Financial Data and Key Metrics Changes - The company reported adjusted earnings of $1.77 per share for Q1 2026, an increase from $1.34 per share a year ago, reflecting strong execution in the gas utility business and contributions from marketing and midstream segments [4][10] - Adjusted earnings for the quarter totaled $108 million, compared to $81 million in the previous year, marking a year-over-year increase of approximately 33% in gas utilities earnings [10][11] - The company reaffirmed its 2026 adjusted EPS guidance of $5.25-$5.45 per share and 2027 guidance of $5.65-$5.85 per share, indicating confidence in long-term growth [6][12] Business Line Data and Key Metrics Changes - Gas utilities earned $104 million, up over 33% from the previous year, driven by new rates in Missouri and higher margins in Alabama [10][11] - Gas marketing segment earnings increased to $4.5 million, up $2.3 million due to enhanced portfolio optimization opportunities [10] - Midstream earnings rose to $12.7 million, an increase of nearly $1 million from last year, attributed to additional capacity at Spire Storage [11] Market Data and Key Metrics Changes - The company experienced record natural gas demand during Winter Storm Fern, delivering natural gas equivalent to 31 gigawatts of electric generation capacity [3] - The company’s capital expenditures for the quarter were $230 million, primarily directed towards gas utility operations, with expectations of $809 million in total CapEx for 2026 [8][9] Company Strategy and Development Direction - The company is focused on executing its ten-year capital plan of $11.2 billion, with a majority aimed at utility investments [7] - The company is committed to maintaining customer affordability through disciplined cost management and achieving constructive regulatory outcomes [4][15] - The ongoing evaluation of potential sales of natural gas storage assets aims to simplify the portfolio while ensuring the right value is achieved [8][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the portfolio and the disciplined approach to capital deployment, reaffirming long-term adjusted EPS growth targets of 5%-7% [6][12] - The integration planning for the Tennessee acquisition is underway, with a focus on ensuring seamless continuity for customers and employees [8][40] - Management highlighted the importance of maintaining a strong balance sheet and flexibility, targeting a funds from operations to debt ratio of 15%-16% [14] Other Important Information - The company completed the merger of the STL and MoGas pipelines, which will now operate as the Spire MoGas pipeline [13] - The company anticipates minimal common equity needs and plans to rely on long-term debt for refinancing and capital requirements [14] Q&A Session Summary Question: How did the marketing segment perform during January's gas market volatility? - Management indicated satisfaction with the operational performance and confirmed that customer obligations were met during the volatility [17][18] Question: Can you provide an update on the storage asset sales process? - Management noted that the evaluation process is taking longer than expected but remains optimistic about achieving good value for the assets [24][25] Question: What are the opportunities for large loads or generation facilities in service territories? - Management is actively engaging with parties regarding opportunities to serve generation needs as they convert from coal to gas [27] Question: What is the timeline for equity issuance related to the Tennessee acquisition? - Management indicated that announcements regarding equity issuance would likely occur after the next earnings call in May or June [31] Question: What is the regulatory strategy and timeline for the next rate case in Missouri? - Management anticipates filing the next rate case in October-November 2026, following the pattern of previous cases [55]

Financial Performance - Third quarter 2025 GAAP earnings per share (EPS) was $2.03, and adjusted EPS was also $2.03[18] - Year-to-date 2025 GAAP EPS was $3.31, while adjusted EPS was $3.41[67] - The company is narrowing its 2025 adjusted EPS guidance to $3.92 - $4.02, compared to the original guidance of $3.92 - $4.12, primarily due to a $0.13 impact from weather[18] - The company anticipates approximately ($0.02) of incremental convertible-related dilution compared to plan and identified mitigation measures of $0.10[41] Economic Development and Load Growth - The company has a transformative 10-year roadmap to serve up to 4-6 GWs of new large load customers[22] - The company's actively building customer pipeline is approximately 1.2 GW, up from approximately 1.1 GW in the previous quarter[23] - Customers finalizing agreements represent a potential 1.5-2.0 GW of peak demand, up from 1.0-1.5 GW, potentially increasing overall company load growth forecast to a 4-5% compound annual growth rate (CAGR) through 2029[23] - Weather-normalized total retail sales grew by 2.0% in the third quarter of 2025, driven by residential (2.4%) and commercial (3.0%) growth, while industrial sales decreased by 0.9%[37] Capital Investments and Financing - The company has a $17.5 billion five-year capital investment plan for 2025-2029[58] - The company plans to issue $2.8 billion in equity from 2026E-2029E[42] - The company entered forward sales agreements for $125 million of common shares via at-the-market program to address future equity needs[59]

Q3 Fiscal 2025 Financial Results - Net sales reached $7253 million, showing a 34% increase reported and a 01% organic increase[24] - Batteries & Lights net sales increased by 51% reported and 05% organically[24] - Auto Care net sales decreased by 11% reported and 09% organically[24] - Adjusted gross margin increased by 330 basis points to 448%[24] - Adjusted EPS increased by 43% year-over-year to $113, with $078 prior to production credits[24] - Adjusted EBITDA increased by 145% year-over-year to $1714 million[24] Fiscal Year 2025 Outlook - Reported net sales are expected to increase by 1% to 3%, with Q4 projected to increase by 2% to 4%[43] - Organic net sales are expected to remain flat to +2%, with Q4 projected to decrease by 2% to flat[43] - Adjusted EPS is projected to be in the range of $355 to $365, with Q4 projected to be $105 to $115[43] - Adjusted EBITDA is projected to be in the range of $630 million to $640 million[43]