#1Energizing the future Investor Presentation August 2022 spire#2Spire is a compelling investment 90%+ regulated business mix $3.1B Robust 5-year capex plan 7-8% annual rate base growth 5-7% long-term EPS growth 19 Growing dividend for 19 consecutive years Attractive yield of 3.7%¹ Strong ESG performance; commitment to carbon neutral by midcentury 1Based on $2.74 per share dividend and SR average stock price of $74.02 for the period May 1-July 29, 2022. 2 Spire | Investor presentation - August 2022#33 Energizing the future • We remain focused on our growth strategy and commitments - - - Investing in infrastructure upgrades, new business and technology Enhancing operating and service performance Advancing on environmental sustainability to become a carbon neutral company by midcentury Achieving financial results and capital spend on track with plans Progressing on regulatory matters - - Pursuing a fair and reasonable regulatory outcome in Missouri Securing a permanent operating certificate for Spire STL Pipeline Spire | Investor presentation - August 2022 S S#4Progressing on regulatory matters Missouri rate case - procedural schedule issued May 18 Third-party testimony due AUG AUG. 31 (revenue requirement) SEPT. 9 (cost of service) SEPT OCT Public Hearings OCT. 12-18 FEB. 28 Latest date rates effective NOV DEC JAN FEB MOPSC Hearings NOV. 28-DEC. 9 Missouri ISRS . $8.5M in annual revenue approved effective May 7 • Request filed June 3 for $11.9M STL Pipeline • MoPSC staff issued report May 27, concluding decision to build STL Pipeline was reasonable and prudent • Received positive EIS from FERC staff June 16 Storage FERC 7(c) received May 19, approving Clear Creek expansion (to 20 Bcf from 4 Bcf) ● Notice to Proceed issued June 21 . We continue to evaluate our development plans 4 Spire | Investor presentation - August 2022 S#5Spire MO 2022 rate case On April 1, Spire Missouri filed a new general rate case, seeking recovery of: - Our full, updated cost of service, including deferred overhead costs Increased capital investment Filing seeks fair and reasonable rate of return, based on 45% 25% 30% - Actual capital structure - ROE in line with market averages and reflective of risk-adjusted capital costs • • • Overheads recovery Rate of return Rate base growth and cost of service $152M revenue request Rate base: $3.4B Rate of return: - ROE: 10.5% - Equity layer: 55% Test period: Calendar 2021 (roll forward prior case from 5/31/21) True-up period end: Sept. 30, 2022 5 Spire | Investor presentation - August 2022#6Missouri overhead cost deferrals (Millions) Future recovery Actuals through 6/30/22 FY22 estimates Costs to be capitalized Depreciation $12.5 $21.0 Costs to be expensed Cost of service $12.9 $15.0 ISRS overheads Cost of service $5.0 $5.0 • Cost buckets identified and being tracked • Recovery will be addressed in current rate case Total regulatory deferral at June 30 is $34M Non-capitalized costs estimated to be ~ $20M at 9/30/22 - Includes $5.0M deferral included in the most recent ISRS increase Anticipate future costs, as well as recovery of accumulated deferred costs to be included in cost of service Spire | Investor presentation - August 2022#7Investing in growth YTD FY22 capex totaled $403M, driven by gas utility investment Capital expenditures (Millions) $500 $463 29 $403 $400 12 $300 - - - $196M pipeline upgrades - $89M new business $200 434 391 • 5-year capex remains $3.1B $100 - Driven by utility pipeline replacement and new business spend $0 9 mos. FY21 ■Gas Utility 9 mos. FY22 Pipelines, storage and other Supported by LT upgrade programs and good recovery mechanisms FY22-FY26 forecast: ~$3.1B (Millions) Drives rate base growth of 7-8% $700 $660 - Supports our continuing commitment $640 $620 $590 to reliability and sustainability $600 $540 $500 $400 $300 FY22 FY23 FY24 FY25 FY26 7 Spire | Investor presentation - August 2022#88 Our sustainability