Ameren Corporation · NYSE:AEE
Ameren — Q3 2026 Earnings Presentation
43 slides from Ameren's earnings presentation, Nov 6, 2026
Slide 1: Third Quarter 2026 Earnings Conference Call
Third Quarter 2026 Earnings Conference Call | November 6, 2026 1
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
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Slide 4: Highlights
Highlights • Delivering strong customer value through top quartile reliability at below average rates • Driving significant economic value, generating ~$26 billion in economic impact and supporting 63,000 jobs • Raised 2026 EPS guidance to $5.35 to $5.55 from $5.25 to $5.45 • Established 2027 EPS gu
Slide 5: Powering the Quality of Life
Powering the Quality of Life INVESTING ENHANCING OPTIMIZING Invest in rate-regulated Enhance regulatory frameworks Optimize performance to improve infrastructure for safety, reliability, and energy policy to support long- service quality while keeping costs and resiliency term customer value as low
Slide 6: Energy Infrastructure at Work for Our Customers
Energy Infrastructure at Work for Our Customers Delivering strong value to our customers and communities Improved Reliability1 Economic Engine for Strong Customer Local Communities2 Service Satisfaction Rating3 $25.9B Economic impact Outage frequency (per customer per year)¹ 0.91 0.79 63,000 Jobs su
Slide 7: Execution of Strategy Delivering Value for Shareholders
Execution of Strategy Delivering Value for Shareholders Track record of strong EPS and dividend growth Weather-Normalized Adjusted EPS1 Dividends per Share2 and Total Shareholder Return Payout as a % of WN Adjusted EPS +135% $3.00 +78% 301% (7.4% CAGR) (4.9% CAGR) 2013 to 2025 $5.25 2013 to 2025 201
Slide 8: 2026 Strategic Business Objectives
2026 Strategic Business Objectives Invest Capital Expenditures YTD Sep. • Execute customer-centric electric and natural gas transmission and distribution ($ millions) infrastructure investment plan to bolster safety, reliability, and resiliency • Expand electric generation resources to support econo
Slide 9: 2026 Earnings and Guidance Summary
2026 Earnings and Guidance Summary Safely executing customer value-focused strategy Key Q3 Earnings Variance Drivers Earnings Per Share ↑ Increased infrastructure investments ↑ Higher Ameren Missouri electric retail sales $4.83 1 ↑ Increased earnings from investments in innovative energy technologie
Slide 10: 2027 Guidance Summary
2027 Guidance Summary Strong earnings per share growth expectations EPS Guidance $5.70–$5.90 $5.80 2027 EPS $5.35 8.4% EPS Growth Based on 2027 guidance midpoint compared to 2026 original EPS guidance midpoint of $5.35 2026 Original 2027 Guidance Guidance Midpoint Midpoint 10
Slide 11: Robust Missouri Investment and Sales Growth Opportunities
Robust Missouri Investment and Sales Growth Opportunities 2026 Preferred Resource Plan supports large load growth while maintaining reliability and affordability Sales Growth Assumptions in Ameren 2.8 GW • ESAs define the terms, costs, and commitments associated with serving large load customers Mis
Slide 12: 2026 Ameren Missouri Preferred Resource Plan
2026 Ameren Missouri Preferred Resource Plan In 2027-2031 Outside of 2027-2031 2027-2036 Resources in 2026 PRP $38.1B 2.9 GW Combined Cycle Capital Plan (MW) 2,100 Capital Plan1 (MW) 2,8002 Investment in 2027-2031 2027-2031 sales Simple Cycle 1,900 — Capital Plan, including growth supported Fuel Cel
Slide 13: Execution of Strategy Will Drive Strong Long-Term Growth
Execution of Strategy Will Drive Strong Long-Term Growth Investment outlook expected to support 8%-10% EPS CAGR from 2027-20311 Regulated Infrastructure Rate Base Regulated Infrastructure Investment EPS Growth By Segment2 By Segment ($ billions) 13.3% CAGR ($ billions) $38.1B 2027 to 2031 8%-10% CAG
Slide 14: Operations Execution Update
RZ | Operations Execution * amare | UPDATE _ «Sail. om MICHAEL MOEHN Group President, Ameren Utilities
Slide 15: Positioning Our Communities for Investment and Growth
