AEE insider ownership: who sold, why, and what they still hold

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Rafael Flores Director	248	$105.53	1.8%	13K	Sep 11, 2026	Sep 14, 2026

What stands out

Four officers sold shares but ended with larger stakes, because more shares came in than were sold: Ajay Arora (sold 3K, 8.7% of starting holdings; 15K added), Theresa Shaw (sold 2.8K, 8.9% of starting holdings; 7.2K added) and Ryan Martin (sold 2.3K, 11% of starting holdings; 9K added), plus 1 more.Ajay Arora: largest sale, Feb 17, 2026 · Theresa Shaw: largest sale, May 12, 2026 · Ryan Martin: largest sale, Mar 4, 2026

Martin Lyons, the biggest seller, had more shares withheld by the company for taxes ($3.2M) than sold on the open market ($3.0M).Largest withholding, Feb 27, 2026

Percentages cover 16 of 22 officers and directors. 6 are left out

Left out: Martin Lyons and Patrick Smith (holdings couldn't be fully reconciled); David Feinberg, Jamie Engstrom, Timothy Rausch and Aaron Melda (held no vested shares at the start).

Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Each bar is the insider's vested stake at the start of the period (Oct 8, 2025). The gold part is what they sold.

SoldRest of starting stakeAdded during the period

Martin Lyons

Chairman, President & CEO, Director

No bar: holdings couldn't be fully reconciled.

$3.0MDisclosed plan

Michael Moehn

Group President, Utilities

12% · $2.8MDisclosed plan

Ajay Arora

EVP of Subsidiary

8.7% · $334KNo plan disclosed

Theresa Shaw

SVP and CATO

8.9% · $305KDisclosed plan

Rafael Flores

Director

18% · $271KNo plan disclosed

All 9 sellers

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planTo cover taxesNo plan disclosed

Outside holders, reported separately

Shawn Schukar sold $556K and Gwendolyn Mizell sold $393K in the past 12 months. Large shareholders and the funds or companies that board members represent are not part of management, so they are left out of the figures above.

Details

Common questions

Is the Ameren CEO selling stock?

Yes. Martin Lyons sold 27K shares ($3.0M) in the past 12 months, all of it under a trading plan disclosed in the filings.

Why are Ameren insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 82% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 18% had no disclosed plan. A trading plan schedules sales in advance.

Are any Ameren insiders buying?

No. Officers and directors reported no purchases in the past 12 months.

How much of their stake did Ameren insiders sell?

About 7.4% overall. As a group they ended with more shares than they started with. These figures leave out Martin Lyons, the largest holder (holdings couldn't be fully reconciled). That covers the 12 months to Oct 8, 2026 and counts vested shares reported on SEC Forms 3, 4 and 5, which is not an insider's whole wealth.

The evidence

Who sold9 officers and directors: amount, % of holdings, trading plan

Who sold	Amount	% of holdings	Trading plan
Martin Lyons Chairman, President & CEO, Director	$3.0M 27K shares	i No percentage: holdings couldn't be fully reconciled.	Disclosed plan
Michael Moehn Group President, Utilities	$2.8M 26K shares	12%	Disclosed plan
Ajay Arora EVP of Subsidiary	$334K 3K shares	8.7%	No plan disclosed
Theresa Shaw SVP and CATO	$305K 2.8K shares	8.9%	Disclosed plan
Rafael Flores Director	$271K 2.5K shares	18%	No plan disclosed
Richard Harshman Director	$262K 2.5K shares	11%	No plan disclosed
Ryan Martin SVP Finance	$254K 2.3K shares	11%	No plan disclosed
Patrick Smith Chairman & President of Sub	$252K 2.4K shares	i No percentage: holdings couldn't be fully reconciled.	No plan disclosed
Mark Lindgren VP & Chief HR Officer of Sub, Director	$232K 2.1K shares	4.7%	Disclosed plan

