Core Insights - Spire reported quarterly earnings of $1.77 per share, exceeding the Zacks Consensus Estimate of $1.62 per share, and showing an increase from $1.34 per share a year ago, resulting in an earnings surprise of +9.43% [1] - The company achieved revenues of $762.2 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 7.00%, compared to $669.1 million in the same quarter last year [2] Earnings Performance - Over the last four quarters, Spire has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] - The current consensus EPS estimate for the upcoming quarter is $3.78 on revenues of $1.04 billion, and for the current fiscal year, it is $5.30 on revenues of $2.47 billion [7] Market Position - Spire shares have increased by approximately 3.2% since the beginning of the year, outperforming the S&P 500's gain of 1.9% [3] - The Zacks Industry Rank for Utility - Gas Distribution is currently in the bottom 30% of over 250 Zacks industries, indicating potential challenges for the sector [8] Future Outlook - The sustainability of Spire's stock price movement will depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] - The estimate revisions trend for Spire was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market in the near future [6]

Financial Performance - For the first quarter of fiscal 2026, Spire reported net income of $95.0 million, or $1.54 per diluted share, compared to $81.3 million, or $1.34 per share, in the prior year, representing a year-over-year increase of 16.5% in net income [3]. - Adjusted earnings for the first quarter were $108.4 million, or $1.77 per share, an increase of $0.43 compared to $81.1 million, or $1.34 per share, in the previous year [3]. - Total operating revenues for the first quarter were $762.2 million, up from $669.1 million in the prior year, reflecting a 13.9% increase [21]. - Operating income increased to $173.5 million from $148.8 million, marking a 16.6% rise year-over-year [21]. - Net income for the three months ended December 31, 2025, was $95.0 million, compared to $81.3 million for the same period in 2024, reflecting a year-over-year increase of 16.5% [23]. - Adjusted earnings for the three months ended December 31, 2025, were $108.4 million, up from $81.1 million in 2024, marking a significant increase of 33.6% [24]. - Operating Revenues for the three months ended December 31, 2025, were $762.2 million, an increase from $669.1 million in the same period of 2024, representing a year-over-year growth of approximately 13.9% [26]. - Contribution Margin (Non-GAAP) for Q4 2025 was $419.6 million, up from $372.3 million in Q4 2024, indicating a growth of about 12.7% [26]. - Operating Income (GAAP) for Q4 2025 was $173.5 million, compared to $148.8 million in Q4 2024, reflecting an increase of approximately 16.6% [26]. Segment Performance - The Gas Utility segment's adjusted earnings increased to $103.9 million from $77.8 million, driven by higher earnings at Spire Missouri and Spire Alabama [5]. - Contribution margin rose by $48.0 million, primarily due to new rates in Spire Missouri and increased revenues from the Infrastructure System Replacement Surcharge (ISRS) [6]. - The company reported a contribution margin of $380.2 million from utility operations in Q4 2025, compared to $332.2 million in Q4 2024, indicating a growth of approximately 14.5% [26]. Guidance and Future Plans - The company affirmed its fiscal 2026 adjusted earnings guidance range of $5.25–$5.45 per share and fiscal 2027 guidance of $5.65–$5.85 per share [3]. - The company plans a 10-year capital investment target of $11.2 billion through fiscal 2035, focusing on infrastructure and new business in the Gas Utility segment [15]. Debt and Assets - Long-term debt (less current portion) rose to $4,449.4 million in September 2025, compared to $3,369.4 million in December 2024, indicating an increase of 32.0% [22]. - Total assets increased to $11,881.9 million in September 2025, up from $11,575.3 million in December 2024, representing a growth of 2.6% [22]. - The company issued $1,100.0 million in long-term debt during the financing activities for the three months ended December 31, 2025 [23]. Cash Flow and Expenses - Cash provided by operating activities was $81.0 million for the three months ended December 31, 2025, slightly down from $81.1 million in 2024 [23]. - Capital expenditures for the three months ended December 31, 2025, were $202.8 million, down from $260.6 million in 2024, a decrease of 22.1% [23]. - Total current liabilities decreased to $1,713.3 million in September 2025 from $2,548.6 million in December 2024, a reduction of 32.7% [22]. - Retained earnings increased to $1,127.7 million in September 2025, compared to $1,087.6 million in December 2024, reflecting a growth of 3.7% [22]. - The cash balance at the end of the period was $39.9 million, down from $41.9 million at the end of December 2024, a decrease of 4.8% [23]. Operating Expenses - Natural gas costs for Q4 2025 totaled $312.7 million, which is higher than $270.0 million in Q4 2024, marking an increase of about 15.9% [26]. - Operation and maintenance expenses for Q4 2025 were $139.9 million, slightly up from $129.3 million in Q4 2024, showing an increase of approximately 8.1% [26]. - Depreciation and amortization expenses rose to $81.4 million in Q4 2025 from $72.3 million in Q4 2024, representing an increase of about 12.6% [26]. - Taxes, other than income taxes, were $54.7 million in Q4 2025, compared to $48.7 million in Q4 2024, indicating a year-over-year increase of approximately 18.9% [26]. - Gross receipts tax expense for Q4 2025 was $29.9 million, up from $26.8 million in Q4 2024, reflecting an increase of about 11.6% [26]. Other Activities - Adjusted loss from other activities was $12.7 million, compared to a loss of $10.9 million in the prior year, primarily due to higher corporate costs and interest expense [11]. - The operating income from marketing operations in Q4 2025 was a loss of $3.9 million, an improvement from a loss of $2.7 million in Q4 2024, showing a reduction in losses [26].

