#1The Future is Bright Investor presentation December 2023 spire (#2Spire at-a-glance Gas Utilities Regulated natural gas LDCs serving 1.7M homes and businesses in AL, MS and MO Represents ~97% of 10-year capex Gas Marketing Provides natural gas marketing services throughout North America Creates value by optimizing commodity, transportation and storage portfolio Midstream • Consists of STL Pipeline and storage facilities in WY and OK Centered on highly-contracted assets with a utility gas supply focus Spire Storage West Salt Plains storage Spire Marketing Spire STL Pipeline Kansas City St. Louis ( MISSOURI MISSISSIPPI Hattiesburg( Birmingham 2 Spire | Investor presentation December 2023 - Mobile ALABAMA#3Strategy driving growth, value and sustainability • Growing our businesses organically • Investing in infrastructure • Driving continuous improvement and strong execution ♡ 90%+ regulated business mix $7.2B Robust 10-year Robust 10-year capex plan 7-8% annual rate base growth ០ 5-7% long-term EPS growth 21 Growing dividend for 21 consecutive years Strong ESG performance; commitment to carbon neutral by midcentury 3 Spire | Investor presentation December 2023 - G#4Our Spire utility portfolio Alabama Gulf Mississippi Missouri Primary office Birmingham Mobile Hattiesburg St. Louis Customers¹ 430,200 84,000 18,300 1,203,000 Pipeline miles ~24,400 ~4,200 ~1,200 ~31,400 Rate base (Millions) $47² $3,4133 Avg. common equity (Millions) $6784 $1274 Return on equity 9.70%5 9.95%6 9.83% Equity capitalization 55.5%5 55.5%6 50.0% 1 Average customers for 12 months ended 9/30/23. 2Mississippi net plant less deferred taxes for Rate Stabilization Adjustment (RSA) purposes, as of 6/30/22. 3Actual rate base at March 31, 2023. 4The 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 2022. 5Terms of renewed RSE, effective 10/1/22 through 9/30/25. Allowed ROE range of 9.50% - 9.90%, with a 9.70% 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 2023, but did not plan to apply it. 6 Terms of revised RSE effective 10/1/21 through 09/30/25. Allowed ROE range of 9.7% - 10.3%, with a 9.95% midpoint. 4 Spire | Investor presentation December 2023#5Gas utilities regulatory jurisdictions Spire Missouri . . • Missouri PSC; average-rated jurisdiction by Regulatory Research Associates (RRA) Cost-of-service, rate base and capital structure determined using historical test year Weather mitigated rate designs with riders/trackers for purchased gas costs, pensions, energy efficiency and property taxes Infrastructure System Replacement Surcharge (ISRS) enables recovery of (and on) infrastructure investment with filings typically covering six-month periods Spire Alabama and Spire Gulf . Alabama PSC; top-rated jurisdiction by RRA • • Rate Stabilization and Equalization (RSE) annual rate-setting process - - Rates set based on forward-year budget using retained shareholder equity as "rate base" Includes recovery of planned capex and achievement of allowed ROE Cost Control Measure (CCM) and recovery mechanisms include gas costs, weather normalization, Off-System Sales and Capacity Release Spire Mississippi • Mississippi PSC; average-rated jurisdiction by RRA • Rate Stabilization Adjustment (RSA) provides for annual rate performance reviews 5 Spire | Investor presentation December 2023 -#6Gas Utility update Solid safety, customer service, reliability and overall operations FY23 results reflected - - New rates in MO and AL Mild weather, with partially effective mitigation in AL Higher interest costs FY24 outlook - - Capital investment of $660M New rates in MO and AL • Expect to file next ISRS 1H FY24 New AL rates expected early Dec. 2023 Return to