Outside holder, reported separately: Shawn Schukar (a 10% owner, not part of management). Sold $556K (5K shares) from Mar 3, 2026 to Mar 3, 2026. Holds 60K shares. Latest filing

Outside holder, reported separately: Leonard Singh (a 10% owner, not part of management). No open-market sales reported in the period. Holds 33K shares. Latest filing

Outside holder, reported separately: Gwendolyn Mizell (a 10% owner, not part of management). Sold $393K (3.5K shares) from Feb 17, 2026 to Feb 17, 2026. Holds 8.7K shares. Latest filing

The full ownership picture20 of 22 insiders fully reconciled · 22 officers and directors

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 8, 2025

Sold

Held Oct 8, 2026

Still held

Martin Lyons

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: +75 shares on Feb 5, 2026 (401(K)). See the filing Sales and other transactions for Martin Lyons are complete.

Chairman, President & CEO, Director

n/a

−27K

n/a

Vesting, gifts, unvested awards and holding lines for Martin Lyons

0shares vested or exercised

0gifted (net of own trusts)

−28Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: +75 shares on Feb 5, 2026 (401(K)). The balances below are as reported, not verified totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common Stock, $.01 Par Value	267,683	282,681
401(K)	Common Stock, $.01 Par Value	2,034	2,116

Additional holdings last reported Dec 31, 2013, not confirmed since: 8,330 shares. Not included in any total or percentage on this page.

401K, Common Stock, $.01 Par Value: 1,196 shares, last reported Dec 31, 2013
Direct, Performance Units: 7,134 shares, last reported Jan 22, 2013

Michael Moehn

Minor difference of 2,518 shares. Small increase from a 401(k) plan and dividend reinvestment. Includes unvested RSUs, amount not disclosed. Small increase from a 401(k) plan and dividend reinvestment. Additional holdings last reported more than 3 years ago are shown separately and excluded from totals. New Form 3 filed 2008-02-19; earlier filings set aside.

Group President, Utilities

210K

−26K

205K

98%

Vesting, gifts, unvested awards and holding lines for Michael Moehn

0shares vested or exercised

0gifted (net of own trusts)

−14Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Small increase from a 401(k) plan and dividend reinvestment. Filing 1 Filing 2 Filing 3
Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
New Form 3 filed 2008-02-19; earlier filings set aside.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common Stock, $.01 Par Value	204,879	199,689
401(K)	Common Stock, $.01 Par Value	5,147	5,304

Additional holdings last reported Dec 31, 2013, not confirmed since: 5,044 shares. Not included in any total or percentage on this page.

401K, Common Stock, $.01 Par Value: 3,367 shares, last reported Dec 31, 2013
Direct, Performance Units: 1,677 shares, last reported Jan 22, 2013

Reconciliation: minor difference of 2,518 shares. Small increase from a 401(k) plan and dividend reinvestment.

Ellen Fitzsimmons

Minor difference of 143 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Director

51K

53K

no sales

Vesting, gifts, unvested awards and holding lines for Ellen Fitzsimmons

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock, $.01 Par Value	51,197	53,026

Reconciliation: minor difference of 143 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Mark Lindgren

Minor difference of 137 shares. Difference is under 0.5% of holdings. Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

VP & Chief HR Officer of Sub, Director

44K

−2.1K

47K

+5.5%

Vesting, gifts, unvested awards and holding lines for Mark Lindgren

0shares vested or exercised

0gifted (net of own trusts)

−2.1Kwithheld by the company for taxes

none reportedunvested awards, start → end

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock, $.01 Par Value	42,574	44,983
401(K)	Common Stock, $.01 Par Value	1,701	1,733

Additional holdings last reported Apr 24, 2015, not confirmed since: 2,486 shares. Not included in any total or percentage on this page.

401K, Common Stock, $.01 Par Value: 2,486 shares, last reported Apr 24, 2015

Reconciliation: minor difference of 137 shares. Difference is under 0.5% of holdings.