Core Viewpoint - Spire Inc. has announced the redemption of all outstanding Series A Cumulative Redeemable Perpetual Preferred Stock, with a redemption date set for February 13, 2026, at a price of $25.00 per Depositary Share plus accrued dividends [1][2]. Group 1: Redemption Details - The redemption price consists of the Base Redemption Amount of $25.00 per Depositary Share and all accrued and unpaid dividends up to the Redemption Date [2]. - The Company will redeem the Depositary Shares on the Redemption Date, with payment made only to holders of the Series A Preferred Stock as of that date [4]. - On February 17, 2026, holders of record as of January 26, 2026, will receive a declared dividend of $0.36875 per Depositary Share, which includes all accrued dividends [3][4]. Group 2: Company Overview - Spire Inc. serves approximately 1.7 million homes and businesses, making it one of the largest publicly traded natural gas companies in the United States [7]. - The Company operates gas utilities in Alabama, Mississippi, and Missouri, and is involved in natural gas-related businesses such as Spire Marketing and Spire Midstream [7]. - Spire is focused on organic growth, infrastructure investment, and continuous improvement to transform its business [7].

Core Viewpoint - Spire is focusing on strategic growth through the acquisition of Duke Energy's Piedmont Natural Gas Tennessee business, which is expected to enhance its utility footprint and diversify its portfolio, with the transaction anticipated to close in early 2026 [1][7]. Financial Performance - For fiscal 2025, Spire reported adjusted earnings of $4.45 per share and approved a 5.1% increase in the annual dividend, raising it to $3.30 per share, marking the 23rd consecutive year of dividend hikes [4][6][14]. - The company invested $922 million in fiscal 2025, with nearly 90% allocated to utilities, and achieved a regulatory revenue increase of $210 million due to a rate case in Missouri [5][13]. Leadership Changes - Scott Doyle was appointed as president and CEO on April 24, 2025, and Steve Greenley joined as COO on October 13, 2025, indicating a significant leadership transition [3][4]. Regulatory Developments - The Missouri Legislature passed Senate Bill 4 in April 2025, modernizing regulatory rate-setting mechanisms, while the Missouri Public Service Commission approved a stipulation agreement resulting in a $210 million revenue increase [10][11]. - In Alabama, Spire concluded its annual budget process and worked with stakeholders through the Rate Stabilization and Equalization process, with new rates effective in early December [12]. Future Outlook - Management's priorities for fiscal 2026 include ensuring safe and reliable service, executing the capital plan efficiently, maintaining customer affordability, achieving constructive regulatory outcomes, and successfully integrating the Tennessee acquisition [15].

