11-K


				Crowe LLP Independent Member Crowe Global

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Plan Participants and Plan Administrator of the Ameren Corporation Savings Investment Plan St. Louis, Missouri

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of Ameren Corporation Savings Investment Plan (the “Plan”) as of December 31, 2025 and 2024, the related statements of changes in net assets available for benefits for the years then ended, and the related notes (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 of 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 audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

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.

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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 p

roc

edures performed in conjunction with the audit of Ameren Corporation Savings Investment Plan financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the information presented in the supplemental schedule 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 schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, 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 schedule is fairly stated in all material respects in relation to the financial statements as a whole.

/s/ Crowe LLP

Crowe LLP

We have served as the Plan’s auditor since 2014.

Oakbrook Terrace, Illinois

June 26, 2026

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Ameren Corporation

Savings Investment Plan

Notes to Financial Statements

December 31, 2025 and 2024

1.	Description of the Plan

General

The following is a summary of the various provisions of the Ameren Corporation Savings Investment Plan (the “Plan”). Participants should refer to the Summary Plan Description for the Plan for more complete information.

The Plan is a defined contribution plan. Its purpose is to provide employees eligible to participate (the “Participants”) of Ameren Corporation (the “Company”) and its wholly owned subsidiaries the opportunity to defer a portion of their compensation for federal income tax purposes in accordance with Section 401(k) of the Internal Revenue Code (the “Code”). The Plan is subject to certain provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, and regulations of the Securities and Exchange Commission.

The Company serves as sponsor of the Plan, and, consequently, has the authority to amend or terminate the Plan subject to certain restrictions. The Ameren Administrative Committee has the authority and responsibility for the general administration of the Plan. Fidelity Management Trust Company (“Fidelity”), as Trustee, has the authority and responsibility to hold and protect the assets of the Plan in accordance with Plan provisions and with the Trust and Administrative Agreement.

Participation

All regular full-time employees are eligible to participate in the Plan upon employment. Part-time or temporary employees are eligible to participate in the Plan upon completion of a year of service with at least 1,000 hours of service; or effective January 1, 2021, if they have completed 500 hours of employment annually over any three consecutive year period that begins on or after January 1, 2021; or effective January 1, 2025 if they complete 500 hours of employment annually over any two consecutive year period that begins on or after January 1, 2023. Effective January 1, 2026, the Plan was amended to remove the one year of service requirement for eligibility.

Employees covered by a collective bargaining agreement (“CBA”) are eligible to participate only if the CBA provides for such participation.

If employees do not make an election, nor

opt-out

within 30 days of employment, they are automatically enrolled at a 6%

pre-tax

contribution rate, invested in a Target Date fund based upon the date at which the Participant is or will be age 65, and further enrolled in auto-escalation increasing their

pre-tax

contribution 1% annually, with no cap on the annual increases. Employees may

opt-out

or make alternative elections at any time.

Contributions

Each year, Participants may contribute up to 100% of eligible compensation, as defined in the Plan, and subject to annual limitations imposed by the Code.

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Ameren Corporation

Savings Investment Plan

Notes to Financial Statements

December 31, 2025 and 2024

The Company makes an Employer Basic Matching Contribution plus an Employer Additional Matching Contribution in an amount e

al to a percentage of the amount each Participant contributes to the Plan, up to a certain maximum percentage of the Participant’s compensation that he or she elects to contribute to the Plan each year. The amount of Company matching contributions depends on the Participant’s employment classification and, for contract employees, is determined by the collective bargaining agreement with the specific union representing the Participants. The Company also makes

true-up

Employer Basic Matching Contributions for Participants who contribute the IRS maximum before the end of the year and, as a result, do not receive the full match during such year.

The Plan permits annual

“catch-up”

contributions for all employees age 50 and older. For eligible employees, the additional

“catch-up”

contributions were limited to $7,500 in 2025 and 2024. The Company does not match

“catch-up”

contributions. Notwithstanding the foregoing, effective January 1, 2026, the Plan was amended to allow participants who attain ages

60-63

during the Plan year a higher

catch-up

limit.

The Plan permits the Company to make an Additional Company Contribution for contract employees in compliance with a collective bargaining agreement with the specific union representing the Participants. Additional Company Contributions will always be 100% vested and nonforfeitable, and will otherwise be subject to the same distribution, loan and withdrawal restrictions as apply to Employer Basic Matching Contributions.

Participants direct the investment of their contributions and the Employer Basic Matching Contributions to his or her account to any of the investment options available under the Plan, including the Ameren Stock Fund. The Ameren Stock Fund is comprised primarily of Ameren common stock and a small position in a short-term liquidity investment. The Employer Additional Matching Contributions are invested in the Ameren Stock Fund. Participant contributions and Employer Basic Matching Contributions may be allocated to a single investment option or allocated in increments of one percent to any combination of investment options. Employer Additional Matching Contributions invested in the Ameren Stock Fund may be immediately reallocated to any of the other investment options available under the Plan at the participants’ discretion. Investment elections may be changed daily.

At December 31, 2025, the Ameren Stock Fund held 3,742,606 shares of Company common stock with a fair value of $373,736,635 and shares of the Fidelity Institutional Money Market Government Portfolio with a fair value of $5,381,807. At December 31, 2024, the Ameren Stock Fund held 3,810,296 shares of Company common stock with a fair value of $339,649,785 and shares of the Fidelity Institutional Money Market Government Portfolio with a fair value of $5,085,186.

Earnings derived from the assets of any investment fund are reinvested in the fund to which they relate. Participants may elect daily to reallocate, by actual dollar or percentage in one percent increments, the value of their accounts between funds. Pending investment of the assets into any investment fund, the Trustee may temporarily make certain short-term investments.

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Ameren Corporation

Savings Investment Plan

Notes to Financial Statements

December 31, 2025 and 2024

Participant Accounts

Each Participant’s account is credited with the Participant’s contributions and an allocation of (a) the Company’s matching contributions and (b) Plan earnings. Each Participant’s account is charged with benefits paid, and an allocation of (a) Plan losses and (b) administrative expenses. Allocations are based on Participant contributions, eligible compensation, Participant account balances, or specific Participant transactions, as defined. The benefit to which the Participant is entitled is the benefit which can be provided from the Participant’s account. Each Participant directs the investment of his or her account to any of the investment options available under the Plan.

The Plan imposes certain restrictions on participant directed investments into the Ameren Stock Fund. Allocations (other than the Employer Additional Matching Contributions) to the Ameren Stock Fund are limited to 20 percent for both contributions and existing balances. No more than 20 percent of contributions other than the Employer Additional Matching Contributions may be directed to the Ameren Stock Fund or, if rebalancing, the Ameren Stock Fund balance cannot exceed 20 percent of a participant’s total account balance. If a participant’s investments in the Ameren Stock Fund remain above 20 percent of his or her total account balance since September 1, 2019 (effective date of the restriction), then additional exchanges into the Ameren Stock Fund will not be permitted.

Notes Receivable from Participants

The Plan permits Participants to borrow from their accounts within the Plan. Participants may not have more than two loans outstanding at any time. Such borrowings may be made subject to the following: (1) the minimum amount of the loan is $1,000, (2) the amount of the loan may not exceed the lesser of $50,000 or 50% of the vested amount in the Participant’s account, (3) the loan will bear a fixed interest rate and repayments will be made through mutual agreement subject to certain statutory repayment time limits, (4) each loan shall bear a reasonable interest rate as determined under policies established for the Plan

and (5) such other rules and regulations as may be adopted by the Company. As of December 31, 2025 and 2024, the interest rates on participant loans ranged from 4.00 percent to 10.50 percent.