Steven Lipstein

Director

38K

no sales

Vesting, gifts, unvested awards and holding lines for Steven Lipstein

0shares vested or exercised

−2.3Kgifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock, $.01 Par Value	38,476	37,862

Ajay Arora

Minor difference of 192 shares. Difference is under 0.5% of holdings. Includes unvested RSUs, amount not disclosed. Unvested RSUs stated in footnotes are excluded from owned shares. Started reporting during the period; starting holdings are from the Form 3.

EVP of Subsidiary

35K

−3K

46K

+33%

Vesting, gifts, unvested awards and holding lines for Ajay Arora

0shares vested or exercised

0gifted (net of own trusts)

−1Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Unvested RSUs stated in footnotes are excluded from owned shares.
Started reporting during the period; starting holdings are from the Form 3.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common Stock, $.01 Par Value	8,888	23,119
family trust	Common Stock, $.01 Par Value	24,037	21,037
401(k)	Common Stock, $.01 Par Value	1,699	1,756

Reconciliation: minor difference of 192 shares. Difference is under 0.5% of holdings.

Theresa Shaw

Minor difference of 336 shares. Small increase from a 401(k) plan and dividend reinvestment. Includes unvested RSUs, amount not disclosed. Small increase from a 401(k) plan and dividend reinvestment.

SVP and CATO

32K

−2.8K

33K

+5.3%

Vesting, gifts, unvested awards and holding lines for Theresa Shaw

0shares vested or exercised

−1.4Kgifted (net of own trusts)

−1.3Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Small increase from a 401(k) plan and dividend reinvestment. Filing 1 Filing 2 Filing 3

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common Stock, $.01 Par Value	30,764	32,340
401(k)	Common Stock, $.01 Par Value	826	928

Reconciliation: minor difference of 336 shares. Small increase from a 401(k) plan and dividend reinvestment.

Catherine Brune

Director

25K

27K

no sales

Vesting, gifts, unvested awards and holding lines for Catherine Brune

0shares vested or exercised

−450gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock, $.01 Par Value	25,392	26,628

Richard Harshman

Minor difference of 551 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Director

22K

−2.5K

22K

99%

Vesting, gifts, unvested awards and holding lines for Richard Harshman

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock, $.01 Par Value	22,398	22,135

Reconciliation: minor difference of 551 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Ryan Martin

Minor difference of 196 shares. Small increase from a 401(k) plan. Includes unvested RSUs, amount not disclosed. Unvested RSUs stated in footnotes are excluded from owned shares. Small increase from a 401(k) plan. Started reporting during the period; starting holdings are from the Form 3.

SVP Finance

21K

−2.3K

27K

+28%

Vesting, gifts, unvested awards and holding lines for Ryan Martin

0shares vested or exercised

0gifted (net of own trusts)

−726withheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Unvested RSUs stated in footnotes are excluded from owned shares.
Small increase from a 401(k) plan. Filing 1 Filing 2 Filing 3
Started reporting during the period; starting holdings are from the Form 3.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common Stock, $.01 Par Value	19,671	25,595
401(k)	Common Stock, $.01 Par Value	1,770	1,837

Reconciliation: minor difference of 196 shares. Small increase from a 401(k) plan.

Patrick Smith

Holdings couldn't be fully reconciled. Balance changed with no matching transaction and no footnote: +407 shares on Feb 5, 2026 (Spouse). See the filing Sales and other transactions for Patrick Smith are complete.

Chairman & President of Sub

n/a

−2.4K

n/a

Vesting, gifts, unvested awards and holding lines for Patrick Smith

0shares vested or exercised

−120gifted (net of own trusts)

−910withheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Unvested RSUs stated in footnotes are excluded from owned shares.
Started reporting during the period; starting holdings are from the Form 3.

