Powering a Reliable, Sustainable Tomorrow

Early March Investor Meetings

2024

Cautionary Statements

Use of Non-GAAP Financial Measures

In this presentation, Ameren has presented weather-normalized and core earnings per share and operations and maintenance expenses excluding COLI, which are non-GAAP financial measures and may not be comparable to those of other companies. A reconciliation of GAAP to non-GAAP information is included in this presentation. Generally, core earnings or losses include earnings or losses attributable to Ameren common shareholders and exclude income or loss from significant discrete items that management does not consider representative of ongoing earnings. Ameren uses core earnings internally for financial planning and for analysis of performance. Ameren also uses core earnings as the primary performance measurement when communicating with analysts and investors regarding its earnings results and outlook, as the company believes that core earnings allow the company to more accurately compare its ongoing performance across periods. Weather-normalized earnings exclude estimated effects of weather compared to normal, as calculated internally using data from the National Oceanic and Atmospheric Administration for the applicable period. Ameren uses operations and maintenance expenses excluding COLI internally for financial analysis.

Forward-looking Statements

Statements in this presentation not based on historical facts are considered "forward-looking" and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These statements include (without limitation) statements as to future expectations, beliefs, plans, projections, targets, estimates, strategies, objectives, events, conditions, and financial performance. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Ameren is providing this cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. In addition to factors discussed in this presentation, Ameren's Annual Report on Form 10-K for the year ended December 31, 2023, and its other reports filed with the SEC under the Securities Exchange Act of 1934, as amended, contain a list of factors and a discussion of risks that could cause actual results to differ materially from management expectations suggested in such "forward-looking" statements. All "forward-looking" statements included in this presentation are based upon information presently available, and Ameren, except to the extent required by the federal securities laws, undertakes no obligation to update or revise publicly any "forward-looking" statements to reflect new information or current events.

Earnings Guidance and Growth Expectations

In this presentation, Ameren has presented 2024 earnings guidance and multi-year growth expectations that were effective as of February 23, 2024. Earnings guidance for 2024 and multi-year growth expectations assume normal temperatures and, along with estimates for long-term infrastructure investment opportunities, are subject to the effects of, among other things, changes in 30-year U.S. Treasury bond yields; regulatory, judicial and legislative actions; energy center and energy distribution operations; energy, economic, capital and credit market conditions; customer usage; severe storms; market returns on COLI investments; unusual or otherwise unexpected gains or losses; and other risks and uncertainties outlined, or

referred to, in the Forward-looking Statements section of this presentation and in Ameren's periodic reports filed with the SEC.

Early March Investor Meetings | March 4 & 5, 2024

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Company Description

Fully rate-regulated electric and natural gas utility

2.4M

electric customers

0.9M

gas

customers

~5,000

circuit miles FERC-regulated electric transmission

~10,000MW

regulated electric

generation capability

S&P 500

Component of

Stock Index

Ameren Businesses

Ameren Missouri

  • Electric transmission, distribution, and generation business and a natural gas distribution business in Missouri regulated by MoPSC
  • Serves 1.2 million electric and 0.1 million gas customers
  • ~10,000 MW of total generation capability

Ameren Illinois Electric Distribution

  • Electric distribution business in Illinois regulated by ICC
  • Serves 1.2 million electric customers

Ameren Illinois Natural Gas

  • Natural gas distribution business in Illinois regulated by ICC
  • Serves 0.8 million gas customers

Ameren Transmission

  • Electric transmission businesses of Ameren Illinois and ATXI regulated by FERC
  • Ameren Illinois invests in local reliability projects
  • ATXI invests in regionally beneficial projects

