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, indicating a year-over-year growth of approximately 33% in gas utilities earnings [10][11] - The company reaffirmed its 2026 adjusted EPS guidance of $5.25 to $5.45 per share and 2027 guidance of $5.65 to $5.85 per share, with a long-term adjusted EPS growth target of 5% to 7% [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] - Gas marketing segment earnings increased to $4.5 million, up $2.3 million due to enhanced portfolio optimization opportunities [11] - 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 new Missouri rates became effective in October, and a request for a $30.3 million revenue increase was filed in November, expected to be effective by May [5] Company Strategy and Development Direction - The company is focused on executing its ten-year capital plan of $11.2 billion, primarily targeting utility investments, and maintaining a disciplined approach to capital deployment [6][9] - The company is committed to customer affordability through cost management and is pursuing constructive regulatory outcomes across all jurisdictions [4][15] - The integration planning for the Tennessee acquisition is underway, with an 18-month transition services agreement to ensure continuity for customers and employees [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the portfolio and the ability to achieve long-term growth targets despite the challenges posed by extreme weather conditions [4][6] - The company is focused on simplifying its portfolio and expects to provide updates on the potential sale of natural gas storage assets later this quarter [8][25] - Management highlighted the importance of maintaining a strong balance sheet and flexibility, targeting a funds from operations (FFO) to debt ratio of 15%-16% [14] Other Important Information - The merger of the STL and MoGas pipelines was completed on January 1, 2026, and will operate as the Spire MoGas pipeline [13] - The company invested $230 million in capital expenditures during the quarter, primarily directed toward gas utility operations [8][9] Q&A Session Summary Question: How did the marketing segment perform during January's gas market volatility? - Management indicated that the marketing segment performed well and met all customer obligations during the volatility, with a positive outlook for further discussions in the next quarter [17][18] Question: Can you provide an update on the storage asset sales process? - Management confirmed strong interest in the storage assets and is focused on achieving the right value, with an announcement expected later this quarter [24][25] Question: What are the expectations for equity issuance related to the Tennessee acquisition? - Management indicated that announcements regarding equity issuance would likely occur after the next call in May or June, depending on the progress of the acquisition [31] Question: What is the regulatory strategy and timeline for the next rate case in Missouri? - Management anticipates filing the next rate case after the fiscal year-end but before Thanksgiving, with preparations already underway [55]

Financial Performance Highlights - GAAP EPS was $0.74[7], while Adjusted EPS reached $0.60[7] - Adjusted Recurring Net Investment Income YTD amounted to $164 million[7] - The company reaffirmed guidance for Adjusted EPS CAGR of 8-10% into 2027[8] Portfolio and Asset Management - The company's pipeline grew to over $6 billion[7, 17] - New asset yield YTD exceeded 10.5%[7, 22, 47] - Managed Assets increased by 13% Y/Y to $14.6 billion[25] Capital Structure and Funding - $900 million in debt was refinanced[7, 31] - The company increased CCH1 capacity by approximately $600 million[7] - The company issued $1 billion of new term debt in Q2 2025[33] Sustainability and Impact - The company's investments avoided 8.4 million metric tons of CO2 emissions annually[42]