スパイアの四半期報告

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026

     ☐

     TRANSITION REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                           to


Commission File Number	Name of Registrant, Address of Principal Executive Offices and Telephone Number	State of Incorporation	I.R.S. Employer Identification Number

1-16681	Spire Inc. 700 Market Street St. Louis, MO 63101 314-342-0500	Missouri	74-2976504

1-1822	Spire Missouri Inc. 700 Market Street St. Louis, MO 63101 314-342-0500	Missouri	43-0368139

2-38960	Spire Alabama Inc. 605 Richard Arrington Blvd N Birmingham, AL 35203 205-326-8100	Alabama	63-0022000

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (only applicable for Spire Inc.):


Title of each class	Trading Symbol(s)	Name of each exchange on which registered

Common Stock $1.00 par value	SR	New York Stock Exchange LLC

6.375% Junior Subordinated Notes due 2086	SRJN	New York Stock Exchange LLC

Indicate by check mark whether each registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such report) and (2) has been subject to such filing requirements for the past 90 days.


Spire Inc.	Yes ☒	No ☐
Spire Missouri Inc.	Yes ☒	No ☐
Spire Alabama Inc.	Yes ☒	No ☐

Indicate by check mark whether each registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).


Spire Inc.	Yes ☒	No ☐
Spire Missouri Inc.	Yes ☒	No ☐
Spire Alabama Inc.	Yes ☒	No ☐

Indicate by check mark whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


	Large accelerated filer	Accelerated filer	Non- accelerated filer	Smaller reporting company	Emerging growth company
Spire Inc.	X
Spire Missouri Inc.			X
Spire Alabama Inc.			X

If an emerging growth company, indicate by check mark if each registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Spire Inc.		☐
Spire Missouri Inc.		☐
Spire Alabama Inc.		☐

Indicate by check mark whether each registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).


Spire Inc.	Yes ☐	No ☒
Spire Missouri Inc.	Yes ☐	No ☒
Spire Alabama Inc.	Yes ☐	No ☒

The number of shares outstanding of each registrant’s common stock as of July 31, 2026, was as follows:


Spire Inc.	Common Stock, par value $1.00 per share	59,112,807
Spire Missouri Inc.	Common Stock, par value $1.00 per share (all owned by Spire Inc.)	26,822
Spire Alabama Inc.	Common Stock, par value $0.01 per share (all owned by Spire Inc.)	1,972,052

Spire Missouri Inc. and Spire Alabama Inc. meet the conditions set forth in General Instructions H(1)(a) and (b) to Form 10-Q and are therefore filing this Form 10-Q with the reduced disclosure format specified in General Instructions H(2) to Form 10-Q.

This combined Form 10-Q represents separate filings by Spire Inc., Spire Missouri Inc., and Spire Alabama Inc. Information contained herein relating to an individual registrant is filed by that registrant on its own behalf. Each registrant makes no representation as to information relating to the other registrants, except that information relating to Spire Missouri Inc. and Spire Alabama Inc. are also attributed to Spire Inc.

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TABLE OF CONTENTS




		Page No.

GLOSSARY		2

PART I. FINANCIAL INFORMATION
Item 1	Financial Statements (Unaudited)
	Spire Inc.
	Condensed Consolidated Statements of Income	4
	Condensed Consolidated Statements of Comprehensive Income	5
	Condensed Consolidated Balance Sheets	6
	Condensed Consolidated Statements of Shareholders’ Equity	8
	Condensed Consolidated Statements of Cash Flows	10
	Spire Missouri Inc.
	Condensed Statements of Comprehensive Income	11
	Condensed Balance Sheets	12
	Condensed Statements of Shareholder’s Equity	14
	Condensed Statements of Cash Flows	15
	Spire Alabama Inc.
	Condensed Statements of Income	16
	Condensed Balance Sheets	17
	Condensed Statements of Shareholder’s Equity	19
	Condensed Statements of Cash Flows	20
	Notes to Financial Statements
	Note 1. Summary of Significant Accounting Policies	21
	Note 2. Acquisitions	24
	Note 3. Divestitures	25
	Note 4. Revenue	30
	Note 5. Earnings Per Common Share	31
	Note 6. Shareholders’ Equity	32
	Note 7. Regulatory Matters	33
	Note 8. Financing	37
	Note 9. Fair Value of Financial Instruments	41
	Note 10. Fair Value Measurements	42
	Note 11. Pension Plans and Other Postretirement Benefits	45
	Note 12. Segment Information	48
	Note 13. Commitments and Contingencies	50
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	53
Item 3	Quantitative and Qualitative Disclosures About Market Risk	70
Item 4	Controls and Procedures	71

PART II. OTHER INFORMATION
Item 1	Legal Proceedings	72
Item 1A	Risk Factors	72
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	72
Item 3	Defaults upon Senior Securities	73
Item 4	Mine Safety Disclosures	73
Item 5	Other Information	73
Item 6	Exhibits	74

SIGNATURES		75

Table of Contents

GLOSSARY OF KEY TERMS AND ABBREVIATIONS


APSC	Alabama Public Service Commission	PGA	Purchased Gas Adjustment

ASC	Accounting Standards Codification	RSE	Rate Stabilization and Equalization

Company	Spire and its subsidiaries unless the context suggests otherwise	SEC	U.S. Securities and Exchange Commission

Degree days	The average of a day’s high and low temperature below 65, subtracted from 65, multiplied by the number of days impacted	Spire	Spire Inc.

