Research Reports

Q2 2026 adjusted EPS from continuing operations was $3.76, versus $3.17 in the prior year (CEO)
Gas Utility segment earnings for Q2 were $235 million, up ~20% (or $40 million) year-over-year, driven by new rates in Missouri and Alabama (CFO)
Missouri PSC approved a $16.5 million increase in the Infrastructure System Replacement Surcharge (ISRS), effective March (CEO)
2026 full-year capital expenditures expected at $797 million across utilities (CFO)
10-year capital plan of $11.2 billion reaffirmed (CEO)
Q2 adjusted earnings from Gas Utilities of $235 million; Other activities adjusted loss of $11 million (CFO)
Spire Tennessee acquisition closed March 31, adding >200,000 customers in Greater Nashville; fully funded without common equity (CEO)
Acquisition financing mix: $900 million junior subordinated notes, $825 million Spire Tennessee senior notes, plus asset sale proceeds (CEO)
Spire Tennessee excluded from 2026 guidance; first full-year contribution expected in 2027 (CFO)
Divestitures: Spire Marketing sale completed April 30; Spire Storage and Spire Mississippi expected to close in coming months (CEO)

Official Guidance (from continuing operations):

Fiscal 2026: adjusted EPS range $3.90–$4.10 per share (CEO)
Fiscal 2027: reaffirmed adjusted EPS range $5.40–$5.60 per share (CFO)
Gas Utility segment 2026: $275M–$295M (lowered); Corporate & Other loss: $40M–$46M (CFO)
Long-term adjusted EPS growth target: 5%–7%, anchored to 2027 midpoint of $5.75 (CFO)

Mgmt Quotes

"This has been an exciting and transformative period for our company." (CEO)
"Together, these actions enhance the quality and visibility of our earnings, improve our overall risk profile, and position the company for more consistent long-term value creation." (CEO)
"The approval process with the Tennessee Public Utility Commission took just six months from filing, highlighting the constructive and efficient regulatory environment." (CEO)
"The results we are presenting today provide a more straightforward and transparent view of our overall performance." (CFO)
"The margin impact is mechanical and weather-driven; it does not reflect any change in strategy or in the regulatory framework." (CFO)

Metric	Value	Speaker/Context
Q2 2026 adjusted EPS (continuing ops)	$3.76	CEO – vs. $3.17 prior year
Q2 Gas Utility earnings	$235M	CFO – up $40M YoY
Q2 Other activities adjusted loss	-$11M	CFO – $5M higher YoY
Full-year 2026 CapEx (utilities)	$797M	CFO – consistent with 10-year plan
Missouri heating degree days vs. normal	-11.5%	CFO – through 2026
Residential usage per HDD vs. 2024 test year	-7%	CFO – for winter heating season
Q2 capital expenditures (H1)	$386M	CFO – utilities infrastructure
FFO-to-debt target	14%–15%	CFO – lowered post-divestitures

Topic: 密苏里州天气正常化策略及股利增长轨迹
Key points:
- 已提交会计授权令（AAO），程序安排已定，听证会日期为9月9日。
- 下一次费率案计划于秋季（约11月）提交。
- 股利支付率仍维持在55%-65%区间，预计股利随每股收益增长。
Mgmt stance: 中性（天气正常化需与委员会继续对话；股利政策不变，与盈利增长挂钩）。

Topic: AAO机制及资产剥离后的增长概况
Key points:
- AAO传统上设立监管资产以备未来回收。
- 剥离密西西比等资产后，投资组合集中于公用事业，预计正常增长轨迹为5%-7%的收益增长率。
- 增长由费率基础驱动，各辖区路径相对线性，增长轨迹可预测。
Mgmt stance: 中性（AAO需与委员会合作达成建设性结果；剥离后收益增长转向更可预测的5%-7%轨线）。

Topic: 天气正常化算法对使用量的拟合、密西西比出售原因及AAO对2026指引的影响
Key points:
- 1月份实际用气量比气象调整基准年（2024年）低28%，导致与度日数（HDD）脱钩。
- 密西西比子公司仅有1.8万客户，属规模不足，资本投资需求大，客户基数支撑能力受限；出售给Delta Utilities有利于分摊成本。
- 出售仍需监管审批，预计今年内完成。
- 若AAO裁决在9月30日财年结束前获得有利措辞，可能影响2026年指引，但具体取决于裁决时间和措辞。
Mgmt stance: 谨慎（天气正常化目标明确，但AAO影响取决于委员会裁决细节和会计处理；出售密西西比视为对客户和买方的利好，但审批尚需时间）。