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Year-end fiscal 2025 update November 14, 2025
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This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our forward-looking statements in this presentation speak only as of today, and we assume no duty to update them. Forward- looking statements are typically identified by words such as, but not limited to: “estimates,” “expects,” “anticipates,” “intends,” “targets,” “plans,” “forecasts,” and similar expressions. Although our forward-looking statements are based on reasonable assumptions, various uncertainties and risk factors may cause future performance or results to be different than those anticipated. More complete descriptions and listings of these uncertainties and risk factors can be found in our annual (Form 10-K) and quarterly (Form 10-Q) filings with the Securities and Exchange Commission. This presentation also includes “adjusted earnings,” “adjusted earnings per share,” and “contribution margin,” which are non- GAAP measures used internally by management when evaluating the Company’s performance and results of operations. Adjusted earnings exclude from net income, as applicable, the impacts of fair value accounting and timing adjustments associated with energy-related transactions, the impacts of acquisition, divestiture and restructuring activities and the largely non-cash impacts of impairments and other non-recurring or unusual items such as certain regulatory, legislative, or GAAP standard-setting actions. The fair value and timing adjustments, which primarily impact the Gas Marketing segment, include net unrealized gains and losses on energy-related derivatives resulting from the current changes in the fair value of financial and physical transactions prior to their completion and settlement, lower of cost or market inventory adjustments, and realized gains and losses on economic hedges prior to the sale of the physical commodity. Management believes that excluding these items provides a useful representation of the economic impact of actual settled transactions and overall results of ongoing operations. Contribution margin adjusts revenues to remove the costs that are directly passed on to customers and collected through revenues, which are the wholesale cost of natural gas and gross receipts taxes. These internal non-GAAP operating metrics should not be considered as an alternative to, or more meaningful than, traditional GAAP measures such as operating income, net income, or earnings per share. Reconciliation of adjusted earnings to net income is contained in our SEC filings and in the Appendix to this presentation. Note: Years shown in this presentation are fiscal years ended September 30. Investor Relations contact: Megan L. McPhail Managing Director, Investor Relations 314-309-6563 | Megan.McPhail@SpireEnergy.com Forward-looking statements and use of non-GAAP measures S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e2
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S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e Scott Doyle President and Chief Executive Officer • Strategy and business review 3 Adam Woodard Executive Vice President and Chief Financial Officer • Financial update
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Key messages S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e4 1Excludes the results of the pending acquisition of the Piedmont Natural Gas Tennessee business. 2Reflects a full year of earnings contributions from the Piedmont Tennessee business and excludes earnings from Spire’s natural gas storage facilities due to the expected sale of the assets. Both the acquisition and sale are subject to regulatory approvals. The acquisition is expected to close following standard regulatory reviews, while any sale of the storage assets also requires final authorization by Spire’s Board of Directors. 3Using FY27 guidance midpoint of $5.75 as a base. Financial and operational performance • Achieved FY25 adjusted EPS of $4.44 vs. $4.13 in FY24; 7.5% growth • Safely and reliably delivered natural gas • Invested $922M of capital in FY25; $817M Utility capex Regulatory • Reached a constructive outcome in the Missouri rate case • Worked with stakeholders to introduce future test year framework in Missouri Outlook • FY26 adjusted EPS guidance range of $5.25 to $5.45 1 • FY27 adjusted EPS guidance range of $5.65 to $5.852 • Adjusted EPS long-term growth target of 5-7%3 • 10-year capex plan of $11.2B Acquisition • Announced acquisition of the Piedmont Natural Gas Tennessee business Focused on our strategy to grow organically, invest in infrastructure and drive operational excellence.
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Delivered on FY25 business priorities S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e5 Operational excellence Delivered reliable natural gas with a focus on safety Invested $922M of capital for the benefit of customers Focused on customer affordability, including cost management Regulatory Achieved constructive regulatory outcomes Strengthened regulatory recovery mechanisms Financial Delivered adjusted EPS of $4.44; within original earnings guidance range of $4.40 to $4.60 Maintained balance sheet strength Acquisition integration of Tennessee business Initiated regulatory approval process and planning for business integration ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
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Piedmont Natural Gas Tennessee acquisition update 6 Gas utility territories Spire STL Pipeline Spire MoGas Pipeline Approvals update • Hart-Scott-Rodino review completed • Tennessee Public Utility Commission approval pending1 Financing plan update • Pursuing permanent financing plan consistent with Spire’s current credit ratings • Financing includes balanced mix of debt, equity and hybrid securities – Minimal common equity to be issued • Evaluation process ongoing for sale of gas storage facilities as a source of funds Transition planning update • Seamless transition for customers and employees remains top priority • Integration led and supported by a highly experienced team • 18-month Transition Service Agreement (TSA) S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e On track to close in Q1 calendar 2026 Nashville St. LouisKansas City Birmingham TENNESSEE MISSOURI MISSISSIPPI ALABAMA Hattiesburg Mobile 1Docket No. 25-00074.
