Ameren Corporation · NYSE:AEE
Ameren — AGA Financial Forum 2025
38 slides from Ameren's conference presentation, May 19, 2025
Slide 1: Powering Growth
Powering Growth AGA Financial Forum May 19-20, 2025
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 0.9M gas • Serves 1.3 million elec
Slide 4: Our Strategic Plan
Our Strategic Plan INVEST ENHANCE OPTIMIZE Enhance regulatory Invest in rate regulated Optimize operating frameworks and advocate energy infrastructure performance for responsible policies To capitalize on opportunities to benefit our customers, communities, shareholders and the environment AGA Fina
Slide 5: 2025 Strategic Business Objectives
2025 Strategic Business Objectives Invest • Execute robust electric, natural gas and transmission infrastructure investment plan • File change to Ameren Missouri’s Preferred Resource Plan in the IRP to reliably and affordably serve our customers’ growing energy needs Enhance • Request CCN approvals
Slide 6: Our Value Proposition for Customers, Shareholders and the Environment
Our Value Proposition for Customers, Shareholders and the Environment Attractive dividend Strong long-term and long-term dividend growth Attractive total growth outlook outlook return potential • Expect 6% to 8% EPS CAGR 2025-20291,2 • Annualized equivalent dividend rate of • Attractive combined ear
Slide 7: Delivering Strong Value to our Customers
Delivering Strong Value to our Customers Consistently providing customers with reliable, affordable service Improved Reliability1 Affordable Rates2 Strong Outage ¢/KWh Frequency Customer Service 1.00 (per Satisfaction3 1.00 customer +23% 0.98 per year)1 ~10% 16.50 0.95 16 Better 16.00 Below Call Cen
Slide 8: Strong Track Record of EPS and Dividend Growth
Strong Track Record of EPS and Dividend Growth Weather-Normalized Adjusted Dividends Paid per Share3 Total Shareholder Diluted Earnings per Share1 and Payout as a % of Return $2.90 WN Adjusted EPS 260% $5.00 +124% or +68% 2013 to 2024 $2.84 | 57% $2.70 $4.95 $4.75 248% ~7.6% CAGR $2.68 | 58% $4.50 2
Slide 9: Four Regulatory Frameworks
Four Regulatory Frameworks FERC-regulated: Formula ratemaking Ameren • 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 ICC-regulated: Future
Slide 10: Strategically Allocated Rate Base Growth
Strategically Allocated Rate Base Growth1 Increased five-year infrastructure investment plan by 20%2 $26.3 Billion of Regulated Infrastructure Investment 2024 to 2029E Regulated Five-Year Rate 2025-20292,3 Infrastructure Rate Base4,5 Base CAGR5 ($ billions) % of Ameren Illinois $41.9 Total ~9.2% Ame
Slide 11: Expected 2025-2029 Funding Plan
Expected 2025-2029 Funding Plan1 • Cash from Operations – Includes ~$2 billion of expected income tax deferrals and tax asset utilization – Expect to sell and transfer additional tax credits worth ~$300 million per year on average to benefit customers • Forecasted 2025 tax credit sales have been com
Slide 12: Missouri Customer Growth Opportunities
Missouri Customer Growth Opportunities Strengthening our communities by supplying reliable energy to power economic development • Increasing electric demand, primarily driven by data centers, expected to support ~5.5% compound annual sales Demand Growth Expectations growth from 2025-20291 in Ameren
Slide 13: Ameren Missouri Powering Growth Plan
Ameren Missouri Powering Growth Plan Includes proposed modified rate structure for large-load customers • In May 2025, filed for MoPSC approval of modified rate structure for large load customers – Applicable to customers requesting 100+ MW of demand and served at transmission level voltage – Requir
Slide 14: New Missouri Preferred Resource Plan Feb. 2025
New Missouri Preferred Resource Plan Feb. 20251 Least-cost approach to reliably meet customer energy needs and support economic development 3 3 3 • 2025 PRP changes from 2023 PRP: Overall increase of 1.8 GW and $5B by 2030 and 2.3 GW and $7B by 2035 • Load growth: Preferred plan reflects 1.5 GW of l
