Transforming For Our Future Second Quarter 2023 Earnings Cautionary Statements 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 sta ...

PART I. Financial Information [Item 1. Financial Statements (Unaudited)](index=10&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited consolidated financial statements for Ameren Corporation and its key subsidiaries, Ameren Missouri and Ameren Illinois, are presented, detailing financial performance and position [Ameren Corporation Financial Statements](index=10&type=section&id=Ameren%20Corporation%20Financial%20Statements) Ameren Corporation's consolidated financial statements show increased net income and EPS, with total assets growing to **$38.9 billion**, driven by capital investments Ameren Corporation - Consolidated Statement of Income (in millions, except per share) | Metric | Q2 2023 | Q2 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | $1,760 | $1,726 | $3,822 | $3,605 | | **Operating Income** | $329 | $309 | $680 | $640 | | **Net Income Attributable to Ameren Common Shareholders** | $237 | $207 | $501 | $459 | | **Earnings per Common Share – Diluted** | $0.90 | $0.80 | $1.90 | $1.77 | Ameren Corporation - Consolidated Balance Sheet (in millions) | Metric | June 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | $38,947 | $37,904 | | Property, Plant, and Equipment, Net | $32,351 | $31,262 | | **Total Liabilities** | $28,121 | $27,267 | | Long-term Debt, Net | $14,328 | $13,685 | | **Total Equity** | $10,826 | $10,637 | Ameren Corporation - Consolidated Statement of Cash Flows (YTD, in millions) | Metric | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $1,111 | $872 | | **Net cash used in investing activities** | $(1,889) | $(1,552) | | Capital expenditures | $(1,822) | $(1,538) | | **Net cash provided by financing activities** | $808 | $686 | [Union Electric Company (d/b/a Ameren Missouri) Financial Statements](index=14&type=section&id=Union%20Electric%20Company%20(d%2Fb%2Fa%20Ameren%20Missouri)%20Financial%20Statements) Ameren Missouri's financial statements show stable Q2 operating revenues but decreased six-month net income, with assets increasing Ameren Missouri - Consolidated Statement of Income (in millions) | Metric | Q2 2023 | Q2 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | $941 | $919 | $1,864 | $1,737 | | **Operating Income** | $132 | $135 | $192 | $200 | | **Net Income** | $103 | $101 | $132 | $152 | Ameren Missouri - Consolidated Balance Sheet (in millions) | Metric | June 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | $19,784 | $19,506 | | Property, Plant, and Equipment, Net | $16,560 | $16,124 | | **Total Liabilities** | $13,227 | $13,079 | | **Total Shareholders' Equity** | $6,557 | $6,427 | Ameren Missouri - Consolidated Statement of Cash Flows (YTD, in millions) | Metric | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $443 | $181 | | **Net cash used in investing activities** | $(980) | $(818) | | Capital expenditures | $(914) | $(806) | | **Net cash provided by financing activities** | $532 | $636 | [Ameren Illinois Company (d/b/a Ameren Illinois) Financial Statements](index=18&type=section&id=Ameren%20Illinois%20Company%20(d%2Fb%2Fa%20Ameren%20Illinois)%20Financial%20Statements) Ameren Illinois reported higher net income for both periods, driven by increased electric revenues and asset growth Ameren Illinois - Statement of Income (in millions) | Metric | Q2 2023 | Q2 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | $779 | $769 | $1,880 | $1,793 | | **Operating Income** | $183 | $155 | $459 | $401 | | **Net Income** | $130 | $104 | $328 | $273 | Ameren Illinois - Balance Sheet (in millions) | Metric | June 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | $17,110 | $16,441 | | Property, Plant, and Equipment, Net | $13,955 | $13,353 | | **Total Liabilities** | $10,615 | $10,273 | | **Total Shareholders' Equity** | $6,495 | $6,168 | Ameren Illinois - Statement of Cash Flows (YTD, in millions) | Metric | YTD 2023 | YTD 2022 | | :--- | :--- | :--- |\n| **Net cash provided by operating activities** | $637 | $675 | | **Net cash used in investing activities** | $(846) | $(699) | | Capital expenditures | $(844) | $(699) | | **Net cash provided by financing activities** | $247 | $37 | [Note 1. Summary of Significant Accounting Policies](index=22&type=section&id=Note%201.