Spire : Earnings Document

Stepping forward

Year-end fiscal 2021 update

November 22, 2021

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," "contribution margin," and "adjusted

EBITDA," 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 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. Adjusted EBITDA is earnings before impairments, Missouri regulatory adjustment, interest, income taxes, depreciation and amortization. Management believes adjusted EBITDA provides a helpful additional measure of core results. 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. Reconciliation of adjusted EBITDA to net income is also contained

in the Appendix.

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	Scott B. Carter
President and	Executive Vice President	Executive Vice President	Senior Vice President,
Chief Executive Officer	and Chief Operating Officer	and Chief Financial Officer	Chief Operating Officer of
			Distribution Operations and
			President, Spire Missouri

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Stepping forward

• Our mission starts with a commitment to "Answer every challenge . . ."
• We rose above challenges to deliver solid operating and financial results
• We're diligently working to ensure Spire
  STL Pipeline remains in service
• • FERC committed to act before Dec. 13 when temporary approval expires
  • We're keeping customers informed
• We filed for reconsideration of unprecedented MO rate order, re:
• • Capital structure
  • Treatment of overheads
• We're stepping forward into 2022

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Ensuring Spire STL Pipeline's availability to serve customers

• The Spire STL Pipeline is critical infrastructure for meeting our customers' needs this winter and for the long-term
• Spire MO is doing everything possible to ensure customers have access to safe, reliable natural gas supply this winter when they need it most
• • Keeping our customers and communities informed of possible service disruptions
  • Filed operational contingency plans
• We have strong support from a broad spectrum of government and elected officials, MoPSC, community leaders and customers
• FERC commissioners committed to act before December 13
• Spire STL Pipeline has asked the FERC for permanent resolution in 2022
• • On November 12, Spire STL Pipeline asked the FERC for expedited reissuance of the certificate, citing additional evidence of market need

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