efsc-20260625

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________

FORM 11-K

x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended

December 31, 2025

¨ TRANSITION REPORT PURSUANT TO SECTION 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

________________

Commission File

No. 001-15373

________________


			A.			Full title of the plan and the address of the plan, if different from that of the issuer named below:

EFSC INCENTIVE SAVINGS PLAN

________________


			B.			Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Enterprise Financial Services Corp

150 N. Meramec Avenue

St. Louis, Missouri 63105

________________

EFSC Incentive Savings Plan

TABLE OF CONTENTS



Report of Independent Registered Public Accounting Firm			1

Financial Statements
Statements of Net Assets Available for Benefits			2
Statements of Changes in Net Assets Available for Benefits			3
Notes to Financial Statements			4

Supplementary Information
Schedule of Assets (Held At End of Year)			11

Signature			12
Exhibit Index			13

Report of Independent Registered Public Accounting Firm

To the Participants and Board of Trustees of the EFSC Incentive Savings Plan

St. Louis, Missouri

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the EFSC Incentive Savings Plan (the “Plan”) as of December 31, 2025 and 2024, and the related statements of changes in net assets available for benefits for the years then ended, including the related notes and schedule (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits for the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental Schedule H, Line 4i Schedule of Assets (Held at End of Year) as of December 31, 2025 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Armanino, LLP

St. Louis, Missouri

June 25, 2026

We have served as the Plan’s auditor since 2013.

EFSC INCENTIVE SAVINGS PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS


	December 31,
	2025		2024
Assets:
Noninterest-bearing cash	$	—	$	34,560

Investments, at fair value:
Mutual funds	$	75,947,218	$	66,005,355
Collective trust funds	135,178,583		112,184,161
EFSC common stock	8,543,230		—
EFSC common stock fund	—		8,974,549
Interest-bearing cash	69,730		—
Total investments, at fair value	$	219,738,761	$	187,164,065


Notes receivable from participants	2,649,000		1,968,510










Net assets available for benefits	$	222,387,761	$	189,167,135

The accompanying notes are an integral part of these financial statements.

EFSC INCENTIVE SAVINGS PLAN

STATEMENTS OF CHANGES IN NET ASSETS

AVAILABLE FOR BENEFITS


	Years ended December 31,
	2025		2024
Additions:
Investment activity:
Net appreciation in fair value of investments	$	21,565,271	$	17,808,570
Dividend and interest income	5,593,757		4,091,431

Total investment income	27,159,028		21,900,001

Contributions:
Participants	11,238,081		10,281,915
Employer, net of forfeitures	7,539,805		6,913,391

Rollovers	1,411,297		4,174,954
Total contributions	20,189,183		21,370,260

Interest income on notes receivable from participants	222,321		139,231

Total additions	47,570,532		43,409,492

Deductions:
Benefits paid to participants	14,199,086		14,417,615
Administrative expenses	150,820		179,532
Total deductions	14,349,906		14,597,147

Net increase	33,220,626		28,812,345




Net assets available for benefits
Beginning of year	189,167,135		160,354,790
End of year	$	222,387,761	$	189,167,135

The accompanying notes are an integral part of these financial statements.

EFSC INCENTIVE SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2025 and 2024

NOTE 1 - DESCRIPTION OF PLAN

The following description of the EFSC Incentive Savings Plan (“the Plan”) provides only general information. Participants should refer to the Plan Agreement for a complete description of the Plan’s provisions.

General

The Plan is a defined contribution plan, with a 401(k) provision, covering all eligible employees of Enterprise Financial Services Corp (“EFSC”) and its wholly-owned subsidiary Enterprise Bank & Trust (“Enterprise”) (collectively, the “Company”), who are not residents of Puerto Rico, nonresident aliens, or seasonal or leased employees, and have attained the age of 18. It is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Effective January 1, 2024, the Plan was amended and restated to include the provisions of a Safe Harbor plan by adopting the provisions of a Qualified Automatic Enrollment Contribution Account (“QACA”).

