Ameren (AEE) 8-K Ameren Announces 2024 Results, Affirms Guidance for 2025 Earnings

Exhibit 99.2

AMEREN CORPORATION (AEE)

CONSOLIDATED STATEMENT OF INCOME

(Unaudited, in millions, except per share amounts)

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Operating Revenues:
Electric	$	1,620	$	1,343	$	6,540	$	6,439
Natural gas	321		275		1,083		1,061
Total operating revenues	1,941		1,618		7,623		7,500
Operating Expenses:
Fuel and purchased power	527		294		1,681		1,812
Natural gas purchased for resale	106		75		320		355
Other operations and maintenance	514		498		1,969		1,866
Depreciation and amortization	465		363		1,590		1,387
Taxes other than income taxes	131		124		547		522
Total operating expenses	1,743		1,354		6,107		5,942
Operating Income	198		264		1,516		1,558
Other Income, Net	124		87		417		348
Interest Charges	171		153		663		566
Income Before Income Taxes	151		198		1,270		1,340
Income Taxes (Benefit)	(57)		39		83		183
Net Income	208		159		1,187		1,157
Less: Net Income Attributable to Noncontrolling Interests	1		1		5		5
Net Income Attributable to Ameren Common Shareholders	$	207	$	158	$	1,182	$	1,152
Earnings per Common Share – Basic	$	0.77	$	0.60	$	4.43	$	4.39
Earnings per Common Share – Diluted	$	0.77	$	0.60	$	4.42	$	4.38
Weighted-average Common Shares Outstanding – Basic	267.4		263.5		266.8		262.8
Weighted-average Common Shares Outstanding – Diluted	268.9		264.0		267.4		263.4

AMEREN CORPORATION (AEE)

CONSOLIDATED BALANCE SHEET

(Unaudited, in millions)

	December 31, 2024		December 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents	$	7	$	25
Accounts receivable - trade (less allowance for doubtful accounts)	525		494
Unbilled revenue	346		319
Miscellaneous accounts receivable	96		106
Inventories	762		733
Current regulatory assets	366		365
Other current assets	162		139
Total current assets	2,264		2,181
Property, Plant, and Equipment, Net	36,304		33,776
Investments and Other Assets:
Nuclear decommissioning trust fund	1,342		1,150
Goodwill	411		411
Regulatory assets	2,397		1,810
Pension and other postretirement benefits	757		581
Other assets	1,123		921
Total investments and other assets	6,030		4,873
TOTAL ASSETS	$	44,598	$	40,830
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt	$	317	$	849
Short-term debt	1,143		536
Accounts and wages payable	1,059		1,136
Interest accrued	196		147
Customer deposits	223		176
Other current liabilities	475		501
Total current liabilities	3,413		3,345
Long-term Debt, Net	17,262		15,121
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes and production and investment tax credits, net	4,474		4,176
Regulatory liabilities	5,897		5,512
Asset retirement obligations	822		772
Other deferred credits and liabilities	487		426
Total deferred credits and other liabilities	11,680		10,886
Shareholders’ Equity:
Common stock	3		3
Other paid-in capital, principally premium on common stock	7,513		7,216
Retained earnings	4,604		4,136
Accumulated other comprehensive loss	(6)		(6)
Total shareholders’ equity	12,114		11,349
Noncontrolling Interests	129		129
Total equity	12,243		11,478
TOTAL LIABILITIES AND EQUITY	$	44,598	$	40,830

AMEREN CORPORATION (AEE)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited, in millions)

	Year Ended December 31,
	2024		2023
Cash Flows From Operating Activities:
Net income	$	1,187	$	1,157
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,524		1,432
Amortization of nuclear fuel	81		68
Amortization of debt issuance costs and premium/discounts	19		16
Deferred income taxes and production and investment tax credits, net	127		229
Allowance for equity funds used during construction	(76)		(54)
Stock-based compensation costs	28		26
Other	87		16
Changes in assets and liabilities	(214)		(326)
Net cash provided by operating activities	2,763		2,564
Cash Flows From Investing Activities:
Capital expenditures	(4,319)		(3,597)
Nuclear fuel expenditures	(91)		(174)
Purchases of securities – nuclear decommissioning trust fund	(584)		(266)
Sales and maturities of securities – nuclear decommissioning trust fund	564		240
Other	(26)		(1)
Net cash used in investing activities	(4,456)		(3,798)
Cash Flows From Financing Activities:
Dividends on common stock	(714)		(662)
Dividends paid to noncontrolling interest holders	(5)		(5)
Short-term debt, net	607		(533)
Maturities and extinguishment of long-term debt	(893)		(100)
Issuances of long-term debt	2,535		2,295
Issuances of common stock	273		346
Employee payroll taxes related to stock-based compensation	(8)		(20)
Debt issuance costs	(31)		(21)
Other	(15)		(10)
Net cash provided by financing activities	1,749		1,290
Net change in cash, cash equivalents, and restricted cash	56		56
Cash, cash equivalents, and restricted cash at beginning of year(a)	272		216
Cash, cash equivalents, and restricted cash at end of year(b)	$	328	$	272

(a)Includes $25 million of cash and cash equivalents and $247 million of restricted cash as of December 31, 2023.

(b)Includes $7 million of cash and cash equivalents and $321 million of restricted cash as of December 31, 2024.