Slide 1: Second quarter fiscal 2025 update
Second quarter fiscal 2025 update April 30, 2025
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 Scott E. Doyle Adam W. Woodard President and Executive Vice President and Chief Executive Officer and Chief Financial Officer 3 Spire | Second quarter fiscal 2025 update
Slide 4: Key messages
Key messages Strategy remains to grow organically, invest in infrastructure and drive continuous improvement. • Q2 FY25 adjusted earnings of $3.60 per share versus $3.45 in Q2 FY24 Financial and • Safely and reliably deliver natural gas operational performance • Cost management with a focus on custo
Slide 5: Robust capex plan
Robust capex plan • Q2 YTD FY25 capex of $479M Q2 YTD capex FY25 capex (Millions) (Millions) – Driven by Gas Utility investment including $840 • $169M of infrastructure upgrades $479 95 $409 160 • $103M advanced meter installations 84 98 73 • $58M of new business 57 585 • FY25 capex target raised to
Slide 6: Missouri rate case filing
Missouri rate case filing Docket number: GR-2025-0107 Spire Missouri MoPSC Staff Key component request direct testimony1 Revenue increase $289.5M $246.2M2 $4.4B $3.9B Rate base (thru 5/31/25 with discrete adjustments) (thru 12/31/24) Return on equity 10.50% 9.63% Cost of debt 4.254% 4.2% Capital str
Slide 7: Q2 FY25 adjusted earnings
Q2 FY25 adjusted earnings (Millions) $12.0 $(0.7) $(0.7) $214.4 $7.2 $196.6 Q2 FY24 Gas Utility Midstream Gas Marketing Other & elims Q2 FY25 Overall adjusted earnings1 higher $17.8M due to: • Gas Utility earnings (pre-tax) growth reflects: higher MO ISRS revenues (+$8.7M), MO usage net of weather m
Slide 8: Key Q2 FY25 variances
Key Q2 FY25 variances (Millions) As reported Pension Earnings Net Three months ended March 31, 2025 2024 reclass adjustments variance Notes 1 Contribution Margin Gas Utility $ 484.3 $ 469.6 $ ― $ ― $ 14.7 ISRS (+$8.7); net weather mitigation and volumetric usage: AL (-$7.1) and MO (+$6.5); AL RSE (+
Slide 9: Growth outlook
Growth outlook • Reaffirm long-term EPS growth target of FY25 adjusted earnings target by segment (Millions) 5-7%1 supported by Change at – Spire Missouri ~7-8% rate base growth Original Q2 updated midpoint Gas Utility $238 – 258 $230 – 244 $(11) – Spire Alabama and Spire Gulf ~6% equity growth Gas
Slide 10: Financing update
Financing update Equity forecast • Equity (Millions) – $75M forward sales settled in FY251 $0-50 • Debt – $150M Spire Missouri First Mortgage $75 Bonds priced2; expect to fund May 1 $0-50 $0-50 • Proceeds will be used for general corporate purposes FY25 FY26 FY27 – Issuances for refinancing of matur
Slide 11: FY25 business priorities
FY25 business priorities Operational excellence • Deliver reliable natural gas with a focus on safety • Execute on $840M 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 | Second quarter fiscal 2025 update
Slide 13: Q2 FY25 adjusted earnings
Q2 FY25 adjusted earnings Per diluted Millions common share Three months ended March 31, 2025 2024 2025 2024 Net Income $ 209.3 $ 204.3 $ 3.51 $ 3.58 Fair value and timing adjustments, pre-tax 6.9 (10.2) 0.12 (0.17) Income tax effect of adjustments (1.8) 2.5 (0.03) 0.04 Adjusted Earnings1 $ 214.4 $
Slide 14: 1H FY25 adjusted earnings
1H FY25 adjusted earnings Per diluted Millions common share Six months ended March 31, 2025 2024 2025 2024 Net Income $ 290.6 $ 289.4 $ 4.86 $ 5.14 Fair value and timing adjustments, pre-tax 6.6 (15.4) 0.12 (0.27) Acquisition and restructuring activities, pre-tax ― 1.9 ― 0.03 Income tax effect of ad