%20Summary%20of%20Significant%20Accounting%20Policies) Ameren's business structure, GAAP adherence, and unconsolidated variable interest entities for clean energy investments are detailed - Ameren's principal subsidiaries are Ameren Missouri (rate-regulated electric and gas in MO), Ameren Illinois (rate-regulated electric and gas in IL), and ATXI (FERC rate-regulated electric transmission)[71](index=71&type=chunk) - As of June 30, 2023, Ameren held **$72 million** in unconsolidated variable interests in equity method investments, primarily to advance clean and resilient energy technologies. The **maximum exposure to loss** is this investment plus **$16 million** in outstanding funding commitments[73](index=73&type=chunk) [Note 2. Rate and Regulatory Matters](index=23&type=section&id=Note%202.%20Rate%20and%20Regulatory%20Matters) Regulatory proceedings affect Ameren's subsidiaries, including Missouri's revenue increase, Illinois' rate filings, and federal FERC ROE matters - **Missouri:** In June 2023, the MoPSC approved a **$140 million increase** to Ameren Missouri's **annual electric revenue** requirement, effective July 9, 2023. The order also approved trackers for property tax and IRA tax credits[76](index=76&type=chunk) - **Illinois:** In January 2023, Ameren Illinois filed a Multi-Year Rate Plan (MYRP) for 2024-2027. The revised July 2023 filing requests a 2024 revenue requirement of **$1,291 million** with a **10.5% ROE**. The ICC staff recommended **$1,211 million** with an **8.9% ROE**. A decision is required by December 2023[83](index=83&type=chunk)[84](index=84&type=chunk) - **Illinois:** Ameren Illinois filed a revised request in July 2023 to **increase annual natural gas delivery revenues by $148 million**, based on a **10.3% ROE**. A decision is required by late November 2023[90](index=90&type=chunk)[91](index=91&type=chunk) - **Federal:** The allowed base **ROE** for FERC-regulated transmission rates (currently **10.02%**) remains subject to refund pending a final FERC order after a court remand in August 2022. A 50-basis-point change in **ROE** would impact Ameren's **annual revenue** by an estimated **$19 million**[95](index=95&type=chunk) [Note 3. Short-term Debt and Liquidity](index=29&type=section&id=Note%203.%20Short-term%20Debt%20and%20Liquidity) Ameren Companies maintain liquidity via cash, credit agreements, and commercial paper, with **$1.3 billion** net available liquidity - As of June 30, 2023, the **net liquidity available** to Ameren (parent), Ameren Missouri, and Ameren Illinois, collectively, was **$1.3 billion**[97](index=97&type=chunk) Commercial Paper Outstanding (in millions) | Registrant | June 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Ameren (parent) | $839 | $477 | | Ameren Missouri | $373 | $329 | | Ameren Illinois | $117 | $264 | | **Ameren consolidated** | **$1,329** | **$1,070** | - The **weighted-average interest rate** on Ameren Consolidated's short-term borrowings for the six months ended June 30, 2023, was **5.10%**, a significant increase from **0.75%** in the same period of 2022[102](index=102&type=chunk) [Note 4. Long-term Debt and Equity Financings](index=31&type=section&id=Note%204.%20Long-term%20Debt%20and%20Equity%20Financings) Ameren Missouri and Ameren Illinois each issued **$500 million** in bonds, with **$389 million** in Ameren Corporation forward sale agreements - In March 2023, Ameren Missouri issued **$500 million** of **5.45%** first mortgage bonds due 2053, with **net proceeds** of **$495 million** used for **capital expenditures** and to repay short-term debt[107](index=107&type=chunk) - In May 2023, Ameren Illinois issued **$500 million** of **4.95%** first mortgage bonds due 2033, with **net proceeds** of **$495 million** used to repay matured bonds and short-term debt[108](index=108&type=chunk) - As of June 30, 2023, Ameren had **outstanding forward sale agreements** for **4.3 million** shares of common stock, which could be settled for **$389 million** in cash. These agreements are part of the ATM program and are classified as equity transactions[105](index=105&type=chunk) [Note 5. Other Income, Net](index=33&type=section&id=Note%205.%20Other%20Income%20%2C%20Net) Other Income, Net increased to **$160 million** for the six months ended June 30, 2023, driven by higher non-service cost benefit income Components of Other Income, Net (YTD, in millions) | Component | Ameren 2023 | Ameren 2022 | Ameren Missouri 2023 | Ameren Missouri 2022 | Ameren Illinois 2023 | Ameren Illinois 2022 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Allowance for equity funds used during construction | $23 | $19 | $12 | $10 | $10 | $9 | | Non-service cost components of net periodic benefit income | $127 | $93 | $28 | $28 | $62 | $42 | | Interest income on industrial development revenue bonds | $1 | $12 | $1 | $12 | - | - | | **Total Other Income, Net** | **$160** | **$122** | **$41** | **$47** | **$78** | **$49** | [Note 6. Derivative Financial Instruments](index=33&type=section&id=Note%206.