The Plan Administrator and Plan Sponsor is EFSC. Effective December 2, 2025, the Plan trustee and custodian is Fidelity Management Trust Company (the “Plan Trustee” or the “Custodian”). Prior to December 2, 2025, the Plan trustee and custodian was Charles Schwab Trust Bank. In addition, the recordkeeper changed from EPIC Retirement Plan Services to Fidelity Workplace Services LLC. The committee responsible for governance over the Plan is the EFSC Incentive Savings Plan Committee, which is comprised of employees of Enterprise.

Contributions

Participants may make elective deferrals up to 75% of eligible compensation to the Plan on a pre-tax basis, up to defined limits. The Plan also allows participants to contribute to an account that accepts Roth after-tax contributions. A participant could contribute up to $23,500 and $23,000 in 2025 and 2024, respectively, in total, to all accounts (pre-tax contributions and Roth after-tax contributions). If a participant is age 50 or older and makes the maximum allowable deferral, they are eligible to make catch-up contributions. The maximum catch-up contribution was $7,500 in both 2025 and 2024.

The Company makes Safe Harbor matching contributions equal to 100% of the first 6% of a participant’s compensation contributed into the Plan. Participants may also contribute qualified rollover contributions representing distributions from other qualified defined benefit or defined contribution plans. All contributions are subject to applicable limits of the Internal Revenue Code.

The Plan allows for an automatic salary deferral feature for new participants. New employees are automatically enrolled at 3%, unless an alternative amount or an election to not defer under the Plan is made by the participant. On the first day of the plan year, deferrals for participants who were automatically enrolled are increased 1% per year, up to a maximum of 10%, unless an alternative deferral amount or election to not defer is made by the participant.

Vesting

Participants are immediately vested in their contributions, including rollover contributions plus actual earnings thereon. Vesting in the remainder of their accounts is based on years of service, as defined in the Plan Agreement. Participants vest in nonelective employer contributions according to a three-year graded schedule and are 33% vested after one year of service, 66% vested after two years of service, and 100% vested after three years of service, upon reaching early or normal retirement, or upon total and permanent disability or death. Participants vest in Safe Harbor matching contributions and employer matching contributions according to a two-year graded schedule and are 50% vested after one year of service and 100% vested after two years of service, upon reaching early or normal retirement, or upon total and permanent disability or death.

Participant Accounts

Each participant’s account is credited with the participant’s contributions, employer matching contributions, Safe Harbor matching contributions and an allocation of the Plan’s earnings. The allocation of earnings is determined by the earnings of the participant’s investment selection based on each participant’s balance, as defined in the Plan Agreement. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

The Plan’s investments are held in a qualified tax-exempt trust, managed by the Custodian.

Payment of Benefits

Benefits are recorded when paid.

While actively employed, participants may receive hardship withdrawals of their vested account balance, subject to applicable regulations and approvals covering hardship withdrawals. Also, participants age 59.5 and over may receive regular in-service distributions of their vested accounts while actively employed.

On termination of service, a participant may elect to defer their distribution or, subject to appropriate spousal consent, receive a lump-sum distribution equal to the participant’s vested interest in their account. Account balances $1,000 or less are paid out in cash, and accounts greater than $1,000 are generally distributed to an Individual Retirement Account or Annuity if the participant does not make a distribution election.

Forfeitures

Participants forfeit the non-vested portion of their accounts in the Plan upon termination of employment with the Company. As described in the Plan Agreement, forfeitures are used to reduce future employer matching contributions or administrative expenses of the Plan. Forfeitures used to offset employer matching contributions amounted to $144,752 and $217,600 for the years ended December 31, 2025 and 2024, respectively. At December 31, 2025 and 2024, available forfeiture balances totaled $18,110 and $9,454, respectively.

Notes Receivable From Participants

Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum of $50,000 or 50% of their vested account balance, whichever is less. Note receivable terms range from one month to five years (longer for the purchase of a primary residence), at a mutually agreed term between the participant and the Plan Administrator. The notes are secured by the vested balance in the participant’s account and bear interest at a rate equal to 1% above the prime rate. The interest rate is fixed for the duration of the loan. Principal and interest are paid through payroll deductions. Participants may only have one loan outstanding at a time.

Administrative Expenses

Administrative expenses are paid partly by the Company and partly by participants. A participant’s share of these expenses is allocated on a pro rata basis over the total assets in the Plan.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

The accompanying financial statements are presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Investment Valuation and Income Recognition

The Plan’s investments are stated at fair value. See Note 3 for further discussion on fair value measurements.