FASB	Financial Accounting Standards Board	Spire Alabama	Spire Alabama Inc.

FERC	Federal Energy Regulatory Commission	Spire EnergySouth	Spire EnergySouth Inc., the parent of Spire Gulf and Spire Mississippi

GAAP	Accounting principles generally accepted in the United States of America	Spire Gulf	Spire Gulf Inc.

Gas Marketing	Segment including Spire Marketing, which provides natural gas marketing services	Spire Marketing	Spire Marketing Inc.

Gas Utility	Segment including the operations of the Utilities	Spire Mississippi	Spire Mississippi Inc.

GSA	Gas Supply Adjustment	Spire Missouri	Spire Missouri Inc.

ISRS	Infrastructure System Replacement Surcharge	Spire Tennessee	Spire Tennessee Inc.

Midstream	Segment including Spire Storage, and Spire MoGas Pipeline	Spire MoGas Pipeline or MoGas	Spire MoGas Pipeline LLC, a 263-mile FERC-regulated natural gas pipeline, the former 65-mile Spire STL Pipeline serving eastern Missouri, and a connected 75-mile gas distribution system in Missouri.

MoPSC	Missouri Public Service Commission	Spire Storage	The physical natural gas storage operations of Spire Storage West LLC and Spire Storage Salt Plains LLC

MSPSC	Mississippi Public Service Commission	U.S.	United States

TPUC	Tennessee Public Utility Commission

O&M	Operation and maintenance	Utilities	Spire Missouri, Spire Alabama, Spire Tennessee and the subsidiaries of Spire EnergySouth

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PART I. FINANCIAL INFORMATION

The interim financial statements included herein have been prepared by three separate registrants — Spire Inc. (“Spire” or the “Company”), Spire Missouri Inc. (“Spire Missouri”) and Spire Alabama Inc. (“Spire Alabama”) — without audit, pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC). These financial statements should be read in conjunction with the financial statements and the notes thereto included in the registrants’ combined Form 10-K for the fiscal year ended September 30, 2025.

The Financial Information in this Part I includes separate financial statements (i.e., statements of income and comprehensive income, balance sheets, statements of shareholders’ equity and statements of cash flows) for Spire, Spire Missouri and Spire Alabama. The Notes to Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations are also included and presented herein on a combined basis for Spire, Spire Missouri and Spire Alabama.

Table of Contents

Item 1. Financial Statements

SPIRE INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)


	Three Months Ended June 30,						Nine Months Ended June 30,
(In millions, except per share amounts)	2026			2025			2026			2025
Operating Revenues	$	420.2		$	352.5		$	2,138.9		$	1,946.9
Operating Expenses:
Natural gas		101.2			95.5			770.3			763.5
Operation and maintenance		148.3			119.6			432.5			365.3
Depreciation and amortization		95.2			72.8			257.4			216.1
Taxes, other than income taxes		52.1			42.5			189.9			167.1
Total Operating Expenses		396.8			330.4			1,650.1			1,512.0
Operating Income		23.4			22.1			488.8			434.9
Interest Expense, Net		(85.6	)		(47.9	)		(206.2	)		(139.4	)
Other Income, Net		5.8			4.6			15.5			8.2
Impairments		(1.5	)		—			(5.4	)		—
Gain on Sale of Subsidiary		—			—			28.9			—
(Loss) Income From Continuing Operations Before Income Taxes		(57.9	)		(21.2	)		321.6			303.7
Income Tax (Benefit) Expense		(15.3	)		(7.9	)		58.8			55.6
Net (Loss) Income From Continuing Operations		(42.6	)		(13.3	)		262.8			248.1
Net Income From Discontinued Operations, Net of Tax		253.8			34.2			325.6			63.4
Net Income		211.2			20.9			588.4			311.5
Provision for preferred dividends		—			3.7			5.2			11.1
Income allocated to participating securities		0.3			—			0.8			0.4
Preferred Share Redemption Cost*		—			—			8.0			—
Net Income Available to Common Shareholders	$	210.9		$	17.2		$	574.4		$	300.0

Weighted Average Number of Common Shares Outstanding:
Basic		59.0			58.9			59.0			58.3
Diluted		59.1			59.1			59.2			58.5
Basic (Loss) Earnings Per Common Share - Continuing Operations Available to Common Shareholders	$	(0.72	)	$	(0.29	)	$	4.22		$	4.06
Diluted (Loss) Earnings Per Common Share -Continuing Operations Available to Common Shareholders	$	(0.72	)	$	(0.29	)	$	4.21		$	4.05