commitment • Protecting the environment - - Established team to lead environmental commitment efforts Reduced methane emissions by 46% Caring for people - Driving a strong safety culture Building supplier, employee diversity Expanding outreach and support for customers and communities Strengthening governance - - Methane emission reduction (From 2005 levels) 26% 43% 46% 59% 73% 2015 2020 2021 2025 2035 Target Target Employee safety (OSHA-Days Away, Restricted or Transferred rate) 4 3.22 3 2.63 Governance of Sustainability formally assigned to Board of Directors Strong, independent, diverse Board 1.88 2 1.56 1.51 Spire | Investor presentation - August 2022 1 0 2017 2018 2019 2020 2021#99 Upgrading our infrastructure and reducing methane emissions Estimated replacement miles remaining Miles of pipeline replaced (By fiscal year) (As of 12/31/21) Total Bare steel¹ Cast Vintage replacement iron¹ plastic 400 356 382 362 322 miles 297 300 Missouri 1,4922 481 1,973 Alabama 478 370 271 1,119 200 Mississippi 436 - 436 100 Total 2,405 851 271 3,527 % of total 68% 24% 8% 100% 1Completion expected in 15+ years. 2Includes bare steel mains and services; threaded and coupled steel main. Damages (Per 1,000 locates) 4.78 4.24 3.87 3.89 3.74 2017 2018 2019 2020 2021 Leaks (Per 1,000 system miles) 99.7 75.6 60.4 48.8 31.8 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 Spire | Investor presentation - August 2022#10Advancing our environmental sustainability Established Scope 1 and Scope 2 emissions baseline Evaluating renewable energy resources (RNG), focusing on - - Exploring RNG opportunities, including methane capture from wastewater treatment plants as well as landfills and agricultural operations (animal waste) Identifying and meeting customer demand for renewable energy - Working with MOPSC on rulemaking following RNG enabling bills Incorporating renewable energy into economic development plans - Spire Marketing to provide Responsibly Sourced Gas (RSG) Studying hydrogen use in our system 10 Spire | Investor presentation - August 2022 CH G#1111 Spire Marketing Provides logistical services Wholesale services to utilities, producers, power generation, storage and pipelines Focused on physical delivery of gas - Allows for optimizing commodity, transportation and storage portfolio Positioning is key to meet customer needs and take advantage of optimization opportunities FY21 results included significant value created due to Uri YTD FY22 NEE of $15M Spire | Investor presentation - August 2022 5#12Spire STL Pipeline On Dec. 3, the FERC issued a new temporary operating certificate • Allows pipeline to continue operating indefinitely during FERC remand process currently underway - FERC is considering a new permanent operating certificate We expect remand process to continue into early calendar 2023 12 Spire | Investor presentation - August 2022 spire#13Spire Storage Completing optimization of operations Delivering solid service and breakeven results FERC approvals received - - Positive EIS in mid-March 2022 - 7(c) on May 19 for Clear Creek expansion to 20 Bcf (from 4 Bcf) Notice to Proceed on June 21 We continue to evaluate our development plans - Position facility to serve evolving markets in western U.S. Gain commercial validation to prove-out demand for service offering 13 Spire | Investor presentation - August 2022 Vancouver Seattle Portland San Francisco : Salt Lake City Los Angeles Las Vegas Kern River Pipeline Ruby Pipeline Northwest Pipeline Questar Pipeline Overthrust Pipeline Spire Storage Opal Hub Pheonix WYOMING#14• Strong financial position Adjusted EBITDA¹ (Millions) $600 Solid adjusted EBITDA Ample liquidity at 6/30/22 Supported by credit facility and commercial paper program Balanced long-term capitalization - Spire MO $300M floater issued Dec. 2021 Preferred shares and mandatory convertible $400 $575 $547 $200 $0 9 mos. FY21 9 mos. FY22 Long-term capitalization¹ (at June 30, 2022) ¹See Adjusted EBITDA reconciliation to GAAP and Long-term capitalization in Appendix. 