Spire Inc. · NYSE:SR
Spire — Investor Presentation (June 2025)
27 slides from Spire's investor presentation, June 2025
Slide 1: Investor Presentation June 2025
Investor Presentation June 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 ~98% 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 $ 7.4B Robust 10-year capex plan 5-7% long-term EPS growth 22 Growing dividend
Slide 4: 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 adjustment Traditional approach – Rate setting mechanism equalization (RSE) – (RSA) – historica
Slide 5: 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 6: Robust capex plan
Robust capex plan • Q2 YTD FY25 capex of $479M Q2 YTD capex FY25 capex (Millions) (Millions) – Driven by Gas Utility investment including $840 • $169M of infrastructure upgrades $479 95 $409 160 • $103M advanced meter installations 84 98 73 • $58M of new business 57 585 • FY25 capex target raised to
Slide 7: Significant system investment
Significant system investment Miles by decade of installation1 • ~32,800 miles of total distribution 6,000 5,181 5,235 pipeline in Alabama, Mississippi 5,000 and Missouri 4,000 3,430 3,625 3,369 3,950 3,662 • Robust pipeline replacement program 3,000 – Improves safety and reliability 2,000 1,830 1,1
Slide 8: 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 – Working with key stakeholders on
Slide 9: Missouri rate case filing
Missouri rate case filing Docket number: GR-2025-0107 Spire Missouri MoPSC Staff Key component request direct testimony1 Revenue increase $289.5M $246.2M2 $4.4B $3.9B Rate base (thru 5/31/25 with discrete adjustments) (thru 12/31/24) Return on equity 10.50% 9.63% Cost of debt 4.254% 4.2% Capital str
Slide 10: Spire Marketing overview
Spire Marketing overview • Provides natural gas marketing services throughout North America – Relationship-driven business delivering ~1.32 Bcf/d (2024) – Firm transport capacity of ~1 Bcf/d – Majority of business is wholesale – serving producers, pipelines, power generators, utilities and others –
Slide 11: Midstream – Pipeline
Midstream – Pipeline SLL 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 12: Midstream – Storage
Midstream – Storage Spire Storage West • 23 Bcf facility in Wyoming with five interconnects serving Western U.S. • Expansion operational in Dec. 2024 − Increasing capacity to 39 Bcf − Strong market demand Spire Storage Salt Plains • 10 Bcf facility in Northern Oklahoma with two interconnects serving
Slide 13: 1H FY25 adjusted earnings
1H FY25 adjusted earnings (Millions) $21.6 $(5.7) $(8.9) $9.2 $295.5 $279.3 1H FY24 Gas Utility Midstream Gas Marketing Other & elims 1H FY25 Overall adjusted earnings1 higher $16.2M due to: • Gas Utility earnings (pre-tax) growth reflects: higher MO ISRS revenues (+$15.7M), MO usage net of partiall
Slide 14: Financing update
Financing update Equity forecast • Equity (Millions) – $75M forward sales settled in FY251 $0-50 • Debt – $150M Spire Missouri First Mortgage $75 Bonds issued May 12 $0-50 $0-50 • Proceeds used for general corporate purposes FY25 FY26 FY27 – Issuances for refinancing of maturities Common equity issu
Slide 15: Growth outlook
Growth outlook • Reaffirm long-term EPS growth target of FY25 adjusted earnings target by segment (Millions) 5-7%1 supported by Change at – Spire Missouri ~7-8% rate base growth Original Q2 updated midpoint Gas Utility $238 – 258 $230 – 244 $(11) – Spire Alabama and Spire Gulf ~6% equity growth Gas
Slide 16: FY25 business priorities
FY25 business priorities Operational excellence • Deliver reliable natural gas with a focus on safety • Execute on $840M capital plan for the benefit of customers • Focus on customer affordability, including cost management Regulatory • Achieve constructive regulatory outcomes • Strengthen regulator
Slide 17: Appendix
Appendix 17 Spire | Investor Presentation – June 2025
Slide 18: 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 19: Helpful tips
Helpful tips 19 Spire | Investor Presentation – June 2025
Slide 20: 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 21: 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 22: Regulatory construct
Regulatory construct Alabama Mississippi Missouri Alabama Public Service Commission Mississippi Public Service Commission Missouri Public Service Commission Top-rated jurisdiction by RRA Average-rated jurisdiction by RRA Average-rated jurisdiction by RRA Five members appointed by the Governor Three
Slide 23: 1H FY25 adjusted earnings
1H FY25 adjusted earnings Per diluted Millions common share Six months ended March 31, 2025 2024 2025 2024 Net Income $ 290.6 $ 289.4 $ 4.86 $ 5.14 Fair value and timing adjustments, pre-tax 6.6 (15.4) 0.12 (0.27) Acquisition and restructuring activities, pre-tax ― 1.9 ― 0.03 Income tax effect of ad
Slide 24: Key 1H FY25 variances
Key 1H FY25 variances (Millions) As reported Pension Earnings Net Six months ended March 31, 2025 2024 reclass adjustments variance Notes 1 Contribution Margin Gas Utility $ 816.5 $ 793.4 $ ― $ ― $ 23.1 ISRS (+$15.7); AL RSE (+$5.1); usage net of weather mitigation: AL (-$4.1) and MO (+$3.1) Gas Mar
Slide 25: 1H FY25 throughput, customer, weather and margin data
1H FY25 throughput, customer, weather and margin data Spire Missouri Spire Alabama 1H FY25 1H FY24 Variance 1H FY25 1H FY24 Variance Throughput (BCF) Residential 64.0 58.3 10% 13.5 13.4 1% Commercial & Industrial 27.1 25.2 8% 6.6 6.5 2% Transportation 27.1 25.6 6% 40.4 35.3 14% Total 118.2 109.1 8%
Slide 26: 1H FY25 adjusted earnings reconciliation to GAAP
1H FY25 adjusted earnings reconciliation to GAAP Gas Gas Per diluted (Millions, except per share amounts) Utility Marketing Midstream Other Total common share2 Six months ended March 31, 2025 Net Income (Loss) [GAAP] $ 273.0 $ 12.1 $ 27.8 $ (22.3) $ 290.6 $ 4.86 Adjustments, pre-tax: Fair value and
Slide 27: 1H FY25 contribution margin reconciliation to GAAP
1H FY25 contribution margin reconciliation to GAAP Gas Gas (Millions) Utility Marketing Midstream Other Eliminations Consolidated Six months ended March 31, 2025 Operating Income [GAAP] $ 399.8 $ 15.1 $ 39.1 $ 1.2 $ — $ 455.2 Operation and maintenance 237.8 10.7 20.8 8.2 (8.8) 268.7 Depreciation and