Basic Earnings Per Common Share - Discontinued Operations	$	4.29		$	0.58		$	5.51		$	1.08
Diluted Earnings Per Common Share -Discontinued Operations	$	4.29		$	0.58		$	5.49		$	1.08

Basic Earnings Per Common Share Available to Common Shareholders	$	3.57		$	0.29		$	9.73		$	5.14
Diluted Earnings Per Common Share Available to Common Shareholders	$	3.57		$	0.29		$	9.70		$	5.13

* On January 29, 2026, the Company announced the full redemption of its 5.90% Series A Preferred Stock, including related depositary shares, effective February 13, 2026. Holders received $25.00 per depositary share plus $0.36056 in accrued dividends, after which the shares ceased accruing dividends and were de-listed.

See the accompanying Notes to Financial Statements.

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SPIRE INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)


	Three Months Ended June 30,						Nine Months Ended June 30,
(In millions)	2026			2025			2026			2025
Net Income	$	211.2		$	20.9		$	588.4		$	311.5
Other Comprehensive Income, Before Tax:
Cash flow hedging derivative instruments:
Net hedging gain arising during the period		2.8			1.6			7.0			13.8
Amounts reclassified into net income		(0.6	)		(1.3	)		(2.4	)		(3.7	)
Net gain on cash flow hedging derivative instruments		2.2			0.3			4.6			10.1
Net gain on defined benefit pension and other postretirement plans		—			—			0.1			0.6
Net unrealized gain on available for sale securities		0.1			0.1			0.1			0.1
Other Comprehensive Income, Before Tax		2.3			0.4			4.8			10.8
Income Tax Expense Related to Items of Other Comprehensive Income		3.7			2.6			1.1			2.4
Other Comprehensive (loss) Income, Net of Tax		(1.4	)		(2.2	)		3.7			8.4
Comprehensive Income	$	209.8		$	18.7		$	592.1		$	319.9

See the accompanying Notes to Financial Statements.

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SPIRE INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


	June 30,			September 30,			June 30,
(Dollars in millions, except per share amounts)	2026			2025			2025
ASSETS
Utility Plant	$	12,032.6		$	9,330.4		$	9,232.8
Less: Accumulated depreciation and amortization		3,107.9			2,577.4			2,571.8
Net Utility Plant		8,924.7			6,753.0			6,661.0
Non-utility Property (net of accumulated depreciation and amortization of $124.7, $106.6 and $100.5 at June 30, 2026, September 30, 2025, and June 30, 2025, respectively)		553.4			568.1			572.3
Other Investments		131.8			126.6			124.1
Total Other Property and Investments		685.2			694.7			696.4
Current Assets:
Cash and cash equivalents		20.7			5.7			13.1
Accounts receivable:
Utility		228.8			191.9			228.0
Other		47.1			47.2			46.1
Allowance for credit losses		(30.4	)		(28.8	)		(33.8	)
Delayed customer billings		29.5			13.6			18.3
Inventories:
Natural gas		155.7			192.8			133.0
Propane gas		8.6			8.6			8.6
Materials and supplies		45.4			47.0			46.5
Regulatory assets		78.6			78.3			35.0
Prepayments		63.6			46.1			58.7
Other		60.9			22.8			26.7
Assets held for sale		81.4			182.7			199.9
Total Current Assets		789.9			807.9			780.1
Deferred Charges and Other Assets:
Goodwill		1,895.2			1,171.6			1,171.6
Regulatory assets		1,395.0			1,323.5			1,293.4
Other		401.4			378.7			347.7
Assets held for sale		—			445.9			446.1
Total Deferred Charges and Other Assets		3,691.6			3,319.7			3,258.8
Total Assets	$	14,091.4		$	11,575.3		$	11,396.3

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SPIRE INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

(UNAUDITED)


	June 30,		September 30,		June 30,
	2026		2025		2025
CAPITALIZATION AND LIABILITIES
Capitalization:
Preferred stock ($25.00 par value per share; 10.0 million depositary shares authorized, issued and outstanding at September 30, 2025 and June 30, 2025)	$	—	$	242.0	$	242.0
Common stock (par value $1.00 per share; 70.0 million shares authorized; 59.1 million, 59.0 million, and 59.0 million shares issued and outstanding at June 30, 2026, September 30, 2025, and June 30, 2025, respectively)		59.1		59.0		59.0
Paid-in capital		1,984.9		1,981.4		1,979.2
Retained earnings		1,515.9		1,087.6		1,179.5
Accumulated other comprehensive income		23.1		19.4		20.5
Total Shareholders' Equity		3,583.0		3,389.4		3,480.2
Temporary equity		4.4		6.1		5.2
Long-term debt (less current portion)		5,758.0		3,369.4		3,498.4
Total Capitalization		9,345.4		6,764.9		6,983.8
Current Liabilities:
Current portion of long-term debt		238.1		487.5		392.5
Notes payable		1,263.5		1,317.0		1,009.5
Accounts payable		194.4		156.3		140.2
Advance customer billings		17.0		58.1		29.4
Wages and compensation accrued		41.4		49.2		35.4
Customer deposits		38.8		32.8		32.6
Taxes accrued		100.9		107.5		90.8
Regulatory liabilities		11.3		39.4		48.6
Other		219.2		176.5		175.1
Liabilities associated with assets held for sale		7.9		124.2		132.4
Total Current Liabilities		2,132.5		2,548.5		2,086.5
Deferred Credits and Other Liabilities:
Deferred income taxes		1,054.6		887.4		900.5
Pension and postretirement benefit costs		43.1		74.7		105.0
Asset retirement obligations		596.9		577.7		593.0
Regulatory liabilities		777.6		578.0		582.0
Other		141.3		136.7		138.4
Liabilities associated with assets held for sale		—		7.4		7.1
Total Deferred Credits and Other Liabilities		2,613.5		2,261.9		2,326.0
Commitments and Contingencies (Note 13)
Total Capitalization and Liabilities	$	14,091.4	$	11,575.3	$	11,396.3