Holdings couldn't be fully reconciled. Balance changed with no matching transaction and no footnote: +407 shares on Feb 5, 2026 (Spouse). The balances below are as reported, not verified totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common Stock, $.01 Par Value	14,123	20,275
401(k)	Common Stock, $.01 Par Value	3,018	3,113
Spouse	Common Stock, $.01 Par Value	390	968

Ward Dickson

Minor difference of 482 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Director

17K

19K

no sales

Vesting, gifts, unvested awards and holding lines for Ward Dickson

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock, $.01 Par Value	16,778	18,946

Reconciliation: minor difference of 482 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Craig Ivey

Minor difference of 416 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Director

14K

17K

no sales

Vesting, gifts, unvested awards and holding lines for Craig Ivey

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock, $.01 Par Value	14,495	16,597

Reconciliation: minor difference of 416 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Rafael Flores

Minor difference of 569 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Director

14K

−2.5K

14K

98%

Vesting, gifts, unvested awards and holding lines for Rafael Flores

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock, $.01 Par Value	14,107	13,888

Reconciliation: minor difference of 569 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Cynthia Brinkley

Minor difference of 220 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Director

12K

13K

no sales

Vesting, gifts, unvested awards and holding lines for Cynthia Brinkley

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock, $.01 Par Value	11,588	13,494

Reconciliation: minor difference of 220 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Leo Mackay Jr.

Minor difference of 283 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Director

9.9K

12K

no sales

Vesting, gifts, unvested awards and holding lines for Leo Mackay Jr.

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock, $.01 Par Value	9,865	11,834

Reconciliation: minor difference of 283 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Eric Seidler

Minor difference of 82 shares. Small increase from a 401(k) plan and dividend reinvestment. Includes unvested RSUs, amount not disclosed. Unvested RSUs stated in footnotes are excluded from owned shares. Small increase from a 401(k) plan and dividend reinvestment. Started reporting during the period; starting holdings are from the Form 3.

SVP of Subsidiary

7.6K

16K

no sales

Vesting, gifts, unvested awards and holding lines for Eric Seidler

0shares vested or exercised

0gifted (net of own trusts)

−982withheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Unvested RSUs stated in footnotes are excluded from owned shares.
Small increase from a 401(k) plan and dividend reinvestment. Filing 1 Filing 2
Started reporting during the period; starting holdings are from the Form 3.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common Stock, $.01 Par Value	5,841	14,041
401(k)	Common Stock, $.01 Par Value	1,769	1,793

Reconciliation: minor difference of 82 shares. Small increase from a 401(k) plan and dividend reinvestment.

Steven Vondran

Director

1.9K

3.6K

no sales

Vesting, gifts, unvested awards and holding lines for Steven Vondran

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock, $.01 Par Value	1,911	3,597

David Feinberg

Minor difference of 36 shares. Difference is under 0.5% of holdings. Includes unvested RSUs, amount not disclosed.

EVP, GC & Secretary

8.3K

no sales

Vesting, gifts, unvested awards and holding lines for David Feinberg

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common Stock, $.01 Par Value	0	8,260
401(k)	Common Stock, $.01 Par Value	0	9

Reconciliation: minor difference of 36 shares. Difference is under 0.5% of holdings.

Jamie Engstrom

Started reporting during the period; starting holdings are from the Form 3.

Director

1.7K

no sales

Vesting, gifts, unvested awards and holding lines for Jamie Engstrom

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Started reporting during the period; starting holdings are from the Form 3.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock, $.01 Par Value	0	1,686
Direct	No securities are beneficially owned.	0	0

Timothy Rausch

Started reporting during the period; starting holdings are from the Form 3.

Director

1.3K

no sales

Vesting, gifts, unvested awards and holding lines for Timothy Rausch

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Started reporting during the period; starting holdings are from the Form 3.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock, $.01 Par Value	0	1,251
Direct	No securities are beneficially owned.	0	0

Aaron Melda

Minor difference of 30 shares. Difference is under 0.5% of holdings. Includes unvested RSUs, amount not disclosed. Started reporting during the period; starting holdings are from the Form 3.