Early March Investor Meetings | March 4 & 5, 2024

3

Our Value Proposition for Customers, Shareholders and the Environment

Strong long-term

growth outlook

Attractive dividend

and long-term dividend growth

Attractive total

outlook

return potential

  • Expect 6% to 8% EPS CAGR 2024-20281,2
  • Expect ~8.2% rate base CAGR 2023- 20281
  • Four regulatory frameworks for investment
  • Strong long-term infrastructure investment pipeline of $55+ billion 2024- 20331
  • Net-zerocarbon emissions goal by 20454 and transformative expansion of renewable generation and transmission
  • Annualized equivalent dividend rate of $2.68 per share provides attractive yield of ~3.8%3
    • Dividend increased 6.3% in Feb. 2024; increased for the 11th consecutive year
  • Expect future dividend growth to be in line with long-term EPS growth expectations
  • Expect payout ratio to range between 55% and 65% of annual EPS
    • 2024 EPS guidance range midpoint of $4.62 implies 58% payout using annualized dividend rate of $2.68 per share
  • Track record of delivering strong results
  • Attractive combined earnings and dividend growth outlook compared to regulated utility peers
  • We believe execution of our strategy will continue to deliver superior long- term value for customers, communities, shareholders and the environment

1 Effective as of Feb. 23, 2024 Earnings Conference Call. 2 Using 2024 EPS guidance range midpoint of $4.62 as the base. 3 Based on Feb. 29, 2024 closing share price. 4 Ameren's goals include both Scope 1 and 2 emissions, including other greenhouse gas emissions of methane, nitrous oxide and sulfur hexafluoride.

Early March Investor Meetings | March 4 & 5, 2024

4

Our Sustainability Value Proposition

ENVIRONMENTAL STEWARDSHIP

SOCIAL IMPACT

  • Responsibly transitioning to a cleaner and more diverse portfolio
    • Target carbon reductions from 2005 levels: 60% by 2030; 85% by 2040; net zero by 20451
    • Target additional renewable resources: 2,800 MW by 2030 and total of 4,700 MWs by 2036
    • Systematic coal-fired energy center retirements; extend life of carbon-free nuclear energy center
    • Preferred plan consistent with objective of the Paris Agreement to limit global temperature rise to 1.5 degrees Celsius
  • Significant transmission investment supporting cleaner energy
  • No cast or wrought iron pipes in natural gas system

1 Ameren's goals include both Scope 1 and 2 emissions including other greenhouse gas emissions of methane, nitrous oxide and sulfur hexafluoride.

GOVERNANCE

• Delivered value to customers in 2023 while focused on safety

‒ Ameren-supplied residential customer rates, on average, below Midwest average ‒ Ameren achieved top quartile reliability performance1

‒ Ameren achieved its lowest Recordable Incident Rate

• Socially responsible and economically impactful

‒ Small and diverse business spend in MO and IL ~26% of 2023 sourceable spend ‒ ~$215M to support eligible customers and charities in 2023

• Supporting core values of diversity, equity and inclusion

‒ Inducted into Fair360 Hall of Fame in 2023; became 1 of 12 companies and only utility in Hall of Fame; previously in top 5 on utilities list since 2009

‒ $10M committed to non-profits focused on DE&I 2021-2025

1 As measured by Ameren Missouri and Ameren Illinois outage frequency indexes (SAIFI).

SUSTAINABLE GROWTH

  • Diverse BOD focused on strong oversight
    • 64% women or racially/ethnically diverse; average tenure of ~8 years
  • BOD and committee oversight aligned with sustainability matters
  • Strong organizational focus: Chief Sustainability, Diversity, and Philanthropy Officer, Chief Ethics and Compliance Officer and Chief Renewable Development Officer
  • Executive compensation supports sustainable, LT performance
    • 10% long-term incentive for clean energy transition
    • 5% short-term incentive for supplier and workforce diversity
  • Among top ranked companies in CPA-Zicklin Index for Corp. Political Disclosure and Accountability

