Slide 1: The Future is Bright
The Future is Bright Year-end fiscal 2024 update November 20, 2024
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: Participants on today's call
Participants on today’s call Steven L. Lindsey Steven P. Rasche Scott E. Doyle Adam W. Woodard President and Executive Vice President Executive Vice President Vice President Chief Executive Officer and Chief Financial Officer and Chief Operating Officer and Treasurer 3 Spire | Year-end fiscal 2024 u
Slide 4: Key messages
Key messages Financial and • FY24 adjusted earnings1 of $4.13 per share, up 8 cents from FY23 operational • 2025 annualized dividend increased 4.0% to $3.14 per share2 performance • Invested $861M of capital in FY24 • Focused on achieving consistent and constructive regulatory outcomes Regulatory •
Slide 5: Robust capex plan
Robust capex plan • FY24 capex of $861M Capital expenditures (Millions) – Gas Utility investment of $691M including $861 $790 170 60 • $295M of infrastructure upgrades $663 160 73 138 • $111M of new business 142 • $184M advanced meter installations 553 570 448 – Midstream storage expansion project •
Slide 6: Gas Utility update
Gas Utility update • Operational and financial performance Run-rate Gas Utility O&M2 (Millions) – Safely and reliably delivering natural gas – Robust investment in infrastructure 3% lower modernization driving benefits for customers, shareholders and communities we serve $443 – Focusing on enhancing
Slide 7: FY24 adjusted earnings
FY24 adjusted earnings (Millions) $19.4 $(24.2) $20.3 $3.8 $247.4 $228.1 FY23 Gas Utility Midstream Gas Marketing Other & elims FY24 Adjusted earnings1 +$19.3M (or 8.4%) due to: • Higher Gas Utility earnings (pre-tax): AL earnings growth due to new rates (+$9.9M) and usage net of weather mitigation
Slide 8: Growth outlook
Growth outlook • Adjusted long-term EPS growth target of Adjusted EPS long-term growth target 5-7%1 supported by 7% – Spire Missouri ~7-8% rate base growth – Spire Alabama and Spire Gulf ~6% equity growth 5% – Robust 10-year capex target of $7.4B • FY25 adjusted EPS guidance: $4.40-$4.60 $4.40 - $4.
Slide 9: FY25 guidance by segment
FY25 guidance by segment Key drivers compared to FY24 Adjusted earnings by business segment (Millions) Gas Utility FY24 FY25 • New rates: actual target – Spire Missouri incremental ISRS – Spire Alabama and Gulf rates Gas Utility $221 $238 – 258 • Return to normal weather Gas Marketing 23 21 – 25 • R
Slide 10: Financing update
Financing update Equity forecast • Equity (Millions) – Settlement of $75M FY24 forward sales1 $0-50 – Weighted shares outstanding of ~59M in FY25 compared to ~56.3M in FY24 $75 • Debt $0-50 $0-50 – Refinancing of maturities and funding of capital plan FY25 FY26 FY27 FY24 forward sales Expected under
Slide 11: FY25 business priorities
FY25 business priorities Operational excellence • Deliver reliable natural gas with a focus on safety • Execute on $790M capital plan for the benefit of customers • Focus on customer affordability, including cost management Regulatory • Achieve constructive regulatory outcomes • Strengthen regulator
Slide 12: Appendix
Appendix 12 Spire | Year-end fiscal 2024 update
Slide 13: FY24 adjusted earnings
FY24 adjusted earnings Per diluted Millions common share Year ended September 30, 2024 2023 2024 2023 Net Income $ 250.9 $ 217.5 $ 4.19 $ 3.85 Fair value and timing adjustments, pre-tax (12.4) 11.4 (0.22) 0.21 Acquisition and restructuring activities, pre-tax 7.6 2.5 0.14 0.05 Income tax effect of a
Slide 14: Key FY24 variances
Key FY24 variances (Millions) As reported Pension Earnings Year ended September 30, 2024 2023 reclass adjustments1 Net variance Notes Contribution Margin2 Gas Utility $ 1,199.2 $ 1,135.8 $ ― $ ― $ 63.4 New MO rates (+$22.9) and ISRS (+$19.2); AL RSE (+$9.9); and usage net of weather mitigation: AL (