Slide 15: Ameren Missouri New Generation In Progress
Ameren Missouri New Generation In Progress Reliable, Affordable Energy Through a Balanced Energy Portfolio Anticipated Energy Facility Generation Agreement Developer CCN Status In-Service Center Size Type Type Date Ameren Approved Vandalia1 50 MW Solar Self-Build Q4 2025 Missouri Mar. 2024 Bowling A
Slide 16: Energy Legislative Initiatives
Energy Legislative Initiatives Enhancing regulatory frameworks and advocating for responsible energy and economic policies Ameren Missouri • In Apr. 2025, the Governor signed SB 4, a wide-ranging energy bill, into law, which includes the provisions below • Plant-In-Service-Accounting (PISA) Modifica
Slide 17: MISO Long-Range Transmission Planning Projects
MISO Long-Range Transmission Planning Projects Supporting resource adequacy across the region amid evolving energy grid needs • MISO approved Tranche 2.1 projects estimated to cost $21.8 billion1 – Portfolio focuses on creating high-voltage transmission highways within the MISO region to maximize va
Slide 18: Robust Investment Opportunities Across All Businesses Over Next Decade
Robust Investment Opportunities Across All Businesses Over Next Decade1 Modernizing the grid and investing in a reliable, cleaner energy future Investment Plan 2025-2029 $63B+ ($ billions) Strong Pipeline of Regulated $26.3 Infrastructure Investments $4.6 2025-2034 $1.7 $3.2 • Modernize electric and
Slide 19: Attractive Long-term Total Return Outlook
Attractive Long-term Total Return Outlook Investing in rate regulated energy infrastructure to benefit our customers, communities, shareholders and the environment • Remain on track to deliver strong long-term earnings growth 2024-2029E Regulated – Expect 6% to 8% EPS CAGR from 2025-2029 using 2025
Slide 20: Financial and Regulatory Updates
Financial and Regulatory Updates Ameren Transmission Monopole Tower 2024
Slide 21: Financing Activity, Credit Ratings and External Debt Balances
Financing Activity Credit Ratings2 and External Debt Balances3 2025 Debt Financing1 Issuance Date Issuer Rate Type Maturity $ in millions Moody's S&P ($M) Mar. 3 Ameren Illinois $350 5.625% First mortgage bonds 2055 Ameren Corporation (Issuer: Baa1/BBB+) Mar. 7 Ameren Corp. $750 5.375% Senior unsecu
Slide 22: 2025 First Quarter Earnings Analysis – Key Drivers
2025 First Quarter Earnings Analysis – Key Drivers ↑ Ameren Missouri earnings Adjusted Diluted EPS1 — Higher electric retail sales mostly driven by colder winter temperatures: ~+$0.06 Q1 2024 vs. Q1 2025 • Weather vs. 2024: ~+$0.09; vs. normal ~+$0.02 — Increased investments in infrastructure eligib
Slide 23: 2025 Earnings Guidance: Key Drivers & Assumptions vs. 2024
2025 Earnings Guidance: Key Drivers & Assumptions vs. 20241 Midpoint represents ~7% EPS growth compared to 2024 adjusted earnings results ↑ New electric service rates effective by June 1 ↑ Higher investments in infrastructure eligible for PISA2: ~+$0.16 Ameren ↑ Higher weather-normalized retail sale
Slide 24: 2025 EPS Guidance and Select Balance of the Year Considerations
2025 EPS Guidance and Select Balance of the Year Considerations1 • Reaffirmed 2025 diluted EPS guidance range of $4.85 to $5.05 2025E • Select considerations for Q2-Q4 2025 EPS compared to Q2-Q4 2024 EPS Diluted EPS – Ameren Missouri new electric service rates effective June 1, 2025: Q2 ~+$0.05; Q3
Slide 25: Missouri Regulatory Matters
Missouri Regulatory Matters 2024 Missouri Electric Rate Review • In Apr. 2025, MoPSC approved constructive stipulation and agreement for a $355 million annual revenue increase – Allowed ROE1, capital structure2 and rate base3 not specified – Continuation of existing FAC, RESRAM and other regulatory