Chairman & President of Sub

6.3K

no sales

Vesting, gifts, unvested awards and holding lines for Aaron Melda

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Started reporting during the period; starting holdings are from the Form 3.

Held through	Share class	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common Stock, $.01 Par Value	6,251
401(k)	Common Stock, $.01 Par Value	4
Direct	No securities are beneficially owned.	0

Reconciliation: minor difference of 30 shares. Difference is under 0.5% of holdings.

20 of 22 insiders fully reconciled: starting holdings plus reported transactions match ending holdings (5 exactly, 15 with a minor or footnoted difference). For 2 we show sales but not holdings; the ! icon on their rows explains why. Percentages cover 16 of 22 officers and directors. Left out: Martin Lyons and Patrick Smith (holdings couldn't be fully reconciled); David Feinberg, Jamie Engstrom, Timothy Rausch and Aaron Melda (held no vested shares at the start). "Still held" compares ending with starting vested shares; a plus sign means the holding grew.

What explains the selling$7.7M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $7.7M across 70,340 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

Disclosed plan · $6.3M · 82%

18%

The lighter segment is sales with no plan disclosed in the filing ($1.4M), including tax-related sales outside a plan.

No plan disclosed · $1.4M

Sales with no 10b5-1 plan and no tax reference in the filing. $334K of it is Ajay Arora. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Ajay Arora, Feb 17, 2026

Taxes

49,512 shares ($5.6M) were withheld by the company for taxes, which isn't a market sale.

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
Martin Lyons Chairman, President & CEO, Director	27K	$3.0M	100%	39%	Mar 3, 2026 to Mar 3, 2026
Michael Moehn Group President, Utilities	26K	$2.8M	100%	36%	Nov 3, 2025 to Aug 3, 2026
Ajay Arora EVP of Subsidiary	3K	$334K	0%	4%	Feb 17, 2026 to Feb 17, 2026
Theresa Shaw SVP and CATO	2.8K	$305K	100%	4%	Nov 14, 2025 to Aug 14, 2026
Rafael Flores Director	2.5K	$271K	0%	4%	Nov 17, 2025 to Sep 11, 2026
Richard Harshman Director	2.5K	$262K	0%	3%	Nov 14, 2025 to Nov 14, 2025
Ryan Martin SVP Finance	2.3K	$254K	0%	3%	Mar 4, 2026 to Aug 20, 2026
Patrick Smith Chairman & President of Sub	2.4K	$252K	0%	3%	Nov 14, 2025 to Nov 14, 2025
Mark Lindgren VP & Chief HR Officer of Sub, Director	2.1K	$232K	100%	3%	Mar 3, 2026 to Mar 3, 2026

Sales by month

Month	Sale proceeds	Disclosed plan	To cover taxes	No plan disclosed
Oct 2025	$0	$0	$0	$0
Nov 2025	$1.3M	$693K	$0	$580K
Dec 2025	$0	$0	$0	$0
Jan 2026	$0	$0	$0	$0
Feb 2026	$1.2M	$710K	$0	$513K
Mar 2026	$3.4M	$3.2M	$0	$147K
Apr 2026	$0	$0	$0	$0
May 2026	$938K	$938K	$0	$0
Jun 2026	$0	$0	$0	$0
Jul 2026	$0	$0	$0	$0
Aug 2026	$850K	$744K	$0	$107K
Sep 2026	$26K	$0	$0	$26K
Oct 2026	$0	$0	$0	$0

Is this normal? Selling year by year5 earlier years to compare with

Less than usual: about two-thirds of the 5-year average. 9 insiders sold; the average is 8 a year.