See the accompanying Notes to Financial Statements.

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SPIRE INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(UNAUDITED)


	Common Stock					Preferred			Paid-in			Retained
(Dollars in millions)	Shares			Par		Stock			Capital			Earnings			AOCI*			Total
Three Months Ended June 30, 2026:
Balance at March 31, 2026		59,109,817		$	59.1	$	—		$	1,984.2		$	1,350.0		$	24.5		$	3,417.8
Net Income		—			—		—			—			211.2			—			211.2
Dividend reinvestment plan		4,245			—		—			0.3			—			—			0.3
Stock-based compensation costs		—			—		—			0.4			—			—			0.4
Stock activity under stock-based compensation plans		(5,395	)		—		—			—			—			—			—
Employees’ tax withholding for stock-based compensation		(896	)		—		—			—			—			—			—
Temporary equity adjustment to redemption value		—			—		—			—			1.7			—			1.7
Dividends declared:
Common stock ($0.825 per share)		—			—		—			—			(47.0	)		—			(47.0	)
Other comprehensive loss, net of tax		—			—		—			—			—			(1.4	)		(1.4	)
Balance at June 30, 2026		59,107,771		$	59.1	$	—		$	1,984.9		$	1,515.9		$	23.1		$	3,583.0

Nine Months Ended June 30, 2026:
Balance at September 30, 2025		59,025,961		$	59.0	$	242.0		$	1,981.4		$	1,087.6		$	19.4		$	3,389.4
Net income		—			—		—			—			588.4			—			588.4
Dividend reinvestment plan		13,122			—		—			0.8			—			—			0.8
Stock-based compensation costs		—			—		—			4.8			—			—			4.8
Stock activity under stock-based compensation plans		93,456			0.1		—			(0.1	)		—			—			—
Employees’ tax withholding for stock-based compensation		(24,768	)		—		—			(2.0	)		—			—			(2.0	)
Temporary equity adjustment to redemption value		—			—		—			—			(2.1	)		—			(2.1	)
Redemption of preferred shares		—			—		(242.0	)		—			—			—			(242.0	)
Preferred share redemption cost		—			—		—			—			(8.0	)		—			(8.0	)
Dividends declared:
Common stock ($2.475 per share)		—			—		—			—			(146.3	)		—			(146.3	)
Preferred stock ($0.36875 per depositary share)		—			—		—			—			(3.7	)		—			(3.7	)
Other comprehensive income, net of tax		—			—		—			—			—			3.7			3.7
Balance at June 30, 2026		59,107,771		$	59.1	$	—		$	1,984.9		$	1,515.9		$	23.1		$	3,583.0

* Accumulated other comprehensive income (loss)

See the accompanying Notes to Financial Statements.

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SPIRE INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Continued)

(UNAUDITED)


	Common Stock					Preferred		Paid-in			Retained
	Shares			Par		Stock		Capital			Earnings			AOCI*			Total
Three Months Ended June 30, 2025:
Balance at March 31, 2025		59,014,597		$	59.0	$	242.0	$	1,977.4		$	1,207.6		$	22.7		$	3,508.7
Net Income		—			—		—		—			20.9			—			20.9
Dividend reinvestment plan		5,073			—		—		0.4			—			—			0.4
Stock-based compensation costs		—			—		—		1.4			—			—			1.4
Stock activity under stock-based compensation plans		708			—		—		—			—			—			—
Employees’ tax withholding for stock-based compensation		(54	)		—		—		—			—			—			—
Temporary equity adjustment to redemption value		—			—		—		—			1.2			—			1.2
Dividends declared:
Common stock ($0.785 per share)		—			—		—		—			(46.5	)		—			(46.5	)
Preferred stock ($0.36875 per depositary share)		—			—		—		—			(3.7	)		—			(3.7	)
Other comprehensive loss, net of tax		—			—		—		—			—			(2.2	)		(2.2	)
Balance at June 30, 2025		59,020,324		$	59.0	$	242.0	$	1,979.2		$	1,179.5		$	20.5		$	3,480.2