Effective December 2, 2025, the Plan offers investment in EFSC common stock. Prior to December 2, 2025, the Plan offered investment in the EFSC Common Stock Fund (“the Fund”), which was tracked on a unitized basis. The Fund consisted of EFSC common stock and cash investments in the State Street Institutional U.S. Government Money Market Fund sufficient to meet the Fund’s daily liquidity needs. EFSC common stock is traded on a national securities exchange (Nasdaq: EFSC). The value of a unit reflected the combined market value of EFSC common stock and the cash investment held by the Fund. At December 31, 2024, 302,920 units were outstanding with a value of approximately $29.63 per unit. Participants were permitted to transfer into and out of the Fund on a daily basis, in the same manner as other investments in the Plan.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date.

Estimates and Assumptions

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of additions to and deductions from net assets during the reporting period. Actual results could differ from those estimates.

Risk and Uncertainties

The Plan invests in various investment securities, including common stock of the Company. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the value of investments will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.

Subsequent Events

The Plan has evaluated subsequent events through June 25, 2026, the date the financial statements were available to be issued, and there are none to report.

NOTE 3 - FAIR VALUE MEASUREMENTS

The Plan utilizes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described below.

•Level 1 Inputs - Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access at the measurement date.

•Level 2 Inputs - Inputs to the valuation methodology include:

•Quoted prices for similar assets or liabilities in active markets;

•Quoted prices for identical or similar assets or liabilities in inactive markets;

•Inputs other than quoted prices that are observable for the asset or liability;

•Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

•Level 3 Inputs - Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation methodologies used for assets measured at fair value.

•Mutual funds and EFSC common stock - Valued at the daily closing price as reported on the active market on which the individual securities were traded. Mutual funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. The funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

•Collective trust funds - Valued at the NAV of units of a bank collective trust. The NAV, as provided by the trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. The practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV.

•EFSC Common Stock Fund - Valued at the closing price reported on the active market on which the individual securities are traded plus the carrying value of the cash component of the fund, which approximates fair value.

•Interest-bearing cash - Valued at cost plus accrued interest, which approximates fair value.

The methods described above may produce fair values that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes the valuation methods are appropriate and consistent with those used by other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following table sets forth by level, within the fair value hierarchy, the Plan’s investments at fair value as of December 31, 2025 and 2024.


	Investments at Fair Value as of December 31, 2025
	Level 1		Level 2		Level 3		Total
Mutual funds	$	75,947,218	$	—	$	—	$	75,947,218


EFSC common stocka	8,543,230		—		—		8,543,230
Interest-bearing cash	69,730		—		—		69,730
Total investments by hierarchy level	$	84,560,178	$	—	$	—	84,560,178





Collective trust fundsb							135,178,583
Total investments, at fair value							$	219,738,761


	Investments at Fair Value as of December 31, 2024
	Level 1		Level 2		Level 3		Total





Mutual funds	$	66,005,355	$	—	$	—	$	66,005,355


EFSC Common Stock Fund	—		8,974,549		—		8,974,549
Total investments by hierarchy level	$	66,005,355	$	8,974,549	$	—	74,979,904





Collective trust fundsb							112,184,161
Total investments, at fair value							$	187,164,065

aThe quoted market price of EFSC common stock on December 31, 2025 was $54.00 per share.

bCertain investments that are measured at NAV per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits.

The following table summarizes investments for which fair value is measured using the NAV per share practical expedient as of December 31, 2025, and 2024, respectively. There are no participant redemption restrictions for these investments; the redemption notice period is applicable only to the Plan.

