Financial Data and Key Metrics Changes - Adjusted EPS for Fiscal 2025 was $4.44, a 7.5% increase from $4.13 in Fiscal 2024, reflecting growth across all segments driven by infrastructure investments [5][12] - Adjusted earnings for Fiscal 2025 totaled $275.5 million, compared to $247.4 million in the prior year [12][13] - The company invested $922 million in Fiscal 2025, with nearly 90% allocated to utilities [5] Business Line Data and Key Metrics Changes - Gas utilities earned $231 million, up nearly 5% from the previous year, driven by interest recovery in Missouri and new rates in Alabama [13] - Midstream earnings increased to $56 million, up almost $23 million from last year, due to additional capacity and asset optimization [14] - Gas marketing earnings rose to $26 million, an increase of $2.5 million, reflecting a well-positioned business despite higher storage and transportation fees [14] Market Data and Key Metrics Changes - New rates in Missouri became effective in October, and Alabama is undergoing a rate stabilization process [6][18] - The company expects total rate base and capitalization to grow to $10.7 billion by Fiscal Year 2030 from an estimated $8.2 billion at the end of Fiscal 2026 [11] Company Strategy and Development Direction - The company is focused on operational excellence, regulatory engagement, financial discipline, and strategic growth [22] - A pending acquisition of the Piedmont Natural Gas Tennessee business is expected to close in the first quarter of calendar 2026, enhancing operational capabilities [9][10] - The long-term adjusted EPS growth target is set at 5%-7%, supported by a robust capital plan totaling $11.2 billion over ten years [8][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving Fiscal 2026 adjusted EPS guidance of $5.25-$5.45, driven by regulatory outcomes and infrastructure investments [22][23] - The company is committed to maintaining affordability for customers while investing in critical infrastructure [6][15] - Management highlighted the importance of collaboration with stakeholders in Missouri to establish a future test year rate-setting model [7][26] Other Important Information - The Board of Directors approved a dividend increase of 5.1%, bringing the annualized rate to $3.30 per share, marking the 23rd consecutive year of dividend increases [8] - The company is targeting a minimal amount of common equity issuance as part of its financing strategy [10][21] Q&A Session Summary Question: Long-term growth rate and ROEs - Management indicated expectations for continued improvement in earned ROEs, particularly in Missouri, with a future test year rate case planned [25][26] Question: Financing mix and timing - Management confirmed confidence in a balanced mix of debt and equity for financing, with ongoing evaluation of the storage business [31][32] Question: O&M assumptions and integration planning - Management aims to keep O&M expenses below inflation, leveraging best practices during integration activities [33][34] Question: Future test year rate adjustment implications - Management acknowledged potential improvements in earned ROE with the future test year but emphasized caution in making predictions [36] Question: Storage asset sale interest - Management noted strong interest in the storage assets but is still in the evaluation process [37][38] Question: Dividend payout ratios and growth - Management targets dividend growth in line with earnings growth, maintaining a payout ratio of 55%-65% [46] Question: Long-term capital needs and equity outlook - Management anticipates minimal equity needs, estimating $0-$50 million annually to support utility CapEx [47]

Core Insights - Spire Inc. reported a fourth-quarter fiscal 2025 loss of 47 cents per share, which was wider than the Zacks Consensus Estimate of a loss of 46 cents, and compared to a loss of 54 cents in the same quarter last year [1] - The company achieved fiscal 2025 adjusted earnings of $4.44 per share, reflecting a year-over-year increase of 7.5% from $4.13 in fiscal 2024 [1] Revenue Performance - Total revenues for the reported quarter were $334.1 million, exceeding the Zacks Consensus Estimate of $308 million by 8.5%, and rose 13.7% from $293.8 million in the year-ago quarter [2] - For fiscal 2025, total revenues amounted to $2.48 billion, down 4.5% from $2.59 billion in fiscal 2024 [2] Expense and Operating Performance - Operating expenses totaled $334.6 million, an increase of 22.1% from $274 million in the prior-year period [3] - The operating loss was $0.5 million, contrasting with an operating income of $19.8 million in the prior-year quarter [3] - Net interest expenses rose 18.8% year over year to $58.8 million [3] Segment Performance - Gas Utility segment reported an adjusted earnings loss of $31.6 million, an improvement from a loss of $32 million in the year-ago period, attributed to higher Spire Missouri ISRS revenues [4] - Gas Marketing segment's adjusted earnings were $3.6 million, recovering from a loss of $0.3 million in the year-ago quarter due to better positioning to create value [4] - Midstream segment's adjusted earnings totaled $12.3 million, down 8.2% from the previous year due to lower pipeline earnings and increased operation and maintenance expenses [5] - Other segment reported an adjusted loss of $8.4 million, slightly improved from a loss of $8.7 million in the prior-year quarter [5] Financial Highlights - Cash and cash equivalents as of September 30, 2025, were $5.7 million, up from $4.5 million as of September 30, 2024 [6] - Long-term debt (less current portion) as of September 30, 2025, totaled $3.37 billion, down from $3.70 billion as of September 30, 2024 [6] - Net cash provided by operating activities in fiscal 2025 was $578 million, compared to $912.4 million in the year-ago period [6] Guidance and Future Outlook - Spire expects fiscal 2026 adjusted earnings to be in the range of $5.25-$5.45 per share, above the Zacks Consensus Estimate of $5.09 [8] - For fiscal 2027, adjusted earnings are expected to be in the range of $5.65-$5.85 per share [8] - The company raised its 10-year capital investment plan to $11.2 billion through fiscal 2035, aiming for long-term adjusted earnings per share growth of 5-7% [8] Zacks Rank - Spire currently holds a Zacks Rank 2 (Buy) [9]

