Ameren — Third Quarter 2026 Earnings Summary

Financial Performance

• Third quarter 2026 GAAP net income attributable to common shareholders was $676 million ($2.42 per diluted share), compared to $640 million ($2.35 per diluted share) in the third quarter of 2025.
• Third quarter 2026 adjusted (non-GAAP) net income attributable to common shareholders was $676 million ($2.42 per diluted share), compared to $592 million ($2.17 per diluted share) in the third quarter of 2025.
• Nine months ended September 30, 2026, GAAP net income attributable to common shareholders was $1,347 million ($4.83 per diluted share), compared to $1,204 million ($4.43 per diluted share) in the same period of 2025.
• Nine months ended September 30, 2026, adjusted net income attributable to common shareholders was $1,347 million ($4.83 per diluted share), compared to $1,156 million ($4.25 per diluted share) in the same period of 2025.
• Total operating revenues for the three months ended September 30, 2026, were $2,882 million, up from $2,699 million in 2025.
• Total operating revenues for the nine months ended September 30, 2026, were $7,150 million, up from $7,017 million in 2025.
• Net cash provided by operating activities for the nine months ended September 30, 2026, was $2,193 million, compared to $2,397 million in 2025.
• Net cash used in investing activities for the nine months ended September 30, 2026, was $4,154 million, compared to $3,112 million in 2025.
• Net cash provided by financing activities for the nine months ended September 30, 2026, was $2,066 million, compared to $822 million in 2025.
• Capital expenditures for the nine months ended September 30, 2026, were $4,089 million.
• Long-term debt, net, increased to $20,443 million as of September 30, 2026, from $18,214 million as of December 31, 2025.
• Total assets were $52,767 million as of September 30, 2026, compared to $48,476 million as of December 31, 2025.
• Shareholders' equity was $14,207 million as of September 30, 2026, compared to $13,401 million as of December 31, 2025.

Guidance and Future Outlook

• Raised 2026 earnings guidance range to $5.35 to $5.55 per diluted share from $5.25 to $5.45.
• Established 2027 earnings guidance range of $5.70 to $5.90 per diluted share.
• Issued EPS compound annual growth rate guidance of 8% to 10% for the period 2027 through 2031, using the 2027 guidance midpoint of $5.80 as the base.
• Expects projected rate base growth of approximately 13.3% compounded annually from 2026 through 2031, underpinned by $38.1 billion of planned infrastructure investments.
• Expects to continue growing its common dividend annually, with a payout ratio ranging between 45% and 55% of annual earnings per share.
• Guidance assumes normal temperatures for the remainder of 2026 and for 2027 and the multi-year outlook.

Business Segments and Product Lines

• Ameren Missouri third quarter 2026 earnings were $582 million, compared to $518 million in 2025, driven by increased infrastructure investments, higher electric retail sales, and lower income tax expense, partially offset by higher operations and maintenance expenses and interest expense.
• Ameren Transmission third quarter 2026 earnings were $110 million, compared to $151 million (GAAP) and $103 million (adjusted) in 2025, reflecting earnings on increased infrastructure investments.
• Ameren Illinois Electric Distribution third quarter 2026 earnings were $72 million, compared to $57 million in 2025, reflecting earnings on increased infrastructure investments.
• Ameren Illinois Natural Gas third quarter 2026 loss was $7 million, compared to a $13 million loss in 2025, reflecting increased infrastructure investments included in natural gas service rates effective December 2, 2025.
• Ameren Parent third quarter 2026 loss was $81 million, compared to a $73 million loss in 2025, primarily reflecting higher income tax expense and higher interest expense, partially offset by higher earnings from investments in innovative energy technologies.
• Ameren Missouri electric retail sales increased in the third quarter of 2026, primarily driven by warmer temperatures.
• Ameren Missouri operations and maintenance expenses increased, primarily driven by increased reliability-focused tree trimming and energy center maintenance.

Market and Competitive Landscape

• Ameren serves 2.5 million electric customers and more than 900,000 natural gas customers across a 64,000-square-mile area.
• Ameren Missouri signed electric service agreements with large load customers in 2026, contributing to demand growth.
• Ameren Illinois utilizes a four-year Multi-Year Rate Plan for electric distribution service ratemaking.
• Ameren Missouri employs a plant-in-service accounting regulatory mechanism.

Risks and Challenges

• Risks include regulatory, judicial, and legislative actions, including rate reviews and reconciliation adjustments in Missouri and Illinois.
• Challenges include the ability to control costs, recover investments, and earn allowed returns on equity within regulatory frameworks.
• Risks involve the construction and acquisition of generation and battery energy storage facilities, extending operating licenses, and retiring fossil fuel-fired energy centers.
• Potential impacts from customer growth patterns, demand from data centers, and technological advances in energy efficiency and electrification.
• Risks related to fuel cost and availability, including low-sulfur coal, natural gas, and enriched uranium.
• Cybersecurity risks, including potential loss of operational control of energy centers and data.
• Risks from acts of sabotage, war, terrorism, and geopolitical developments.
• Risks associated with capital market disruptions, credit rating agency actions, and inflation or recession impacts.
• Risks related to environmental laws, renewable energy standards, and compliance with emission standards.
• Risks from labor disputes, collective bargaining, and workforce retention.
• Risks from legal and administrative proceedings, pandemics, and global conflicts.

Management Commentary and Tone

• Martin J. Lyons, Jr., chairman, president, and CEO, stated that third-quarter results were driven by continued strategy execution and disciplined investment in critical energy infrastructure to deliver reliable energy at the lowest cost.
• Management expressed confidence in raising 2026 earnings guidance due to strong year-to-date performance.
• Management indicated they are well-positioned to meet growing energy needs, support economic development, and deliver lasting benefits for customers and communities.
• Management emphasized the need for significant investments to serve growing demand from large customers and support regional economic growth.

Other Key Points

• Ameren will conduct a conference call for financial analysts on November 6, 2026, at 9 a.m. Central Time.
• Ameren Missouri filed an electric service regulatory rate review with the Missouri Public Service Commission (MoPSC) in June 2026.
• Ameren Illinois filed an electric distribution service revenue requirement reconciliation adjustment review with the Illinois Commerce Commission (ICC) in April 2026.
• Ameren Illinois filed an appeal of a November 2025 ICC order regarding natural gas delivery service rates in January 2026.
• Ameren Missouri filed a 2020 Qualifying Infrastructure Plant reconciliation hearing.
• Ameren Missouri's Callaway Energy Center relies on a single Nuclear Regulatory Commission licensed supplier for nuclear fuel assemblies.
• Ameren Illinois Natural Gas service rates included increased infrastructure investments effective December 2, 2025.
• Ameren Missouri's Smart Energy Plan and preferred resource plan guide its energy efficiency programs and resource mix.
• Ameren Transmission Company of Illinois operates rate-regulated regional electric transmission projects in the Midcontinent Independent System Operator (MISO).
• Ameren Missouri's plant-in-service accounting mechanism affects customer rate caps and limitations on increasing the electric service revenue requirement.