%20Derivative%20Financial%20Instruments) Ameren uses derivatives to manage commodity price risk, with gains and losses deferred, holding **$43 million** in assets and **$145 million** in liabilities - The company uses derivatives to hedge risks in commodity prices. Gains and losses on these instruments are deferred for future recovery or refund in customer rates, resulting in **no effect** on current operating income[113](index=113&type=chunk)[116](index=116&type=chunk) Carrying Value of Derivative Commodity Contracts (June 30, 2023, in millions) | Registrant | Total Assets | Total Liabilities | | :--- | :--- | :--- | | Ameren Missouri | $30 | $31 | | Ameren Illinois | $13 | $114 | | **Ameren Consolidated** | **$43** | **$145** | - If Ameren's credit ratings were downgraded below investment grade, it could be required to post additional collateral. As of June 30, 2023, the potential additional collateral required was **$47 million** for Ameren, **$10 million** for Ameren Missouri, and **$37 million** for Ameren Illinois[124](index=124&type=chunk)[125](index=125&type=chunk) [Note 7. Fair Value Measurements](index=35&type=section&id=Note%207.%20Fair%20Value%20Measurements) Fair value measurements show Ameren held **$1.11 billion** in assets, primarily the nuclear decommissioning trust fund, and **$145 million** in derivative liabilities Assets and Liabilities Measured at Fair Value (June 30, 2023, in millions) | Category | Level 1 | Level 2 | Level 3 | Total | | :--- | :--- | :--- | :--- | :--- | | **Assets** | | | | | | Derivative assets | $6 | $16 | $21 | $43 | | Nuclear decommissioning trust fund | $727 | $342 | $0 | $1,069 | | **Total Assets** | **$733** | **$358** | **$21** | **$1,112** | | **Liabilities** | | | | | | Derivative liabilities | $15 | $51 | $79 | $145 | - The fair value of Ameren's long-term debt (including current portion) was estimated at **$13.2 billion** as of June 30, 2023, compared to a carrying amount of **$14.7 billion**[136](index=136&type=chunk) [Note 8. Related-party Transactions](index=39&type=section&id=Note%208.%20Related-party%20Transactions) Related-party transactions between Ameren's subsidiaries include support services and utility money pool borrowings, with average interest rates increasing to **5.04%** - For the six months ended June 30, 2023, Ameren Services provided support services resulting in operations and maintenance expenses of **$70 million** for Ameren Missouri and **$68 million** for Ameren Illinois[142](index=142&type=chunk) - The **average interest rate** for borrowings under the utility money pool for the six months ended June 30, 2023, was **5.04%**, compared to **0.69%** for the same period in 2022[103](index=103&type=chunk) [Note 9. Commitments and Contingencies](index=41&type=section&id=Note%209.%20Commitments%20and%20Contingencies) Significant environmental commitments include **$90-120 million** in capital expenditures, Rush Island Energy Center retirement, and coal ash and MGP site remediation - Ameren estimates environmental compliance **capital expenditures** of **$90 million to $120 million** from 2023 through 2027[149](index=149&type=chunk) - **Rush Island Litigation:** Ameren Missouri has requested a court extension to retire the Rush Island Energy Center by October 15, 2024, in lieu of installing a flue gas desulfurization system. The plant's **net book value** was approximately **$550 million** as of June 30, 2023. The company plans to seek securitized financing for the retirement costs[156](index=156&type=chunk)[157](index=157&type=chunk) - **CCR Management:** Ameren Missouri plans to substantially complete the closure of remaining surface impoundments at its Sioux and retired Meramec energy centers by the end of 2024, with an associated **Asset Retirement Obligation (ARO)** of **$45 million** as of June 30, 2023[161](index=161&type=chunk) - **MGP Site Remediation:** Ameren Illinois estimates its remaining obligation for former Manufactured Gas Plant (MGP) site remediation to be between **$61 million** and **$112 million**, with a liability of **$61 million** recorded. These costs are recoverable from customers through riders[163](index=163&type=chunk) [Note 10. Callaway Energy Center](index=48&type=section&id=Note%2010.%20Callaway%20Energy%20Center) Ameren Missouri's Callaway Energy Center's nuclear decommissioning trust fund was **$1.075 billion**, with significant insurance coverage - The fair value of the **nuclear decommissioning trust fund** for the Callaway Energy Center was **$1.075 billion** as of June 30, 2023[36](index=36&type=chunk)[166](index=166&type=chunk) Callaway Energy Center Insurance Coverage (June 30, 2023, in millions) | Type of Coverage | Maximum Coverage | Maximum Assessment for Single Incident | | :--- | :--- | :--- | | Public liability and nuclear worker liability | $13,660 | $138 | | Property damage | $3,200 | $28 | | Accidental outage | $490 | $9 | [Note 11. Retirement Benefits](index=49&type=section&id=Note%2011.