Ameren Corporation · NYSE:AEE
Ameren — Barclays Energy-Power Conference 2026
34 slides from Ameren's conference presentation, Sep 9, 2026
Slide 1: Barclays Energy-Power Conference | September 9, 2026
Barclays Energy-Power Conference | September 9, 2026 1
Slide 2: Cautionary Statements
Cautionary Statements Use of Non-GAAP Financial Measures In this presentation, Ameren has presented adjusted earnings per share, which is a non-GAAP measure and may not be comparable to those of other companies. A reconciliation of GAAP to non-GAAP information is included in this presentation. Gener
Slide 3: Company Description
Company Description Fully rate-regulated electric and natural gas utility Ameren Businesses 2.5M electric Ameren Missouri customers • Electric transmission, distribution, and generation business and a natural gas distribution business in Missouri regulated by MoPSC • Serves 1.3 million electric and
Slide 4: Our Value Proposition for Customers, Communities, and Shareholders
Our Value Proposition for Customers, Communities, and Shareholders Strong long-term Attractive dividend and long-term Attractive total growth outlook dividend growth outlook return potential • Annualized equivalent dividend • Expect 6% to 8% EPS CAGR • Attractive combined earnings 2026-20301,2 rate
Slide 5: Powering the Quality of Life by Investing, Enhancing, Optimizing
Powering the Quality of Life by INVESTING ENHANCING OPTIMIZING Enhance regulatory frameworks and Optimize performance to improve Invest in rate-regulated infrastructure energy policy to support long-term service quality while keeping costs for reliability and resiliency customer value as low as poss
Slide 6: Four Regulatory Frameworks
Four Regulatory Frameworks Ameren FERC-regulated: Formula ratemaking • Allowed ROE is 10.48%, including MISO participation adder of 50 basis points; ~56% average equity ratio Transmission • Rates reset each Jan. 1 based on forward-looking calculation with annual reconciliation Ameren Illinois ICC-re
Slide 7: Execution of Strategy Delivering Value for Shareholders
Execution of Strategy Delivering Value for Shareholders Strong track record of EPS and dividend growth Weather-Normalized Adjusted Diluted Dividends Paid per Share2 and Strong Total Earnings per Share1 Payout as a % of WN Adjusted EPS Shareholder Return +135% $3.00 +78% 2013 to 2025 $5.25 (~7.4% CAG
Slide 8: Energy Infrastructure at Work for Our Customers
Energy Infrastructure at Work for Our Customers Delivering strong value to our customers and communities Economic Engine Strong Customer Improved Reliability1 for Local Communities2 Service Satisfaction Rating3 $20.7B ECONOMIC Outage Frequency (per customer per year)1 0.91 IMPACT 0.79 55,200 JOBS SU
Slide 9: Helping Our Customers Manage Energy Costs
Helping Our Customers Manage Energy Costs Sharp focus on keeping customer rates as low as possible Residential Rates Below National and Customer Assistance Midwest Averages1 to Manage Energy Costs ¢/KWh Ameren’s average residential rate is • Invest ~$200M+ annually in energy 20 ~12% below the Midwes
Slide 10: 2026 Strategic Business Objectives
2026 Strategic Business Objectives Invest Capital Expenditures • Execute customer-centric electric and natural gas transmission and distribution infrastructure investment plan to bolster safety, reliability, and resiliency YTD June 2025 vs YTD June 2026 • Expand electric generation resources to supp
Slide 11: Financial Outlook
FINANCIAL OUTLOOK 11
Slide 12: Execution of Strategy Expected to Drive Strong Total Return 2026-2030
