Ameren Corporation Q1 FY2026 earnings call

• Marty started by discussing first quarter performance and progress toward 2026 strategic objectives, reaffirmed 2026 earnings per share growth guidance range of $5.25 to $5.45. • Committed to customers and communities, outlined three-pillar strategy of investing in rate-regulated infrastructure, advocating for constructive regulatory and legislative frameworks, and optimizing business. • Highlighted over $1.5 billion infrastructure investments in first quarter, benefits during severe weather events, and investments in generation fleet for peak demand. • Discussed opportunity for strong growth with businesses locating and expanding in region, 2.2 gigawatts of ESAs signed, and progress on new energy and capacity resources. • Lenny provided update on earnings, confidence in 2026 earnings per share guidance range, disciplined cost management, and regulatory matters for Ameren Illinois and Missouri. • Financing update included successful debt issuances, progress on equity issuances, and positive credit ratings updates.

First quarter 2026 earnings were $1.28 per share compared to $1.07 per share in first quarter 2025. Year-over-year increase of 21 cents per share due to increased infrastructure investments across all operating segments. Ameren Missouri's first quarter electric retail sales negatively impacted by warmer than normal winter temperatures compared to first quarter 2025. Infrastructure investments over $1.5 billion in first quarter to maintain and enhance service quality, strengthening grid reliability and resiliency, with examples like performance during winter storms and gas storage portfolio benefits.

• Reaffirmed 2026 earnings per share growth guidance range of $5.25 to $5.45. • Expect to update sales forecasts for ESAs as project milestones are achieved. • Confident in effective execution of strategy to drive strong total shareholder return, with expectation of annual earnings per share growth near upper end of 6% to 8% compound annual earnings growth rate from 2026 through 2030. • Will update sales growth assumptions and incorporate into Missouri Integrated Resource Plan and five-year plan as clarity on new customers' service ramp-up is gained.

• Jeremy Tonnet asked about conversations with large loan data centers, community engagement. Marty responded about ongoing conversations, progress with ESAs, and community receptivity. • Jeremy also asked about ramp schedules and incremental capital. Marty discussed sales growth assumptions, upcoming Missouri Integrated Resource Plan. • Richard Sunderland asked about fuel cell opportunity and generation efforts. Marty and Michael Main discussed fuel cell consideration, generation projects, supply chain and planning. • Shariar Pureza asked about nuclear generation consortium. Marty stated not part of current consortium but studying nuclear, participating in state energy plan workshops. • Carly Davenport asked about MISO transmission projects. Marty discussed evaluation of bids, competitive proposal value, and upside in transmission investments. • David Paz asked about remaining construction agreements, generation spend, and wind projects. Marty responded on ramp rates, additive nature of generation spend, and wind project status