Ameren, headquartered in St. Louis, Missouri, is a public utility holding company whose primary assets are its equity interests in its subsidiaries. Ameren's subsidiaries are separate, independent legal entities with separate businesses, assets, and liabilities. Dividends on

The following table presents a summary of Ameren's earnings for the three and six months ended June 30, 2022 and 2021:

Earnings per diluted share were unfavorably affected in the three and six months ended June 30, 2022, compared to the year-ago periods, by:

statutory tax rate of 26%. For additional details regarding the Ameren Companies' results of operations, including explanations of Electric and Natural Gas Margins; Other Operations and Maintenance Expenses; Depreciation and Amortization Expenses; Taxes Other Than Income Taxes; Other Income, Net; Interest Charges; and Income Taxes, see the major headings below.

Below is Ameren's table of income statement components by segment for the three and six months ended June 30, 2022 and 2021:

Below is Ameren Illinois' table of income statement components by segment for the three and six months ended June 30, 2022 and 2021:

Electric and Natural Gas Margins

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Electric and Natural Gas Margins

Natural gas purchased for resale change:

Natural gas purchased for resale change:

The following items had a favorable effect on Ameren Illinois Electric Distribution's margins for the three and six months ended June 30, 2022, compared with the year-ago periods:

The following items had a favorable effect on Ameren Illinois Natural Gas' margins for the three and six months ended June 30, 2022 (except where a specific period is referenced):

Other Operations and Maintenance Expenses

Ameren Missouri Ameren Illinois Natural Gas Other/Intersegment Eliminations

Other operations and maintenance expenses were comparable between periods.

The above increases in the six months ended June 30, 2022, compared with the year-ago period, were partially offset by a $12 million decrease in MEEIA customer energy-efficiency program spend as approved by the MoPSC.

[[Image Removed: aee-20220630_g13.jpg]][[Image Removed: aee-20220630_g14.jpg]][[Image Removed: aee-20220630_g15.jpg]] (a)Includes other/intersegment eliminations of $1 million, $2 million, $2 million, and $2 million in the three months ended June 30, 2022 and 2021, and in the six months ended June 30, 2022 and 2021, respectively

Ameren Missouri Ameren Illinois Natural Gas Other/Intersegment Eliminations

Taxes Other Than Income Taxes

Ameren Missouri Ameren Illinois Natural Gas Other/Intersegment Eliminations

[[Image Removed: aee-20220630_g19.jpg]][[Image Removed: aee-20220630_g20.jpg]][[Image Removed: aee-20220630_g21.jpg]] (a)Includes $4 million and $2 million at Ameren Transmission in the three months ended June 30, 2022 and 2021, respectively.

Ameren Missouri Ameren Illinois Natural Gas Other/Intersegment Eliminations

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Ameren Missouri Ameren Illinois Natural Gas Other/Intersegment Eliminations

Interest charges increased $30 million and $34 million in the three and six months ended June 30, 2022, compared with the year-ago periods. The following items increased interest charges in the three and six months ended June 30, 2022, compared with the year-ago periods:

The following table presents effective income tax rates for the three and six months ended June 30, 2022 and 2021:

See Note 12 - Income Taxes under Part I, Item 1, of this report for a reconciliation of the federal statutory corporate income tax rate to the effective income tax rate for the Ameren Companies.

Cash Flows from Operating Activities

Our cash provided by operating activities is affected by fluctuations of trade accounts receivable, inventories, and accounts and wages

The following items partially offset the increase in Ameren's cash from operating activities between periods:

The following items partially offset the decrease in Ameren Missouri's cash from operating activities between periods:

The following items partially offset the increase in Ameren Illinois' cash from operating activities between periods:

Cash Flows from Investing Activities

Cash Flows from Financing Activities

See Long-term Debt and Equity in this section for additional information on maturities and issuances of long-term debt, issuances of common stock, and redemptions of preferred stock.

Credit Facility Borrowings and Liquidity

The following table presents Ameren's consolidated liquidity as of June 30, 2022:

(a)Does not include Ameren's forward equity sale agreements. See Note 4 - Long-term Debt and Equity Financings under Part I, Item 1, of this report for additional information.

The following table presents issuances (net of any issuance premiums or discounts) of long-term debt and equity and redemptions of preferred stock for the six months ended June 30, 2022 and 2021:

See Note 4 - Long-term Debt and Equity Financings under Part I, Item 1, of this report for additional information, including proceeds from issuances of long-term debt, including Ameren Missouri's April 2022 issuance of first mortgage bonds, the use of those proceeds, Ameren's forward equity sale agreements, and the ATM program.

Indebtedness Provisions and Other Covenants

The following table presents common stock dividends declared and paid by Ameren Corporation to its common shareholders and by Ameren subsidiaries to their parent, Ameren Corporation, for the six months ended June 30, 2022 and 2021:

Our credit ratings affect our liquidity, our access to the capital markets and credit markets, our cost of borrowing under our credit facilities and our commercial paper programs, and our collateral posting requirements under commodity contracts.

The following table presents the principal credit ratings by Moody's and S&P, as applicable, effective on the date of this report:

provisions extend beyond the end of existing performance-based formula ratemaking, which ensures that Ameren Illinois' electric distribution revenues authorized in a regulatory rate review are not affected by changes in sales volumes.

See Note 2 - Rate and Regulatory Matters under Part I, Item 1, of this report.

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