Ameren Corporation · NYSE:AEE
Ameren — Q2 2026 Earnings Presentation
31 slides from Ameren's earnings presentation, Jul 31, 2026
Slide 1: Second Quarter 2026 Earnings Conference Call
Second Quarter 2026 Earnings Conference Call | July 31, 2026 1
Slide 2: Cautionary Statements
Cautionary Statements Forward-looking Statements Statements in this presentation not based on historical facts are considered "forward-looking" and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking s
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Slide 4: Highlights
Highlights • Year–to-date operating performance and earnings in line with expectations • Ameren’s average residential customer rates remain below national and Midwest averages as we deliver top quartile reliability • Reaffirmed 2026 EPS guidance range of $5.25 to $5.45 • 2.8 GWs of ESAs executed to
Slide 5: Earnings and Guidance Summary
Earnings and Guidance Summary • Remain focused on safely executing customer Diluted EPS value-focused strategy 2025 vs 2026 • Key Q2 earnings variance drivers $2.41 ↑ Increased infrastructure investments ↑ Increased earnings from investments in innovative $2.08 energy technology $1.13 ↓ Higher O&M e
Slide 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 5 EASL – Driven by anticipated generation interconnection and economic development growth • R
Slide 13: 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 $5.0 • Inve
Slide 14: Execution of Strategy Expected to Drive Strong Total Return 2026-2030
Execution of Strategy Expected to Drive Strong Total Return 2026-2030 Expect annual EPS growth consistently near upper end of 6% to 8% guidance range1 Regulated Infrastructure Rate Base Five-Year Earnings Per Share Dividends Per Share By Segment 2,3 Rate Base CAGR 3 ($ billions) 2030 Increased for $
Slide 15: Financial Update - Lenny Singh, CFO
Financial _. “Ameren LENNY SINGH Executive Vice President and Chief Financial Officer, Ameren Corp.
Slide 16: 2026 Second Quarter Earnings Analysis – Key Drivers
2026 Second Quarter Earnings Analysis – Key Drivers ↑ Ameren Missouri earnings Diluted EPS2 — Increased investments in infrastructure eligible for PISA and AFUDC: +$0.08 — Electric service rates effective June 1, 2025: +$0.04 Q2 2025 vs. Q2 2026 — Natural gas service rates effective Sep. 1, 2025: +$
Slide 17: 2026 EPS Guidance and Select Balance of the Year Considerations
2026 EPS Guidance and Select Balance of the Year Considerations • Reaffirm 2026 diluted EPS guidance range of $5.25 to $5.45 2026E Diluted EPS • 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) $5.2
Slide 18: 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 19: 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 20: Illinois Regulatory Matters
Illinois Regulatory Matters Electric Distribution Reconciliation for 2025 • In July 2026, AIC revised reconciliation adjustment request to $31 million, reflecting actual costs and investment, consistent with Staff’s recommendation – Based on 2025 year-end rate base and allowed ROE and common equity
Slide 21: 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 22: 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 23: Appendix
St “4 Ameren APPENDIX
Slide 24: 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 25: 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 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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) AMO – Ameren Missouri LRTP – Long Range Transmission Planning ATXI – Ameren Transmission Company of Illinois LT – Long Term B – Billion M – Mi