Slides
Page 1
Third quarter fiscal 2026 update August 5 , 2026 spire
Page 2
This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and 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 materially different from those anticipated, including, among other things, weather conditions and catastrophic events; economic factors; the competitive environment; governmental and regulatory policy and action; the satisfaction of conditions to, and the timing and completion of, the announced dispositions (including receipt of required regulatory approvals); our ability to realize anticipated benefits from completed and announced transactions; transaction costs and potential disruption from completed and announced transactions; and our ability to retain and hire key personnel. More complete descriptions and listings of these uncertainties and risk factors can be found in our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed 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, to the extent incurred in a given period, the impacts of acquisition, divestiture and restructuring activities, the largely non-cash impacts of impairments, and the impacts of certain regulatory, legislative, or GAAP standard-setting actions. 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 | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e2
Page 3
Scott Doyle President and Chief Executive Officer • Strategy and business review Adam Woodard Executive Vice President and Chief Financial Officer • Financial and regulatory update S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e3
Page 4
Key messages 1Reflects continuing operations, excluding results of Spire Tennessee. Spire Marketing and Spire Storage are classified as discontinued operations. 2Reflects a full year of results from Spire Tennessee. Excludes results from Spire Mississippi due to the expected sale of the asset, in addition to Spire Marketing and Spire Storage which were sold in Q3 FY26. 3Uses original FY27 guidance midpoint of $5.75 as a base. Financial and operational performance • Q3 FY26 adjusted EPS improved $0.03 year over year to $(0.26) per share from $(0.29) in Q3 FY251 • Safely and reliably delivered natural gas • Continued focus on cost management and customer affordability Strategic update • Completed divestitures of Spire Marketing and Spire Storage in Q3 FY26 • Integration of Spire Tennessee underway with execution tracking to plan Regulatory • Spire Alabama and Spire Gulf RSE renewal hearings scheduled for Aug. 2026 • Spire Missouri reached AAO settlement in July 2026 • Spire Tennessee filed Annual Review Mechanism (ARM) with TPUC in May 2026 Outlook • Reaffirm FY26 adjusted EPS guidance range of $3.90 to $4.101 • Reaffirm FY27 adjusted EPS guidance range of $5.40 to $5.602 • Reaffirm adjusted EPS long-term growth target of 5-7%3 Focused on our strategy to grow organically, invest in infrastructure and drive continuous improvement. S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e4
Page 5
Fiscal 2026 business priorities 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 $3.90 to $4.10 from continuing operations • Maintain balance sheet strength Strategic transactions and integration • Successfully integrate Spire Tennessee • Execute on divestitures • Maintain focus on regulated utility growth and long-term shareholder value S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e5
Page 6
Fully regulated business profile supporting sustainable growth Spire’s transformed business mix enhances earnings quality, improves predictability and supports long-term value creation. Portfolio transformation complete, creating a fully regulated business mix of gas utilities1 and FERC- regulated pipeline Long-term earnings outlook supported by rate-base growth and constructive regulatory mechanisms Exit of storage and marketing businesses enhances earnings predictability and reduces volatility Regulated foundation Visibility and stability Reduced volatility S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e6 Positioned to deliver more predictable earnings growth through a fully regulated utility platform. 1Sale of Spire Mississippi expected to close Q1 FY27.
