#1Stepping forward Investor Presentation December 2021 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 4.3%¹ Strong ESG performance including environmental sustainability ¹Based on $2.74 per share dividend and SR stock price of $63.86 on December 6, 2021. 2 Spire | Investor presentation December 2021 -#3Stepping forward Rising above challenges to deliver solid operating and financial results - Narrower Q4 loss, higher FY21 earnings Improved safety, system integrity and sustainability performance Working to ensure Spire STL Pipeline continues to serve customers 1 - FERC issued new temporary certificate on Dec. 3, without conditions Extends operations through remand Seeking reconsideration and resolution of unprecedented MO rate case order • Increased 5-year capex plan to $3.1B • Launched FY22 earnings guidance of $3.70 $4.00 per share - spire 3 Spire | Investor presentation December 2021 - S#4. Ensuring Spire STL Pipeline continues to serve customers FERC issued new temporary operating certificate Dec. 3 without conditions Supersedes 90-day certificate that was set to expire in mid-December - Continues operation through the winter and until conclusion of remand proceedings Temporary certificate follows DC Court of Appeals' ruling in June vacating the pipeline's approval and remanding the process back to FERC Spire STL Pipeline has asked the FERC for resolution in 2022, incl. a Nov. 12 request for expedited reissuance of a permanent certificate Procedural schedule for remand is yet to be issued FERC back to full roster of 5 commissioners - Willie Phillips sworn in Dec. 3 vesto Esena on December#5Spire Missouri rate order We're concerned about the impact of the order and the rate-setting process used, given - - Our strong operations and service to customers We've consistently applied long-standing rate- setting approaches according to precedents Order significantly deviates from precedents on • • • ROE - below industry avg. (9.62% per Moody's) Capital structure - including ST debt and selective use of averages and point-in-time measures Overheads capitalization and recovery Customer impact • $1.72 a month or 2.8% average residential increase Change in overhead capitalization could lead to much larger increases in future periods Amended order issued Nov. 12, 2021: • Revenues: $72M increase (incl. $47M of current ISRS) Rate base: $2.9B • ROE: 9.37% • Equity layer: 49.9% Key provisions: Enables expansion of energy assistance programs for limited income and medical needs customers Progress to single Spire MO tariff One ISRS cap statewide 5 Spire | Investor presentation December 2021 -#6Spire Missouri rate order - Impacts Capital structure - ― MOPSC abandoned long-standing precedent of excluding short-term debt through a balanced examination of short-term assets and liabilities during the test year, and Penalized Spire Missouri for its excess gas costs incurred during Winter Storm Uri Net pre-tax impact vs. actual capital structure and avg. market ROE is $22M for FY22 Overheads - - - - Spire has used long-standing allocation methods allowed by MoPSC and under GAAP Prudently incurred overheads, incl. operational and general expenses, being questioned Treatment going forward is less clear; we're seeking clarification as to MoPSC's intent Potential pre-tax impact for non-capitalized overheads is $14M-$22M for FY22 Spire | Investor presentation December 2021 - G#7Spire Missouri rate order - next steps Assisting Staff to expedite audit of Spire MO's compliance with their revised interpretation of acceptable overhead capitalization methods under USOA - Goal is to have resolution by the end of Q1 calendar 2022 Will seek clarification of any overheads that are not capitalized based on the audit Staff progress report due mid-January 2022 On Nov. 19, Spire MO filed for reconsideration on: - Capital structure - ROE Capitalization and recovery of overheads Weather Normalization Adjustment - Cash working capital • We are evaluating our regulatory strategies, including filing a new rate case 7 Spire | Investor