Spire Inc. · NYSE:SR
Spire — Investor Presentation (December 2025)
32 slides from Spire's investor presentation, Dec 8, 2025
Slide 1: Investor Presentation December 2025
Exhibit 99.1 Investor Presentation December 2025
Slide 2: Spire at-a-glance
Spire at-a-glance Gas Utilities • Regulated natural gas LDCs serving 1.7M homes and businesses in AL, MO and MS • Operates ~63k miles of pipeline • Represents >99% of 10-year capex Gas Marketing • Provides natural gas marketing services throughout North America • Creates value by optimizing commodit
Slide 3: Strategy driving growth, value and sustainability
Strategy driving growth, value and sustainability At Spire, we’re focused on growing our businesses organically, investing in infrastructure and driving continuous improvement to deliver value. 90%+ regulated business mix $ 1 Robust 10-year capex plan 11.2B 2 5-7% long-term EPS growth Growing divide
Slide 4: Acquisition of Piedmont Natural Gas Tennessee business
Acquisition of Piedmont Natural Gas Tennessee business Kansas In July 2025, announced highly strategic St. Louis City ✓ acquisition of Piedmont Tennessee business MISSOURI Increases scale and expands regulated utility Nashville ✓ TENNESSEE Gas utility territories footprint in a high-quality jurisdic
Slide 5: Transaction terms – Acquisition of Piedmont Natural Gas Tennessee business
Transaction terms – Acquisition of Piedmont Natural Gas Tennessee business • Acquiring 100% of the Piedmont Natural Gas Tennessee business from Duke Energy Transaction and • $2.48 billion enterprise value on a cash-free, debt-free basis, subject to customary closing adjustments purchase price – Purc
Slide 6: Acquisition significantly enhances Spire's scale
Acquisition significantly enhances Spire’s scale Spire Spire Spire Spire Gulf Tennessee Alabama Missouri Mississippi Pro forma $8.2B 1 Rate base $1.7B $4.6B $0.3B <$0.1B $1.6B (+24%) States AL MO AL MS TN 4 total states 1,950,000 Customers 430,000 1,213,000 84,000 18,000 205,000 (+12%) Miles of dist
Slide 7: Earnings power driven by growth across jurisdictions
Earnings power driven by growth across jurisdictions 1 Utility rate base and total capitalization (Billions) FY26E FY30E $2.2 $1.6 $1.7 $2.1 20% 19% 21% 20% $0.3, 4% $8.2B $0.4, 4% $10.7B Missouri $4.6 $6.0 Gulf / Mississippi 56% Alabama 56% Tennessee 2 • Long-term EPS growth target of 5-7% supporte
Slide 8: Constructive regulatory jurisdictions
Constructive regulatory jurisdictions Spire Alabama and Spire Gulf Spire Mississippi Spire Missouri Tennessee RRA ranking Above Average / 1 Above Average / 3 Average / 2 Above Average / 3 Rate stabilization and Rate stabilization Historical test year – ARM – Rate setting mechanism equalization (RSE)
Slide 9: 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 MS 170 175 180 185 190 900 1,950 1 Tennessee 90 175 185 200 215 865 2,175 2 Midstream 14 1 1 1 1 18
Slide 10: Significant system investment
Significant system investment 1 Miles by decade of installation 6,000 • ~32,800 miles of natural gas mains in 5,235 5,181 Alabama, Mississippi and Missouri 5,000 3,950 3,662 4,000 3,625 • Robust pipeline replacement program 3,430 3,369 3,000 – Improves safety and reliability 1,830 2,000 – Results in
Slide 11: Gas Utility update
Gas Utility update • Safely and reliably deliver natural gas • Robust investment in infrastructure modernization driving benefits for customers, shareholders and communities • Focus on cost management and customer affordability • Regulatory and legislative matters – In Sept. 2025, MoPSC approved sti
Slide 12: Spire Marketing overview
Spire Marketing overview • Provides natural gas marketing services throughout North America – Relationship-driven business delivering ~1.22 Bcf/d (2025) – Firm transport capacity of ~1 Bcf/d – Majority of business is wholesale – serving producers, pipelines, power generators, utilities and others –
Slide 13: SLL Midstream – Pipeline
SLL Midstream – Pipeline Spire STL Pipeline • 65-mile pipeline providing safe, reliable, economical energy to Eastern Missouri • Strong performance since start of commercial operation in Nov. 2019 – Supports improved system reliability – Drives reduced methane emissions • FERC certificate permanent
Slide 14: Midstream – Storage
Midstream – Storage Spire Storage West • Facility in Wyoming with five interconnects serving Western U.S. • 23 Bcf working gas capacity as of Sept. 30, 2025 • Expansion completed in July 2025 Spire Storage Salt Plains • Facility in Northern Oklahoma with two interconnects serving Midwestern U.S. • 1
Slide 15: FY25 adjusted earnings
FY25 adjusted earnings (Millions) $2.5 $(7.8) $22.8 $275.5 $10.6 $247.4 FY24 Gas Utility Midstream Gas Marketing Other & elims FY25 1 Overall adjusted earnings higher +$28.1M due to: • Gas Utility earnings (pre-tax) growth reflects: higher MO ISRS revenues (+$33.5M) and AL RSE (+5.0M); partially off