12 months ending	Shares sold	Insiders who sold	Proceeds
Oct 8, 2026 Latest 12 months	70K	9	$7.7M
Oct 8, 2025 1 year earlier	57K	7	$5.7M
Oct 8, 2024 2 years earlier	37K	6	$2.8M
Oct 9, 2023 3 years earlier	177K	7	$14.9M
Oct 9, 2022 4 years earlier	205K	9	$18.4M
Oct 9, 2021 5 years earlier	113K	10	$8.4M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty2 insiders whose holdings couldn't be fully reconciled

Martin Lyons: holdings couldn't be fully reconciled (difference of 2,042 shares). Balance changed without a matching transaction, and the footnote does not state the amount: +75 shares on Feb 5, 2026 (401(K)). Filing, Feb 5, 2026

Footnote: "Represents the estimated number of share equivalents held by the reporting person in the unitized stock fund included in the Ameren Corporation Savings Investment Plan as of January 31, 2026."

Patrick Smith: holdings couldn't be fully reconciled (difference of 780 shares). Balance changed with no matching transaction and no footnote: +407 shares on Feb 5, 2026 (Spouse). Filing, Feb 5, 2026

Michael Moehn: minor difference of 2,518 shares. Small increase from a 401(k) plan and dividend reinvestment.

Ellen Fitzsimmons: minor difference of 143 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Mark Lindgren: minor difference of 137 shares. Difference is under 0.5% of holdings.

Ajay Arora: minor difference of 192 shares. Difference is under 0.5% of holdings.

Theresa Shaw: minor difference of 336 shares. Small increase from a 401(k) plan and dividend reinvestment.

Richard Harshman: minor difference of 551 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Ryan Martin: minor difference of 196 shares. Small increase from a 401(k) plan.

Ward Dickson: minor difference of 482 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Craig Ivey: minor difference of 416 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Rafael Flores: minor difference of 569 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Cynthia Brinkley: minor difference of 220 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Leo Mackay Jr.: minor difference of 283 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Eric Seidler: minor difference of 82 shares. Small increase from a 401(k) plan and dividend reinvestment.

David Feinberg: minor difference of 36 shares. Difference is under 0.5% of holdings.

Aaron Melda: minor difference of 30 shares. Difference is under 0.5% of holdings.

Inferred rename: "Customer for Daughter #1" is treated as the same holder as "Custodian for Daughter #1", because the old name was never reported again and the new one opened with the same balance (46 shares). Old name, new name

Inferred rename: "401K" is treated as the same holder as "401(K)", because the old name was never reported again and the new one opened with the same balance (120 shares). Old name, new name

Inferred rename: "401K" is treated as the same holder as "401(K)", because the old name was never reported again and the new one opened with the same balance (1,469 shares). Old name, new name

Inferred typo: the share class "Common Stock $.01 Par Value" is treated as the same class as "Common Stock, $.01 Par Value" on 2 holding lines, because the two spellings are nearly identical and each balance carried over exactly. Example (Craig Nelson, 6,025 shares): old title, new title

Inferred typo: the share class "Performance Units" is treated as the same class as "Peformance Units" on 1 holding line, because the two spellings are nearly identical and each balance carried over exactly. Example (Thomas Voss, 5,513 shares): old title, new title

Inferred typo: the share class "Common Stock, $.01 Par Value" is treated as the same class as "Common Stock $.01 Par Value" on 1 holding line, because the two spellings are nearly identical and each balance carried over exactly. Example (David Whiteley, 16,416 shares): old title, new title

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology1,488 filings from SEC EDGAR, and how we read them

All 1,488 Forms 3, 4 and 5 filed for Ameren (SEC CIK 1002910) from Dec 20, 2002 to Sep 14, 2026, retrieved from SEC EDGAR on Oct 8, 2026. Prices are the ones reported in each filing, often weighted averages. 96 older filings exist only on paper and could not be read.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (71)No filing in 18 months; last reported balances, not in any total