December 31, 2025

Fair value

Redemption frequency (if currently eligible)

Redemption notice period

Galliard Stable Return Fund C

8,124,368

Daily

Daily (a)

Schwab Indexed Retirement Trust 2010 Fund Class I

821,995

Daily

Schwab Indexed Retirement Trust 2015 Fund Class I

207,513

Daily

Schwab Indexed Retirement Trust 2020 Fund Class I

5,495,293

Daily

Schwab Indexed Retirement Trust 2025 Fund Class I

7,358,383

Daily

Schwab Indexed Retirement Trust 2030 Fund Class I

16,647,398

Daily

Schwab Indexed Retirement Trust 2035 Fund Class I

10,101,808

Daily

Schwab Indexed Retirement Trust 2040 Fund Class I

19,172,969

Daily

Schwab Indexed Retirement Trust 2045 Fund Class I

11,328,092

Daily

Schwab Indexed Retirement Trust 2050 Fund Class I

13,559,421

Daily

Schwab Indexed Retirement Trust 2055 Fund Class I

4,650,727

Daily

Schwab Indexed Retirement Trust 2060 Fund Class I

3,788,492

Daily

Schwab Indexed Retirement Trust 2065 Fund Class I

791,295

Daily

State Street S&P 500 Index Non-Lending Series Fund Class N

32,069,223

Daily

State Street U.S. Inflation Protected Bond Index Securities Lending Series Fund Class II

1,061,606

Daily

135,178,583

December 31, 2024

Fair value

Redemption frequency (if currently eligible)

Redemption notice period

Galliard Stable Return Fund C

7,474,827

Daily

Daily (a)

Schwab Indexed Retirement Trust 2010 Fund Class I

744,407

Daily

Schwab Indexed Retirement Trust 2015 Fund Class I

332,353

Daily

Schwab Indexed Retirement Trust 2020 Fund Class I

5,573,152

Daily

Schwab Indexed Retirement Trust 2025 Fund Class I

7,203,557

Daily

Schwab Indexed Retirement Trust 2030 Fund Class I

13,441,424

Daily

Schwab Indexed Retirement Trust 2035 Fund Class I

8,704,980

Daily

Schwab Indexed Retirement Trust 2040 Fund Class I

17,354,800

Daily

Schwab Indexed Retirement Trust 2045 Fund Class I

8,735,431

Daily

Schwab Indexed Retirement Trust 2050 Fund Class I

10,024,765

Daily

Schwab Indexed Retirement Trust 2055 Fund Class I

3,466,960

Daily

Schwab Indexed Retirement Trust 2060 Fund Class I

2,528,333

Daily

Schwab Indexed Retirement Trust 2065 Fund Class I

249,933

Daily

State Street S&P 500 Index Non-Lending Series Fund Class N

25,637,478

Daily

State Street U.S. Inflation Protected Bond Index Securities Lending Series Fund Class II

711,761

Daily

112,184,161

(a) - Participants may transact daily in the fund; however, if the Plan desired to close out its entire position in the fund, the Plan would be subject to a 12 month redemption notice period.

NOTE 4 - PLAN TERMINATION

Although it has not expressed intent to do so, EFSC has the right under the Plan to discontinue its contributions at any time and to terminate the Plan, subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in their employer contributions. EFSC may elect to have all assets transferred to another qualified plan in which all participants who would have otherwise received a distribution will have an interest, and each participant’s interest will be non-forfeitable as to amounts attributable to assets transferred on his or her behalf.

NOTE 5 - INCOME TAX STATUS

The Plan uses a prototype plan document sponsored by Fidelity Management & Research Company (“FMR”). FMR received an opinion letter from the Internal Revenue Service (“IRS”), dated June 30, 2020, which states that the prototype document satisfies the applicable provisions of the Internal Revenue Code. The Plan itself has not received a determination letter from the IRS. However, the Plan Administrator’s management believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRS and with IRS Revenue Procedure 2005-16, which provides that, if certain conditions are met, an employer may rely on a favorable opinion letter issued to a prototype Plan Sponsor as if the employer had received a favorable determination letter.

U.S. GAAP requires plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

NOTE 6 - TRANSACTIONS WITH RELATED PARTIES AND PARTIES-IN-INTEREST

Certain Plan investments are shares of collective trusts managed by former Plan trustee and custodian, Charles Schwab Trust Bank, and qualify as party-in-interest transactions. Fees incurred by the Plan for the investment management services are included in the net change in fair value of the investments, rather than a direct payment. In 2025 and 2024, the Plan made a direct payment to the former third-party administrator of $150,820 and $179,532, respectively.

During 2025 and 2024, the Plan purchased 5,366 and 4,020 EFSC common stock, respectively. The Plan also sold or distributed a total of 5,185 and 20,240 EFSC common stock, during 2025 and 2024, respectively. All shares were bought and sold on the open market based on participant elections. As of December 31, 2025, the Plan held 158,207 shares of EFSC common stock. In addition, certain receivables are loans to employees of the Company, and therefore are considered party-in-interest transactions.

