Ameren (AEE) investor relations material

Business overview and strategy

• Operates fully rate-regulated electric and natural gas utilities in Missouri and Illinois, serving 2.5M electric and 0.9M gas customers.

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

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

• Strong investment-grade credit ratings and a robust $70B+ infrastructure investment pipeline through 2035.

• Attractive dividend policy with a 13-year growth streak and payout ratio targeted at 50–60% of annual EPS.

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–$5.45, with long-term EPS CAGR expected at 6–8% through 2030.

• Dividend increased to $3.00 per share in 2026, in line with EPS growth expectations.

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

• Expect equity issuances of ~$4B for 2026–2030, with above-average issuances in 2027 and 2028.

Customer and community impact

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

• $20.7B economic impact and 55,200 jobs supported annually; customer satisfaction averages 4.6 out of 5 stars.

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

• Large Load Customer Rate Plan approved, enabling economic development and supporting clean energy goals.

• Executed 2.8 GW of Electric Service Agreements in Missouri in 2026, with robust pipeline for further growth.