presentation December 2021 -#8Alabama and Mississippi regulatory update • Alabama utilities' annual rate-setting under RSE - - - Spire Alabama rates based on allowed ROE range of 10.15% - 10.65% (10.4% midpoint) Spire Gulf rates based on 9.95% ROE New rates effective December 2021 Spire Mississippi annual rate-setting pending MPSC review of Aug. 2021 RSA filing - Based on 9.83% ROE, 50% equity - New rates effective Jan./Feb. 2022 Photo: Alabama Public Service Commission President Twinkle Cavanaugh, state Senator Randy Price, Spire representatives and local landowners break ground on a new natural gas pipeline near Ranburne, Ala. 8 Spire | Investor presentation December 2021 -#9Strong financial position Growing adjusted EBITDA¹ Balanced long-term capitalization Adjusted EBITDA¹ (Millions) $700 $600 • Ample liquidity heading into winter $500 • Improved credit metrics at 9/30/21 $400 $552 - FFO/debt4: 15.4% $300 • ⚫ Up from 14.3% last year $200 FY20 Target remains 15-16% - Holdco debt: 23.5% Just under 30% last year • Targeting reduction below 20% Long-term capitalization' (at September 30, 2021) Equity Debt 3 2 ¹See Adjusted EBITDA reconciliation to GAAP and Long-term capitalization in Appendix. 2Including temporary equity and excluding preferred stock. ³Including the current portion of long-term debt. 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 Preferred stock 9 Spire | Investor presentation December 2021 4.3% $651 FY21 42.8% 52.9% S#10Driving resilience, safety, system integrity and sustainability Employee safety (OSHA-Days Away, Restricted or Transferred rate) Damages (Per 1,000 locates) 4.78 3.22 2.63 1.88 1.56 1.51 4.24 3.87 3.89 3.74 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 Leaks (Per 1,000 system miles) 99.7 75.6 60.4 48.8 31.8 Methane emission reduction (From 2005 levels) 26% 39% 43% 46% 57% 73% 2017 2018 2019 2020 2021 2015 2019 2020 2021 Target 2025 2035 Target Target - 10 Spire | Investor presentation December 2021#11Investing in growth FY21 capex totaled $625M Driven by gas utility investment • $307M - pipeline infrastructure upgrades $138M-new business, up $41M YOY, 6th year in a row of increased spend - Increased investment in technology and innovation (including ultrasonic meters) Lifting our 5-year capex plan to $3.1B Driven by utility pipeline and new business spend - - Supported by long-term upgrade programs and high recoverability Drives rate base growth of 7-8% 11 Spire Investor presentation December 2021 - Capital expenditures (Millions) $638 $625 548 591 FY20 Gas Utility FY21 Pipelines, storage and other FY22-FY26 forecast: $3.1B $700 $660 $620 $640 $570 $590 $300 FY22 FY23 FY24 FY25 FY26 S#12Guidance We remain confident in our long-term growth prospects - 5-year capex plan of $3.1B, driving 7-8% rate base growth Long-term 5-7% NEEPS growth target FY22 will be a reset year FY22 targeted NEEPS of $3.70-$4.00, reflecting - Pro forma capital structure and ROE from the MO rate order (-30¢/share) Limited deferral or recovery of non- capitalized overheads (-20¢ to -35¢) - Organic and rate base growth Range will be updated with additional clarity from the MOPSC 12 Spire | Investor presentation December 2021 - $4.18 (0.30) $4.00 (0.20) - (0.35) $3.70 2021 run rate ROE / cap structure Overheads Organic growth 2022 guidance#13Guidance Financing plan reflects Benefit of FY21 earnings and significant improvement in credit metrics Offset by headwinds over next ~12 mos. as we work through MO rate order Spire MO issued $300M in 3-year floating rate bonds on Dec. 1 Common stock dividend increased 5.4% to $2.742 per share - - - 19 consecutive years of dividend increases - 77 years of continuous payment Supported by long-term earnings growth and a reasonable payout ratio Financing forecast¹ (Millions) $400 $300-400 $300-400 $100-150 $175 $50-100 $25-75 $25-75 FY21 actual FY22 FY23 FY24 ■Common and hybrid equity Operating company long-term debt Common stock dividend per share (Annualized) $2.74² $2.60 $2.49 $2.37 $2.25 $2.10 ¹Debt issuance net of maturities 2Quarterly