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$6.0 56% $0.4, 4% $2.1 20% $2.2 20% Missouri Gulf / Mississippi Alabama Tennessee $4.6 56% $0.3, 4% $1.7 21% $1.6 19% Earnings power driven by growth across jurisdictions • Long-term EPS growth target of 5-7%2 supported by: – Robust rate base growth: ~7% in Missouri and ~7.5% in Tennessee – Regulated equity growth: ~6% in Alabama and Gulf – Strategic investments: 5-year capital plan of $4.8B (FY26-FY30E) – Constructive capital recovery mechanisms 1Reflects year-end estimates. Amounts shown for Spire Alabama and Spire Gulf reflect total regulatory capitalization. For ratemaking purposes, the RSE mechanism in Alabama applies the return on equity to average regulatory common equity in the capital structure rather than rate base. 2Using FY27 guidance midpoint of $5.75 as a base. Utility rate base and total capitalization1 (Billions) $10.7B S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e7 FY30E $8.2B FY26E
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FY25 adjusted earnings Overall adjusted earnings1 higher +$28.1M due to: • Gas Utility earnings (pre-tax) growth reflects: higher MO ISRS revenues (+$33.5M) and AL RSE (+5.0M); partially offset by AL usage net of weather mitigation (-$3.0M), higher run-rate O&M2 (-$13.1M) and depreciation expense (-$14.0M) • Higher Midstream growth driven by additional storage capacity, contract renewals at higher rates and asset optimization; acquisition of MoGas; partially offset by higher O&M (-$13.1M) and depreciation expense due to scale • Gas Marketing results increased due to the business being well-positioned to create value, partially offset by higher storage and transportation fees • Other reflects lower corporate expense offset by the absence of FY24 (-$6.3M) after-tax benefit of an interest rate hedge and higher interest expense due to higher short-term balances 1See adjusted earnings reconciliation to GAAP. 2See Key FY25 variances in Appendix for run-rate O&M reconciliation. $247.4 $275.5 $10.6 $22.8 $2.5 $(7.8) FY24 Gas Utility Midstream Gas Marketing Other & elims FY25 (Millions) S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e8
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(Millions) Twelve months ended September 30, 2025 2024 Notes Contribution Margin1 Gas Utility 1,236.7$ 1,199.2$ $ ― $ ― 37.5$ MO ISRS (+$33.5); AL RSE (+$5.0); usage net of weather mitigation: MO (no variance), AL (-$3.0) Gas Marketing 63.5 62.1 $ ― (2.0) 3.4 Well positioned to create value; offset in part by higher storage and transportation fees Midstream 152.5 99.6 $ ― $ ― 52.9 Increased storage capacity, new contracts at higher rates and asset optimization; addition of MoGas Other and eliminations 2.5 0.6 $ ― $ ― 1.9 1,455.2$ 1,361.5$ $ ― (2.0)$ 95.7$ Operation and Maintenance Gas Utility 467.1$ 452.8$ 9.6$ (5.0)$ 9.7$ Excluding bad debt decrease of $3.4, run-rate O&M is $13.1 higher due to higher employee costs and operating expenses Gas Marketing 19.4 18.2 $ ― $ ― 1.2 Midstream 45.3 34.7 (0.2) (2.3) 13.1 Higher operational costs due to higher activity; addition of MoGas Other and eliminations 10.3 1.7 $ ― 9.5 (0.9) Lower corporate costs 542.1$ 507.4$ 9.4$ 2.2$ 23.1$ Depreciation and Amortization 298.2 278.4 $ ― $ ― 19.8$ Rate base growth Taxes, Other than Income Taxes 2 206.7 215.6 $ ― $ ― (8.9) Lower GRT, partially offset by higher property tax Interest Expense, Net 204.1 201.1 $ ― 5.4 (2.4) Higher LT and ST debt balances, partially offset by lower LT and ST rates Other Income, Net 11.6 22.4 9.4 $ ― (20.2) Lower benefit of gas carrying cost credits (-$9.4); settlement of an interest rate hedge of $8.2 (pre-tax) in FY24; lower returns on non-qualified benefit plans Income Tax Expense 59.7 58.7 $ ― (2.3) 3.3 Higher earnings and earnings mix Net variance As reported Pension reclass Earnings adjustments Key FY25 variances S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e9 1Contribution margin (non-GAAP) is operating revenues less gas costs and gross receipts taxes. See contribution margin reconciliation to GAAP in Appendix. 2Excludes gross receipts taxes.
