# EDGAR Filing Document

**Accession Number:** 0000100826
**File Stem:** 0001104659-26-018610
**Filing Date:** 2026-2
**Character Count:** 8921
**Document Hash:** 417d5f3a5e73dd383af1deb35eab9e00
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-018610.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0001104659-26-018610

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNION ELECTRIC CO
- **CENTRAL INDEX KEY:** 0000100826
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 430559760
- **STATE OF INCORPORATION:** MO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-274977-02
- **FILM NUMBER:** 26665798

**BUSINESS ADDRESS:**
- **STREET 1:** 1901 CHOUTEAU AVENUE
- **STREET 2:** MC 1310
- **CITY:** ST LOUIS
- **STATE:** MO
- **ZIP:** 63166
- **BUSINESS PHONE:** 314-621-3222

**MAIL ADDRESS:**
- **STREET 1:** 1901 CHOUTEAU AVENUE
- **STREET 2:** MC 1310
- **CITY:** ST LOUIS
- **STATE:** MO
- **ZIP:** 63166
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNION ELECTRIC CO
- **CENTRAL INDEX KEY:** 0000100826
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 430559760
- **STATE OF INCORPORATION:** MO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 1901 CHOUTEAU AVENUE
- **STREET 2:** MC 1310
- **CITY:** ST LOUIS
- **STATE:** MO
- **ZIP:** 63166
- **BUSINESS PHONE:** 314-621-3222

**MAIL ADDRESS:**
- **STREET 1:** 1901 CHOUTEAU AVENUE
- **STREET 2:** MC 1310
- **CITY:** ST LOUIS
- **STATE:** MO
- **ZIP:** 63166

**Filed Pursuant to Rule 433**

**Registration Statement No. 333-274977-02**

![](tm266982d3_fwp-img01.jpg)

