Spire reaffirms 5%–7% EPS growth target and $11.2B capital plan as Tennessee acquisition nears close

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• The storage asset sale process has gone a little longer than we initially anticipated but emphasized continued strong interest

  80% confidence

• Focus on closing and integrating Tennessee, highlighting scale benefits for customers through shared services

  80% confidence

• The integration is a significant effort, supported by an 18-month Transition Services Agreement

  80% confidence

• About $750 million remains to be raised or recycled for the Tennessee acquisition, and any equity market activity would likely occur after the next earnings call

  80% confidence

• There is an offsetting impact from preferred stock redemption, so net-net, EPS is unchanged

  80% confidence

• Utilities met all customer obligations during January gas market volatility and hedging strategies performed as expected

  80% confidence

• Adjusted earnings of $1.77 per share, an increase from $1.34 per share a year ago, attributing the improvement to solid execution in our Gas Utility business, supported by new rates across all of the utilities

  80% confidence

• Gas Utilities earned $104 million, up $26 million year-over-year, while Gas Marketing and Midstream also contributed positively, partially offset by increased corporate costs and interest expense

  80% confidence

• Despite extreme conditions, natural gas once again distinguished itself, underscoring that direct use of natural gas remains the most reliable and affordable way to heat your home

  80% confidence

• The next rate case filing in Missouri is anticipated after fiscal year-end before Thanksgiving

  80% confidence

• The adjusted earnings range for Corporate and Other was updated to negative $40 million to negative $46 million, lowering the midpoint by $9 million to reflect higher interest expense from redeeming preferred stock

  80% confidence

• An announcement on the storage asset sale is expected later in the quarter

  80% confidence

• Cost management and customer affordability remain central to Spire's strategy, with ongoing investments in system improvements and safety

  80% confidence

• Spire remains on track to close the acquisition of the Piedmont Tennessee business in calendar Q1 2026

  80% confidence

• Reaffirmed the company's 2026 adjusted EPS guidance of $5.25 to $5.45 and its 2027 guidance of $5.65 to $5.85, alongside a long-term 5% to 7% adjusted EPS growth target

  80% confidence

• For the first quarter, we reported adjusted earnings of $108 million or $1.77 per share compared to $81 million or $1.34 per share a year ago

  80% confidence

• I feel very confident in our ability to do this

  80% confidence