#1Stepping forward Investor Presentation June 2021 spire (#2Spire is a compelling investment 90%+ regulated business mix $3.0B Robust 5-year capex plan 7-8% annual rate base growth 5-7% long-term EPS growth 18 Growing dividend for 18 consecutive years Attractive yield of 3.5%¹ Strong ESG performance including environmental sustainability 1Based on $2.60 per share dividend and SR average stock price of $74.30 for the period March 1-May 14, 2021. 2 Spire | Investor presentation June 2021#3Stepping forward Executing on our strategic priorities to drive growth and advance on ESG Achieved strong performance 1H FY21 - Delivered essential energy during the February cold weather event NEE of $5.12 per share reflects strong Spire Marketing results Raised FY21 earnings guidance and lowered equity needs through 2023 • Missouri rate review progressing Energy Choice legislation passed in all jurisdictions Issued our 2020 CSR report 3 Spire | Investor presentation June 2021 spire G#4Operational resilience during Feb. cold weather event • Our Missouri utilities met customer demand Operational resilience reflects infrastructure upgrade investments We were well-positioned with robust supply, transportation and storage STL Pipeline was an important supply resource for eastern Missouri Net gas costs expected to be ~$110M Costs tracked and recovered via PGA Spire MO arranged $250M term loan to maintain financial flexibility 4 Spire | Investor presentation June 2021 -#5Spire Marketing delivered Successfully navigated the February cold weather event - - - Well positioned with incremental storage positions Experienced team served customer needs while managing through supply disruptions Managed market and credit risks while capturing value and optimizing assets Resulting YTD NEE of $43.1M Ongoing negotiations on a handful of commercial disputes • Reinforces Spire Marketing strategic fit - - Gas Marketing is largely a wholesale business serving other utilities Proven value creation strategy leverages relationships and robust portfolio of storage, commodity and transportation assets Provides significant opportunities for value creation in all businesses via market information, transfer of expertise and training Generates earnings and cash flow that reduce equity needs and can be recycled into regulated business investments 5 Spire | Investor presentation June 2021 -#6Investing in growth Capital expenditures (Millions) $400 1H FY21 capital spend of $304M $346 $350 $304 Gas utility capex includes 67 $300 23 $148M - pipeline replacement $250 • $75M new business $200 - - Lower spend for Spire STL Pipeline (placed in service Q1 FY20) • On track for full-year FY21 target spend of $590M 95% for gas utilities, focused on infrastructure upgrades - Lower level of pipeline and storage investment as planned $150 279 281 $100 $50 $0 1H FY20 Gas Utility 1H FY21 Pipelines, storage and other $800 $638 $600 90 $590 30 - Spire | Investor presentation June 2021 $400 548 $200 $0 FY20 FY21 target Gas Utility Pipelines, storage and other 560#7Updated guidance • Reaffirm 5-7%¹ LT annual NEEPS growth FY21 NEEPS guidance increased to $4.30-$4.50 On track with $3.0B capex plan - - - 15+ years of infrastructure upgrades - 7-8% rate base growth 80%+ of utility spend recovered with min. lag or reflected in earnings Financing plan updated, lowering equity needs going forward - - $175M equity units issued Feb. 2021 - $305M Spire MO bonds priced May 13 • Targeted debt metrics remain - FFO/debt at 15-16% - Holdco debt percentage <20% ¹Using base year FY19 net economic earnings of $3.73 per share. 7 Spire | Investor presentation June 2021 Capital expenditures (Millions) 5-year forecast: ~$3.0B $625 $610 $600 $590 $590 $580 560 570 580 590 600 $425 FY21 FY22 Gas Utility FY23 FY24 FY25 Pipelines, storage and other Financing forecast* (Millions) $400 $100-150 $100-150 $175 $50-100 $25-75 FY22 FY23 FY21 Common and hybrid equity *Debt issuance net of maturities. Operating company long-term debt#88 Progressing on our Missouri rate review Primary focus of rate review is recovery of capital investment - - - - $850M+ since 2018 to make our system more safe, reliable, resilient and clean Implementing service enhancements customers want Proposing new programs – voluntary carbon neutral program and RNG - Seeking to combine our Missouri utilities under one tariff Requests $64.2M base rate increase, in addition to $47.3M current ISRS - - Rate base: $2,780M at Sept. 30, 2020 Equity ratio: 54.25% ROE: 9.95% Procedural schedule in rate review - - Filing of Staff and intervenor direct testimony May 12 on revenue requirement (ROE, cap. structure, etc.) May 26 on class cost of service (rate design) Test year update period through May 31, 2021 Local public hearings (late June); MOPSC hearings (July/August) Spire | Investor presentation June 2021 -#9Energy Choice legislation • Ensuring customers have the right to choose their energy source - The bills effectively prohibit local authorities from adopting natural gas bans; and Protect customers' access to reliable, cleaner and economical natural gas Missouri Senate Bill 734 - Passed by both House and Senate on May 14 Awaiting Governor signature Alabama House Bill 446 - signed into law May 4 Mississippi House Bill 632 - signed into law March 18 $900 U.S. households using natural gas for heating, cooking and clothes drying, rather than electricity, save nearly $900 every year. 