Spire Inc. · NYSE:SR
Spire — Q1 2026 Earnings Presentation
23 slides from Spire's earnings presentation, Feb 3, 2026
Slide 1: First quarter fiscal 2026 update
First quarter fiscal 2026 update February 3, 2026
Slide 2: Forward-looking statements and use of non-GAAP measures
Forward-looking statements and use of non-GAAP measures 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.
Slide 3: Scott Doyle and Adam Woodard
Scott Doyle President and Chief Executive Officer • Strategy and business review Adam Woodard Executive Vice President and Chief Financial Officer • Financial update 3 Spire | First quarter fiscal 2026 update
Slide 4: Key messages
Key messages Financial and • Q1 FY26 adjusted EPS of $1.77 vs. $1.34 in Q1 FY25 operational • Safely and reliably delivered natural gas performance • Continued focus on cost management and customer affordability • Spire Missouri rates effective Oct. 2025 Regulatory • Spire Missouri filed for $30.3M
Slide 5: Piedmont Natural Gas Tennessee acquisition update
Piedmont Natural Gas Tennessee acquisition update On track to close in Q1 calendar 2026 Approvals update • Hart-Scott-Rodino review completed Kansas • Tennessee Public Utility Commission approval pending1 City St. Louis Financing plan update • Pursuing permanent financing plan consistent with Spire’
Slide 6: Robust capex plan
Robust capex plan • Q1 FY26 capex of $203M Q1 capex FY26 capex (Millions) (Millions) – Driven by Gas Utility investment including $809 $260 • $109M of infrastructure upgrades 170 43 $203 14 39 6 90 • $35M of new business 49 – Lower year-over-year capex due to 535 178 148 • Completion of storage expa
Slide 7: Q1 FY26 adjusted earnings
Q1 FY26 adjusted earnings (Millions) $0.7 $(1.8) $26.1 $2.3 $108.4 $81.1 Q1 FY25 Gas Utility Gas Marketing Midstream Other & elims Q1 FY26 Overall adjusted earnings1 higher +$27.3M due to: • Gas Utility earnings (pre-tax) growth reflects: new MO rates (+$46.4M), MO ISRS (+2.2M), and AL RSE (+4.9M);
Slide 8: Key Q1 FY26 variances
Key Q1 FY26 variances Utility (Millions) As reported pension Earnings Net Three months ended December 31, 2025 2024 reclass adjustments variance Notes Contribution Margin1 Gas Utility $ 380.2 $ 332.2 $ ― $ ― $ 48.0 MO rates: (+$46.4); ISRS (+$2.2); AL RSE (+$4.9)2; volumetric margin: MO (-$3.1) and
Slide 9: Growth outlook
Growth outlook • EPS growth target of 5-7%1 supported by Targeted adjusted EPS Growth – Rate base growth: ~7% in Missouri and ~7.5% in Tennessee – Regulated equity growth: ~6% in Alabama and Gulf $5.65 – $5.25 – $5.853 – 10-year capex target of $11.2B (FY26-FY35E) $5.452 • Affirmed FY26 adjusted EPS
Slide 10: Base business financing plan
Base business financing plan Excludes Tennessee acquisition • Equity Debt maturities and expected issuances (Millions) – FY26E to FY28E: $0-$50M per year • Debt – Refinancing of maturities and funding of capital plan $800 $700 – $200M Spire Missouri First Mortgage $480 Bonds issued Oct. 23, 20251 $1
Slide 11: FY26 business priorities
FY26 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 Missou
Slide 12: Appendix
Appendix 12 S p i r e | F i r s t q u a r t e r f i s c a l 2 0 2 6 u p d a t e
Slide 13: Growing our dividend
Growing our dividend Annualized dividend per share $3.301 $3.14 $3.02 $2.88 $2.74 $2.60 $2.49 $2.37 $2.25 $2.10 $1.96 $1.84 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 • 2026 annualized dividend increased 5.1% to $3.30 per share • Supported by long-term 5-7% adjusted earnings per sha