dividend of $0.685 per share beginning with January 4, 2022, payment 13 Spire | Investor presentation - December 2021 2017 2018 2019 2020 2021 2022#1414 Energy keeps our world turning, moving us forward. As an essential energy provider, we'll keep stepping forward, advancing and innovating for a better tomorrow. Spire | Investor presentation December 2021 S#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," "contribution margin," and "adjusted EBITDA," 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 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. Adjusted EBITDA is earnings before impairments, Missouri regulatory adjustment, interest, income taxes, depreciation and amortization. Management believes adjusted EBITDA provides a helpful additional measure of core results. 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. Reconciliations of net economic earnings to net income and of contribution margin to operating income are contained in our SEC filings and in the Appendix to this presentation. Reconciliation of adjusted EBITDA to net income is also contained in the Appendix. 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] 15 Spire | Investor presentation December 2021 - S#16• Supplemental material Spire leadership • Our business and operating footprint Financial performance Our gas-related businesses Other financial information 16 Spire | Investor presentation December 2021 spire (>#17Spire 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 17 Spire | Investor presentation December 2021#18Spire 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 18 Spire | Investor presentation December 2021#19We'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 Spire Storage Spire Marketing Spire STL Pipeline Kansas City St. Louis MISSOURI • Executing on our value- creation strategy - Growing organically - Investing in infrastructure Advancing through innovation Advancing our our gas- MISSISSIPPI related businesses - Spire Marketing Spire STL Pipeline - Spire Storage 19 Spire | Investor presentation December 2021 Hattiesburg Birmingham Mobile ALABAMA#20Our 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% 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. 20 Spire | Investor presentation December 2021#21The case for natural gas Abundant and domestic 110+ years The U.S. has 3,374 Tcf of future natural gas supply, more than 110 years worth Lin The U.S. natural gas transmission and distribution system (2.6M miles of underground pipeline) is the safest and most reliable way to deliver energy Direct use of natural gas is a more efficient energy: 91% vs 36% for generation from converting natural gas or other fossil fuels to electricity Safe and reliable Efficient and economical Better for the environment $900 U.S. households using natural gas for heating, cooking and clothes drying, rather than electricity, save nearly $900 per year 4% Residential natural gas usage accounts for less than 5% of total U.S. GHG emissions 21 Spire | Investor presentation December 2021 Forced electrification could cause the average U.S. household's energy-related costs to increase by $700-$900 per year 53% REDUCTION Switching from coal to natural gas for electric generation has already reduced GHG emissions by 53% on average The cost of electrification to the U.S. economy through 2035 is $590B-$1.2T 2 Increased use of natural gas is the main driver of the power sector's CO2 emissions reaching a 27-year low G#22Our commitment to Corporate Social Responsibility (CSR) • • Environment Ongoing investment in pipeline upgrades and system integrity Achieving 43% reduction in methane emissions since 2005 and targeting 57% reduction by 2025 Committing to being a carbon-neutral company by midcentury • Driving energy • efficiency programs Managing resources responsibly (water usage, waste streams) Communities • Supporting our communities through financial contributions and volunteering • Focusing on health and human services, community develop- ment, education, environment and disaster relief • Growing our