Slide 1: First quarter fiscal 2025 update
First quarter fiscal 2025 update February 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: Participants on today's call
Participants on today’s call Scott E. Doyle Adam W. Woodard Executive Vice President Executive Vice President and Chief Operating Officer and Chief Financial Officer 3 Spire | First quarter fiscal 2025 update
Slide 4: Key messages
Key messages Financial and • Q1 FY25 adjusted earnings of $1.34 per share versus $1.47 in Q1 FY24 operational • Safely and reliably deliver natural gas performance • Focus on cost management and customer affordability • Spire Missouri rate case filed in Nov. 2024 • Spire Missouri filed for $19.0M in
Slide 5: Robust capex plan
Robust capex plan • Q1 FY25 capex of $260M Q1 capex FY25 capex (Millions) (Millions) – Driven by Gas Utility investment including $790 $260 60 • $95M of infrastructure upgrades $227 43 160 52 39 • $60M advanced meter installations 30 • $30M of new business 570 178 145 • FY25 capex target remains $79
Slide 6: Missouri rate case filing
Missouri rate case filing Docket number: GR-2025-0107 Rate case filing key requests Rate base $4.4 billion (May 31, 2025 true-up with other discrete adjustments) Return on equity 10.50% Cost of debt 4.254% Capital structure 55% equity / 45% debt Cost of capital 7.689% Revenue requirement increase $2
Slide 7: Q1 FY25 adjusted earnings
Q1 FY25 adjusted earnings (Millions) $9.6 $(5.0) $(8.2) $2.0 $82.7 $81.1 Q1 FY24 Gas Utility Midstream Gas Marketing Other & elims Q1 FY25 Overall adjusted earnings1 lower (-$1.6M) due to: • Gas Utility earnings (pre-tax) growth reflects: higher MO ISRS revenues (+$7.0M), AL rates and usage net of w
Slide 8: Key Q1 FY25 variances
Key Q1 FY25 variances (Millions) As reported Pension Earnings Three months ended December 31, 2024 2023 reclass adjustments Net variance Notes Contribution Margin1 Gas Utility $ 332.2 $ 323.8 $ ― $ ― $ 8.4 ISRS (+$7.0); usage net of weather mitigation: AL (+$3.0) and MO (-$3.4); AL RSE (-$0.6)2 Gas
Slide 9: Growth outlook
Growth outlook • Adjusted long-term EPS growth target of Adjusted EPS long-term growth target 5-7%1 supported by 7% – Spire Missouri ~7-8% rate base growth – Spire Alabama and Spire Gulf ~6% equity growth 5% – Robust 10-year capex target of $7.4B • FY25 adjusted EPS guidance: $4.40-$4.60 $4.40 - $4.
Slide 10: Financing update
Financing update Equity forecast • Equity (Millions) – ~$32M forward sales settled Dec. 20241 $0-50 – Expect to settle ~$43M FY24 forward sales2 $32 – Expected weighted shares outstanding $43 of ~59M in FY25 $0-50 $0-50 • Debt FY25 FY26 FY27 FY24 forward sales Common equity issued – Refinancing of m
Slide 11: FY25 business priorities
FY25 business priorities Operational excellence • Deliver reliable natural gas with a focus on safety • Execute on $790M 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 | First quarter fiscal 2025 update
Slide 13: Q1 FY25 adjusted earnings
Q1 FY25 adjusted earnings Per diluted Millions common share Three months ended December 31, 2024 2023 2024 2023 Net Income $ 81.3 $ 85.1 $ 1.34 $ 1.52 Fair value and timing adjustments, pre-tax (0.3) (5.2) (0.01) (0.10) Acquisition and restructuring activities, pre-tax ― 1.9 ― 0.03 Income tax effect
Slide 14: 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 15: 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 16: 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 17: 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 18: Q1 FY25 throughput, customer, weather and margin data
Q1 FY25 throughput, customer, weather and margin data Spire Missouri Spire Alabama Q1 FY25 Q1 FY24 Variance Q1 FY25 Q1 FY24 Variance Throughput (BCF) Residential 23.0 24.0 -4% 3.2 3.5 -9% Commercial & Industrial 9.4 8.9 6% 2.0 2.1 -5% Transportation 12.7 12.1 5% 20.8 17.3 20% Total 45.1 45.0 0% 26.0
Slide 19: Q1 FY25 adjusted earnings reconciliation to GAAP
Q1 FY25 adjusted earnings reconciliation to GAAP Gas Gas Per diluted (Millions, except per share amounts) Utility Marketing Midstream Other Total common share1 Three months ended December 31, 2024 Net Income (Loss) [GAAP] $ 77.8 $ 2.4 $ 12.0 $ (10.9) $ 81.3 $ 1.34 Adjustments, pre-tax: Fair value an
Slide 20: Q1 FY25 contribution margin reconciliation to GAAP
Q1 FY25 contribution margin reconciliation to GAAP Gas Gas (Millions) Utility Marketing Midstream Other Eliminations Consolidated Three months ended December 31, 2024 Operating Income [GAAP] $ 127.8 $ 2.7 $ 17.3 $ 1.0 $ — $ 148.8 Operation and maintenance 115.0 4.0 11.0 3.6 (4.3) 129.3 Depreciation