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Core Insights - Spire Inc. reported a wider-than-expected fourth-quarter loss, with an adjusted loss of $0.47 per share, missing analyst estimates of a $0.43 loss, and revenue of $334.1 million, significantly below expectations of $422.84 million [1] - Despite the loss, the company raised its earnings outlook for the next two fiscal years, projecting adjusted earnings of $5.25 to $5.45 per share for fiscal 2026 and $5.65 to $5.85 per share for fiscal 2027, both above consensus estimates [2] Financial Performance - For fiscal 2025, Spire reported adjusted earnings of $4.44 per share, reflecting a 7.5% increase from $4.13 in the prior year [2] - The Gas Utility segment generated adjusted earnings of $231.4 million in fiscal 2025, up from $220.8 million the previous year, driven by new rates at Spire Alabama and higher surcharge revenues at Spire Missouri [3] - The Midstream segment's earnings increased to $56.3 million from $33.5 million, attributed to expanded storage capacity and contract renewals at higher rates [3]

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 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].

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 [1] Group 1: Earnings Expectations - Spire Inc. will release its fourth-quarter earnings results on November 14, with analysts forecasting a quarterly loss of 38 cents per share [1] - The consensus estimate for Spire's quarterly revenue is $439.56 million, an increase from $293.8 million in the same quarter last year [1] Group 2: Analyst Upgrade and Price Target - Bank of America Securities analyst Ross Fowler upgraded Spire from Underperform to Neutral and raised the price target from $76 to $89 [2] Group 3: Dividend Information - Spire currently offers an annual dividend yield of 3.47%, translating to a quarterly dividend of 79 cents per share, or $3.14 annually [2] - To achieve a monthly income of $500 from dividends, an investor would need to own approximately 1,911 shares, equating to a total investment of about $173,041 [4] - For a more conservative monthly income goal of $100, an investor would need 382 shares, requiring an investment of around $34,590 [4] Group 4: Dividend Yield Dynamics - The dividend yield is calculated by dividing the annual dividend payment by the current stock price, which can fluctuate based on stock price changes [5] - Changes in the dividend payment itself can also impact the dividend yield; an increase in the dividend payment raises the yield, while a decrease lowers it [6] Group 5: Stock Performance - Shares of Spire fell by 0.2% to close at $90.55 on Wednesday [6]

Core Points - ONE Gas, Inc. announced a dual listing of its common stock on NYSE Texas, effective November 11, 2025, alongside its primary listing on the New York Stock Exchange [1][3] - The dual listing is part of ONE Gas's commitment to Texas, aiming to enhance investor access and awareness of its mission to provide safe and affordable natural gas services [2][3] - ONE Gas is recognized as one of the largest regulated natural gas utilities in the United States and is included in the S&P MidCap 400 Index [4] Company Overview - ONE Gas, Inc. is a fully regulated natural gas utility, serving over 2.3 million customers across Kansas, Oklahoma, and Texas [5] - The company operates through three divisions: Kansas Gas Service, Oklahoma Natural Gas, and Texas Gas Service, which are the largest and third-largest natural gas distributors in their respective states [5] Additional Information - The company will continue to trade under the ticker symbol "OGS" on both NYSE and NYSE Texas [3] - ONE Gas's president and CEO emphasized the importance of community ties and the strategic nature of this dual listing [2]

Core Insights - Piedmont Natural Gas is promoting various programs and tools to help customers manage their energy bills as colder temperatures approach the Southeast [1][9]. Energy Management Tools - The company offers tips for saving energy and money without sacrificing comfort [2]. - Customers can utilize the Equal Payment Plan (EPP) to level out their monthly natural gas bills, providing a predictable payment amount [3]. Financial Assistance Programs - The "Share the Warmth" program provides funds to local agencies to assist families with utility bills, regardless of energy source [4]. - The Low Income Home Energy Assistance Program (LIHEAP) offers financial aid for natural gas, electric, and other energy sources [4]. Energy Efficiency Recommendations - Customers can access their gas usage history online to identify trends and savings opportunities [6]. - The company suggests setting thermostats to the lowest comfortable setting and using smart thermostats to reduce energy consumption [6]. - Recommendations include sealing homes, managing water heating temperatures, and considering insulation improvements to enhance energy efficiency [6]. Company Overview - Piedmont Natural Gas, a subsidiary of Duke Energy, serves over 1.2 million customers across North Carolina, South Carolina, and Tennessee [8].

Financial Data and Key Metrics Changes - The company reported record third quarter adjusted EBITDA, driven by contributions from U.S. gas utilities and organic growth in gas transmission [7][24] - Adjusted EBITDA increased by $66 million compared to Q3 2024, while EPS decreased from $0.55 to $0.46 due to seasonal lower EBITDA in Q3 [24][26] - Debt to EBITDA ratio stands at 4.8 times, remaining within the target leverage range of 4.5 to 5 times [7][26] Business Line Data and Key Metrics Changes - Liquids segment achieved record mainline volumes of approximately 3.1 million barrels per day, reflecting strong demand for Canadian crude [10][11] - Gas transmission experienced strong performance with favorable contracting outcomes and contributions from new projects [25] - Gas distribution segment benefited from a full quarter contribution from Enbridge Gas North Carolina and quick-turn capital projects in Ohio [25][21] Market Data and Key Metrics Changes - The company added $3 billion in new growth capital to its secured capital program, showcasing continued execution on growth commitments [8][29] - The North American energy landscape is evolving with increased demand driven by LNG development, power generation, and data centers [31][70] Company Strategy and Development Direction - The company aims for 5% growth through the end of the decade, supported by $35 billion in secured capital [31][26] - Focus on brownfield projects that are capital efficient and strategically aligned with energy fundamentals [29][31] - The company is positioned to capitalize on the growing demand for natural gas and renewable energy projects [22][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year EBITDA in the upper half of the guidance range of $19.4 billion to $20 billion [26][31] - Positive rate settlements in gas distribution are expected to enhance revenue and support continued investment [21][26] - The company is optimistic about the future growth potential in the renewable energy sector, particularly in solar projects [22][97] Other Important Information - The company has sanctioned expansions in gas storage to meet increasing LNG-related demand, adding over 60 Bcf of new natural gas storage capacity [18][19] - The management team is focused on maintaining a disciplined capital allocation strategy while pursuing growth opportunities [28][29] Q&A Session Summary Question: Acceleration in gas distribution and storage - Management noted an increase in commercial activity across various regions, particularly in Ohio and Utah, driven by data center demand and power generation [34][35] Question: Construction timeline for Line 5 - Permitting for the Wisconsin Reboot and Michigan tunnel is regaining momentum, with completion expected in 2027 [42][43] Question: Mainline optimization phase two - Management confirmed that customer demand is driving the expedited timing for expanded egress to Canadian producers [48][49] Question: Growth outlook and capital sequencing - Management expressed confidence in maintaining capital spending between $9 billion and $10 billion, with a strong project backlog supporting growth [55][56] Question: Renewable energy portfolio - The company is well-positioned in the solar market, with strong customer demand and several projects in development [96][97]

November 7, 2025 | 10:00 a.m. ET Forward-Looking Statements Certain written statements included herein and/or oral statements made in connection with the presentation contained herein constitute "forward-looking information" within the meaning of applicable securities laws in each of the provinces and territories of Canada and the respective policies, regulations and rules under such laws and "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collec ...