Ameren Corporation · NYSE:AEE
Ameren — AGA Financial Forum 2026
31 slides from Ameren's conference presentation, May 18, 2026
Slide 1: AGA Financial Forum | May 18-19, 2026
AGA Financial Forum | May 18-19, 2026
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 Value Proposition for Customers, Communities, and Shareholders
Our Value Proposition for Customers, Communities, and Shareholders Attractive dividend Strong long-term and long-term dividend growth Attractive total growth outlook outlook return potential • Expect 6% to 8% EPS CAGR 2026-20301,2 • Annualized equivalent dividend rate of • Attractive combined earnin
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 deliver on opportunities to benefit our customers, communities, and shareholders AGA Financial Forum | May 1
Slide 6: 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 7: Execution of Strategy Delivering Value for Shareholders
Execution of Strategy Delivering Value for Shareholders Strong track record of EPS and dividend growth Weather-Normalized Adjusted Dividends Paid per Share3 and Strong Total Diluted Earnings per Share1 Payout as a % of WN Adjusted EPS Shareholder Return +135% $3.00 +78% 2013 to 2025 $3.00 | 56% $5.2
Slide 8: 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 1.00 $20.7B ECONOMIC Outage Frequency (per customer per year)1 0.91 IMPACT 0.79 55,200 JO
Slide 9: 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 Helping Customers and Midwest Averages1 Manage Energy Costs • Invest ~$200M+ annually in energy ¢/KWh efficiency and demand response to 8% reduce customers’ energy usag
Slide 10: 2026 Strategic Business Objectives
2026 Strategic Business Objectives Invest • Execute robust electric, natural gas, and transmission infrastructure investment plan, including achieving key milestones for energy centers • Support economic development opportunities to deliver new tax revenue and jobs to local communities Enhance • Req
Slide 11: Financial Outlook
FINANCIAL OUTLOOK
Slide 12: Execution of Strategy Expected to Drive Strong Total Return 2026-2030
Execution of Strategy Expected to Drive Strong Total Return 2026-20301 Expect EPS growth consistently near upper end of 6% to 8% guidance range4 Regulated Five-Year Rate Infrastructure Rate Base Earnings Per Share Dividends Per Share Base CAGR3 By Segment 2,3 ($ billions) 2030 Increased for $47.7 6-
Slide 13: Strategically Allocated Rate Base Growth
Strategically Allocated Rate Base Growth1 Increased five-year infrastructure investment plan by 21%2 $31.8 Billion of Regulated 2025 to 2030E Regulated Five-Year Rate Infrastructure Investment Infrastructure Rate Base3 Base CAGR3 2026-2030 ($ billions) % of Ameren Illinois ~10.6% $47.7 Total Ameren
Slide 14: Financing Activity, External Debt Balances and Strong Credit Ratings
Financing Activity External Debt Balances4 Debt Financing for 2026 and Strong Credit Ratings5 Issuance Date Issuer Rate Type Maturity ($M) $ in millions Moody's S&P Feb. 27 Ameren Missouri $450 4.80% First mortgage bonds 2036 Feb. 27 Ameren Missouri $450 5.55% First mortgage bonds 2056 Ameren Corpor
Slide 15: 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% $450 million 1.75% senior $700 million 5.00% Ameren Corp.2 senior unsecured notes unsecured notes senior unsecured notes $600 million
Slide 16: 2026 Earnings Guidance: Key Drivers & Assumptions vs. 2025
2026 Earnings Guidance: Key Drivers & Assumptions vs. 20251 Midpoint of $5.35 represents ~8.1% EPS growth compared to midpoint of 2025 original EPS guidance range of $4.95 ↑ Higher investments in infrastructure eligible for PISA and AFUDC: ~+$0.37 ↑ New electric service rates effective June 1, 20252
Slide 17: 2026 EPS Guidance and Select Balance of the Year Considerations