normal margin and weather Focus on cost management S spire Spire | Investor presentation December 2023 - S#7Spire Marketing overview Provides natural gas marketing services throughout North America - - - Relationship-driven business delivering ~1.4 Bcf/d (2023) Firm transport capacity of ~1 Bcf/d Majority of business is Wholesale - serving producers, pipelines, power generators, utilities and others Retail operations provide marketing services to large C&I customers Creates value by optimizing commodity, transportation and storage portfolio Strong earnings contributor - FY23 NEE¹ of $48M FY24 NEE guidance: $19M - $23M 1Net Economic Earnings. 7 Spire | Investor presentation December 2023 -#88 Midstream - Pipeline update Spire STL Pipeline • • • 65-mile pipeline providing safe, reliable, economical energy to Eastern Missouri Strong performance since start of commercial operation in Nov. 2019 Supports improved system reliability Drives reduced methane emissions Annual earnings ~$12M FERC certificate now permanent MoGas/Omega acquisition • MoGas is 263-mile gas pipeline system primarily in Missouri Omega is connected distribution system servicing Fort Leonard Wood Closing anticipated Q2 FY24 spire Spire | Investor presentation December 2023 -#9Midstream - Storage update Spire Storage West • 23 Bcf facility in Wyoming with five interconnects serving Western U.S. $195M expansion on track - Increasing capacity to 39 Bcf over 2023-2024 seasons Strong market interest in first phase Anticipate accretion beginning FY25 Spire Salt Plains • • . 10 Bcf facility in N. Oklahoma Acquired April 1 for $37M Included in NEE for FY24 and beyond Vancouver Seattle Portland San Francisco Los Angeles Kern River Pipeline Ruby Pipeline Northwest Pipeline Salt Lake City Las Vegas Mountain West Pipeline Phoenix Mountain West Overthrust Pipeline Spire Storage West Opal Hub 9 Spire | Investor presentation December 2023 - WYOMING#10Outlook Capital expenditures forecast ~$7.2B (Millions) • FY24 NEEPS¹ expected to be $4.25- $4.45 (FY23 actual of $4.05) Long-term NEEPS growth beyond 2024 targeted at 5-7%² - Driven by 7-8% rate base growth at the gas utilities • 10-year capex target of $7.2B FY24 capex target of $765M, reflecting - - Gas utility infrastructure upgrades, new business and advanced meter installations Completion of storage expansion $765 105 $655 $660 $680 $700 $720 $740 $755 $775 $795 660 630 650 670 690 710 730 745 765 785 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 Gas Utilities Midstream FY24 Gas utility investment Customer expansion Other 12% ¹Net Economic Earnings Per Share. 2Using FY24 guidance range midpoint of $4.35 as a base. 10 Spire | Investor presentation - December 2023 16% Safety and reliability 72%#1111 FY24 outlook by business unit Gas Utilities • New rates; return to normal weather and margins - Full year of MO base rates (eff. Dec. 26, 2022) Incremental MO ISRS¹ revenues NEE by business unit - New AL rates expected early Dec. 2023 • Lower interest expense and cost management Gas Marketing Baseline of $21M NEE at midpoint Midstream . Salt Plains • MoGas acquisition • Storage expansion Corporate & Other • Lower corporate costs Lower interest expense 1$7.7M revenue increase effective May 6, 2023; $12.4M revenue increase effective Oct. 23, 2023. Expect to file next ISRS 1H FY24. Spire | Investor presentation December 2023 FY23 FY24 (Millions) actual target Gas Utility $200 $230 - $240 Gas Marketing 48 19-23 Midstream 14 21-27 Corporate & Other (34) (22)-(18)#12• Financing Equity - - ~80% of FY24 equity locked in . $112.5M settlement of forward sales¹ $175M Equity Units conversion² Minimal equity needs beyond FY24 ⚫ Debt . - FY24 Spire Inc. debt . $150M refinancing • - $175M remarketing FY25 and FY26 reflects no planned issuances net of maturities FFO / Debt target of 15-16% Equity forecast (Millions) $50-100 $287.5 $0-50 $0-50 FY24 FY25 FY26 ■Common and hybrid equity locked in ATM Debt forecast (Millions) $50-100 $175 $335 $305 $150 FY24 11.74M shares to be settled by Dec. 28, 2023; average share price of $63.60. 