EFSC INCENTIVE SAVINGS PLAN

SUPPLEMENTAL SCHEDULE

EIN: 43-1706259 PLAN: 001

SCHEDULE H, LINE 4i: SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2025

(a)

(b) Identity of issue, borrower, lessor, or similar party

(d)
Cost**

(e)
Current Value

Interest-bearing cash

Cash

69,730

Mutual funds:

AMG River Road Small Cap Value Fund Class I

Mutual Fund

7,916,540

Baird Aggregate Bond Fund Class Institutional

Mutual Fund

6,101,854

Conestoga Small Cap Fund Investors Class

Mutual Fund

150,571

CRM Mid Cap Value Fund Class Institutional

Mutual Fund

4,863,593

Dodge & Cox Stock Fund Class I

Mutual Fund

14,730,604

Goldman Sachs GQG Partners International Opportunities Fund Institutional Shares

Mutual Fund

7,820,822

Hartford Schroders International Multi-Cap Value Fund Class I

Mutual Fund

3,641,689

Nuveen Core Impact Bond Fund Class R6

Mutual Fund

PGIM Jennison Mid-Cap Growth Fund Class R6

Mutual Fund

5,528,394

Polen Growth Fund Institutional Class

Mutual Fund

1,465,862

State Street Aggregate Bond Index Fund Class K

Mutual Fund

1,110,386

State Street Global All Cap Equity ex-U.S. Index Fund Class K

Mutual Fund

4,171,500

State Street Small/Mid Cap Equity Index Fund Class K

Mutual Fund

3,981,585

Vanguard LifeStrategy Moderate Growth Fund Class I

Mutual Fund

7,025,032

Vanguard LifeStrategy Growth Fund Class I

Mutual Fund

5,114,580

Vanguard LifeStrategy Income Fund Class I

Mutual Fund

1,394,499

Vanguard LifeStrategy Conservative Growth Fund Class I

Mutual Fund

929,696

75,947,218

Collective trust funds:

Schwab Indexed Retirement Trust 2010 Fund Class I

Collective Trust Fund

821,995

Schwab Indexed Retirement Trust 2015 Fund Class I

Collective Trust Fund

207,513

Schwab Indexed Retirement Trust 2020 Fund Class I

Collective Trust Fund

5,495,293

Schwab Indexed Retirement Trust 2025 Fund Class I

Collective Trust Fund

7,358,383

Schwab Indexed Retirement Trust 2030 Fund Class I

Collective Trust Fund

16,647,398

Schwab Indexed Retirement Trust 2035 Fund Class I

Collective Trust Fund

10,101,808

Schwab Indexed Retirement Trust 2040 Fund Class I

Collective Trust Fund

19,172,969

Schwab Indexed Retirement Trust 2045 Fund Class I

Collective Trust Fund

11,328,092

Schwab Indexed Retirement Trust 2050 Fund Class I

Collective Trust Fund

13,559,421

Schwab Indexed Retirement Trust 2055 Fund Class I

Collective Trust Fund

4,650,727

Schwab Indexed Retirement Trust 2060 Fund Class I

Collective Trust Fund

3,788,492

Schwab Indexed Retirement Trust 2065 Fund Class I

Collective Trust Fund

791,295

State Street S&P 500 Index Non-Lending Series Fund Class N

Collective Trust Fund

32,069,223

State Street U.S. Inflation Protected Bond Index Securities Lending Series Fund Class II

Collective Trust Fund

1,061,606

Galliard Stable Return Fund C

Collective Trust Fund

8,124,368

135,178,583

EFSC common stock

Common stock

8,543,230

Participant loans

4.25% - 9.50%

Due at various dates through 2053

2,649,000

Total

222,387,761

*Represents a party-in-interest to the Plan.

**Historical cost information has been omitted as these investments are participant-directed.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: June 25, 2026 EFSC Incentive Savings Plan

/s/ Troy R. Dumlao

Troy R. Dumlao

Chief Accounting Officer

Enterprise Financial Services Corp

EXHIBIT INDEX