Positioning Our Communities for Investment and Growth Large load growth creates significant economic and community benefits In Q2 2026, Google and Amazon announced transformational local economic benefits associated with two projects located in our Missouri service territory with a combined planned
Slide 16: Executing on Robust Generation Development Portfolio
Executing on Robust Generation Development Portfolio Standardizing delivery across a growing project portfolio to support customers’ growing energy needs Castle Bluff Big Hollow West Alton 800 MW | 95 MW 800 MW | 400 MW 2,100 MW Natural Gas Simple Cycle | Battery Storage Energy Center Natural Gas Si
Slide 17: Ameren Missouri New Generation Project Status
Ameren Missouri New Generation Project Status Plan to increase generation capacity consistent with 2026 IRP1 Projects Announced 2026 PRP Resources in 2027-2031 Capital Plan Energy Facility Agreement CCN Anticipated Type Center Size Type Status In-Service Date West Alton Combined Cycle Gas 2,100 MW S
Slide 18: Transmission Investment Pipeline
Transmission Investment Pipeline Supporting reliability and resource adequacy amid evolving energy grid needs Robust investment to support system reliability and enable large load growth • Driven by anticipated generation interconnection and economic development Regionally-beneficial investment oppo
Slide 19: Robust Investment Opportunities Across All Businesses Over Next Decade
Robust Investment Opportunities Across All Businesses Over Next Decade Delivering value to customers and communities through grid modernization and expanded energy resources 5-Year Investment Plan ($ billions) $90B+ 1 2027-2036 $38.1 Robust Regulated Infrastructure Investment Pipeline Ameren $6.6 •
Slide 20: Helping Our Customers Manage Energy Costs
Helping Our Customers Manage Energy Costs Sharp focus on keeping customer rates as low as possible Customer Assistance to Residential Rates Below National Manage Energy Costs and Midwest Averages1 • Invest ~$200M+ annually in energy Ameren’s average residential rate is ~12% efficiency and demand res
Slide 21: Financial Update
Financial _. “Ameren LENNY SINGH Executive Vice President and Chief Financial Officer, Ameren Corp.
Slide 22: 2026 Third Quarter Earnings Analysis – Key Drivers
2026 Third Quarter Earnings Analysis – Key Drivers ↑ Ameren Missouri earnings Q3 Adjusted EPS2 — Higher electric retail sales driven by favorable weather: +$0.15 • Weather vs. 2025: ~+$0.10; vs. normal ~+$0.17 — Increased investments in infrastructure eligible for PISA and AFUDC: +$0.09 $2.42 Lower
Slide 23: 2026 EPS Guidance and Select Q4 Considerations
2026 EPS Guidance and Select Q4 Considerations Earnings Per Share $5.35–$5.55 10.1% EPS Guidance Range EPS Growth $5.55 Raised from original EPS Based on midpoint of updated guidance range of $5.25 to 2026 range compared to 2025 $5.45 original EPS guidance midpoint $5.35 of $4.95 Select consideratio
Slide 24: Missouri Regulatory Matters
Missouri Regulatory Matters 2026 Electric Rate Review In Jun. 2026, Ameren Missouri filed request with MoPSC to recover costs of significant system reliability and resiliency investments • Test year ended Mar. 31, 2026, with certain pro-forma adjustments through Dec. 31, 2026 • Driven by storm harde
Slide 25: Translating Investment into Value for Missouri Customers
Translating Investment into Value for Missouri Customers Reflected in 2026 Electric Rate Review Customer Benefits Working to Keep Customer Rates Strengthening grid to be more dependable As Low As Possible for families and businesses Historical Residential Rate Trends • New and upgraded power lines a
Slide 26: Illinois Regulatory Matters
Illinois Regulatory Matters Electric Distribution Reconciliation for 2025 In Aug. 2026, AIC revised reconciliation adjustment request to $28 million • ICC Staff has no objections to AIC’s request • Based on 2025 year-end rate base and allowed ROE and common equity ratio established in Multi-Year Rat
Slide 27: Strategic Rate Base Growth
Strategic Rate Base Growth Increased 5-year infrastructure investment plan by $6.3 billion or 20%1 Regulated Infrastructure Investment By Regulated Infrastructure Rate Base By Five-Year Rate Base Segment Segment3 CAGR By Segment ($ billions) ($ billions) $38.1B 2027 to 2031 13.3% CAGR $59.2 % of 13.
