Spire : 1st Quarter Fiscal 2022 Earnings Conference Call

Energizing the future

First quarter fiscal 2022 update

February 2, 2022

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 "net economic earnings," "net economic 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. Net economic

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. Reconciliations of net economic earnings to net income and of contribution margin to operating income are contained in our SEC filings and in the Appendix to this presentation.

Note: Years shown in this presentation are fiscal years ended September 30.

Investor Relations contact:

Scott W. Dudley Jr.

Managing Director, Investor Relations

314-342-0878 | [e-mail]

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Participants on today's call

Suzanne Sitherwood	Steven L. Lindsey	Steven P. Rasche
President and	Executive Vice President	Executive Vice President
Chief Executive Officer	and Chief Operating Officer	and Chief Financial Officer

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Energizing the future

• We continued to "answer every challenge" in keeping with our mission
• • Moving forward to achieve a fair and reasonable regulatory outcome in MO
  • Working to secure a permanent operating certificate for Spire STL Pipeline
• We remain focused on our strategy and commitments
• • Investing in infrastructure upgrades, new business and technology
  • Serving our customers even better
  • Enhancing our operating performance
  • Becoming a carbon neutral company by midcentury

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Spire Missouri rate order

• New rates effective Dec. 23, 2021, based on amended MoPSC order on Nov. 12
• Order significantly deviated from precedents on:
• • Rate of return: including short-term debt without including all current assets
  • Recovery of non-operating overheads:
  • • Capitalization
    • • Pausing capitalization pending a Staff audit
      • Spire is completing an expedited study of overhead costs to assist in the process
    • Non-capitalizedcosts
    • • MoPSC has indicated a willingness to defer these costs for consideration in the next rate case
      • Rate order language not sufficient to support deferral for financial reporting purposes
      • Estimated impact to expenses is $20M-$30M annually
• On Jan. 5, Spire Missouri filed a notice of intent to file a new general rate case
• • Will include rate of return/capital structure and overhead issues
  • Recovery of amounts deferred or expensed in the interim
  • Updates to cost of service and additional capital invested

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