Slide 1: Second quarter fiscal 2026 update
Second quarter fiscal 2026 update May 6, 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 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 | Second quarter fiscal 2026 update
Slide 4: Key messages
Key messages Financial and • Q2 FY26 adjusted EPS from continuing operations of $3.76 vs. $3.17 in Q2 FY251 operational • Safely and reliably delivered natural gas performance • Continued focus on cost management and customer affordability • Missouri PSC approved $16.5M in ISRS revenues effective Ma
Slide 5: A more predictable business profile
A more predictable business profile Simplified business mix and regulated utility focus enhances visibility and stability. Regulated foundation Visibility and stability Reduced volatility Business profile now Long-term earnings Exit of storage and includes regulated gas outlook supported by marketin
Slide 6: 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 7: Completed acquisition of Piedmont Natural Gas Tennessee
Completed acquisition of Piedmont Natural Gas Tennessee Strategic expansion • Spire Tennessee is a leading natural gas utility in a fast-growing market • Adds more than 200,000 customers and $1.6B rate base in a constructive regulatory jurisdiction Kansas City St. Louis • Enhances scale, diversifica
Slide 8: 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 $600M cash at closing; Proceeds $212M cash at closing $75M cash at
Slide 9: Q2 FY26 adjusted earnings - continuing operations
Q2 FY26 adjusted earnings - continuing operations Adjusted earnings – Key Q2 FY26 drivers vs. prior year: continuing operations1 Gas Utility earnings (pre-tax) • New MO rates effective Oct. 2025: +$78.4M (Millions) • AL rates under the RSE: +$7.1M $39.6 $(5.2) $223.7 • AL RSE customer refund provisi
Slide 10: Missouri weather-driven usage impact - fiscal 2026
Missouri weather-driven usage impact – fiscal 2026 What happened • Customer usage was significantly below historical usage and test year patterns – Missouri heating degree days (HDD) were 11.5% below normal for 1H FY26 – Residential usage per HDD in the winter heating season was materially lower tha
Slide 11: Adjusted earnings and growth outlook - continuing operations
Adjusted earnings and growth outlook – continuing operations Adjusted EPS guidance Change Year – continuing operations vs. Prior M&A treatment in Guidance FY26 $3.90 − $4.10 Updated Excludes full year of Storage, Marketing and Tennessee; includes Mississippi FY27 $5.40 − $5.60 Reaffirmed Excludes fu
Slide 12: Robust capex plan
Robust capex plan • Q2 YTD FY26 capex of $386M Q2 YTD capex FY26 capex (Millions) (Millions) – Driven by Gas Utility investment including $797 $401 $386 • $209M of infrastructure upgrades 6 1 170 73 2 102 90 • $62M of new business – MO capex lower vs. FY25 due to completion 322 535 283 of advanced m
Slide 13: 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 $800 – $200M Spire Missouri First Mortgage $480 $700 Bonds issued Oct. 23, 20251 $100 $45
Slide 14: Appendix
Appendix 14 S p i r e | S e c o n 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: Q2 FY26 adjusted earnings - continuing operations
Q2 FY26 adjusted earnings – continuing operations Per diluted Millions common share Three months ended March 31, 2026 2025 2026 2025 Net Income [GAAP] $ 217.6 $ 189.3 $ 3.51 $ 3.17 Acquisition activities, pre-tax 30.8 $ ― 0.52 $ ― Gain on sale of subsidiary (28.9) $ ― (0.49) $ ― Goodwill impairment
Slide 16: 1H FY26 adjusted earnings - continuing operations
1H FY26 adjusted earnings – continuing operations Per diluted Millions common share Six months ended March 31, 2026 2025 2026 2025 Net Income [GAAP] $ 305.4 $ 261.4 $ 4.93 $ 4.36 Acquisition activities, pre-tax 38.8 ― 0.66 ― Gain on sale of subsidiary (28.9) ― (0.49) ― Goodwill impairment 3.9 ― 0.07