Vesting

The amounts in Participants’ accounts, including Company contributions, are always fully vested.

Payment of Benefits

The total amount of a Participant’s account shall be distributed to the Participant according to one of the options as described in the Plan document and as elected by the Participant after termination of employment. All distributions shall be in the form of cash except that Participants may elect to have his or her interest in the Ameren Stock Fund distributed in shares of Ameren common stock.

On December 29, 2022, The Consolidated Appropriations Act of 2023 was enacted. The Act includes the retirement provisions referred to as SECURE 2.0. Beginning in 2023, the SECURE 2.0 Act raised the age that a participant must begin taking required minimum distributions (“RMDs”) to age 73. Effective for Participants who reached age 72 in 2023 the Plan began making RMDs no later than April 1, 2025.

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Ameren Corporation

Savings Investment Plan

Notes to Financial Statements

December 31, 2025 and 2024

Participants may withdraw certain contributions, rollover contributions and related earnings thereon upon reaching age 59 1/2, in the event of total disability or financial hardship as defined by the Plan or the Code. For purposes of distributions, the Participant’s account value will be determined as of the last business day coincident with or immediately preceding the day of distribution. Contributions to the Plan and investment income thereon are taxable to Participants upon distribution pursuant to the rules provided for under the Plan and the Code.

The Plan also allows, at the discretion of the Company, participants of the former Union Electric Company Employee Stock Ownership Plan and the former Ameren Corporation Employee Stock Ownership Plan for Certain Employees of Central Illinois Public Service Company, to receive certain distributions prior to termination of employment.

Plan Termination

The Company intends to continue the Plan indefinitely. However, the Company may at any time and for any reason, subject to ERISA and Internal Revenue Service regulations, suspend or terminate the Plan provided that such action does not retroactively adversely affect the rights of any Participant under the Plan.

2.	Summary of Significant Accounting Policies

Basis of Accounting

The accompanying financial statements of the Plan are prepared on the accrual basis of accounting, except that benefit payments to Participants are recorded upon distribution.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of changes in net assets available for benefits during the reporting period. Actual results could differ from those estimates.

Investment Valuation and Income Recognition

All investments are presented at fair value, except for fully benefit-responsive investment contracts, which are reported at contract value, as of December 31, 2025 and 2024. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 3 for discussion of fair value measurements.

The Plan has direct investments in fully benefit-responsive investment contracts. Investments held by a defined contribution plan are required to be reported at fair value, except for fully benefit-responsive investment contracts. Contract value is the relevant measurement attribute for the portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount Participants normally would receive if they were to initiate permitted transactions under the terms of the Plan. Contract value represents contributions made under each contract, plus earnings, less participant withdrawals, and less administrative expenses.

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Ameren Corporation

Savings Investment Plan

Notes to Financial Statements

December 31, 2025 and 2024

Purchases and sales of securities are recorded on a trade date basis. Interest income is recorded on the accrual basis. Dividend income is recorded on the

ex-dividend

date. Net appreciation (depreciation) in fair value of investments includes the Plan’s gains and losses on investments bought and

sold

as well as held during the year.

Notes Receivable from Participants

Notes receivable from Participants are measured at their unpaid principal balance plus any accrued but unpaid interest, with no allowance for credit losses, as repayments of principal and interest are received through payroll deductions and the notes are collateralized by the Participants’ account balances. Delinquent participant loans are reclassified as distributions based upon the terms of the Plan document.

Administrative Expenses

Fees associated with administering the Plan are generally paid by the Plan. Trustee and recordkeeping fees are primarily paid via (1) flat dollar fees that are assessed to all Participants quarterly, and (2) fees accrued in investment funds that are separately managed accounts (versus commingled funds). Also, revenue sharing payments that Fidelity receives from mutual funds are allocated to Participant accounts quarterly.

Risks and Uncertainties

Investments are exposed to various risks, such as interest rate, market, and credit risks, which includes glob

events such as geopolitical conflicts and pandemics. Due to the level of risk associated with certain investments and the level of uncertainty related to changes in the value of investments, it is at least reasonably possible that changes in risks in the near term could materially affect the Participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits.

Concentrations

Company common stock comprised 11% of investments at December 31, 2025 and 2024, respectively.

3.	Fair Value Measurements

The authoritative guidance issued by the Financial Accounting Standards Board (the “FASB”) regarding fair value measurement provides a framework for measuring fair value for all assets and liabilities that are measured and reported at fair value. The guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk or the risks inherent in the inputs to the valuation, were used in the valuation process. Inputs to valuation can be readily observable, market corroborated, or unobservable. Valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs were used. The provisions also establish a fair value hierarchy that prioritizes the inputs used to measure fair value. All financial assets and liabilities carried at fair value were classified in one of the following three hierarchy levels:

Level 1: Inputs based on quoted prices in active markets for identical assets or liabilities that the Plan has the ability to access at the reporting date.

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Ameren Corporation

Savings Investment Plan

Notes to Financial Statements

December 31, 2025 and 2024

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. 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; and

•

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

Level 3: Inputs to the valuation methodology that are unobservable and significant to the fair value measurement.

The Plan does not hold any investments requiring Level 3 measurements, and there have not been any transfers between measurement input levels in 2025 or 2024.

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.

The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used during 2025.

•

Common stocks: Valued at the closing price reported on the U.S. active markets on which the individual securities are traded (Level 1 inputs).

•

American depositary receipts (ADRs): Valued at the closing price reported on U.S. active markets on which the individual securities are traded (Level 1 inputs).

•

Collective trust funds: The fair values of participation units held in collective trusts are based on the Net Asset Value (“NAV”) reported by the fund managers as of the financial statement dates and recent transaction prices. Under ordinary market conditions, redemptions of investments in collective trusts are permitted daily and are executed at NAV as a practical expedient. The objective of the SSGA Short Term Investment Fund (value of $6,258,692 at December 31, 2025 and $3,506,358 at December 31, 2024) is to provide safety of principal, daily liquidity, and a competitive yield over the long term. The fund is invested in corporate bonds & notes, U.S. government agency obligations, short term instruments, and repurchase agreements. Units are typically purchased and redeemed at a constant NAV of $1.00 per unit. In the event that a significant disparity develops between the constant NAV and the fair value-based NAV, the fund trustee has the sole discretion to direct that the units be issued or redeemed at the fair value-based NAV until the disparity is deemed to be immaterial.

•

Mutual funds: Valued at the daily closing price as reported by the fund (Level 1 inputs). Mutual funds held by the Plan are

open-end

mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily NAV and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

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Ameren Corporation

Savings Investment Plan

Notes to Financial Statements

December 31, 2025 and 2024

The following table sets forth, by level within the fair value hierarchy, Plan assets measured at fair value on a recurring basis as of December 31, 2025:


	Quoted Prices In Active Markets for Identified Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Measured at Net Asset Value as a Practical Expedient (a)		Total
Assets
Common stocks-Plan sponsor stock	$	373,736,635	$	—	$	—	$	373,736,635
Common stocks-other than Plan sponsor stock		270,317,866		—		—		270,317,866
American depositary receipts (ADRs)		5,396,777		—		—		5,396,777
Collective trust funds		—		—		2,473,417,186		2,473,417,186
Mutual funds		202,962,583		—		—		202,962,583

Total assets reported at fair value	$	852,413,861	$	—	$	2,473,417,186	$	3,325,831,047

(a)

In accordance with accounting guidance, certain investments measured at NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amount measured at NAV presented in this table is intended to permit reconciliation of the fair value hierarchy to the investments at fair value presented in the statement of net assets available for benefits.

