SR · Spire Inc.

Spire Inc. delivered strong Q2 FY2026 results with net income rising to $217.6 million ($3.51 per diluted share) from $189.3 million ($3.17 per share) a year ago, driven primarily by improved performance in the Gas Utility segment, which reported adjusted earnings of $234.8 million versus $195.2 million prior year. Key drivers included new rates at Spire Missouri (effective October 2025) and Spire Alabama (effective December 2025 under RSE framework), contributing $70.4 million higher contribution margin, plus favorable off-system sales. These gains were tempered by lower Missouri weather-related usage net of mitigation, Alabama RSE customer refund provisions, higher depreciation ($12.1 million increase from capital investments), elevated taxes other than income taxes, and modestly higher interest expense. Operation and maintenance expenses improved slightly after adjustments. 'Other' activities showed a wider adjusted loss of $11.1 million versus $5.9 million, due to higher corporate costs and interest. Year-to-date, adjusted earnings reached $317.5 million ($5.28 per share), reflecting consistent utility growth partially offset by corporates. Strategic moves enhanced focus on regulated operations: completed Piedmont Natural Gas Tennessee acquisition on March 31, 2026; sold Spire Marketing post-quarter; and announced sales of Spire Storage and Spire Mississippi, classifying Marketing and Storage as discontinued operations. This refines reporting to a single Gas Utility segment plus Other (including Spire MoGas Pipeline). Guidance reflects these shifts, narrowing FY2026 adjusted EPS from continuing operations to $3.90–$4.10 (excluding Tennessee), impacted by weather shortfalls, while reaffirming FY2027 $5.40–$5.60 (including full Tennessee contribution) and 5-7% long-term growth off a $5.75 FY2027 base, supported by $11.2 billion 10-year capex plan ($797 million FY2026). CEO Scott Doyle highlighted disciplined execution strengthening regulated growth and financial foundation despite weather headwinds.