Slide 1: Powering Growth
Powering Growth Second Quarter 2025 Earnings Aug. 1, 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 Second Q
Slide 5: Executing Our Strategy in 2025
Executing Our Strategy in 2025 Invest • Over $2 billion of capital invested YTD in electric, natural gas and transmission infrastructure to benefit our customers and communities Capital Expenditures YTD June 30 Enhance ($ millions) • Achieved constructive regulatory and legislative outcomes in Misso
Slide 6: Earnings and Guidance Summary
Earnings and Guidance Summary • Remain focused on safely executing strategic plan Adjusted1 Diluted EPS • Key Q2 earnings variance drivers 2024 vs. 2025 ↑ Earnings from infrastructure investments $2.08 $1.99 ↑ New Ameren Missouri electric service rates effective June 1 ↓ Lower Ameren Missouri retail
Slide 7: Ameren Missouri Customer Growth Opportunities
Ameren Missouri Customer Growth Opportunities Strengthening our communities through economic development • Robust data center load pipeline with ~2.3 GWs of signed Demand Growth Expectations construction agreements in Ameren Missouri’s IRP 2025 Preferred Plan – Customers to sign electric service agr
Slide 8: Ameren Missouri New Generation In Progress
Ameren Missouri New Generation In Progress Reliable and affordable energy portfolio to power economic development Anticipated Facility Generation Agreement Energy Center CCN Status In-Service Size Type Type Date Approved Vandalia1 50 MW Solar Self-Build Q4 2025 Mar. 2024 Approved Bowling Green1 50 M
Slide 9: Ameren Missouri Large-Load Customer Rate Plan
Ameren Missouri Large-Load Customer Rate Plan Enabling economic development and supporting just and reasonable rates for all customers • In May 2025, filed for MoPSC approval of proposed rate structure for large load customers – Applicable to customers requesting 100+ MW of load and served at transm
Slide 10: 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 11: 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 Investment Plan 2025-2029 $63B+ ($ billions) Strong Pipeline of Regulated $26.3 Infrastructure Investments $4.6 2025-2034 $1.
Slide 12: 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 13: Financial Update
Financial Update Michael Moehn Senior Executive Vice President and Chief Financial Officer, Ameren Corp.
Slide 14: 2025 Second Quarter Earnings Analysis – Key Drivers
2025 Second Quarter Earnings Analysis – Key Drivers ↑ Ameren Missouri earnings — New electric service rates effective June 1: +$0.08 Adjusted Diluted EPS2 — Increased investments in infrastructure eligible for PISA: +$0.04 Q2 2024 vs. Q2 2025 — Lower operations and maintenance expenses1: +$0.02 — Lo
Slide 15: 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 Q3-Q4 2025 EPS compared to Q3-Q4 2024 EPS Diluted EPS – Ameren Missouri new electric service rates effective June 1, 2025: Q3 ~+$0.25; Q4 ~+$
Slide 16: External Debt Balances and Strong Credit Ratings
Financing Activity External Debt Balances3 and Strong Credit Ratings4 2025 Debt Financing1 Issuance Date Issuer Rate Type Maturity $ in millions Moody's S&P ($M) 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 17: Impacts of Federal Tax and Energy Policy
Impacts of Federal Tax and Energy Policy Advocate for policy to support robust, diverse, economic investment in energy • In July, One Big Beautiful Bill Act enacted; includes key energy and tax provisions – Retains PTCs, ITCs, and transferability for: • Solar and wind projects – In service by Dec. 3
Slide 18: Illinois Regulatory Matters
Illinois Regulatory Matters Electric Distribution 2024 MYRP Reconciliation • In July 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 established in mul
Slide 19: Illinois Regulatory Matters, cont’d
Illinois Regulatory Matters, cont’d 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 July 2025, ICC Staff recommended a $103 m
Slide 20: 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 grow
Slide 21: APPENDIX
APPENDIX
Slide 22: 2025 Earnings Analysis for Six Months Ended June 30
2025 Earnings Analysis for Six Months Ended June 301 ↑ Ameren Missouri earnings Adjusted Diluted EPS2 — Increased investments in infrastructure eligible for PISA and AFUDC: +$0.09 YTD June 2024 vs. YTD June 2025 — New electric service rates effective June 1: +$0.08 — Higher electric retail sales: ~+
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: 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 25: Missouri Energy Legislation
Missouri Energy Legislation Enhancing regulatory frameworks and advocating for responsible energy and economic policies • 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) Modification – Expanded to
Slide 26: 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 27: Change in Ameren Missouri Preferred Resource Plan in Feb. 2025
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 28: GAAP to Adjusted Earnings Per Share Reconciliation
GAAP to Adjusted Earnings Per Share Reconciliation Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 GAAP Diluted EPS $1.01 $0.97 $2.08 $1.95 Charge for additional mitigation relief for Rush Island — — — 0.05 Energy Center Less: Income tax benefit — — — (0.01) Adjusted Dilute
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 Big Hollow Energy Center: EA-2025-0238 • Order approving gas rate review filing: Docket No. GR-2024-0369 • Order approving
Slide 30: Glossary of Terms and Abbreviations
Glossary of Terms and Abbreviations AFUDC – Allowance for Funds Used During Construction ITC – Investment Tax Credit ATXI – Ameren Transmission Company of Illinois LRTP – Long Range Transmission Planning B – Billion M – Million BESS – Battery Energy Storage Solution MEEIA – Missouri Energy Efficienc