AMEREN CORP

For the period ended Dec 31, 2025. Filed Feb 18, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 18, 2026

AEE$114.02+1.0%Stored close · as of Nov 9, 2026

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Contents

Page
GLOSSARY OF TERMS AND ABBREVIATIONS	1
FORWARD-LOOKING STATEMENTS	5
PART I
Item 1.	Business	7
	General	7
	Business Segments	7
	Rates and Regulation	8
	Transmission	10
	Supply of Electric Power	10
	Power Generation	12
	Renewable Energy and Zero Emission Standards	13
	Customer Energy-Efficiency Programs	14
	Natural Gas Supply for Distribution	15
	Human Capital Management	15
	Industry Issues	17
	Operating Statistics	19
	Available Information	21
Item 1A.	Risk Factors	21
Item 1B.	Unresolved Staff Comments	31
Item 1C.	Cybersecurity	31
Item 2.	Properties	32
Item 3.	Legal Proceedings	34
Item 4.	Mine Safety Disclosures	34
Information about Our Executive Officers	35
PART II
Item 5.	Market for Registrants’ Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	37
Item 6.	(Reserved)	38
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	38
	Overview	39
	Results of Operations	42
	Liquidity and Capital Resources	57
	Outlook	67
	Regulatory Matters	73
	Accounting Matters	73
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	77
Item 8.	Financial Statements and Supplementary Data	80
	Ameren Corporation	86
	Union Electric	90
	Ameren Illinois	94
	Note 1. Summary of Significant Accounting Policies	98
	Note 2. Rate and Regulatory Matters	103
	Note 3. Property, Plant, and Equipment, Net	114
	Note 4. Short-term Debt and Liquidity	115
	Note 5. Long-term Debt and Equity Financings	118
	Note 6. Other Income, Net	125
	Note 7. Derivative Financial Instruments	125
	Note 8. Fair Value Measurements	127
	Note 9. Callaway Energy Center	130
	Note 10. Retirement Benefits	133
	Note 11. Stock-based Compensation	139
	Note 12. Income Taxes	141
	Note 13. Related-party Transactions	145
	Note 14. Commitments and Contingencies	149
	Note 15. Supplemental Information	152
	Note 16. Segment Information	156
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	162
Item 9A.	Controls and Procedures	163
Item 9B.	Other Information	163
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	163
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	163
Item 11.	Executive Compensation	164
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	164
Item 13.	Certain Relationships and Related Transactions, and Director Independence	165
Item 14.	Principal Accountant Fees and Services	165
PART IV
Item 15.	Exhibits and Financial Statement Schedules	166
	EXHIBIT INDEX	172
SIGNATURES	180

This report contains “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements should be read with the cautionary statements and important factors under the heading “Forward-looking Statements.” Forward-looking statements are all statements other than statements of historical fact, including those statements that are identified by the use of the words “anticipates,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “targets,” and similar expressions.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.

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