Spire : Investor Presentation December 2022

Energizing the future

Investor Presentation

December 2022

Spire is a compelling investment

	$70. B		20
90%+ regulated	Robust 10-year	5-7%long-term	Growing	Strong ESG
business mix	capex plan	EPS growth	dividend for	performance;
			20 consecutive	commitment to
	7-8% annual		years	carbon neutral
	rate base			by midcentury
	growth		Attractive yield
			of 4.3%1

1Based on $2.88 per share dividend and SR average stock price of $67.69 for the period Oct. 3-Nov. 28, 2022.

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Energizing the future

• Reflecting challenges and opportunities, in FY22 we delivered
• • Net economic earnings of $3.86 per share
  • Improved safety, system resilience and integrity, and sustainability performance
• Focused on serving and supporting our customers, managing bill impacts
• Settled Missouri rate review
• Increased capex plan to $7.0B and extended to 10 years
• Updated our earnings guidance
• • FY23 earnings $4.05-$4.25 per share
  • Affirmed 5-7%long-term growth target

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Spire Missouri update

• Settlement unanimously approved by MoPSC
• • $78M revenue increase
  • 8.25% pre-tax ISRS rate of return
  • Resolution of overheads issue with deferred costs recovered in rates
  • Expanding programs to support customers and increase assistance
  • Rates targeted to be effective on December 26
• Gas cost recovery
• • PGA approved effective Nov. 29
  • Average bill increase ~9%

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Investing in growth

• FY22 capex totaled $552M
• • Driven by $528M gas utility investment
  • • $279M - pipeline infrastructure upgrades
    • $114M - new business
  • Investment in innovation and technology
• Midstream reflects Spire Storage (expansion $12M in Q4)
• FY23 spend of $700M reflects
• • Higher gas utility spend focused on infrastructure upgrades, new business
  • Midstream capex reflects Spire Storage expansion

Capital expenditures

(Millions)

$800					$700
$700
$625
			$552	150
$600	34
$500				24
$400
$300	591			528	550
$200
$100
$0
FY21	FY22		FY23
			Gas Utility			Midstream

FY23 Gas Utility investment

Other

9%

Customer expansion 16%

Safety and

reliability

75%

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