#1Stepping forward Investor Presentation September 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 3.8%¹ Strong ESG performance including environmental sustainability ¹Based on $2.60 per share dividend and SR average stock price of $69.22 for the period Aug. 2 - Sept. 10, 2021. 2 Spire | Investor presentation - September 2021#33 Stepping forward Executing to deliver great service and operating performance • We posted solid Q3 FY21 earnings, comparable to last year • Continuing robust capital investment focused on utility system upgrades Advancing our industry and supporting our environmental commitment Working to ensure STL Pipeline continues to provide energy to the homes and businesses we serve Completing Missouri rate review Spire | Investor presentation - September 2021#4Spire STL Pipeline is critical energy infrastructure • STL Pipeline has been in service since November 2019, after being approved by FERC following a thorough, rigorous regulatory review Essential to reliably serving 650,000+ homes and businesses in eastern MO Diversifies supply via access to Marcellus and Utica production basins Key resource during Winter Storm Uri - 133,000 customers would have been without service Gas costs would have been at least $300M higher Without it, providing reliable and affordable energy this winter is jeopardized - - Ability to secure new pipeline capacity is significantly constrained Supply not able to be replaced based on current market and operating conditions Leading to potential curtailments and service disruptions effecting up to 400,000 homes and businesses in an extreme weather event 4 Spire | Investor presentation - September 2021#5• Ensuring STL Pipeline remains in operation DC Court of Appeals ruled June 22 in case brought by EDF that challenged STL Pipeline's operating certificate issued by the FERC - Ruling vacated certificate (issued a vacatur mandate) requiring shutdown of pipeline - Remanded certificate process back to FERC Spire filed application with FERC for Temporary Emergency Certificate July 26 Commission set 30-day comment period (to Sept. 7) with reply comments due Oct. 5 We have strong third-party support for STL Pipeline - Spire requested rehearing and reconsideration of vacatur from DC Court Aug. 5 Sept. 7: DC Court denied request with mandate (pipeline shutdown) effective Sept. 14 Sept. 13: Spire filed a motion for stay of the vacatur - - Sept. 14: FERC issued temporary certificate, allowing pipeline to operate for 90 days, while Commission evaluates our emergency certificate application vesto Esena on September#6Nearing conclusion of our Missouri rate review Case filed Dec. 8 with 11-month calendar for MoPSC decision Case is proceeding according to schedule - - All direct and rebuttal testimony, financial true-ups and evidentiary hearings completed Stipulations and Agreements filed among the main parties (Spire, MoPSC Staff, and Office of Public Counsel), settling 45 of 54 issues in the case Post-hearing briefs filed Sept. 7 on remaining issues Final steps in case are: - - Sept. 17: reply briefs filed Early Oct: MOPSC discussion of case at public agenda conference Mid-Oct: MoPSC issues report and order deciding case Nov. 11: new rates effective Spire | Investor presentation - September 2021#77 Enhancing our financial position Robust and growing EBITDA¹ Balanced long-term capitalization Adjusted EBITDA¹ (Millions) $600 $500 - Spire Alabama issued $150M $400 of senior notes in Dec. 2020 $575 $501 Spire issued $175M of equity units in February 2021 $300 $200 - Spire Missouri issued $305M 9 mos. FY20 9 mos. FY21 of 30-year bonds in May 2021 and retired $55M Long-term capitalization² (at June 30, 2021) 1Adjusted EBITDA is earnings before impairments, 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. Spire | Investor presentation - September 2021 ■ Equity 3 Debt 4 Preferred stock 4.2% 42.8% 53.0% S#872% 8 . Progressing on our environmental commitment Committed to being a carbon neutral company by midcentury 1 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 Spire | Investor presentation - September 2021 Methane emission reduction (from 2005 levels) 26% 39% 43% 57% 73% 53% 2015 2019 2020 2025 Target 2035 Target - Previous target Carbon neutrality by midcentury#9Advancing 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 9 Spire | Investor presentation - September 2021#10Investing in growth YTD Q3 FY21 capital spend of $463M Gas utility capex includes • $226M – pipeline replacement $104M - new business (up $30M YoY) Lower non-utility spend On track for full-year FY21 target spend of $590M - - 95% for gas utilities, focused