2Conversion of 2021 Equity Units, ~2.7M shares, in March 2024 at a price no less than $64.24. 12 Spire | Investor presentation - December 2023 Debt maturities Remarket senior notes FY25 FY26 Expected new LT debt#13• Our future is bright Building on the strong foundation created over the last decade Positioned to successfully deliver on our long-term growth strategy Committed to serving our customers and delivering safe, reliable and cost- effective energy solutions while protecting the planet S 13 Spire | Investor presentation December 2023 spire G#14Appendix spire (> 14 Spire | Investor presentation December 2023#15Forward-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," "net economic earnings per share," and "contribution margin," 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. Contribution margin is defined as operating revenues less natural gas costs and gross receipts tax expense, which are directly passed on to customers and collected through revenues. 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 contacts: Megan L. McPhail Managing Director, Investor Relations 314-309-6563 | [email protected] Scott W. Dudley Jr. Investor Relations 314-342-0878 | [email protected] 15 Spire Investor presentation December 2023 -#16Growing our dividend Annualized dividend per share $2.60 $2.49 $2.37 2019 2020 2021 $2.74 $2.88 2022 2023 $3.021 2024 ⚫ 2024 annualized dividend increased 4.9% to $3.02 per share Supported by long-term 5-7% earnings growth 2024 marks 21 consecutive years of increases; 79 years of continuous payment ¹Quarterly dividend of $0.755 per share effective January 3, 2024, annualized. 16 Spire | Investor presentation December 2023 -#17Financing outlook and credit ratings Debt maturities¹ (Millions) Interest rate sensitivity Estimated EPS impact of 50bps change across the curve² $350 $35 3.21% $300 $250 $200 $175 Remarketed $150 $300 Floating rate Notes $130 $100 $150 3.13% 3.54% $50 $0 FY24 2024 2025 $0.00 $0.05 - $0.07 2026 $0.06 - $0.08 Credit ratings Spire Inc. Senior Unsecured Commercial Paper Spire Missouri Senior Secured Spire Alabama Senior Unsecured Moody's Baa2 P-2 A1 A2* ■Spire FY25 ■Missouri FY26 Alabama S&P BBB+ A-2 A A- Manageable debt maturities Limited interest rate exposure Solid and investment grade credit ratings 1FY24 excludes remarketing of $175M 0.75% senior notes. 2Includes effect of interest rate swaps and carried cost credits. *Negative outlook. 17 Spire | Investor presentation December 2023 -#18The case for natural gas • America's natural gas utilities have a proven track record of providing safe, reliable and affordable energy America's natural gas is essential for achieving a net-zero carbon emissions energy future • Our industry is committed to reduce greenhouse gas emissions through smart innovation, new and modernized infrastructure, and advanced technologies 100+ years The U.S. has 3,368 Tcf of future natural gas supply, more than 100 years worth¹ $1,068 U.S. households using natural gas for heating, cooking and clothes drying, rather than electricity, save an average of $1,068 per year¹ 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 Forced electrification could cause the average U.S. household's energy-related costs to increase by $700-$900 per year² 92% efficient Direct use of natural gas is a more efficient energy: 92% vs 38% for generation from converting natural gas or other fossil fuels to electricity¹ ≪ The cost of electrification to the U.S. economy through 2035 is $590B-$1.2T² Sources: 12023 AGA Playbook. 