Slide 15: 1H FY25 adjusted earnings
1H FY25 adjusted earnings (Millions) $21.6 $(5.7) $(8.9) $9.2 $295.5 $279.3 1H FY24 Gas Utility Midstream Gas Marketing Other & elims 1H FY25 Overall adjusted earnings1 higher $16.2M due to: • Gas Utility earnings (pre-tax) growth reflects: higher MO ISRS revenues (+$15.7M), MO usage net of partiall
Slide 16: Key 1H FY25 variances
Key 1H FY25 variances (Millions) As reported Pension Earnings Net Six months ended March 31, 2025 2024 reclass adjustments variance Notes 1 Contribution Margin Gas Utility $ 816.5 $ 793.4 $ ― $ ― $ 23.1 ISRS (+$15.7); AL RSE (+$5.1); usage net of weather mitigation: AL (-$4.1) and MO (+$3.1) Gas Mar
Slide 17: 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” $200
Slide 18: 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 19: 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 20: Approved regulatory filings
Approved regulatory filings Spire Spire Spire Spire Alabama Gulf Mississippi Missouri Effective date Dec. 2024 Dec. 2024 Jan. 2025 Dec. 2022 of current base rates Rate base for ratemaking (Millions) n/a1 n/a1 $532 n/a3 Avg. common equity for ratemaking $7561 $1491 n/a n/a (Millions) Return on equity
Slide 21: Q2 FY25 throughput, customer, weather and margin data
Q2 FY25 throughput, customer, weather and margin data Spire Missouri Spire Alabama Q2 FY25 Q2 FY24 Variance Q2 FY 25 Q2 FY24 Variance Throughput (BCF) Residential 41.0 34.3 20% 10.2 9.9 3% Commercial & Industrial 17.7 16.3 9% 4.6 4.8 -4% Transportation 14.4 13.5 7% 19.7 17.6 12% Total 73.1 64.1 14%
Slide 22: 1H FY25 throughput, customer, weather and margin data
1H FY25 throughput, customer, weather and margin data Spire Missouri Spire Alabama 1H FY25 1H FY24 Variance 1H FY25 1H FY24 Variance Throughput (BCF) Residential 64.0 58.3 10% 13.5 13.4 1% Commercial & Industrial 27.1 25.2 8% 6.6 6.5 2% Transportation 27.1 25.6 6% 40.4 35.3 14% Total 118.2 109.1 8%
Slide 23: Q2 FY25 adjusted earnings reconciliation to GAAP
Q2 FY25 adjusted earnings reconciliation to GAAP Gas Gas Per diluted (Millions, except per share amounts) Utility Marketing Midstream Other Total common share2 Three months ended March 31, 2025 Net Income (Loss) [GAAP] $ 195.2 $ 9.7 $ 15.8 $ (11.4) $ 209.3 $ 3.51 Adjustments, pre-tax: Fair value and
Slide 24: Q2 FY25 contribution margin reconciliation to GAAP
Q2 FY25 contribution margin reconciliation to GAAP Gas Gas (Millions) Utility Marketing Midstream Other Eliminations Consolidated Three months ended March 31, 2025 Operating Income [GAAP] $ 272.0 $ 12.4 $ 21.8 $ 0.2 $ — $ 306.4 Operation and maintenance 122.8 6.7 9.8 4.6 (4.5) 139.4 Depreciation and
Slide 25: 1H FY25 adjusted earnings reconciliation to GAAP
1H FY25 adjusted earnings reconciliation to GAAP Gas Gas Per diluted (Millions, except per share amounts) Utility Marketing Midstream Other Total common share2 Six months ended March 31, 2025 Net Income (Loss) [GAAP] $ 273.0 $ 12.1 $ 27.8 $ (22.3) $ 290.6 $ 4.86 Adjustments, pre-tax: Fair value and
Slide 26: 1H FY25 contribution margin reconciliation to GAAP
1H FY25 contribution margin reconciliation to GAAP Gas Gas (Millions) Utility Marketing Midstream Other Eliminations Consolidated Six months ended March 31, 2025 Operating Income [GAAP] $ 399.8 $ 15.1 $ 39.1 $ 1.2 $ — $ 455.2 Operation and maintenance 237.8 10.7 20.8 8.2 (8.8) 268.7 Depreciation and