

23,664

Off-system

581

748

2,457

3,363

Ameren Missouri total

9,563

9,245

26,857

27,027

Ameren Illinois Electric Distribution

Residential

3,349

3,120

8,757

8,453

Commercial

3,205

3,225

8,783

8,772

Industrial

2,791

2,880

7,793

8,270

Street lighting and public authority

101

299

293

Ameren Illinois Electric Distribution total

9,446

9,320

25,632

25,788

Ameren Total

19,009

18,565

52,489

52,815

Electric Revenues (in millions):

Ameren Missouri

Residential

$ 702

$ 590

$ 1,483

$ 1,326

Commercial

537

465

1,154

1,048

Industrial

119

108

269

246

Other, including street lighting and public authority

Ameren Missouri retail load subtotal

$ 1,385

$ 1,169

$ 2,942

$ 2,671

Off-system sales and capacity

300

155

951

231

Ameren Missouri total

$ 1,685

$ 1,324

$ 3,893

$ 2,902

Ameren Illinois Electric Distribution

Residential

$ 469

$ 339

$ 1,132

$ 947

Commercial

235

184

596

512

Industrial

144

130

Other, including street lighting and public authority

(51)

(9)

(28)

(22)

Ameren Illinois Electric Distribution total

$ 699

$ 552

$ 1,844

$ 1,567

Ameren Transmission

Ameren Illinois Transmission (a)

$ 176

$ 155

$ 482

$ 422

ATXI

177

165

Eliminate affiliate revenues

—

(1)

Ameren Transmission total

$ 240

$ 210

$ 658

$ 586

Other and intersegment eliminations (a)

(61)

(51)

(172)

(135)

Ameren Total

$ 2,563

$ 2,035

$ 6,223

$ 4,920

(a)

Includes $46 million, $35 million, $123 million and $90 million, respectively, of electric operating revenues from transmission services provided to the Ameren Illinois Electric Distribution segment.

AMEREN CORPORATION (AEE)

OPERATING STATISTICS

Three Months Ended

Nine Months Ended

September 30,

2025

2024

2025

2024

Gas Sales - dekatherms (in millions):

Ameren Missouri

Ameren Illinois Natural Gas

120

115

Ameren Total

135

128

Gas Revenues (in millions):

Ameren Missouri

$ 20

$ 18

$ 109

$ 103

Ameren Illinois Natural Gas

117

121

686

660

Eliminate affiliate revenues

(1)

Ameren Total

$ 136

$ 138

$ 794

$ 762

September 30,

December 31,

2025

2024

Common Stock:

Shares outstanding (in millions)

270.5

269.9

Book value per share

$ 47.25

$ 44.88

SOURCE Ameren Corporation