Spire : AGA Financial Forum May 2026

Published: 2026-05-15 16:35:58 ET SR

Published on 05/15/2026 at 04:35 pm EDT

AGA Financial Forum

May 17-19, 2026

Gas Utilities

Regulated natural gas LDCs serving nearly 2M homes and businesses in AL, MO, MS and TN

Operates ~70k miles of pipeline

Represents >99% of 10-year capex

Storage and Pipeline

Consists of Spire MoGas Pipeline and

storage facilities in WY and OK

Centered on highly-contracted assets with a utility gas supply focus

At Spire, we're focused on growing our businesses organically, investing in infrastructure and driving continuous improvement to deliver value.

90%+ regulated business mix; expect to be fully regulated in FY27

$11.2B Robust 10-year capex plan1

5-7% long-term EPS growth2

23 Growing dividend for 23 consecutive years

Focus on sustainability

1Includes Tennessee capex beginning in 2H FY26. Excludes storage and Spire Mississippi capex after FY26.

2Using FY27 guidance midpoint of $5.75 as a base.

Simplified business mix and regulated utility focus enhances visibility and stability.

Regulated foundation Visibility and stability Reduced volatility

Business profile now includes regulated gas utilities and FERC-regulated pipeline

Long-term earnings outlook supported by rate-base growth and constructive regulatory mechanisms

Exit of storage and marketing businesses lowers earnings variability

Delivering more consistent earnings growth through a lower-risk regulated business mix.

Strategic expansion

Spire Tennessee is a leading natural gas utility in a fast-growing

market

Adds more than 200,000 customers and $1.6B rate base in a constructive regulatory jurisdiction

Enhances scale, diversification and long-term strategic positioning

Financing completed; total purchase price $2.48B

$900M Spire Inc. Junior Subordinated Notes issued Nov. 2025

$825M Spire Tennessee Senior Notes issued March 2026

Proceeds from asset sales provide remaining funding needs

No common equity issued

Kansas City

St. Louis

Nashville

Birmingham

Integration underway

Focused on seamless transition for employees and customers

Hattiesburg

Mobile

18-month Transition Service Agreement (TSA)

Financial Outlook

Supports long-term adjusted EPS growth target of 5-7%

Spire gas utility territories

Spire MoGas Pipeline

Spire Marketing Spire Storage Spire Mississippi

Buyer

Boardwalk Pipelines I Squared Capital Delta Utilities

Announcement date

Mar. 30, 2026 Apr. 15, 2026 Apr. 22, 2026

Proceeds

$212M cash at closing $600M cash at closing; $75M cash at closing

$50M deferred payment in FY27

Expected close

Closed Apr. 30, 2026 Second half FY26 Q1 FY27

Use of proceeds

Partially fund the acquisition of the Piedmont Natural Gas Tennessee business

General corporate purposes, including supporting planned infrastructure investments across remaining gas utilities

Strategic impact

Meaningfully simplifies the business and strengthens focus on regulated gas utilities

Improves business risk profile and earnings visibility

Following these transactions, Spire's business mix will be fully regulated.

Utility rate base and total capitalization1

(Billions)

FY26E FY30E

$2.1

20%

$2.2

20%

$0.4, 4%

$10.7B

$6.0

56%

$1.7

21%

$1.6

19%

$0.3, 4%

$8.2B

$4.6

56%

Long-term EPS growth target of 5-7%2 supported by:

Robust rate base growth: ~7% in Missouri and ~7.5% in Tennessee

Regulated equity growth: ~6% in Alabama and Gulf

Strategic investments: 5-year capital plan of $4.8B (FY26-FY30E)

Constructive capital recovery mechanisms

1 Reflects year-end estimates. Amounts shown for Spire Alabama and Spire Gulf reflect total regulatory capitalization. For ratemaking purposes, the RSE mechanism in Alabama applies the return on equity to average regulatory common equity in the capital structure rather than rate base. 2Using original FY27 guidance midpoint of

$5.75 as a base.

Spire Alabama and

Spire Gulf Spire Mississippi Spire Missouri Spire Tennessee RRA ranking Above Average / 1 Above Average / 3 Average / 2 Above Average / 3

Rate setting mechanism

Rate stabilization and equalization (RSE) -forward test year

Rate stabilization adjustment (RSA) -formula ratemaking

Historical test year -future test year after July 20261

Annual Review Mechanism (ARM) -historical, with annual true-up mechanism3

Effective date of rates Dec. 2025 Jan. 2026 Oct. 2025 Oct. 2025

Allowed ROE Alabama: 9.5% - 9.9%

Gulf: 9.7% - 10.3%

9.73% - 11.73% Not specified2 9.8%

Allowed equity ratio actual up to 55.5% 50.0% Not specified2 47.89%

Infrastructure rider

Infrastructure System

Replacement Surcharge

Weather normalization

✓ ✓ ✓

✓

Purchased gas rider

✓ ✓ ✓

✓

Other trackers Cost Control Measure Pension/OPEB, property tax, EE

1The passage of Senate Bill 4 in April 2025 will allow for future test year ratemaking for rate cases filed after July 2026.