2Including temporary equity and equity units excluding preferred stock. ³Including the current portion of long-term debt excluding equity units. 4FFO = operating income + D&A + impairments - cash paid for interest, net of amounts capitalized-cash paid for income taxes Total debt = long-term debt + current maturities + notes payable 14 Spire | Investor presentation - August 2022 2 Equity Debt 3 Preferred stock 4.0% 42.9% 53.1% S#15Outlook • LT NEEPS growth target of 5-7% FY22 NEEPS of $3.75-$3.95 Financing forecast unchanged - - New credit facility in July 2022 . . Expanded to $1.3B Extended through July 2027 Incorporates sustainability-linked KPIs Supports credit metrics • FFO/debt¹: 15-16% FY22 guidance $4.18 0.30 0.20 $3.95 0.05 FY21 MO 5%-7% Gas Utility Marketing Run Rate Rate of Growth & Other Return Financing forecast2 ($ Millions) $3.75 • Holdco debt: below 20% 1FFO = operating income + D+A+ impairments - cash paid for interest, net of amounts capitalized-cash paid for income taxes Total debt = long-term debt + current maturities + notes payable 2Debt issuance net of maturities 15 Spire | Investor presentation - August 2022 300-400 250-300 244 52 FY22 25-75 FY23 25-75 Common and hybrid equity FY24 Operating company long-term debt#16Net economic earnings Per diluted Millions common share Three months ended June 30, 2022 2021 2022 2021 Net (Loss) Income [GAAP] $ (1.4) $ 5.3 $ (0.10) $ 0.03 All other adjustments 5.5 1.6 0.11 0.03 Net Economic Earnings (NEE)2 $ 4.1 $ 6.9 $ 0.01 $ 0.06 By segment Gas Utility $ 4.2 $ 12.3 Gas Marketing 0.4 (5.2) Other (0.5) (0.2) Net Economic Earnings (NEE)² $ 4.1 $ 6.9 Average diluted shares outstanding 52.3 51.7 Gas Utility earnings declined $8.1M - Seasonality of MO regulatory recovery with ~ $6M impact in Q3 Higher depreciation and property tax expenses Gas Marketing earnings increased $5.6M - Increased storage optimization driven by near-term forward price volatility Prior year results included costs from Uri 1 All other includes recurring NEE adjustments for fair value and timing adjustment, and income tax effects of all NEE adjustments. 2See Net economic earnings reconciliation to GAAP in the Appendix. 16 Spire | Investor presentation - August 2022#17Key quarterly variances (Millions) Three months ended June 30, 2022 As reported 2021 Variance NSC reclass¹ Net Natural gas $ 203.3 $ 96.9 $ 106.4 variance $ 106.4 Higher commodity costs Operation and maintenance Gas Utility $ Gas Marketing Other 3.2 4.1 95.0 $103.2 $ (8.2) 3.2 $ 4.4 $ (3.8) 0.0 0.1 0.1 Lower employee-related costs 5.6 (1.5) 0.2 (1.3) Total $ 102.3 $112.0 $ (9.7) $ 4.7 $ (5.0) Depreciation and amortization $ Taxes, other than income taxes $ 44.1 $ 60.4 $ 53.1 $ 32.6 $ 7.3 $ 7.3 11.5 $ 11.5 Interest expense, net $ 29.3 $ 26.9 $ 2.4 $ 2.4 Continued investment in pipe replacement/ rate base; higher gross receipts taxes Higher borrowing and ST interest rates Other (expense) income, net $ (12.1) $ (1.0) $ (11.1) $ 4.7 $ (6.4) Unrealized losses on investments in non- qualified employee benefit plans • Operations and maintenance costs remain below last year Higher costs associated with rate base investments Non-qualified benefit plans remain adequately funded despite unrealized losses ¹Non-service cost reclass representing the transfer of non-service postretirement benefit costs to other expenses with no earnings impact. 17 Spire Investor presentation - August 2022#18Energizing the future Our energy warms homes, fuels businesses and advances communities. As we step forward, we're laying the groundwork for an innovative, resilient and sustainable energy future. 