%20Retirement%20Benefits) Ameren recorded **net periodic benefit income** of **$67 million** for pension and **$42 million** for postretirement plans, an improvement Net Periodic Benefit Cost (Income) (YTD, in millions) | Plan | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | | Pension Benefits | $(67) | $(3) | | Postretirement Benefits | $(42) | $(27) | [Note 12. Income Taxes](index=50&type=section&id=Note%2012.%20Income%20Taxes) Ameren's effective tax rate was **13%** for the six months ended June 30, 2023, influenced by deferred taxes and renewable tax credits Effective Income Tax Rates (YTD 2023 vs YTD 2022) | Registrant | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | | Ameren | 13% | 13% | | Ameren Missouri | (1)% | (3)% | | Ameren Illinois | 25% | 26% | [Note 13. Supplemental Information](index=50&type=section&id=Note%2013.%20Supplemental%20Information) Supplemental information includes Ameren's **$246 million** cash, **$39 million** allowance for doubtful accounts, and noncash financing activities - As of June 30, 2023, Ameren's **total cash**, cash equivalents, and restricted cash was **$246 million**[177](index=177&type=chunk) - The **Asset Retirement Obligation (ARO)** balance for Ameren was **$798 million** as of June 30, 2023, up from **$786 million** at year-end 2022, primarily due to accretion expense[185](index=185&type=chunk) - In Q1 2023, Ameren granted **265,422 performance share units** and **116,701 restricted share units** with a combined grant date fair value of **$34 million**[186](index=186&type=chunk) [Note 14. Segment Information](index=53&type=section&id=Note%2014.%20Segment%20Information) **Ameren Transmission** was the **most profitable segment** with **$143 million** net income, and **Ameren Missouri** had the **highest capital expenditures** Ameren Net Income by Segment (YTD 2023, in millions) | Segment | Net Income Attributable to Ameren Common Shareholders | | :--- | :--- | | Ameren Missouri | $130 | | Ameren Illinois Electric Distribution | $127 | | Ameren Illinois Natural Gas | $98 | | Ameren Transmission | $143 | | Other | $3 | | **Total** | **$501** | Ameren Capital Expenditures by Segment (YTD 2023, in millions) | Segment | Capital Expenditures | | :--- | :--- | | Ameren Missouri | $914 | | Ameren Illinois Electric Distribution | $350 | | Ameren Illinois Natural Gas | $141 | | Ameren Transmission | $410 | | Other / Intersegment | $7 | | **Total** | **$1,822** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=57&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Ameren's financial results, condition, and performance drivers for Q2 and H1 2023, including liquidity, capital resources, and strategic initiatives like clean energy transition [Overview](index=57&type=section&id=MD%26A%20Overview) Q2 2023 **net income increased** to **$237 million** (**$0.90/share**), driven by rate base investments and higher **Ameren Illinois ROE** - Q2 2023 **diluted EPS** was **$0.90**, compared to **$0.80** in Q2 2022. YTD 2023 **diluted EPS** was **$1.90**, compared to **$1.77** in YTD 2022[209](index=209&type=chunk) - Favorable drivers included **increased rate base investments** and a higher recognized **ROE** at Ameren Illinois. Unfavorable drivers included **decreased electric sales** at Ameren Missouri due to milder weather and **increased financing costs**[209](index=209&type=chunk)[211](index=211&type=chunk) - Ameren invested **$1.8 billion** in its rate-regulated businesses in the first six months of 2023[211](index=211&type=chunk) [Results of Operations](index=61&type=section&id=Results%20of%20Operations) Detailed financial performance shows **diluted EPS increased by $0.13** YTD, driven by rate base investments and lower O&M Key Drivers of YTD 2023 vs YTD 2022 Diluted EPS Change | Driver | Impact (cents per share) | | :--- | :--- | | **Favorable:** | | | Decreased other O&M expenses | +12¢ | | Increased rate base investments (Ameren Transmission & IL Electric) | +12¢ | | Favorable tax impacts | +2¢ | | **Unfavorable:** | | | Decreased electric retail sales at Ameren Missouri (weather) | -16¢ | | Increased financing costs | -7¢ | | Increased weighted-average common shares | -3¢ | - Ameren Missouri's electric margins **decreased by $9 million** YTD, primarily due to an estimated **$46 