Year-end fiscal 2025 update November 14, 2025 Forward-looking statements and use of non-GAAP measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our forward-looking statements in this presentation speak only as of today, and we assume no duty to update them. Forward- looking statements are typically identified by words such as, but not limited to: "estimates," "expects," "anticipates," "intends," "targets," "plans," "fore ...

Core Insights - Spire Inc. has approved a quarterly dividend increase of 5.1%, raising it from 78.5 cents to 82.5 cents, resulting in an annual dividend of $3.30 per share, payable on January 5, 2026 [1][10] Dividend History and Growth - Spire has raised its dividend five times in the last five years, with an annualized dividend growth rate of 4.67% over this period [2] - The company has consistently paid dividends since 1946 and has increased its annual dividend rate for the past 23 years [3] Financial Outlook and Investments - For fiscal 2025, Spire's capital spending is projected to be $875 million, an increase from the previous estimate of $840 million, with significant allocations to various regions [4] - Over the next decade, Spire plans to invest approximately $7.4 billion, supporting a 7-8% annual rate-base growth [4] Customer Base Expansion - Spire is experiencing growth in its natural gas customer base, both organically and through acquisitions, including an agreement to acquire Piedmont Natural Gas' Tennessee local distribution company, expected to add over 200,000 customers [5] Technological Advancements - The company is investing in smart meters, having installed over 350,000 advanced meters in fiscal 2024, benefiting a total of 850,000 customers [6] Industry Context - Domestic-focused, rate-regulated gas distribution utilities, like Spire, are stable performers, allowing for dividend hikes and share buybacks, with other utilities also raising their dividend rates in 2025 [7] - Current dividend yields for comparable companies are 1.96% for Atmos Energy, 2.69% for National Fuel Gas Company, and 4.34% for UGI Corporation, all higher than the S&P 500 composite's yield of 1.51% [8] Stock Performance - In the past year, Spire's shares have risen by 32.9%, outperforming its industry's growth of 10.3% [11]

Core Insights - Spire reported a quarterly loss of $0.47 per share, slightly worse than the Zacks Consensus Estimate of a loss of $0.46, but an improvement from a loss of $0.54 per share a year ago, indicating a -2.17% earnings surprise [1] - The company achieved revenues of $334.1 million for the quarter ended September 2025, exceeding the Zacks Consensus Estimate by 8.49% and showing a year-over-year increase from $293.8 million [2] - Spire's stock has increased by approximately 31.5% year-to-date, outperforming the S&P 500's gain of 14.6% [3] Earnings Outlook - The future performance of Spire's stock will largely depend on management's commentary during the earnings call and the earnings outlook, which includes current consensus earnings expectations for upcoming quarters [4] - The current consensus EPS estimate for the next quarter is $1.52 on revenues of $711.61 million, and for the current fiscal year, it is $5.09 on revenues of $2.52 billion [7] Industry Context - The Utility - Gas Distribution industry, to which Spire belongs, is currently ranked in the bottom 35% of over 250 Zacks industries, which may impact stock performance [8] - Another company in the same industry, UGI, is expected to report a quarterly loss of $0.44 per share, reflecting a year-over-year change of -175%, with revenues projected at $1.72 billion, up 38.6% from the previous year [9][10]