Nine Months Ended June 30, 2025:
Balance at September 30, 2024		57,749,667		$	57.7	$	242.0	$	1,902.2		$	1,018.7		$	12.1		$	3,232.7
Net income		—			—		—		—			311.5			—			311.5
Common stock issued		1,206,134			1.2		—		73.6			—			—			74.8
Dividend reinvestment plan		17,039			—		—		1.2			—			—			1.2
Stock-based compensation costs		—			—		—		4.2			—			—			4.2
Stock activity under stock-based compensation plans		72,801			0.1		—		(0.1	)		—			—			—
Employees’ tax withholding for stock-based compensation		(25,317	)		—		—		(1.9	)		—			—			(1.9	)
Temporary equity adjustment to redemption value		—			—		—		—			(1.1	)		—			(1.1	)
Dividends declared:
Common stock ($2.355 per share)		—			—		—		—			(138.5	)		—			(138.5	)
Preferred stock ($1.10625 per depositary share)		—			—		—		—			(11.1	)		—			(11.1	)
Other comprehensive income, net of tax		—			—		—		—			—			8.4			8.4
Balance at June 30, 2025		59,020,324		$	59.0	$	242.0	$	1,979.2		$	1,179.5		$	20.5		$	3,480.2

* Accumulated other comprehensive income (loss)

See the accompanying Notes to Financial Statements.

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SPIRE INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Nine Months Ended June 30,
(In millions)	2026			2025
Operating Activities:
Net income	$	588.4		$	311.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		264.2			221.7
Deferred income taxes and investment tax credits		156.0			73.5
Gain on sale of discontinued operations		(329.4	)		—
Changes in assets and liabilities, excluding impact of acquisition and divestitures:
Accounts receivable		132.6			(80.5	)
Inventories		79.3			39.0
Regulatory assets and liabilities		8.9			95.5
Accounts payable		(84.4	)		48.2
Delayed/advance customer billings, net		(56.6	)		(25.4	)
Taxes accrued		(11.8	)		(12.0	)
Other assets and liabilities		(1.0	)		(94.8	)
Other		(132.6	)		6.2
Net cash provided by operating activities		613.6			582.9
Investing Activities:
Capital expenditures		(608.4	)		(699.7	)
Business acquisitions, net of cash acquired		(2,500.8	)		—
Proceeds from sale of discontinued operations		819.9			—
Proceeds from sale of subsidiary		30.0			—
Other		(9.6	)		3.0
Net cash used in investing activities		(2,268.9	)		(696.7	)
Financing Activities:
Issuance of long-term debt		2,488.1			150.0
Repayment of long-term debt		(357.5	)		(7.0	)
Redemption of preferred shares		(242.0	)		—
Preferred share redemption cost		(8.0	)		—
Issuance of delayed draw term loan		800.0			—
Repayment of delayed draw term loan		(800.0	)		—
(Repayment) issuance of short-term debt, net		(53.5	)		62.5
Issuance of common stock		—			76.0
Dividends paid on common stock		(144.8	)		(135.8	)
Dividends paid on preferred stock		(7.4	)		(11.1	)
Other		(1.8	)		(7.6	)
Net cash provided by financing activities		1,673.1			127.0
Net Increase in Cash, Cash Equivalents, and Restricted Cash		17.8			13.2
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period		41.2			34.9
Cash, Cash Equivalents, and Restricted Cash at End of Period	$	59.0		$	48.1

Supplemental disclosure of cash paid for:
Interest, net of amounts capitalized	$	(178.7	)	$	(131.1	)
Income taxes		(3.0	)		(2.2	)

See the accompanying Notes to Financial Statements.

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SPIRE MISSOURI INC.

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)


	Three Months Ended June 30,						Nine Months Ended June 30,
(In millions)	2026			2025			2026		2025
Operating Revenues	$	248.8		$	230.1		$	1,503.5	$	1,359.2
Operating Expenses:
Natural gas		72.5			71.9			629.9		622.9
Operation and maintenance		76.1			74.1			236.8		228.1
Depreciation and amortization		56.4			47.7			165.0		140.4
Taxes, other than income taxes		36.1			31.7			141.3		123.7
Total Operating Expenses		241.1			225.4			1,173.0		1,115.1
Operating Income		7.7			4.7			330.5		244.1
Interest Expense, Net		26.6			24.3			80.6		74.3
Other Income, Net		3.4			2.7			6.7		5.7
(Loss)Income Before Income Taxes		(15.5	)		(16.9	)		256.6		175.5
Income Tax (Benefit) Expense		(3.3	)		(3.9	)		41.4		22.2
Net (Loss) Income		(12.2	)		(13.0	)		215.2		153.3
Other Comprehensive Income, Net of Tax		—			0.1			0.1		0.7
Comprehensive (Loss) Income	$	(12.2	)	$	(12.9	)	$	215.3	$	154.0

See the accompanying Notes to Financial Statements.