Early March Investor Meetings | March 4 & 5, 2024

  • Expect 6% to 8% EPS CAGR 2024-20281,2
  • Expect 8.2% rate base CAGR 2023-20281
  • Four regulatory jurisdictions for investment
  • Strong long-term infrastructure investment pipeline of $55+ billion 2024-20331
  • Expect future dividend growth to be in line with long-term EPS growth expectations

1 Effective as of Feb. 23, 2024 Earnings Conference Call. 2 Using 2024 EPS guidance range midpoint of $4.62 as the base.

5

Strong Track Record of EPS and Dividend Growth

Weather-Normalized Core

Dividends Paid per Share3

Total Shareholder

Earnings per Diluted Share1

and Payout as a % of WN EPS

Return

$4.50

$2.08

$2.37

+112% or

$3.32

$3.54

$3.82

$4.00

$4.41

$4.62

$2.80

77%|$1.60

68%|$1.61

64%|$1.66

~+58%

$2.59

$2.58

$2.88

$3.05

67%|$1.72

62%|$1.78

61%|$1.85

$4.25

~7.8% CAGR

$2.60

2013 to 2023

$4.00

2013 to 2023

$3.75

$2.40

$3.50

$2.20

$3.25

$3.00

$2.00

$2.75

$2.50

$1.80

$2.25

$1.60

$2.00

$1.75

$1.40

$1.50

'24E 2

$1.20

'13

'14

'15

'16

'17

'18

'19

'20

'21

'22

'23

'13

'14

'15

'16

'17

'18

180%

58%|$1.92

56%|$2.00

58%|$2.20

59%|$2.36

57%|$2.52

,

$2.68| 58%

160%

140%

120%

100%

'19 '20 '21 '22 '23 '24E 4

2013 to 2023

173%

135%

133%

S&P 500

UTY

AEE

Utilities

1 See pages 35 and 36 for GAAP to core and weather-normalized reconciliations. 2 Represents midpoint of 2024 EPS guidance range of $4.52 to $4.72. 3 Unrounded dividends 2015-2018 are $1.655, $1.715, $1.7775 and $1.8475. 4 Annualized dividend equivalent rate. Future dividend decisions will be driven by earnings growth, cash flow, investment requirements and other business conditions.

Early March Investor Meetings | March 4 & 5, 2024

6

Our Strategic Plan

INVEST ENHANCE OPTIMIZE

Invest in rate regulated

Enhance regulatory

Optimize operating

frameworks and advocate

energy infrastructure

performance

for responsible policies

To capitalize on opportunities to benefit our customers, communities, shareholders and the environment

Early March Investor Meetings | March 4 & 5, 2024

7

Four Regulatory Frameworks

Ameren

Transmission

Ameren Illinois

Natural Gas

Ameren Illinois

Electric

Distribution

FERC-regulated: Formula ratemaking

  • Allowed ROE is 10.52%, includes MISO participation adder of 50 basis points; ~56% average equity ratio
  • Rates reset each Jan. 1 based on forward-looking calculation with annual reconciliation

ICC-regulated: Future test year ratemaking

  • Allowed ROE is 9.44%; 50% equity ratio1
  • Volume balancing adjustment (revenue decoupling) for residential and small non-residential customers

ICC-regulated:Performance-based ratemaking

  • Multi-YearRate Plan effective from 2024 to 20271
  • Allowed ROE is 8.72%; 50% equity ratio1
  • Provides recovery of prudently incurred actual costs; based on year-end rate base
  • Revenue decoupling
  • Constructive energy efficiency framework where investments earn an allowed ROE of 5.8% + average annual 30-Year Treasury Rate
  • Annual revenue requirement reconciliation subject to cap of 105%, adjusted for certain items

MoPSC-regulated: Historical test year ratemaking with constructive trackers and riders

  • Settled 2022 electric rate review; allowed ROE and common equity ratio not specified2

