Item 2. PROPERTIES

For information on our principal properties, see the energy center and in-service utility-related properties tables below. See also Liquidity and Capital Resources and Regulatory Matters in Management’s Discussion and Analysis of Financial Condition and Results of Operations under Part II, Item 7, of this report for a discussion of planned additions. See also Note 14 – Commitments and Contingencies under Part II, Item 8, of this report.

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The following table shows the anticipated capability of our energy centers at the time of the expected 2026 peak summer electrical demand for all energy centers owned as of December 31, 2025, except as otherwise noted below:

(a)Net megawatt capability, except for wind and solar generating facilities, is the generating capacity available for dispatch from the energy center into the electric transmission grid. Capability for wind and solar generating facilities represents nameplate capacity. This capacity is only attainable when wind/solar conditions are sufficiently available. The on-demand capability for wind and solar units is zero.

(b)The Labadie Energy Center is scheduled to retire 1,186 megawatts by 2036 and 1,186 megawatts by 2042.

(c)The Sioux Energy Center is scheduled to retire by 2032.

(d)The operating licenses for the Callaway, Osage, and Taum Sauk energy centers are scheduled to expire in 2044, 2047, and 2044, respectively.

(e)In February 2026, Ameren Missouri acquired the Split Rail Solar Project. The Bowling Green and Split Rail solar projects are expected to be placed in-service in the first quarter of 2026 and in the second quarter of 2026, respectively, before 2026 peak summer electrical demand.

(f)There were economic development arrangements applicable to this solar energy center, as discussed below.

(g)Includes 10 solar energy centers that each have a nameplate capacity of 6 megawatts or less.

(h)The Venice Energy Center is scheduled to retire by the end of 2029 and the Goose Creek, Pinckneyville, Raccoon Creek, and Kinmundy energy centers are scheduled to retire by the end of 2039. See Illinois Emissions Standards in Note 14 – Commitments and Contingencies under Part II, Item 8, of this report.

(i)The Fairgrounds, Mexico, Moberly, and Moreau energy centers are scheduled to retire by the end of 2029.

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The following table presents in-service electric and natural gas utility-related properties for Ameren Missouri and Ameren Illinois as of December 31, 2025:

(a)ATXI owns 561 circuit miles of electric transmission lines not reflected in this table.

Our other properties include office buildings, warehouses, garages, and repair shops.

With only a few exceptions, we have fee title to all principal energy centers and other units of property material to the operation of our businesses, and to the real property on which such facilities are located (subject to mortgage liens securing our outstanding first mortgage bonds and to certain permitted liens and judgment liens). The exceptions as of December 31, 2025 are as follows:

• Certain property is situated on lands occupied under leases, easements, franchises, licenses, or permits. That property includes a portion of Ameren Missouri’s Osage Energy Center reservoir; certain facilities at Ameren Missouri’s Sioux Energy Center; most of Ameren Missouri’s High Prairie and Atchison energy centers; Ameren Missouri’s Boomtown, Cass County, Huck Finn, and Maryland Heights energy centers; certain substations; and most transmission and distribution lines and natural gas mains. The United States or the state of Missouri may own or may have paramount rights with respect to certain lands lying in the bed of the Osage River or located between the inner and outer harbor lines of the Mississippi River on which certain of Ameren Missouri’s energy centers and other properties are located.

• The United States, the state of Illinois, the state of Iowa, or the city of Keokuk, Iowa, may own or may have paramount rights with respect to certain lands lying in the bed of the Mississippi River on which a portion of Ameren Missouri’s Keokuk Energy Center is located.

Substantially all of the properties and plant of Ameren Missouri and Ameren Illinois are subject to the liens of the indentures securing their respective mortgage bonds.

Ameren Missouri operates the Huck Finn Energy Center located in Audrain and Ralls Counties, Missouri, and operates the Vandalia Energy Center located in Audrain County, Missouri. Ameren Missouri has rights and obligations as the operator of the energy centers under long-term agreements with Audrain and Ralls Counties. Under the terms of these agreements, Ameren Missouri is responsible for all operation and maintenance for both energy centers. The Vandalia Energy Center agreement is scheduled to expire in December 2050, and the Huck Finn Energy Center agreements are scheduled to expire in December 2059, at which time the property, plant, and equipment will become subject to the lien of the Ameren Missouri mortgage bond indenture.