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Capital plan overview 10 10-year capex forecast $11.2B (Millions) 70% 19% 11% $11.2B • Investing in infrastructure while balancing customer affordability • Expect to recover ~96% of investments via forward test year ratemaking, true-up or capital recovery mechanisms 10-year capex breakdown (FY26-FY35E) FY26E FY27E FY28E FY29E FY30E 5-year FY26 - FY30E Missouri $535 $555 $595 $630 $675 $2,990 Alabama, Gulf and MS 170 175 180 185 190 900 Tennessee1 90 175 185 200 215 865 Midstream2 14 1 1 1 1 18 Total $809 $906 $961 $1,016 $1,079 $4,773 10-year FY26 - FY35E $7,075 1,950 2,175 23 $11,223 Customer expansion Safety and reliability Other 1Includes Tennessee capex beginning 2H FY26. 2Excludes storage capex after FY26. S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e
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S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e11 Growth outlook • Long-term EPS growth target of 5-7%1 supported by – Robust rate base growth: ~7% in Missouri and ~7.5% in Tennessee – Regulated equity growth: ~6% in Alabama and Gulf – 10-year capex target of $11.2B (FY26-FY35E) • FY26 adjusted EPS guidance of $5.25 to $5.452 • FY27 adjusted EPS guidance of $5.65 to $5.853 • Dividend growth supported by 5-7% earnings growth FY26E FY27E Targeted adjusted EPS Growth $5.25 – $5.452 $5.65 – $5.853 1Using FY27 guidance midpoint of $5.75 as a base. 2Excludes the results of the pending acquisition of the Piedmont Natural Gas Tennessee business. 3Reflects a full year of earnings contributions from the Piedmont Tennessee business and excludes earnings from Spire’s natural gas storage facilities due to the expected sale of the assets. Both the acquisition and sale are subject to regulatory approvals. The acquisition is expected to close following standard regulatory reviews, while any sale of the storage assets also requires final authorization by Spire’s Board of Directors. 4Using $5.35 and $5.75 midpoints of FY26 and FY27 adjusted EPS guidance ranges, respectively.
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12 FY26 guidance by segment1 Gas Utility • New rates: – Spire Missouri base rates effective in Oct. and ISRS – Spire Alabama and Gulf rates effective in Dec. • O&M expense targeted below the rate of inflation • Higher depreciation and interest expense Gas Marketing • Rebased reflecting current market conditions Midstream • Full year of storage operations: – Higher O&M, depreciation and interest expense reflecting scale – Decrease in expected optimization earnings • Pipelines executing at run-rate Corporate & other • Lower interest expense primarily due to lower long-term rates Key drivers compared to FY25 Adjusted earnings by business segment (Millions) FY25 actual FY26 target Gas Utility $231 $285 – $315 Gas Marketing 26 19 – 23 Midstream 56 42– 48 Corporate & other (38) (37) – (31) S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e ~65% ~35% Midstream FY26 adjusted earnings StoragePipelines 1Excludes the results of the pending acquisition of the Piedmont Tennessee business.
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Debt maturities and expected issuances (Millions) $480 $100 $45 $550 $700 $0 FY26E FY27E FY28E Maturities Expected issuances S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e Base business financing plan Excludes Tennessee acquisition • Equity – FY26E to FY28E: $0-$50M per year • Debt – Refinancing of maturities and funding of capital plan – $200M Spire Missouri First Mortgage Bonds issued Oct. 231 • Proceeds used for general corporate purposes • FFO/Debt target of 15-16% 13 1Includes $150M 4.60% FMB due Sept. 15, 2030, and $50M 4.65% FMB due Jan. 15, 2031.