Ameren Missouri

  • Infrastructure tracker for qualifying plant placed in-service between rate reviews (PISA) effective through Dec. 2028; Ameren Missouri must request and receive MoPSC approval for extension through Dec. 2033
  • Fuel adjustment clause rider; pension/OPEB cost trackers; property tax trackers
  • Constructive energy efficiency framework under MEEIA
  • Settled 2021 natural gas rate review; allowed ROE and common equity ratio not specified

1 Ameren Illinois has appealed the ICC's Nov. and Dec. 2023 orders with the Illinois 5th District Appellate Court. 2 At the time of true-up testimony, MoPSC Staff's midpoint ROE recommendation was

9.59% and both Staff and Ameren Missouri filings reflected a 51.9% common equity ratio.

Early March Investor Meetings | March 4 & 5, 2024

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Expect to Deliver Strong Long-Term EPS and Dividend Growth

  • Expect 2024 EPS in a range of $4.52 to $4.721
    • Midpoint represents 6.2% EPS growth compared to 2023 original guidance midpoint of $4.35
  • Remain on track to deliver strong long-term earnings growth
    • Expect 6% to 8% EPS CAGR from 2024-20281
      • Using 2024 EPS guidance range midpoint of $4.62 as the base
    • Driven by continued execution of our strategy, including investing in infrastructure for the benefit of customers
    • Outlook accommodates several factors, including range of sales growth, spending levels, financing assumptions, regulatory and legislative developments
  • Expect future dividend growth to be in line with long-term EPS growth expectations and to range between 55% and 65% of annual EPS
    • Future dividend decisions will be driven by earnings growth, cash flow, investment requirements and other business conditions
    • Dividend increased 6.3% in Feb. 2024; increased 11th consecutive year

Original EPS Guidance

$4.72

6-8%

$4.35

CAGR

$4.52

2023

2024E

2028

1 Effective as of Feb. 23, 2024 Earnings Conference Call.

Early March Investor Meetings | March 4 & 5, 2024

9

Strategically Allocated Rate Base Growth1

Increased five-year infrastructure investment plan by $2.2B2

$21.9 Billion of Regulated Infrastructure Investment

2023 to 2028E Regulated

Five-Year Rate

2024-20285

Infrastructure Rate Base3,4,5

Base CAGR4,5

Ameren Illinois

Electric Distribution

$3.0B 14%

Ameren

Missouri $3.3B

Renewable 15%

Generation

$2.7B

Ameren Illinois

($ billions)

$36.4

Natural Gas

~8.2%

$1.8B

~8.2%

$8.0

CAGR

8%

10.8%

$24.6

$3.3

$4.1B

Ameren

Transmission

$4.8

$4.7

19%

$2.8

3.3%

$4.2

2.3%

$20.4

$7.0B

$12.8

9.8%

Ameren

12%

32%

Missouri

Dispatchable

Generation6

Ameren

Missouri

2023

2028E

'23-'28E

Other

Ameren Transmission

Ameren Illinois Natural Gas

Ameren Illinois Electric Distribution

Ameren Missouri

1 Effective as of Feb. 23, 2024 Earnings Conference Call. 2 Investment plan issued Feb. 16, 2023 reflected $19.7 billion of investment from 2023-2027.3 Reflects year-end rate base except for Ameren Transmission, which is average rate base. 4 Rate base for Ameren Illinois does not include energy efficiency investments of $0.4 billion and $0.5 billion in 2023 and 2028, respectively, which earn an allowed ROE of 5.8% + average annual 30-year Treasury rate. 5 Reflects Ameren Illinois Electric Distribution 2023 rate base expected to be approved by the ICC and proposed investments necessary to promote safe and adequate service, as well as meet compliance requirements under CEJA. 6 Coal-related capital expenditures 2024-2028 expected to be ~$0.9 billion, or ~4% of Ameren's five-year plan.

Early March Investor Meetings | March 4 & 5, 2024

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Ameren Corporation published this content on 04 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 March 2024 00:30:07 UTC.