Table of Contents

SPIRE MISSOURI INC.

CONDENSED BALANCE SHEETS

(UNAUDITED)


	June 30,			September 30,			June 30,
(Dollars in millions, except per share amounts)	2026			2025			2025
ASSETS
Utility Plant	$	6,246.9		$	5,864.3		$	5,793.3
Less: Accumulated depreciation and amortization		1,190.9			1,104.6			1,089.8
Net Utility Plant		5,056.0			4,759.7			4,703.5
Other Property and Investments		76.7			75.8			73.6
Current Assets:
Accounts receivable:
Utility		157.3			149.1			164.9
Associated companies		2.0			2.2			2.3
Other		26.3			34.0			33.0
Allowance for credit losses		(22.9	)		(23.0	)		(27.9	)
Delayed customer billings		25.3			4.2			14.2
Inventories:
Natural gas		100.6			150.0			99.1
Propane gas		8.6			8.6			8.6
Materials and supplies		23.5			24.5			23.4
Regulatory assets		7.7			48.9			8.7
Prepayments		39.2			28.2			37.3
Other		0.5			—			—
Total Current Assets		368.1			426.7			363.6
Deferred Charges and Other Assets:
Goodwill		210.2			210.2			210.2
Regulatory assets		669.2			653.2			613.5
Other		198.7			224.2			194.6
Total Deferred Charges and Other Assets		1,078.1			1,087.6			1,018.3
Total Assets	$	6,578.9		$	6,349.8		$	6,159.0

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SPIRE MISSOURI INC.

CONDENSED BALANCE SHEETS (Continued)

(UNAUDITED)


	June 30,			September 30,			June 30,
	2026			2025			2025
CAPITALIZATION AND LIABILITIES
Capitalization:
Paid-in capital and common stock (par value $1.00 per share; 50.0 million shares authorized; 26,822 shares issued and outstanding)	$	929.3		$	929.3		$	929.3
Retained earnings		1,424.4			1,239.1			1,264.1
Accumulated other comprehensive loss		(0.6	)		(0.7	)		(1.3	)
Total Shareholder's Equity		2,353.1			2,167.7			2,192.1
Long-term debt		2,153.6			1,953.6			1,953.2
Total Capitalization		4,506.7			4,121.3			4,145.3
Current Liabilities:
Notes payable – associated companies		443.5			566.3			398.7
Accounts payable		80.2			98.9			90.8
Accounts payable – associated companies		10.1			21.4			9.9
Advance customer billings		7.7			43.2			19.1
Wages and compensation accrued		21.0			27.0			19.8
Customer deposits		7.2			7.2			7.0
Taxes accrued		57.2			65.8			53.0
Regulatory liabilities		3.5			13.9			14.0
Other		62.3			64.3			51.6
Total Current Liabilities		692.7			908.0			663.9
Deferred Credits and Other Liabilities:
Deferred income taxes		651.4			598.7			603.6
Pension and postretirement benefit costs		42.7			72.4			85.0
Asset retirement obligations		98.5			95.5			98.6
Regulatory liabilities		509.5			481.3			491.1
Other		77.4			72.6			71.5
Total Deferred Credits and Other Liabilities		1,379.5			1,320.5			1,349.8
Commitments and Contingencies (Note 13)
Total Capitalization and Liabilities	$	6,578.9		$	6,349.8		$	6,159.0

See the accompanying Notes to Financial Statements.

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SPIRE MISSOURI INC.

CONDENSED STATEMENTS OF SHAREHOLDER’S EQUITY

(UNAUDITED)


	Common Stock				Paid-in		Retained
(Dollars in millions)	Shares		Par		Capital		Earnings			AOCI*			Total
Three Months Ended June 30, 2026:
Balance at March 31, 2026		26,822	$	0.1	$	929.2	$	1,456.6		$	(0.6	)	$	2,385.3
Net Income		—		—		—		(12.2	)		—			(12.2	)
Dividends declared		—		—		—		(20.0	)		—			(20.0	)
Balance at June 30, 2026		26,822	$	0.1	$	929.2	$	1,424.4		$	(0.6	)	$	2,353.1

Nine Months Ended June 30, 2026:
Balance at September 30, 2025		26,822	$	0.1	$	929.2	$	1,239.1		$	(0.7	)	$	2,167.7
Net income		—		—		—		215.2			—			215.2
Dividends declared		—		—		—		(29.9	)		—			(29.9	)
Other comprehensive income, net of tax		—		—		—		—			0.1			0.1
Balance at June 30, 2026		26,822	$	0.1	$	929.2	$	1,424.4		$	(0.6	)	$	2,353.1

Three Months Ended June 30, 2025:
Balance at March 31, 2025		26,822	$	0.1	$	929.2	$	1,277.1		$	(1.4	)	$	2,205.0
Net Income		—		—		—		(13.0	)		—			(13.0	)
Other comprehensive income, net of tax		—		—		—		—			0.1			0.1
Balance at June 30, 2025		26,822	$	0.1	$	929.2	$	1,264.1		$	(1.3	)	$	2,192.1

Nine Months Ended June 30, 2025:
Balance at September 30, 2024		25,855	$	0.1	$	854.8	$	1,110.8		$	(2.0	)	$	1,963.7
Net income		—		—		—		153.3			—			153.3
Common stock issued to Spire Inc.		967		—		74.4		—			—			74.4
Other comprehensive income, net of tax		—		—		—		—			0.7			0.7
Balance at June 30, 2025		26,822	$	0.1	$	929.2	$	1,264.1		$	(1.3	)	$	2,192.1

* Accumulated other comprehensive income (loss)

See the accompanying Notes to Financial Statements.