2Settled Spire Missouri 2024 rate case did not specify ROE or equity ratio. Staff's direct testimony included a recommended mid-point ROE of 9.63% and 53.19% equity ratio.

3Piedmont Natural Gas's ARM transferred to Spire Tennessee with certain limitations. Base rate increases after the ARM filing in 2028 must be through a general rate case.

10-year capex forecast $11.2B

(Millions)

FY26E

FY27E

FY28E

FY29E

FY30E

5-year FY26 - FY30E

Missouri

$535

$555

$595

$630

$675

$2,990

Alabama, Gulf and MS1

170

175

180

185

190

900

Tennessee2

175

185

200

215

865

Pipeline

Total

$797

$906

$961

$1,016

$1,081

$4,760

10-year FY26 - FY35E

$7,075

1,950

2,175

$11,210

10-year capex breakdown (FY26-FY35E)

Other

11%

19%

$11.2B

70%

Customer

expansion

Safety and reliability

Investing in infrastructure while balancing customer affordability

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

1Excludes Mississippi capex after FY26.

2Includes Tennessee capex beginning 2H FY26.

~36,700 miles of natural gas mains in Alabama, Mississippi, Missouri and Tennessee

Robust pipeline replacement program

Improves safety and reliability

Results in fewer leaks and reduced methane emissions

Replacement program factors include:

Leak rates

Material type

Location

System optimization and reliability

Maintenance reduction

~$1.6B invested in pipeline upgrades

since 2020

12025 U.S. Department of Transportation report.

Miles by decade of installation1

6,000

5,000

5,294

5,603

4,609

4,001

4,000

3,000

3,460

3,703 3,611

2,690

2,479

2,000

1,000

803

411

Pipe material1

41%

53%

Steel-coated (Un)

Steel-coated (Pr) Steel-bare (Un) Steel-bare (Pr) Cast Iron

Plastic

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

Spire Missouri $210M annual revenue increase effective Oct. 2025

MoPSC approved $16.5M in ISRS revenues effective Mar. 2026

Filed Accounting Authority Order (AAO) with MoPSC in Mar. 2026 to recover lost margin resulting from lower weather-related usage

Spire Alabama and Spire Gulf rates approved

and effective Dec. 2025

SB 4 signed into law in Missouri enabling future test year ratemaking beginning July 2026

Spire MoGas

328-mile interstate natural gas pipeline system with service to markets in Missouri and Illinois

Strategically located in the central U.S., providing access to key supply basins

Serves industrial and municipal customers

Interconnects with multiple major

interstate pipelines, including MRT,

PEPL and REX

Omega is connected 75-mile distribution system servicing Fort Leonard Wood

FERC regulated

Effective Jan. 1, 2026, Spire MoGas Pipeline includes Spire STL Pipeline

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.

11 Bcf working gas capacity as of Sept. 30, 2025

Acquired in April 2023

Adjusted earnings -

continuing operations1

Key 1H FY26 drivers vs. prior year:

Gas Utility earnings (pre-tax)

New MO rates effective Oct. 2025: +$132.6M

(Millions)

$65.7

$(9.6)

MO ISRS: +$2.3M

AL rates under the RSE: +$7.9M

AL RSE customer refund provision: $(2.8)M

Usage net of weather mitigation: $(24.9)M

- MO: $(23.5)M; AL: $(1.4)M

Off-systems sales2: +$5.4M

- MO: +$3.8M; AL: +$1.6M

Lower run-rate O&M expenses: +$0.5M

- MO: $(4.4)M; AL: +$5.3M

Higher depreciation expense: $(18.8)M

Partially offset through new rates

Higher taxes other than income taxes: $(8.8)M

A portion recovered in new rates

Higher interest expense due to higher balances, partially

1H FY25 Gas Utility Other & Elims 1H FY26

offset by lower rates: $(3.1)M

Other & Eliminations

Higher corporate costs and interest expense

1See adjusted earnings reconciliation to GAAP in the Appendix. 2Off-system sales revenue is shared under regulatory mechanisms, with ~75% returned to customers and ~25% retained by Spire. 3See FY26 operation and maintenance run-rate reconciliation in the appendix..

