Spire Inc. · NYSE:SR
Spire — Merger or Acquisition (March 2026)
7 slides from Spire's merger presentation, Mar 30, 2026
Slide 1: Strategic sale of gas marketing business
Strategic sale of gas marketing business March 30, 2026
Slide 2: Forward-looking statements and 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. Forward-looking statements are typically identified by w
Slide 3: Transaction overview
Transaction overview Terms On Mar. 30, 2026, Spire Inc. announced the sale of its gas marketing business, Spire Marketing Inc., to Boardwalk Pipelines, LP for $215 million in cash Expected to close in fiscal Q3 2026 Strategic Rationale Sale simplifies investment thesis with a sharpened focus on regu
Slide 4: Compelling investment thesis
Compelling investment thesis Marketing sale simplifies attractive portfolio of natural gas businesses Improves risk profile and long-term earnings visibility Regulatory diversity in constructive jurisdictions including MO, AL, TN and FERC Expect to recover ~96% of investments via forward test year r
Slide 5: Guidance update & growth outlook
Guidance update & growth outlook Reaffirm adjusted EPS long-term growth target of 5-7% using original FY27 guidance mid-point of $5.75 as a base Rate base growth: ~7% in Missouri and ~7.5% in Tennessee Regulated equity growth: ~6% in Alabama and Gulf 10-year capex target of $11.2B (FY26-FY35E) Year
Slide 6: Capital plan overview – no change from fiscal Q1 update
Capital plan overview – no change from fiscal Q1 update 10-year capex forecast $11.2B (Millions) $11.2B Investing in infrastructure while balancing customer affordability Expect to recover ~96% of investments via forward test year ratemaking, true-up or capital recovery mechanisms 10-year capex brea
Slide 7: Regulatory jurisdictions and rate setting mechanisms
Spire Alabama and Spire Gulf Spire Mississippi Spire Missouri Tennessee RRA ranking Above Average / 1 Above Average / 3 Average / 2 Above Average / 3 Rate setting mechanism Rate stabilization and equalization (RSE) – forward test year Rate stabilization adjustment (RSA) – formula ratemaking Historic