Spire (SR) Investor presentation summary

Business overview and strategy

• Operates regulated natural gas utilities serving nearly 2 million customers in AL, MO, MS, and TN, with over 70,000 miles of pipeline and a focus on highly contracted, utility-focused assets.

• Business mix is over 90% regulated, targeting full regulation by FY27, with a robust $11.2B 10-year capex plan and 5-7% long-term EPS growth.

• Strategy centers on organic growth, infrastructure investment, and continuous improvement, with a 23-year record of growing dividends.

Recent acquisitions and divestitures

• Acquired Piedmont Natural Gas Tennessee, adding 200,000+ customers and $1.6B rate base, enhancing scale and diversification; purchase price $2.48B, financed without issuing common equity.

• Completed or announced divestitures of Spire Marketing, Storage, and Mississippi, generating over $887M in proceeds to fund acquisitions and infrastructure investments.

• Post-divestiture, business mix will be fully regulated, simplifying operations and improving earnings visibility.

Financial performance and outlook

• FY26 adjusted EPS guidance is $3.90–$4.10, with FY27 guidance reaffirmed at $5.40–$5.60; 5-7% long-term EPS growth target supported by rate base and capital plan.

• 1H FY26 adjusted earnings from continuing operations were $317.5M, up from $261.4M in 1H FY25, driven by new rates, infrastructure surcharges, and cost management.

• Dividend increased 5.1% to $3.30 per share in 2026, marking 23 consecutive years of growth and inclusion in the S&P Dividend Aristocrats Index.