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SPIRE MISSOURI INC.

CONDENSED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Nine Months Ended June 30,
(In millions)	2026			2025
Operating Activities:
Net Income	$	215.2		$	153.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		165.0			140.4
Deferred income taxes and investment tax credits		41.2			21.4
Changes in assets and liabilities:
Accounts receivable		(0.4	)		(19.2	)
Inventories		50.3			31.4
Regulatory assets and liabilities		41.8			102.6
Accounts payable		(14.1	)		16.2
Delayed/advance customer billings, net		(56.5	)		(24.9	)
Taxes accrued		(8.6	)		(7.0	)
Other assets and liabilities		(49.3	)		(64.1	)
Other		1.2			—
Net cash provided by operating activities		385.8			350.1
Investing Activities:
Capital expenditures		(435.7	)		(481.9	)
Other		4.0			4.1
Net cash used in investing activities		(431.7	)		(477.8	)
Financing Activities:
Issuance of long-term debt, net		200.0			150.0
Repayments to Spire, net		(122.8	)		(96.6	)
Issuance of common stock		—			74.4
Dividends paid		(29.9	)		—
Other		(1.4	)		(0.1	)
Net cash provided by financing activities		45.9			127.7
Net Increase in Cash and Cash Equivalents		—			—
Cash and Cash Equivalents at Beginning of Period		—			—
Cash and Cash Equivalents at End of Period	$	—		$	—

Supplemental disclosure of cash paid for:
Interest, net of amounts capitalized	$	(59.6	)	$	(70.8	)
Income taxes		(0.3	)		(0.9	)

See the accompanying Notes to Financial Statements.

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SPIRE ALABAMA INC.

CONDENSED STATEMENTS OF INCOME

(UNAUDITED)


	Three Months Ended June 30,				Nine Months Ended June 30,
(In millions)	2026		2025		2026		2025
Operating Revenues	$	99.0	$	98.8	$	471.3	$	471.6
Operating Expenses:
Natural gas		18.5		28.0		125.0		140.3
Operation and maintenance		34.5		32.3		100.8		101.8
Depreciation and amortization		21.3		17.8		59.8		53.5
Taxes, other than income taxes		8.2		8.0		33.5		33.3
Total Operating Expenses		82.5		86.1		319.1		328.9
Operating Income		16.5		12.7		152.2		142.7
Interest Expense, Net		7.3		7.1		21.8		22.3
Other Income (Expense), Net		0.6		0.4		1.7		—
Income Before Income Taxes		9.8		6.0		132.1		120.4
Income Tax Expense		2.5		1.5		33.2		30.2
Net Income	$	7.3	$	4.5	$	98.9	$	90.2

See the accompanying Notes to Financial Statements.

Table of Contents

SPIRE ALABAMA INC.

CONDENSED BALANCE SHEETS

(UNAUDITED)


	June 30,			September 30,			June 30,
(Dollars in millions, except per share amounts)	2026			2025			2025
ASSETS
Utility Plant	$	3,173.7		$	3,052.9		$	3,042.8
Less: Accumulated depreciation and amortization		1,416.9			1,362.4			1,370.8
Net Utility Plant		1,756.8			1,690.5			1,672.0
Other Property and Investments		0.1			0.1			0.1
Current Assets:
Cash and cash equivalents		2.8			1.9			1.7
Accounts receivable:
Utility		45.0			34.8			53.5
Associated companies		0.1			—			0.1
Other		5.9			6.9			6.2
Allowance for credit losses		(4.9	)		(4.9	)		(5.1	)
Delayed customer billings		3.9			9.0			3.9
Inventories:
Natural gas		43.8			39.4			31.1
Materials and supplies		18.8			19.0			19.3
Regulatory assets		25.8			16.1			13.2
Prepayments		8.8			7.7			9.4
Other		0.2			—			—
Total Current Assets		150.2			129.9			133.3
Deferred Charges and Other Assets:
Regulatory assets		667.6			650.6			659.6
Other		100.6			99.2			94.8
Total Deferred Charges and Other Assets		768.2			749.8			754.4
Total Assets	$	2,675.3		$	2,570.3		$	2,559.8

Table of Contents

SPIRE ALABAMA INC.