Financial Performance - For fiscal 2025, Spire reported consolidated adjusted earnings per share of $4.44, a 7.5% increase from $4.13 in fiscal 2024[1] - Fiscal 2025 net income was $271.7 million ($4.37 per diluted share), compared to $250.9 million ($4.19 per share) in fiscal 2024[4] - Adjusted earnings for fiscal 2025 totaled $275.5 million, up from $247.4 million in fiscal 2024[4] - Fiscal 2026 adjusted EPS guidance is set at $5.25 to $5.45, while fiscal 2027 guidance is $5.65 to $5.85[4][14] Segment Performance - Gas Utility adjusted earnings increased to $231.4 million in fiscal 2025 from $220.8 million in fiscal 2024[6] - Midstream adjusted earnings rose to $56.3 million in fiscal 2025, up from $33.5 million in fiscal 2024, driven by additional storage capacity and higher contract rates[11] - Contribution margin increased by $37.5 million, primarily due to new rates at Spire Alabama and higher ISRS revenues at Spire Missouri[7] Dividend and Capital Investment - The company raised its common stock dividend by 5.1%, marking 23 consecutive years of dividend growth[16] - Spire's 10-year capital investment target has been increased to $11.2 billion, supporting long-term adjusted EPS growth of 5–7%[15] Quarterly Performance - The company reported a consolidated net loss of $39.8 million in the fourth quarter of fiscal 2025, compared to a net loss of $25.9 million in the same period last year[18] - Operating revenues for Q3 2025 increased to $334.1 million, up 13.7% from $293.8 million in Q3 2024[27] - Net loss for Q3 2025 was $39.8 million, compared to a net loss of $25.9 million in Q3 2024, reflecting a deterioration in performance[27] - Total operating expenses rose to $334.6 million in Q3 2025, a 22.1% increase from $274.0 million in Q3 2024[27] Cash Flow and Investments - The company reported a net cash provided by operating activities of $578.0 million for the year ended September 30, 2025, down from $912.4 million in the previous year[29] - Capital expenditures for the year ended September 30, 2025, were $922.4 million, compared to $861.3 million in 2024, indicating increased investment in infrastructure[29] Balance Sheet - Total assets increased to $11,575.3 million as of September 30, 2025, up from $10,860.7 million in 2024, reflecting growth in the company's asset base[28] - The company’s long-term debt decreased to $3,369.4 million from $3,704.4 million year-over-year, indicating improved debt management[28] Adjusted Loss and Earnings - Adjusted loss earnings for Q3 2025 were reported at $(24.1) million, translating to $(0.47) per diluted share, compared to an adjusted loss of $(27.6) million or $(0.54) per diluted share in Q3 2024[30] - The contribution margin for the three months ended September 30, 2025, was $242.6 million, an increase from $224.5 million in the same period of 2024, reflecting a growth of approximately 8.1%[32] Year-End Results - Operating revenues for the year ended September 30, 2025, totaled $2,476.4 million, compared to $2,593.0 million for the year ended September 30, 2024, indicating a decrease of about 4.5%[32] - The total operating income for the year ended September 30, 2025, was $523.9 million, up from $488.3 million in 2024, representing an increase of approximately 7.3%[32] - Operation and maintenance expenses for the year ended September 30, 2025, were $542.1 million, compared to $507.4 million in 2024, reflecting an increase of about 6.8%[32] - Natural gas costs for the year ended September 30, 2025, were $905.5 million, a decrease from $1,103.3 million in 2024, showing a reduction of approximately 17.9%[32] - The contribution margin for the year ended September 30, 2025, was $1,455.2 million, compared to $1,361.5 million in 2024, indicating an increase of about 6.9%[32] - Depreciation and amortization expenses for the year ended September 30, 2025, were $298.2 million, up from $278.4 million in 2024, reflecting an increase of approximately 7.1%[32] - Taxes, other than income taxes, for the year ended September 30, 2025, totaled $206.7 million, compared to $215.6 million in 2024, indicating a decrease of about 4.5%[32] - The gross receipts tax expense for the year ended September 30, 2025, was $115.7 million, slightly up from $128.2 million in 2024, reflecting a decrease of about 9.8%[32]