2AGA-Implications of Policy-Driven Residential Electrification. 3AGA - Net Zero Emissions Opportunities for Gas Utilities. 18 Spire | Investor presentation 4% Residential natural gas usage accounts for less than 5% of total U.S. GHG emissions³ December 2023 54% Switching from coal to natural gas for electric generation reduces GHG emissions by 54% on average¹ CO₂ CO2 emissions from homes using natural gas for heating, hot water, cooking and clothes drying are 22% lower than for an all electric home¹#19IIII Advancing our environmental sustainability • • Established Scope 1 and Scope 2 emissions baseline (2021) Achieved 6.3% reduction in CO₂e compared to 2021 baseline Posted 19.5% reduction in leaks per 1,000 system miles in 2022 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 Certified Natural Gas Studying hydrogen use in our system IIII 19 Spire | Investor presentation December 2023 - CH#20FY23 net economic earnings Millions Per diluted common share Twelve months ended September 30, 2023 2022 2023 2022 Net Income [GAAP] $ Fair value and timing adjustments, pre-tax 11.4 217.5 $ 220.8 (11.4) $ 3.85 $ 3.95 0.21 (0.22) Acquisition activities, pre-tax 2.5 0.05 Income tax effect of adjustments (3.3) 6.9 (0.06) 0.13 Net Economic Earnings (NEE)¹ $ 228.1 $ 216.3 $ 4.05 $ 3.86 NEE by segment Gas Utility Gas Marketing Midstream Other Average diluted shares outstanding • • • $ 200.5 $ 202.7 47.6 27.0 14.1 11.1 (34.1) (24.5) 52.6 52.1 Full-year results are $11.8M ($0.19 per share) above prior year Gas Utility decreased $2.2M, reflecting higher interest partially offset by benefits from new rates in MO and AL Favorable market conditions that benefitted both Marketing (+$20.6M) and Midstream (+$3.0M) • Higher interest and corporate costs ¹See net economic earnings reconciliation to GAAP in the Appendix. 20 Spire | Investor presentation December 2023 -#21FY23 revenues and margins (Millions) Twelve months ended September 30, Operating Revenues Gas Utility Gas Marketing Midstream As reported 2023 2022 Variances $ 2,456.9 $ 1,946.1 $ 510.8 Recovery of higher commodity costs and new rates 179.1 234.9 (55.8) Lower average commodity costs and business mix 66.1 53.1 13.0 (35.6) (0.2) 467.8 Other and eliminations (35.8) $ 2,666.3 $ 2,198.5 Contribution Margin ¹ 1 Gas Utility $ 1,135.8 $ 1,047.7 $ 88.1 Gas Marketing 71.1 63.3 7.8 Midstream Other and eliminations 66.1 53.1 13.0 0.7 0.7 $ 1,273.7 $ 1,164.8 $ 108.9 Growth in storage business, market conditions and acquisition of Salt Plains New rates in MO and AL plus MO ISRS Change in non-cash MTM adjustments (-$22.8M) and higher margins (+$30.6M) as favorable 1H market conditions allowed for optimization of storage and transportation positions Market driven optimization of storage operations and withdrawal commitments and the Salt Plains acquisition ¹Contribution margin is operating revenues less natural gas costs and gross receipts taxes. See contribution margin (non-GAAP) reconciliation in Appendix. 