Ameren Corporation · NYSE:AEE
Ameren — Q1 2026 Earnings Presentation
25 slides from Ameren's earnings presentation, May 6, 2026
Slide 1: First Quarter 2026 Earnings Conference Call
First Quarter 2026 Earnings Conference Call | May 6, 2026
Slide 2: Cautionary Statements
Cautionary Statements Forward-looking Statements Statements in this presentation not based on historical facts are considered "forward-looking" and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking s
Slide 3: Strategic and Business Update
Slide 4: Earnings and Guidance Summary
Earnings and Guidance Summary • Remain focused on safely executing strategic plan Diluted EPS Q1 2025 vs. Q1 2026 • Key Q1 earnings variance drivers $1.28 ↑ Increased infrastructure investments across all operating $1.07 segments ↓ Lower Ameren Missouri retail sales mostly driven by milder winter te
Slide 5: Our Strategic Plan
Our Strategic Plan INVEST ENHANCE OPTIMIZE Enhance regulatory Invest in rate-regulated Optimize operating frameworks and advocate energy infrastructure performance for responsible policies To deliver on opportunities to benefit our customers, communities, and shareholders First Quarter 2026 Earnings
Slide 6: 2026 Strategic Business Objectives
2026 Strategic Business Objectives Invest • Execute robust electric, natural gas, and transmission infrastructure Capital Expenditures investment plan, including achieving key milestones for energy centers Q1 2025 vs Q1 2026 • Support economic development opportunities to deliver new tax revenue ($
Slide 7: Robust Customer Growth Opportunities
Robust Customer Growth Opportunities Facilitating growth in our region while delivering value for all customers • In 2026, executed 2.2 GWs of ESAs in Missouri Demand Growth Assumptions in Ameren Missouri’s 2025 IRP3 • 2026-2030 Ameren Missouri sales growth CAGR assumption of 6.2%1 – Assumes 1.2 GWs
Slide 8: Ameren Missouri’s Resource Planning in Action
Ameren Missouri’s Resource Planning in Action Reliable and affordable energy portfolio to serve customers and power economic development Energy Facility Generation Agreement CCN Anticipated In- 2025 Integrated Resource Plan1 Center Size Type Type Status Service Date outlines plans for total of 5.3 G
Slide 9: Transmission Investment Pipeline
Transmission Investment Pipeline Supporting resource adequacy across the region amid evolving energy grid needs • Robust pipeline of transmission investment to support system reliability and large load growth in our service territory – Potential upside from investment needed to support reliability a
Slide 10: 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 $70B+ 5-Year Investment Plan ($ billions) Strong Pipeline of Regulated $31.8 Infrastructure Investments $5.0 2026-2035 $1.9 $
Slide 11: Execution of Strategy Expected to Drive Strong Total Return 2026-2030
Execution of Strategy Expected to Drive Strong Total Return 2026-2030 Expect annual EPS growth consistently near upper end of 6% to 8% guidance range Regulated Five-Year Rate Infrastructure Rate Base Earnings Per Share Dividends Per Share Base CAGR2 By Segment 1,2 ($ billions) 2030 Increased for $47
Slide 12: Financial Update
Financial ___, “Ameren LENNY SINGH Executive Vice President and Chief Financial Officer,
Slide 13: 2026 First Quarter Earnings Analysis – Key Drivers
2026 First Quarter Earnings Analysis – Key Drivers ↑ Ameren Missouri earnings Diluted EPS1 — Electric service rates effective June 1, 2025: +$0.08 Q1 2025 vs. Q1 2026 — Increased investments in infrastructure eligible for AFUDC and PISA: +$0.07 $1.28 — Natural gas service rates effective Sep. 1, 202
Slide 14: 2026 EPS Guidance and Select Balance of the Year Considerations
2026 EPS Guidance and Select Balance of the Year Considerations • Reaffirm 2026 diluted EPS guidance range of $5.25 to $5.45 2026E Diluted EPS • Select considerations for Q2-Q4 2026 EPS compared to Q2-Q4 2025 EPS – Ameren Missouri electric service rates effective June 1, 2025: Q2 ~+$0.03 $5.45 – Ame
Slide 15: Regulatory Matters
Regulatory Matters Ameren Illinois Electric Distribution Reconciliation for 2025 • In Apr. 2026, requested $65 million adjustment to the 2025 revenue requirement reflecting the reconciliation to actual costs and investment – Based on 2025 year-end rate base and allowed ROE and common equity ratio es
Slide 16: External Debt Balances and Strong Credit Ratings
Financing Activity External Debt Balances3 Debt Financing for 2026 and Strong Credit Ratings4 Issuance Date Issuer Rate Type Maturity ($M) Feb. 27 Ameren Missouri $450 4.80% First mortgage bonds 2036 $ in millions Moody's S&P Feb. 27 Ameren Missouri $450 5.55% First mortgage bonds 2056 Ameren Corpor
Slide 17: Our Value Proposition for Customers, Communities, and Shareholders
Our Value Proposition for Customers, Communities, and Shareholders Attractive dividend Strong long-term and long-term dividend growth Attractive total growth outlook outlook return potential • Expect 6% to 8% EPS CAGR 2026-20301,2 • Annualized equivalent dividend rate of • Attractive combined earnin
Slide 18: Appendix
Slide 19: Energy Infrastructure at Work for Our Customers
Energy Infrastructure at Work for Our Customers Delivering strong value to our customers and communities Economic Engine Strong Customer Improved Reliability1 for Local Communities2 Service Satisfaction Rating3 1.00 $20.7B ECONOMIC Outage Frequency (per customer per year)1 0.91 IMPACT 0.79 55,200 JO
Slide 20: Helping Our Customers Manage Energy Costs
Helping Our Customers Manage Energy Costs Sharp focus on keeping customer rates as low as possible Residential Rates Below National Helping Customers and Midwest Averages1 Manage Energy Costs • Invest ~$200M+ annually in energy ¢/KWh efficiency and demand response to 8% reduce customers’ energy usag
Slide 21: 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 22: Missouri Preferred Resource Plan Feb. 2025
Missouri Preferred Resource Plan Feb. 20251 Least-cost approach to reliably meet customer energy needs and support economic development 3 3 3 • Load growth: Preferred plan reflects 1.5 GW of load growth by 2032; additional scenarios reflect load growth ranging from 0.5 GW to 2 GW by 2032 • Natural g
Slide 23: Long-Term Debt Maturities and Interest Rates through 2030
Long-Term Debt Maturities and Interest Rates through 20301 Issuer 2026 2027 2028 2029 2030 $350 million 3.65% senior unsecured notes (matured Feb.) $500 million 1.95% $450 million 1.75% senior $700 million 5.00% Ameren Corp.2 senior unsecured notes unsecured notes senior unsecured notes $600 million
Slide 24: Select Regulatory and Legislative Matters
Select Regulatory and Legislative Matters Missouri Public Service Commission • 60-day notices for upcoming CCN filings: Docket No. EA-2026-0183 and EA-2026-0226 • Order approving tariff filing for large load customers: Docket No. ET-2025-0184 • Pending CCN for Reform Solar Energy Center: Docket No.
Slide 25: Glossary of Terms and Abbreviations
Glossary of Terms and Abbreviations AFUDC – Allowance for funds used during construction LIHEAP – Low Income Home Energy Assistance Program ATXI – Ameren Transmission Company of Illinois LRTP – Long Range Transmission Planning B – Billion LT – Long Term BESS – Battery Energy Storage System M – Milli