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. 9 Spire | Investor presentation June 2021 -#10• Advancing on environmental sustainability . . Spire committed to being a carbon neutral company by midcentury - - - - 85% of goal will be reached via pipeline upgrade investments RNG and other offsets being evaluated for the remainder Achieved 43% reduction in methane emissions in 2020, up from 39% in 2019 Increased 2025 and 2035 targets Legislation passed in Missouri to enable Spire to invest in, purchase and deliver RNG to customers MOPSC docket opened to develop bio-gas quality standards Joined ONE Future - gas industry coalition focused on management of methane emissions Methane emission reduction (from 2005 levels) 26% 39% 43% 57% 73% 53% 2015 2019 2020 2025 Target 2035 Target - Previous target Carbon neutrality 10 Spire | Investor presentation June 2021 - by midcentury 72%#11Progressing on • our ESG efforts Spire's 2020 Corporate Social Responsibility (CSR) report issued May 10 - - Updates our progress on environmental commitments, including methane emissions Highlights further improvements in system integrity and leak detection Summarizes the significant support we provide for our communities Outlines our expanded focus on inclusion and diversity You may access our 2020 CSR report online at SpireEnergy.com/CSR 2020 CSR report 11 Spire | Investor presentation June 2021 - spire Stepping forward Corporate Social Responsibility 2020 Report#12Enhancing our financial position Robust and growing EBITDA Balanced long-term capitalization - - Spire issued $175M of equity units in February 2021 Spire Alabama issued $150M of senior notes on Dec. 15, 2020 Spire Missouri priced $305M of 30-year bonds on May 13 ~$675M available liquidity at March 31, 2021 Supported by credit facility and commercial paper program Added flexibility with $250M Spire Missouri 364-day term loan Adjusted EBITDA¹ (Millions) $600 $400 $490 $200 $400 $0 1H FY20 Long-term capitalization² (at March 31, 2021) Equity³ 3 Debt 4 4.4% Preferred stock 1H FY21 45.0% 1Adjusted EBITDA is earnings before provision for ISRS rulings, Missouri regulatory adjustment, interest, income taxes, depreciation and amortization. See Adjusted EBITDA reconciliation to GAAP in the Appendix. 2See Long-term capitalization in the Appendix. ³Including temporary equity and excluding preferred stock. 4 Including the current portion of long-term debt. 12 Spire | Investor presentation June 2021 - 50.6% S#13. Growing our dividend Annualized common stock dividend per share $2.70 Dividend per share $2.49 $2.50 $2.37 $2.25 $2.30 Dividend payout ratio $2.10 $2.10 $1.96 $1.90 $1.70 $1.50 $1.30 2016 2017 2018 Dividend yield 3.5%2 $2.60¹ 80% 70% 60% 50% 2019 2020 2021 • Annualized 2021 common stock dividend of $2.60 per share Supported by our long-term earnings growth targets and conservative payout ratio (target range of 55-65%) 18 consecutive years of increases; 76 years of continuous payment Dividend payout ratio Quarterly preferred stock dividend of $0.36875 declared, payable August 16, 2021 ¹Quarterly dividend of $0.65 per share effective January 5, 2021, annualized. 2Based on $2.60 per share dividend and SR average stock price of $73.10 for the period March 1-May 14, 2021. - 13 Spire | Investor presentation June 2021#14Energy keeps our world turning, moving us forward. As an essential energy provider, we'll keep stepping forward, advancing and innovating for a better tomorrow. 14 Spire Investor presentation June 2021#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," 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, provision for ISRS rulings, 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 income to net economic earnings 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 June 2021#16• Supplemental material Spire leadership • Our business and operating footprint Financial performance Our gas-related businesses Other financial information spire (> 16 Spire | Investor presentation June 2021#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 June 2021 S#18Spire business unit presidents Scott Carter President, Spire Missouri Joe Hampton President, Spire Alabama and Mississippi 18 Spire | Investor presentation