21 Spire | Investor presentation December 2023 -#22Key FY23 variances (Millions) As reported Pension Twelve months ended September 30, Operation and Maintenance 2023 2022 reclass Net variance Gas Utility $ 461.8 $ 413.3 (9.1) Missouri overheads¹ (24.0) Deferred in 2022 and expensed in 2023 Bad debt expense (16.6) (11.6) ($5.0M), reflecting higher commodity costs Adjusted O&M 421.2 401.7 (9.1) $ 10.4 Net increase of 2.5%, driven by nonpayroll operating costs Gas Marketing 19.4 14.6 (0.1) 4.7 Costs associated with higher revenues and margins Midstream 30.5 22.2 (0.4) 7.9 Growth in operations and the Salt Plains acquisition Other and eliminations 5.9 (0.5) 0.1 6.5 Higher corporate costs Depreciation and Amortization 254.8 237.3 17.5 Higher capex and new Missouri rates Taxes, Other than Income Taxes² 82.7 69.7 Interest Expense 185.7 119.8 13.0 65.9 Higher pass-through gross receipts and property taxes Higher LTD (roughly ~$475M); 355 bp increase in ST rate combined with slightly higher average balances of ~$100M Other Income (Expense), Net 23.4 (8.7) (9.5) 22.6 Income Taxes 38.8 58.9 ¹Represents Missouri overheads expensed in 2023 but deferred in 2022. 2Excludes gross receipts tax. 22 Spire | Investor presentation December 2023 Carrying cost credits up $14M and higher returns on non- qualified benefit plan investments (20.1) Lower taxable income and effective tax rate#23FY23 NEE reconciliation to GAAP Gas Utility Gas Marketing Midstream Other Total Per diluted common share² (Millions, except per share amounts) Twelve months ended September 30, 2023 Net Income (Loss) [GAAP] $ 200.5 $ 39.1 $ 12.0 $ (34.1) $ 217.5 $ 3.85 Adjustments, pre-tax: Fair value and timing adjustments (0.0) 11.4 11.4 0.21 Acquisition activities 2.5 2.5 0.05 1 Income tax effect of adjustments (2.9) (0.4) (3.3) (0.06) Net Economic Earnings (Loss) [Non-GAAP] $ 200.5 $ 47.6 $ 14.1 $ (34.1) $ 228.1 $ 4.05 Twelve months ended September 30, 2022 Net Income (Loss) [GAAP] $ 198.6 $ 35.6 11.1 $ (24.5) $ 220.8 $ 3.95 Adjustments, pre-tax: Fair value and timing adjustments Income tax effect of adjustments¹ 4.1 (11.4) 2.8 (11.4) (0.22) 6.9 0.13 Net Economic Earnings (Loss) [Non-GAAP] $ 202.7 $ 27.0 $ 11.1 $ (24.5) $ 216.3 $ 3.86 ¹Income taxes are calculated by applying federal, state, and local income tax rates applicable to ordinary income to the amounts of the pre-tax reconciling items and then adding any estimated effects of enacted state or local income tax laws for periods before the related effective date and, in the case of fiscal 2022, includes the $4.1M Spire Missouri regulatory adjustment. 2Net economic earnings per share is calculated by replacing consolidated net income with consolidated net economic earnings in the GAAP diluted EPS calculation. 23 Spire | Investor presentation December 2023#24FY23 contribution margin reconciliation to GAAP (Millions) Gas Gas Utility Marketing Midstream Other Eliminations Consolidated Twelve months ended September 30, 2023 Operating Income (Loss) [GAAP] $ 350.8 $ 49.3 24.3 (5.8) $ 418.6 Operation and maintenance 461.8 19.4 30.5 21.9 (16.0) 517.6 Depreciation and amortization 244.4 1.5 8.4 0.5 254.8 Taxes, other than income taxes 210.3 1.2 2.9 0.1 214.5 Less: Gross receipts tax expense (131.5) (0.3) (131.8) Contribution Margin [non-GAAP] 1,135.8 71.1 66.1 16.7 (16.0) 1,273.7 Natural gas costs 1,189.6 107.7 (36.5) 1,260.8 Gross receipts tax expense 131.5 0.3 131.8 Operating Revenues $ 2,456.9 $ 179.1 $ 66.1 $ 16.7 $ (52.5) $ 2,666.3 Twelve months ended September 30, 2022 Operating Income [GAAP] $ 339.9 $ 46.9 20.8 0.6 408.2 Operation and maintenance 413.3 14.6 22.2 14.9 (15.4) 449.6 Depreciation and amortization Taxes, other than income taxes 227.9 1.4 7.5 0.5 237.3 176.2 0.6 2.6 0.1 179.5 Less: Gross receipts tax expense Contribution Margin [non-GAAP] Natural gas costs (109.6) (0.2) (109.8) 1,047.7 63.3 53.1 16.1 (15.4) 1,164.8 788.8 171.4 I (36.3) 923.9 Gross receipts tax expense Operating Revenues 109.6 0.2 109.8 $ 1,946.1 $ 234.9 $ 53.1 $ 16.1 $ (51.7) $ 2,198.5 24 Spire | Investor presentation December 2023 -