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Here are 1-3 brief analogies to describe Spire (SR):

• Spire is like Duke Energy, but specializing in natural gas delivery to homes and businesses.
• Spire is like AT&T, but for natural gas instead of communication services.

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• Natural Gas Distribution: Providing regulated natural gas service to residential, commercial, and industrial customers across Alabama, Mississippi, and Missouri.
• Natural Gas Marketing: Supplying natural gas as a commodity to wholesale and retail customers, often independent of their regulated utility operations.
• Appliance Sales and Service: Selling and servicing a variety of natural gas appliances and equipment directly to customers.

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Spire (symbol: SR) is a natural gas utility company. As such, it sells primarily to individuals and businesses within its service territories, rather than having a few major corporate customers.

Spire serves the following primary categories of customers:

1. Residential Customers: This category includes homeowners, apartment dwellers, and other individual consumers who use natural gas for heating, cooking, water heating, and other household needs.
2. Commercial Customers: This category encompasses a wide range of businesses, such as offices, retail stores, restaurants, schools, hospitals, and other institutions that rely on natural gas for heating, cooling, water heating, and various business operations.
3. Industrial Customers: This category includes manufacturing facilities, processing plants, and other large industrial operations that use natural gas as a fuel source for their machinery, processes, and facility heating.

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• Kinder Morgan (KMI)
• Williams Companies (WMB)
• Energy Transfer (ET)
• Phillips 66 (PSX)

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Scott Doyle, President and Chief Executive Officer

Scott Doyle is the President and Chief Executive Officer of Spire, effective April 2025. Prior to this role, he served as Executive Vice President and Chief Operating Officer of Spire. Before joining Spire, he was the Executive Vice President, Utility Operations at CenterPoint Energy. He has also held board positions with organizations such as the American Gas Association, Goodwill Industries of Houston, the American Gas Foundation, Central Indiana Corporate Partnership, and the Association of Electric Companies of Texas. He holds a bachelor's degree in civil engineering from Texas A&M University.

Adam W. Woodard, Executive Vice President and Chief Financial Officer

Adam W. Woodard will assume the role of Executive Vice President and Chief Financial Officer of Spire, effective January 1, 2025. He joined Spire in 2018 and has served as vice president and treasurer, taking on additional responsibilities in 2019 as chief financial officer of Spire Missouri, the company's largest utility subsidiary. Before his tenure at Spire, Mr. Woodard had a 21-year career in the Investment Banking Division of A.G. Edwards & Sons, which later became Wells Fargo Securities. In his banking role, he provided advice and financing to companies across the energy sector. He earned his JD from Saint Louis University School of Law and a bachelor's degree in English Literature from the University of Kansas. He is a member of the Missouri Bar.

Rob L. Jones, Chairman

Rob L. Jones has been the Chairman of Spire since January 2024, and has served as a director of the company since 2016. Prior to his time at Spire, Mr. Jones served as co-head of Bank of America Merrill Lynch Commodities, Inc. (MLC) from 2007 to March 2012.

Steven P. Rasche, Executive Vice President and Chief Financial Officer (retiring)

Steven P. Rasche serves as Executive Vice President and Chief Financial Officer until January 1, 2025, after which he will transition to a Senior Advisor role until his retirement on April 1, 2025. He joined Spire in 2009 and became CFO in 2013, contributing to significant growth for the company. Before joining Spire (formerly The Laclede Group), Mr. Rasche was the Chief Financial Officer for TLC Vision Corporation and previously served as Senior Vice President and Chief Financial Officer of Public Safety Equipment, Inc., a global manufacturer. A Certified Public Accountant, he holds a B.S. in Accountancy from the University of Missouri – Columbia and an M.B.A. in Finance and Marketing from the Kellogg School of Management at Northwestern University.

Scott B. Carter, President, Missouri Utilities

Scott B. Carter is the President of Spire's Missouri Utilities, overseeing natural gas utilities in eastern and western Missouri. He has been with Spire since 2016, previously serving as chief operating officer of distribution operations. Before joining Spire, he spent 15 years at AGL Resources Inc., where he held various operational and leadership roles, including senior vice president of commercial operations and chief regulatory officer.

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The key risks to Spire's (symbol: SR) business primarily revolve around environmental factors, the regulatory landscape, and its financial structure.

1. Environmental Variability and Climate Change: Spire, a natural gas utility, faces significant risk from warmer-than-normal weather conditions and the broader effects of climate change. Such conditions can lead to decreased demand for natural gas heating, directly impacting the company's revenue and profitability. Additionally, climate-related events may accelerate depreciation on assets, thereby increasing capital expenditures and maintenance costs. There is also a risk of more frequent and severe weather events, which could damage facilities, disrupt gas supplies, and increase repair costs.

2. Regulatory Environment and Rate Case Outcomes: A substantial portion of Spire's earnings is derived from its regulated gas utilities, making it highly susceptible to changes in laws, regulations, or their interpretations. The company's ability to recover costs, particularly for significant infrastructure investments and deferred gas costs, is contingent on regulatory approvals, including rate increases. Adverse decisions by regulatory bodies, such as the Missouri Public Service Commission on Spire's rate case, could exacerbate financial strain and limit the company's growth prospects.