Execution of Strategy Expected to Drive Strong Total Return 2026-2030 Expect annual EPS growth consistently near upper end of 6% to 8% guidance range1 Regulated Infrastructure Rate Base Five-Year Earnings Per Share Dividends Per Share By Segment 2,3 Rate Base CAGR 3 ($ billions) 2030 Increased for $
Slide 13: Strategically Allocated Rate Base Growth
Strategically Allocated Rate Base Growth Increased five-year infrastructure investment plan by 21%1 $31.8 Billion of Regulated Infrastructure Investment 2025 to 2030E Regulated Five-Year Rate Base CAGR2 2026-2030 Infrastructure Rate Base2 ($ billions) ~10.6% Ameren Illinois Electric $47.7 Distributi
Slide 14: Financing Activity
External Debt Balances3 Financing Activity and Strong Credit Ratings4 Debt Financing for 2026 Issuance $ in millions Moody's S&P Date Issuer Rate Type Maturity ($M) Feb. 27 Ameren Missouri $450 4.80% First mortgage bonds 2036 Ameren Corporation (Issuer: Baa1/BBB+) Feb. 27 Ameren Missouri $450 5.55%
Slide 15: Long-Term Debt Maturities and Interest Rates through 2030
Long-Term Debt Maturities and Interest Rates through 20301 Issuer 2026 2027 2028 2029 2030 $350 million 3.65% senior unsecured notes (matured Feb.) $500 million 1.95% senior $450 million 1.75% senior $700 million 5.00% Ameren Corp.2 unsecured notes unsecured notes senior unsecured notes $600 million
Slide 16: 2026 Earnings Guidance: Key Drivers & Assumptions vs. 2025
2026 Earnings Guidance: Key Drivers & Assumptions vs. 20251 Midpoint of $5.35 represents ~8.1% EPS growth compared to midpoint 2025 original EPS guidance range of $4.95 ↑ Higher investments in infrastructure eligible for PISA and AFUDC: ~+$0.37 ↑ New electric service rates effective June 1, 20252: ~
Slide 17: 2026 EPS Guidance and Select Balance of the Year Considerations
2026 EPS Guidance and Select Balance of the Year Considerations • 2026 diluted EPS guidance range of $5.25 to $5.451 2026E Diluted EPS1 • Select considerations for Q3-Q4 2026 EPS $5.45 compared to Q3-Q4 2025 EPS – Ameren Missouri return to normal weather in 2026: Q3 ~$(0.08); Q4 ~$(0.03) $5.25 – Hig
Slide 18: Robust Investment Opportunities Across All Businesses Over Next Decade
Robust Investment Opportunities Across All Businesses Over Next Decade Delivering value to customers and communities through grid modernization and expanded energy resources 5-Year Investment Plan1 $71B+ ($ billions) Strong Pipeline of Regulated Infrastructure Investments 2026-2035 $31.8 $5.0 • Inve
Slide 19: Business Updates
BUSINESS UPDATES
Slide 20: Ameren Missouri Large Load Customer Rate Plan
Ameren Missouri Large Load Customer Rate Plan Enabling economic development and maintaining just and reasonable rates • On Nov. 24, 2025, MoPSC approved rate structure for large load customers – Applicable to customers requesting 75+ MW – Establishes Large Load Customer Rate Plan with current base r
Slide 21: Positioning Our Communities for Investment and Growth
Positioning Our Communities for Investment and Growth • Engaging with a strong pipeline of economic growth opportunities – In Missouri, 2.8 GWs of executed ESAs, 0.6 GWs of construction agreements without an ESA, and an additional 4 GWs of proposed projects with completed interconnection studies – D
Slide 22: Robust Missouri Sales Growth Opportunities
Robust Missouri Sales Growth Opportunities Scaling our business with continued growth in customer energy needs Large Customer Demand • 2.8 GWs of executed ESAs represents upside to our 5-year Growth Assumptions in sales and earnings forecasts Ameren Missouri’s 2025 IRP2 – Projected 2026-2030 Ameren
Slide 23: Missouri Preferred Resource Plan Feb. 2025
