July 29, 2025 Forward-looking statements and use of non-GAAP measures This presentation contains "forward looking statements," including Spire Inc. ("Spire") management's guidance regarding the impact of the proposed transaction on Spire, including the potential impact on earnings per share and the return on equity and other potential economic benefits to Spire. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of ...

Duke Energy agreed to sell its Tennessee Piedmont Natural Gas business to Spire for $2.5 billion. https://t.co/qUjB6nbZTm ...

Core Viewpoint - Spire Inc. has announced the acquisition of Piedmont Natural Gas's Tennessee local distribution company for $2.48 billion, which is expected to enhance its regulated utility footprint and support long-term earnings growth [2][4][7]. Acquisition Details - The acquisition is structured on a cash-free, debt-free basis, with a purchase price multiple of 1.5x the estimated rate base in 2026 [2]. - The transaction is anticipated to close in the first quarter of 2026, pending regulatory approvals and customary closing conditions [10]. Strategic Rationale - The acquisition significantly expands Spire's regulated business scale, adding to its existing operations in Missouri, Alabama, and Mississippi [4][7]. - It diversifies and de-risks growth by providing robust customer additions and system integrity investments in a favorable regulatory environment [7]. - Spire aims to increase its utility customer base to nearly two million homes and businesses through this acquisition [5]. Financial Implications - The transaction is expected to be accretive to adjusted earnings per share and supports long-term growth expectations of 5-7% [2][8]. - It generates significant cash flow to support business investments, shareholder returns, and dividend growth [8]. Financing Structure - The acquisition will be financed through a fully committed bridge facility and a balanced mix of debt, equity, and hybrid securities [9]. - Spire is also considering the sale of non-utility assets as a potential funding source [9]. Customer and Community Focus - Spire emphasizes its commitment to customer service and community engagement, aiming to build on the existing foundation of Piedmont Natural Gas [6][7]. - The integration of Piedmont Natural Gas is expected to enhance service delivery in the Nashville area [3][5].

"The transaction allows us to efficiently fund accelerating investment opportunities driven by record customer growth and a deepening economic development pipeline," said Harry Sideris, Duke Energy president and chief executive officer. "We're confident Spire will support the continued growth and success of the Tennessee natural gas business and serve as an incredible operator for the benefit of employees, customers and communities." Sideris added, "I want to thank our customers and the Nashville community ...

Company Overview - Spire Inc. is one of the largest publicly traded natural gas companies in the United States, serving 1.7 million homes and businesses [4] - The company operates gas utilities in Alabama, Mississippi, and Missouri, and has natural gas-related businesses including Spire Marketing and Spire Midstream [4] - Spire Inc. is focused on organic growth, infrastructure investment, and innovation to transform its business [4] Upcoming Conference Call - Spire Inc. will host a conference call and webcast on August 5, 2025, at 10 a.m. CT (11 a.m. ET) to discuss fiscal 2025 third quarter financial results and earnings guidance [1][2] - A news release will be issued before the market opens on the same day, available at Investors.SpireEnergy.com [1] - The call can be accessed via phone or webcast, with specific numbers provided for U.S., Canada, and international participants [2] Replay Information - A replay of the conference call will be available until August 12, 2025, with specific access numbers for U.S., Canada, and international callers [3] - The replay access code for the call is 7161404, and a replay of the webcast will also be available on the company's website [3]

Company Overview - Spire Inc. is a natural gas company serving over 1.7 million customers in the United States, founded in 2000 and headquartered in St. Louis, MO [11] - The company generates more than 90% of its profits from regulated operations, providing clarity on future earnings [11] - Spire operates over 60,000 miles of pipelines and has businesses in Gas Utility, Gas Marketing, and Midstream segments [11] Investment Insights - Spire Inc. holds a Zacks Rank of 3 (Hold) with a VGM Score of A, indicating a solid position in the market [12] - The company has a Momentum Style Score of B, with shares increasing by 1.1% over the past four weeks [12] - An analyst has revised the earnings estimate upwards for fiscal 2025, with the Zacks Consensus Estimate rising to $4.50 per share [12] - Spire boasts an average earnings surprise of +2.5%, suggesting potential for positive performance [12] Recommendation - With a strong Zacks Rank and favorable Momentum and VGM Style Scores, Spire Inc. is recommended for investors' consideration [13]