Page 7
Q3 FY26 adjusted earnings and EPS - continuing operations Key Q3 FY26 drivers vs. prior year: Gas Utility earnings (pre-tax) • New MO rates effective Oct. 2025: +$12.5M • MO ISRS: +$4.5M • AL rates under the RSE: +$2.6M • AL CCM: +$3.1M • Usage net of weather mitigation: +$1.8M – MO: $(1.4)M; AL: +$3.2M • Off-systems sales2: +$2.1M – MO: +$1.3M; AL: +$0.8M • Higher O&M expenses: $(3.8)M – Run-rate O&M3: MO: +$1.7M; AL: $(2.5)M – Bad debt expense: $(3.1)M • Higher depreciation expense: $(11.8)M – Partially offset through new rates • Higher taxes other than income taxes: $(4.0)M – A portion recovered in new rates • Higher interest expense: $(2.4)M Other & Eliminations • Higher corporate costs • Higher interest expense: $(4.3)M 7 1See adjusted earnings reconciliation to GAAP and Key Q3 FY26 variances – Continuing Operations in the Appendix. 2Off-system sales revenue is shared under regulatory mechanisms, ~75% returned to customers and ~25% retained by Spire. 3See Key FY26 operation and maintenance run rate reconciliation in the Appendix. S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e Adjusted earnings and EPS – continuing operations1 $(3.2) $(10.0) $(12.5) $(3.3) $(15.7) $(13.3) Q3 FY26 Q3 FY25 Gas Utility Other & Elims (Millions) Adj. EPS: $(0.26) Note: Adjusted EPS in FY25 includes ~$0.06/share of preferred dividend expense that did not recur in FY26 following the preferred share redemption. Adj. EPS: $(0.29)
Page 8
Adjusted earnings and growth outlook 1 Uses original FY27 guidance midpoint of $5.75 as a base. 2 Includes MoGas Pipeline previously included in Midstream segment. FY26 adjusted earnings exclude interest expense associated with the $900M of junior subordinated notes issued to finance the Tennessee acquisition. S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e8 Reaffirm 5-7% adjusted EPS growth target1 • Supported by~7% rate base growth and $11.2B ten-year capital plan FY26 adjusted earnings – continuing operations (Millions) FY26 Gas Utility $275 – $295 Corporate & other2 (46) – (40) Discontinued operations (not included): Marketing and Storage Adjusted EPS guidance M&A treatment in Guidance Reaffirm FY26 $3.90 − $4.10 (continuing operations) Excludes full year of Storage, Marketing and Tennessee; includes Mississippi Reaffirm FY27 $5.40 − $5.60 Excludes full year of Storage, Marketing and Mississippi; includes Tennessee
Page 9
Robust capex plan • Q3 YTD FY26 capex of $592M – Driven by Gas Utility investment including • $330M of infrastructure upgrades • $93M of new business • FY26 capex target remains $797M • 10-year capex target of ~$11.2B • Capital plan supports adjusted EPS long- term growth target of 5-7%1 – Rate base growth: ~7% in Missouri and ~7.5% in Tennessee – Regulated equity growth: ~6% in Alabama and Gulf 1Using original FY27 guidance midpoint of $5.75 as a base. 436 482 148 1191 87 Q3 YTD FY26 Q3 YTD FY25 Missouri Alabama, Gulf & MS Pipeline Tennessee Q3 YTD capex (Millions) $592 $609 535 90 2 170 FY26E $797 FY26 capex (Millions) 10-year capex breakdown (FY26-FY35E) 70% 19% 11% $11.2B Customer expansion Safety and reliability Other S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e9
Page 10
Debt maturities and expected issuances (Millions) $480 $100 $45 $800 $700 $0 FY26E FY27E FY28E Maturities Expected issuances • 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. 23, 20251 – $200M 6.375% Junior Subordinated Notes issued Jan. 12, 20262 • Proceeds used to redeem all shares of Spire Inc.’s preferred stock on Feb. 13, 2026 – $400M 4.6% Spire Inc. Senior Notes issued Feb. 9, 20263 • $375M interest rate hedge portfolio helps mitigate exposure to higher borrowing costs • FFO/Debt target of 14-15% 1Includes $150M 4.60% FMB due Sept. 15, 2030, and $50M 4.65% FMB due Jan. 15, 2031. 2Notes due 2086. 3Notes due 2031. 10 S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e Financing plan Excludes Tennessee acquisition funding
