Slide 1: Powering a Reliable, Sustainable Tomorrow
Powering a Reliable, Sustainable Tomorrow Second Quarter 2024 Earnings August 2, 2024
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
Slide 3: Strategic and Business Update
Strategic and Business Update Marty Lyons Chairman, President and Chief Executive Officer, Ameren Corp. Ameren Missouri’s Montgomery Community Solar Energy Center
Slide 4: Earnings and Guidance Summary
Earnings and Guidance Summary • Consistent, experienced management team remains focused on safely executing strategic plan Diluted EPS 2023 vs. 2024 • Key Q2 earnings variance drivers ↑ Earnings on increased infrastructure investments $1.90 $1.95 ↑ Higher Ameren Missouri electric retail sales primar
Slide 5: 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 Second Q
Slide 6: Executing Our Strategy in 2024
Executing Our Strategy in 2024 Invest • $1.9 billion of capital invested benefiting our customers and communities – Significant infrastructure investment in electric, natural gas and transmission infrastructure projects Capital Expenditures Enhance YTD June 30, 2024 • Q2 constructive regulatory adva
Slide 7: Robust Customer Growth Opportunities
Robust Customer Growth Opportunities Facilitating Growth in our Region While Delivering Value for All Customers • Robust pipeline of potential customers conducting formal engineering reviews Economic Development Pipeline of location in our territory Represents Thousands of MW of Potential New Demand
Slide 8: Ameren Missouri New Generation Projects
Ameren Missouri New Generation Projects Cleaner, More Reliable Energy Through a Balanced Energy Portfolio Simple Solar Cycle Gas Cass Bowling Huck Finn1,2 Boomtown2,3 Vandalia2 Split Rail Castle Bluff County2,3 Green2 Facility size 200-MW 150-MW 150-MW 50-MW 50-MW 300-MW 800-MW Agreement Build- Buil
Slide 9: MISO Long-Range Transmission Planning Roadmap
MISO Long-Range Transmission Planning Roadmap Meeting Our Customers’ Needs Through Geographic Energy Diversity and Increased Import Capacity • Captured 100% of Tranche 1 projects in our service territory – Delivering cost-effective, high value projects to our communities – Expect construction to beg
Slide 10: Robust Investment Opportunities Across All Businesses Over Next Decade
Robust Investment Opportunities Across All Businesses Over Next Decade1 Modernizing the grid and investing in cleaner generation Investment Plan 2024-2028 $55B+ ($ billions) $21.9 Strong Pipeline of Regulated Infrastructure Investments $4.1 2024-2033 $1.8 • Modernize electric and gas transmission an
Slide 11: Long-term Total Return Outlook
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 – Expect 6% to 8% EPS CAGR from 2024-20281 • Using 2024 EPS guidance range midpoint o
Slide 12: Financial Update
Financial Update Michael Moehn Senior Executive Vice President and Chief Financial Officer, Ameren Corp.
Slide 13: 2024 Second Quarter Earnings Analysis – Key Drivers
2024 Second Quarter Earnings Analysis – Key Drivers ↑ Ameren Missouri earnings — Higher electric retail sales: ~+$0.06 Diluted EPS2 • Weather vs. 2023: ~+$0.07; vs. normal ~+$0.07 Q2 2023 vs. Q2 2024 — New electric service rates effective July 9, 2023: +$0.05 — Increased investments in infrastructur
Slide 14: 2024 EPS Guidance and Select Balance of the Year Considerations
2024 EPS Guidance and Select Balance of the Year Considerations • Reaffirm 2024 diluted EPS guidance range of $4.52 to $4.72 2024E • Select considerations for Q3-Q4 2024 EPS compared to Q3-Q4 2023 EPS Diluted EPS – Ameren Missouri new electric service rates effective July 9, 2023: Q3 ~+$0.01 $4.72 –
Slide 15: Missouri Electric Regulatory Matters
Missouri Electric Regulatory Matters Securitization of Rush Island • In June, MoPSC approved securitization of ~$470 million of costs associated with the Rush Island Energy Center – Includes undepreciated plant and decommissioning costs – Requested costs not securitized expected to be recovered thro
