Slide 1: Powering Growth: Fourth Quarter 2024 Earnings
Powering Growth Fourth Quarter 2024 Earnings Feb. 14, 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 2024 Res
Slide 5: Successfully Executed 2024 Strategic Business Objectives
Successfully Executed 2024 Strategic Business Objectives Delivered adjusted 2024 earnings of $4.63 per diluted share; above earnings guidance range midpoint1 Invest ✓ $4.3 billion of infrastructure investment in electric, natural gas and transmission infrastructure projects aligned with regulatory o
Slide 6: 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% 0.98 per year)1 ~10% 16.50 0.95 16 Better 16.00 Below Call Cen
Slide 7: 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% $2.70 $4.95 $4.75 248% ~7.6% CAGR $2.68 | 58% $4.50 2
Slide 8: 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 serve our customers’ growing energy needs Enhance • Request CCN approvals for mix of reli
Slide 9: Expect to Deliver Strong Long-Term EPS and Dividend Growth
Expect to Deliver Strong Long-Term EPS and Dividend Growth • Affirm 2025 EPS guidance range of $4.85 to $5.05 – Midpoint of $4.95 represents ~7% EPS growth compared to 2024 results • Remain on track to deliver strong long-term earnings growth – Expect 6% to 8% EPS CAGR from 2025-2029 using 2025 EPS
Slide 10: Executing Our Strategy in 2025 and Beyond
Executing Our Strategy in 2025 and Beyond Investing in rate-regulated energy infrastructure to benefit our customers, shareholders and the environment • Expect ~9.2% rate base CAGR from 2024-2029; 2025-2029 capital plan of $26.3 billion 2024-2029E Regulated Five-Year Rate – Reflects strategic alloca
Slide 11: Missouri Customer Growth Opportunities
Missouri Customer Growth Opportunities Strengthening our communities by supplying reliable energy to power economic development • Sales growth expected to increase to ~5.5% Demand Growth Expectations compounded annually over the 5-year plan1 in Ameren Missouri’s IRP 2025 Preferred Plan – Previously
Slide 12: 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 • 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 load gr
Slide 13: Ameren Missouri New Generation In Progress
Ameren Missouri New Generation In Progress Reliable, Affordable Energy Through a Balanced Energy Portfolio Anticipated Energy Facility Generation Agreement CCN Developer In-Service Center Size Type Type Status Date Ameren Approved Vandalia1 50 MW Solar Self-Build Q4 2025 Missouri Mar. 2024 Bowling A
Slide 14: 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 15: Proposed Energy Legislative Initiatives
Proposed Energy Legislative Initiatives Enhancing regulatory frameworks and advocating for responsible energy and economic policies Ameren Missouri • Power Predictability and Reliability Act (SB 4, SB6 and HB 569) – Expands PISA laws to include natural gas generation – Increases PISA deferral to 90%
Slide 16: Robust Investment Opportunities Across All Businesses Over Next Decade
Robust Investment Opportunities Across All Businesses Over Next Decade Modernizing the grid and investing in a reliable, cleaner energy future Investment Plan 2025-2029 $63B+ ($ billions) Strong Pipeline of Regulated $26.3 Infrastructure Investments $4.6 2025-2034 $1.7 $3.2 • Modernize electric and
Slide 17: 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 • Annualized equivalent dividend rate of • Attractive combined earni
Slide 18: Financial Update
Financial Update Michael Moehn Senior Executive Vice President and Chief Financial Officer, Ameren Corp.