Core Viewpoint - Spire Inc. has announced its intention to redeem all outstanding Series A Cumulative Redeemable Perpetual Preferred Stock, with a total payment of $25.36056 per share, including accumulated dividends, effective February 13, 2026 [1][2]. Group 1: Redemption Details - The redemption will involve 10,000 shares of Series A Preferred Stock, with a par value of $25.00 per share and a liquidation preference of $25,000 per share [1]. - The total payment for the redemption will be $25.36056 per share, which includes $0.36056 for accumulated and unpaid dividends [2]. - Upon redemption, the Series A Preferred Stock will cease to accumulate dividends and will be delisted from the New York Stock Exchange [2]. Group 2: Redemption Process - The Depositary Shares will be redeemed through The Depository Trust Company (DTC), with payment managed by Computershare Inc. and Computershare Trust Company, N.A. [3]. - Investors holding Depositary Shares should contact their bank or broker for information regarding the redemption process [3]. Group 3: Company Overview - Spire Inc. serves approximately 1.7 million homes and businesses, making it one of the largest publicly traded natural gas companies in the United States [4]. - The company operates gas utilities in Alabama, Mississippi, and Missouri, and is focused on organic growth, infrastructure investment, and continuous improvement [4].

Key Takeaways Spire will report fiscal Q1 results Feb. 3, after a 2.17% negative earnings surprise in the prior quarter.SR's Q1 earnings may benefit from new Missouri rates, Alabama mechanisms and Spire West Storage expansion.Higher O&M costs could offset gains, while consensus sees EPS of $1.56 and revenue of $714.02 million.Spire Inc. (SR) is set to report fiscal first-quarter 2026 results on Feb. 3, before market open. The company reported a negative earnings surprise of 2.17% in the last reported quarte ...

Financial Data and Key Metrics Changes - The company achieved basic adjusted earnings of $4.45 per share for fiscal year 2025, marking a successful year for shareholder value [2] - The board approved a dividend increase of 5.1%, bringing the annualized rate to $3.30 per share, continuing a 23-year streak of annual dividend increases [17] Business Line Data and Key Metrics Changes - Fiscal year 2025 saw investments of $922 million, with nearly 90% allocated to utilities, enhancing system reliability and safety [16] - The company reported growth across all segments, driven by infrastructure investments [15] Market Data and Key Metrics Changes - The Missouri Public Service Commission approved a $210 million revenue increase following a positive conclusion to a rate case [4] - New legislation in Missouri established a future test year for rate-setting, allowing utilities to set rates based on projected costs [17] Company Strategy and Development Direction - The company is focused on operational excellence, regulatory engagement, financial discipline, and strategic growth, with a commitment to delivering reliable natural gas service [18] - The pending acquisition of Piedmont Natural Gas Tennessee business is expected to enhance Spire's scale and diversify its utility portfolio [3][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the business and the ability to deliver strong operational and financial performance [18] - The company remains focused on maintaining customer affordability while executing its capital plan efficiently [21] Other Important Information - The company successfully concluded an annual budget process in Alabama, reinforcing its commitment to constructive regulatory outcomes [4] - The transition planning for the acquisition of Piedmont Natural Gas is well underway, with an 18-month transition service agreement in place [20] Q&A Session Summary Question: Current status of the acquisition of Piedmont Natural Gas Tennessee business - The acquisition is progressing well, with the Hart-Scott-Rodino review complete and awaiting approval from the Tennessee Public Utility Commission [20] Question: Company's business priorities for shareholders in fiscal year 2026 - The priorities include delivering safe and reliable natural gas service, executing the capital plan efficiently, maintaining customer affordability, achieving constructive regulatory outcomes, and successfully closing the Tennessee acquisition [21]