communities through economic development • Building tomorrow's workforce via education and training • People Inspiring future leaders via training, career development and educational opportunities • Driving improved employee health and well-being through training and enhanced safety protocols . • Increasing employee engagement and driving a strong, supportive and inclusive corporate culture Leadership • Experienced manage- ment with deep bench ⚫ Robust governance and . risk oversight culture • Strong, independent and diverse Board with significant relevant experience and backgrounds Average tenure 10 years 8 of 9 members are independent including Chairman Significant racial/ ethnic and gender diversity 22 Spire | Investor presentation December 2021 S#23. Progressing on our environmental commitment Committed to being a carbon neutral company by midcentury - 85% of goal reached via pipeline upgrades RNG and other offsets being evaluated for the remainder Achieved 43% reduction in methane emissions in 2020, up from 39% in 2019 - Joined ONE Future – gas industry coalition focused on management of methane emissions • Became a founding limited partner in Energy Capital Ventures - Focused on sustainability, reliability and resilience in the natural gas utility sector Spire co-invested in the fund along with several peer companies 23 Spire Investor presentation December 2021 -#24Advancing natural gas and sustainability Energy Choice laws now passed in AL, MS and MO - Ensures customers have right to choose their energy source Effectively prohibits local authorities from adopting natural gas ban Missouri RNG legislation (HB 734) signed into law - - - Allows Spire Missouri to . • Invest in RNG production, gathering and delivery infrastructure Purchase RNG and include in our gas supply portfolio Deliver RNG to its customers RNG infrastructure to be included in rate base Qualified investments may be recovered through a rider Legislation contemplates both biogas and hydrogen - Next step: rulemaking at the MOPSC 24 Spire Investor presentation December 2021 -#25Upgrading our infrastructure and reducing methane Estimated replacement miles remaining As of 12/31/20 Vintage Bare steel¹ Cast iron¹ plastic Total replacement miles Missouri 1,5852 553 2,138 Alabama 503 424 271 1,198 Mississippi 438 438 Total 2,526 977 271 3,774 % of total 67% 26% 7% 100% 1Completion expected in 15+ years. 2Includes bare steel mains and services; threaded and coupled steel main. Miles of pipeline replaced 382 400 356 359 318 291 300 200 100 0 2017 2018 2019 2020 2021 25 Spire | Investor presentation December 2021 -#26Advancing through innovation lat's next for the people we se Building on legacy of continually improving service, efficiency and cost Formalized approach to innovation with structure, processes and dedicated Innovation Center Driving innovation through technology upgrades and adoption Implementing advanced metering technology to enhance safety, service and support for our customers Intelis 20 spire ( B 26 Spire | Investor presentation December 2021 Support This module provides us with information to better support small businesses, Ing them the support need to meet their nergy needs. fety added layer of safety, er automatically en problems ala ala S C#27Missouri 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 - In effect since 2003 • Missouri Public Service Commission - five members appointed by Governor (also appoints the Chairman) - - Glen Kolkmeyer (R) - Apr. 2025, replaces Bill Kenney Scott T. Rupp (R) - Exp. Apr. 2020 Maida J. Coleman (D) - Aug. 2021 - Jason R. Holsman (D) - Jan. 2025 - · Ryan A. Silvey (R), Chair - Jan. 2024 1RRA is Regulatory Research Associates. 