**Union Electric Company**

<u>Pricing Term Sheet</u>

February 23, 2026

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Issue: | &nbsp;&nbsp;$450,000,000 4.80% First Mortgage Bonds due 2036 ("2036 Bonds") | &nbsp;&nbsp;$450,000,000 5.55% First Mortgage Bonds due 2056 ("2056 Bonds") |
| &nbsp;&nbsp;Principal Amount: | &nbsp;&nbsp;$450000000 | &nbsp;&nbsp;$450000000 |
| &nbsp;&nbsp;Coupon (Interest Rate): | &nbsp;&nbsp;4.80% per annum | &nbsp;&nbsp;5.55% per annum |
| &nbsp;&nbsp;Maturity Date: | &nbsp;&nbsp;March 15, 2036 | &nbsp;&nbsp;March 15, 2056 |
| &nbsp;&nbsp;Benchmark Treasury: | &nbsp;&nbsp;4.125% due February 15, 2036 | &nbsp;&nbsp;4.625% due November 15, 2055 |
| &nbsp;&nbsp;Benchmark Treasury Price: | &nbsp;&nbsp;100-25 | &nbsp;&nbsp;98-27+ |
| &nbsp;&nbsp;Benchmark Treasury Yield: | &nbsp;&nbsp;4.029% | &nbsp;&nbsp;4.696% |
| &nbsp;&nbsp;Spread to Benchmark Treasury: | &nbsp;&nbsp;+78 basis points | &nbsp;&nbsp;+88 basis points |
| &nbsp;&nbsp;Re-offer Yield: | &nbsp;&nbsp;4.809% | &nbsp;&nbsp;5.576% |
| &nbsp;&nbsp;Offering Price (Issue Price): | &nbsp;&nbsp;99.926% of the principal amount | &nbsp;&nbsp;99.619% of the principal amount |
| &nbsp;&nbsp;Interest Payment Dates: | &nbsp;&nbsp;March 15 and September 15, commencing September 15, 2026 | &nbsp;&nbsp;March 15 and September 15, commencing September 15, 2026 |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Optional Redemption: | &nbsp;&nbsp;Prior to December 15, 2035 (the "2036 Bonds Par Call Date") redeemable, in whole or in part, at any time at a redemption price equal to the greater of (1)(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the 2036 Bonds to be redeemed matured on the 2036 Bonds Par Call Date) on a semi-annual basis at the Treasury Rate plus 12.5 basis points less (b) interest accrued to the redemption date, and (2) 100% of the principal amount of the 2036 Bonds to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date. On or after the 2036 Bonds Par Call Date, redeemable, in whole or in part, at any time at a redemption price equal to 100% of the principal amount of the 2036 Bonds being redeemed plus accrued and unpaid interest thereon to the redemption date. | &nbsp;&nbsp;Prior to September 15, 2055 (the "2056 Bonds Par Call Date") redeemable, in whole or in part, at any time at a redemption price equal to the greater of (1)(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the 2056 Bonds to be redeemed matured on the 2056 Bonds Par Call Date) on a semi-annual basis at the Treasury Rate plus 15 basis points less (b) interest accrued to the redemption date, and (2) 100% of the principal amount of the 2056 Bonds to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date. On or after the 2056 Bonds Par Call Date, redeemable, in whole or in part, at any time at a redemption price equal to 100% of the principal amount of the 2056 Bonds being redeemed plus accrued and unpaid interest thereon to the redemption date. |
| &nbsp;&nbsp;Right to Redeem for Tax Credit Event: | &nbsp;&nbsp;Redeemable upon the occurrence of a Tax Credit Event, in whole but not in part, at 101% of the principal amount of the 2036 Bonds to be redeemed, plus accrued and unpaid interest thereon to the redemption date (provided, that the related notice of redemption must be sent no later than December 31, 2026). | &nbsp;&nbsp;Redeemable upon the occurrence of a Tax Credit Event, in whole but not in part, at 101% of the principal amount of the 2056 Bonds to be redeemed, plus accrued and unpaid interest thereon to the redemption date (provided, that the related notice of redemption must be sent no later than December 31, 2026). |
| &nbsp;&nbsp;Expected Ratings (Moody's/S&P)\*: | &nbsp;&nbsp;A2 (Stable) / A (Stable) | &nbsp;&nbsp;A2 (Stable) / A (Stable) |
| &nbsp;&nbsp;Trade Date: | &nbsp;&nbsp;February 23, 2026 | &nbsp;&nbsp;February 23, 2026 |
| &nbsp;&nbsp;Settlement Date: | &nbsp;&nbsp;February 27, 2026 (T+4)\*\* | &nbsp;&nbsp;February 27, 2026 (T+4)\*\* |
| &nbsp;&nbsp;CUSIP/ISIN: | &nbsp;&nbsp;906548 DB5 / US906548DB50 | &nbsp;&nbsp;906548 DC3 / US906548DC34 |
| &nbsp;&nbsp;Joint Book-Running Managers: | &nbsp;&nbsp; Barclays Capital Inc.<br> BofA Securities, Inc.<br> Mizuho Securities USA LLC<br> MUFG Securities Americas Inc.<br> Wells Fargo Securities, LLC | &nbsp;&nbsp; Barclays Capital Inc.<br> BofA Securities, Inc.<br> Mizuho Securities USA LLC<br> MUFG Securities Americas Inc.<br> Wells Fargo Securities, LLC |
| &nbsp;&nbsp;Co-Managers: | &nbsp;&nbsp; Fifth Third Securities, Inc.<br> KeyBanc Capital Markets Inc.<br> SMBC Nikko Securities America, Inc. | &nbsp;&nbsp; Fifth Third Securities, Inc.<br> KeyBanc Capital Markets Inc.<br> SMBC Nikko Securities America, Inc. |

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The terms "Treasury Rate" and "Tax Credit Event" have the respective meanings ascribed to those terms in the Issuer's Preliminary Prospectus Supplement, dated February 23, 2026.

\* A security rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. The rating is subject to revision or withdrawal at any time by the assigning rating organization.

\*\* It is expected that delivery of the First Mortgage Bonds will be made against payment therefor on or about the Settlement Date specified above, which will be the fourth business day following the date hereof. Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in one business day, unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade the First Mortgage Bonds more than one business day prior to the scheduled settlement date will be required, by virtue of the fact that the First Mortgage Bonds initially are expected to settle in T+4, to specify an alternative settlement arrangement at the time of any such trade to prevent a failed settlement.

**The Issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting (i) Barclays Capital Inc. toll-free at 1-888-603-5847, (ii) BofA Securities, Inc. toll-free at 1-800-294-1322 or by email at dg.prospectus_requests@bofa.com, (iii) Mizuho Securities USA LLC toll-free at 1-866-271-7403, (iv) MUFG Securities Americas Inc. toll-free at 1-877-649-6848 or (v) Wells Fargo Securities, LLC toll-free at 1-800-645-3751.**