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• Verizon or AT&T, but for electricity and natural gas.
• Union Pacific or Norfolk Southern, but for power lines and gas pipes.

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• Electric Utility Services: Ameren generates, transmits, and distributes electricity to residential, commercial, and industrial customers primarily in Missouri and Illinois.
• Natural Gas Utility Services: Ameren distributes natural gas to residential, commercial, and industrial customers primarily in central and eastern Missouri.

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Ameren (AEE) is a regulated utility company that provides electric and natural gas services primarily to end-users within its service territories in Missouri and Illinois. Therefore, it sells directly to a diverse customer base rather than primarily to other companies for resale.

Ameren serves the following major categories of customers:

• Residential Customers

  This category includes individual households and dwellings that use electricity and natural gas for personal consumption, such as lighting, heating, cooling, and operating household appliances. These customers typically have lower usage volumes per account but represent the largest number of customers.

• Commercial Customers

  This category encompasses various businesses and institutions, including retail stores, offices, restaurants, schools, hospitals, and small and medium-sized enterprises. Commercial customers generally have higher usage volumes than residential customers and their consumption patterns often vary based on business hours and operational needs.

• Industrial Customers

  This category includes large manufacturing plants, factories, and other heavy industries that require significant amounts of electricity and/or natural gas for their operations. These customers often have the highest individual usage volumes and demand, and their energy needs can be critical to their production processes.

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Martin J. Lyons Jr., Chairman, President, and Chief Executive Officer

Martin J. Lyons Jr. joined Ameren in 2001 and has held various senior leadership roles, including chief financial officer for 10 years, president of Ameren Services, and president of Ameren Missouri. Before his tenure at Ameren, he was a partner with PricewaterhouseCoopers LLP. He played a key role in repositioning Ameren as a pure-play rate-regulated utility and spearheaded the sale of the merchant generation business segment in 2013. Lyons holds a Master of Business Administration degree from Washington University in St. Louis and an undergraduate degree from Saint Louis University.

Michael L. Moehn, Senior Executive Vice President and Chief Financial Officer

Michael L. Moehn began his career at Ameren in June 2000 as assistant controller. He has held numerous corporate and operational roles within the company, including serving as chairman and president of Ameren Missouri from 2014 to 2019. Prior to joining Ameren, Moehn worked at PricewaterhouseCoopers LLP. He earned a bachelor's degree in accounting from Saint Louis University and a master's degree in business administration from Washington University in St. Louis. Effective January 1, 2026, Michael Moehn will transition to the newly created role of Group President, Ameren Utilities.

Leonard P. Singh, Chairman and President, Ameren Illinois

Leonard P. Singh joined Ameren in August 2022 as Chairman and President of Ameren Illinois. He brings over 30 years of utility leadership experience, having previously served in senior leadership positions at Consolidated Edison Company of New York, including Senior Vice President of Customer Energy Solutions and Vice President of Manhattan Electric Operations. Effective January 1, 2026, Leonard P. Singh will assume the role of Executive Vice President and Chief Financial Officer of Ameren Corporation, and Chairman and President of Ameren Services.

Bhavani Amirthalingam, Senior Vice President and Chief Digital Information Officer

Bhavani Amirthalingam joined Ameren in 2018 as Senior Vice President and Chief Digital Information Officer, leading the company's digital transformation efforts. Before Ameren, she served as the chief information officer and business transformation leader of North American Operations at Schneider Electric. She also held the position of CIO and vice president of Customer Solutions and Innovation at World Wide Technology (WWT) Inc. Amirthalingam holds a bachelor's degree in computer science from the University of Madras, India, and an MBA in information management.

Mark C. Lindgren, Executive Vice President, Corporate Communications and Chief Human Resources Officer, Ameren Services

Mark C. Lindgren is responsible for Ameren's workforce strategy, human resources, and corporate communications. He has a diverse background, including various HR leadership roles at Ameren and management positions at AIG, along with experience in marketing and administrative roles at other companies. Lindgren earned an MBA from the University of Illinois Springfield and a Bachelor of Science in Marketing and Administrative Management from Eastern Illinois University.

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The public company Ameren (symbol: AEE) faces several key business risks, primarily stemming from its highly regulated operating environment and significant capital investment needs.

