Spire Inc. · NYSE:SR
Spire — Q3 2025 Earnings Presentation
26 slides from Spire's earnings presentation, Aug 5, 2025
Slide 1: Third quarter fiscal 2025 update
Third quarter fiscal 2025 update August 5, 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: Scott Doyle and Adam Woodard presenters
Scott Doyle President and Chief Executive Officer • Strategy and business review Adam Woodard Executive Vice President and Chief Financial Officer • Financial update 3 Spire | Third quarter fiscal 2025 update
Slide 4: Key messages
Key messages Financial and • Q3 FY25 adjusted earnings of $0.01 per share vs. $(0.14) in Q3 FY24 operational • Safely and reliably deliver natural gas performance • Customer affordability initiatives delivering operational efficiencies • Unanimous settlement agreement filed Aug. 4 in Missouri rate c
Slide 5: Acquisition of Piedmont Natural Gas Tennessee business
Acquisition of Piedmont Natural Gas Tennessee business Kansas ✓ Highly strategic acquisition City St. Louis MISSOURI Increases scale and expands regulated utility ✓ Nashville footprint in a high-quality jurisdiction Gas utility territories TENNESSEE Spire STL Pipeline Spire MoGas Pipeline Shift in b
Slide 6: Missouri rate case
Missouri rate case Docket number: GR-2025-0107 • In Aug. 2025, unanimous stipulation and agreement reached for $210M annual revenue increase1 – Rate base of $4.4B – Allowed ROE and capital structure not specified2 – Refined methodology to improve effectiveness of weather normalization mechanism – Su
Slide 7: Q3 FY25 adjusted earnings
Q3 FY25 adjusted earnings (Millions) +$0.8 $4.1 +$2.3 + $4.3 $(4.3) +$1.0 Q3 FY24 Gas Utility Gas Marketing Midstream Other & elims Q3 FY25 Overall adjusted earnings1 +$8.4M higher due to: • Higher Gas Utility earnings (pre-tax): higher MO ISRS revenues (+$8.8M); partially offset by lower MO usage n
Slide 8: Key Q3 FY25 variances
Key Q3 FY25 variances (Millions) As reported Pension Earnings Three months ended June 30, 2025 2024 reclass adjustments Net variance Notes Contribution Margin1 Gas Utility $ 223.0 $ 218.8 $ ― $ 0.1 $ 4.1 MO ISRS (+$8.8); AL CCM benefit (-$1.0); usage net of weather mitigation: MO (-$2.2), AL (+$0.1)
Slide 9: Robust capex plan
Robust capex plan Q3 YTD capex FY25 capex • Q3 YTD FY25 capex of $700M (Millions) (Millions) – Driven by Gas Utility investment including $875 $700 $631 105 • $269M of infrastructure upgrades 99 130 160 119 • $137M advanced meter installations 91 • $83M of new business 610 410 482 • FY25 capex targe
Slide 10: Growth outlook
Growth outlook1 • Long-term EPS growth target of 5-7%2 Adjusted earnings target by segment (Millions) supported by FY25 – Spire Missouri ~7-8% rate base growth Gas Utility $230 – $244 – Spire Alabama and Spire Gulf ~6% equity growth Gas Marketing 25 – 29 – 10-year capex target of $7.4B (FY25-FY34) M
Slide 11: FY25 business priorities
FY25 business priorities Operational excellence • Deliver reliable natural gas with a focus on safety • Execute on $875M 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 | Third quarter fiscal 2025 update
Slide 13: Q3 FY25 adjusted earnings
Q3 FY25 adjusted earnings Per diluted Millions common share Three months ended June 30, 2025 2024 2025 2024 Net Income (Loss) $ 20.9 $ (12.6) $ 0.29 $ (0.28) Fair value and timing adjustments, pre-tax (22.4) 6.2 (0.37) 0.11 Acquisition and restructuring activities, pre-tax ― 4.8 ― 0.08 Income tax ef
Slide 14: Q3 YTD FY25 adjusted earnings
