Ameren Corporation · NYSE:AEE
Ameren — Q1 2025 Earnings Presentation
29 slides from Ameren's earnings presentation, May 2, 2025
Slide 1: Powering Growth: First Quarter 2025 Earnings
Powering Growth First Quarter 2025 Earnings May 2, 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 First Qu
Slide 5: Earnings and Guidance Summary
Earnings and Guidance Summary • Remain focused on safely executing strategic plan Adjusted1 Diluted EPS Q1 2024 vs. Q1 2025 • Key Q1 earnings variance drivers $1.07 ↑ Earnings from infrastructure investments $1.02 ↑ Higher Ameren Missouri retail sales mostly driven by colder winter temperatures ↓ Hi
Slide 6: 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 7: Executing Our Strategy
Executing Our Strategy Invest • Over $1 billion of capital invested in first quarter in electric, natural Capital Expenditures gas and transmission infrastructure to benefit our customers and communities Q1 2024 vs Q1 2025 ($ millions) Enhance $1,057 • Achieved constructive regulatory and legislativ
Slide 8: 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 9: 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 growth from Demand Growth Expectations 2025-20291 in Ameren
Slide 10: 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 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 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 13: 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 14: Financial Update
Financial Update Michael Moehn Senior Executive Vice President and Chief Financial Officer, Ameren Corp.
Slide 15: 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 16: Missouri Regulatory Matters
Missouri Regulatory Matters 2024 Missouri Electric Rate Review • In Apr., 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 mecha
Slide 17: 2025 EPS Guidance and Select Balance of the Year Considerations
2025 EPS Guidance and Select Balance of the Year Considerations • Reaffirm 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 18: Credit Ratings and External Debt Balances Financing Activity
Financing Activity Credit Ratings2 and External Debt Balances 2025 Debt Financing1 Issuance As of Mar. 31, 2025 $ in millions Moody's S&P Date Issuer Rate Type Maturity ($M) Mar. 3 Ameren Illinois $350 5.625% First mortgage bonds 2055 Ameren Corporation (Issuer: Baa1/BBB+) Mar. 7 Ameren Corp. $750 5
Slide 19: Illinois Regulatory Matters
Illinois Regulatory Matters Electric Distribution Rate Review Multi-Year Rate Plan Reconciliation for 2024 • On Apr. 29, 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 equit
Slide 20: 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 return on equity and 52% common equity ratio – $3.3 billion average rate base – Expect ICC decision by early Dec. 2025; expect n
Slide 21: Summary
Summary Expect to deliver strong earnings growth in 2025 with guidance in a range of $4.85 to $5.05 per diluted share Successfully executing our strategy; well-positioned for future growth • Powering economic development through investment in a reliable and cleaner energy grid Strong long-term growt
Slide 22: Appendix
APPENDIX
Slide 23: 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 24: 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 25: 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 26: Long-Term Debt Maturities and Interest Rates
Long-Term Debt Maturities and Interest Rates Issuer 20251 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
Slide 27: 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 First Quarter 2025 Earnings | May 2, 2025 27
Slide 28: 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 electric rate review filling: Docket No. ER-2024-0319 • Pending gas rate review filing: Docket No. GR-2024-0369 • Order approving
Slide 29: 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 M – Million CAGR – Compound annual growth rate MEEIA – Missouri Energy Efficiency