on infrastructure upgrades, technology and new business Lower level of pipeline and storage investment as planned Capital expenditures (Millions) $476 $463 29 81 394 9 mos. FY20 $638 434 9 mos. FY21 $590 90 30 10 Spire | Investor presentation - September 2021 548 FY20 FY21 target Gas Utility Pipelines, storage and other 560#1111 Affirming guidance • • Capital expenditures (Millions) 5-year forecast: ~$3.0B FY21 NEEPS guidance range remains $4.30-$4.50 5-7%¹ LT annual NEEPS growth $3.0B capex plan through 2025 remains on track - Focused on infrastructure upgrade program Over 80% of utility spend recovered with minimal lag or reflected in earnings Financing plan reflects Spire MO $305M bond offering and retirement of $55M Targeted debt metrics remain $625 $610 $600 $590 $590 $580 560 570 580 590 600 $425 FY21 FY22 FY23 FY24 FY25 Gas Utility ■Pipelines, storage and other Financing forecast" (Millions) $400 $100-150 $100-150 $175 $50-100 $25-75 FY22 FY23 ■ Operating company long-term debt - FFO/debt at 15-16% Holdco debt percentage <20% ¹Using base year FY19 net economic earnings of $3.73 per share. Spire | Investor presentation - September 2021 FY21 Common and hybrid equity *Debt issuance net of maturities.#12. 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 3.8%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 November 15, 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 $69.22 for the period Aug. 2 - Sept. 10, 2021. 12 Spire | Investor presentation - September 2021#13Energy keeps our world turning, moving us forward. As an essential energy provider, we'll keep stepping forward, advancing and innovating for a better tomorrow. 13 Spire | Investor presentation - September 2021 S#14Forward-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 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] 14 Spire | Investor presentation - September 2021#15• Supplemental material Spire leadership • Our business and operating footprint Financial performance Our gas-related businesses Other financial information 15 Spire Investor presentation - September 2021 spire (>#16Spire 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 16 Spire | Investor presentation - September 2021 S#17Spire 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 17 Spire | Investor presentation - September 2021#18We'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 18 Spire | Investor presentation - September 2021 Hattiesburg Birmingham Mobile ALABAMA#19Our Spire utility portfolio Alabama Gulf Mississippi Missouri Primary office Birmingham Mobile Hattiesburg St. Louis Employees¹ 947 123 34 2,424 Customers¹ 424,800 83,400 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. 19 Spire | Investor presentation - September 2021#20The case for natural gas Abundant and domestic Safe and reliable 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 JA 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 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 20 Spire | Investor presentation - September 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#21Our 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 21 Spire | Investor presentation - September 2021 S#22Driving 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 22 Spire | Investor presentation - September 2021#23Upgrading 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. 23 Spire | Investor presentation - September 2021 100 0 2016 2017 2018 2019 2020#24Growing organically Increasing new business spend Record $97M investment in FY20 - 9-month FY21 spend of $104M New premise activations 15,000 12,441 10,938 11,159 11,645 9,498 10,000 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 24 Spire | Investor presentation - September 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.#25Advancing 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 25 Spire | Investor presentation - September 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#26Missouri 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. 26 Spire | Investor presentation - September 2021#27Missouri 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 27 Spire | Investor presentation - September 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#28Alabama 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 28 Spire | Investor presentation - September 2021#29Alabama 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. 