Ameren Corporation 10-Q filed Nov 6, 2025

Modified · OVERVIEW

Net income attributable to Ameren common shareholders in the three months ended JuneSeptember 30, 2025, was $275640 million, or $1.012.35 per diluted share, compared with $258456 million, or $0.971.70 per diluted share, in the year-ago period. Net income attributable to Ameren common shareholders in the sixnine months ended JuneSeptember 30, 2025, was $5641,204 million, or $2.084.43 per diluted share, compared with $519975 million, or $1.953.65 per diluted share, in the year-ago period. Net income was favorably affected for the three and sixnine months ended JuneSeptember 30, 2025, by increased base rate revenues at Ameren Missouri effective June 1, 2025, pursuant to the April 2025 MoPSC electric rate order, increased deferral of financing costs related and decreased tax expense at Ameren Transmission due to rate base investments associated with the revaluation of excess deferred income tax regulatory liabilities. Earnings were also favorably affected for the PISAthree and RESRAM at Ameren Missourinine months ended September 30, 2025, by decreased other operations and increased infrastructure investments at maintenance expenses not subject to formula rates, riders, or trackers, largely because of the absence in 2025 of an Ameren Transmission Missouri charge related to the resolution of outstanding claims in the NSR and Ameren Illinois Electric DistributionClean Air Act litigation associated with the Rush Island Energy Center. Earnings Additionally, earnings were also favorably affected for the three and sixnine months ended JuneSeptember 30, 2025, by a higher allowance for equity funds used during construction increased retail electric sales volumes at Ameren TransmissionMissouri, primarily resulting from a decreased level of short-term borrowings includeddue to warmer July temperatures and colder winter temperatures in 2025 and growth in retail electric sales and by the calculation increased deferral of financing costs related to rate base investments at Ameren Missouri, and higher average construction work in progress balancesby increased infrastructure investments at Ameren Transmission and Ameren Illinois Electric Distribution. Earnings were favorably Net income was unfavorably affected infor the six three and nine months ended JuneSeptember 30, 2025, by decreased increased financing costs, primarily resulting from higher interest rates on higher debt balances at Ameren (parent) and Ameren Missouri and by increased other operations and maintenance expenses not subject to formula rates, riders, or trackers, largely because of the absence in 2025 of an Ameren Missouri charge related excluding a charge related to the NSR and Clean Air Act litigation, primarily due to the resolution ofhigher storm costs, higher energy center maintenance expenses, and higher transmission and distribution vegetation management costs.