18 Spire Investor presentation August 2022 S 0#19Forward-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," "forecasts," and similar expressions. Although our forward-looking statements are based on reasonable assumptions, various uncertainties and risk factors may cause future performance or results to be different than those anticipated. More complete descriptions and listings of these uncertainties and risk factors can be found in our annual (Form 10-K) and quarterly (Form 10-Q) filings with the Securities and Exchange Commission. This presentation also includes "net economic earnings," and "net economic earnings per share," which are non-GAAP measures used internally by management when evaluating the Company's performance and results of operations. Net economic earnings exclude from net income, as applicable, the after-tax impacts of fair-value accounting and timing adjustments associated with energy-related transactions, the impacts of acquisition, divestiture, and restructuring activities and the largely non-cash impacts of impairments and other non-recurring or unusual items such as certain regulatory, legislative, or GAAP standard-setting actions. The fair value and timing adjustments, which primarily impact the Gas Marketing segment, include net unrealized gains and losses on energy-related derivatives resulting from the current changes in fair value of financial and physical transactions prior to their completion and settlement, lower of cost or market inventory adjustments, and realized gains and losses on economic hedges prior to the sale of the physical commodity. Management believes that excluding these items provides a useful representation of the economic impact of actual settled transactions and overall results of ongoing operations. These internal non-GAAP operating metrics should not be considered as an alternative to, or more meaningful than, GAAP measures such as operating income, net income or earnings per share. Reconciliation of net economic earnings to net income is contained in our SEC filings and in the Appendix to this presentation. Note: Years shown in this presentation are fiscal years ended September 30. Investor Relations contact: Scott W. Dudley Jr. Managing Director, Investor Relations 314-342-0878 | [email protected] 19 Spire | Investor presentation - August 2022#2020 Spire | Investor presentation - August 2022 S#21Appendix 21 Spire | Investor presentation – August 2022 spire (>#22Spire executive leadership team Suzanne Sitherwood President and Chief Executive Officer Steve Lindsey Executive Vice President, Chief Operating Officer Steve Rasche Executive Vice President, Chief Financial Officer Mark Darrell Senior Vice President, Chief Legal and Compliance Officer Mike Geiselhart Senior Vice President, Chief Strategy and Corporate Development Officer 22 Spire | Investor presentation - August 2022#23Spire business unit presidents Scott Carter President, Spire Missouri Joe Hampton President, Spire Alabama and Mississippi Scott Smith President, Spire STL Pipeline and Spire Storage Pat Strange President, Spire Marketing 23 Spire | Investor presentation - August 2022#24Our Spire utility portfolio Alabama Gulf Mississippi Missouri Primary office Birmingham Mobile Hattiesburg St. Louis Employees¹ 993 127 41 2,489 Customers¹ 428,400 84,300 18,400 1,194,781 Pipeline miles ~24,100 ~4,300 ~1,200 ~31,100 Rate base (Millions) $6342 $1172 $443 $2,8994 Return on equity 10.4%5 9.95%6 9.83% 9.37%4 Equity capitalization 55.5%5 55.5%6 50.0% 49.9%4 ¹Employees as of 9/30/21 and average customers for 12 months ended 9/30/21. 2The Rate Stabilization and Equalization (RSE) mechanism in Alabama uses average common equity, rather than rate base, for ratemaking purposes. Amounts shown are actual average common equity for fiscal 2021. 3Mississippi net plant less deferred taxes for Rate Stabilization Adjustment (RSA) purposes, as of 6/30/21. 