27 Spire Investor presentation December 2021 -#28Alabama 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 - Oct. 1, 2022 . Spire Gulf RSE reset - Oct. 1, 2021 - Rates set based on forward-year budget, retained shareholders' equity, and current recovery of planned capex Spire Alabama: 10.4% allowed ROE midpoint and 55.5% equity ratio Spire Gulf: 9.95% allowed ROE and 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 O&M per customer 2018 Gas costs, weather normalization and certain other non-recurring costs 75% Company 25% Customer 1.5% Cost Target 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 28 Spire | Investor presentation December 2021#29Mississippi 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) 29 Spire | Investor presentation December 2021#30Our gas-related businesses spire 30 Spire | Investor presentation December 2021#31Spire 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 - Strong and experienced team based in Houston - Appropriate organic growth and risk mitigation plans • FY21 NEE of $47.0M ― $38M increase vs. FY20 Spire Marketing's operational reach - Driven by Winter Storm Uri - Higher volumes and pricing Strong monetization of storage 31 Spire | Investor presentation December 2021#32Spire STL Pipeline - Strong performance since start of commercial operation in Nov. 2019 65-mile pipeline provides new natural gas supply to St. Louis Capacity of 400 MMcf/day (with 350 MMcf/day for Spire Missouri) Enhances diversity, reliability and resiliency of our supply Key resource in meeting customer demand during Feb. weather event spire 32 Spire | Investor presentation December 2021 S#33Spire Storage Vancouver Seattle • We're committed to serving customers through ongoing development and operation of the facility Revised development plan in FY20 to allow additional time to - - Optimize and position facility to serve evolving markets in western U.S. Gain commercial validation through . FERC 7(c) filing (Oct. 8, 2020) • Outline future development path Prove-out need for storage service offerings Business is expected to be largely breakeven while we evaluate development options Portland San Francisco Los Angeles Kern River Pipeline Ruby Pipeline Northwest Pipeline Questar Pipeline Overthrust Pipeline Spire Storage Opal Hub : Salt Lake City Las Vegas 33 Spire | Investor presentation December 2021 Pheonix WYOMING#34Other financial information 34 == Spire | Investor presentation December 2021 spire#3535 Q4 FY21 net economic earnings Millions Per diluted common share Three months ended September 30, 2021 2020 2021 2020 Net Loss [GAAP] $ (9.9) $ (19.7) $ All adjustments¹ (3.2) 4.4 (0.26) $ (0.45) (0.06) 0.08 Net Economic Loss (NEE) $ (13.1) $ (15.3) $ (0.32) $ (0.37) Gas Utility $ (17.8) $ (8.4) Gas Marketing 9.1 (2.2) Other (4.4) (4.7) Net Economic Loss (NEE) $ (13.1) $ (15.3) • Gas Utility seasonal loss increased $9.4M as a result of higher depreciation and interest costs Gas Marketing earnings increased $11.3M, reflecting - The resolution of a number of commercial disputes this quarter - This enabled us to reduce our reserves associated with those exposures . Other improved marginally over prior year due to improved results at Spire Storage ¹Includes recurring fair value and timing adjustments, impacts of divestitures, non-recurring regulatory adjustments, and income tax effects of all NEE adjustments. Spire | Investor presentation - December 2021#36Key quarterly variances Contribution Margin (Millions) Three months ended September 30, Gas Utility As reported 2021 2020 MO Gas Utility Gas Marketing Net variance $ 195.8 $ 168.1 $ 25.3 $ - $ 2.4 Gas Marketing 19.1 (5.6) 17.8 6.9 Other and eliminations 14.0 13.4 0.6 $ 228.9 $ 175.9 $ 25.3 $ 17.8 $ 9.9 Operation and Maintenance Gas Utility $ 112.0 $ 101.4 $ 6.2 $ ՄԴ $ 4.4 Gas Marketing 3.5 2.9 0.6 Other 7.7 7.1 0.6 $ 123.2 $ 111.4 $ 6.2 $ $ 5.6 Depreciation and Amortization $ 57.7 $ 50.5 ST 4.0 $ Taxes, Other than Income Taxes $ 33.5 $ 25.7 $ 6.5 $ et st 3.2 1.3 Other (expense) income, net $ (8.5) $ 0.9 $ (8.0) ՄՌ $ (1.4) Net after-tax impact' $ 0.5 $ 13.5 • Quarterly results include the impact of several utility items; overall impact not material - Missouri rate case stipulation, including true-up of regulatory accounts and trackers - The benefit of Missouri off-system sales and related funding of customer programs . Net Gas Utility O&M costs were up $0.6M (or 0.6%) after considering a ~$3.8M Covid-19 true-up that reduced quarterly expense in FY20 ¹Includes income tax expense of $0.2M (Gas Utility) and $4.3M (Gas Marketing). 