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FY26 business priorities S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e14 Operational excellence • Safely and reliably deliver natural gas • Deploy and recover capital efficiently • Focus on customer affordability, including cost management Regulatory • Achieve constructive regulatory outcomes • Prepare to file future test year rate case in Missouri Financial • Deliver adjusted EPS of $5.25 to $5.45 • Maintain balance sheet strength Acquisition of Tennessee business • Successfully finance and close acquisition • Conclude evaluation of storage asset sale • Integrate business seamlessly
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Appendix S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e15
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$1.84 $1.96 $2.10 $2.25 $2.37 $2.49 $2.60 $2.74 $2.88 $3.02 $3.14 $3.301 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Growing our dividend • 2026 annualized dividend increased 5.1% to $3.30 per share • Supported by long-term 5-7% adjusted earnings per share growth • 2026 marks 23 consecutive years of increases; 81 years of continuous payment • Part of the S&P’s Dividend Aristocrats Index • Targeted dividend payout ratio 55-65% Annualized dividend per share 1Quarterly dividend of $0.825 per share payable January 5, 2026, annualized. S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e16
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Natural gas as the affordable choice Electricity is 2x to 3x more expensive than natural gas in Spire’s states S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e17 1US Energy Information Agency residential customer electric rates for the twelve-month average ending August 2025. 2Represents Spire’s kWh equivalent current average residential customer rate. 13.17¢ 15.82¢ 13.80¢ 5.38¢ 5.92¢ 4.55¢ Missouri Alabama Mississippi Electricity Natural gas 21 kWh equivalent
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Natural gas bills remain minimal portion of wallet1 S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e18 1.06% 1.35% 1.48% 1.32% 1.69% 1.85% Mississippi Alabama Missouri Wallet Share Low Income Wallet Share Median Income 1Reflects Spire’s average residential usage and current rates. 2Low income is considered at or below 80% of the area median income, as determined by the U.S. Department of Housing and Urban Development. 3Real median household income as determined by Federal Reserve Bank of St. Louis. 2 3
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Spire Alabama and Spire Gulf Spire Mississippi Spire Missouri Tennessee RRA ranking Above Average / 1 Above Average / 3 Average / 2 Above Average / 3 Rate setting mechanism Rate stabilization and equalization (RSE) – forward test year Rate stabilization adjustment (RSA) – formula ratemaking Historical test year – future test year after July 20261 ARM – historical, with annual true-up mechanism Effective date of rates Dec. 2024 Jan. 2025 Oct. 2025 Oct. 2025 Allowed ROE Alabama: 9.5% – 9.9% Gulf: 9.7% – 10.3% 9.54% – 11.54% Not specified2 9.8% Allowed equity ratio actual up to 55.5% 50.0% Not specified2 47.89% Infrastructure rider Infrastructure System Replacement Surcharge Weather normalization ✓ ✓ ✓ ✓ Purchased gas rider ✓ ✓ ✓ ✓ Other trackers Cost Control Measure Pension/OPEB, property tax, EE 1The passage of Senate Bill 4 in April 2025 will allow for future test year ratemaking for rate cases filed after July 2026. 2Settled Spire Missouri 2024 rate case did not specify ROE or equity ratio. Staff’s direct testimony included a recommended mid-point ROE of 9.63% and 53.19% equity ratio Constructive regulatory jurisdictions S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e19
