Spire : 2nd Quarter Fiscal 2022 Earnings Conference Call

Energizing the future

Second quarter fiscal 2022 update

May 6, 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. Reconciliation of net economic earnings to net income is 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]

Participants on today's call

Steven L. Lindsey

Executive Vice President and Chief Operating Officer

Scott B. Carter

President Spire Missouri

Steven P. Rasche

Executive Vice President and Chief Financial Officer

Energizing the future

• • Maintaining focus on our strategy and commitments

  • - Continuing strong capital investment in organic growth, infrastructure upgrades and technology

  • - Strengthening our operating performance

  • - Enhancing our sustainability

  • - Advancing on our commitment to be a carbon neutral company by midcentury

• • Delivering solid Q2 financial results

• • Securing permanent operating certificate for Spire STL Pipeline

• • Pursuing fair and reasonable regulatory outcomes for Spire MO

Missouri 2022 rate case filing

• • On April 1, Spire Missouri filed a new general rate case, seeking recovery of:

  • - Our full, updated cost of service, including deferred non-operational overhead costs

  • - Increased capital investment

• • Filing also seeks opportunity to earn fair and reasonable rate of return, based on

  - Actual capital structure

  - Return on equity in line with market averages and reflective of risk-adjusted capital costs

• • Procedural schedule pending

Overheads recoveryRate of return

Rate base growth and cost of service

• • $152M revenue request

• • Rate base: $3.4B

• • Rate of return: − ROE: 10.5% − Equity layer: 55%

• • Test period: Calendar 2021

  (roll forward prior case from 5/31/21)