Spire : Investor Presentation June 2022

Energizing the future

Investor Presentation

June 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 3.6%1

1Based on $2.74 per share dividend and SR average stock price of $75.44 for the period April 1-May 31, 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
  • Progressing on sustainability to become a carbon neutral company by midcentury
• We continue to "answer every challenge" per our mission
• • Pursuing a fair and reasonable regulatory outcome in Missouri
  • Securing a permanent operating certificate for Spire STL Pipeline

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Regulatory update

Missouri

• Began deferral of non-operational overheads per MoPSC order
• Filed new rate case to recover cost of service, earn a fair and reasonable return
• $8.5M in ISRS revenue approved effective May 7
• MoPSC staff issued report May 27, concluding decision to build STL Pipeline was reasonable and prudent

Alabama

• Spire Gulf RSE (rate stabilization and equalization) reset effective Q1 FY22, including 9.95% ROE, 55.5% equity ratio
• New Spire Alabama RSE will be effective Q1 FY23

FERC

• STL Pipeline - Received positive EIS from FERC staff June 16
• Spire Storage approvals
• • 7(c) on May 19
  • Staff issued Notice to Proceed on June 21

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Missouri - 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
• Procedural schedule issued May 18
• • Testimony due: Aug. 31 and Sept. 9
  • Settlement conference: Nov. 9-10
  • Hearings: Nov. 28-Dec. 9

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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