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Twelve months ended September 30, 2025 2024 2025 2024 Net Income [GAAP] 271.7$ 250.9$ 4.37$ 4.19$ Fair value and timing adjustments, pre-tax (10.4) (12.4) (0.17) (0.22) Acquisition and restructuring activities, pre-tax 15.2 7.6 0.26 0.14 Income tax effect of adjustments (1.0) 1.3 (0.02) 0.02 Adjusted Earnings1 [non-GAAP] 275.5$ 247.4$ 4.44$ 4.13$ By segment Variance Gas Utility 231.4$ 220.8$ 10.6$ Gas Marketing 25.9 23.4 2.5 Midstream 56.3 33.5 22.8 Other (38.1) (30.3) (7.8) Average diluted shares outstanding 58.7 56.3 Millions Per diluted common share 1See adjusted earnings reconciliation to GAAP in Appendix. FY25 adjusted earnings 20 S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e
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Q4 FY25 adjusted earnings 21 S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e 1See adjusted earnings reconciliation to GAAP in Appendix. Three months ended September 30, 2025 2024 2025 2024 Net Loss [GAAP] (39.8)$ (25.9)$ (0.74)$ (0.51)$ Fair value and timing adjustments, pre-tax 5.4 (3.2) 0.09 (0.06) Acquisition and restructuring activities, pre-tax 15.2 0.9 0.26 0.02 Income tax effect of adjustments (4.9) 0.6 (0.08) 0.01 Adjusted Loss1 [non-GAAP] (24.1)$ (27.6)$ (0.47)$ (0.54)$ By segment Variance Gas Utility (31.6)$ (32.0)$ 0.4$ Gas Marketing 3.6 (0.3) 3.9 Midstream 12.3 13.4 (1.1) Other (8.4) (8.7) 0.3 Average diluted shares outstanding 59.0 57.7 Millions Per diluted common share
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Q4 FY25 adjusted earnings $(27.6) ($24.1) $0.4 ($1.1) $3.9 $0.3 FY24 Gas Utility Midstream Gas Marketing Other & elims FY25 1See adjusted earnings reconciliation to GAAP in Appendix. 2See Key Q4 FY25 variances for run-rate O&M reconciliation. (Millions) Adjusted loss1 $3.5M better due to: • Lower Gas Utility loss (pre-tax): higher MO ISRS revenues (+$9.0M) and higher AL usage net of weather mitigation (+$1.0M) mostly offset by higher run-rate O&M2 expenses (-$10.2M) and depreciation expense • Gas Marketing results increased due to the business being well-positioned to create value • Midstream earnings reflect additional storage capacity more than offset by higher O&M and depreciation expense due to scale as well as lower pipeline earnings • Other results reflect lower corporate costs mostly offset by increased interest expense resulting from higher balances S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e22
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(Millions) Three months ended September 30, 2025 2024 Notes Contribution Margin1 Gas Utility 197.2$ 187.0$ $ ― $ ― 10.2$ MO ISRS (+$9.0); AL RSE (no variance); usage net of weather mitigation: MO (-$0.9), AL (+$1.0) Gas Marketing 3.3 5.7 $ ― (8.3) 5.9 Well positioned to create value Midstream 41.5 31.6 $ ― $ ― 9.9 Increased storage capacity and higher rates Other and eliminations 0.6 0.2 $ ― $ ― 0.4 242.6$ 224.5$ $ ― (8.3)$ 26.4$ Operation and Maintenance Gas Utility 115.2$ 100.1$ 8.8$ (0.6)$ 6.9$ Excluding lower bad debt of $3.3, run-rate O&M is $10.2 higher, reflecting higher non-payroll operating expenses and, payroll related costs Gas Marketing 4.6 3.3 $ ― $ ― 1.3 Midstream 13.1 8.7 0.1 (0.1) 4.4 Larger scale Other and eliminations 9.9 0.1 $ ― 9.7 0.1 142.8$ 112.2$ 8.9$ 9.0$ 12.7$ Depreciation and Amortization 76.5$ 71.1$ $ ― $ ― 5.4$ Utility rate base growth and storage Taxes, Other than Income Taxes 2 37.9 36.1 $ ― $ ― 1.8 Higher property tax Interest Expense, Net 58.8 49.5 $ ― 5.4 3.9 Higher LT and ST debt balances, partially offset by lower ST rates Other Income, Net 3.4 (4.8) 8.9 $ ― (0.7) Lower benefit of carrying cost credits (-$0.8) Income Tax Benefit (16.1) (8.6) $ ― (5.5) (2.0) Primarily lower earnings Net variance Earnings adjustments3 As reported Pension reclass Key Q4 FY25 variances 1Contribution margin (non-GAAP) is operating revenues less gas costs and gross receipts taxes. See contribution margin reconciliation to GAAP in Appendix. 2Excludes gross receipts taxes. S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e23
