Ameren Corporation · NYSE:AEE
Ameren — ESG Presentation (2025)
52 slides from Ameren's sustainability presentation, Oct 9, 2025
Slide 1: Leading the Way to a Sustainable Energy Future
Leading the Way to a Sustainable Energy Future Sustainability Investor Presentation 2025 Leading the Way to a Sustainable Energy Future 1
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: How We Integrate Sustainability
How We Integrate Sustainability Leading the Way to a Sustainable Energy Future 4
Slide 5: How We Think About Sustainability
How We Think About Sustainability ENVIRONMENTAL SOCIAL IMPACT STEWARDSHIP Operating to reduce emissions and Placing people at the center of waste and preserving natural everything we do by supporting resources while providing safe, customers, empowering co- Vision: workers and fostering inclusive re
Slide 6: 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 7: Our Strong Leadership Teams
Our Strong Leadership Teams Ameren’s Board of Directors Cynthia J. Catherine S. Ward H. Ellen M. Rafael Richard J. Craig S. Steven H. Martin J. Leo S. Steven O. Brinkley Brune Dickson Fitzsimmons Flores Harshman Ivey Lipstein Lyons, Jr. Mackay, Jr. Vondran Ameren’s Executive Leadership Team Martin J
Slide 8: Environmental Stewardship
Environmental Stewardship Leading the Way to a Sustainable Energy Future 8
Slide 9: Providing Safe, Reliable and Affordable Energy
Providing Safe, Reliable and Affordable Energy While moving toward a cleaner energy future responsibly • Building foundational resilience in asset base – Replacing retiring coal-fired energy centers with reliable and least-cost mix of cleaner dispatchable and intermittent renewable resources – Inves
Slide 10: Missouri Preferred Resource Plan Effective Feb. 2025
Missouri Preferred Resource Plan Effective 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 b y 2032
Slide 11: Least-Cost Approach for a Reliable Clean Energy Future
Least-Cost Approach for a Reliable Clean Energy Future • Missouri Preferred Resource Plan designed to provide reliable, low-cost energy to serve customers’ growing energy needs through a balanced mix of energy sources • Targets net zero carbon emissions by 2045 1 by leveraging renewables supported b
Slide 12: Ameren Missouri New Generation In Progress
Ameren Missouri New Generation In Progress Reliable, Affordable Energy Through a Balanced Energy Portfolio • In Mar. 2024, MoPSC approved CCNs for 3 new solar energy centers, Vandalia, Bowling Green and Split Rail – Represents a combined 400 MW and ~$0.8 billion of capital investment – Expected to b
Slide 13: Environmental Stewardship – Coal-Fired Energy Centers
Environmental Stewardship – Coal-Fired Energy Centers CO2 emissions reduction NOx emissions reduction SO2 emissions reduction Mercury emissions (generation): 46%1 (generation): (generation): reduction (generation): 64% below 2005 level1 74% below 2005 level1 92% below 2005 level1 Revenues from Coal-
Slide 14: Ameren's Pathway to Carbon Emission Reduction Goals
Ameren’s Pathway to Carbon Emission Reduction Goals Science based targets consistent with 1.5°C limit of the Paris Agreement • Ameren targets reducing carbon emissions from 2005 levels by 60% by 2030 and 85% by 2040, reaching net-zero by 20451 Emission Reduction Pathways Consistent with Paris Agreem
Slide 15: MISO Long-Range Transmission Planning Roadmap
MISO Long-Range Transmission Planning Roadmap Ameren Transmission • In 2021, MISO outlined their long-range transmission planning roadmap through 2039 to identify transmission investment needed to reliably serve customers in changing generation landscape • Projected transmission needs reflected in F
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 • Captured 100% of Tranche 1 projects in our service territory – Delivering cost-effective, high value projects to our communities – Expect construction to begin in 2026 with
Slide 17: Focusing on Resource Management
Focusing on Resource Management Electrification: Methane Emissions Reduction: Biodiversity: Provides education, incentives and advisory Replacement of 100% of cast, wrought iron As part of the Biodiversity strategy to support services to encourage EV charging and and unprotected steel on our natural
Slide 18: Building a Brighter and Cleaner Energy Future
Building a Brighter and Cleaner Energy Future Innovative Programs to Meet Customer Needs and Rising Expectations Utility-owned solar Subscription program generation in MO that available to MO residential benefits a variety of Neighborhood Community and small business communities with jobs training,
Slide 19: Social Impact
Social Impact Leading the Way to a Sustainable Energy Future 19
Slide 20: Our Focus on Social Responsibility
Our Focus on Social Responsibility Supporting co-workers and transforming communities where we live and work Delivering value to Being impactful in Ensuring a safe & our customers communities welcoming workplace • Infrastructure investments provide • Support and attract new businesses • Strong focus