The following table sets forth, by level within the fair value hierarchy, Plan assets measured at fair value on a recurring basis as of December 31, 2024:


	Quoted Prices		Significant		Measured
	In Active		Other		at Net Asset
	Markets for		Observable		Value as a
	Identified Assets		Inputs		Practical
	(Level 1)		(Level 2)		Expedient (a)		Total
Assets
Common stocks-Plan sponsor stock	$	339,649,785	$	—	$	—	$	339,649,785
Common stocks-other than Plan sponsor stock		280,317,600		—		—		280,317,600
American depositary receipts (ADRs)		6,026,309		—		—		6,026,309
Collective trust funds		—		—		2,118,884,192		2,118,884,192
Mutual funds		197,609,176		—		—		197,609,176

Total assets reported at fair value	$	823,602,870	$	—	$	2,118,884,192	$	2,942,487,062

(a)

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Ameren Corporation

Savings Investment Plan

Notes to Financial Statements

December 31, 2025 and 2024

4.	Fully Benefit-Responsive Investment Contracts

The Plan holds investments in a separately managed stable value account that is managed by Galliard Capital Management. The separately managed account holds (1) an investment in the Short-Term Investment Fund II (SEI Trust Company sponsored CIT), and (2) a portfolio of investment contracts, valued at $214,677,784 and $232,921,178 at December 31, 2025 and 2024, respectively. The investment contracts meet the fully benefit-responsive investment criteria and therefore are reported at contract value. Contract value is the relevant measure for fully benefit-responsive investment contracts because this is the amount received by Participants if they were to initiate permitted transactions under the terms of the Plan. Contract value represents contributions made under each contract, plus earnings, less participant withdrawals, and less administrative expenses.

The investment contracts (also referred to herein as “wrapper contracts”) are issued by the following insurance companies (also referred to herein as “contract issuer(s)”):

•

American General Life Insurance Company (“AGL”)

•

Transamerica Life Insurance Company (“Transamerica”)

•

Voya Retirement Insurance and Annuity Company (“Voya”)

•

Massachusetts Mutual Life Insurance Company (“Mass Mutual”)

•

Metropolitan Tower Life Insurance Company (“Met Life”)

As of December 31, 2025 and 2024, the underlying investments of the AGL, Mass Mutual, Transamerica, Voya, and Met Life contracts are holdings in collective trust funds. The investment contracts include wrapper contracts, which are agreements for the contract issuer to make payments to the Plan under certain circumstances. The wrapper contracts typically include certain conditions and limitations on the underlying assets owned by the Plan. The wrapper contracts are designed to accrue interest based on crediting rates calculated under the terms of the wrapper contracts, and also provide a guarantee that the crediting rate will not fall below zero percent. Cash flow volatility (for example, timing of benefit payments) as well as asset underperformance are passed through to the Plan through adjustments to future wrapper contract crediting rates. Formulas are provided in each contract that adjusts renewal crediting rates to recognize the difference between the fair value of the underlying assets and the contract value. Crediting rates are reset at least quarterly.

The Plan’s ability to receive amounts due in accordance with fully benefit-responsive investment contracts is dependent on the third-party contract issuer’s ability to meet its financial obligations. The contract issuer’s ability to meet its contractual obligations may be affected by future economic and regulatory developments.

Certain events might limit the ability of the Plan to transact at contract value. Investment contracts generally provide for withdrawals associated with certain events which are not in the ordinary course of operations. These withdrawals may be paid with a market value adjustment applied to the withdrawal as defined in the investment contract. Each contract issuer specifies the events which may trigger a market value adjustment; such events may include all or a portion of the following:

•

material amendments to the Plan’s structure or administration;

•

changes to the Plan’s competing investment options including the elimination of equity wash provisions;

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Ameren Corporation

Savings Investment Plan

Notes to Financial Statements

December 31, 2025 and 2024

•

complete or partial termination of the stable value account, including a merger with another investment account;

•

the failure of the Plan to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA;

•

the redemption of all or a portion of the stable value account held by a participating plan at the direction of the participating plan sponsor, including withdrawals due to the removal of a specifically identifiable group of employees from coverage under the participating plan (such as a group layoff or early retirement incentive program), the closing or sale of a subsidiary, employing unit, or affiliate, the bankruptcy or insolvency of a Plan sponsor, the merger of the Plan with another plan, or the Plan sponsor’s establishment of another tax qualified defined contribution plan;

•

any change in law, regulation, ruling, administrative or judicial position, or accounting requirement, applicable to the stable value account or participating plans;

•

the delivery of any communication to Participants designed to influence a Participant’s decision to stop investing in this investment option; and

•

the addition of an Asset Allocation or Managed Account service without prior approval of the contract issuer, or a material change in such service.

No events are probable of occurring that might limit the ability of the Plan to transact at contract value on behalf of the Participants.

These investment contracts are evergreen contracts and contain termination provisions, allowing the contract issuer to terminate with notice, at any time at fair value, and providing for automatic termination of the investment contract if the contract value or the fair value of the underlying portfolio equals zero. The contract issuer is obligated to pay the excess contract value when the fair value is below contract value at the time of termination and termination was caused by certain events including fraud or misconduct related to the investment contracts, such as material misrepresentations. In addition, if the Plan defaults in its obligations under the investment contract (including the contract issuer’s determination that the agreement constitutes a

non-exempt

prohibited transaction as defined under ERISA), and such default is not corrected within the time permitted by the investment contract, then the investment contract may be terminated by the contract issuer and the Plan will receive the fair value as of the date of termination.

5.	Transactions with Parties-in-Interest

Parties-in-interest

are defined under Department of Labor regulations as any fiduciary of the Plan, any party rendering service to the Plan, the employer, and certain others.

At December 31, 2025, the Plan held 3,742,606 shares of Company common stock with a cost and fair value of $200,496,899 and $373,736,635, respectively. During 2025, the Plan purchased 139,356 shares at a cost of $13,742,718 and sold 207,046 shares valued at $20,589,229.

At December 31, 2024, the Plan held 3,810,296 shares of Company common stock with a cost and fair value of $197,643,166 and $339,649,785, respectively. During 2024, the Plan purchased 147,522 shares at a cost of $11,485,245 and sold 323,016 shares valued at $25,646,132.

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Ameren Corporation

Savings Investment Plan

Notes to Financial Statements

December 31, 2025 and 2024

For the year ended December 31, 2025, dividend income and realized gains from the sale of Company common stock was $10,649,834 and $9,700,245, respectively. For the year ended December 31, 2024, dividend income and realized gains from the sale of Company common stock was $10,391,016 and $9,090,944, respectively.

At December 31, 2025 and 2024, the Plan held shares in the Fidelity Institutional Money Market Government Portfolio. This portfolio is managed by the Trustee, and therefore, qualifies as

party-in-interest

transactions. Notes receivable from Participants also reflect

party-in-interest

transactions.