June 2021 Scott Smith President, Spire STL Pipeline and Spire Storage Pat Strange President, Spire Marketing#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- related businesses - Spire Marketing Spire STL Pipeline - Spire Storage 19 Spire | Investor presentation June 2021 MISSISSIPPI Birmingham Hattiesburg Mobile ALABAMA#20Our Spire utility portfolio Alabama Gulf Mississippi Missouri Primary office Birmingham Mobile Hattiesburg St. Louis Employees¹ 947 123 34 2,424 Customers¹ 424,800 84,400 18,400 1,186,500 Pipeline miles ~24,300 ~4,300 ~1,200 ~31,100 Rate base (Millions) $5882 $1082 $383 $2,7804 Return on equity 10.40%5 10.70% 10.03% 9.80% Equity capitalization 55.5%5 55.5% 50.0% 54.2% ¹Employees as of 9/30/20 and average customers for 12 months ended 9/30/20. 2The Rate Stabilization and Equalization (RSE) mechanism uses average common equity, rather than rate base, for ratemaking purposes. Amounts shown are 13-month average equity for rate year 2020. ³Mississippi net assets less deferred taxes for Rate Stabilization Adjustment (RSA) purposes, based on rates approved effective 1/12/21. 4Rate base as filed Dec. 11, 2020, in Spire rate review request. 5Terms of renewed RSE, effective 10/1/18 through 9/30/22. For 2021, Spire Alabama qualifies for a 10 bp increase in its allowed ROE to 10.5%, based on exceeding the threshold number of miles of pipeline replaced in 2020 under the Accelerated Infrastructure Modernization (AIM) mechanism. - 20 Spire | Investor presentation June 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 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 21 Spire | Investor presentation June 2021#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 June 2021 S#23Driving resilience, safety, system integrity and sustainability Employee safety (OSHA-Days Away, Restricted or Transferred rate) 3.65 3.22 2.63 1.88 1.56 Damages (Per 1,000 locates) 4.76 4.78 4.24 3.87 3.89 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Leaks (Per 1,000 system miles) 141.9 99.7 75.6 60.4 48.8 Leak response (Average minutes) 28.9 28.4 26.8 25.2 25.2 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 23 Spire | Investor presentation June 2021#24Upgrading 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. Methane reductions Metric tons/year 22,532 II || Miles of pipeline replaced 400 382 356 359 318 II || 11 II "I || II 16,715 II II || I 2005 2015 || 294 300 12,794 200 9,611 2020 2025* *Value represents a projection based on current efforts. - 24 Spire | Investor presentation June 2021 100 0 2016 2017 2018 2019 2020#25Growing organically Increasing new business spend - Record $97M investment in FY20 New premise activations 15,000 12,441 10,938 11,159 11,645 9,498 10,000 - Strong start to FY21 with $75M in 1H Greater engagement on economic development Driving margin via customer growth and supportive regulatory outcomes - Extending service to more customers including ag industry in MO and AL Increasing new premise activations Controlling costs across our utilities 5,000 0 2016 2017 2018 2019 2020 O&M expenses per customer¹ $270 $270 $260 $252 $250 $244 $240 $230 2014 2015 2016 $260 $256 $251 $251 $245 $241 $236 2017 2018 2019 2020 25 Spire Investor presentation June 2021 ¹Operation and maintenance (O&M) expenses and customers for Spire Missouri, Spire Alabama and Spire Gulf for all years. Expenses in orange for 2018-2020 exclude Missouri rate case items and the mix of service and non-service postretirement benefit costs transferred below the operating income line.#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 June 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 Next rate case must be filed by October 2021; can be sooner if we choose 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 June 2021#28Missouri regulatory clarity Legislation enacted during 2020 clarifies ISRS eligibility All appeals of prior ISRS cases decided - No impact on collections going forward One-time $15M refund in Aug. 2020 Both 2020 ISRS requests approved, adding $18M in annualized revenues Total run-rate revenues now $47.3M (Millions) July 2019 28 Spire | Investor presentation June 2021 ISRS revenues Filed date Effective date Annualized FY20 June 2018 10/08/18 $ 8.0 $ 8.0 January 2019 05/25/19 12.4 12.4 11/16/19 8.8 7.3 February 2020 05/25/20 11.1 3.7 August 2020 Total 11/28/20 7.0 $ 47.3 $ 31.4#29Alabama regulatory summary • Top-rated regulatory jurisdiction by RRA Rate Stabilization and Equalization (RSE) annual rate-setting process RSE parameters evaluated every 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: 10.40% allowed ROE and 55.5% equity ratio Spire Gulf: 10.7% 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 29 Spire | Investor presentation June 2021#30Alabama and Mississippi regulatory update • Alabama utilities' annual rate-setting completed under RSE - Spire Alabama rates based on 10.5% ROE (incl. 10 bp adder for AIM) Spire Gulf rates based on 10.7% ROE New rates effective Dec. 1, 2020 Spire Mississippi annual rate-setting completed - Based on 10.03% ROE, 50% equity New rates effective Jan. 12, 2021 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. - 30 Spire | Investor presentation June 2021#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 (10.03%) - - 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. 