Slide 16: Growth outlook
Growth outlook 1 • Long-term EPS growth target of 5-7% Targeted adjusted EPS Growth supported by – Robust rate base growth: ~7% in Missouri and $5.65 – ~7.5% in Tennessee 3 $5.85 $5.25 – – Regulated equity growth: ~6% in Alabama and 2 $5.45 Gulf – 10-year capex target of $11.2B (FY26-FY35E) • FY26 a
Slide 17: FY26 guidance by segment
1 FY26 guidance by segment Key drivers compared to FY25 Adjusted earnings by business segment (Millions) Gas Utility FY25 FY26 • New rates: actual target – Spire Missouri base rates effective in Oct. and ISRS Gas Utility $231 $285 – $315 – Spire Alabama and Gulf rates effective in Dec. Gas Marketing
Slide 18: Base business financing plan
Base business financing plan Excludes Tennessee acquisition Debt maturities and expected issuances • Equity (Millions) – FY26E to FY28E: $0-$50M per year • Debt – Refinancing of maturities and funding of capital plan $700 $550 – $200M Spire Missouri First Mortgage $480 $100 1 Bonds issued Oct. 23 $4
Slide 19: FY26 business priorities
FY26 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 Missou
Slide 20: Appendix
Appendix 20 S p i r e | I n v e s t o r P r e s e n t a t i o n – D e c e m b e r 2 0 2 5
Slide 21: 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 22: Helpful tips
Helpful tips 22 S p i r e | I n v e s t o r P r e s e n t a t i o n – D e c e m b e r 2 0 2 5
Slide 23: Growing our dividend
Growing our dividend Annualized dividend per share 1 $3.30 $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 sh
Slide 24: Debt maturities and credit ratings
Debt maturities and credit ratings Long-term debt maturities Credit ratings (Millions) Spire Inc. Spire Spire $800 $735 Senior Short-Term Missouri Alabama Unsecured Debt Senior Secured Senior Unsecured $100 $700 2.88% Moody’s Baa2 P-2 A1 A2 $90 $600 5.32% $30 BBB A-2 A BBB+ S&P $480 $500 7.9% • Mood
Slide 25: Natural gas as the affordable choice
Natural gas as the affordable choice Electricity is 2x to 3x more expensive than natural gas in Spire’s states kWh equivalent 15.82¢ 13.80¢ 13.17¢ 5.92¢ 5.38¢ 4.55¢ Missouri Alabama Mississippi 1 2 Electricity Natural gas 1 US Energy Information Agency residential customer electric rates for the twe
Slide 26: Natural gas bills remain minimal portion of wallet
1 Natural gas bills remain minimal portion of wallet 1.85% Missouri 1.48% 1.69% Alabama 1.35% 1.32% Mississippi 1.06% 2 3 Wallet Share Low Income Wallet Share Median Income 1 Reflects Spire’s average residential usage and current rates. 2 Low income is considered at or below 80% of the area median i
Slide 27: Regulatory construct
Regulatory construct Alabama Mississippi Missouri Tennessee Mississippi Public Alabama Public Service Commission Missouri Public Service Commission Tennessee Public Utility Commission Service Commission Above Average / 1 RRA ranking Above Average / 3 RRA ranking Average / 2 RRA ranking Above Average
Slide 28: FY25 adjusted earnings
FY25 adjusted earnings Per diluted Millions common share Twelve months ended September 30, 2025 2024 2025 2024 Net Income [GAAP] $ 271.7 $ 250.9 $ 4.37 $ 4.19 Fair value and timing adjustments, pre-tax ( 10.4) (12.4) (0.17) (0.22) Acquisition and restructuring activities, pre-tax 15.2 7.6 0.26 0.14
Slide 29: Key FY25 variances
Key FY25 variances (Millions) As reported Pension Earnings Net reclass adjustments variance Twelve months ended September 30, 2025 2024 Notes 1 Contribution Margin MO ISRS (+$33.5); AL RSE (+$5.0); usage net of weather Gas Utility $ 1,236.7 $ 1, 199.2 $ ― $ ― $ 37 .5 mitigation: MO (no variance), AL
Slide 30: FY25 throughput, customer, weather and margin data
FY25 throughput, customer, weather and margin data Spire Missouri Spire Alabama Twelve months ended September 30, 2025 2024 Variance 2025 2024 Variance Throughput (BCF) 75.0 69.0 9% 17.1 17.1 0% Residential 34.1 31.5 8% 9.6 9.6 0% Commercial & Industrial 47.9 46.4 3% 81.4 77.0 6% Transportation Tota
Slide 31: FY25 adjusted earnings reconciliation to GAAP
FY25 adjusted earnings reconciliation to GAAP Gas Gas Per diluted 2 Utility Marketing Midstream Other Total common share (Millions, except per share amounts) Twelve months ended September 30, 2025 Net Income (Loss) [GAAP] $ 231.4 $ 33.7 $ 56.3 $ (49.7) $ 271.7 $ 4.37 Adjustments, pre-tax: Fair value
Slide 32: FY25 contribution margin reconciliation to GAAP
FY25 contribution margin reconciliation to GAAP Gas Gas (Millions) Utility Marketing Midstream Other Eliminations Consolidated Twelve months ended September 30, 2025 Operating Income (Loss) [GAAP] $ 406.2 $ 42.1 $ 83.8 $ (8.2) $ — $ 523.9 Operation and maintenance 467.1 19 .4 45.3 28 .3 (18.0) 542.1