Fees paid by the Plan to the Trustee for recordkeeping, trust services, and advisory services were $1,402,551 and $1,390,801 for the years ended December 31, 2025 and 2024, respectively.

Fees paid to and investments issued by various Plan investment managers or affiliates of Plan investment managers also reflect

party-in-interest

transactions.

These transactions are allowable

party-in-interest

transactions under Section 408(b)(8) of ERISA.

6.	Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500 at December 31, 2025 and 2024:


	2025			2024
Net assets available for benefits per the financial statements	$	3,585,204,772		$	3,219,775,473
Amounts allocated to deemed distributions of notes receivable from Participants		(2,325,616	)		(2,180,524	)
Adjustment from contract value to fair value for fully benefit-responsive investment contracts		(8,093,432	)		(16,016,470	)

Net assets available for benefits per the Form 5500	$	3,574,785,724		$	3,201,578,479

Deemed distributions of notes receivable from Participants, resulting from defaults of notes receivable from Participants, are no longer considered assets of the Plan with respect to Form 5500 filings.

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Ameren Corporation

Savings Investment Plan

Notes to Financial Statements

December 31, 2025 and 2024

The following is a reconciliation of net increase in net assets available for benefits per the financial statements to net income per the Form 5500 for the year ended December 31, 2025:


Net increase in net assets available for benefits per the financial statements	$	365,429,299
Adjustment from contract value to fair value for fully benefit-responsive investment contracts as of the current year-end		(8,093,432	)
Adjustment from contract value to fair value for fully benefit-responsive investment contracts as of the prior year-end		16,016,470
Net decrease in defaulted notes receivable from Participants		24,155
Interest income of defaulted notes receivable from Participants		(169,247	)

Total net income per the Form 5500	$	373,207,245

7.	Federal Income Tax Status

The Company obtained a determination letter dated January 12, 2018, in which the Internal Revenue Service stated that the Plan was in compliance with the applicable requirements of the Code. Although the Plan has been amended since receiving this determination letter, the Plan’s administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the Code.

Accounting principles generally accepted in the United States of America require 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 Internal Revenue Service. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2025 and 2024, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan administrator believes it is no longer subject to income tax examinations for years prior to 2022.

8.	Subsequent Events

There were no subsequent events identified through June 26, 2026, the date the financial statements were issued.

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Ameren Corporation Savings Investment Plan

SCHEDULE H, Line 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2025

Name of plan sponsor: Ameren Corporation

Employer identification number: 43-1723446

Three-digit plan number: 003


(a)	(b)	(c)	(d)	(e)
	Identity of issue, borrower,	Description of investment including maturity date,		Current
	lessor, or similar party	rate of interest, collateral, par, or maturity value	Cost	value
	Interest-bearing Cash
	State Street Global Advisors	SSGA Short Term Investment Fund		$	6,258,691.52

	Total Interest-bearing Cash				6,258,691.52

	Mutual Funds
	American Funds Group	EuroPacific Growth Fund			111,661,902.48
*	Sands Capital Management	Touchstone Sands Capital Institutional Growth Fund			58,815,057.97
*	Pacific Investment Management Company	PIMCO Income Institutional Fund			27,103,815.43
*	Fidelity Management Trust Company	Fidelity Institutional Money Market Government Portfolio			5,381,807.39

	Total Mutual Funds				202,962,583.27

	Collective Investment Trusts
*	BlackRock Institutional Trust Company, N.A.	BlackRock LifePath Index Retirement Fund W			125,197,687.47
*	BlackRock Institutional Trust Company, N.A.	BlackRock LifePath Index 2030 Fund W			149,856,756.63
*	BlackRock Institutional Trust Company, N.A.	BlackRock LifePath Index 2035 Fund W			137,800,381.33
*	BlackRock Institutional Trust Company, N.A.	BlackRock LifePath Index 2040 Fund W			147,803,654.24
*	BlackRock Institutional Trust Company, N.A.	BlackRock LifePath Index 2045 Fund W			174,580,234.21
*	BlackRock Institutional Trust Company, N.A.	BlackRock LifePath Index 2050 Fund W			172,242,541.16
*	BlackRock Institutional Trust Company, N.A.	BlackRock LifePath Index 2055 Fund W			132,732,459.37
*	BlackRock Institutional Trust Company, N.A.	BlackRock LifePath Index 2060 Fund W			64,643,010.56
*	BlackRock Institutional Trust Company, N.A.	BlackRock LifePath Index 2065 Fund W			26,412,053.04
*	BlackRock Institutional Trust Company, N.A.	BlackRock Equity Index Fund F			602,483,316.08
*	BlackRock Institutional Trust Company, N.A.	BlackRock Russell 2500 Index Fund F			184,208,841.24
*	BlackRock Institutional Trust Company, N.A.	BlackRock MSCI ACWI ex-US IMI Index Fund F			137,753,299.09
*	BlackRock Institutional Trust Company, N.A.	BlackRock US Debt Index Fund F			40,820,886.48
*	BlackRock Institutional Trust Company, N.A.	BlackRock TIPS Bond Index Fund M			24,442,364.92
*	SEI Trust Company	Galliard Short Core Fund F			82,686,972.00
*	SEI Trust Company	Galliard Intermediate Core Fund L			123,897,380.00
*	SEI Trust Company	Short-Term Investment Fund II			8,362,836.00
*	Robeco Trust Company	Boston Partners Large Cap Value Equity Fund E			117,657,394.50
*	Hand Benefits and Trust Company	Snyder Capital Small/Mid Cap Value Fund R1			41,114,624.39
*	Wellington Management Company LLP	Wellington CIF II Core Plus Bond Portfolio			81,037,421.83
*	Lyrical Asset Management, L.P.	Lyrical US Value Equity CIT—Class C			98,008,731.46

	Total Collective Investment Trusts				2,673,742,846.00

	Common Stocks
*	AMEREN CORPORATION	3,742,606 Shares			373,736,635.16
	ADVANCED MICRO DEVICES INC	8,694 Shares			1,861,907.04
	ALPHABET INC CL C	14,047 Shares			4,407,948.60
	ALPHABET INC CL A	14,076 Shares			4,405,788.00
	AMAZON.COM INC	35,429 Shares			8,177,721.78
	APPLE INC	26,920 Shares			7,318,471.20
	APPLOVIN CORP	2,053 Shares			1,383,352.46
	AXON ENTERPRISE INC	945 Shares			536,693.85
	BOEING CO	9,225 Shares			2,002,932.00
	BOSTON SCIENTIFIC CORP	8,631 Shares			822,965.85
	BROADCOM INC	17,615 Shares			6,096,551.50
	CADENCE DESIGN SYSTEMS INC	6,930 Shares			2,166,179.40
	CONSTELLATION ENERGY CORP	5,223 Shares			1,845,129.21
	COSTCO WHOLESALE CORP	2,018 Shares			1,740,202.12
	CROWDSTRIKE HOLDINGS INC	3,555 Shares			1,666,441.80
	DATADOG INC CL A	5,471 Shares			744,001.29
	DEXCOM INC	11,079 Shares			735,313.23
	DISNEY (WALT) CO	15,176 Shares			1,726,573.52
	EDWARDS LIFESCIENCES CORP	14,399 Shares			1,227,514.75
	META PLATFORMS INC CL A	7,088 Shares			4,678,717.92
	GE AEROSPACE	6,985 Shares			2,151,589.55

(d) cost: Investment is participant directed, therefore historical cost is not required.