Page 11
Alabama regulatory update Spire Alabama and Spire Gulf • Rate Stabilization and Equalization (RSE) renewal process progressing as expected; hearings Aug. 6 and 7, 2026 • Proceedings limited to ROE, ROE range, term of RSE, Cost Control Mechanism and customer charge • Requests include: – Alabama: 10.5% ROE; 10.3% - 11.0% range – Gulf: 10.75% ROE; 10.55% - 11.25% range • RSE framework supports predictable regulatory outcomes and timely recovery S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e11
Page 12
Missouri regulatory update Spire Missouri • Accounting Authority Order (AAO) settlement reached in July 2026; subject to MoPSC approval – Stipulation and agreement recognizes need to enhance WNAR or develop a new regulatory mechanism • In May 2026, filed request with MoPSC for $21.3M in ISRS revenues – Expect rates to be effective by Nov. 2026 • Expect to file first future test year rate case in Nov. 2026 S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e12
Page 13
Tennessee regulatory update Spire Tennessee • Filed Annual Review Mechanism (ARM) on May 20, 2026 requesting $14M revenue increase: – Authorized ROE: 9.80% – Capital structure as of Dec. 31, 2025: 49.43% equity / 50.57% debt – Rate base as of Dec. 31, 2025: $1.514B • Constructive regulatory framework provides timely recovery of investments and costs S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e Key dates: Aug. 6: Consumer Advocate testimony Aug. 21: Rebuttal testimony Aug. 24: Settlement filing deadline Sept. 14: Target hearing date Oct. 1: Rates effective by 13
Page 14
Appendix S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e14
Page 15
Q3 FY26 adjusted earnings – continuing operations 1See adjusted earnings reconciliation to GAAP in Appendix. S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e15 Three months ended June 30, 2026 2025 2026 2025 Net Loss [GAAP] (42.6)$ (13.3)$ (0.72)$ (0.29)$ Adjustments, pre-tax: Acquisition activities 36.0 — 0.61 — Impairments 1.5 — 0.03 — Income tax effect of adjustments (10.6) — (0.18) — Adjusted Loss1 (15.7)$ (13.3)$ (0.26)$ (0.29)$ By segment Variance Gas Utility (3.2)$ (10.0)$ 6.8$ Other (12.5) (3.3) (9.2) Average diluted shares outstanding 59.1 59.1 Millions Per diluted common share
Page 16
Q3 FY26 YTD adjusted earnings – continuing operations 1See adjusted earnings reconciliation to GAAP in Appendix. S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e16 Nine months ended June 30, 2026 2025 2026 2025 Net Income [GAAP] 262.8$ 248.1$ 4.21$ 4.05$ Adjustments, pre-tax: Acquisition activities 74.8 — 1.27 — Gain on sale of subsidiary (28.9) — (0.49) — Impairments 5.4 — 0.09 — Income tax effect of adjustments (12.3) — (0.21) — Preferred share redemption costs 0.14 Adjusted Earnings1 301.8$ 248.1$ 5.01$ 4.05$ By segment Variance Gas Utility 335.5$ 263.0$ 72.5$ Other (33.7) (14.9) (18.8) Average diluted shares outstanding 59.2 58.5 Millions Per diluted common share
Page 17
Key Q3 FY26 variances – continuing operations 1Contribution margin is operating revenues less gas costs and gross receipts taxes. See Contribution margin (non-GAAP) reconciliation in Appendix. 2Excludes gross receipts tax. S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e17 (Millions) Three months ended June 30, 2026 2025 Acquisition activities Net variance Contribution Margin1 Gas Utility 284.7$ 223.0$ 31.1$ 30.6$ Other and eliminations 13.3 14.4 — (1.1) 298.0$ 237.4$ 31.1$ 29.5$ Operation and Maintenance Gas Utility 134.8$ 114.1$ 16.9$ 3.8$ Other and eliminations 13.5 5.5 4.6 3.4 148.3$ 119.6$ 21.5$ 7.2$ Depreciation and Amortization Gas Utility 92.3 70.0 10.5 11.8 Other and eliminations 2.9 2.8 — 0.1 95.2$ 72.8$ 10.5$ 11.9$ Taxes, Other than Income Taxes 2 Gas Utility 30.3 22.2 4.1 4.0 Other and eliminations 0.7 0.7 — — 31.0$ 22.9$ 4.1$ 4.0$ Interest Expense, Net Gas Utility 44.6$ 33.2$ 9.0$ 2.4 Other and eliminations 41.0 14.7 22.0 4.3 85.6$ 47.9$ 31.0$ 6.7$ Bad Debt Expense 6.6 3.5 — 3.1 As reported