36 Spire | Investor presentation - December 2021#37FY21 net economic earnings Millions Per diluted common share Twelve months ended September 30, Net Income [GAAP] Impairments All other adjustments¹ 2021 2020 2021 2020 $ 271.7 $ 88.6 $ 4.96 $ 1.44 - 148.6 2.89 (5.4) (29.4) (0.10) (0.57) Net Economic Earnings (NEE)² $ 266.3 $ 207.8 $ 4.86 $ 3.76 Gas Utility $ 230.6 $ 213.4 Gas Marketing 47.0 9.1 Other (11.3) (14.7) Net Economic Earnings (NEE)² $ 266.3 $ 207.8 Average diluted shares outstanding 51.7 51.3 GAAP results show significant improvement due to one-time prior-year charges Net economic earnings growth for all segments - - Gas Utility increased due to higher contribution margins partially offset by depreciation and O&M expenses Gas Marketing includes benefits of storage positions and value from Winter Storm Uri Other driven by improved results from Storage and lower corporate costs ¹Includes recurring fair value and timing adjustments, impacts of divestitures, non-recurring regulatory adjustments, and income tax effects of all NEE adjustments. 2See Net economic earnings reconciliation to GAAP in the Appendix. 37 Spire | Investor presentation December 2021#3838 FY21 contribution margin Millions Change Twelve months ended September 30, 2021 2020 $ % Operating Revenues Contribution Margin¹ $ 2,235.5 $ 1,855.4 $ 380.1 21% Gas Utility $ 1,063.7 $ 1,000.7 $ 63.0 6% Gas Marketing 77.6 22.4 55.2 246% Other and eliminations 53.9 44.7 9.2 21% $ 1,195.2 $ 1,067.8 $ 127.4 12% Gas Utility Spire Missouri margins reflect increased ISRS revenues Spire Missouri and Spire Alabama reflect higher revenue from off-system sales and capacity release AL margins include annual rate adjustments effective Dec. 1, 2020 Temperatures MO: 2% warmer than last year, volumes were higher overall due to Winter Storm Uri • AL: 12% colder than last year, volumes were lower primarily due to lower off-system sales Gas Marketing Margins were higher, reflecting the benefit of storage positions entering the winter as well as the benefits of Winter Storm Uri and resulting favorable market conditions Certain commercial claims were settled while negotiations continue with other counterparties ¹Contribution margin is operating revenues less natural gas costs and gross receipts taxes. See FY21 contribution margin reconciliation to GAAP later in the Appendix. Spire | Investor presentation - December 2021#39Q4 FY21 NEE reconciliation to GAAP (Millions, except per share amounts) Three months ended September 30, 2021 Net (Loss) Income [GAAP] Adjustments, pre-tax: Gas Utility Gas Marketing Per diluted Other Total common share² $ (17.8) $ 11.3 (3.4) $ (9.9) $ (0.26) Fair value and timing adjustments (2.9) (2.9) (0.06) Acquisition, divestiture and restructuring activities (1.3) (1.3) (0.02) Income tax effect of adjustments¹ 0.7 0.3 1.0 0.02 Net Economic (Loss) Earnings [Non-GAAP] $ (17.8) $ 9.1 $ (4.4) $ (13.1) $ (0.32) Three months ended September 30, 2020 Net Loss [GAAP] Adjustments, pre-tax: Fair value and timing adjustments Income tax effect of adjustments¹ Net Economic Loss [Non-GAAP] $ (8.4) $ (6.6) $ (4.7) $ (19.7) $ (0.45) (0.1) 5.8 5.7 0.11 0.1 (1.4) (1.3) (0.03) $ (8.4) $ (2.2) $ (4.7) $ (15.3) $ (0.37) Income 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. 2Net economic earnings per share is calculated by replacing consolidated net income with consolidated net economic earnings in the GAAP diluted EPS calculation. 