Table of Contents

Ameren Corporation Savings Investment Plan

SCHEDULE H, Line 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2025

Name of plan sponsor: Ameren Corporation

Employer identification number: 43-1723446

Three-digit plan number: 003


(a)	(b)	(c)	(d)	(e)
	Identity of issue, borrower,	Description of investment including maturity date,		Current
	lessor, or similar party	rate of interest, collateral, par, or maturity value	Cost	value
	GOLDMAN SACHS GROUP INC	1,388 Shares			1,220,052.00
	HILTON WORLDWIDE HOLDINGS INC	4,954 Shares			1,423,036.50
	INTUITIVE SURGICAL INC	2,591 Shares			1,467,438.76
	KEYSIGHT TECHNOLOGIES INC	6,584 Shares			1,337,802.96
	ELI LILLY & CO	4,763 Shares			5,118,700.84
	MASTERCARD INC CL A	4,759 Shares			2,716,817.92
	MERCADOLIBRE INC	284 Shares			572,049.84
	MERCK & CO INC NEW	3,365 Shares			354,199.90
	MICROSOFT CORP	16,477 Shares			7,968,606.74
	NETFLIX INC	29,708 Shares			2,785,422.08
	NVIDIA CORP	56,142 Shares			10,470,483.00
	O’REILLY AUTOMOTIVE INC	11,191 Shares			1,020,731.11
	ORACLE CORP	6,619 Shares			1,290,109.29
	SERVICENOW INC	9,393 Shares			1,438,913.67
	SNOWFLAKE INC	8,910 Shares			1,954,497.60
	TESLA INC	9,844 Shares			4,427,043.68
	TEXAS INSTRUMENTS INC	5,600 Shares			971,544.00
	TOAST INC	20,261 Shares			719,468.11
	UBER TECHNOLOGIES INC	12,262 Shares			1,001,928.02
	VERTEX PHARMACEUTICALS INC	3,000 Shares			1,360,080.00
	VISA INC CL A	7,974 Shares			2,796,561.54
	WALMART INC	19,835 Shares			2,209,817.35
	SHOPIFY INC CL A	10,151 Shares			1,634,006.47
	AMPHENOL CORPORATION CL A	8,510 Shares			1,150,041.40
	ADIDAS AG	3,623 Shares			719,772.57
	SPOTIFY TECHNOLOGY SA	1,470 Shares			853,643.70
	TAIWAN SEMIC MFG CO LTD SP ADR	6,026 Shares			1,831,241.14
	ACV AUCTIONS INC CL A	31,316 Shares			251,154.32
	ADVANCED DRAINAGE SYSTEMS INC	4,240 Shares			614,079.20
	AMICUS THERAPEUTICS INC	56,000 Shares			797,440.00
	APPFOLIO INC—A	2,914 Shares			677,942.10
	BALDWIN INSURANCE GROUP INC/THE	26,580 Shares			638,717.40
	BWX TECHNOLOGIES INC	4,976 Shares			860,051.84
	BELLRING BRANDS INC	13,730 Shares			367,002.90
	BENTLEY SYS INC CL B	13,110 Shares			500,343.15
	BIO TECHNE CORP	10,530 Shares			619,269.30
	BRIGHT HORIZONS FAMILY SOLUTIONS INC	5,607 Shares			568,549.80
	BRINKS CO	5,353 Shares			624,855.69
	CARLYLE GROUP INC (THE)	13,988 Shares			826,830.68
	CARPENTER TECHNOLOGY CORP	1,920 Shares			604,492.80
	CASELLA WASTE SYS INC CL A	5,310 Shares			520,061.40
	CAVA GROUP INC	6,360 Shares			373,268.40
	CHEMED CORP	1,586 Shares			678,585.96
	CHURCHILL DOWNS INC	7,100 Shares			807,838.00
	CIENA CORP	5,250 Shares			1,227,817.50
	CLEAN HARBORS INC	2,090 Shares			490,063.20
	CLEARWATER ANALYTICS HOLDINGS INC	22,753 Shares			548,802.36
	COHERENT CORP	4,070 Shares			751,199.90
	CAMECO CORP	9,358 Shares			856,163.42
	CURTISS WRIGHT CORPORATION	1,280 Shares			705,625.60
	EVEREST GROUP LTD	2,603 Shares			883,328.05
	DONALDSON CO INC	7,890 Shares			699,527.40
	DOXIMITY INC	21,901 Shares			969,776.28
	DYNATRACE INC	14,271 Shares			618,505.14
	EAGLE MATERIALS INC	2,694 Shares			556,795.92
	ENCOMPASS HEALTH CORP	4,315 Shares			457,994.10
	EVERCORE INC A	1,920 Shares			653,280.00
	EXLSERVICE HOLDINGS INC	13,050 Shares			553,842.00

(d) cost: Investment is participant directed, therefore historical cost is not required.