Name	Last filed	Last reported balance
Mark Birk	Mar 4, 2025	110,560 shares, last reported balance as of Mar 4, 2025
Fadi Diya	Mar 4, 2025	79,393 shares, last reported balance as of Feb 28, 2025
Chonda Nwamu	Mar 4, 2025	43,717 shares, last reported balance as of Mar 4, 2025
Stephen Lee	Mar 4, 2025	5,958 shares, last reported balance as of Feb 28, 2025
James Johnson	Jan 7, 2025	60,196 shares, last reported balance as of Jan 3, 2025
Noelle Eder	Jan 7, 2025	16,609 shares, last reported balance as of Jan 3, 2025
Kimberly Harris	Jan 7, 2025	3,939 shares, last reported balance as of Jan 3, 2025
Bhavani Amirthalingam	Mar 4, 2024	39,867 shares, last reported balance as of Feb 29, 2024
Edward Coleman	Jan 5, 2024	35,043 shares, last reported balance as of Jan 3, 2024
Warner Baxter	Mar 2, 2023	256,292 shares, last reported balance as of Mar 2, 2023
Richard Mark	Apr 4, 2022	169,235 shares, last reported balance as of Mar 31, 2022
Mary Heger	Mar 2, 2022	84,279 shares, last reported balance as of Feb 28, 2022
Bruce Steinke	Mar 2, 2021	102,672 shares, last reported balance as of Mar 1, 2021
Stephen Wilson	Jan 5, 2021	31,758 shares, last reported balance as of Jan 2, 2021
Gregory Nelson	Mar 4, 2019	47,223 shares, last reported balance as of Mar 1, 2019
Gayle Jackson	Jan 4, 2019	30,449 shares, last reported balance as of Jan 2, 2019
Walter Galvin	Jan 4, 2019	30,683 shares, last reported balance as of Jan 2, 2019
Maureen Borkowski	Mar 2, 2017	45,805 shares, last reported balance as of Feb 28, 2017
Daniel Cole	Mar 3, 2016	90,794 shares, last reported balance as of Mar 1, 2016
Jackie Woodard	Jan 5, 2016	55,943 shares, last reported balance as of Dec 31, 2015
Charles Naslund	Mar 3, 2015	66,988 shares, last reported balance as of Feb 27, 2015
Patrick Stokes	Jan 9, 2015	29,328 shares, last reported balance as of Jan 9, 2015
Steven Sullivan	Mar 12, 2014	54,541 shares, last reported balance as of Mar 10, 2014
Thomas Voss	Mar 12, 2014	174,807 shares, last reported balance as of Mar 10, 2014
Adam Heflin	Mar 12, 2014	41,611 shares, last reported balance as of Mar 10, 2014
Jerre Birdsong	Mar 11, 2013	26,866 shares, last reported balance as of Mar 8, 2013
Stephen Brauer	Jan 11, 2013	21,218 shares, last reported balance as of Jan 10, 2013
Scott Cisel	Mar 2, 2012	42,240 shares, last reported balance as of Mar 1, 2012
Michael Mueller	Mar 3, 2011	15,074 shares, last reported balance as of Mar 1, 2011
Andrew Serri	Mar 3, 2011	23,908 shares, last reported balance as of Mar 2, 2011
Karen Foss	Feb 28, 2011	1,672 shares, last reported balance as of Feb 24, 2011
Charles Mueller	Jan 12, 2011	67,015 shares, last reported balance as of Jan 10, 2011
Harvey Saligman	Jan 12, 2011	24,068 shares, last reported balance as of Jan 10, 2011
Gary Rainwater	Mar 2, 2010	136,806 shares, last reported balance as of Mar 1, 2010
Douglas Oberhelman	Jan 14, 2010	12,155 shares, last reported balance as of Jan 13, 2010
Susan Elliott	Jan 14, 2010	11,729 shares, last reported balance as of Jan 13, 2010
Donna Martin	May 15, 2009	9,310 shares, last reported balance as of May 14, 2009