Slide 21: Delivering Strong Value to our Customers
Delivering Strong Value to our Customers Consistently providing customers with reliable, affordable service Improved Reliability 1 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 Below Call Center 1
Slide 22: Reducing Energy Burden for Customers
Reducing Energy Burden for Customers LIHEAP Keeping Current Veterans Energy Assistance Warm Neighbors Cool Friends Provides federally funded A payment assistance program Active-duty military, veterans and A year-round assistance program to assistance to help families that includes a monthly credit,
Slide 23: 2024 Community Impact Through Corporate Philanthropy
2024 Community Impact Through Corporate Philanthropy Corporate Philanthropy Employee Community Engagement • $10.8 million1 in cash awarded and in-kind donations to • Major Co-worker Giving Campaigns: ~ support three primary focus areas $1.647M • Volunteerism: Nearly 23,500 hours donated (~+12% from
Slide 24: Representative Community Partnerships
Representative Community Partnerships Critical Needs Thriving Communities Economic Empowerment Cardinal Glennon: $400K Delmar Divine: $500K Scholarship Foundation: $1.18M Supported the new Cardinal The community room at Delmar Launched the Ameren All In Glennon Children's Hospital. Divine was rebran
Slide 25: Investments to Empower a Thriving Community
Investments to Empower a Thriving Community Examples of community challenges Ameren partnering to drive impact Food insecurity Economic Empowerment • Helped organizations like Beyond Housing & Urban league impact 10,000+ individuals & families through workforce, housing, and financial literacy Housi
Slide 26: Our Workforce at a Glance
Our Workforce at a Glance1 ~9,000 Co-Workers Strong2 Total Workforce Race/Ethnicity3 84% 10% 2% 2% 1% <1% <1% White Black or African Asian Hispanic or 2 or More Races American Indian Native Hawaiian or American Latino or Alaska Native Pacific Islander Bargaining 46% bargaining Unit 54% management Ge
Slide 27: Our Focus on Inclusion
Our Focus on Inclusion In our company, communities, industry and country • Advancing co-worker knowledge and experience – Comprehensive suite of training products, including LinkedIn Learning to all co-workers, as well as additional Ameren-designed trainings for People Leaders – Peer to peer and rev
Slide 28: Building Strong Workforce Pipelines
Building Strong Workforce Pipelines STEM/Professional Pipeline Initiatives Purpose: Create a talent pipeline for entry-level and mid-career STEM/Professional roles at Ameren. • Ameren’s Collegiate Program participants receive hands-on experience, bolster their knowledge of Ameren and industry, parti
Slide 29: Additional Growth Initiatives: Economic Development
Additional Growth Initiatives: Economic Development • Attractive value proposition for new business – Available sites with access to transmission, fiber, workforce, and water – Investing in a balanced generation portfolio to provide reliable, affordable and clean energy – Ameren Missouri commercial
Slide 30: Governance
Governance Leading the Way to a Sustainable Energy Future 30
Slide 31: Our Focus On Strong Corporate Governance
Our Focus On Strong Corporate Governance Executive Leadership Team • Committed to strong, responsible and sustainable corporate governance practices • Experienced and engaged Board of Directors and Executive Leadership Team – Focused on strong oversight, committed to maintaining a diverse set of per
Slide 32: Highly Skilled Board of Directors
Highly Skilled Board of Directors Cynthia J. Cather ine Ward H. Ellen M. Rafael Richard J. Craig S. Steven H. Martin J. Leo S. Steven O. Brinkley S. Brune Dickson Fitzsim mons 1 Flores Har shman Ivey Lipstein Lyons, Jr . Mackay, Jr. Vondran Board Tenure and Age Tenure (years)2 6 14 7 16 10 12 7 15 4
Slide 33: Board of Directors Composition and Leadership Highlights
Board of Directors Composition and Leadership Highlights • 11 members; all independent except for Chairman, President & CEO – Corporate Governance Guidelines require substantial majority of the board to be independent – Only independent directors serve on standing board committees • BOD is focused o
Slide 34: Board of Directors-Level Governance of Sustainability
Board of Directors-Level Governance of Sustainability Strong oversight of sustainability matters Ameren’s Board of Directors oversees all significant enterprise risks, including those related to sustainability matters. It has specifically delegated oversight of certain sustainability matters to seve
Slide 35: Management-Level Governance of Sustainability
Management-Level Governance of Sustainability Management Accountability Organizational Inputs and Interfaces The RMSC is an integral part of Ameren’s overall governance and risk Senior executives across all business management infrastructure and is a critical component of the development segments ov