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$100 3.93% $350 5.30% $130 3.13% $45 3.4% $19 7.0% $0 $100 $200 $300 $400 $500 $600 $700 $800 FY26 FY27 FY28 FY29 FY30 Spire Inc. Spire Missouri Spire Alabama Debt maturities and credit ratings Long-term debt maturities (Millions) Spire Inc. Spire Missouri Senior Secured Spire Alabama Senior Unsecured Senior Unsecured Short-Term Debt Moody’s Baa2 P-2 A1 A2 S&P BBB A-2 A BBB+ Credit ratings • Moody’s outlook “Stable” • S&P outlook “Negative” $90 4.88% $150 4.6% $275 2.84% $30 7.9% $100 2.88% $90 5.32% $480 $735 S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e24
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Twelve months ended September 30, 2025 2024 Variance 2025 2024 Variance Throughput (BCF) Residential 75.0 69.0 9% 17.1 17.1 0% Commercial & Industrial 34.1 31.5 8% 9.6 9.6 0% Transportation 47.9 46.4 3% 81.4 77.0 6% Total 157.0 146.9 7% 108.1 103.7 4% Total Customers1 1,213,375 1,208,565 0% 429,628 430,282 0% Heating degree days vs Normal2 -8.7% -19.1% -4.2% -9.0% Heating degree days vs. prior year 11.8% 2.9% Margin (millions) Residential 273.6$ 252.0$ 21.6$ 141.2$ 138.6$ 2.6$ Commercial & Industrial 60.2 55.5 4.7 52.8 50.9 1.9 Transportation 21.5 20.9 0.6 107.3 104.0 3.3 Weather Mitigation3 24.2 51.1 (26.9) 7.4 13.2 (5.8) Subtotal: Volumetric Margin 379.5$ 379.5$ $ — 308.7$ 306.7$ 2.0$ Customer charges, ISRS, OSS, other 412.3 378.6 33.7 54.2 52.6 1.6 Total Contribution Margin 791.8$ 758.1$ 33.7$ 362.9$ 359.3$ 3.6$ Spire Missouri Spire Alabama 4 FY25 throughput, customer, weather and margin data S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e25 1Average customers for 12 months ended September 30, 2025. 2Normal weather is based on heating degree days for past 30 years in each service territory. Spire Missouri reflects calendar degree days and Spire Alabama reflects billing degree days, which is consistent with contribution margin due to differences in tariffs. 3Weather mitigation in Missouri applied to residential customers in FY24 and FY25 (applies to small commercial customers beginning October 24, 2025). 4Includes -$3.0M for the net impact of weather mitigation and volumetric usage and +$5.0M RSE renewal.
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(Millions, except per share amounts) Gas Utility Gas Marketing Midstream Other Total Per diluted common share2 Twelve months ended September 30, 2025 Net Income (Loss) [GAAP] 231.4$ 33.7$ 56.3$ (49.7)$ 271.7$ 4.37$ Adjustments, pre-tax: Fair value and timing adjustments — (10.4) — — (10.4) (0.17) Acquisition activities — — — 15.2 15.2 0.26 Income tax effect of adjustments1 — 2.6 — (3.6) (1.0) (0.02) Adjusted Earnings (Loss) [non-GAAP] 231.4$ 25.9$ 56.3$ (38.1)$ 275.5$ 4.44$ Twelve months ended September 30, 2024 Net Income (Loss) [GAAP] 217.0$ 32.7$ 31.7$ (30.5)$ 250.9$ 4.19$ Adjustments, pre-tax: Fair value and timing adjustments — (12.4) — — (12.4) (0.22) Acquisition and restructuring activities 5.0 — 2.3 0.3 7.6 0.14 Income tax effect of adjustments1 (1.2) 3.1 (0.5) (0.1) 1.3 0.02 Adjusted Earnings (Loss) [non-GAAP] 220.8$ 23.4$ 33.5$ (30.3)$ 247.4$ 4.13$ FY25 adjusted earnings reconciliation to GAAP S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e26 1Income taxes are calculated by applying federal, state, and local income tax rates applicable to ordinary income to the amounts of the pre-tax reconciling items. 2Adjusted earnings per share is calculated by replacing consolidated net income with consolidated adjusted earnings in the GAAP diluted EPS calculation.
