Transforming For Our Future

2022 First Quarter Earnings Analysis - Key Drivers ↑ Ameren Missouri earnings Higher electric retail sales: ~+$0.03 Diluted EPS Ameren • Weather vs. 2021: ~+$0.02; vs. normal ~+$0.02 Q1 2021 vs. Q1 2022 • WN sales vs. 2021 (excl. MEEIA): Res.: ~(0.5)%, Com.: ~+1.5%, Ind.: +0.5%, Total: ~+0.5% Increased investments in infrastructure and wind generation eligible for PISA and RESRAM: +$0.03 $0.97 $0.91 - Higher other operations and maintenance expenses: $(0.05) $0.22 $0.19 • Cash surrender value of COLI: $(0.02) ↑ Ameren Transmission earnings - Absence of FERC order addressing the historical recovery of materials and supplies inventories: +$0.03 $0.30 $0.31 - Increased investments in infrastructure $0.18 $0.19 - ↑ Ameren Illinois Natural Gas earnings Increased investments in infrastructure and higher delivery service rates: +$0.03 Higher other operations and maintenance expenses: $(0.02) ↑ Ameren Illinois Electric Distribution earnings Increased investments in infrastructure; higher allowed ROE Parent Company and Other results Ameren Parent ■Ameren Illinois Electric Distribution Ameren Transmission Ameren Missouri Ameren Illinois Natural Gas $0.18 $0.19 $0.06 $0.06 2021 2022 First Quarter 2022 Earnings | May 6, 2022 14

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