million** negative impact from weather, partially offset by higher base rates and favorable **net** energy cost variances under the FAC[256](index=256&type=chunk)[257](index=257&type=chunk)[258](index=258&type=chunk) - Ameren Illinois Electric Distribution's margins **decreased by $5 million** YTD, mainly due to lower recovery of bad debt costs, partially offset by a higher recognized **ROE** and **increased capital investment**[264](index=264&type=chunk)[265](index=265&type=chunk) [Liquidity and Capital Resources](index=87&type=section&id=Liquidity%20and%20Capital%20Resources) Ameren maintains liquidity through operating cash flow, credit facilities, and capital markets, with **$1.3 billion** net available liquidity Cash Flow Summary (YTD 2023 vs YTD 2022, in millions) | Activity | YTD 2023 | YTD 2022 | Variance | | :--- | :--- | :--- | :--- | | **Operating** | $1,111 | $872 | $239 | | **Investing** | $(1,889) | $(1,552) | $(337) | | **Financing** | $808 | $686 | $122 | - As of June 30, 2023, Ameren had **net available liquidity** of **$1.3 billion** from its credit facilities and cash on hand[309](index=309&type=chunk)[330](index=330&type=chunk) - Ameren plans to issue approximately **$100 million** in equity annually through its DRPlus and 401(k) plans, and an additional **$500 million** of equity each year from 2024 to 2027[308](index=308&type=chunk) [Outlook](index=99&type=section&id=Outlook) Management outlines future trends, including inflationary pressures, regulatory recovery mechanisms, **net-zero carbon targets**, and planned **capital expenditures** - Ameren is targeting **net-zero carbon emissions** by 2045, with goals to add **2,800 MW** of renewable generation by 2030 and retire coal-fired plants like Rush Island (2025) and Labadie (2036-2042)[373](index=373&type=chunk) - The company plans to invest up to **$20.5 billion** in **capital expenditures** from 2023 through 2027, assuming constructive regulatory frameworks[379](index=379&type=chunk) - Ameren Missouri's PISA cost recovery mechanism has been extended through 2028, mitigating regulatory lag[349](index=349&type=chunk) - Based on preliminary calculations, Ameren does not expect to be subject to the **15% minimum tax** on adjusted financial statement income imposed by the IRA in 2023 and 2024[391](index=391&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=113&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) **No material changes** to market risk disclosures, except for nuclear fuel supply update: final Russian delivery received, with sufficient non-Russian supply - Ameren Missouri received its **final delivery** of enriched uranium from a Russian supplier in spring 2023 and has **no future deliveries planned** with any Russian suppliers[394](index=394&type=chunk) - The Callaway Energy Center has **sufficient nuclear fuel inventory** and supply contracts with non-Russian suppliers to meet its needs through the 2026 refueling[394](index=394&type=chunk) [Item 4. Controls and Procedures](index=113&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's **disclosure controls and procedures are effective**, with **no material changes** to internal control over financial reporting - As of June 30, 2023, the principal executive and financial officers concluded that the company's **disclosure controls and procedures are effective**[395](index=395&type=chunk) - **No material changes** to internal control over financial reporting occurred during the most recent fiscal quarter[396](index=396&type=chunk) PART II. Other Information [Item 1. Legal Proceedings](index=114&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal and administrative proceedings, with management believing their final disposition will **not materially adversely affect** financial condition - The company believes that the final outcome of its ordinary course legal proceedings will **not have a material adverse effect** on its financial results[397](index=397&type=chunk)[399](index=399&type=chunk) [Item 1A. Risk Factors](index=115&type=section&id=Item%201A.%20Risk%20Factors) **No material changes** to the risk factors previously disclosed in the company's Annual Report on Form 10-K - There have been **no material changes** to the risk factors disclosed in the Form 10-K[400](index=400&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=115&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) **No equity securities were purchased** by Ameren Corporation, Ameren Missouri, or Ameren Illinois during the quarter - **No equity securities were purchased** by Ameren Corporation, Ameren Missouri, or Ameren Illinois during the quarter ended June 30, 2023[401](index=401&type=chunk) [Item 5. Other Information](index=115&type=section&id=Item%205.