Ameren Corporation · NYSE:AEE
Ameren — EEI Financial Forum 2025
37 slides from Ameren's conference presentation, Nov 9, 2025
Slide 1: Powering Growth
Powering Growth EEI Financial Forum Nov. 10-11, 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 EEI Fina
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: 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 9: 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 10: 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 11: Ameren Missouri Customer Growth Opportunities
Ameren Missouri Customer Growth Opportunities Strengthening our communities through economic development • Robust data center demand; includes ~3 GWs of signed construction agreements1 Demand Growth Expectations2 in Ameren Missouri’s IRP 2025 Preferred Plan – Numerous sites with access to transmissi
Slide 12: 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 Anticipated Energy Facility Generation Agreement CCN In-Service Center Size Type Type Status Date Approved Vandalia 50 MW Solar Self-Build Q4 2025 Mar. 2
Slide 13: 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. 7, 2025, non-unanimous1 stipulation and agreement filed with MoPSC supporting Ameren’s proposed Large Load Rate Plan – Applicable to customers requesting 75+ MW and served
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: 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 16: 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 17: 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 $68B+ Investment Plan 2025-20291 ($ billions) Strong Pipeline of Regulated $26.3 Infrastructure Investments $4.6 2025-20342 $1
Slide 18: 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 19: Financial and Regulatory Updates
Financial and Regulatory Updates
Slide 20: 2025 Earnings Analysis for Nine Months Ended Sep. 30
2025 Earnings Analysis for Nine Months Ended Sep. 301 ↑ Ameren Missouri earnings Adjusted Diluted EPS3 — New electric service rates effective June 1: +$0.36 YTD Sep. 2024 vs. YTD Sep. 2025 — Higher electric retail sales: ~+$0.17 • Weather vs. 2024: ~+$0.11; vs. normal: ~+$0.11 $4.25 — Increased inve
Slide 21: 2025 EPS Guidance and Select Balance of the Year Considerations
2025 EPS Guidance and Select Balance of the Year Considerations1 • Expect 2025 diluted adjusted EPS to be in the range of $4.90 to $5.10 2025E Diluted – Raised from original EPS guidance range of $4.85 to $5.05 Adjusted EPS • Select considerations for Q4 2025 EPS compared to Q4 2024 EPS $5.10 – Amer
Slide 22: 2026 Earnings Guidance: Key Drivers & Assumptions vs. 2025
2026 Earnings Guidance: Key Drivers & Assumptions vs. 20251 Midpoint represents ~8.2% EPS growth compared to midpoint of 2025 original EPS guidance range ↑ Higher investments in infrastructure eligible for PISA and AFUDC: ~+$0.37 ↑ New electric service rates effective June 1, 20252: ~+$0.11 Ameren A
Slide 23: Financing Activity, External Debt Balances and Strong Credit Ratings
Financing Activity External Debt Balances2 and Strong Credit Ratings3 2025 Debt Financing Date Issuer Issuance ($M) Rate Type Maturity $ in millions Moody's S&P 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 24: 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 2025, 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 D
Slide 25: Illinois Regulatory Matters
Illinois Regulatory Matters 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 Aug. 2025, ICC Staff recommended a $104 million an
Slide 26: Illinois Regulatory Matters, cont'd
Illinois Regulatory Matters, cont’d 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 establishe
Slide 27: Summary
Summary Expect 2025 diluted adjusted EPS to be in the range of $4.90 to $5.10 1 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 cleaner energy gr
Slide 28: Appendix
Appendix 28
Slide 29: 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 30: 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 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: 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 33: GAAP to Adjusted Earnings Reconciliation
GAAP to Adjusted Earnings Reconciliation Three Months Ended Nine Months Ended Sep. 30, Sep. 30, (in millions, except per share amounts) 2025 2024 2025 2024 GAAP Earnings / Diluted EPS $ 640 $ 2.35 $ 456 $1.70 $ 1,204 $ 4.43 $ 975 $3.65 Charge for additional mitigation relief for Rush Island Energy C
Slide 34: 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 35: 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 36: 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 Solar Energy Center: EA-2025-0239 • Pending CCN for Big Hollow Energy Center: EA-2025-0238 • Order approving gas ra
Slide 37: Glossary of Terms and Abbreviations
Glossary of Terms and Abbreviations AFUDC – Allowance for funds used during construction GW – Gigawatt ALJ – Administrative Law Judge ICC – Illinois Commerce Commission ATXI – Ameren Transmission Company of Illinois IRP – Integrated resource plan B – Billion ITC – Investment Tax Credit BECI – Bell C