Ameren (AEE) investor relations material

Executive summary

• Q1 2026 diluted EPS rose to $1.28 from $1.07 year-over-year, driven by infrastructure investments and higher rates, partially offset by lower Missouri electric retail sales due to warmer winter and higher interest expense.

• Reaffirmed 2026 EPS guidance of $5.25-$5.45, reflecting solid execution and progress toward strategic objectives.

• Robust customer growth opportunities with 2.2 GW of executed ESAs in Missouri and a 6.2% sales CAGR expected for 2026-2030.

• Strategic focus remains on investing in regulated energy infrastructure, enhancing regulatory frameworks, and optimizing operational performance.

• First quarter 2026 net income attributable to common shareholders was $357 million.

Financial highlights

• Q1 2026 diluted EPS increased by $0.21 year-over-year, with key drivers including higher infrastructure investments and rate increases.

• Capital expenditures rose to $1.574 billion in Q1 2026 from $1.064 billion in Q1 2025.

• Total operating revenues for Q1 2026 were $2,176 million, up from $2,097 million in Q1 2025.

• Over $40 million in energy assistance and weatherization resources connected to customers in Q1.

• Book value per share increased to $48.99 as of March 31, 2026.

Outlook and guidance

• 2026 EPS guidance range maintained at $5.25-$5.45, assuming normal temperatures for the remainder of the year.

• Long-term EPS growth expected near the upper end of 6%-8% CAGR from 2026-2030, driven by 10.6% compound annual rate base growth.

• Dividend payout ratio projected between 50% and 60% of annual EPS, with a 13th consecutive annual dividend increase in 2026.

• Sales growth assumptions may be updated as new large load customer ramp-up timing becomes clearer.

• Guidance subject to regulatory, market, operational, and weather-related risks.