Page 18
S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e18 Key Q3 YTD FY26 variances – continuing operations 1Contribution margin is operating revenues less gas costs and gross receipts taxes. See Contribution margin (non-GAAP) reconciliation in Appendix. 2Excludes gross receipts tax. (Millions) Nine months ended June 30, 2026 2025 Acquisition activities Net variance Contribution Margin1 Gas Utility 1,219.6$ 1,039.5$ 31.1$ 149.0$ Other and eliminations 41.8 42.5 — (0.7) 1,261.4$ 1,082.0$ 31.1$ 148.3$ Operation and Maintenance Gas Utility 376.5$ 351.9$ 16.9$ 7.7$ Other and eliminations 56.0 13.4 33.7 8.9 432.5$ 365.3$ 50.6$ 16.6$ Depreciation and Amortization Gas Utility 248.7 207.6 10.5 30.6 Other and eliminations 8.7 8.5 — 0.2 257.4$ 216.1$ 10.5$ 30.8$ Taxes, Other than Income Taxes 2 Gas Utility 80.4 63.5 4.2 12.7 Other and eliminations 2.3 2.2 — 0.1 189.9$ 65.7$ 4.2$ 12.8$ Interest Expense, Net Gas Utility 116.7$ 102.1$ 9.0$ 5.6 Other and eliminations 89.5 37.3 31.6 20.6 206.2$ 139.4$ 40.6$ 26.2$ Bad Debt Expense 22.5 17.6 — 4.9 As reported
Page 19
$335.5 $263.0 $(33.7) -14.9 $301.8 $248.1 Q3 YTD FY26 Q3 YTD FY25 Gas Utility Other & Elims Q3 FY26 YTD adjusted earnings - continuing operations Key Q3 FY26 YTD drivers vs. prior year: Gas Utility earnings (pre-tax) • New MO rates effective Oct. 2025: +$145.1M • MO ISRS: +$6.8M • AL RSE: +$7.7M – New rates effective Dec. 2025: +$10.5M – Customer refund provision: $(2.8)M • AL CCM: +$3.1M • Usage net of weather mitigation: $(23.0)M – MO: $(24.8)M; AL: +$1.8M • Off-systems sales2: +$7.5M – MO: +$5.1M; AL: +$2.4M • Higher O&M expenses: $(7.7)M – Run-rate O&M2: MO: $(2.9)M; AL: +$2.8M – Bad debt expense: $(4.9)M • Higher depreciation expense: $(30.6)M – Partially offset through new rates • Higher taxes other than income taxes: $(12.7)M – A portion recovered in new rates • Higher interest expense : $(5.6)M Other & Eliminations • Higher corporate costs and interest expense 19 1See adjusted earnings reconciliation to GAAP and Key Q3 FY26 YTD variances – continuing operations in the Appendix. 2Off-system sales revenue is shared under regulatory mechanisms, ~75% returned to customers and ~25% retained by Spire. 3See FY26 operation and maintenance run rate reconciliation – continuing operations in the appendix.. S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e Adjusted earnings – continuing operations1 (Millions) Note: Adjusted EPS includes preferred dividend expense of $0.19/share in FY25 and $0.09/share in FY26. Adj. EPS: $5.01 Adj. EPS: $4.05
Page 20
$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 paid January 5, 2026, April 2, 2026, and July 2, 2026, annualized. S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e20
Page 21
Natural gas as the affordable choice Electricity is 2 to 3 more expensive than natural gas in Spire’s states S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e21 1US Energy Information Agency residential customer electric rates for the twelve-month average ending May 2026. 2Represents Spire’s kWh equivalent current average residential customer rate. 13.68¢ 16.77¢ 14.47¢ 5.44¢ 5.72¢ 5.09¢ Missouri Alabama Tennessee Electricity Natural gas 21 kWh equivalent
Page 22
Natural gas bills remain a small portion of household spending1 S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e22 1.56% 1.30% 1.49% 1.95% 1.63% 1.87% Tennessee 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
Page 23