Slide 26: Illinois Regulatory Matters
Illinois Regulatory Matters Electric Distribution Rate Review Multi-Year Rate Plan Reconciliation for 2024 • In Apr. 2025, requested a $61 million reconciliation adjustment to the 2024 revenue requirement reflecting actual costs – Based on 2024 year-end rate base and allowed ROE and common equity ra
Slide 27: Illinois Regulatory Matters
Illinois Regulatory Matters Natural Gas Distribution Rate Review • In Jan. 2025, requested a $140 million annual base rate increase – 2026 future test year – 10.7% allowed ROE and 52% common equity ratio – $3.3 billion average rate base • In May 2025, Staff recommended a $105 million annual base rat
Slide 28: Summary
Summary Expect to deliver strong earnings growth in 2025 with guidance in a range of $4.85 to $5.05 per diluted share1 Successfully executing our strategy; well-positioned for future growth • Powering economic development through investment in a reliable and cleaner energy grid Strong long-term grow
Slide 29: Appendix
Appendix 29
Slide 30: Our Sustainability Value Proposition
Our Sustainability Value Proposition ENVIRONMENTAL STEWARDSHIP SOCIAL IMPACT • Building a cleaner and more diverse generation portfolio to support • Engaged to power community success through safety, reliability, reliability and opportunity in our region affordability and inclusivity ‒ Accelerating
Slide 31: Ameren Missouri Smart Energy Plan
Ameren Missouri Smart Energy Plan filed with MoPSC on Feb. 14th Investing in rate regulated energy infrastructure to benefit our customers, shareholders and the environment • $2.7 billion invested in 2024 to support reliability, address aged infrastructure and provide clean energy – Ameren Missouri'
Slide 32: Change in Ameren Missouri Preferred Resource Plan
Change in Ameren Missouri Preferred Resource Plan Overall increase of 1.8 GW and $5B1 by 2030 and 2.3 GW and $7B1 by 2035 Key Actions 2023 PRP 2025 PRP Specifics Sioux ~1,000 MW (2032) Sioux ~1,000 MW (by 2035) Coal Retirements Labadie ~1,200 MW (2036) • Sioux retirement extended up to 3 years No ch
Slide 33: Future Long-Term Debt
Future Long-Term Debt Issuer 2025 2026 2027 2028 2029 $350 million 3.65% senior unsecured notes $500 million 1.95% senior $450 million 1.75% senior $700 million 5.00% Ameren Corp. unsecured notes unsecured notes senior unsecured notes $600 million 5.70% senior unsecured notes $400 million 2.95% seni
Slide 34: GAAP to Adjusted Earnings Per Share Reconciliation
GAAP to Adjusted Earnings Per Share Reconciliation First Quarter 2025 2024 GAAP Diluted EPS $1.07 $0.98 Charge for additional mitigation relief for Rush Island Energy Center — 0.05 Less: Income tax benefit — (0.01) Adjusted Diluted EPS $1.07 $1.02 AGA Financial Forum | May 19-20, 2025 34
Slide 35: 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 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 Exclude results from discontinued operations 0.87 — (0.01) — — — — — — — — — Le
Slide 36: 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 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 Ameren Missouri weather impact included in margins 0.03 0.05 (0.04) 0.16
Slide 37: Select Regulatory and Legislative Matters
Select Regulatory and Legislative Matters Missouri Public Service Commission • Pending modified tariff filing for large-load customers: Docket No. ET-2025-0184 • Pending gas rate review filing: Docket No. GR-2024-0369 • Order approving electric rate review filling: Docket No. ER-2024-0319 • Order ap
Slide 38: Glossary of Terms and Abbreviations
Glossary of Terms and Abbreviations AFUDC – Allowance for funds used during construction IRP – Integrated resource plan ATXI – Ameren Transmission Company of Illinois LRTP – Long Range Transmission Planning B – Billion LT – Long-term bps – Basis points M – Million CAGR – Compound annual growth rate