Slide 16: Missouri Electric Regulatory Matters, Cont’d
Missouri Electric Regulatory Matters, Cont’d 2024 Missouri Electric Rate Review Filing • $446 million annual revenue increase request filed June 28 with MoPSC Ameren Missouri – ROE: 10.25% Residential Electric Rates 2 – Equity ratio: 52.0% ¢/kWh – Rate base: $14 billion (Dec. 31, 2024 estimate) – Te
Slide 17: Illinois Regulatory Matters
Illinois Regulatory Matters Electric Distribution Reconciliation for 2023 • In July 2024, filed updated request with ICC for $158 million reconciliation adjustment to the 2023 revenue requirement reflecting actual costs – Based on 2023 year-end rate base of $4.2B, 9.84% ROE, and 50% equity ratio – I
Slide 18: Illinois Electric Distribution Multi-Year Rate Plan for 2024 - 2027
Illinois Electric Distribution Multi-Year Rate Plan for 2024 - 2027 Order on Rehearing ICC Order on Rehearing • In June 2024, ICC approved a cumulative revenue increase of $285 million1 Key Components 2024 2025 2026 2027 reflecting a base level of grid reliability investment – Approved ~94% of Amere
Slide 19: 2024 Financings, Credit Ratings and External Debt Balances
Credit Ratings3 and 2024 Financings External Debt Balances Debt Financing • On Jan. 9, Ameren Missouri issued $350 million of 5.25% first As of June 30, 2024 $ in millions Moody's S&P mortgage bonds due 20541 Ameren Corporation (Issuer: Baa1/BBB+) • On Apr. 4, Ameren Missouri issued $500 million of
Slide 20: Focused on Disciplined Cost Management to Drive Affordability
Focused on Disciplined Cost Management to Drive Affordability Optimize operating performance to benefit our customers, shareholders and the environment • Track record of disciplined cost management – Target flat operations and maintenance expenses through 2028 • Enhanced continuous improvement and d
Slide 21: Summary
Summary Expect to deliver strong earnings growth in 2024 with guidance in a range of $4.52 to $4.72 per diluted share1 Successfully executing our strategy; well-positioned for future growth • Focused on delivering a cleaner and sustainable energy future in a responsible manner Strong long-term growt
Slide 22: Appendix
APPENDIX
Slide 23: Our Sustainability Value Proposition
Our Sustainability Value Proposition ENVIRONMENTAL STEWARDSHIP SOCIAL IMPACT • Responsibly transitioning to a cleaner and more diverse portfolio • Delivered value to customers in 2023 while focused on safety ‒ Target carbon reductions from 2005 levels: 60% by 2030; 85% by 2040; net ‒ Ameren-supplied
Slide 24: 2024 Earnings Analysis for Six Months Ended June 30
2024 Earnings Analysis for Six Months Ended June 30 ↑ Ameren Missouri earnings — New electric service rates effective July 9, 2023: +$0.09 — Higher electric retail sales: ~+$0.08 Diluted EPS2 • Weather vs. 2023: ~+$0.05; vs. normal ~+$0.00 YTD June 2023 vs. YTD June 2024 • WN sales vs. 2023 (excl. M
Slide 25: Four Regulatory Frameworks
Four Regulatory Frameworks FERC-regulated: Formula ratemaking Ameren • Allowed ROE is 10.52%, includes 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 t
Slide 26: Ameren Illinois Electric Distribution Multi-Year Rate Plan Performance Metrics
Ameren Illinois Electric Distribution Multi-Year Rate Plan Performance Metrics Adjustment / Metric Description Incentive (+/- bps) Improve System Average Interruption Duration Index (SAIDI) systemwide; improve interruption and 1. Reliability duration of outages (SAIDI, SAIFI, CEMI, and CELID) in env
Slide 27: Federal Regulatory Matters
Federal Regulatory Matters Rush Island New Source Review Proceedings • In Dec. 2021, Ameren Missouri announced its intention to accelerate the Rush Island Energy Center retirement, in lieu of installing a flue gas desulfurization scrubber system • In March 2024, the District Court1 ordered parties t