2026 EPS Guidance and Select Balance of the Year Considerations1 • Reaffirm 2026 diluted EPS guidance range of $5.25 to $5.45 2026E Diluted EPS • Select considerations for Q2-Q4 2026 EPS compared to Q2-Q4 2025 EPS – Ameren Missouri electric service rates effective June 1, 2025: Q2 ~+$0.03 $5.45 – Am
Slide 18: Robust Investment Opportunities Across All Businesses Over Next Decade
Robust Investment Opportunities Across All Businesses Over Next Decade1 Delivering value to customers and communities through grid modernization and expanded energy resources $70B+ 5-Year Investment Plan ($ billions) Strong Pipeline of Regulated $31.8 Infrastructure Investments $5.0 2026-2035 $1.9 $
Slide 19: Key Business Updates
KEY BUSINESS UPDATES
Slide 20: Ameren Missouri Large Load Customer Rate Plan
Ameren Missouri Large Load Customer Rate Plan Enabling economic development and maintaining just and reasonable rates • On Nov. 24, 2025, MoPSC approved rate structure for large load customers – Applicable to customers requesting 75+ MW – Establishes Large Load Customer Rate Plan with current base r
Slide 21: Robust Customer Growth Opportunities
Robust Customer Growth Opportunities Facilitating growth in our region while delivering value for all customers • In 2026, executed 2.8 GWs of ESAs in Missouri Demand Growth Assumptions in Ameren Missouri’s 2025 IRP3 • 2026-2030 Ameren Missouri sales growth CAGR assumption of 6.2%1 – Assumes 1.2 GWs
Slide 22: 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 23: Ameren Missouri's Resource Planning in Action
Ameren Missouri’s Resource Planning in Action Reliable and affordable energy portfolio to serve customers and power economic development Energy Facility Generation Agreement CCN Anticipated In- 2025 Integrated Resource Plan1 Center Size Type Type Status Service Date outlines plans for total of 5.3 G
Slide 24: Transmission Investment Pipeline
Transmission Investment Pipeline Supporting resource adequacy across the region amid evolving energy grid needs • Robust pipeline of transmission investment to support system reliability and large load growth in our service territory – Potential upside from investment needed to support reliability a
Slide 25: Regulatory Matters
Regulatory Matters Ameren Illinois Electric Distribution Reconciliation for 2025 • In Apr. 2026, requested $65 million adjustment to the 2025 revenue requirement reflecting the reconciliation to actual costs and investment – Based on 2025 year-end rate base and allowed ROE and common equity ratio es
Slide 26: Appendix
Slide 27: 2026 First Quarter Earnings Analysis – Key Drivers
2026 First Quarter Earnings Analysis – Key Drivers ↑ Ameren Missouri earnings Diluted EPS1 — Electric service rates effective June 1, 2025: +$0.08 Q1 2025 vs. Q1 2026 — Increased investments in infrastructure eligible for AFUDC and PISA: +$0.07 $1.28 — Natural gas service rates effective Sep. 1, 202
Slide 28: 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 2025 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 $5.35 Exclude results from discontinued operations 0.87 — (0.01) — — — — —
Slide 29: 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 2025 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 $5.03 Ameren Missouri weather impact 0.03 0.05 (0.04) 0.16 (0.07) 0
Slide 30: Select Regulatory and Legislative Matters
Select Regulatory and Legislative Matters Missouri Public Service Commission • 60-day notices for upcoming CCN filings: Docket No. EA-2026-0183 and EA-2026-0226 • Order approving tariff filing for large load customers: Docket No. ET-2025-0184 • Pending CCN for Reform Solar Energy Center: Docket No.
Slide 31: Glossary of Terms and Abbreviations
Glossary of Terms and Abbreviations AFUDC – Allowance for funds used during construction LIHEAP – Low Income Home Energy Assistance Program ATXI – Ameren Transmission Company of Illinois LRTP – Long Range Transmission Planning B – Billion LT – Long Term BESS – Battery Energy Storage System M – Milli