Spire (SR) Investor presentation summary

Business overview and operations

• Operates four regulated gas utilities and one interstate pipeline, serving nearly 2 million customers across Missouri, Alabama, Tennessee, and Alabama, with a robust infrastructure of over 36,700 miles of pipeline.

• Completed acquisition of Piedmont Natural Gas Tennessee, adding over 200,000 customers and $1.6B rate base, enhancing scale and diversification.

• Strategic divestitures of non-core assets, including Spire Marketing, Spire Storage, and Spire Mississippi, to focus on regulated utilities and improve earnings visibility.

• Significant investments in pipeline upgrades, with $1.6B invested since 2020, improving safety, reliability, and reducing methane emissions.

• MoGas Pipeline expansion project to add 362,000 Dth/d capacity, targeting in-service by Q2 FY30.

Financial performance and outlook

• Reaffirmed 5-7% long-term adjusted EPS growth target, supported by ~7% rate base growth and a $11.2B ten-year capital plan.

• FY26 adjusted EPS guidance of $3.90-$4.10 and FY27 guidance of $5.40-$5.60 from continuing operations.

• Q3 FY26 YTD adjusted EPS of $5.01, up from $4.05 in the prior year, driven by new rates, ISRS increases, and operational improvements.

• 2026 marks 23 consecutive years of dividend increases, with a 2026 annualized dividend of $3.30 per share and a targeted payout ratio of 55-65%.

• Financing plan includes $0-$50M annual equity issuance (FY26-FY28) and refinancing of debt maturities, maintaining FFO/debt target of 14-15%.

Regulatory and strategic initiatives

• Fully regulated business mix enhances earnings quality and predictability, with constructive regulatory frameworks in all jurisdictions.

• Alabama and Gulf RSE frameworks renewed, supporting predictable outcomes and timely recovery; Missouri to file first future test year rate case in Nov. 2026.

• Tennessee ARM filing requests $14M revenue increase, with rates effective Oct. 1, 2026, and a 9.8% authorized ROE.

• Expect to recover ~96% of investments via forward test year ratemaking, true-up, or capital recovery mechanisms.

• Regulatory commissions in all states ranked average or above average, supporting stable returns.