2021 for up to $5M in investment Qualified industrial development projects earn a 10-year supplemental return at 12.0% ROE 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 June 2021#32Our gas-related businesses spire 32 Spire | Investor presentation June 2021#33Spire 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 • 1H FY21 NEE of $43.1M - Well-positioned for extreme weather and market conditions in February - Monetized incremental storage - Commercial negotiations ongoing Spire Marketing's operational reach 33 Spire | Investor presentation June 2021#34Spire 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 34 Spire Investor presentation June 2021 S#35Spire Storage • 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 Vancouver Seattle Portland San Francisco Los Angeles : Salt Lake City Las Vegas 35 Spire Investor presentation June 2021 Kern River Pipeline Ruby Pipeline Northwest Pipeline Questar Pipeline Overthrust Pipeline Spire Storage Opal Hub Pheonix WYOMING#36Other financial information spire 36 Spire | Investor presentation June 2021#37Equity Units detail Equity Units offered Stated amount per unit February 2021 3,500,000 $50.00 ($ Millions) Aggregate offering amount $175.0 Net proceeds $169.3 March 2024 Interest rate on notes Contract adjustment payment rate Reference price Threshold appreciation price The prospectus can be found on our website under Filings and Reports/SEC Filings (Form 424B2) at www.investors.SpireEnergy.com - 37 Spire Investor presentation June 2021 Pricing February 1 Settlements Week of February 15 Purchase contract settlement March 1 0.75% 6.75% $64.24 March Note maturity March 1 $78.69 2026#38Year-to-date results Six months ended March 31, Gas Utility Gas Marketing Other Net Economic Earnings (NEE) Adjustment pre-tax: Missouri regulatory adjustment Missouri ISRS provision Fair value and timing adjustments Income tax effect of adjustments² Net Income [GAAP] Average shares outstanding Millions Per diluted common share¹ 2021 2020 2021 2020 $ 236.1 $ 213.4 43.1 (6.7) 11.2 (8.8) $ 272.5 $ 215.8 $ 5.12 $ 4.06 9.0 0.18 (4.8) (0.09) (4.1) (15.3) (0.08) (0.30) (1.1) 4.9 (0.02) 0.10 $ 276.3 $ 200.6 $ 5.20 $ 3.77 51.7 51.1 ¹Net economic earnings per share is calculated by replacing consolidated net income with consolidated net economic earnings in the GAAP diluted EPS calculation, which includes reductions for cumulative preferred dividends and participating shares. 2Income 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 related effective date. - 38 Spire | Investor presentation June 2021#391H FY21 NEE reconciliation (Millions, except per share amounts) Six months ended March 31, 2021 Net Income (Loss) [GAAP] Adjustments, pre-tax: Gas Utility Gas Marketing Per diluted Other Total common share² $ 242.9 $ 40.1 $ (6.7) $ 276.3 5.20 Fair value and timing adjustments 0.1 4.0 4.1 0.08 Missouri Regulatory Adjustment (9.0) - (9.0) (0.18) Income tax effect of adjustments¹ 2.1 (1.0) 1.1 0.02 Net Economic Earnings (Loss) [Non-GAAP] $ 236.1 $ 43.1 $ (6.7) $ 272.5 $ 5.12 Six months ended March 31, 2020 Net Income (Loss) [GAAP] Adjustments, pre-tax: Provision for ISRS rulings Fair value and timing adjustments Income tax effect of adjustments Net Economic Earnings (Loss) [Non-GAAP] - 39 Spire Investor presentation June 2021 $ 209.4 $ (8.8) $ 200.6 $ 3.77 4.8 4.8 0.09 0.4 14.9 15.3 0.30 (1.2) (3.7) (4.9) (0.10) $ 213.4 $ 11.2 $ (8.8) $ 215.8 $ 4.06#40Adjusted EBITDA¹ reconciliation to GAAP Six months ended March 31, (Millions) 2021 2020 Net Income [GAAP] $ 276.3 $ 200.6 Add back: Provision for ISRS rulings 4.8 Missouri regulatory adjustment (9.0) Interest charges 51.5 53.9 Income tax expense 68.6 44.5 Depreciation and amortization 102.3 96.7 Adjusted EBITDA [non-GAAP] $ 489.7 $ 400.5 Long-term capitalization March 31, 2021 (Millions) Equity² Preferred Capitalization $2,497.5 $ 242.0 Current portion of long-term debt Long-term Capitalization $2,497.5 $ 242.0 Debt $2,692.5 110.8 $2,803.3 Total $5,432.0 110.8 $5,542.8 % of long-term capitalization 45.0% 4.4% 50.6% 100.0% 1Adjusted EBITDA is earnings before provision for ISRS rulings, Missouri regulatory adjustment, interest, income tax, and depreciation and amortization. 2Includes temporary equity of $8.2M and excludes preferred stock. 40 Spire | Investor presentation June 2021