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Management is transitioning Spire to a pure-play regulated utility by divesting non-core marketing, storage, and Mississippi assets to eliminate market-based earnings volatility.

The acquisition of Piedmont Tennessee, now Spire Tennessee, adds over 200 thousand customers in the high-growth Nashville market, serving as a primary long-term growth engine.

Second quarter earnings growth was primarily driven by new rate implementations in Missouri and Alabama, reflecting recovery on approximately $1 billion of incremental rate base.

A significant volumetric margin shortfall occurred in Missouri due to an 'extraordinary' decoupling of customer usage from heating degree days during an unusually mild winter.

The company successfully funded the Tennessee acquisition without external equity by utilizing proceeds from asset sales and a balanced mix of debt instruments.

Operational focus remains on disciplined cost management and customer affordability to mitigate the impact of infrastructure modernization investments on rates.

Fiscal 2026 adjusted EPS guidance of $3.90 to $4.10 excludes Spire Tennessee results and discontinued operations, reflecting the immediate impact of Missouri weather headwinds.

Management reaffirmed fiscal 2027 guidance of $5.40 to $5.60, which assumes a full year of earnings contribution from the newly integrated Tennessee utility.

The 10-year $11.2 billion capital plan is expected to drive 5% to 7% long-term adjusted EPS growth through consistent rate base expansion.

A future test-year rate case filing in Missouri is planned for late 2024 to address rate design and weather normalization mechanics.

The FFO-to-debt target has been lowered to 14% to 15%, reflecting the reduced business risk profile of a fully regulated utility footprint.

Filed an Accounting Authority Order (AAO) in Missouri seeking to establish a regulatory asset for the margin shortfall caused by weather-driven usage patterns.

The sale of Spire Mississippi to Delta Utilities was initiated because the 18 thousand-customer business was deemed subscale for Spire's long-term capital requirements.

Spire Marketing and Spire Storage are now classified as discontinued operations, removing midstream and marketing segments from future earnings presentations.

Missouri rate design shifts have increased earnings sensitivity to winter heating season usage, necessitating a re-evaluation of weather normalization mechanisms.

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Management is using the AAO filing to initiate a dialogue with the Commission regarding the 'breakage' in the current weather normalization formula.

The company intends to formally address the decoupling of usage from heating degree days in the next rate case filing, likely in November.

Spire intends to maintain a payout ratio between 55% and 65% of earnings.

Management expects the dividend to grow in line with earnings as the business shifts to a more predictable regulated profile.

The Mississippi business was identified as subscale, making it difficult to spread necessary infrastructure investment costs across a small customer base.

Selling to a larger in-state utility allows for better cost absorption and is viewed as a benefit to both customers and shareholders.

Recognition of earnings from the AAO depends on the specific wording of the Commission's order and the timing of the decision relative to the September 30 fiscal year-end.

Management noted that a hearing is scheduled for September 9, leaving a narrow window for fiscal 2026 impact.

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