3. Rising Interest Rates and Elevated Debt Levels: Spire carries a considerable amount of debt on its balance sheet, and a sustained environment of rising interest rates puts pressure on its earnings due to higher interest expenses. This financial strain has contributed to weaker financial measures, including a lower funds from operations (FFO) to debt ratio, leading to a downgrade by S&P Global Ratings. High debt levels and increased borrowing costs can also constrain the company's financial flexibility, potentially limiting its ability to pursue aggressive acquisitions and expansions.

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The clear emerging threat for Spire (SR), a natural gas utility, is the accelerated transition to electrification and renewable energy, specifically the regulatory and market push to replace natural gas for heating and other building uses with electric alternatives. This trend, evidenced by local and state policies banning natural gas hookups in new construction, significant incentives for heat pump adoption, and broader decarbonization goals, directly challenges the long-term viability of Spire's core natural gas distribution business model by eroding future demand and potentially leading to stranded infrastructure assets.

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For the public company Spire (symbol: SR), a natural gas utility company operating primarily in Missouri, Alabama, and Mississippi, the addressable markets for its main products and services are as follows:

U.S. Market

• Natural Gas Distribution: The U.S. natural gas distribution market was valued at approximately $170.0 billion in 2024 and is projected to reach $186.0 billion by 2032, with a Compound Annual Growth Rate (CAGR) of 1.0% from 2025 to 2032. Another estimate indicates the industry revenue for natural gas distribution in the U.S. has reached an estimated $222.5 billion in 2025.
• Natural Gas Pipeline Infrastructure (Transportation): The U.S. gas pipeline infrastructure market is valued at approximately $1,149.26 billion in 2025 and is expected to reach around $2,431.55 billion by 2034, growing at a CAGR of 8.67% over the forecast period from 2025 to 2034.

Regional Markets (Value of Natural Gas Delivered to Consumers)

• Missouri: The value of natural gas delivered to consumers in Missouri was $2.03 billion in 2015.
• Alabama: The value of natural gas delivered to consumers in Alabama was $2.59 billion in 2015.
• Mississippi: The value of natural gas delivered to consumers in Mississippi was $1.78 billion in 2015.

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Spire (symbol: SR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Significant Capital Investments in Gas Utility Infrastructure: Spire has outlined a robust 10-year capital expenditure plan totaling approximately $7.4 billion through fiscal year 2034. A substantial portion of this investment, specifically 72% in fiscal year 2025, is allocated to infrastructure upgrades aimed at enhancing safety and reliability. Additionally, 15% of the planned spending is directed towards customer expansion. This strategy is anticipated to result in 7-8% rate base growth for Spire Missouri and 6% equity growth for Spire Alabama and Spire Gulf. The company also increased its capital expenditure target for fiscal year 2025 to $840 million from an earlier projection of $790 million.
2. Favorable Regulatory Outcomes and Rate Case Filings: Revenue growth is supported by existing regulatory mechanisms such as the Missouri Infrastructure System Replacement Surcharge (ISRS) and Alabama Rate Stabilization and Equalization (RSE) contributions, which have already led to increased revenues. Spire has also filed a rate case in Missouri, requesting a $289.5 million revenue increase, with the Missouri Public Service Commission Staff recommending a $246.2 million increase. New rates from this case are targeted to be effective in fiscal year 2026.
3. Expansion of Midstream Operations: The Midstream segment, which includes Spire Storage and pipelines, is a notable driver of growth. This segment has experienced expansion due to additional storage capacity, contract renewals at higher rates, and strategic asset optimization. The full-year benefits from storage contracts initiated in fiscal year 2024 and the full operational launch of Spire Storage West capacity in fiscal year 2025 are expected to contribute to revenue growth. Acquisitions such as MoGas and Salt Plains have also bolstered this segment's performance.
4. Customer Growth Initiatives: Spire is actively pursuing customer expansion, with 15% of its planned capital spending dedicated to this area. This focus on growing its customer base is an integral part of its strategy to achieve long-term earnings growth.
5. Acquisition of Piedmont Natural Gas Tennessee Business: The anticipated acquisition of the Piedmont Natural Gas business in Tennessee, expected to close in early 2026, is projected to add $900 million to Spire's five-year capital plan. This acquisition is set to significantly enhance Spire's operational scale and contribute to its future revenue streams.

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Share Issuance

• In June 2023, Spire announced an underwritten public offering of common stock totaling $112.0 million.
• The company issued 1.7 million shares in December 2023, related to the settlement of forward shares under an at-the-market equity program.
• An additional 2.7 million shares were issued in March 2024 due to the conversion of equity units.

Outbound Investments

• In July 2025, Spire entered into an agreement to acquire Piedmont Natural Gas's Tennessee local distribution company business from Duke Energy.
• The acquisition is valued at $2.48 billion on a cash-free, debt-free basis.
• This transaction is anticipated to close in the first quarter of calendar year 2026.

Capital Expenditures

• For fiscal year 2025, Spire's capital expenditure target was increased to $875 million, with additional spending directed towards Midstream and Spire Missouri.
• The company has a 10-year capital investment plan targeting $7.4 billion through fiscal year 2034.
• Approximately 98% of the 10-year capital plan is focused on gas utility infrastructure upgrades, new business, system modernization, reliability, and advanced meter installations.