29 Spire | Investor presentation - September 2021#30Mississippi 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) 30 Spire | Investor presentation - September 2021#31Our gas-related businesses spire 31 Spire | Investor presentation - September 2021#32Spire 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 9-month FY21 NEE of $37.9M - Well-positioned for extreme weather and market conditions in February - Monetized incremental storage - Commercial negotiations ongoing Spire Marketing's operational reach 32 Spire | Investor presentation - September 2021#33Spire 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 33 Spire | Investor presentation - September 2021 S#34Spire 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 Kern River Pipeline Ruby Pipeline Northwest Pipeline Questar Pipeline Overthrust Pipeline Spire Storage Opal Hub : Salt Lake City Las Vegas 34 Spire | Investor presentation - September 2021 Pheonix WYOMING#35Other financial information spire 355 Spire | Investor presentation - September 2021#36Year-to-date results Nine months ended June 30, Gas Utility Gas Marketing Other Net Economic Earnings (NEE) Adjustments, pre-tax: MO regulatory adjustment Impairments Fair value and timing adjustments Income tax effect of adjustments² Net Income [GAAP] Millions 2021 2020 $ 248.4 $ 221.8 37.9 (6.9) Per diluted common share¹ 2021 2020 11.3 (10.0) $ 279.4 $ 223.1 $ 5.18 $ 4.14 9.0 0.18 - (148.6) - (2.90) (6.2) (0.6) 3.2 (0.12) 0.06 30.6 (0.01) 0.60 $ 281.6 $ 108.3 $ 5.23 $ 1.90 51.7 51.2 Average shares outstanding Gas Utility grew $26.6M - Higher ISRS and volumes Cost controls and higher depreciation expense • • Gas Marketing increased $26.6M Driven by optimization of market conditions in the second quarter Improved results from Spire Storage 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. 36 Spire | Investor presentation September 2021#37Q3 FY21 NEE reconciliation to GAAP (Millions, except per share amounts) Three months ended June 30, 2021 Net Income (Loss) [GAAP] Adjustments, pre-tax: Gas Utility Gas Per diluted Marketing Other Total common share² $ 12.1 (6.6) $ (0.2) $ 5.3 $ 0.03 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 Three months ended June 30, 2020 Net Income (Loss) [GAAP] Adjustments, pre-tax: Impairments $ 12.6 13.6 $ (118.5) $ (92.3) $ (1.87) 148.6 148.6 2.89 Provision for ISRS rulings (4.8) (4.8) (0.09) Fair value and timing adjustments (0.6) (17.9) (18.5) (0.36) Income tax effect of adjustments¹ 1.2 4.4 (31.3) (25.7) (0.50) Net Economic Earnings (Loss) [non-GAAP] $ 8.4 $ 0.1 $ (1.2) $ 7.3 $ 0.07 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 related effective date. 2Net 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. 37 Spire | Investor presentation - September 2021#38Q3 FY21 contribution margin reconciliation to GAAP (Millions) Gas Utility Gas Marketing Other Eliminations Consolidated Three months ended June 30, 2021 Operating Income (Loss) [GAAP] $ 35.6 $ (8.8) $ 6.4 $ 33.2 Operation and maintenance 103.2 3.2 9.2 (3.6) 112.0 Depreciation and amortization 50.9 0.3 1.9 53.1 Taxes, other than income taxes 32.1 0.2 0.3 32.6 Less: Gross receipts tax expense (17.9) (17.9) Contribution Margin [non-GAAP] 203.9 (5.1) 17.8 (3.6) 213.0 Natural gas costs 84.9 20.2 (8.2) 96.9 Gross receipts tax expense 17.9 17.9 Operating Revenues $ 306.7 $ 15.1 $ 17.8 $ (11.8) $ 327.8 Three months ended June 30, 2020 Operating Income (Loss) [GAAP] $ 20.4 $ 18.2 $ (145.1) $ $ (106.5) Operation and maintenance 115.5 2.2 10.5 (3.3) 124.9 Depreciation and amortization 47.8 0.2 2.1 50.1 Taxes, other than income taxes 31.7 0.2 (0.8) 31.1 Impairments 148.6 148.6 Less: Gross receipts tax expense (17.2) (0.1) 0.1 (17.2) Contribution Margin [non-GAAP] Natural gas costs Gross receipts tax expense Operating Revenues 198.2 20.7 15.4 (3.3) 231.0 90.6 (9.2) 0.1 (8.6) 72.9 17.2 0.1 (0.1) 17.2 $ 306.0 $ 11.6 $ 15.4 $ (11.9) $ 321.1 38 Spire | Investor presentation - September 2021#39Adjusted EBITDA¹ reconciliation to GAAP Nine months ended June 30, (Millions) Net Income [GAAP] 2021 2020 $ 281.6 $ 108.3 Add back: Impairments 148.6 Missouri regulatory adjustment (9.0) Interest charges 78.4 80.3 Income tax expense 68.6 16.9 Depreciation and amortization 155.4 146.8 Adjusted EBITDA [non-GAAP] $ 575.0 $ 500.9 Long-term capitalization June 30, 2021 (Millions) Equity² Preferred Debt Total Capitalization $ 2,464.4 $ 242.0 $2,939.0 Current portion of long-term debt Long-term Capitalization $ 2,464.4 $ 242.0 110.8 $ 3,049.8 $ 5,645.4 110.8 $ 5,756.2 % of long-term capitalization 42.8% 4.2% 53.0% 100.0% 1Adjusted EBITDA is earnings before impairments, Missouri regulatory adjustment, interest, income taxes, and depreciation and amortization. 2Includes temporary equity of $9.3M and excludes preferred stock. 39 Spire | Investor presentation - September 2021