Slide 1: Third quarter fiscal 2026 update
Third quarter fiscal 2026 update August 5, 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 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-look
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 and regulatory update 3 Spire | Third quarter fiscal 2026 update
Slide 4: Key messages
Key messages • Q3 FY26 adjusted EPS improved $0.03 year over year to $(0.26) per share from Financial and $(0.29) in Q3 FY251 operational • Safely and reliably delivered natural gas performance • Continued focus on cost management and customer affordability Strategic • Completed divestitures of Spir
Slide 5: Fiscal 2026 business priorities
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
Slide 6: Fully regulated business profile supporting sustainable growth
Fully regulated business profile supporting sustainable growth Spire’s transformed business mix enhances earnings quality, improves predictability and supports long-term value creation. Regulated foundation Visibility and stability Reduced volatility Portfolio transformation Long-term earnings Exit
Slide 7: Q3 FY26 adjusted earnings and EPS - continuing operations
Q3 FY26 adjusted earnings and EPS - continuing operations Adjusted earnings and EPS – Key Q3 FY26 drivers vs. prior year: continuing operations1 Gas Utility earnings (pre-tax) • New MO rates effective Oct. 2025: +$12.5M (Millions) • MO ISRS: +$4.5M $(15.7) $(13.3) • AL rates under the RSE: +$2.6M $(
Slide 8: Adjusted earnings and growth outlook
Adjusted earnings and growth outlook Reaffirm 5-7% adjusted EPS growth target1 FY26 adjusted earnings – • Supported by~7% rate base growth and $11.2B continuing operations (Millions) ten-year capital plan FY26 Gas Utility $275 – $295 Adjusted EPS guidance M&A treatment in Guidance Corporate & other2
Slide 9: Robust capex plan
Robust capex plan • Q3 YTD FY26 capex of $592M Q3 YTD capex FY26 capex (Millions) (Millions) – Driven by Gas Utility investment including $797 $609 • $330M of infrastructure upgrades $592 7 8 170 1 2 148 119 90 • $93M of new business • FY26 capex target remains $797M 482 535 • 10-year capex target o
Slide 10: Financing plan
Financing plan Excludes Tennessee acquisition funding • Equity Debt maturities and expected issuances (Millions) – FY26E to FY28E: $0-$50M per year • Debt – Refinancing of maturities and funding of capital plan – $200M Spire Missouri First Mortgage Bonds $800 issued Oct. 23, 20251 $480 $700 – $200M
Slide 11: Alabama regulatory update
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
Slide 12: Missouri regulatory update
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 revenue
Slide 13: Tennessee regulatory update
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 framewor
Slide 14: Appendix
Appendix 14 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
Slide 15: Q3 FY26 adjusted earnings – continuing operations
Q3 FY26 adjusted earnings – continuing operations Per diluted Millions common share 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
Slide 16: Q3 FY26 YTD adjusted earnings – continuing operations
Q3 FY26 YTD adjusted earnings – continuing operations Per diluted Millions common share 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
Slide 17: Key Q3 FY26 variances – continuing operations
Key Q3 FY26 variances – continuing operations (Millions) As reported Acquisition Three months ended June 30, 2026 2025 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 Maintenan
Slide 18: Key Q3 YTD FY26 variances – continuing operations
Key Q3 YTD FY26 variances – continuing operations (Millions) As reported Acquisition Nine months ended June 30, 2026 2025 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 an
Slide 19: Q3 FY26 YTD adjusted earnings - continuing operations
Q3 FY26 YTD adjusted earnings - continuing operations Adjusted earnings – Key Q3 FY26 YTD drivers vs. prior year: continuing operations1 Gas Utility earnings (pre-tax) • New MO rates effective Oct. 2025: +$145.1M (Millions) • MO ISRS: +$6.8M $301.8 • AL RSE: +$7.7M – New rates effective Dec. 2025: +
Slide 20: 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 21: 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 16.77¢ 14.47¢ 13.68¢ 5.44¢ 5.72¢ 5.09¢ Missouri Alabama Tennessee Electricity 1 Natural gas 2 1US Energy Information Agency residential customer electric rates for the twelve
Slide 22: Natural gas bills remain a small portion of household spending
Natural gas bills remain a small portion of household spending1 1.87% Missouri 1.49% 1.63% Alabama 1.30% 1.95% Tennessee 1.56% 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 m
Slide 23: Strategic divestitures reinforce focus on regulated gas utilities
Strategic divestitures reinforce focus on regulated gas utilities 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 $607M cash at closing; Proceeds $212M cash at closing $75M cash at
Slide 24: Constructive regulatory jurisdictions
Constructive regulatory jurisdictions Spire Alabama and Spire Gulf Spire Mississippi Spire Missouri Spire Tennessee RRA ranking Above Average / 1 Above Average / 3 Average / 2 Above Average / 3 Annual Review Rate stabilization and Rate stabilization Historical test year – Mechanism (ARM) – Rate sett
Slide 25: 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 26: 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 MS1 170 175 180 185 190 900 1,950 Tennessee2 90 175 185 200 215 865 2,175 Pipeline 2 1 1 1 1 6 11 To
Slide 27: Debt maturities and credit ratings
Debt maturities and credit ratings Long-term debt maturities Credit ratings (Millions) Moody’s S&P $800 Spire Inc. $735 $700 $100 • Commercial Paper P-2 A-2 2.88% • Senior Unsecured Baa2 BBB $600 $90 5.32% • Junior Subordinated Notes Baa3 BBB- $30 $500 $480 7.9% Spire Missouri • Senior Secured A1 A
Slide 28: Q3 FY26 throughput, customer, weather and margin data
Q3 FY26 throughput, customer, weather and margin data Spire Spire Missouri Spire Alabama 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 T
Slide 29: Q3 FY26 YTD throughput, customer, weather and margin data
Q3 FY26 YTD throughput, customer, weather and margin data Spire Missouri Spire Alabama 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.
Slide 30: FY26 operation and maintenance run rate reconciliation
FY26 operation and maintenance run rate reconciliation - continuing operations (Millions) As reported Acquisition Net Pension Bad Debt Net Three months ended June 30, 2026 2025 activities variance reclass Expense variance Operation and Maintenance Gas Utility $ 134.8 $ 114.1 $ 16.9 $ 3.8 $ 0.3 $ 3.1
Slide 31: Q3 FY26 adjusted earnings reconciliation to GAAP
Q3 FY26 adjusted earnings reconciliation to GAAP – continuing operations Per diluted Gas common (Millions, except per share amounts) Utility Other Total 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
Slide 32: Q3 FY26 YTD adjusted earnings reconciliation to GAAP
Q3 FY26 YTD adjusted earnings reconciliation to GAAP – continuing operations Per diluted Gas common (Millions, except per share amounts) Utility Other Total 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.
Slide 33: Q3 FY26 contribution margin reconciliation to GAAP
Q3 FY26 contribution margin reconciliation to GAAP – continuing operations Gas (Millions) 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.
Slide 34: Q3 FY26 YTD contribution margin reconciliation to GAAP
Q3 FY26 YTD contribution margin reconciliation to GAAP – continuing operations Gas (Millions) 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 amortizat
Slide 35: Regulatory matters
Regulatory matters Alabama • Spire Alabama Rate Stabilization and Equalization: Docket 18046 and 18328 • Spire Gulf Rate Stabilization and Equalization: Docket 28101 • Website: https://psc.alabama.gov/ Missouri • Order approving ISRS filing Mar. 2026: Docket GR-2026-0133 • Pending ISRS filing: Docke