Q3 YTD FY25 adjusted earnings Per diluted Millions common share Nine months ended June 30, 2025 2024 2025 2024 Net Income $ 311.5 $ 276.8 $ 5.13 $ 4.76 Fair value and timing adjustments, pre-tax (15.8) (9.2) (0.27) (0.16) Acquisition and restructuring activities, pre-tax ― 6.7 ― 0.12 Income tax effe
Slide 15: Q3 YTD FY25 adjusted earnings
Q3 YTD FY25 adjusted earnings (Millions) +$23.9 $(1.4) $(8.1) $299.6 +$10.2 $275.0 Q3 YTD FY24 Gas Utility Midstream Gas Marketing Other & elims Q3 YTD FY25 Overall adjusted earnings1 higher +$24.6M due to: • Gas Utility earnings (pre-tax) growth reflects: higher MO ISRS revenues (+$24.5M), MO usage
Slide 16: Key Q3 YTD FY25 variances
Key Q3 YTD FY25 variances (Millions) As reported Pension Earnings Nine months ended June 30, 2025 2024 reclass adjustments Net variance Notes Contribution Margin1 Gas Utility $1,039.5 $ 1,012.2 $ ― $ 0.1 $ 27.2 MO ISRS (+$24.5); AL RSE (+$5.1); usage net of weather mitigation: MO (+$0.9), AL (-$4.0)
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 outlook “Stable”; S&P outlook
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 Historical test year – Rate setting mechanism equalization (RSE) – adjustment (RSA) – future te
Slide 20: Approved regulatory filings
Approved regulatory filings Spire Spire Spire Spire Alabama Gulf Mississippi Missouri1 Effective date Dec. 2024 Dec. 2024 Jan. 2025 Dec. 2022 of current base rates Rate base for ratemaking (Millions) n/a2 n/a2 $533 n/a4 Avg. common equity for ratemaking $7562 $1492 n/a n/a (Millions) Return on equit
Slide 21: Q3 FY25 throughput, customer, weather and margin data
Q3 FY25 throughput, customer, weather and margin data Spire Missouri Spire Alabama Three months ended June 30, Q3 FY25 Q3 FY24 Variance Q3 FY25 Q3 FY24 Variance Throughput (BCF) Residential 7.1 7.0 1% 2.4 2.5 -4% Commercial & Industrial 4.2 3.7 14% 1.7 1.8 -6% Transportation 10.7 10.3 4% 20.0 18.9 6
Slide 22: Q3 YTD FY25 throughput, customer, weather and margin data
Q3 YTD FY25 throughput, customer, weather and margin data Spire Missouri Spire Alabama Nine months ended June 30, 2025 2024 Variance 2025 2024 Variance Throughput (BCF) Residential 71.1 65.2 9% 15.8 15.9 -1% Commercial & Industrial 31.3 28.9 8% 8.3 8.3 0% Transportation 37.8 35.9 5% 60.5 54.2 12% To
Slide 23: Q3 FY25 adjusted earnings reconciliation to GAAP
Q3 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 June 30, 2025 Net (Loss) Income [GAAP] $ (10.0) $ 22.1 $ 16.2 $ (7.4) $ 20.9 $ 0.29 Adjustments, pre-tax: Fair value and
Slide 24: Q3 FY25 contribution margin reconciliation to GAAP
Q3 FY25 contribution margin reconciliation to GAAP Gas Gas (Millions) Utility Marketing Midstream Other Eliminations Consolidated Three months ended June 30, 2025 Operating Income (Loss) [GAAP] $ 16.6 $ 28.7 $ 23.8 $ 0.1 $ — $ 69.2 Operation and maintenance 114.1 4.1 11.4 5.5 (4.5) 130.6 Depreciatio
Slide 25: Q3 YTD FY25 adjusted earnings reconciliation to GAAP
Q3 YTD FY25 adjusted earnings reconciliation to GAAP Gas Gas Per diluted (Millions, except per share amounts) Utility Marketing Midstream Other Total common share2 Nine months ended June 30, 2025 Net Income (Loss) [GAAP] $ 263.0 $ 34.2 $ 44.0 $ (29.7) $ 311.5 $ 5.13 Adjustments, pre-tax: Fair value
Slide 26: Q3 YTD FY25 contribution margin reconciliation to GAAP
Q3 YTD FY25 contribution margin reconciliation to GAAP Gas Gas (Millions) Utility Marketing Midstream Other Eliminations Consolidated Nine months ended June 30, 2025 Operating Income (Loss) [GAAP] $ 416.4 $ 43.8 $ 62.9 $ 1.3 $ — $ 524.4 Operation and maintenance 351.9 14.8 32.2 13.7 (13.3) 399.3 Dep