1. Regulatory and Legislative Risks: Ameren operates in a heavily regulated industry, meaning changes in laws, regulations, and ratemaking decisions can significantly impact its operations, costs, and profitability. The company is subject to stringent regulations concerning emissions, discharges, and energy efficiency, which can increase operating costs or require substantial investment to comply with new standards. Regulatory pushback, project delays, and interest-rate pass-through lags also remain key risks to Ameren's growth model. Any changes in regulatory policies and ratemaking determinations, including those affecting cost recovery mechanisms, could cause actual results to differ materially from management expectations.
2. Financial Leverage and Rising Interest Costs: Ameren carries a high debt-to-equity ratio, which indicates elevated financial leverage and exposes the company to greater risk in a rising interest rate environment. Higher interest expenses are actively increasing losses at the Ameren Parent level and can be a drag on net income. Given Ameren's substantial infrastructure investment plans, its reliance on debt to finance these projects makes it vulnerable to fluctuations in capital market conditions.
3. Cybersecurity and Operational Risks: Ameren faces threats from cyberattacks and data security risks, which could disrupt operational control of its energy centers and compromise sensitive information. The increasing frequency and severity of such attacks in the utility industry necessitate robust cybersecurity measures and contingency planning to protect against potential losses.

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The increasing adoption and declining costs of distributed energy resources (DERs), particularly rooftop solar combined with battery storage systems, represent a clear emerging threat. As these technologies become more affordable and efficient, a growing number of Ameren's customers (residential, commercial, and industrial) may choose to generate and store their own electricity, reducing their reliance on grid-supplied power. This trend can lead to decreased electricity sales volumes for Ameren, impacting revenue growth and potentially necessitating higher rates for remaining customers to cover fixed infrastructure costs, challenging the traditional utility business model.

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Ameren (symbol: AEE) primarily operates as a rate-regulated electric and natural gas utility company, serving customers across Missouri and Illinois. Their main products and services include electric generation, transmission, and distribution, as well as natural gas distribution.

Addressable Market Sizes:

• Electric Utility Services (Generation, Transmission, and Distribution):
  • The U.S. electric power transmission and distribution market was valued at approximately $89.9 billion in 2024, with projections to reach $110.4 billion by 2032.
  • The U.S. electric distribution utility market is anticipated to surpass $79.5 billion by 2032.
  • Region: U.S.
• Natural Gas Distribution Services:
  • The U.S. natural gas distribution market was valued at $170.0 billion in 2024, and is expected to grow to $186.0 billion by 2032.
  • The Natural Gas Distribution industry in the United States is estimated to have generated $222.5 billion in revenue in 2025.
  • Region: U.S.

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Here are 3-5 expected drivers of future revenue growth for Ameren (AEE) over the next 2-3 years:

1. Infrastructure Investments and Rate Base Growth: Ameren is undertaking significant infrastructure investments to modernize and strengthen its energy grid, expand transmission capabilities, and develop new energy resources. The company anticipates a robust 9.2% compound annual rate base growth from 2025 through 2029, which forms a primary basis for revenue expansion through regulatory mechanisms. Ameren's long-term investment pipeline includes over $68 billion in regulated infrastructure projects from 2025 through 2034.
2. Implementation of New Electric Service Rates: New electric service rates, particularly in Missouri, are a direct driver of increased revenue. For example, new electric service rates in Missouri became effective on June 1, 2025, and contributed to revenue increases in Q3 2025. These rate adjustments are crucial for recovering the costs of infrastructure investments.
3. Growth in Data Center Demand: Ameren is experiencing robust demand from data center developers, with agreements expanding to 3 gigawatts from 2.3 gigawatts. This expanding demand is a significant driver of future electricity sales growth, with expectations of 1 gigawatt of new load from data center customers by the end of 2029 in Ameren Missouri's service territory.
4. Expansion of Renewable Energy Generation: The company is strategically focused on expanding its renewable energy portfolio and plans to add approximately 10 gigawatts of generation capacity by 2035. Investments in cleaner energy sources contribute to revenue growth as Ameren transitions its energy generation mix.
5. Strong Sales and Economic Growth: Beyond specific data center opportunities, Ameren anticipates general strong sales and economic growth across all customer classes within its service territories, particularly in Ameren Missouri. This organic growth in electricity and natural gas demand supports overall revenue increases.

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Share Issuance

• Ameren expects to issue approximately $300 million of common equity in 2024 to support its credit ratings and fund infrastructure plans.
• In 2024, Ameren issued $273 million in new common stock, including $233 million through its at-the-market (ATM) program.
• The company plans to issue approximately $600 million in equity annually from 2025 to 2029 to maintain its target capital structure. Additionally, in May 2025, Ameren announced an offering of $520 million of common stock with an option for underwriters to purchase an additional $78 million.

Capital Expenditures

• Ameren plans to invest $26.3 billion in regulated infrastructure from 2025 through 2029, with a significant allocation of $16.8 billion to Ameren Missouri.
• The company has a long-term investment plan totaling over $63 billion in regulated infrastructure opportunities from 2025 to 2034.
• Capital expenditures through the first nine months of 2025 exceeded $3 billion, focusing on electric, natural gas, and transmission infrastructure improvements, including grid modernization, renewable energy, and addressing growing demand from data centers. In 2024, Ameren invested more than $4 billion in infrastructure.