4Per amended order issued Nov. 11, 2021, in Spire Missouri's most recent rate case. 5Terms of renewed RSE, effective 10/1/18 through 9/30/22. Allowed ROE range of 10.15% - 10.65%, with a 10.4% midpoint. Spire Alabama is eligible for a 10 bp increase in its ROE in the current year if it exceeds the threshold number of miles of pipeline replaced in the prior year under the Accelerated Infrastructure Modernization (AIM) mechanism. Spire Alabama qualified for the additional ROE for fiscal 2022, but does not plan to apply it. 6Terms of revised RSE effective 10/1/21 through 09/30/25. 24 Spire | Investor presentation - August 2022#25We're a growing, financially strong natural gas company • 5th largest publicly traded natural gas company serving 1.7 million homes and businesses across Alabama, Mississippi and Missouri Executing on our value- creation strategy - Growing organically - Investing in infrastructure Advancing through innovation Advancing our gas-related businesses Spire Storage Spire Marketing Spire STL Pipeline Kansas City St. Louis MISSOURI MISSISSIPPI Birmingham - Spire Marketing Spire STL Pipeline - Spire Storage 25 Spire | Investor presentation - August 2022 Hattiesburg Mobile ALABAMA#26Sustainability – 2021 highlights Environment - Established a dedicated team to lead our environmental commitment efforts 68% Replaced 285.8 additional miles of aging infrastructure, which resulted in a 35% leak reduction per 1,000 system miles of distribution pipeline compared to FY20. This marks a 68% reduction in leaks over the last five years. Created a baseline for Scope 1 and 2 emissions CHA Reduced gas utility methane emissions by 46% from 2005 to 2021 as a result of our infrastructure upgrades and leak repair programs ONE OUR NATION'S ENERGY FUTURE Furthered our membership in ONE Future, working with others in our industry to reduce methane emissions across the natural gas value chain Became a founding limited partner of Energy Capital Ventures' new fund focused on driving natural gas innovation and research in clean energy solutions Supported environmental efforts in communities we serve through company efforts, financial contributions and employee volunteerism On target to reduce gas utility methane emissions by 59% by 2025 and 73% by 2035 Safety Deployed new technology to reduce motor vehicle accidents Continued to emphasize a culture of safety and implemented ways to keep our employees and communities safe 21% Reduced our pipeline damage rate-an important measure in tracking accidental methane emissions-by 21.8% over the last five years Continued to implement COVID-19 safety protocols to keep employees and customers safe 26 Spire | Investor presentation - August 2022#27Sustainability – 2021 highlights People - الاس Measured our workforce demographics to establish a statistical baseline and identify areas of focus and opportunity for improving diversity Continued to develop new and innovative ways of building a pipeline of diverse talent while creating opportunities for employees to grow and advance Governance שטט 耳耳耳 Formally assigned oversight of sustainability to specific committees of our Board of Directors to monitor strategy and plans, and ensure that progress is made on environmental, social and governance (ESG) commitments ויו Conducted a second series of Fresh Perspectives Listening Labs to listen, learn and gain a deeper understanding of our customers' needs and perspectives Offered energy efficiency programs, including weatherization, rebates and financing, to help customers save energy and money Developed our commitment to supplier diversity and continued to focus our efforts $6.5M Surpassed our community investment target of 1% of net economic earnings with over $6.5 million to support the communities we serve, representing a 22% increase over our FY20 community spend Regularly reviewed our governance practices and continued to update our policies in accordance with stakeholder expectations Maintained a well- qualified, independent Board of Directors that is 50% female and 20% racially diverse Monitored and managed risks and