Strategic divestitures reinforce focus on regulated gas utilities 23 Spire Marketing Spire Storage Spire Mississippi Buyer Boardwalk Pipelines I Squared Capital Delta Utilities Announcement date Mar. 30, 2026 Apr. 15, 2026 Apr. 22, 2026 Proceeds $212M cash at closing $607M cash at closing; $50M deferred payment in FY27 $75M cash at closing Closing Closed Apr. 30, 2026 Closed on June 30, 2026 Expect to close Q1 FY27 Use of proceeds • Partially fund the acquisition of the Piedmont Natural Gas Tennessee business • General corporate purposes, including supporting planned infrastructure investments across remaining gas utilities S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e • Meaningfully simplifies the business and strengthens focus on regulated gas utilities • Improves business risk profile and earnings visibility Strategic impact
Page 24
Spire Alabama and Spire Gulf Spire Mississippi Spire Missouri Spire 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 Annual Review Mechanism (ARM) – historical, with annual true-up mechanism3 Effective date of rates Dec. 2025 Jan. 2026 Oct. 2025 Oct. 2025 Allowed ROE Alabama: 9.5% – 9.9% Gulf: 9.7% – 10.3% 9.73% – 11.73% Not specified2 9.8% Allowed equity ratio actual up to 55.5% 50.0% Not specified2 47.89% Infrastructure rider Infrastructure System Replacement Surcharge - $16.5M effective March 2026 Weather normalization ✓ ✓ ✓ ✓ Purchased gas rider ✓ ✓ ✓ ✓ Other trackers Cost Control Measure Pension/OPEB, property tax, EE 1The passage of Senate Bill 4 in April 2025 allows 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. 3Piedmont Natural Gas’s ARM transferred to Spire Tennessee with certain limitations. Base rate increases after the ARM filing in 2028 must be through a general rate case. Constructive regulatory jurisdictions S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e24
Page 25
$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 1 Reflects 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 original FY27 guidance midpoint of $5.75 as a base. Utility rate base and total capitalization1 (Billions) $10.7B FY30E $8.2B FY26E S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e25
Page 26
Capital plan overview 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 MS1 170 175 180 185 190 900 Tennessee2 90 175 185 200 215 865 Pipeline 2 1 1 1 1 6 Total $797 $906 $961 $1,016 $1,081 $4,761 10-year FY26 - FY35E $7,075 1,950 2,175 11 $11,211 Customer expansion Safety and reliability Other 1Excludes Mississippi capex after FY26. 2Includes Tennessee capex beginning 2H FY26. S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e26
Page 27
$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 Tennessee Spire Missouri Spire Alabama Debt maturities and credit ratings Long-term debt maturities (Millions) Credit ratings $90 4.88% $150 4.6% $275 2.84% $30 7.9% $100 2.88% $90 5.32% $480 $735 27 Matured Mar. 1 $130 4.59% $149 Moody’s S&P Spire Inc. • Commercial Paper P-2 A-2 • Senior Unsecured Baa2 BBB • Junior Subordinated Notes Baa3 BBB- Spire Missouri • Senior Secured A1 A Spire Alabama • Senior Unsecured A2 BBB+ Spire Tennessee • Senior Unsecured A3 - Outlook Stable Negative S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e
Page 28
Q3 FY26 throughput, customer, weather and margin data 1 Average customers for 12 months ended June 30, 2026. 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 only in FY25; also applies to small commercial customers beginning October 24, 2025. 4Includes +$3.2M for volumes, +$2.6M RSE renewal and +$3.1M CCM benefit. S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e28 Spire Tennesse 2026 2025 Variance 2026 2025 Variance 2026 Throughput (BCF) Residential 6.0 7.1 -15% 2.1 2.4 -13% 1.0 Commercial & Industrial 3.7 4.2 -12% 1.7 1.7 0% 1.0 Transportation 10.8 10.7 1% 16.6 20.0 -17% 2.6 Total 20.5 22.0 -7% 20.4 24.1 -15% 4.6 Total Customers 1 1,211,536 1,214,324 0% 429,660 429,576 0% 208,720 Heating degree days vs. Normal 2 -36.1% -20.5% -36.0% 8.2% Heating degree days vs. prior year -19.3% 30.4% -43.6% -4.1% Margin ($ Millions) Residential 31.8$ 25.3$ 6.5$ 18.5$ 20.2$ (1.7)$ 4.1$ Commercial & Industrial 8.0 7.0 1.0 9.0 9.0 — 5.3 Transportation 5.6 4.2 1.4 25.5 24.4 1.1 4.1 Weather Mitigation 3 10.8 4.0 6.8 5.5 (1.1) 6.6 4.9 Subtotal: Volumetric Margin 56.2$ 40.5$ 15.7$ 58.5$ 52.5$ 6.0$ 18.4$ Customer charges, ISRS, OSS, other 105.6 103.8 1.8 17.0 13.3 3.7 12.8 Total Contribution Margin 161.8$ 144.3$ 17.5$ 75.5$ 65.8$ 9.7$ 31.2$ Spire Missouri Spire Alabama 4
