AMEREN CORP

We are facing issues common to the electric and natural gas utility industry, as well as new and emergent issues impacting the industry as a whole. These issues include:

•the potential for changes in laws, regulations, enforcement efforts, and policies at the federal, state, and international levels, including but not limited to environmental laws and the presidential administration’s change in federal domestic energy policy to support investments in fossil fuel infrastructure and the effect it may have on the ability to construct and/or acquire renewable energy generation facilities and battery storage;

•corporate tax law changes, including the OBBBA and the IRA, as well as additional interpretations, regulations, amendments, or technical corrections that affect the amount and timing of income tax payments or the transferability of production and investment tax credits, reduce or limit the ability to claim certain deductions and use carryforward tax benefits and/or credits, or result in rate base reductions;

•maintaining affordability of electric and natural gas utility services for customers, including the demand for access to renewable energy generation, at rates acceptable to customers;

•political, regulatory, and customer resistance to higher rates;

•cybersecurity risks, cyber attacks, including ransomware and other ransom-based attacks and those attacks arising from or generated by generative or agentic artificial intelligence, hacking, social engineering, and other forms of malicious cybersecurity and/or privacy events, which could result in the loss of operational control of energy centers and electric and natural gas transmission and distribution systems and/or the theft or inappropriate release of certain types of information, including sensitive customer, employee, financial, and operating system information;

•acts of sabotage, which in recent years have increased in frequency and severity within the utility industry, terrorism, and other intentionally disruptive acts;

•the impacts from new data centers expected to be constructed over the next several years, including increased competition among utilities, independent power producers and non-traditional market entrants, providing generation and resource adequacy to support the projected load growth, managing the impact on customer rates, and the possibility that future demand from data centers may not be realized at the current projected pace;

•pressure and uncertainty on customer growth and sales volumes in light of increased competition in the industry and economic conditions;

•the impact and effectiveness of vegetation management programs;

•the potential for reliability issues due to inadequate resources resulting from the retirement of fossil-fuel-fired generation facilities as they are replaced with renewable energy generation sources, increasing load growth, and market inefficiencies related to prices for purchased power, capacity, and ancillary services, and other factors;

•the need to place new transmission and generation facilities in service, which is dependent upon timely regulatory approvals and the availability of necessary labor and materials, among other things, to maintain grid reliability;

•the ability to recover and earn a fair return on investments due to changes in the allowed ROE, including ROE incentive adders on FERC-regulated electric transmission assets;

•the influence of macroeconomic factors on yields of United States Treasury securities and on the allowed ROE provided by regulators;

•regulatory lag;

•the availability of fuel, materials and supplies, and equipment, and the potential disruptions in supply chains and inflationary pressures or tariffs on the prices and availability of commodities, labor, services, materials and supplies, and impacts associated with extended recovery periods from customers;

•the availability of a skilled work force, including transferring the specialized knowledge of those who are nearing retirement to employees succeeding them;

•the modernization of the electric grid to accommodate a two-way flow of electricity and increased capacity for distributed generation interconnection;

•net metering rules and other changes in existing regulatory frameworks and recovery mechanisms to address the allocation of costs to customers who own generation resources that enable them both to sell power to us and to purchase power from us through the use of our transmission and distribution assets;

•legislation or programs to encourage or mandate energy efficiency, energy conservation, and renewable sources of power, and the lack of consensus as to how those programs should be paid for;

•higher levels of infrastructure and technology investments and adjustments to customer rates associated with the refund of excess deferred income taxes that have resulted in, and are expected to continue to result in, negative or decreased free cash flow, which is defined as cash flows from operating activities less cash flows from investing activities and dividends paid;

•public concerns about the siting of new facilities, and challenges that members of the public can assert against applications for governmental permits and other approvals required to site and build new facilities that can result in significant cost increases, delays and denial of the permits and approvals by the regulators;

•public concerns about the potential environmental impacts from the combustion of fossil fuels;

•pressure from public interest groups regarding limiting the use of natural gas, as well as proposed restrictions on the use of natural gas by state and local authorities;

•certain investors’ concerns about investing in, as well as certain insurers’ concerns about providing coverage to, utility companies that have coal-fired generation assets;

•scrutiny by investors and other stakeholders of industry practices;

•public concerns about nuclear energy and the disposal of nuclear waste;

•industry challenges resulting from alleged or actual legal, regulatory, or compliance failures, including in connection with lobbying and political activities or liabilities arising out of wildfires or other catastrophic events; and

•effects of mergers, acquisitions, and divestitures within the utility industry.

We are monitoring all these issues. Except as otherwise noted in this report, we are unable to predict what impact, if any, these issues will have on our results of operations, financial position, or liquidity. For additional information, see Risk Factors under Part I, Item 1A, Outlook in Management’s Discussion and Analysis of Financial Condition and Results of Operations under Part II, Item 7, and Note 2 – Rate and Regulatory Matters, Note 9 – Callaway Energy Center, and Note 14 – Commitments and Contingencies under Part II, Item 8, of this report.