Missouri Preferred Resource Plan Feb. 20251 Least-cost approach to reliably meet customer energy needs and support economic development 3 3 3 • Load growth: Preferred plan reflects 1.5 GW of load growth by 2032; additional scenarios reflect load growth ranging from 0.5 GW to 2 GW by 2032 • Natural g
Slide 24: Ameren Missouri New Generation Project Status
Ameren Missouri New Generation Project Status Plan to increase generation capacity consistent with 2025 IRP1 Energy Center Facility Size Generation Type Agreement Type CCN Status Anticipated In-Service Date Bowling Green 50 MW Solar Self-Build Approved Mar. 2024 Placed In Service Mar. 2026 Split Rai
Slide 25: Transmission Investment Pipeline
Transmission Investment Pipeline Supporting reliability and resource adequacy amid evolving energy grid needs • Robust investment to support system reliability and large load growth in our service territory EASL – Driven by anticipated generation interconnection and economic development growth • Reg
Slide 26: Missouri Regulatory Matters
Missouri Regulatory Matters 2026 Electric Rate Review • In June 2026, Ameren Missouri filed request with MoPSC to recover costs of significant system reliability and resiliency investments – Test year ended Mar. 31, 2026, with certain pro-forma adjustments through Dec. 31, 2026 – Driven by storm har
Slide 27: Translating Investment into Value for Missouri Customers
Translating Investment into Value for Missouri Customers Reflected in 2026 Electric Rate Review Working to Keep Customer Benefits Customer Rates as Low As Possible Strengthening grid to be more dependable Historical Residential Rate Trends for families and businesses Index Relative to CPI Inflation
Slide 28: Illinois Regulatory Matters
Illinois Regulatory Matters Electric Distribution Reconciliation for 2025 • In August 2026, AIC revised reconciliation adjustment request to $29 million – ICC Staff has no objections to AIC’s request – Based on 2025 year-end rate base and allowed ROE and common equity ratio established in Multi-Year
Slide 29: Appendix
Slide 30: 2026 Earnings Analysis for Six Months Ended June 30
2026 Earnings Analysis for Six Months Ended June 30 ↑ Ameren Missouri earnings Diluted EPS2 — Increased investments in infrastructure eligible for PISA and AFUDC: +$0.15 — Electric service rates effective June 1, 2025: +$0.12 June YTD 2025 vs. 2026 — Natural gas service rates effective Sep. 1, 2025:
Slide 31: GAAP to Adjusted Earnings Per Share Reconciliations
GAAP to Adjusted Earnings Per Share Reconciliations Year Ended Dec. 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 GAAP Diluted EPS $1.18 $2.40 $2.59 $2.68 $2.14 $3.32 $3.35 $3.50 $3.84 $4.14 $4.38 $4.42 $5.35 Exclude results from discontinued operations 0.87 — (0.01) — — — — —
Slide 32: Weather-Normalized Earnings Per Share Reconciliations
Weather-Normalized Earnings Per Share Reconciliations Year Ended Dec. 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Adjusted1 Diluted EPS $2.10 $2.40 $2.56 $2.68 $2.83 $3.37 $3.35 $3.50 $3.84 $4.14 $4.38 $4.63 $5.03 Ameren Missouri weather impact 0.03 0.05 (0.04) 0.16 (0.07) 0
Slide 33: Select Regulatory and Legislative Matters
Select Regulatory and Legislative Matters Missouri Public Service Commission • Pending electric rate review filing: Docket No. ER-2026-0291 • Pending CCN filings: Docket No. EA-2026-0183 and EA-2026-0226 • Order approving tariff filing for LL customers: Docket No. ET-2025-0184 • Order Approving CCN
Slide 34: Glossary of Terms and Abbreviations
Glossary of Terms and Abbreviations AFUDC – Allowance for funds used during construction LL – Large Load (customers whose demand is expected to exceed 75 MW) AIC – Ameren Illinois LRTP – Long Range Transmission Planning AMO – Ameren Missouri LT – Long Term ATXI – Ameren Transmission Company of Illin