What happened

Customer usage was significantly below historical usage and test year patterns

Missouri heating degree days (HDD) were 11.5% below normal for 1H FY26

Residential usage per HDD in the winter heating season was materially lower than FY24, which is the historical

test year used in new billing determinants

Why it mattered

Lower usage resulted in reduced margin of $28M (pre-tax) versus YTD expectations

The usage-based margin shortfall resulting from mild and uneven winter weather was not mitigated by the weather normalization mechanism

Recent Missouri rate design shifted a greater portion of revenues into the winter heating season,

increasing earnings sensitivity to weather and usage

Regulatory response

Filed an AAO1 in Mar. 2026 with the Missouri PSC to recover the volumetric margin shortfall caused by extraordinary weather patterns in December thru February

Implications

Primary driver of reduced full-year Gas Utility guidance

Impact is mechanical and usage-driven, not reflective of changes to strategy or regulatory framework

1Docket No. GU-2026-0225

Year

Adjusted EPS guidance

- continuing operations

Change vs. Prior

M&A treatment in Guidance

FY26

$3.90 − $4.10

Updated

Excludes full year of Storage, Marketing and Tennessee; includes Mississippi

FY27

$5.40 − $5.60

Reaffirmed

Excludes full year of Storage, Marketing and Mississippi; includes Tennessee

FY26 guidance updates

Marketing and Storage now discontinued operations

Lower MO margin driven by lower weather-related usage

Higher Corporate interest expense and

allocated costs

Corporate & other includes MoGas Pipeline

Reaffirm 5-7% adjusted EPS growth target1

Supported by rate base growth and $11.2B ten-year capital plan

FY26 adjusted earnings -

continuing operations

(Millions)

Q2 updated Gas Utility $275 - $295

Corporate & other2 (46) - (40)

Discontinued operations (not included): Marketing and Storage

~+38%

~+94%

~(5)-(10)%

~(22)-(27)%

Expected percentage of FY26 adjusted EPS earned by quarter - continuing operations

1Uses original FY27 guidance midpoint of $5.75 as a base. 2Includes MoGas Pipeline previously included in Midstream segment.

Excludes Tennessee acquisition funding

Equity

FY26E to FY28E: $0-$50M per year

Debt

Refinancing of maturities and funding

of capital plan

$200M Spire Missouri First Mortgage Bonds issued Oct. 23, 20251

$200M 6.375% Junior Subordinated Notes issued Jan. 12, 20262

Proceeds used to redeem all shares of Spire

Inc.'s preferred stock on Feb. 13, 2026

$400M 4.6% Spire Inc. Senior Notes issued Feb. 9, 20263

FFO/Debt target lowered to 14-15%

1Includes $150M 4.60% FMB due Sept. 15, 2030, and $50M 4.65% FMB due Jan. 15, 2031.

2Notes due 2086.

3Notes due 2031.

Debt maturities and expected issuances

(Millions)

$100

$45

FY26E

FY27E

FY28E

Maturities

Expected issuances

$480

$700

$800

Fiscal 2026 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 Missouri

Financial

Deliver adjusted EPS of $3.90 to $4.10 from continuing operations

Maintain balance sheet strength

Strategic transactions and integration

Successfully integrate Spire Tennessee

Execute on divestitures

Maintain focus on regulated utility growth and

long-term shareholder value

18 Spire | AGA Financial Forum - May 17-19, 2026

Appendix

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. Forward-looking statements are typically identified by words such as, but not limited to: "estimates," "expects," "anticipates," "intends," "targets," "plans," "forecasts," and similar expressions. Although our forward-looking statements are based on reasonable assumptions, various uncertainties and risk factors may cause future performance or results to be different than those anticipated. More complete descriptions and listings of these uncertainties and risk factors can be found in our annual (Form 10-K) and quarterly (Form 10-Q) filings with the Securities and Exchange Commission.

This presentation also includes "adjusted earnings," "adjusted earnings per share," and "contribution margin," which are non-

GAAP measures used internally by management when evaluating the Company's performance and results of operations. Adjusted earnings exclude from net income, as applicable, the after-tax impacts of fair-value accounting and timing adjustments associated with energy-related transactions, the impacts of acquisition, divestiture, and restructuring activities and the largely non-cash impacts of impairments and other non-recurring or unusual items such as certain regulatory, legislative, or GAAP standard-setting actions. The fair value and timing adjustments, which primarily impact the Gas Marketing segment, include net unrealized gains and losses on energy-related derivatives resulting from the current changes in fair value of financial and physical transactions prior to their completion and settlement, lower of cost or market inventory adjustments, and realized gains and

losses on economic hedges prior to the sale of the physical commodity. Management believes that excluding these items provides a useful representation of the economic impact of actual settled transactions and overall results of ongoing operations. Contribution margin is defined as operating revenues less natural gas costs and gross receipts tax expense, which are directly passed on to customers and collected through revenues. These internal non-GAAP operating metrics should not be considered as an alternative to, or more meaningful than, GAAP measures such as operating income, net income or earnings per share. Reconciliation of adjusted earnings to net income is contained in our SEC filings and in the Appendix to this presentation.

Investor Relations contact:

Megan L. McPhail

Managing Director, Investor Relations

314-309-6563 | [email protected]

Disclaimer

Spire Inc. published this content on May 15, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 15, 2026 at 20:34 UTC.