Slide 28: Ameren Missouri Smart Energy Plan filed with MoPSC
Ameren Missouri Smart Energy Plan filed with MoPSC on Feb. 23 Investing in rate regulated energy infrastructure to benefit our customers, shareholders and the environment • $1.7 billion invested in 2023 to support reliability, address aged infrastructure and provide clean energy to the customers and
Slide 29: Key Customer Benefits Reflected in Missouri June 2024 Rate Request
Key Customer Benefits Reflected in Missouri June 2024 Rate Request • Strengthening the grid by investing in smart technology and upgraded infrastructure through Ameren Missouri’s Smart Energy Plan to bolster grid reliability, resiliency, and security for our customers – Power lines with increased ca
Slide 30: Missouri Integrated Resource Plan filed with MoPSC
Missouri Integrated Resource Plan filed with MoPSC Sept. 20233 Least-cost approach to reliably meet customer energy needs in an environmentally responsible manner • Carbon emissions1: Targets substantial reductions; 60% by 2030, 85% by 2040 and net-zero by 2045 • Coal: All energy centers retired by
Slide 31: Investing in the Energy Grid
Investing in the Energy Grid • Investing to modernize energy grid, making it cleaner, safer, more reliable, resilient and secure – Ameren Missouri Smart Energy Plan filed with the MoPSC supporting infrastructure investment to 2023-2028E Regulated modernize the grid Infrastructure Rate Base – Expect
Slide 32: Long-Term Debt Maturities and Interest Rates
Long-Term Debt Maturities and Interest Rates Issuer 20241 2025 2026 2027 2028 $350 million 3.65% senior unsecured notes $450 million 2.50% $500 million 1.95% $450 million 1.75% Ameren Corp. senior unsecured notes senior unsecured notes senior unsecured notes $600 million 5.70% senior unsecured notes
Slide 33: Ameren’s Estimated Coal-Related Revenues in 2023
Ameren’s Estimated Coal-Related Revenues in 2023 Return on Investment Revenues Cost Recovery3 Revenues $1.97B1 x $1.97B1 x ($98M x $466M + 51.9%2 x 48.1% x 25%) / (1 $171M x $131M + 9.59%2 = 3.93% = - 25%) 17%1 = $265M = $98M $37M $33M $29M $862M $7,500M 14% Return on Interest Tax Expense Property F
Slide 34: GAAP to Core Earnings Per Share Reconciliations
GAAP to Core Earnings Per Share Reconciliations Year Ended Dec. 31, 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 GAAP Earnings / Diluted EPS $1.18 $2.40 $2.59 $2.68 $2.14 $3.32 $3.35 $3.50 $3.84 $4.14 $4.38 Exclude results from discontinued operations 0.87 — (0.01) — — — — — — — — Less: In
Slide 35: 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 Core1 Diluted EPS $2.10 $2.40 $2.56 $2.68 $2.83 $3.37 $3.35 $3.50 $3.84 $4.14 $4.38 Ameren Missouri weather impact 0.03 0.05 (0.04) 0.16 (0.07) 0.43 0.04 (0.05) 0.02 0.19
Slide 36: Investor Relations Calendar
Investor Relations Calendar AUGUST 2024 SEPTEMBER 2024 SUN. MON. TUES. WED. THUR. FRI. SAT. SUN. MON. TUES. WED. THUR. FRI. SAT. ` 1 2 3 1 2 3 4 5 6 7 Quiet Q2 2024 Barclays Energy Period Earnings and Power Cont’d Call Conf. 4 5 6 7 8 9 10 8 9 10 11 12 13 14 11 12 13 14 15 16 17 15 16 17 18 19 20 21
Slide 37: Select Regulatory and Legislative Matters
Select Regulatory and Legislative Matters Missouri Public Service Commission • Pending electric rate review filling: Docket No. ER-2024-0319 • Pending CCN for Castle Bluff Energy Center: EA-2024-0237 • 60-day notice for gas rate review filing: Docket No. GR-2024-0369 • Orders approving CCNs for Huck
Slide 38: Glossary of Terms and Abbreviations
Glossary of Terms and Abbreviations ATXI – Ameren Transmission Company of Illinois ITC – Investment Tax Credit AFUDC – Allowance for Funds Used During Construction LRTP – Long Range Transmission Planning B – Billion LT – Long-term bps – Basis points M – Million CAGR – Compound annual growth rate MEE