opportunities across the organization Continued our customer outreach efforts to connect customers with needed support and resources, such as enhanced online tools and access to energy assistance 27 Spire | Investor presentation - August 2022#28The case for natural gas Abundant and domestic 100+ years The U.S. has 3,368 Tcf of future natural gas supply, 100 years worth¹ The U.S. natural gas transmission and distribution system (2.6M miles of underground pipeline) is the safest and most reliable way to deliver energy¹ 91% efficient Direct use of natural gas is a more efficient energy: 91% vs 36% for generation from converting natural gas or other fossil fuels to electricity¹ Safe and reliable Efficient and economical $1,041 U.S. households using natural gas for heating, cooking and clothes drying, rather than electricity, save an average of $1,041 per year¹ Forced electrification could cause the average U.S. household's energy-related costs to increase by $700-$900 per year² ≪ The cost of electrification to the U.S. economy through 2035 is $590B-$1.2T² Better for the environment Sources: 12022 AGA Playbook. 2AGA-Implications of Policy-Driven Residential Electrification. 3 AGA - Net Zero Emissions Opportunities for Gas Utilities. 4% Residential natural gas usage accounts for less than 5% of total U.S. GHG emissions³ 28 Spire Investor presentation - August 2022 54% Switching from coal to natural gas for electric generation reduces GHG emissions by 54% on average¹ CO2 Natural gas efficiency and growth of renewable energy have led to energy-related co₂ emissions hitting 30-year lows¹#29Missouri regulatory summary Average-rated regulatory jurisdiction by RRA¹ Traditional approach: general rate case typically filed every three years - Cost-of-service, rate base and capital structure determined using historical test year Both utilities have weather mitigated rate designs and mechanisms to address purchased gas costs, pensions and energy efficiency investments Infrastructure System Replacement Surcharge (ISRS) - - Enables recovery of (and on) infrastructure investment with minimal regulatory lag ISRS requests typically cover 6 months of investment - Missouri Public Service Commission – five members appointed by Governor (also appoints the Chairman) for 4-year terms - - Glen Kolkmeyer (R) - Apr. 2025 Scott T. Rupp (R) - Exp. Apr. 2020 Maida J. Coleman (D) - Exp. Aug. 2021 - Jason R. Holsman (D) - Jan. 2025 - Ryan A. Silvey (R), Chair - Jan. 2024 1RRA is Regulatory Research Associates. 29 Spire Investor presentation - August 2022#30Alabama regulatory summary • Top-rated regulatory jurisdiction by RRA Rate Stabilization and Equalization (RSE) annual rate-setting process RSE parameters evaluated 3-4 four years Spire Alabama RSE reset - Q1 FY23 . Spire Gulf RSE reset - Q1 FY22 - Rates set based on forward-year budget, retained shareholders' equity, and current recovery of planned capex Spire AL allowed ROE 10.15% - 10.65% (midpoint 10.4%); 55.5% equity ratio Spire Gulf allowed ROE 9.7% - 10.3% (midpoint 9.95%); 55.5% equity ratio • Cost Control Measurement (CCM) Incentive to manage O&M costs relative to target benchmark and provide for cost-sharing with customers outside of band Good recovery mechanisms Spire Alabama Gas costs, weather normalization and certain other non-recurring costs O&M per customer 2018 75% Company 25% Customer Cost Target 1.5% 1.5% 50% Company 50% Customer Opportunity for enhanced return for pipeline replacement (Spire Alabama's AIM – 10 bp additional ROE) and certain infrastructure investments (Spire Gulf's CIMFR) Spire Alabama Off-System Sales and Capacity Release - 75%/25% value sharing with customers Alabama Public Service Commission - commissioners elected to 4-year term Twinkle Andress Cavanaugh, President (R) - 2024 - Chris "Chip" Beeker (R) – 2022 - - Jeremy H. Oden (R) - 2022 30 Spire | Investor presentation - August 2022#31Mississippi