Slide 1: Year-end fiscal 2025 update
Year-end fiscal 2025 update November 14, 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: Presenters: Scott Doyle and Adam Woodard
Scott Doyle President and Chief Executive Officer • Strategy and business review Adam Woodard Executive Vice President and Chief Financial Officer • Financial update 3 Spire | Year-end fiscal 2025 update
Slide 4: Key messages
Key messages Financial and • Achieved FY25 adjusted EPS of $4.44 vs. $4.13 in FY24; 7.5% growth operational • Safely and reliably delivered natural gas performance • Invested $922M of capital in FY25; $817M Utility capex • Reached a constructive outcome in the Missouri rate case Regulatory • Worked
Slide 5: Delivered on FY25 business priorities
Delivered on FY25 business priorities Operational excellence ✓ Delivered reliable natural gas with a focus on safety Invested $922M of capital for the benefit of ✓ customers Focused on customer affordability, including ✓ cost management Regulatory ✓ Achieved constructive regulatory outcomes ✓ Streng
Slide 6: Piedmont Natural Gas Tennessee acquisition update
Piedmont Natural Gas Tennessee acquisition update On track to close in Q1 calendar 2026 Approvals update • Hart-Scott-Rodino review completed Kansas City St. Louis • Tennessee Public Utility Commission approval pending1 Financing plan update MISSOURI • Pursuing permanent financing plan consistent wi
Slide 7: 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 8: 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 Overall adjusted earnings1 higher +$28.1M due to: • Gas Utility earnings (pre-tax) growth reflects: higher MO ISRS revenues (+$33.5M) and AL RSE (+5.0M); partially offs
Slide 9: Key FY25 variances
Key FY25 variances (Millions) As reported Pension Earnings Net Twelve months ended September 30, 2025 2024 reclass adjustments variance Notes Contribution Margin1 Gas Utility $ 1,236.7 $ 1,199.2 $ ― $ ― $ 37.5 MO ISRS (+$33.5); AL RSE (+$5.0); usage net of weather mitigation: MO (no variance), AL (-
Slide 10: 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 Tennessee1 90 175 185 200 215 865 2,175 Midstream2 14 1 1 1 1 18 23
Slide 11: Growth outlook
Growth outlook • Long-term EPS growth target of 5-7%1 Targeted adjusted EPS Growth supported by – Robust rate base growth: ~7% in Missouri and ~7.5% in Tennessee $5.65 – $5.25 – $5.853 – Regulated equity growth: ~6% in Alabama and $5.452 Gulf – 10-year capex target of $11.2B (FY26-FY35E) • FY26 adju
Slide 12: FY26 guidance by segment
FY26 guidance by segment1 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 13: Base business financing plan
Base business financing plan Excludes Tennessee acquisition • Equity Debt maturities and expected issuances (Millions) – FY26E to FY28E: $0-$50M per year • Debt – Refinancing of maturities and funding of capital plan $700 – $200M Spire Missouri First Mortgage $480 $550 $100 Bonds issued Oct. 231 $45
Slide 14: 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 15: Appendix
Appendix 15 S p i r e | Y e a r - e n d f i s c a l 2 0 2 5 u p d a t e
Slide 16: 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 17: 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 Electricity 1 Natural gas 2 1US Energy Information Agency residential customer electric rates for the twel
Slide 18: Natural gas bills remain minimal portion of wallet
Natural gas bills remain minimal portion of wallet1 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 1Reflects Spire’s average residential usage and current rates. 2Low income is considered at or below 80% of the area median inco
Slide 19: 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 20: 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 I
Slide 21: Q4 FY25 adjusted earnings
Q4 FY25 adjusted earnings Per diluted Millions common share Three months ended September 30, 2025 2024 2025 2024 Net Loss [GAAP] $ (39.8) $ (25.9) $ (0.74) $ (0.51) Fair value and timing adjustments, pre-tax 5.4 (3.2) 0.09 (0.06) Acquisition and restructuring activities, pre-tax 15.2 0.9 0.26 0.02 I
Slide 22: Q4 FY25 adjusted earnings
Q4 FY25 adjusted earnings (Millions) $(27.6) ($24.1) $3.9 $0.3 $0.4 ($1.1) FY24 Gas Utility Midstream Gas Marketing Other & elims FY25 Adjusted loss1 $3.5M better due to: • Lower Gas Utility loss (pre-tax): higher MO ISRS revenues (+$9.0M) and higher AL usage net of weather mitigation (+$1.0M) mostl
Slide 23: Key Q4 FY25 variances
Key Q4 FY25 variances (Millions) As reported Pension Earnings Three months ended September 30, 2025 2024 reclass adjustments3 Net variance Notes 1 Contribution Margin Gas Utility $ 197.2 $ 187.0 $ ― $ ― $ 10.2 MO ISRS (+$9.0); AL RSE (no variance); usage net of weather mitigation: MO (-$0.9), AL (+$
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: 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) Residential 75.0 69.0 9% 17.1 17.1 0% Commercial & Industrial 34.1 31.5 8% 9.6 9.6 0% Transportation 47.9 46.4 3% 81.4 77.0 6% Tota
Slide 26: FY25 adjusted earnings reconciliation to GAAP
FY25 adjusted earnings reconciliation to GAAP Gas Gas Per diluted (Millions, except per share amounts) Utility Marketing Midstream Other Total common share2 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 27: 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 D
Slide 28: Q4 FY25 adjusted earnings reconciliation to GAAP
Q4 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 September 30, 2025 Net (Loss) Income [GAAP] $ (31.6) $ (0.5) $ 12.3 $ (20.0) $ (39.8) $ (0.74) Adjustments, pre-tax: Fair
Slide 29: Q4 FY25 contribution margin reconciliation to GAAP
Q4 FY25 contribution margin reconciliation to GAAP Gas Gas (Millions) Utility Marketing Midstream Other Eliminations Consolidated Three months ended September 30, 2025 Operating Income (Loss) [GAAP] $ (10.2) $ (1.7) $ 20.9 $ (9.5) $ — $ (0.5) Operation and maintenance 115.2 4.6 13.1 14.6 (4.7) 142.8