Slide 17: 1H FY26 adjusted earnings drivers
1H FY26 adjusted earnings - continuing operations Adjusted earnings – Key 1H FY26 drivers vs. prior year: continuing operations1 Gas Utility earnings (pre-tax) • New MO rates effective Oct. 2025: +$132.6M (Millions) $65.7 • MO ISRS: +$2.3M $(9.6) $317.5 • AL rates under the RSE: +$7.9M • AL RSE cust
Slide 18: 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 19: 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 16.18¢ 14.72¢ 12.17¢ 6.09¢ 5.44¢ 4.94¢ Missouri Alabama Mississippi Electricity 1 Natural gas 2 1US Energy Information Agency residential customer electric rates for the twel
Slide 20: 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% 1.73% Alabama 1.39% 1.44% Mississippi 1.15% 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
Slide 21: 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 22: 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 23: 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 5 10 To
Slide 24: Debt maturities and credit ratings
Debt maturities and credit ratings Long-term debt maturities Credit ratings (Millions) $800 Spire Inc. Spire Spire $735 Senior Short-Term Missouri Alabama $700 $100 Unsecured Debt Senior Secured Senior Unsecured 2.88% Moody’s Baa2 P-2 A1 A2 $600 $90 5.32% $480 $30 S&P BBB A-2 A BBB+ $500 7.9% $400 $
Slide 25: Q2 FY26 throughput, customer, weather and margin data
Q2 FY26 throughput, customer, weather and margin data Spire Missouri Spire Alabama Q2 FY26 Q2 FY25 Variance Q2 FY26 Q2 FY25 Variance Throughput (BCF) Residential 34.2 41.0 -17% 9.3 10.2 -9% Commercial & Industrial 15.0 17.7 -15% 4.2 4.6 -9% Transportation 13.7 14.4 -5% 18.2 19.7 -8% Total 62.9 73.1
Slide 26: 1H FY26 throughput, customer, weather and margin data
1H FY26 throughput, customer, weather and margin data Spire Missouri Spire Alabama 2026 2025 Variance 2026 2025 Variance Throughput (BCF) Residential 58.8 64.0 -8% 13.3 13.5 -1% Commercial & Industrial 25.1 27.1 -7% 6.5 6.6 -2% Transportation 26.3 27.1 -3% 36.2 40.4 -10% Total 110.2 118.2 -7% 56.0 6
Slide 27: Key FY26 operation and maintenance run rate reconciliation
Key FY26 operation and maintenance run rate reconciliation - continuing operations (Millions) As reported Pension Bad Debt Net Three months ended March 31, 2026 2025 Variance reclass Expense variance Operation and Maintenance Gas Utility $ 122.0 $ 122.8 $ (0.8) $ 0.2 $ 0.9 $ (1.9) Other and eliminat
Slide 28: Q2 FY26 adjusted earnings reconciliation to GAAP
Q2 FY26 adjusted earnings reconciliation to GAAP – continuing operations Per diluted Gas common (Millions, except per share amounts) Utility Other Total share2 Three months ended March 31, 2026 Net Income (Loss) [GAAP] $ 231.8 $ (14.2) $ 217.6 $ 3.51 Adjustments, pre-tax: Acquisition activities ― 30
Slide 29: Q2 FY26 contribution margin reconciliation to GAAP
Q2 FY26 contribution margin reconciliation to GAAP – continuing operations Gas (Millions) Utility Other Eliminations Consolidated Three months ended March 31, 2026 Operating Income (Loss) [GAAP] $ 325.1 $ (21.6) ― $ 303.5 Operation and maintenance 122.0 36.2 (4.6) 153.6 Depreciation and amortization
Slide 30: 1H FY26 adjusted earnings reconciliation to GAAP
1H FY26 adjusted earnings reconciliation to GAAP – continuing operations Per diluted Gas common (Millions, except per share amounts) Utility Other Total share2 Six months ended March 31, 2026 Net Income (Loss) [GAAP] $ 335.7 $ (30.3) $ 305.4 $ 4.93 Adjustments, pre-tax: Acquisition activities ― 38.8
Slide 31: 1H FY26 contribution margin reconciliation to GAAP
1H FY26 contribution margin reconciliation to GAAP – continuing operations Gas (Millions) Utility Other Eliminations Consolidated Six months ended March 31, 2026 Operating Income (Loss) [GAAP] $ 486.7 $ (21.3) ― $ 465.4 Operation and maintenance 241.7 51.7 (9.2) 284.2 Depreciation and amortization 1