Slide 36: Executive Compensation Program – Ties to Sustainability
Executive Compensation Program – Ties to Sustainability The objective of Ameren's executive compensation program is to provide a competitive total compensation program based on the size-adjusted median compared to similar utility companies, adjusted for individual performance. Ameren’s short- and lo
Slide 37: Enterprise Risk Management
Enterprise Risk Management • Robust Enterprise Risk Management (ERM) programs in place to identify, evaluate, and mitigate risks efficiently to ensure we can continue to invest in energy infrastructure, enhance energy policy, and optimize our business operations • Ameren’s Risk Management Steering C
Slide 38: System Hardening for Natural Hazards
System Hardening for Natural Hazards • Focus is on mitigating risk through balanced approach that considers risk-level, cost for customers, and business impact • Through strategic investment, planning and preparation, and robust communication Ameren is delivering safe, reliable energy under changing
Slide 39: Cybersecurity Risk Management
Cybersecurity Risk Management Robust enterprise-wide security program focused on safety • Robust governance and oversight of cybersecurity matters Continuity & – The Cybersecurity and Digital Technology Committee of the Board of Disaster Directors oversees cybersecurity and technology risks Recovery
Slide 40: Sustainable Growth
Sustainable Growth Leading the Way to a Sustainable Energy Future 40
Slide 41: 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 42: 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 Share 1 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 43: Investing in the Energy Grid
Investing in the Energy Grid • Building smarter, safer, more resilient energy infrastructure to 2024-2029E Regulated deliver reliable energy, support economic expansion and provide Infrastructure Rate Base2 customers better tools to manage energy usage 6% 4% • Investing in a balanced energy mix to r
Slide 44: Robust Investment Opportunities Across All Businesses Over Next Decade
Robust Investment Opportunities Across All Businesses Over Next Decade1 Modernizing the grid and investing in a reliable, cleaner energy future $63B+ Investment Plan 2025-2029 ($ billions) Strong Pipeline of Regulated $26.3 Infrastructure Investments $4.6 2025-2034 $1.7 $3.2 • Modernize electric and
Slide 45: Sustainability Financing Framework and Green Bond Issuances
Sustainability Financing Framework and Green Bond Issuances • Ameren was one of the first utilities in the nation to publish a Sustainability Financing Framework in 2021 Strong Credit Ratings2 (as of May 2025) Moody's S&P – Framework supports Ameren’s sustainability goals and target of net zero carb
Slide 46: Appendix
Appendix Leading the Way to a Sustainable Energy Future 46
Slide 47: External Recognition
External Recognition • 2025 St. Louis Business Journal Top 5 Corporate Philanthropist in St. Louis • 2025 Business Facilities Top Utilities for Economic Development • 2024 EPRI Technology Transfer Awards – Monarch Butterfly Habitat Model and Landholding Assessment – Spent Fuel Pool Criticality Safet
Slide 48: Additional Sustainability Resources
Additional Sustainability Resources Available at www.amereninvestors.com (hyperlinked below) Company-Wide Governance of Sustainability Environmental Policy Integrate environmental management and sustainability principles into our 2025 Preferred Plan Update and 2023 IRP operations, business planning,
Slide 49: Ameren's Estimated Coal-Related Revenues in 2024
Ameren’s Estimated Coal-Related Revenues in 2024 Return on Investment Revenues Cost Recovery3 Revenues $1.53B1 x $1.53B1 x ($77M x $337M + 52.0%2 x 48.0% x 25%) / (1 $196M x $124M + 9.74%2 = 4.30% = - 25%) 11%1 = $198M = $77M $32M $26M $22M $659M $7,623M 11% Return on Interest Tax Expense Property F
Slide 50: GAAP to Adjusted Earnings Per Share Reconciliations
GAAP to Adjusted Earnings Per Share Reconciliations Yea r Ende d Dec. 31 , 201 3 201 4 201 5 201 6 201 7 201 8 201 9 202 0 202 1 202 2 202 3 202 4 GAAP Earnings / Diluted EPS $1.18 $2.40 $2.59 $2.68 $2.14 $3.32 $3.35 $3.50 $3.84 $4.14 $4.38 $4.44 Exclude results from d iscontinued op erations 0.87 —
Slide 51: Weather-Normalized Earnings per Share Reconciliations
Weather-Normalized Earnings per Share Reconciliations Yea r Ende d Dec. 31 , 201 3 201 4 201 5 201 6 201 7 201 8 201 9 202 0 202 1 202 2 202 3 202 4 Adjusted 1 Diluted E PS $2.10 $2.40 $2.56 $2.68 $2.83 $3.37 $3.35 $3.50 $3.84 $4.14 $4.38 $4.63 Amere n Missouri we ath er imp act included in margins
Slide 52: Glossary of Terms and Abbreviations
Glossary of Terms and Abbreviations AGA – American Gas Association EPS – Earnings Per Share LT – Long-term ATXI – Ameren Transmission Company of Illinois ERG – Employee Resource Group M – Million B – Billion ERM – Enterprise Risk Management MISO – Midcontinent Independent System Operator BOD – Board