%20Other%20Information) **No directors or officers adopted or terminated** a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter - **No directors or officers adopted or terminated** a Rule 10b5-1 trading arrangement during the quarter[402](index=402&type=chunk) [Item 6. Exhibits](index=116&type=section&id=Item%206.%20Exhibits) Exhibits filed with the Form 10-Q include supplemental indentures, credit agreement amendments, officer certifications, and Interactive Data Files - Exhibits filed include supplemental indentures, amendments to credit agreements, officer certifications, and XBRL data files[405](index=405&type=chunk)

Ameren Corporation (NYSE:AEE) Q1 2023 Earnings Conference Call May 5, 2023 10:00 AM ET Company Participants Andrew Kirk - Director of Investor Relations Marty Lyons - President & Chief Executive Officer Michael Moehn - Senior Executive Vice President & Chief Financial Officer Conference Call Participants Robin Shillock - JPMorgan Operator Greetings, and welcome to Ameren Corporation's First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and- ...

Transforming For Our Future First Quarter 2023 Earnings May 5, 2023 Cautionary Statements 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 ...

PART I. Financial Information [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements for Ameren Corporation and its principal subsidiaries for Q1 2023 [Ameren Corporation Financial Statements](index=10&type=section&id=Ameren%20Corporation%20Financial%20Statements) Ameren Corporation reported a Q1 2023 net income of $264 million, or $1.00 per diluted share, with total assets reaching $38.06 billion Ameren Corporation Consolidated Statement of Income (Q1 2023 vs Q1 2022) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Total Operating Revenues** | $2,062 million | $1,879 million | | **Operating Income** | $351 million | $331 million | | **Net Income Attributable to Ameren Common Shareholders** | $264 million | $252 million | | **Earnings per Common Share – Diluted** | $1.00 | $0.97 | Ameren Corporation Consolidated Balance Sheet Highlights | Metric | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | $38,064 million | $37,904 million | | **Total Liabilities** | $27,328 million | $27,267 million | | **Total Equity** | $10,736 million | $10,637 million | Ameren Corporation Consolidated Statement of Cash Flows (Q1 2023 vs Q1 2022) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $496 million | $388 million | | **Net cash used in investing activities** | ($964) million | ($780) million | | **Net cash provided by financing activities** | $489 million | $391 million | [Union Electric Company (d/b/a Ameren Missouri) Financial Statements](index=14&type=section&id=Union%20Electric%20Company%20(d%2Fb%2Fa%20Ameren%20Missouri)%20Financial%20Statements) Ameren Missouri's net income decreased to $28 million in Q1 2023 from $50 million in Q1 2022, driven by higher purchased power costs Ameren Missouri Consolidated Statement of Income (Q1 2023 vs Q1 2022) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Total Operating Revenues** | $923 million | $818 million | | **Operating Income** | $60 million | $65 million | | **Net Income Available to Common Shareholder** | $28 million | $50 million | [Ameren Illinois Company (d/b/a Ameren Illinois) Financial Statements](index=19&type=section&id=Ameren%20Illinois%20Company%20(d%2Fb%2Fa%20Ameren%20Illinois)%20Financial%20Statements) Ameren Illinois reported an increased net income of $198 million in Q1 2023, up from $169 million year-over-year, supported by higher electric revenues Ameren Illinois Statement of Income (Q1 2023 vs Q1 2022) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Total Operating Revenues** | $1,101 million | $1,024 million | | **Operating Income** | $276 million | $246 million | | **Net Income Available to Common Shareholder** | $198 million | $169 million | [Note 2. Rate and Regulatory Matters](index=23&type=section&id=Note%202.%20Rate%20and%20Regulatory%20Matters) This note details significant regulatory activities, including rate case filings in Missouri and Illinois and a pending FERC decision on ROE - Ameren Missouri filed a nonunanimous stipulation with the MoPSC to increase annual electric service revenues by **$140 million**[81](index=81&type=chunk) - Ameren Illinois filed a Multi-Year Rate Plan (MYRP) with the ICC to set electric distribution rates from 2024 through 2027, requesting a **10.5% ROE** and forecasting a revenue requirement of **$1.28 billion** for 2024[90](index=90&type=chunk)[91](index=91&type=chunk) - Ameren Illinois also filed a request to increase annual natural gas delivery service revenues by **$160 million**, based on a **10.7% ROE** and a **$2.9 billion** rate base[98](index=98&type=chunk) - The FERC-allowed base ROE for transmission rates remains subject to complaint cases, where a **50 basis point change** would impact Ameren's annual revenue by an estimated **$19 million**[99](index=99&type=chunk) [Note 9. Commitments and Contingencies](index=43&type=section&id=Note%209.