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FY25 contribution margin reconciliation to GAAP S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e27 (Millions) Gas Utility Gas Marketing Midstream Other Eliminations Consolidated Twelve months ended September 30, 2025 Operating Income (Loss) [GAAP] 406.2$ 42.1$ 83.8$ (8.2)$ $ — 523.9$ Operation and maintenance 467.1 19.4 45.3 28.3 (18.0) 542.1 Depreciation and amortization 277.6 1.0 19.2 0.4 — 298.2 Taxes, other than income taxes 201.3 1.2 4.2 0.1 (0.1) 206.7 Less: Gross receipts tax expense (115.5) (0.2) — — — (115.7) Contribution Margin [non-GAAP] 1,236.7 63.5 152.5 20.6 (18.1) 1,455.2 Natural gas costs 855.4 93.5 3.0 — (46.4) 905.5 Gross receipts tax expense 115.5 0.2 — — — 115.7 Operating Revenues 2,207.6$ 157.2$ 155.5$ 20.6$ (64.5)$ 2,476.4$ Twelve months ended September 30, 2024 Operating Income (Loss) [GAAP] 400.6$ 41.2$ 48.2$ (1.7)$ $ — 488.3$ Operation and maintenance 452.8 18.2 34.7 18.7 (17.0) 507.4 Depreciation and amortization 263.6 1.5 12.8 0.5 — 278.4 Taxes, other than income taxes 210.2 1.4 3.9 0.1 — 215.6 Less: Gross receipts tax expense (128.0) (0.2) — — — (128.2) Contribution Margin [non-GAAP] 1,199.2 62.1 99.6 17.6 (17.0) 1,361.5 Natural gas costs 1,110.7 36.9 1.1 — (45.4) 1,103.3 Gross receipts tax expense 128.0 0.2 — — — 128.2 Operating Revenues 2,437.9$ 99.2$ 100.7$ 17.6$ (62.4)$ 2,593.0$
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(Millions, except per share amounts) Gas Utility Gas Marketing Midstream Other Total Per diluted common share2 Three months ended September 30, 2025 Net (Loss) Income [GAAP] (31.6)$ (0.5)$ 12.3$ (20.0)$ (39.8)$ (0.74)$ Adjustments, pre-tax: Fair value and timing adjustments — 5.4 — — 5.4 0.09 Acquisition activities — — — 15.2 15.2 0.26 Income tax effect of adjustments1 — (1.3) — (3.6) (4.9) (0.08) Adjusted Earnings (Loss) [non-GAAP] (31.6)$ 3.6$ 12.3$ (8.4)$ (24.1)$ (0.47)$ Three months ended September 30, 2024 Net (Loss) Income [GAAP] (32.4)$ 2.0$ 13.2$ (8.7)$ (25.9)$ (0.51)$ Adjustments, pre-tax: Fair value and timing adjustments (0.1) (3.1) — — (3.2) (0.06) Acquisition and restructuring activities 0.6 — 0.2 0.1 0.9 0.02 Income tax effect of adjustments1 (0.1) 0.8 — (0.1) 0.6 0.01 Adjusted Earnings (Loss) [non-GAAP] (32.0)$ (0.3)$ 13.4$ (8.7)$ (27.6)$ (0.54)$ Q4 FY25 adjusted earnings reconciliation to GAAP S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e28 1Income taxes are calculated by applying federal, state, and local income tax rates applicable to ordinary income to the amounts of the pre-tax reconciling items. 2Adjusted earnings per share is calculated by replacing consolidated net income with consolidated adjusted earnings in the GAAP diluted EPS calculation.
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(Millions) Gas Utility Gas Marketing Midstream Other Eliminations Consolidated Three months ended September 30, 2025 Operating Income (Loss) [GAAP] (10.2)$ (1.7)$ 20.9$ (9.5)$ $ — (0.5)$ Operation and maintenance 115.2 4.6 13.1 14.6 (4.7) 142.8 Depreciation and amortization 70.0 0.1 6.3 0.1 — 76.5 Taxes, other than income taxes 36.3 0.3 1.2 0.1 — 37.9 Less: Gross receipts tax expense (14.1) — — — — (14.1) Contribution Margin [non-GAAP] 197.2$ 3.3$ 41.5$ 5.3$ (4.7)$ 242.6$ Three months ended September 30, 2024 Operating Income (Loss) [GAAP] (0.5)$ 1.7$ 18.7$ (0.1)$ $ — 19.8$ Operation and maintenance 100.1 3.3 8.7 4.5 (4.4) 112.2 Depreciation and amortization 67.3 0.4 3.3 0.1 — 71.1 Taxes, other than income taxes 34.8 0.3 0.9 0.1 — 36.1 Less: Gross receipts tax expense (14.7) — — — — (14.7) Contribution Margin [non-GAAP] 187.0$ 5.7$ 31.6$ 4.6$ (4.4)$ 224.5$ Q4 FY25 contribution margin reconciliation to GAAP S p i r e | Y e a r- e n d f i s c a l 2 0 2 5 u p d a t e29