39 Spire | Investor presentation – December 2021 -#4040 FY21 NEE reconciliation to GAAP (Millions, except per share amounts) Twelve months ended September 30, 2021 Net Income (Loss) [GAAP] Adjustments, pre-tax: Gas Utility Gas Marketing Per diluted Other Total common share² $ 237.2 $ 44.8 $ (10.3) $ 271.7 $ 4.96 Missouri regulatory adjustments (9.0) - (9.0) (0.17) Fair value and timing adjustments 0.3 3.0 3.3 0.06 Acquisition, divestiture and restructuring activities (1.3) (1.3) (0.02) Income tax effect of adjustments¹ 2.1 (0.8) 0.3 1.6 0.03 Net Economic Earnings (Loss) [Non-GAAP] $ 230.6 $ 47.0 $ (11.3) $ 266.3 $ 4.86 Twelve months ended September 30, 2020 Net Income (Loss) [GAAP] Adjustments, pre-tax: Impairments $ 213.6 $ 7.0 $ (132.0) $ 88.6 $ 1.44 - 148.6 148.6 2.89 Fair value and timing adjustments Income tax effect of adjustments¹ (0.3) 0.1 2.8 2.5 0.05 (0.7) (31.3) (31.9) (0.62) Net Economic Earnings (Loss) [Non-GAAP] $ 213.4 $ 9.1 $ (14.7) $ 207.8 $ 3.76 Income 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. 2Net economic earnings per share is calculated by replacing consolidated net income with consolidated net economic earnings in the GAAP diluted EPS calculation. - Spire | Investor presentation – December 2021#41Q4 FY21 contribution margin reconciliation to GAAP (Millions) Gas Utility Gas Marketing Other Eliminations Consolidated Three months ended September 30, 2021 Operating Income [GAAP] $ 7.6 $ 15.3 $ 3.8 $ $ 26.7 Operation and maintenance Depreciation and amortization Taxes, other than income taxes 112.0 3.5 11.3 (3.6) 123.2 55.4 0.3 2.0 57.7 33.0 0.5 33.5 Less: Gross receipts tax expense Contribution Margin [non-GAAP] Natural and propane gas costs Gross receipts tax expense Operating Revenues (12.2) (12.2) 195.8 19.1 17.6 (3.6) 228.9 53.3 4.1 (8.3) 49.1 12.2 12.2 $ 261.3 $ 23.2 $ 17.6 $ (11.9) $ 290.2 Three months ended September 30, 2020 Operating Income (Loss) [GAAP] Operation and maintenance Depreciation and amortization Taxes, other than income taxes Less: Gross receipts tax expense Contribution Margin [non-GAAP] Natural and propane gas costs Gross receipts tax expense Operating Revenues $ 4.7 $ (8.9) $ 4.3 $ 0.1 101.4 2.9 10.2 (3.1) 111.4 48.5 0.3 1.7 50.5 25.2 0.2 0.3 25.7 (11.7) (0.1) (11.8) 168.1 (5.6) 16.5 (3.1) 175.9 56.5 16.2 0.1 (8.6) 64.2 11.7 0.1 11.8 $ 236.3 $ 10.7 $ 16.6 $ (11.7) $ 251.9 41 Spire | Investor presentation - December 2021 S#42FY21 contribution margin reconciliation to GAAP (Millions) Gas Utility Gas Marketing Other Eliminations Consolidated Twelve months ended September 30, 2021 Operating Income [GAAP] $ 374.0 58.5 $ 17.7 $ $ 450.2 Operation and maintenance 422.2 17.1 40.2 (13.7) 465.8 Depreciation and amortization Taxes, other than income taxes Less: Gross receipts tax expense 204.4 1.2 7.5 213.1 157.0 0.9 2.2 160.1 (93.9) (0.1) (94.0) Contribution Margin [non-GAAP] Natural and propane gas costs Gross receipts tax expense Operating Revenues 1,063.7 77.6 67.6 (13.7) 1,195.2 961.7 18.8 0.1 (34.3) 946.3 93.9 0.1 94.0 $ 2,119.3 $ 96.5 $ 67.7 $ (48.0) $ 2,235.5 Twelve months ended September 30, 2020 $ 334.3 St 9.3 $ (137.2) $ $ 206.4 421.3 11.8 38.2 (12.7) 458.6 189.7 0.6 7.0 197.3 146.5 1.1 0.8 148.4 148.6 148.6 (91.1) (0.4) (91.5) 1,000.7 22.4 57.4 (12.7) 1,067.8 660.2 65.1 0.4 (29.6) 696.1 91.1 0.4 91.5 $ 1,752.0 $ 87.9 $ 57.8 $ (42.3) $ 1,855.4 Operating Income (Loss) [GAAP] Operation and maintenance Depreciation and amortization Taxes, other than income taxes Impairment losses Less: Gross receipts tax expense Contribution Margin [non-GAAP] Natural and propane gas costs Gross receipts tax expense Operating Revenues 42 Spire | Investor presentation - December 2021#43Adjusted EBITDA¹ reconciliation to GAAP Twelve months ended September 30, (Millions) Net Income [GAAP] Add back: Impairments Interest charges 2021 2020 $ 271.7 $ 88.6 148.6 Missouri regulatory adjustment (9.0) - 106.6 105.5 Income tax expense 68.5 12.4 Depreciation and amortization 213.1 197.3 Adjusted EBITDA [non-GAAP] $ 650.9 $ 552.4 Long-term capitalization (Millions) Equity² Preferred September 30, 2021 Debt Capitalization $ 2,426.0 $ 242.0 $ 2,939.1 Total $5,607.1 Current portion of long-term debt 55.8 55.8 Long-term capitalization $ 2,426.0 $ 242.0 $ 2,994.9 $ 5,662.9 % of long-term capitalization 42.8% 4.3% 52.9% 100.0% ¹Adjusted EBITDA is earnings before impairments, Missouri regulatory adjustment, interest, income taxes, depreciation and amortization. 2Includes temporary equity of $9.8M. 43 Spire | Investor presentation December 2021