Ameren Corporation Savings Investment Plan

SCHEDULE H, Line 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2025

Name of plan sponsor: Ameren Corporation

Employer identification number: 43-1723446

Three-digit plan number: 003


(a)	(b)	(c)	(d)	(e)
	Identity of issue, borrower,	Description of investment including maturity date,		Current
	lessor, or similar party	rate of interest, collateral, par, or maturity value	Cost	value
	F5 INC	2,500 Shares			638,150.00
	FIRST HORIZON CORP	32,880 Shares			785,832.00
	FRESHPET INC	7,237 Shares			440,950.41
	GLAUKOS CORP	5,030 Shares			567,937.30
	GLOBUS MEDICAL INC	12,330 Shares			1,076,532.30
	GUIDEWIRE SOFTWARE INC	2,209 Shares			444,031.09
	HALOZYME THERAPEUTICS INC	6,830 Shares			459,659.00
	HEALTHEQUITY INC	6,910 Shares			633,025.10
	INSMED INC	7,523 Shares			1,309,302.92
	INSPIRE MEDICAL SYSTEMS INC	4,814 Shares			443,995.22
	INSULET CORP	878 Shares			249,562.72
	KRYSTAL BIOTECH INC	1,301 Shares			320,748.54
	MARZETTI COMPANY/THE	2,704 Shares			444,591.68
	LANDBRIDGE CO LLC CLASS A	4,230 Shares			207,227.70
	LATTICE SEMICONDUCTOR CORP	11,310 Shares			832,189.80
	LINCOLN ELECTRIC HLDGS INC	2,760 Shares			661,406.40
	LOUISIANA PACIFIC CORP	3,840 Shares			310,118.40
	MADRIGAL PHARMACEUTICALS INC	1,700 Shares			989,978.00
	MANHATTAN ASSOCIATES INC	4,070 Shares			705,371.70
	MAPLEBEAR INC	10,168 Shares			457,356.64
	MUELLER INDUSTRIES INC	8,990 Shares			1,032,052.00
	NATIONAL VISION HOLDINGS INC	16,110 Shares			415,960.20
	NEXTPOWER INC	6,270 Shares			546,179.70
	NOVANTA INC	3,280 Shares			390,287.20
	ONTO INNOVATION INC	7,035 Shares			1,110,545.10
	PARSONS CORP	9,620 Shares			594,516.00
	PENUMBRA INC	2,090 Shares			649,801.90
	PLANET FITNESS INC CL A	7,290 Shares			790,746.30
	POOL CORP	2,400 Shares			549,000.00
	PRIMO BRANDS CORP A	49,080 Shares			802,458.00
	PURE STORAGE INC CL A	17,840 Shares			1,195,458.40
	Q2 HOLDINGS INC	10,860 Shares			783,657.60
	REGAL REXNORD CORP	3,170 Shares			444,814.40
	RELIANCE INC	1,660 Shares			479,524.20
	GENEDX HOLDINGS CORP-A	3,158 Shares			410,729.48
	TPG INC	8,843 Shares			564,537.12
	TALEN ENERGY CORP	2,930 Shares			1,098,281.20
	TERADYNE INC	4,220 Shares			816,823.20
	TRANSUNION	5,010 Shares			429,607.50
	TWIST BIOSCIENCE CORP	22,043 Shares			699,203.96
	WAYSTAR HOLDING CORP	20,644 Shares			676,091.00
	WESTERN ALLIANCE BANCORP	5,284 Shares			444,225.88
	WILLSCOT HOLDINGS CORP	16,320 Shares			307,305.60
	NVENT ELECTRIC PLC	6,900 Shares			703,593.00
	FIRSTSERVICE CORP	2,056 Shares			319,769.68
	SHARKNINJA INC	5,660 Shares			633,354.00
	ABIOMED INC	2,179 Shares			5,033.49
	iShares Russell 2000 Growth ETF	1,658 Shares			535,550.58
	ABM INDUSTRIES INC	7,732 Shares			327,063.60
	AZZ INC	2,252 Shares			241,369.36
	ACADEMY SPORTS & OUTDOORS INC	8,850 Shares			442,146.00
	ADTALEM GLOBAL EDUCATION INC	4,433 Shares			458,682.51
	AECOM	3,444 Shares			328,316.52
	ALIGN TECHNOLOGY INC	1,741 Shares			271,857.15
	ARAMARK	7,389 Shares			272,358.54
	ARCHROCK INC	12,013 Shares			312,578.26
	ARES CAPITAL CORP	14,783 Shares			299,060.09
	ARROW ELECTRONICS INC	3,177 Shares			350,041.86

(d) cost: Investment is participant directed, therefore historical cost is not required.

Table of Contents

Ameren Corporation Savings Investment Plan

SCHEDULE H, Line 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2025

Name of plan sponsor: Ameren Corporation

Employer identification number: 43-1723446

Three-digit plan number: 003


(a)	(b)	(c)	(d)	(e)
	Identity of issue, borrower,	Description of investment including maturity date,		Current
	lessor, or similar party	rate of interest, collateral, par, or maturity value	Cost	value
	ASSURANT INC	1,633 Shares			393,308.05
	AVANTOR INC	15,958 Shares			182,878.68
	AVNET INC	6,744 Shares			324,251.52
	AXCELIS TECHNOLOGIES INC	3,991 Shares			320,636.94
	AXOS FINANCIAL INC	3,647 Shares			314,225.52
	BGC GROUP INC A	30,755 Shares			274,642.15
	BIOGEN INC	1,808 Shares			318,189.92
	BOYD GAMING CORP	4,132 Shares			352,211.68
	BRINKS CO	5,062 Shares			590,887.26
	BUILDERS FIRSTSOURCE	4,476 Shares			460,535.64
	CDW CORPORATION	1,847 Shares			251,561.40
	CH ROBINSON WORLDWIDE INC	3,513 Shares			564,749.88
	CADENCE BANK	9,083 Shares			389,115.72
	CARGURUS INC CL A	13,915 Shares			533,640.25
	CATALYST PHARMACEUTICALS INC	9,399 Shares			219,372.66
	CAVCO INDUSTRIES INC	799 Shares			472,001.26
	CENTENE CORP	13,335 Shares			548,735.25
	CIRRUS LOGIC INC	2,532 Shares			300,042.00
	COCA COLA CONSOLIDATED INC	5,303 Shares			812,949.90
	COLUMBIA BANKING SYSTEMS INC	11,832 Shares			330,704.40
	COMMERCIAL METALS CO	6,186 Shares			428,194.92
	CONCENTRIX CORP	5,973 Shares			248,357.34
	CHECK POINT SOFTWARE TECHS LTD	2,426 Shares			450,168.56
	CROWN HOLDINGS INC	3,638 Shares			374,604.86
	WHITE MOUNTAINS INS GROUP LTD	183 Shares			380,279.49
	FLEX LTD	10,394 Shares			628,005.48
	DAVITA INC	2,177 Shares			247,328.97
	METHANEX CORP	12,345 Shares			490,343.40
	DOUBLEVERIFY HOLDINGS INC	19,396 Shares			221,890.24
	AXIS CAPITAL HOLDINGS LTD	3,544 Shares			379,526.96
	RENAISSANCERE HLDGS LTD	2,510 Shares			705,711.60
	EAST WEST BANCORP INC	5,576 Shares			626,686.64
	ELEMENT SOLUTIONS INC	13,796 Shares			344,762.04
	ENERSYS INC	3,815 Shares			559,851.25
	EPAM SYSTEMS INC	2,145 Shares			439,467.60
	EQUITABLE HOLDINGS INC	4,012 Shares			191,171.80
	ESSENTIAL PROPERTIES REALTY TRUST INC	9,551 Shares			283,282.66
	EURONET WORLDWIDE INC	3,422 Shares			260,448.42
	EVERCORE INC A	3,451 Shares			1,174,202.75
	FEDERAL AGRI MTG NON VTG CL C	2,471 Shares			433,833.47
	FIRST ADVANTAGE CORP	24,527 Shares			356,377.31
	FIRST AMERICAN FINANCIAL CORP	8,108 Shares			498,155.52
	FIRST HORIZON CORP	11,967 Shares			286,011.30
	FIRST INDUSTRIAL REALTY TRUST	5,253 Shares			300,839.31
	FIRSTCASH HOLDINGS INC	5,990 Shares			954,686.20
	FRONTDOOR INC	14,067 Shares			811,525.23
	GAP INC	11,682 Shares			299,059.20
	GIBRALTAR INDUSTRIES INC	4,788 Shares			236,718.72
	GRAND CANYON EDUCATION INC	3,506 Shares			583,082.86
	GRANITE CONSTRUCTION INC	4,754 Shares			548,373.90
	GREEN BRICK PARTNERS INC	3,693 Shares			231,403.38
	GROUP 1 AUTOMOTIVE INC	1,045 Shares			410,998.50
	HNI CORP	8,510 Shares			357,760.40
	HALLIBURTON CO	14,168 Shares			400,387.68
	HALOZYME THERAPEUTICS INC	4,349 Shares			292,687.70
	HANCOCK WHITNEY CORP	5,890 Shares			375,075.20
	HARMONY BIOSCIENCES HOLDINGS INC	7,793 Shares			291,614.06
	HOME BANCSHARES INC	10,949 Shares			304,163.22

(d) cost: Investment is participant directed, therefore historical cost is not required.

