Ameren Corporation · NYSE:AEE
Ameren — Wolfe Utilities, Midstream and Clean Energy Conference 2025
38 slides from Ameren's conference presentation, Sep 30, 2025
Slide 1: Powering Growth
Powering Growth Wolfe Utilities, Midstream and Clean Energy Conference Sep. 30, 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: 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 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 Wolfe Ut
Slide 5: 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 6: Our Value Proposition for Customers, Shareholders and the Environment
Our Value Proposition for Customers, Shareholders and the Environment Attractive dividend Strong long-term and long-term dividend growth Attractive total growth outlook outlook return potential • Expect 6% to 8% EPS CAGR 2025-20291,2 • Annualized equivalent dividend rate of • Attractive combined ear
Slide 7: Delivering Strong Value to our Customers
Delivering Strong Value to our Customers Consistently providing customers with reliable, affordable service Improved Reliability1 Affordable Rates2 Strong Outage ¢/KWh Frequency Customer Service 1.00 (per Satisfaction3 1.00 customer +23% ~10% 16.93 0.98 per year)1 0.95 16 Below Better U.S. Avg. Call
Slide 8: Strong Track Record of EPS and Dividend Growth
Strong Track Record of EPS and Dividend Growth Weather-Normalized Adjusted Dividends Paid per Share3 Total Shareholder Diluted Earnings per Share1 and Payout as a % of Return $2.90 WN Adjusted EPS 260% $5.00 +124% or +68% 2013 to 2024 $2.84 | 57% $4.75 $2.70 $4.95 ~7.6% CAGR 248% $4.50 2013 to 2024
Slide 9: 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 10: Strategically Allocated Rate Base Growth
Strategically Allocated Rate Base Growth1 Increased five-year infrastructure investment plan by 20%2 $26.3 Billion of Regulated Infrastructure Investment 2024 to 2029E Regulated Five-Year Rate 2025-20292,3 Infrastructure Rate Base4,5 Base CAGR5 ($ billions) % of Ameren Illinois $41.9 Total ~9.2% Ame
Slide 11: 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 12: 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 Outlined construction agreements1 in Ameren Missouri’s IRP 2025 Preferred Plan2 – Customers to sign electric
Slide 13: 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 14: New Missouri Preferred Resource Plan Feb. 2025
New Missouri Preferred Resource Plan Feb. 20251 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 l
Slide 15: Ameren Missouri New Generation In Progress
Ameren Missouri New Generation In Progress Reliable and affordable energy portfolio to power economic development Anticipated Energy Facility Generation Agreement CCN In-Service Center Size Type Type Status Date Approved Vandalia1 50 MW Solar Self-Build Q4 2025 Mar. 2024 Approved Bowling Green1 50 M
Slide 16: 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 17: 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 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 $63B+ Investment Plan 2025-2029 ($ billions) Strong Pipeline of Regulated $26.3 Infrastructure Investments $4.6 2025-2034 $1.
Slide 19: 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 20: Financial and Regulatory Updates
Financial and Regulatory Updates
Slide 21: Financing Activity and External Debt Balances
Financing Activity External Debt Balances2 and Strong Credit Ratings3 2025 Debt Financing 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 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: 2025 Earnings Guidance: Key Drivers & Assumptions vs. 2024
2025 Earnings Guidance: Key Drivers & Assumptions vs. 20241 Midpoint represents ~7% EPS growth compared to 2024 adjusted earnings results ↑ New electric service rates effective by June 1 ↑ Higher investments in infrastructure eligible for PISA2: ~+$0.16 Ameren Ameren ↑ Higher weather-normalized reta
Slide 24: 2025 EPS Guidance and Select Balance of the Year Considerations
2025 EPS Guidance and Select Balance of the Year Considerations1 • 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 25: 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 26: Illinois Regulatory Matters
Illinois Regulatory Matters Electric Distribution 2024 MYRP Reconciliation • In Sep. 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 27: 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 28: Summary
Summary Expect to deliver strong earnings growth in 2025 with guidance in a range of $4.85 to $5.05 per diluted share1 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 29: Appendix
Appendix 29
Slide 30: Our Sustainability Value Proposition
Our Sustainability Value Proposition ENVIRONMENTAL STEWARDSHIP SOCIAL IMPACT • Building a cleaner and more diverse generation portfolio to support • Engaged to power community success through safety, reliability, reliability and opportunity in our region affordability and inclusivity ‒ Accelerating
Slide 31: Ameren Missouri Smart Energy Plan
Ameren Missouri Smart Energy Plan filed with MoPSC on Feb. 14th Investing in rate regulated energy infrastructure to benefit our customers, shareholders and the environment • $2.7 billion invested in 2024 to support reliability, address aged infrastructure and provide clean energy – Ameren Missouri'
Slide 32: Change in Ameren Missouri Preferred Resource Plan
Change in Ameren Missouri Preferred Resource Plan 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 3 years No ch
Slide 33: Long-Term Debt Maturities
Long-Term Debt Maturities Issuer 2025 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 $400 million 2.95%
Slide 34: GAAP to Adjusted Earnings Per Share Reconciliation
GAAP to Adjusted Earnings Per Share Reconciliation Six Months Ended June 30, 2025 2024 GAAP Diluted EPS $2.08 $1.95 Charge for additional mitigation relief for Rush Island Energy Center — 0.05 Less: Income tax benefit — (0.01) Adjusted Diluted EPS $2.08 $1.99 Wolfe Utilities, Midstream and Clean Ene
Slide 35: 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 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 Exclude results from discontinued operations 0.87 — (0.01) — — — — — — — — — Le
Slide 36: 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 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 Ameren Missouri weather impact included in margins 0.03 0.05 (0.04) 0.16
Slide 37: 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 Reform Energy Center: EA-2025-0239 • Pending CCN for Big Hollow Energy Center: EA-2025-0238 • Order approving gas rate rev
Slide 38: 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 ITC – Investment Tax Credit B – Billion LRTP – Long Range Transmission Planning BESS – Battery Energy Storage Systems LT – Long-term
Ameren — Wolfe Utilities, Midstream and Clean Energy Conference 2025 on 6ix