Richard Liddy	Feb 10, 2009	17,909 shares, last reported balance as of Dec 31, 2008
Gordon Lohman	Feb 10, 2009	10,049 shares, last reported balance as of Dec 31, 2008
Alan Kelley	Feb 10, 2009	30,439 shares, last reported balance as of Dec 31, 2008
Richard Lumpkin	Feb 8, 2008	12,858 shares, last reported balance as of Dec 31, 2007
David Whiteley	Mar 6, 2007	16,773 shares, last reported balance as of Mar 2, 2007
Charles Bremer	Feb 14, 2006	24,917 shares, last reported balance as of Dec 31, 2005
Jimmy Davis	Feb 14, 2006	10,005 shares, last reported balance as of Dec 31, 2005
Michael Menne	Feb 14, 2006	9,095 shares, last reported balance as of Dec 31, 2005
Craig Nelson	Feb 14, 2006	10,338 shares, last reported balance as of Dec 31, 2005
Robert Powers	Feb 14, 2006	6,066 shares, last reported balance as of Dec 31, 2005
Jerry Simpson	Feb 14, 2006	19,054 shares, last reported balance as of Dec 31, 2005
Ronald Zdellar	Feb 14, 2006	43,474 shares, last reported balance as of Dec 31, 2005
David Schepers	Feb 14, 2006	8,603 shares, last reported balance as of Dec 31, 2005
Dennis Weisenborn	Feb 14, 2006	6,177 shares, last reported balance as of Dec 31, 2005
Scott Glaeser	Feb 14, 2006	5,003 shares, last reported balance as of Dec 31, 2005
Robert Neff	Feb 14, 2006	4,868 shares, last reported balance as of Dec 31, 2005
Joseph Power	Feb 14, 2006	25 shares, last reported balance as of Dec 31, 2005
William Prebil	Feb 14, 2006	1,521 shares, last reported balance as of Dec 31, 2005
Ronald Affolter	Jan 11, 2006	8,752 shares, last reported balance as of Dec 31, 2005
Garry Randolph	Jan 11, 2006	12,297 shares, last reported balance as of Dec 31, 2005
Samuel Willis	Jan 10, 2006	28,277 shares, last reported balance as of Dec 31, 2005
Timothy Herrmann	Jan 10, 2006	2,262 shares, last reported balance as of Jan 1, 2006
Clifford Greenwalt	Jan 9, 2006	33,485 shares, last reported balance as of Dec 31, 2005
Thomas Hays	Jan 9, 2006	15,217 shares, last reported balance as of Jan 6, 2006
John Maccarthy	Jan 9, 2006	14,661 shares, last reported balance as of Dec 31, 2005
Paul Miller Jr.	Jan 9, 2006	10,534 shares, last reported balance as of Dec 31, 2005
Paul Agathen	Jan 18, 2005	15,724 shares, last reported balance as of Dec 31, 2004
Kay Smith	Jan 18, 2005	3,937 shares, last reported balance as of Dec 31, 2004
William Cornelius	Jan 7, 2005	18,002 shares, last reported balance as of Dec 31, 2004
Clarence Hopf Jr.	Jan 29, 2004	2,135 shares, last reported balance as of Mar 31, 2003
Hanne Merriman	Aug 29, 2003	5,555 shares, last reported balance as of Aug 29, 2003
Michael Montana		No balance on record
William Shores		No balance on record
Gilbert Moorman		No balance on record

Ameren insiders sold $7.7M in the past 12 months. How much of their stake is that?

What stands out

Who sold, and how much of their stake

Selling by month

Outside holders, reported separately

Common questions

Is the Ameren CEO selling stock?

Why are Ameren insiders selling?

Are any Ameren insiders buying?

How much of their stake did Ameren insiders sell?

The evidence

No plan disclosed · $1.4M

Taxes

Sales by month