Ameren Corporation Savings Investment Plan

SCHEDULE H, Line 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2025

Name of plan sponsor: Ameren Corporation

Employer identification number: 43-1723446

Three-digit plan number: 003


(a)	(b)	(c)	(d)	(e)
	Identity of issue, borrower,	Description of investment including maturity date,		Current
	lessor, or similar party	rate of interest, collateral, par, or maturity value	Cost	value
	HOULIHAN LOKEY	1,605 Shares			279,574.95
	HURON CONSULTING GROUP INC	3,387 Shares			585,646.17
	INGREDION INC	4,036 Shares			445,009.36
	INSTALLED BUILDING PRODUCTS INC	685 Shares			177,682.15
	INTERDIGITAL INC	1,086 Shares			345,760.68
	JACOBS SOLUTIONS INC	2,164 Shares			286,643.44
	JEFFERIES FINANCIAL GROUP INC	4,115 Shares			255,006.55
	JONES LANG LASALLE INC	1,844 Shares			620,450.68
	KBR INC	9,386 Shares			377,317.20
	KIMCO REALTY CORPORATION	15,307 Shares			310,272.89
	KONTOOR BRANDS INC	6,057 Shares			370,022.13
	KORN FERRY	4,112 Shares			271,474.24
	KYNDRYL HOLDINGS INC	8,370 Shares			222,307.20
	LCI INDUSTRIES	3,086 Shares			374,455.24
	LAMAR ADVERTISING CO CL A	2,453 Shares			310,500.74
	LAUREATE EDUCATION INC	20,350 Shares			685,184.50
	LEAR CORP NEW	2,870 Shares			328,902.00
	LEGALZOOM.COM INC	43,290 Shares			429,869.70
	LITHIA MOTORS INC CL A	1,432 Shares			475,896.56
	LITTELFUSE INC	866 Shares			219,028.72
	LIVERAMP HOLDINGS INC	8,277 Shares			243,095.49
	STEVEN MADDEN LTD	7,851 Shares			326,915.64
	MAGNITE INC	41,873 Shares			679,598.79
	MAPLEBEAR INC	8,192 Shares			368,476.16
	MATSON INC	2,867 Shares			354,217.85
	MAXIMUS INC	4,840 Shares			417,788.80
	MODINE MANUFACTURING CO	1,959 Shares			261,546.09
	MOLINA HEALTHCARE INC	1,601 Shares			277,837.54
	MURPHY USA INC	1,301 Shares			524,979.52
	NETAPP INC	3,689 Shares			395,055.01
	NEUROCRINE BIOSCIENCES INC	1,913 Shares			271,320.79
	VIPER ENERGY INC A	17,697 Shares			683,635.11
	NISOURCE INC	7,524 Shares			314,202.24
	GEN DIGITAL INC	26,685 Shares			725,565.15
	OGE ENERGY CORP	5,343 Shares			228,146.10
	OPTION CARE HEALTH INC	15,728 Shares			501,094.08
	BLUE OWL CAPITAL CORP	21,171 Shares			263,155.53
	PEGASYSTEMS INC	6,654 Shares			397,376.88
	PENNYMAC FINANCIAL SERVICES INC	3,043 Shares			401,189.12
	PERMIAN RESOURCES CORP CL A	21,165 Shares			296,944.95
	PINNACLE FINL PARTNERS INC	3,421 Shares			326,397.61
	PREFERRED BANK LOS ANGELES	3,639 Shares			343,630.77
	PRIMO BRANDS CORP A	15,645 Shares			255,795.75
	QORVO INC	4,766 Shares			402,774.66
	QNITY ELECTRONICS INC	2,099 Shares			171,383.35
	QUEST DIAGNOSTICS INC	3,113 Shares			540,198.89
	RANGE RESOURCES CORP	9,990 Shares			352,247.40
	RELIANCE INC	1,191 Shares			344,044.17
	ROYAL GOLD INC	1,109 Shares			246,519.61
	SS&C TECHNOLOGIES HOLDINGS INC	4,240 Shares			370,660.80
	SMITH (AO) CORP	2,826 Shares			189,002.88
	STERLING INFRASTRUCTURE INC	846 Shares			259,070.58
	STIFEL FINANCIAL CORP	1,923 Shares			240,798.06
	STONEX GROUP INC	5,168 Shares			491,631.84
	TD SYNNEX CORP	4,996 Shares			750,549.08
	TALEN ENERGY CORP	660 Shares			247,394.40
	TAYLOR MORRISON HOME CORP	5,570 Shares			327,905.90
	TENET HEALTHCARE CORP	3,084 Shares			612,852.48

(d) cost: Investment is participant directed, therefore historical cost is not required.

Table of Contents

Ameren Corporation Savings Investment Plan

SCHEDULE H, Line 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2025

Name of plan sponsor: Ameren Corporation

Employer identification number: 43-1723446

Three-digit plan number: 003


(a)	(b)	(c)	(d)	(e)
	Identity of issue, borrower,	Description of investment including maturity date,		Current
	lessor, or similar party	rate of interest, collateral, par, or maturity value	Cost	value
	TWILIO INC CLASS A	4,200 Shares			597,408.00
	US FOODS HOLDING CORP	8,133 Shares			612,577.56
	UNIVERSAL HEALTH SVCS INC CL B	2,060 Shares			449,121.20
	UNUM GROUP	3,777 Shares			292,717.50
	UPWORK INC	30,881 Shares			612,061.42
	URBAN OUTFITTERS	4,962 Shares			373,440.12
	VALVOLINE INC	10,505 Shares			305,275.30
	VISTEON CORP	3,124 Shares			297,092.40
	VONTIER CORP W/I	7,855 Shares			292,048.90
	VOYA FINANCIAL INC	10,213 Shares			760,766.37
	WEBSTER FINANCIAL	5,800 Shares			365,052.00
	WEX INC	1,917 Shares			285,594.66
	WINTRUST FINANCIAL CORP	2,383 Shares			333,191.06
	WYNDHAM HOTELS & RESORTS INC	3,224 Shares			243,605.44
	ASSURED GUARANTY LTD	7,305 Shares			656,500.35
	ICON PLC	2,376 Shares			432,954.72
	TECHNIPFMC PLC	18,563 Shares			827,167.28
	SENSATA TECHNOLOGIES HOLDING PLC	13,719 Shares			456,705.51
	ESSENT GROUP LTD	5,489 Shares			356,839.89
	WEATHERFORD INTERNATIONAL PLC	3,993 Shares			312,492.18
	SOUTH BOW CORP	14,279 Shares			392,244.13
	SHARKNINJA INC	7,272 Shares			813,736.80
	ADMA BIOLOGICS INC	31,080 Shares			566,899.20
	API GROUP CORP	12,990 Shares			496,997.40
	ADAPTIVE BIOTECHNOLOGIES CORP	20,590 Shares			334,381.60
	AFFIRM HOLDINGS INC	8,440 Shares			628,189.20
	ALKAMI TECHNOLOGY INC	14,540 Shares			335,437.80
	ASTERA LABS INC	1,930 Shares			321,074.80
	AXON ENTERPRISE INC	1,220 Shares			692,874.60
	BIO TECHNE CORP	9,880 Shares			581,042.80
	BLOOM ENERGY CORP CL A	5,140 Shares			446,614.60
	BLUE OWL CAPITAL INC A	43,640 Shares			651,981.60
	BUILDERS FIRSTSOURCE	4,710 Shares			484,611.90
	CH ROBINSON WORLDWIDE INC	5,510 Shares			885,787.60
	CASELLA WASTE SYS INC CL A	7,020 Shares			687,538.80
	CELSIUS HOLDINGS INC	15,310 Shares			700,279.40
	CLEAN HARBORS INC	2,430 Shares			569,786.40
	COHERENT CORP	2,090 Shares			385,751.30
	COMFORT SYSTEMS USA INC	3,289 Shares			3,069,590.81
	COMMVAULT SYSTEMS INC	4,690 Shares			587,938.40
	CORE SCIENTIFIC INC	13,750 Shares			200,200.00
	DESCARTES SYS GROUP INC	6,580 Shares			576,802.80
	DUTCH BROS INC	10,620 Shares			650,156.40
	DYNATRACE INC	15,020 Shares			650,966.80
	F5 INC	2,630 Shares			671,333.80
	FIFTH THIRD BANCORP	10,600 Shares			496,186.00
	GLOBE LIFE INC	5,820 Shares			813,985.20
	HEALTHEQUITY INC	9,210 Shares			843,728.10
	HEICO CORP CL A	3,880 Shares			979,428.40
	HUBSPOT INC	1,307 Shares			524,499.10
	IDEX CORPORATION	3,970 Shares			706,421.80
	INSMED INC	4,250 Shares			739,670.00
	IONQ INC	5,990 Shares			268,771.30
	JABIL INC	3,250 Shares			741,065.00
	KEYCORP	35,630 Shares			735,403.20
	KRATOS DEFENSE & SEC SOLTN INC	4,400 Shares			334,004.00
	LPL FINL HLDGS INC	3,350 Shares			1,196,519.50
	LINCOLN ELECTRIC HLDGS INC	3,335 Shares			799,199.40

