Investor Presentation December 2021

38 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

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