Slide 1: Powering Growth: Fourth Quarter 2025 Earnings Call
POWERING GROWTH AMEREN COR Fourth aiater 2025 te f 5h 7 2026
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
Slide 4: Earnings Call Highlights
Earnings Call Highlights • Provided strong customer value through reliable service at below average rates • Delivered 2025 adjusted diluted EPS of $5.031; 8.6% growth off adjusted 2024 EPS • Increased dividend 5.6% in Feb. 2026 • Affirmed 2026 EPS guidance of $5.25 to $5.45 • Issued 6-8% EPS growth
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 2025 Results and Guidance |
Slide 6: Successfully Executed 2025 Strategic Business Objectives
Successfully Executed 2025 Strategic Business Objectives Delivered adjusted 2025 earnings of $5.03 per diluted share, representing 8.6% EPS growth over adjusted 2024 1 Invest ✓ More than $4 billion of investment in electric, natural gas, and transmission infrastructure to harden grid and expand bala
Slide 7: 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 8: 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 9: Execution of Strategy Delivering Value for Shareholders
Execution of Strategy Delivering Value for Shareholders Strong track record of EPS and dividend growth Weather-Normalized Adjusted Dividends Paid per Share3 and Strong Total Diluted Earnings per Share1 Payout as a % of WN Adjusted EPS Shareholder Return +135% $3.00 +78% 2013 to 2025 $3.00 | 56% $5.2
Slide 10: 2026 Strategic Business Objectives
2026 Strategic Business Objectives Invest • Execute robust electric, natural gas, and transmission infrastructure investment plan, including achieving key milestones for energy centers • Support economic development opportunities to deliver jobs and new tax revenue to local communities Enhance • Req
Slide 11: Execution of Strategy Expected to Drive Strong Total Return 2026-2030
Execution of Strategy Expected to Drive Strong Total Return 2026-2030 Expect EPS growth consistently near upper end of 6% to 8% guidance range Regulated Five-Year Rate Infrastructure Rate Base Earnings Per Share Dividends Per Share Base CAGR2 By Segment 1,2 ($ billions) 2030 Increased for $47.7 6-8%
Slide 12: 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. 24, 2025, MoPSC approved rate structure for large load customers – Applicable to customers requesting 75+ MW – Establishes Large Load Customer Rate Plan with current base r
Slide 13: Robust Customer Growth Opportunities
Robust Customer Growth Opportunities Facilitating growth in our region while delivering value for all customers • In Feb. 2026, executed 2.2 GWs of ESAs with Missouri large load customers Demand Growth Assumptions in Ameren Missouri’s 2025 IRP • 2026-2030 sales growth CAGR assumption of 6.2% at Amer
Slide 14: 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 2025 Integrated Resource Plan1 outlines plans for Energy Facility Generation Agreement CCN Anticipated In- total of 5.3 GW of new generation resources Ce
Slide 15: 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 service territory • Regionally beneficial investment opportunities, including MISO Tranc
Slide 16: 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 $70B+ 5-Year Investment Plan ($ billions) Strong Pipeline of Regulated $31.8 Infrastructure Investments $5.0 2026-2035 $1.9 $3
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 • Annualized equivalent dividend rate of • Attractive combined earnings
Slide 18: Financial Update: Lenny Singh, CFO
Financial ___, “Ameren LENNY SINGH Executive Vice President and Chief Financial Officer,
Slide 19: GAAP to Adjusted Earnings Reconciliation
GAAP to Adjusted Earnings Reconciliation Year Ended Dec. 31, (in millions, except per share amounts) 2025 2024 GAAP Earnings / Diluted EPS $ 1,456 $ 5.35 $ 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, n
Slide 20: 2025 Adjusted Earnings Analysis Key Variance Drivers
2025 Adjusted Earnings Analysis Key Variance Drivers1,2 ↑ Ameren Missouri earnings — New electric service rates effective June 1, 2025: +$0.42 Diluted Adjusted EPS2 — Higher electric retail sales: ~+$0.22 2024 vs. 2025 • Weather vs. 2024: ~+$0.15; vs. normal ~$0.14 • WN sales vs. 2024 (excl. MEEIA):
Slide 21: Illinois Regulatory Matters
Illinois Regulatory Matters Natural Gas Distribution • In Nov. 2025, ICC approved a $79 million annual base rate Latest ICC Prior ICC increase Natural Gas Distribution Order Order Rate Review – Variance from Ameren Illinois’ request primarily driven by (25-0084) (23-0067) treatment of other post-emp
Slide 22: Strategically Allocated Rate Base Growth
Strategically Allocated Rate Base Growth Increased five-year infrastructure investment plan by 21%1 $31.8 Billion of Regulated 2025 to 2030E Regulated Five-Year Rate Infrastructure Investment Infrastructure Rate Base2 Base CAGR2 2026-2030 ($ billions) % of Ameren Illinois ~10.6% $47.7 Total Ameren M
Slide 23: External Debt Balances and Strong Credit Ratings
Financing Activity External Debt Balances2 and Strong Credit Ratings3 Estimated Debt Financing for 2026 Expected Issuance Period Issuer $ in millions Moody's S&P ($ in millions) Q1 Ameren Missouri ~$900 Ameren Corporation (Issuer: Baa1/BBB+) Q1 Ameren Corp. ~$400 • Commercial paper $155 P-2 A-2 Q2 A
Slide 24: 2026 Earnings Guidance: Key Drivers & Assumptions vs. 2025
2026 Earnings Guidance: Key Drivers & Assumptions vs. 2025 Midpoint of $5.35 represents ~8.1% EPS growth compared to midpoint of 2025 original EPS guidance range of $4.95 ↑ Higher investments in infrastructure eligible for PISA and AFUDC: ~+$0.37 ↑ New electric service rates effective June 1, 20251:
Slide 25: Summary
Summary Expect 2026 diluted EPS to be in the range of $5.25 to $5.45 Successfully executing our strategy; well-positioned for future growth • Powering economic development through investment in a reliable and resilient energy grid Strong long-term growth outlook • Expect 6% to 8% compound annual EPS
Slide 26: Appendix
Slide 27: 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 28: 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 29: 2026 Planned Capital Expenditures
2026 Planned Capital Expenditures 2026E Capital Expenditures $5,515M Ameren Illinois Ameren Illinois Electric Distribution Natural Gas $350M $685M 6% 13% Ameren $850M Transmission Ameren 15% Missouri Generation $1,290M 23% $2,340M Turning restoration into resilience 43% Ameren Composite pole replace
Slide 30: 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 $500 million 1.95% senior $450 million 1.75% senior $700 million 5.00% Ameren Corp.2,3 unsecured notes unsecured notes senior unsecured notes $600 million 5.70% senior
Slide 31: 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 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 $5.35 Exclude results from discontinued operations 0.87 — (0.01) — — — — —
Slide 32: 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 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 $5.03 Ameren Missouri weather impact 0.03 0.05 (0.04) 0.16 (0.07) 0
Slide 33: Select Regulatory and Legislative Matters
Select Regulatory and Legislative Matters Missouri Public Service Commission • Order approving tariff filing for large load customers: Docket No. ET-2025-0184 • Pending CCN for Reform Solar Energy Center: EA-2025-0239 • Order approving CCN for Big Hollow Energy Center: EA-2025-0238 • Order approving
Slide 34: 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