Ameren Corporation · NYSE:AEE
Ameren — Q3 2025 Earnings Presentation
30 slides from Ameren's earnings presentation, Nov 6, 2025
Slide 1: Powering Growth
Powering Growth Third Quarter 2025 Earnings Nov. 6, 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: Strategic and Business Update
Strategic and Business Update Marty Lyons Chairman, President and Chief Executive Officer, Ameren Corp.
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 Third Qu
Slide 5: Third Quarter 2025 Earnings Summary
Third Quarter 2025 Earnings Summary • Remain focused on safely executing strategic plan Adjusted1 Diluted EPS 2024 vs. 2025 • Key Q3 adjusted 2025 earnings variance drivers $4.25 ↑ Earnings from infrastructure investments $3.86 ↑ New Ameren Missouri electric service rates effective June 1 $2.17 ↑ Hi
Slide 6: 2025 Strategy Execution
2025 Strategy Execution Invest • Over $3 billion of capital invested YTD in electric, natural gas and transmission Capital Expenditures infrastructure to harden grid and expand balanced generation portfolio YTD Sep. 30 Enhance ($ millions) • Achieved constructive regulatory and legislative outcomes
Slide 7: Strong Earnings Per Share Growth Expectations
Strong Earnings Per Share Growth Expectations • Expect 2025 adjusted diluted EPS to be in the range of $4.90 to $5.101; raised from original EPS guidance range of Diluted EPS Guidance $4.85 to $5.05 – Midpoint represents ~8.2% EPS growth compared to 2024 original $5.35 EPS guidance midpoint of $4.62
Slide 8: Ameren Missouri Customer Growth Opportunities
Ameren Missouri Customer Growth Opportunities Strengthening our communities through economic development • Robust data center demand; includes ~3 GWs of signed construction agreements1 Demand Growth Expectations2 in Ameren Missouri’s IRP 2025 Preferred Plan – Numerous sites with access to transmissi
Slide 9: Ameren Missouri's ~2.7 GW of New Generation In Progress
Ameren Missouri’s ~2.7 GW of New Generation In Progress Reliable and affordable energy portfolio to serve customers and power economic development Anticipated Energy Facility Generation Agreement CCN In-Service Center Size Type Type Status Date Approved Vandalia 50 MW Solar Self-Build Q4 2025 Mar. 2
Slide 10: Ameren Missouri Large Load Customer Rate Plan
Ameren Missouri Large Load Customer Rate Plan Enabling economic development and maintaining just and reasonable rates • In Nov. 2025, updated proposed rate structure for large load customers; subject to MoPSC approval – Applicable to customers requesting 75+ MW and served at transmission level volta
Slide 11: 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 12: 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 $68B+ Investment Plan 2025-20291 ($ billions) Strong Pipeline of Regulated $26.3 Infrastructure Investments $4.6 2025-2034 $1.
Slide 13: Attractive Long-term Total Return Outlook
Attractive Long-term Total Return Outlook • Remain on track to deliver strong long-term earnings growth – Expect 6% to 8% EPS CAGR from 2025-2029 using 2025 original 2024-2029E Regulated EPS guidance range midpoint of $4.95 as the base1 Five-Year Rate Infrastructure Rate Base CAGR1,2,3 – Supported b
Slide 14: Financial Update
Financial Update Michael Moehn Senior Executive Vice President and Chief Financial Officer, Ameren Corp.