Slide 15: Q4 FY24 adjusted earnings
Q4 FY24 adjusted earnings Per diluted Millions common share Three months ended September 30, 2024 2023 2024 2023 Net Loss $ (25.9) $ (31.1) $ (0.51) $ (0.66) Fair value and timing adjustments, pre-tax (3.2) (10.8) (0.06) (0.20) Acquisition and restructuring activities, pre-tax 0.9 2.0 0.02 0.04 Inco
Slide 16: Q4 FY24 adjusted earnings
Q4 FY24 adjusted earnings (Millions) $(37.6) $(27.6) $10.9 $(2.9) $2.0 FY23 Gas Utility Midstream Gas Marketing FY24 Adjusted earnings1 +$10.0M higher due to: • Higher Gas Utility earnings (pre-tax): higher MO ISRS revenues (+$7.4M) and lower run-rate O&M2 expenses (-$5.9M) partially offset by highe
Slide 17: Key Q4 FY24 variances
Key Q4 FY24 variances (Millions) As reported Pension Earnings Three months ended September 30, 2024 2023 reclass adjustments1 Net variance Notes Contribution Margin2 Gas Utility $ 187.0 $ 176.4 $ ― $ 0.1 $ 10.5 ISRS (+$7.4); MO usage net of weather mitigation (+$0.7) and other utilities (+$1.3) part
Slide 18: Debt maturities and credit ratings
Debt maturities and credit ratings Long-term debt maturities Credit ratings ($ Millions) Spire Inc. Spire Spire Senior Short-Term Missouri Alabama $500 Unsecured Debt Senior Secured Senior Unsecured Moody’s Baa2 P-2 A1 A2 $400 $350 S&P BBB A-2 A BBB+ 5.30% $300 • Moody’s and S&P outlooks “Stable” $2
Slide 19: Growing our dividend
Growing our dividend Annualized dividend per share $3.141 $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 • 2025 annualized dividend increased 4.0% to $3.14 per share • Supported by long-term 5-7% earnings growth • 2025 marks 22 cons
Slide 20: Constructive regulatory jurisdictions
Constructive regulatory jurisdictions Spire Alabama and Spire Spire Spire Gulf Mississippi Missouri Regulatory commission Alabama PSC Mississippi PSC Missouri PSC Rate stabilization and Rate stabilization Traditional approach – Rate setting mechanism equalization (RSE) – adjustment (RSA) – historica
Slide 21: Approved regulatory filings
Approved regulatory filings Spire Spire Spire Spire Alabama Gulf Mississippi Missouri Effective date Jan. 2024 Dec. 2023 Jan. 2024 Dec. 2022 of current base rates Rate base for ratemaking (Millions) n/a1 n/a1 $502 n/a3 Avg. common equity for ratemaking $7131 $1391 n/a n/a (Millions) Return on equity
Slide 22: FY24 throughput, customer, weather and margin data
FY24 throughput, customer, weather and margin data Spire Missouri Spire Alabama 2024 2023 Variance 2024 2023 Variance Throughput (BCF) Residential 69.0 78.0 -12% 17.1 15.9 8% Commercial & Industrial 31.5 35.3 -11% 9.6 9.1 5% Transportation 46.4 45.9 1% 77.0 77.6 -1% Total 146.9 159.2 -8% 103.7 102.6
Slide 23: FY24 adjusted earnings reconciliation to GAAP
FY24 adjusted earnings reconciliation to GAAP Gas Gas Per diluted (Millions, except per share amounts) Utility Marketing Midstream Other Total common share2 Year 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 timin
Slide 24: FY24 contribution margin reconciliation to GAAP
FY24 contribution margin reconciliation to GAAP Gas Gas (Millions) Utility Marketing Midstream Other Eliminations Consolidated Year 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 Depreciati
Slide 25: Q4 FY24 adjusted earnings reconciliation to GAAP
Q4 FY24 adjusted earnings reconciliation to GAAP Gas Gas Per diluted (Millions, except per share amounts) Utility Marketing Midstream Other Total common share2 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 va
Slide 26: Q4 FY24 contribution margin reconciliation to GAAP
Q4 FY24 contribution margin reconciliation to GAAP Gas Gas (Millions) Utility Marketing Midstream Other Eliminations Consolidated Three months ended September 30, 2024 Operating (Loss) Income [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 Depre