regulatory summary Average-rated regulatory jurisdiction by RRA Rate Stabilization Adjustment (RSA) - RSA provides for annual rate performance reviews rather than periodic rate cases Formulaic approach to ROE setting with equity capitalization currently set at 50% Rate adjustment when ROE is outside a 1% band of allowed ROE (9.83%) - 50% of the amount over the allowed return going to a rate reduction, or - 75% of the deficiency toward a rate increase 0 Fixed rate structure and weather normalization mechanism effective with 2018-19 heating season Supplemental Growth (SG) Rider Program through Oct. 2024 for up to $5M investment -Qualified industrial development projects qualify for forward-looking rate base treatment Mississippi Public Service Commission - commissioners elected to 4-year term Dane Maxwell, Chair (R) - 2023 (Southern District) Brandon Presley (D) - 2023 (Northern District) Brent Bailey (R) - 2023 (Central District) 31 Spire | Investor presentation - August 2022#32Other financial information spire 32 Spire | Investor presentation – August 2022#33Dividend per share Growing our dividend Annualized common stock dividend per share $2.90 $2.70 $2.60 $2.49 $2.50 $2.30 $2.37 $2.25 $2.10 $2.10 $1.96 $1.90 $1.70 $1.50 Dividend yield 3.7%2 $2.74¹ $1.30 2016 2017 2018 2019 2020 2021 2022 Annualized 2022 common stock dividend increased 5.4% to $2.74 per share Supported by long-term earnings growth and conservative (55-65%) payout ratio targets 19 consecutive years of increases; 77 years of continuous payment Quarterly preferred stock dividend of $0.36875 declared, payable Nov. 15, 2022 ¹Quarterly dividend of $0.685 per share effective January 2, 2022, annualized. 2Based on $2.74 per share dividend and SR average stock price of $74.02 for the period May 1-July 29, 2022. 33 Spire Investor presentation - August 2022#34QTD net economic earnings reconciliation to GAAP (Millions, except per share amounts) Gas Utility Gas Marketing Other Total Per diluted common share² Three months ended June 30, 2022 Net Income (Loss) [GAAP] $ 4.2 $ (5.1) $ (0.5) $ (1.4) $ (0.10) Adjustments, pre-tax: Fair value and timing adjustments 7.3 7.3 0.14 Income tax effect of adjustments¹ (1.8) (1.8) (0.03) Net Economic Earnings (Loss) [Non-GAAP] $ 4.2 $ 0.4 $ (0.5) $ 4.1 $ 0.01 Three months ended June 30, 2021 Net Income (Loss) [GAAP] $ 12.1 $ (6.6) $ (0.2) $ 5.3 $ 0.03 Adjustments, pre-tax: Fair value and timing adjustments 0.2 1.9 2.1 0.04 Income tax effect of adjustments¹ (0.5) (0.5) (0.01) Net Economic Earnings (Loss) [Non-GAAP] $ 12.3 $ (5.2) $ (0.2) $ 6.9 $ 0.06 Income taxes are calculated by applying federal, state and local income tax rates applicable to ordinary income to amounts of the pre-tax reconciling items. 2Net economic earnings per share is calculated by replacing consolidated net income with consolidated net economic earnings in the GAAP diluted EPS calculation. 34 Spire Investor presentation - August 2022#35Adjusted EBITDA¹ reconciliation to GAAP (Millions) Net Income [GAAP] Add back: Missouri regulatory adjustment Interest charges Income tax expense Depreciation and amortization Adjusted EBITDA [non-GAAP] Nine months ended June 30, 2022 2021 $ 227.9 $ 281.6 (9.0) 85.4 78.4 57.0 68.6 176.2 155.4 $ 546.5 $ 575.0 Long-term capitalization (Millions) Capitalization Equity² Preferred June 30, 2022 Debt³ $ 2,618.9 $ 242.0 $ 3,207.9 Total $ 6,068.8 Current portion of long-term debt Long-term capitalization $ 2,618.9 $ 242.0 31.2 $ 3,239.1 31.2 $ 6,100.0 % of long-term capitalization 42.9% 4.0% 53.1% 100.0% ¹Adjusted EBITDA is earnings before provision for ISRS rulings, 2021 Missouri regulatory adjustment, interest, income tax, and depreciation and amortization. 2Includes temporary equity of $15.0M and excludes Preferred Stock as of June 30, 2021 and $175M of remarketable senior notes. Includes $175M of remarketable senior notes. 35 Spire | Investor presentation - August 2022