Core Insights - Spire Inc. reported consolidated adjusted earnings per share of $4.44 for fiscal year 2025, reflecting a 7.5% increase from $4.13 in fiscal 2024, driven by improved gas utility and midstream earnings [1][8][10]. Financial Performance - For fiscal 2025, Spire's total adjusted earnings reached $275.5 million, up from $247.4 million in fiscal 2024 [8][10]. - The net income for fiscal 2025 was $271.7 million, compared to $250.9 million in fiscal 2024 [8][10]. - The company expects adjusted EPS for fiscal 2026 to be in the range of $5.25 to $5.45 and for fiscal 2027 to be between $5.65 and $5.85 [12][13]. Segment Performance - Gas Utility adjusted earnings increased to $231.4 million in fiscal 2025 from $220.8 million in fiscal 2024, primarily due to higher earnings at Spire Missouri and Spire Alabama [3][10]. - Midstream adjusted earnings rose significantly to $56.3 million in fiscal 2025 from $33.5 million in fiscal 2024, attributed to additional storage capacity and new contracts at higher rates [10][11]. - Gas Marketing adjusted earnings improved to $25.9 million in fiscal 2025 from $23.4 million in fiscal 2024, benefiting from a favorable market position [9][10]. Operational Highlights - Contribution margin increased by $37.5 million, mainly due to new rates at Spire Alabama and higher ISRS revenues at Spire Missouri, despite lower usage [4][10]. - Operating and maintenance expenses rose by $13.1 million, or 3.1%, due to higher employee costs and non-payroll related expenses [5][10]. - Depreciation expense increased by $14.0 million, reflecting higher capital investments [6][10]. Dividend and Capital Investment - The board of directors raised the common stock dividend by 5.1%, marking 23 consecutive years of dividend growth [15]. - Spire has increased its 10-year capital investment target to $11.2 billion, supporting long-term adjusted EPS growth of 5-7% [14].

Core Insights - U.S. stock futures are trading lower, indicating a cautious market sentiment ahead of earnings reports from several companies [1] Company Summaries - **Spire Inc (NYSE:SR)**: Expected to report a quarterly loss of 42 cents per share on revenue of $422.09 million. Shares fell 1.5% to close at $89.16 [2] - **Fluent Inc (NASDAQ:FLNT)**: Reported worse-than-expected third-quarter results, leading to a 6.9% decline in shares to $1.88 in after-hours trading [2] - **Legence Corp (NASDAQ:LGN)**: Analysts anticipate quarterly earnings of 6 cents per share on revenue of $639.78 million. Shares rose 3.7% to $34.56 in after-hours trading [2] - **Globant SA (NYSE:GLOB)**: Reported quarterly earnings of $1.53 per share, missing the consensus estimate of $1.54. However, sales of $617.143 million exceeded the estimate of $615.376 million. Shares fell 4.5% to $60.02 in after-hours trading [2] - **Applied Materials Inc (NASDAQ:AMAT)**: Reported better-than-expected fourth-quarter results, with expected first-quarter revenue of $6.85 billion, surpassing estimates of $6.76 billion. Shares declined 4.5% to $213.10 in after-hours trading [2]

Core Viewpoint - Spire Inc. is expected to report improved quarterly earnings with a projected loss of 38 cents per share compared to a loss of 54 cents per share a year ago, alongside a revenue estimate of $439.56 million, up from $293.8 million in the previous year [1]. Financial Performance - The anticipated quarterly loss for Spire is 38 cents per share, an improvement from the previous year's loss of 54 cents per share [1]. - The consensus estimate for quarterly revenue is $439.56 million, significantly higher than the $293.8 million reported a year ago [1]. Dividend Information - Spire has raised its annual dividend from $3.14 to $3.30 per share [1]. Stock Performance - Spire shares experienced a decline of 1.5%, closing at $89.16 on Thursday [2]. Analyst Ratings - B of A Securities upgraded Spire from Neutral to Outperform, raising the price target from $76 to $89 [4]. - Mizuho maintained an Outperform rating and increased the price target from $83 to $93 [4]. - UBS maintained a Buy rating and raised the price target from $80 to $95 [4]. - Jefferies initiated coverage with a Buy rating and a price target of $92 [4]. - Morgan Stanley maintained an Equal-Weight rating but reduced the price target from $81 to $76 [4].

Earnings Report - Spire Inc. is set to release its fourth-quarter earnings results on November 14, with analysts predicting a loss of 38 cents per share, an improvement from a loss of 54 cents per share a year ago [1] - The consensus estimate for quarterly revenue is $439.56 million, compared to $293.8 million in the same quarter last year [1] Dividend Announcement - The company has raised its annual dividend from $3.14 to $3.30 per share [1] Stock Performance - Spire shares experienced a decline of 1.5%, closing at $89.16 on Thursday [2] Analyst Ratings - B of A Securities upgraded Spire from Neutral to Outperform, raising the price target from $76 to $89 [4] - Mizuho maintained an Outperform rating and increased the price target from $83 to $93 [4] - UBS maintained a Buy rating and raised the price target from $80 to $95 [4] - Jefferies initiated coverage with a Buy rating and a price target of $92 [4] - Morgan Stanley maintained an Equal-Weight rating but reduced the price target from $81 to $76 [4]