Spire : Investor Presentation August 2022

Energizing the future

Investor Presentation

August 2022

Spire is a compelling investment

90%+ regulated	Robust 5-year	5-7%long-term	Growing	Strong ESG
business mix	capex plan	EPS growth	dividend for	performance;
			19 consecutive	commitment to
	7-8% annual		years	carbon neutral
	rate base			by midcentury
	growth		Attractive yield
			of 3.7%1

1Based on $2.74 per share dividend and SR average stock price of $74.02 for the period May 1-July 29, 2022.

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Energizing the future

• We remain focused on our growth strategy and commitments
• • Investing in infrastructure upgrades, new business and technology
  • Enhancing operating and service performance
  • Advancing on environmental sustainability to become a carbon neutral company by midcentury
  • Achieving financial results and capital spend on track with plans
• Progressing on regulatory matters
• • Pursuing a fair and reasonable regulatory outcome in Missouri
  • Securing a permanent operating certificate for Spire STL Pipeline

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Progressing on regulatory matters

Missouri rate case - procedural schedule issued May 18

Third-party testimony due

AUG. 31

SEPT. 9

FEB. 28

(revenue

(cost of

Latest date

requirement)

service)

rates effective

AUG

SEPT

OCT

NOV

DEC

JAN

FEB

Public Hearings

MoPSC Hearings

OCT. 12-18

NOV. 28-DEC. 9

Missouri ISRS

• $8.5M in annual revenue approved effective May 7
• Request filed June 3 for $11.9M

STL Pipeline

• MoPSC staff issued report May 27, concluding decision to build STL Pipeline was reasonable and prudent
• Received positive EIS from FERC staff June 16

Storage

• FERC 7(c) received May 19, approving Clear Creek expansion (to 20 Bcf from 4 Bcf)
• Notice to Proceed issued June 21
• We continue to evaluate our development plans

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Spire MO 2022 rate case

• On April 1, Spire Missouri filed a new general rate case, seeking recovery of:
• • Our full, updated cost of service, including deferred overhead costs
  • Increased capital investment
• Filing seeks fair and reasonable rate of return, based on
• • Actual capital structure
  • ROE in line with market averages and reflective of risk-adjusted capital costs

25%

45%

30%

Overheads recovery

Rate 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)
• True-upperiod end: Sept. 30, 2022

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