Slide 15: GAAP to Adjusted Earnings Reconciliation
GAAP to Adjusted Earnings Reconciliation Three Months Ended Nine Months Ended Sep. 30, Sep. 30, (in millions, except per share amounts) 2025 2024 2025 2024 GAAP Earnings / Diluted EPS $ 640 $ 2.35 $ 456 $1.70 $ 1,204 $ 4.43 $ 975 $3.65 Charge for additional mitigation relief for Rush Island Energy C
Slide 16: 2025 Third Quarter Adjusted Earnings Analysis – Key Drivers
2025 Third Quarter Adjusted Earnings Analysis – Key Drivers ↑ Ameren Missouri earnings — New electric service rates effective June 1: +$0.28 Adjusted Diluted EPS2 — Higher electric retail sales driven in part by warmer weather: Q3 2024 vs. Q3 2025 ~+$0.15 • Weather vs. 2024: ~+$0.10; vs. normal: ~+$
Slide 17: 2025 EPS Guidance and Select Balance of the Year Considerations
2025 EPS Guidance and Select Balance of the Year Considerations • Expect 2025 diluted adjusted EPS to be in the range of $4.90 to $5.10 2025E Diluted – Raised from original EPS guidance range of $4.85 to $5.05 Adjusted EPS • Select considerations for Q4 2025 EPS compared to Q4 2024 EPS $5.10 – Amere
Slide 18: 2026 Earnings Guidance: Key Drivers & Assumptions vs. 2025
2026 Earnings Guidance: Key Drivers & Assumptions vs. 2025 Midpoint represents ~8.2% EPS growth compared to midpoint of 2025 original EPS guidance range ↑ Higher investments in infrastructure eligible for PISA and AFUDC: ~+$0.37 ↑ New electric service rates effective June 1, 20251: ~+$0.11 Ameren Am
Slide 19: External Debt Balances and Strong Credit Ratings
Financing Activity External Debt Balances2 and Strong Credit Ratings3 2025 Debt Financing Date Issuer Issuance ($M) Rate Type Maturity $ in millions Moody's S&P Mar. 3 Ameren Illinois $350 5.625% First mortgage bonds 2055 Ameren Corporation (Issuer: Baa1/BBB+) Mar. 7 Ameren Corp. $750 5.375% Senior
Slide 20: Illinois Regulatory Matters
Illinois Regulatory Matters Natural Gas Distribution Rate Review • In July 2025, updated request to a $135 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 Aug. 2025, ICC Staff recommended a $104 million an
Slide 21: Illinois Regulatory Matters, cont'd
Illinois Regulatory Matters, cont’d Electric Distribution 2024 MYRP Reconciliation • In Sep. 2025, updated request for a $60 million reconciliation adjustment to the 2024 revenue requirement reflecting actual costs – Based on 2024 year-end rate base and allowed ROE and common equity ratio establishe
Slide 22: Summary
Summary Expect 2025 diluted adjusted EPS to be in the range of $4.90 to $5.10 Expect 2026 diluted EPS to be in the range of $5.25 to $5.45 Successfully executing our strategy; well-positioned for future growth • Powering economic development through investment in a reliable and cleaner energy grid S
Slide 23: APPENDIX
APPENDIX
Slide 24: 2025 Earnings Analysis for Nine Months Ended Sep. 30
2025 Earnings Analysis for Nine Months Ended Sep. 301 ↑ Ameren Missouri earnings Adjusted Diluted EPS3 — New electric service rates effective June 1: +$0.36 YTD Sep. 2024 vs. YTD Sep. 2025 — Higher electric retail sales: ~+$0.17 • Weather vs. 2024: ~+$0.11; vs. normal: ~+$0.11 $4.25 — Increased inve
Slide 25: 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 26: 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 energy tax credits worth ~$300 million per year on average to benefit customers; 2025 tax credit sales complete – Do not
Slide 27: Ameren Missouri 2025 Preferred Resource Plan
Ameren Missouri 2025 Preferred Resource Plan1 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 loa
Slide 28: Change in Ameren Missouri Preferred Resource Plan in Feb. 25
Change in Ameren Missouri Preferred Resource Plan in Feb. 2025 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
Slide 29: 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 CCN for Reform Solar Energy Center: EA-2025-0239 • Pending CCN for Big Hollow Energy Center: EA-2025-0238 • Order approving gas ra
Slide 30: Glossary of Terms and Abbreviations
Glossary of Terms and Abbreviations AFUDC – Allowance for Funds Used During Construction ICC – Illinois Commerce Commission ALJ – Administrative Law Judge IRP – Integrated resource plan ATXI – Ameren Transmission Company of Illinois IRS – Internal Revenue Service B – Billion ITC – Investment Tax Cre