(d) cost: Investment is participant directed, therefore historical cost is not required.

Ameren Corporation Savings Investment Plan

SCHEDULE H, Line 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2025

Name of plan sponsor: Ameren Corporation

Employer identification number: 43-1723446

Three-digit plan number: 003


(a)	(b)	(c)	(d)	(e)
	Identity of issue, borrower,	Description of investment including maturity date,		Current
	lessor, or similar party	rate of interest, collateral, par, or maturity value	Cost	value
	MKS INC	4,690 Shares			749,462.00
	MACOM TECHNOLOGY SOLUTIONS HOLDINGS INC	2,270 Shares			388,805.60
	MASIMO CORP	5,580 Shares			725,734.80
	NATERA INC	3,170 Shares			726,215.30
	OPTION CARE HEALTH INC	12,590 Shares			401,117.40
	PACKAGING CORP OF AMERICA	2,830 Shares			583,630.90
	PERMIAN RESOURCES CORP CL A	33,610 Shares			471,548.30
	PRIMORIS SVCS CORP	2,040 Shares			253,245.60
	PURE STORAGE INC CL A	9,400 Shares			629,894.00
	RED ROCK RESORTS INC	11,490 Shares			711,805.50
	REGAL REXNORD CORP	4,200 Shares			589,344.00
	REVOLUTION MEDICINES INC	13,090 Shares			1,042,618.50
	RHYTHM PHARMACEUTICALS INC	6,420 Shares			687,196.80
	ROCKET LAB CORP	17,560 Shares			1,224,985.60
	ROKU INC CLASS A	10,820 Shares			1,173,861.80
	RYAN SPECIALTY HOLDINGS INC	8,030 Shares			414,588.90
	SAMSARA INC	18,010 Shares			638,454.50
	GENEDX HOLDINGS CORP-A	3,420 Shares			444,805.20
	SEMTECH CORP	8,550 Shares			630,049.50
	SILICON LABORATORIES INC	5,300 Shares			692,710.00
	TALEN ENERGY CORP	1,230 Shares			461,053.20
	TAPESTRY INC	10,950 Shares			1,399,081.50
	TOAST INC	12,560 Shares			446,005.60
	TRANSUNION	9,230 Shares			791,472.50
	VAXCYTE INC	16,930 Shares			781,150.20
	WYNN RESORTS LTD	5,780 Shares			695,507.40
	XPO INC	5,670 Shares			770,609.70
	XENON PHARMACEUTICALS INC	6,200 Shares			277,884.00
	TECHNIPFMC PLC	11,520 Shares			513,331.20
	FTAI AVIATION LTD	9,360 Shares			1,842,516.00
	SHARKNINJA INC	8,090 Shares			905,271.00
	ABIVAX SA ADR	5,140 Shares			693,154.70
	ASCENDIS PHARMA AS SPON ADR	11,610 Shares			2,475,716.40
	BICYCLE THERAPEUTICS LTD ADR	6,190 Shares			43,825.20
	LEGEND BIOTECH CORP SPON ADR	16,230 Shares			352,840.20

	Total Common Stocks				649,451,278.92

	Notes Receivable
* / **	Participants	Participant Loans			37,600,057.01

					3,570,015,456.72

*	Investment represents allowable transaction with a party-in-interest.

**	Interest rates vary from 4.00% to 10.50% on loans maturing through December 2036.

(d) cost: Investment is participant directed, therefore historical cost is not required.


Report of Independent Registered Public Accounting Firm December 31, 2025 and 2024			1-2

Financial Statements

Statements of Net Assets Available for Benefits December 31, 2025 and 2024			3

Statements of Changes in Net Assets Available for Benefits Years Ended December 31, 2025 and 2024			4

Notes to Financial Statements December 31, 2025 and 2024			5-15

Supplemental Schedule*

Schedule H, Line 4i - Schedule of Assets (Held at End of Year) December 31, 2025			1-7


	2025		2024
Assets
Investments, at fair value	$	3,325,831,047	$	2,942,487,062
Investments, at contract value		214,677,784		232,921,178

Total investments		3,540,508,831		3,175,408,240

Receivables
Notes receivable from participants		39,925,673		39,710,984
Participant contributions		3,296,362		3,146,600
Employer contributions		4,500,720		3,743,797
Dividends and interest		575,984		560,386
Due from brokers for securities sold		5,581,585		5,060,244

Total receivables		53,880,324		52,222,011

Total assets		3,594,389,155		3,227,630,251

Liabilities
Accrued expenses		423,765		499,133
Due to brokers for securities purchased		8,760,618		7,355,645

Total liabilities		9,184,383		7,854,778

Net assets available for benefits	$	3,585,204,772	$	3,219,775,473


	2025		2024
Additions:
Investment Income
Interest and dividends	$	39,234,760	$	33,836,451
Net appreciation in fair value of investments		450,260,288		390,470,586

Total income		489,495,048		424,307,037
Interest on notes receivable from participants		2,996,071		2,659,265
Participant contributions		140,123,618		135,592,244
Employer contributions		49,821,694		48,651,827

Total additions		682,436,431		611,210,373

Deductions:
Benefits paid to participants		313,868,228		372,529,222
Administrative expenses		3,138,904		3,509,125

Total deductions		317,007,132		376,038,347

Net increase		365,429,299		235,172,026
Net assets available for benefits
Beginning of year		3,219,775,473		2,984,603,447

End of year	$	3,585,204,772	$	3,219,775,473


AMEREN CORPORATION
SAVINGS INVESTMENT PLAN

AMEREN ADMINISTRATIVE COMMITTEE
		(Administrator)

By:		/s/ Rupinder Budhan
		Rupinder Budhan
		Member of the Administrative Committee


Exhibit No.		Description

23.1		Consent of Independent Registered Public Accounting Firm