Financial Data and Key Metrics Changes - The company achieved basic adjusted earnings of $4.45 per share for fiscal year 2025, marking a successful year for shareholder value [2] - The board approved a dividend increase of 5.1%, bringing the annualized rate to $3.30 per share, marking the 23rd consecutive year of dividend increases [17] Business Line Data and Key Metrics Changes - Fiscal year 2025 saw investments of $922 million, with nearly 90% allocated to utilities, enhancing reliability and safety [16] - The company reported growth across all segments, driven by infrastructure investments [15] Market Data and Key Metrics Changes - The regulatory environment improved, with a $210 million revenue increase approved by the Missouri Public Service Commission [4] - New legislation in Missouri established a future test year for rate-setting, allowing for more effective planning and investment [17] Company Strategy and Development Direction - The company is focused on operational excellence, regulatory engagement, financial discipline, and strategic growth [18] - The pending acquisition of Piedmont Natural Gas Tennessee business is expected to enhance Spire's scale and diversify its utility portfolio [3][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the business and the ability to deliver strong operational and financial performance [18] - The company remains committed to delivering safe and reliable natural gas service while maintaining customer affordability [21] Other Important Information - The company successfully concluded an annual budget process in Alabama, reinforcing its commitment to constructive regulatory outcomes [4] - The transition planning for the acquisition of Piedmont Natural Gas is well underway, with an 18-month transition service agreement in place [20] Q&A Session Summary Question: Current status of the acquisition of Piedmont Natural Gas Tennessee business - The acquisition is progressing, with the Hart-Scott-Rodino review complete and awaiting approval from the Tennessee Public Utility Commission [20] Question: Company's business priorities for shareholders in fiscal year 2026 - The priorities include delivering safe and reliable natural gas service, executing the capital plan efficiently, maintaining customer affordability, achieving constructive regulatory outcomes, and successfully financing the Tennessee acquisition [21]

Financial Data and Key Metrics Changes - The company achieved basic adjusted earnings of $4.45 per share for fiscal year 2025, marking a successful year for shareholder value [2] - The board approved a dividend increase of 5.1%, bringing the annualized rate to $3.30 per share, which is the 23rd consecutive year of dividend increases [18] Business Line Data and Key Metrics Changes - Fiscal year 2025 saw the company invest $922 million, with nearly 90% allocated to utilities, enhancing system reliability and safety [17] - The company reported growth across all segments, driven by infrastructure investments [16] Market Data and Key Metrics Changes - Natural gas remains the most affordable energy source for heating, water heating, and cooking, with electricity being 2-3 times more expensive [18] - The regulatory environment improved with new legislation in Missouri establishing a future test year for rate-setting, allowing for better planning and investment [18] Company Strategy and Development Direction - The company is focused on operational excellence, regulatory engagement, financial discipline, and strategic growth, with a commitment to delivering safe and reliable natural gas service [19] - The pending acquisition of Piedmont Natural Gas Tennessee business is expected to enhance the company's scale and diversify its utility portfolio [3][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the business and the ability to deliver strong operational and financial performance [19] - The company is committed to maintaining a strong balance sheet to support growth strategies and long-term shareholder value [19] Other Important Information - The Missouri Public Service Commission approved a $210 million revenue increase as a result of a rate case settlement [4] - The company successfully concluded an annual budget process in Alabama, reinforcing its regulatory engagement [4] Q&A Session All Questions and Answers Question: What is the current status of the acquisition of the Piedmont Natural Gas Tennessee business from Duke? - The acquisition is progressing well, with the Hart-Scott-Rodino review complete and awaiting approval from the Tennessee Public Utility Commission [21] Question: What are the company's business priorities for shareholders in fiscal year 2026? - The priorities include delivering safe and reliable natural gas service, executing the capital plan efficiently, maintaining customer affordability, achieving constructive regulatory outcomes, and successfully financing and closing the Tennessee acquisition [22]

Core Viewpoint - Shares in Spire Healthcare increased by up to 20% following the confirmation of preliminary talks with multiple buyout firms, indicating strong market interest in a potential acquisition [1] Group 1: Company Developments - Spire Healthcare is engaged in initial discussions with several buyout firms, which has led to a significant rise in its stock price [1] - The confirmation of these talks has fueled expectations of a possible takeover, reflecting investor optimism about the company's future [1] Group 2: Market Reaction - The surge in Spire Healthcare's shares demonstrates a positive market reaction to the news of potential buyout discussions, highlighting investor confidence in the company's valuation [1]