Slide 14: Natural gas as the affordable choice
Natural gas as the affordable choice Electricity is 2 to 3 more expensive than natural gas in Spire’s states kWh equivalent 16.07¢ 13.64¢ 13.83¢ 6.09¢ 5.38¢ 4.70¢ Missouri Alabama Mississippi Electricity 1 Natural gas 2 1US Energy Information Agency residential customer electric rates for the twel
Slide 15: Natural gas bills remain minimal portion of wallet
Natural gas bills remain minimal portion of wallet1 1.85% Missouri 1.48% 1.73% Alabama 1.39% 1.32% Mississippi 1.06% 2 3 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 inco
Slide 16: Earnings power driven by growth across jurisdictions
Earnings power driven by growth across jurisdictions Utility rate base and total capitalization1 (Billions) FY26E FY30E $1.7 $1.6 $2.2 $2.1 20% 21% 19% 20% $0.3, 4% $8.2B $0.4, 4% $10.7B Missouri $4.6 Gulf / Mississippi $6.0 56% Alabama 56% Tennessee • Long-term EPS growth target of 5-7%2 supported
Slide 17: Capital plan overview
Capital plan overview 10-year capex forecast $11.2B (Millions) 5-year 10-year FY26E FY27E FY28E FY29E FY30E FY26 - FY30E FY26 - FY35E Missouri $535 $555 $595 $630 $675 $2,990 $7,075 Alabama, Gulf and MS 170 175 180 185 190 900 1,950 Tennessee1 90 175 185 200 215 865 2,175 Midstream2 14 1 1 1 1 18 23
Slide 18: Constructive regulatory jurisdictions
Constructive regulatory jurisdictions Spire Alabama and Spire Gulf Spire Mississippi Spire Missouri Tennessee RRA ranking Above Average / 1 Above Average / 3 Average / 2 Above Average / 3 Rate stabilization and Rate stabilization Historical test year – ARM – Rate setting mechanism equalization (RSE)
Slide 19: Q1 FY26 adjusted earnings
Q1 FY26 adjusted earnings Per diluted Millions common share Three months ended December 31, 2025 2024 2025 2024 Net Income [GAAP] $ 95.0 $ 81.3 $ 1.54 $ 1.34 Fair value and timing adjustments, pre-tax 9.2 (0.3) 0.16 (0.01) Acquisition activities, pre-tax 8.5 ― 0.14 ― Income tax adjustments (4.3) 0.1
Slide 20: Debt maturities and credit ratings
Debt maturities and credit ratings Long-term debt maturities Credit ratings (Millions) $800 Spire Inc. Spire Spire $735 Senior Short-Term Missouri Alabama $700 $100 Unsecured Debt Senior Secured Senior Unsecured 2.88% Moody’s Baa2 P-2 A1 A2 $600 $90 5.32% $480 $30 S&P BBB A-2 A BBB+ $500 7.9% $400 $
Slide 21: Q1 FY26 throughput, customer, weather and margin data
Q1 FY26 throughput, customer, weather and margin data Spire Missouri Spire Alabama Q1 FY26 Q1 FY25 Variance Q1 FY26 Q1 FY25 Variance Throughput (BCF) Residential 24.6 23.0 7% 4.0 3.2 25% Commercial & Industrial 10.0 9.4 6% 2.3 2.0 15% Transportation 12.6 12.7 0% 18.0 20.8 -13% Total 47.2 45.1 5% 24.
Slide 22: Q1 FY26 adjusted earnings reconciliation to GAAP
Q1 FY26 adjusted earnings reconciliation to GAAP Gas Gas Per diluted (Millions, except per share amounts) Utility Marketing Midstream Other Total common share2 Three months ended December 31, 2025 Net Income (Loss) [GAAP] $ 103.9 $ (2.4) $ 12.7 $ (19.2) $ 95.0 $ 1.54 Adjustments, pre-tax: Fair value
Slide 23: Q1 FY26 contribution margin reconciliation to GAAP
Q1 FY26 contribution margin reconciliation to GAAP Gas Gas (Millions) Utility Marketing Midstream Other Eliminations Consolidated Three months ended December 31, 2025 Operating Income (Loss) [GAAP] $ 161.6 $ (3.9) $ 21.4 $ (5.6) $ ― $ 173.5 Operation and maintenance 119.7 4.0 9.8 11.0 (4.6) 139.9 De