%20Commitments%20and%20Contingencies) This note outlines environmental compliance costs, ongoing litigation concerning the Rush Island Energy Center, and other site remediation obligations - Ameren and Ameren Missouri estimate capital expenditures of **$90 million to $120 million** from 2023 through 2027 to comply with existing environmental regulations[155](index=155&type=chunk) - Litigation regarding the Rush Island Energy Center continues, with Ameren Missouri requesting to retire the plant, which has a net plant balance of approximately **$0.6 billion**, by mid-2025[162](index=162&type=chunk)[163](index=163&type=chunk) - Ameren Illinois has an estimated remaining obligation of **$58 million to $108 million** for the remediation of former MGP sites, with costs recoverable from customers[171](index=171&type=chunk) [Note 14. Segment Information](index=54&type=section&id=Note%2014.%20Segment%20Information) This note provides a breakdown of Q1 2023 financial performance and capital expenditures by business segment Ameren Net Income by Segment (Q1 2023) | Segment | Net Income Attributable to Ameren Common Shareholders (in millions) | | :--- | :--- | | Ameren Missouri | $28 | | Ameren Illinois Electric Distribution | $61 | | Ameren Illinois Natural Gas | $87 | | Ameren Transmission | $71 | | Other | $17 | | **Total** | **$264** | Ameren Capital Expenditures by Segment (Q1 2023) | Segment | Capital Expenditures (in millions) | | :--- | :--- | | Ameren Missouri | $481 | | Ameren Illinois Electric Distribution | $170 | | Ameren Illinois Natural Gas | $51 | | Ameren Transmission | $213 | | Other / Intersegment | $16 | | **Total** | **$931** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=57&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2023 financial results, key performance drivers, liquidity, capital resources, and the company's strategic outlook - Q1 2023 net income attributable to common shareholders was **$264 million ($1.00/share)**, up from **$252 million ($0.97/share)** in Q1 2022[214](index=214&type=chunk) - **Positive earnings drivers** included increased rate base investments across all segments and a higher recognized ROE at Ameren Illinois Electric Distribution[214](index=214&type=chunk) - **Negative earnings impacts** included decreased electric retail sales at Ameren Missouri due to warmer winter weather and increased financing costs[214](index=214&type=chunk) - The company invested **$0.9 billion** in its rate-regulated businesses in Q1 2023 as part of its strategic plan[215](index=215&type=chunk) [Results of Operations](index=61&type=section&id=Results%20of%20Operations) The Q1 2023 earnings per share increased by $0.03, driven by rate base investments but partially offset by lower sales and higher financing costs - Favorable EPS impact from increased rate base investments at Ameren Transmission and Ameren Illinois Electric Distribution, and a higher recognized ROE at Ameren Illinois Electric Distribution (**+7 cents**)[233](index=233&type=chunk) - Unfavorable EPS impact from decreased electric retail sales at Ameren Missouri due to warmer winter temperatures (**-10 cents**)[234](index=234&type=chunk) - Unfavorable EPS impact from increased financing costs due to higher debt balances and interest rates (**-4 cents**)[234](index=234&type=chunk) - Other operations and maintenance expenses **decreased by $13 million**, partly due to a **$9 million increase** in the cash surrender value of COLI at Ameren Missouri[265](index=265&type=chunk)[266](index=266&type=chunk) [Liquidity and Capital Resources](index=79&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained $1.4 billion in net available liquidity while increasing capital expenditures and planning for future investments - Net available liquidity was **$1.4 billion** as of March 31, 2023, with an additional **$317 million** potentially available from settling forward sale agreements[287](index=287&type=chunk) Cash Flow Summary (Q1 2023 vs Q1 2022) | Activity | Q1 2023 (in millions) | Q1 2022 (in millions) | | :--- | :--- | :--- | | Cash from Operations | $496 | $388 | | Cash used in Investing | ($964) | ($780) | | Cash from Financing | $489 | $391 | - Ameren plans to invest up to **$20.5 billion** in capital expenditures from 2023 through 2027[358](index=358&type=chunk) - Ameren expects to issue approximately **$500 million of equity annually** from 2024 to 2027, in addition to about **$100 million annually** from DRPlus and employee benefit plans[287](index=287&type=chunk) [Outlook](index=88&type=section&id=Outlook) The company outlines significant capital investment plans in renewables, navigates economic pressures, and advances its net-zero emissions goal - Ameren is targeting **net-zero carbon emissions by 2045**, with plans to add **2,800 MW** of renewable generation by 2030 and retire coal-fired plants[348](index=348&type=chunk)[350](index=350&type=chunk) - The company plans to invest up to **$20.5 billion** from 2023-2027, including **$2.5 billion** in renewable generation and **$0.8 billion** in MISO long-range transmission projects[358](index=358&type=chunk) - Ameren Missouri expects a decision by June 2023 on its request for a **$140 million** annual electric revenue increase[331](index=331&type=chunk) - Based on preliminary calculations, Ameren **does not expect to be subject to the 15% minimum tax** on adjusted financial statement income imposed by the IRA in 2023 and 2024[369](index=369&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=104&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Market risk disclosures are materially unchanged, and the company confirms no outstanding contracts with Russian uranium suppliers - **No material changes** to market risk disclosures since the last Form 10-K[372](index=372&type=chunk) - Ameren Missouri has fulfilled its contract with a Russian uranium supplier and has **no further supply contracts with Russian entities**, with fuel needs secured through 2026[372](index=372&type=chunk) [Item 4. Controls and Procedures](index=104&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes to internal controls during the quarter - As of March 31, 2023, the principal executive and financial officers concluded that the company's **disclosure controls and procedures are effective**[373](index=373&type=chunk) - **No material changes** to internal control over financial reporting occurred during the most recent fiscal quarter[374](index=374&type=chunk) PART II. Other Information [Item 1. Legal Proceedings](index=106&type=section&id=Item%201.%20Legal%20Proceedings) The company's ordinary course legal proceedings are not expected to have a material adverse financial effect - The company is involved in legal proceedings arising in the ordinary course of business and **does not expect them to have a material adverse effect**[376](index=376&type=chunk) [Item 1A. Risk Factors](index=106&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's Form 10-K - **No material changes** to the risk factors disclosed in the Form 10-K have occurred[377](index=377&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=106&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No company equity securities were purchased by Ameren or its subsidiaries during the first quarter of 2023 - **No reportable purchases of equity securities** were made by Ameren Corporation, Ameren Missouri, or Ameren Illinois during the first quarter of 2023[377](index=377&type=chunk) [Item 6. Exhibits](index=107&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including indentures, officer certifications, and XBRL data - Exhibits filed include a supplemental indenture for Ameren Missouri's new bonds, certifications by principal officers, and XBRL data files[380](index=380&type=chunk)

Missouri Electric Rate Review Apr. 7, 2023 Cautionary Statements 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 includ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2022 OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to Exact name of registrant as specified in its charter; Commission State of Incorporation; IRS Employer File Number Address and Telephone Num ber Identification No . 1-14756 ...

Ameren Corporation (NYSE:AEE) Q4 2022 Earnings Conference Call February 16, 2023 10:00 AM ET Company Participants Andrew Kirk – Director-Investor Relations Marty Lyons – President and Chief Executive Officer Michael Moehn – Senior Executive Vice President and Chief Financial Officer Conference Call Participants Nicholas Campanella – Credit Suisse Jeremy Tonet – JPMorgan Julien Dumoulin-Smith – Bank of America Operator Greetings, and welcome to Ameren Corporation's Fourth Quarter 2022 Earnings Conference Ca ...

Powering a Smart, Sustainable Tomorrow Fourth Quarter 2022 Earnings Feb. 16, 2023 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 ...