Ameren (AEE) Conference presentation summary

Company overview and business segments

• Operates as a fully rate-regulated electric and natural gas utility serving 2.5M electric and 0.9M gas customers across Missouri and Illinois, with a 64,000 sq mile service territory and ~9,000 employees.

• Business segments include electric transmission, distribution, and generation in Missouri, electric and gas distribution in Illinois, and FERC-regulated transmission.

Strategic growth and investment outlook

• Projects $31.8B in infrastructure investment from 2026-2030 and over $71B through 2035, supporting a 10.6% rate base CAGR from 2025-2030.

• Expects 6-8% annual EPS growth from 2026-2030, with a 2026 EPS guidance midpoint of $5.35, and dividend growth aligned with EPS growth.

• Maintains strong investment grade credit ratings and a dividend payout ratio target of 50-60% of annual EPS.

Regulatory frameworks and financial structure

• Operates under four regulatory frameworks: FERC formula ratemaking for transmission, ICC future test year and performance-based ratemaking for Illinois, and MoPSC historical test year ratemaking for Missouri.

• Allowed ROEs range from 8.72% to 10.48% depending on segment, with equity ratios typically around 50-56%.