Page 29
Q3 FY26 YTD throughput, customer, weather and margin data 1 Average customers for 12 months ended June 30, 2026. 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 only in FY25; also applies to small commercial customers beginning October 24, 2025. 4Includes $(1.3)M for the net impact of weather mitigation and volumetric usage, +$10.5M RSE renewal and +$3.1 CCM benefit. 5Includes $(2.8)M customer refund provision in FY26. S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e29 2026 2025 Variance 2026 2025 Variance Throughput (BCF) Residential 64.8 71.1 -9% 15.4 15.8 -3% Commercial & Industrial 28.8 31.3 -8% 8.3 8.3 0% Transportation 37.1 37.8 -2% 52.8 60.5 -13% Total 130.7 140.2 -7% 76.5 84.6 -10% Total Customers 1 1,211,536 1,214,324 0% 429,660 429,576 0% Heating degree days vs. Normal 2 -13.5% -8.2% -7.7% -4.2% Heating degree days vs. prior year -5.8% 11.8% -4.2% 2.9% Margin ($ Millions) Residential 351.2$ 260.5$ 90.7$ 133.7$ 131.7$ 2.0$ Commercial & Industrial 64.4 55.6 8.8 47.8 46.7 1.1 Transportation 22.2 17.4 4.8 86.7 83.4 3.3 Weather Mitigation 3 46.7 22.4 24.3 13.3 7.4 5.9 Subtotal: Volumetric Margin 484.5$ 355.9$ 128.6$ 281.5$ 269.2$ 12.3$ Customer charges, ISRS, OSS, other 310.8 307.1 3.7 40.5 38.0 2.5 Total Contribution Margin 795.3$ 663.0$ 132.3$ 322.0$ 307.2$ 14.8$ Spire Missouri Spire Alabama 4 5
Page 30
FY26 operation and maintenance run rate reconciliation - continuing operations S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e30 (Millions) Three months ended June 30, 2026 2025 Acquisition activities Operation and Maintenance Gas Utility 134.8$ 114.1$ 16.9$ 3.8$ 0.3$ 3.1$ 0.4$ Other and eliminations 13.5 5.5 4.6 3.4 — — 3.4 148.3$ 119.6$ 21.5$ 7.2$ 0.3$ 3.1$ 3.8$ (Millions) Nine months ended June 30, 2026 2025 Acquisition activities Operation and Maintenance Gas Utility 376.5$ 351.9$ 16.9$ 7.7$ 2.8$ 4.9$ — Other and eliminations 56.0 13.4 33.7 8.9 — — 8.9 432.5$ 365.3$ 50.6$ 16.6$ 2.8$ 4.9$ 8.9$ Net variance As reported Net variance Pension reclass Bad Debt Expense Net variance Bad Debt Expense As reported Net variance Pension reclass
Page 31
Q3 FY26 adjusted earnings reconciliation to GAAP – continuing operations 1 Income tax adjustments include amounts 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 which includes reductions for cumulative preferred dividends and participating shares and excludes the $8.0M impact of redemption costs for the 5.9% Series A Preferred Stock, including depositary shares. S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e31 (Millions, except per share amounts) Gas Utility Other Total Per diluted common share2 Three months ended June 30, 2026 Net Income (Loss) [GAAP] (11.1)$ (31.5)$ (42.6)$ (0.72)$ Adjustments, pre-tax: Acquisition activities 9.5 26.5 36.0 0.61 Impairment 1.5 — 1.5 0.03 Income tax effect of adjustments1 (3.1) (7.5) (10.6) (0.18) Adjusted Earnings (Loss) [Non-GAAP] (3.2)$ (12.5)$ (15.7)$ (0.26)$ Three months ended June 30, 2025 (10.0)$ (3.3)$ (13.3)$ (0.29)$ Net Income (Loss) [GAAP] and Adjusted [NonGAAP] Earnings (Loss)
Page 32
