Ameren Corporation · NYSE:AEE
Ameren — Investor Presentation (March 2026)
34 slides from Ameren's investor presentation, Mar 20, 2026
Slide 1: Late March 2026 Investor Meetings
Late March 2026 Investor Meetings | Mar. 20, 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 Late Mar. 2026 Investor Mee
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 ~$200M+ annually in energy ¢/KWh efficiency and demand response to 8% reduce customers’ energy usag
Slide 10: 2026 Strategic Business Objectives
2026 Strategic Business Objectives Invest • Execute robust electric, natural gas, and transmission infrastructure investment plan, including achieving key milestones for energy centers • Support economic development opportunities to deliver jobs and new tax revenue to local communities Enhance • Req
Slide 11: Financial Outlook
FINANCIAL OUTLOOK
Slide 12: Execution of Strategy Expected to Drive Strong Total Return 2026-2030
Execution of Strategy Expected to Drive Strong Total Return 2026-20301 Expect EPS growth consistently near upper end of 6% to 8% guidance range Regulated Five-Year Rate Infrastructure Rate Base Earnings Per Share Dividends Per Share Base CAGR3 By Segment 2,3 ($ billions) 2030 Increased for $47.7 6-8
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% $47.7 Total Ameren
Slide 14: Financing Activity, External Debt Balances and Strong Credit Ratings
Financing Activity External Debt Balances3 Debt Financing for 2026 and Strong Credit Ratings4 Issuance Date Issuer Rate Type Maturity ($M) Feb. 27 Ameren Missouri $450 4.80% First mortgage bonds 2036 $ in millions Moody's S&P Feb. 27 Ameren Missouri $450 5.55% First mortgage bonds 2056 Ameren Corpor
Slide 15: 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 16: 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 17: Key Business Updates
KEY BUSINESS UPDATES
Slide 18: 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 19: Robust Customer Growth Opportunities
Robust Customer Growth Opportunities1 Facilitating growth in our region while delivering value for all customers • In Feb. 2026, executed 2.2 GWs of ESAs with Missouri large load customers Demand Growth Assumptions in Ameren Missouri’s 2025 IRP • 2026-2030 sales growth CAGR assumption of 6.2% at Ame
Slide 20: 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 21: 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 2025 Integrated Resource Plan1 outlines plans for Energy Facility Generation Agreement CCN Anticipated In- total of 5.3 GW of new generation resources Ce
Slide 22: 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 service territory • Regionally beneficial investment opportunities, including MISO Tranc
Slide 23: Illinois Regulatory Matters
Illinois Regulatory Matters Natural Gas Distribution • In Nov. 2025, ICC approved a $79 million annual base rate Latest ICC Prior ICC increase Natural Gas Distribution Order Order Rate Review – Variance from Ameren Illinois’ request primarily driven by (25-0084) (23-0067) treatment of other post-emp
Slide 24: Summary
Summary Expect 2026 diluted EPS to be in the range of $5.25 to $5.45 1 Successfully executing our strategy; well-positioned for future growth • Powering economic development through investment in a reliable and resilient energy grid Strong long-term growth outlook • Expect 6% to 8% compound annual E
Slide 25: Appendix
Slide 26: Least-Cost Approach for a Reliable Energy Future
Least-Cost Approach for a Reliable Energy Future • Missouri Preferred Resource Plan filed in Feb. 2025 designed to provide reliable, low-cost energy to serve customers’ growing energy needs through a balanced mix of energy sources • Targets net zero carbon emissions by 20451 by leveraging renewables
Slide 27: Ameren's Estimated Coal-Related Revenues in 2025
Ameren’s Estimated Coal-Related Revenues in 2025 Return on Investment Revenues Cost Recovery3 Revenues $1.53B1 x $1.53B1 x ($77M x $337M + 52.0%2 x 48.0% x 25%) / (1 $196M x $124M + 9.74%2 = 4.30% = - 25%) 11%1 = $198M = $77M $32M $26M $22M $659M $8,799M 9% Return on Interest Tax Expense Property Fu
Slide 28: 2025 Adjusted Earnings Analysis Key Variance Drivers
2025 Adjusted Earnings Analysis Key Variance Drivers1,2 ↑ Ameren Missouri earnings — New electric service rates effective June 1, 2025: +$0.42 Diluted Adjusted EPS2 — Higher electric retail sales: ~+$0.22 2024 vs. 2025 • Weather vs. 2024: ~+$0.15; vs. normal ~$0.14 • WN sales vs. 2024 (excl. MEEIA):
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 $500 million 1.95% senior $450 million 1.75% senior $700 million 5.00% Ameren Corp.2,3 unsecured notes unsecured notes senior unsecured notes $600 million 5.70% senior
Slide 30: 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 31: 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 32: Additional Sustainability Resources
Additional Sustainability Resources Available at www.amereninvestors.com (hyperlinked below) 2025 Preferred Plan Update and 2023 IRP Environmental Policy Integrate environmental management and sustainability principles into our operations, business planning, and decision-making Sustainability Financ
Slide 33: Select Regulatory and Legislative Matters
Select Regulatory and Legislative Matters Missouri Public Service Commission • Order approving tariff filing for large load customers: Docket No. ET-2025-0184 • Pending CCN for Reform Solar Energy Center: EA-2025-0239 • Order approving CCN for Big Hollow Energy Center: EA-2025-0238 • Order approving
Slide 34: 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