Core Viewpoint - Spire Inc. is benefiting from systematic capital investments aimed at strengthening infrastructure and improving service reliability, alongside an expanding natural gas customer base [1] Group 1: Positive Factors - Spire's capital expenditures for fiscal 2025 are projected to be $840 million, an increase from the previous guidance of $790 million, with notable increases in Spire Missouri and Midstream for storage expansion projects [2] - The company has invested nearly $103 million in advanced meter installations, with over 350,000 advanced meters installed in fiscal 2024, benefiting a total of 850,000 customers [3] - Spire is expanding its customer base through acquisitions, such as MoGas and Omega pipeline systems, which added approximately 263 miles of interstate natural gas pipelines to its network, enhancing service in St. Louis, MO [4] Group 2: Challenges - As a holding company with no significant assets, Spire relies on its operating units to meet financial obligations, making it vulnerable if subsidiaries fail to generate sufficient net income and cash flows [5] - The company's financial performance could be adversely affected by disruptions in the transmission and storage capacity of interstate natural gas pipelines during peak demand periods [5] Group 3: Stock Performance - Over the past six months, Spire's shares have increased by 12.7%, outperforming the industry's growth of 3.1% [6] Group 4: Industry Comparisons - Other stocks in the industry with better rankings include UGI Corporation (Zacks Rank 1), Atmos Energy (Zacks Rank 2), and ONE Gas (Zacks Rank 2), with UGI's long-term earnings growth rate at 5.2% and a projected 2.3% year-over-year EPS improvement for fiscal 2025 [8] - Atmos Energy has a long-term earnings growth rate of 7.19% with a projected 6% year-over-year EPS improvement for fiscal 2025, while ONE Gas has a long-term growth rate of 5.56% and a projected 9.7% year-over-year EPS improvement [9]

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Core Insights - Spire Inc. is positioned to meet rising consumer demand through investments in operations and technology, enhancing efficiency and service quality [1][2] - The company is facing risks related to supplier performance and regulatory compliance [5][6] Investment Plans - Spire plans to invest $840 million in fiscal 2025, an increase from the previous guidance of $790 million, focusing on reliability and new service connections [2][8] - The company has a long-term capital investment plan of $7.4 billion, expecting a rate-based growth of 7-8% [2][8] Customer Experience Enhancements - Spire is installing ultrasonic meters to improve customer experience, having deployed over 350,000 advanced meters in fiscal 2024, benefiting a total of 850,000 customers [3][8] Acquisition Strategy - The company is expanding its customer base through acquisitions, including the recent acquisition of MoGas and Omega pipeline systems, adding approximately 263 miles of interstate natural gas pipes [4] Supply Chain Risks - Spire's natural gas supply is reliant on supplier performance and the capacity of pipeline operators, which poses a risk to financial performance in case of disruptions [5] Regulatory Challenges - The company must comply with various environmental laws, which can increase operating costs and impact profitability if not adhered to [6] Stock Performance - Over the past six months, Spire's stock has increased by 6.3%, contrasting with a 3.4% decline in the industry [7]

Company Overview - Spire Inc. is a natural gas company serving over 1.7 million customers in the United States, founded in 2000 and headquartered in St. Louis, MO [13] - The company focuses on organic growth through systematic investments in infrastructure and innovation, with over 90% of profits derived from regulated operations [13] - Spire operates more than 60,000 miles of pipelines and has segments including Gas Utility, Gas Marketing, and Midstream [13] Investment Ratings - Spire has a Zacks Rank of 3 (Hold) and a VGM Score of B, indicating a moderate investment outlook [14] - The company is considered a potential pick for growth investors, with a Growth Style Score of B and a forecasted year-over-year earnings growth of 9% for the current fiscal year [14] - Recent upward revisions in earnings estimates for fiscal 2025 have increased the Zacks Consensus Estimate to $4.50 per share [14] Performance Metrics - Spire has an average earnings surprise of 2.5%, suggesting a history of exceeding earnings expectations [14] - The combination of a solid Zacks Rank and strong Growth and VGM Style Scores positions Spire as a noteworthy option for investors [15]