Q3 FY26 YTD adjusted earnings reconciliation to GAAP – continuing operations 1 Income tax adjustments include amounts 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 which includes reductions for cumulative preferred dividends and participating shares and excludes the $8.0M impact of redemption costs for the 5.9% Series A Preferred Stock, including depository shares. S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e32 (Millions, except per share amounts) Gas Utility Other Total Per diluted common share2 Nine months ended June 30, 2026 Net Income (Loss) [GAAP] 324.6$ (61.8)$ 262.8$ 4.21$ Adjustments, pre-tax: Acquisition activities 9.5 65.3 74.8 1.27 Gain on sale of subsidiary — (28.9) (28.9) (0.49) Impairments 5.4 — 5.4 0.09 Income tax effect of adjustments1 (4.0) (8.3) (12.3) (0.21) Preferred share redemption costs 0.14 Adjusted Earnings (Loss) [Non-GAAP] 335.5$ (33.7)$ 301.8$ 5.01$ Nine months ended June 30, 2025 263.0$ (14.9)$ 248.1$ 4.05$ Net Income (Loss) [GAAP] and Adjusted [NonGAAP] Earnings (Loss)
Page 33
Q3 FY26 contribution margin reconciliation to GAAP – continuing operations S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e33 (Millions) Gas Utility Other Eliminations Consolidated Three months ended June 30, 2026 Operating Income (Loss) [GAAP] 27.3$ (3.9)$ — 23.4$ Operation and maintenance 134.8 18.3 (4.8) 148.3 Depreciation and amortization 92.3 2.9 — 95.2 Taxes, other than income taxes 51.3 0.8 — 52.1 Less: Gross receipts tax expense (21.0) — — (21.0) Contribution Margin [non-GAAP] 284.7 18.1 (4.8) 298.0 Natural gas costs 110.4 5.3 (14.5) 101.2 Gross receipts tax expense 21.0 — — 21.0 Operating Revenues 416.1$ 23.4$ (19.3)$ 420.2$ Three months ended June 30, 2025 Operating Income [GAAP] 16.7$ 5.4$ — 22.1$ Operation and maintenance 114.1 10.1 (4.6) 119.6 Depreciation and amortization 70.0 2.8 — 72.8 Taxes, other than income taxes 41.8 0.8 (0.1) 42.5 Less: Gross receipts tax expense (19.6) (0.2) 0.2 (19.6) Contribution Margin [non-GAAP] 223.0 18.9 (4.5) 237.4 Natural gas costs 104.9 5.2 (14.6) 95.5 Gross receipts tax expense 19.6 0.2 (0.2) 19.6 Operating Revenues 347.5$ 24.3$ (19.3)$ 352.5$
Page 34
Q3 FY26 YTD contribution margin reconciliation to GAAP – continuing operations S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e34 (Millions) Gas Utility Other Eliminations Consolidated Nine months ended June 30, 2026 Operating Income (Loss) [GAAP] 514.0$ (25.2)$ — 488.8$ Operation and maintenance 376.5 70.0 (14.0) 432.5 Depreciation and amortization 248.7 8.7 — 257.4 Taxes, other than income taxes 187.6 2.3 — 189.9 Less: Gross receipts tax expense (107.2) — — (107.2) Contribution Margin [non-GAAP] 1,219.6 55.8 (14.0) 1,261.4 Natural gas costs 797.5 7.6 (34.8) 770.3 Gross receipts tax expense 107.2 — — 107.2 Operating Revenues 2,124.3$ 63.4$ (48.8)$ 2,138.9$ Nine months ended June 30, 2025 Operating Income [GAAP] 416.5$ 18.4$ — 434.9$ Operation and maintenance 351.9 26.8 (13.4) 365.3 Depreciation and amortization 207.6 8.5 — 216.1 Taxes, other than income taxes 164.9 2.3 (0.1) 167.1 Less: Gross receipts tax expense (101.4) (0.2) 0.2 (101.4) Contribution Margin [non-GAAP] 1,039.5 55.8 (13.3) 1,082.0 Natural gas costs 790.3 7.7 (34.5) 763.5 Gross receipts tax expense 101.4 0.2 (0.2) 101.4 Operating Revenues 1,931.2$ 63.7$ (48.0)$ 1,946.9$
Page 35
Regulatory matters 35 Tennessee • Pending Annual Review Mechanism (ARM) filing: Docket 26-00042 • Approved modified transfer of ARM to Spire Tennessee: Docket 25-00074 • Website: https://www.tn.gov/tpuc.html Missouri • Order approving ISRS filing Mar. 2026: Docket GR-2026-0133 • Pending ISRS filing: Docket GR-2026-0316 • Accounting Authority Order (AAO): Docket GU-2026-0225 • Order approving rates effective Oct. 2025: GR-2025-0107 • Website: https://psc.mo.gov/ Alabama • Spire Alabama Rate Stabilization and Equalization: Docket 18046 and 18328 • Spire Gulf Rate Stabilization and Equalization: Docket 28101 • Website: https://psc.alabama.gov/ S p i r e | T h i r d q u a r t e r f i s c a l 2 0 2 6 u p d a t e