Slide 28: Equity Financing Activity
Equity Financing Activity Expect equity issuances of ~$5 billion for 2027-2031 • $1.7 billion priced to date in 2026 at an average initial forward sales price of ~$108 per share for prospective needs beyond 2026 • Expect equity issuances to be concentrated primarily near year-end 2027 and year-end 2
Slide 29: Debt Financing Activity
Debt Financing Activity Debt Financing for 2026 ($ millions) External Debt Balances and Credit Ratings ($ millions) Date Issuer Issuance Rate Type Maturity Debt Balance4 Moody’s5 S&P5 Feb. 27 Ameren Missouri $450 4.80% First mortgage bonds 2036 Ameren Corporation (Issuer: Baa1/BBB+) Feb. 27 Ameren M
Slide 30: 2027 Guidance: Key Drivers & Assumptions vs. 2026
2027 Guidance: Key Drivers & Assumptions vs. 2026 2027 EPS guidance of $5.70-$5.90, midpoint represents 8.4% EPS growth from original 2026 EPS guidance midpoint of $5.35 ↑ Higher planned infrastructure investments eligible for AFUDC and PISA: ~+$0.50 Planned Capital ↑ New electric service rates effe
Slide 31: Our Value Proposition for Customers, Communities, and Shareholders
Our Value Proposition for Customers, Communities, and Shareholders Strong long-term Attractive dividend and long- Attractive total growth outlook term dividend growth outlook return potential • Expect 8%-10% EPS CAGR 2027-20311 • Annualized equivalent dividend rate of • Attractive combined earnings
Slide 32: Appendix
St “4 Ameren APPENDIX
Slide 33: Company Description
Company Description Fully rate-regulated electric and natural gas utility Ameren Businesses 2.5M Ameren Missouri electric • Electric transmission, distribution, and generation business and a natural gas customers distribution business in Missouri regulated by MoPSC • Serves 1.3 million electric and
Slide 34: Four Regulatory Frameworks
Four Regulatory Frameworks FERC-regulated: Formula ratemaking Ameren Transmission • Allowed ROE is 10.48%, including MISO participation adder of 50 basis points; ~56% average equity ratio • Rates reset each Jan. 1 based on forward-looking calculation with annual reconciliation Ameren Illinois ICC-re
Slide 35: 2026 Earnings Analysis for Nine Months Ended Sep. 30
2026 Earnings Analysis for Nine Months Ended Sep. 30 ↑ Ameren Missouri earnings YTD Sep. Adjusted EPS2 — Increased investments in infrastructure eligible for PISA and AFUDC: +$0.24 — Electric service rates effective Jun. 1, 2025: +$0.12 $4.83 — Higher electric retail sales driven by favorable weathe
Slide 36: Long-Term Debt Maturities through 2031
Long-Term Debt Maturities through 20311 Issuer 2026 2027 2028 2029 2030 2031 $350 million 3.65% senior unsecured notes (matured Feb.) Ameren $500 million 1.95% $450 million 1.75% $700 million 5.00% Corp.2 senior unsecured notes senior unsecured notes senior unsecured notes $600 million 5.70% senior
Slide 37: Changes in Ameren Missouri Preferred Resource Plan
Changes in Ameren Missouri Preferred Resource Plan 2026 PRP includes overall increase of 1.2 GW through 2030 and 3.2 GW 2031-2035 vs 2025 PRP Key Actions 2026 PRP 2025 PRP Specifics Sioux ~1,000 MW by 2035 Sioux ~1,000 MW by 2035 Coal Retirements Labadie ~1,200 by 2036 and ~1,200 by • Two units at L
Slide 38: Preferred Resource Plan Capacity by Resource Type in MW
Preferred Resource Plan Capacity by Resource Type in MW1 Investing in a mix of generation technologies to cost-effectively power the future needs of our customers Generation Gas Gas Pumped Total Portfolio Nuclear Coal Combined Simple Fuel Cell Battery Storage Hydro Solar Wind Capacity Progression Cy
Slide 39: GAAP to Adjusted Earnings Per Share Reconciliations
GAAP to Adjusted Earnings Per Share Reconciliations Three Months Ended Nine Months Ended Sep. 30, Sep. 30, (in millions, except per share amounts) 2026 2025 2026 2025 GAAP Earnings / EPS $ 676 $ 2.42 $ 640 $ 2.35 $ 1,347 $ 4.83 $ 1,204 $ 4.43 Tax benefit from FERC order on net operating loss carryfo
Slide 40: 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 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 41: 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 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) 0.43 0.04
Slide 42: Select Regulatory and Legislative Matters
Select Regulatory and Legislative Matters Missouri Public Service Commission • Pending electric rate review filing: Docket No. ER-2026-0291 • Pending CCN filings: Docket No. EA-2026-0226 • Order approving tariff filing for LL customers: Docket No. ET-2025-0184 • Smart Energy Plan filing: Docket No.
Slide 43: Glossary of Terms and Abbreviations
Glossary of Terms and Abbreviations AFUDC – Allowance for funds used during construction IRP – Integrated Resource Plan AIC – Ameren Illinois IRS – Internal Revenue Service ALJ – Administrative Law Judge KWh – Kilowatt-hour AMO – Ameren Missouri LIHEAP – Low Income Home Energy Assistance Program ATX