Acquisition Overview - National Fuel Gas Company (NFG) has agreed to acquire CenterPoint's Ohio regulated gas utility business (CNP Ohio) for $2.62 billion[5] - The purchase price represents approximately 1.6x CNP Ohio's estimated 2026 rate base[5, 11] - The transaction is expected to close in the fourth quarter of calendar year 2026[7, 11] Strategic Benefits - The acquisition will increase NFG's customer base to approximately 1.1 million[8, 12] - CNP Ohio has ~$1.6 billion in rate base expected at closing[7] - NFG's regulated rate base is expected to double with the addition of CNP Ohio[8, 16] - CNP Ohio is expected to have capital spending of $900 million over the next five years[8] Financial Impact - The acquisition is expected to be immediately accretive to regulated earnings[10, 24] - Consolidated adjusted earnings per share are expected to be neutral in fiscal year 2028 and accretive thereafter[10, 24] Financing and Credit Profile - A $1.2 billion seller promissory note with an interest rate of 6.5% and a maturity date of 364 days after closing is included in the financing structure[11] - Permanent transaction financing is expected to include $300 to $400 million in equity[11] - The company is targeting Debt/EBITDA of 2.5 – 3.0x and FFO/Net Debt of greater than 30% by the end of the fiscal year after closing[11] Regulatory Environment - CNP Ohio's Stipulation under the General Rate Case on file with PUCO includes an equity layer of 52.9% and a Return on Equity of 9.85%[12, 13] - The General Rate Case filed with PUCO in July 2025 includes an agreed upon revenue increase of $60 million[18]

Core Insights - Spire Inc. reported third-quarter fiscal 2025 earnings of $0.01 per share, exceeding the Zacks Consensus Estimate of a loss of $0.09 by 111.1% [1][8] - Total revenues for the quarter were $421.9 million, surpassing the Zacks Consensus Estimate of $413 million by 2.16% and increasing 1.9% from $414.1 million in the year-ago quarter [2][8] Financial Performance - Operating expenses decreased by 8% to $352.7 million from $383.4 million in the prior-year period [3] - Operating income rose to $69.2 million compared to $30.7 million in the prior-year quarter [3] - Net interest expenses increased by 2.3% year over year to $49.9 million [3] Segment Performance - Gas Utility segment reported an adjusted loss of $10 million, an improvement from a loss of $11 million in the year-ago period [4] - Gas Marketing segment's adjusted earnings increased to $5.3 million from $1 million in the year-ago quarter [4] - Midstream segment's adjusted earnings rose by 16.5% to $16.2 million, driven by higher storage earnings [5] Financial Highlights - Cash and cash equivalents as of June 30, 2025, were $13.1 million, up from $4.5 million as of September 30, 2024 [6] - Long-term debt as of June 30, 2025, totaled $3.5 billion, down from $3.7 billion as of September 30, 2024 [6] - Net cash provided by operating activities in the first nine months of fiscal 2025 was $582.9 million, compared to $829.5 million in the year-ago period [6] Guidance - Spire expects fiscal 2025 earnings to be in the range of $4.40-$4.60 per share, with the Zacks Consensus Estimate at $4.50 per share [9] - The company plans a 10-year capital investment of $7.4 billion, aiming for annual rate-based growth of 7-8% [9] - Capital expenditures for fiscal 2025 are expected to be $875 million, an increase from the previous guidance of $840 million [9]