AMEREN Business Summary

Ameren Corporation (NYSE: AEE) operates as a pure-play regulated utility holding company, generating revenue through the transmission and distribution of electricity and natural gas to approximately 2.4 million electric and 900,000 gas customers across Missouri and Illinois. The company’s business model is centered on rate-regulated returns from a $31.8 billion five-year capital plan (2025–2030) focused on grid modernization, renewable energy transition, and critical infrastructure to support a burgeoning regional data center market, recently underscored by 2.2 GW in new electric service agreements. Operations are structured into four primary segments: Ameren Missouri, a vertically integrated utility; Ameren Illinois Electric Distribution; Ameren Illinois Natural Gas; and Ameren Transmission Company of Illinois (ATXI), which manages FERC-regulated interstate projects. Ameren competes within the regulated utility sector against peers such as WEC Energy Group, American Electric Power (AEP), and CMS Energy, positioning itself as a high-growth infrastructure play with a projected 6% to 8% compound annual EPS growth through 2030. Leadership is directed by Martin J. Lyons Jr., Chairman, President, and CEO, who has held various senior roles at the company since 2001, including CFO and President of Ameren Missouri. Following a strategic reorganization effective January 1, 2026, the executive team includes Michael Moehn as Group President of Ameren Utilities, overseeing all operating segments, and Lenny Singh as Executive Vice President and CFO, who joined the firm in 2022 after a 30-year tenure at Consolidated Edison. The legal and corporate strategy is managed by David M. Feinberg, appointed Executive Vice President and General Counsel in November 2025. Ameren’s board of directors has recently been bolstered by the appointments of Jamie L. Engstrom, Global CIO of Caterpillar, and nuclear veteran Timothy S. Rausch, reflecting a heightened focus on digital transformation and carbon-free baseload power. The company maintains significant institutional backing from major shareholders including The Vanguard Group, BlackRock, and State Street Corporation, which collectively hold approximately 79% of its outstanding shares.