Slide 19: GAAP to Adjusted Earnings Reconciliation
GAAP to Adjusted Earnings Reconciliation (in millions, except per share amounts) 2023 2024 GAAP Earnings / Diluted EPS $ 1,152 $ 4.38 $ 1,182 $4.42 Charge for additional mitigation relief for Rush Island Energy Center — — 59 0.22 Less: Income tax benefit — — (14) (0.05) Charge, net of tax benefit —
Slide 20: 2024 Adjusted Earnings Analysis Key Variance Drivers
2024 Adjusted Earnings Analysis Key Variance Drivers1 ↑ Ameren Missouri earnings — Increased investments in infrastructure eligible for PISA and AFUDC: +$0.17 Diluted Adjusted EPS1 — New electric service rates effective July 9, 2023: +$0.09 2023 vs. 2024 — Higher electric retail sales: ~+$0.08 • Wea
Slide 21: Missouri Regulatory Matters
Missouri Regulatory Matters 2024 Missouri Electric Rate Review Docket: ER-2024-0319 • $446 million annual revenue increase request filed June 2024 with MoPSC Ameren MoPSC Staff - – Test year ended Mar. 31, 2024, with certain pro-forma adjustments through Dec. 31, Key Components Missouri – Direct 202
Slide 22: Illinois Regulatory Matters
Illinois Regulatory Matters Electric Distribution Rate Review Revised Multi-Year Rate Plan for 2024-2027 • In Dec. 2024, ICC approved revised grid plan and MYRP Average Rate Base reflecting a cumulative revenue increase of $309 million December 2024 Order vs. Proposed Positions compared to Ameren Il
Slide 23: Illinois Regulatory Matters (cont'd)
Illinois Regulatory Matters (cont’d) Natural Gas Distribution Rate Review • In Jan. 2025, requested a $140 million annual base rate increase – 2026 future test year – 10.7% allowed return on equity and 52% common equity ratio – $3.3 billion average rate base – Expect ICC decision by early Dec. 2025;
Slide 24: Strategically Allocated Rate Base Growth
Strategically Allocated Rate Base Growth Increased five-year infrastructure investment plan by 20%1 $26.3 Billion of Regulated Infrastructure Investment 2024 to 2029E Regulated Five-Year Rate 2025-20292 Infrastructure Rate Base3,4 Base CAGR4 ($ billions) % of Ameren Illinois $41.9 Total ~9.2% Ameren
Slide 25: Expected 2025-2029 Funding Plan
Expected 2025-2029 Funding Plan • Cash from Operations – Includes ~$2 billion of income tax deferrals and tax asset utilization – Expect to sell and transfer tax credits worth ~$300 million per year on average to benefit customers – Do not expect corporate minimum tax on adjusted financial statement
Slide 26: Financing Activity, Credit Ratings and External Debt Balances
Financing Activity Credit Ratings1 and External Debt Balances Approximate Debt Financing for 2025 Expected Issuance As of Dec. 31, 2024 $ in millions Moody's S&P Expected Period Issuer ($M) Q1 Ameren Parent ~$750 Ameren Corporation (Issuer: Baa1/BBB+) Q1 Ameren Illinois ~$350 • Commercial paper $1,0
Slide 27: 2025 Earnings Guidance: Key Drivers & Assumptions vs. 2024
2025 Earnings Guidance: Key Drivers & Assumptions vs. 2024 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 PISA1: ~+$0.16 Ameren ↑ Higher weather-normalized retail sales
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 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 growt
Slide 29: Appendix
APPENDIX
Slide 30: 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 31: 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 32: Ameren Missouri Smart Energy Plan filed with MoPSC
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 33: 2025 Planned Capital Expenditures
2025 Planned Capital Expenditures 2025E Capital Expenditures $4,185M Ameren Illinois Ameren Illinois Electric Distribution Natural Gas $360M $625M 8% Ameren 15% Transmission Ameren Missouri $745M Generation 18% $1,090M 26% $1,365M 33% Ameren Missouri Non-Generation 2024 Results and Guidance | Feb. 1
Slide 34: Long-Term Debt Maturities and Interest Rates
Long-Term Debt Maturities and Interest Rates Issuer 20251 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
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 electric rate review filling: Docket No. ER-2024-0319 • Order approving CCN for Castle Bluff Energy Center: EA-2024-0237 • Pending gas rate review filing: Docket No. GR-2024-0369 • Order approving multi-project CC
Slide 38: Glossary of Terms and Abbreviations
Glossary of Terms and Abbreviations AFUDC – Allowance for funds used during construction LRTP – Long Range Transmission Planning ATXI – Ameren Transmission Company of Illinois M – Million B – Billion MEEIA – Missouri Energy Efficiency Investment Act bps – Basis points MISO – Midcontinent Independent