Ameren (AEE) investor relations material

Business overview and strategic direction

• Operates as a fully rate-regulated electric and natural gas utility serving 2.5M electric and 0.9M gas customers across Missouri and Illinois.

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

• Four regulatory frameworks govern operations, with formula and performance-based ratemaking and constructive trackers and riders.

• Strong investment grade credit ratings (Baa1/BBB+), S&P 500 component, and robust infrastructure investment pipeline of $70B+ through 2035.

Financial performance and outlook

• Weather-normalized adjusted diluted EPS grew 135% from 2013 to 2025, with a 7.4% CAGR.

• 2026 EPS guidance range is $5.25 to $5.45, with a midpoint representing 8.1% growth over 2025 guidance.

• Dividend increased for the 13th consecutive year to $3.00 per share, with a payout ratio expected between 50% and 60%.

• Long-term EPS growth expected at 6–8% CAGR from 2026–2030, with rate base CAGR of 10.6% from 2025–2030.

• Five-year infrastructure investment plan increased by 21% to $31.8B for 2026–2030.

Customer value and operational excellence

• Residential rates remain below national and Midwest averages; strong focus on energy efficiency and customer assistance programs.

• Reliability improved, with outage frequency in the first quartile and high customer satisfaction ratings (~4.6/5 stars in 2025).

• Economic impact includes $20.7B in annual economic activity, supporting 55,200 jobs and $920M in taxes.

• Invests over $200M annually in energy efficiency and demand response, and connects customers with $100M+ in energy assistance.