CONDENSED BALANCE SHEETS (Continued)

(UNAUDITED)


	June 30,		September 30,		June 30,
	2026		2025		2025
CAPITALIZATION AND LIABILITIES
Capitalization:
Paid-in capital and common stock (par value $0.01 per share; 3.0 million shares authorized; 2.0 million shares issued and outstanding)	$	236.3	$	242.9	$	242.9
Retained earnings		790.3		735.2		745.1
Total Shareholder's Equity		1,026.6		978.1		988.0
Long-term debt (less current portion)		712.0		711.7		711.6
Total Capitalization		1,738.6		1,689.8		1,699.6
Current Liabilities:
Current portion of long-term debt		—		—		35.0
Notes payable – associated companies		168.2		130.1		56.4
Accounts payable		45.5		43.3		43.6
Accounts payable – associated companies		5.9		5.4		5.0
Advance customer billings		8.1		13.1		8.4
Wages and compensation accrued		6.2		7.8		5.6
Customer deposits		23.7		22.3		22.3
Taxes accrued		30.2		33.1		30.6
Regulatory liabilities		1.9		20.3		29.3
Other		12.4		14.6		11.9
Total Current Liabilities		302.1		290.0		248.1
Deferred Credits and Other Liabilities:
Deferred income taxes		97.1		64.1		65.9
Pension and postretirement benefit costs		0.2		2.4		11.1
Asset retirement obligations		485.4		470.0		483.9
Regulatory liabilities		28.0		29.2		25.8
Other		23.9		24.8		25.4
Total Deferred Credits and Other Liabilities		634.6		590.5		612.1
Commitments and Contingencies (Note 13)
Total Capitalization and Liabilities	$	2,675.3	$	2,570.3	$	2,559.8

See the accompanying Notes to Financial Statements.

Table of Contents

SPIRE ALABAMA INC.

CONDENSED STATEMENTS OF SHAREHOLDER’S EQUITY

(UNAUDITED)


	Common Stock				Paid-in			Retained
(Dollars in millions)	Shares		Par		Capital			Earnings			Total
Three Months Ended June 30, 2026:
Balance at March 31, 2026		1,972,052	$	—	$	240.5		$	784.7		$	1,025.2
Net income		—		—		—			7.3			7.3
Return of capital to Spire		—		—		(4.2	)		—			(4.2	)
Dividends declared		—		—		—			(1.7	)		(1.7	)
Balance at June 30, 2026		1,972,052	$	—	$	236.3		$	790.3		$	1,026.6

Nine Months Ended June 30, 2026:
Balance at September 30, 2025		1,972,052	$	—	$	242.9		$	735.2		$	978.1
Net income		—		—		—			98.9			98.9
Return of capital to Spire		—		—		(6.6	)		—			(6.6	)
Dividends declared		—		—		—			(43.8	)		(43.8	)
Balance at June 30, 2026		1,972,052	$	—	$	236.3		$	790.3		$	1,026.6

Three Months Ended June 30, 2025:
Balance at March 31, 2025		1,972,052	$	—	$	249.4		$	740.6		$	990.0
Net income		—		—		—			4.5			4.5
Return of capital to Spire		—		—		(6.5	)		—			(6.5	)
Balance at June 30, 2025		1,972,052	$	—	$	242.9		$	745.1		$	988.0

Nine Months Ended June 30, 2025:
Balance at September 30, 2024		1,972,052	$	—	$	279.4		$	668.9		$	948.3
Net income		—		—		—			90.2			90.2
Return of capital to Spire		—		—		(36.5	)		—			(36.5	)
Dividends declared		—		—		—			(14.0	)		(14.0	)
Balance at June 30, 2025		1,972,052	$	—	$	242.9		$	745.1		$	988.0

See the accompanying Notes to Financial Statements.

Table of Contents

SPIRE ALABAMA INC.

CONDENSED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Nine Months Ended June 30,
(In millions)	2026			2025
Operating Activities:
Net Income	$	98.9		$	90.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		59.8			53.5
Deferred income taxes and investment tax credits		33.2			30.2
Changes in assets and liabilities:
Accounts receivable		(9.4	)		(18.5	)
Inventories		(4.1	)		5.6
Regulatory assets and liabilities		(35.8	)		(6.7	)
Accounts payable		7.5			8.9
Delayed/advance customer billings		—			(0.7	)
Taxes accrued		(2.9	)		(4.2	)
Other assets and liabilities		(6.3	)		(14.0	)
Other		0.2			0.4
Net cash provided by operating activities		141.1			144.7
Investing Activities:
Capital expenditures		(124.8	)		(102.8	)
Other		(3.0	)		0.8
Net cash used in investing activities		(127.8	)		(102.0	)
Financing Activities:
Borrowings from Spire		38.0			8.0
Return of capital to Spire		(6.6	)		(36.5	)
Dividends paid		(43.8	)		(14.0	)
Net cash used in financing activities		(12.4	)		(42.5	)
Net Increase in Cash and Cash Equivalents		0.9			0.2
Cash and Cash Equivalents at Beginning of Period		1.9			1.5
Cash and Cash Equivalents at End of Period	$	2.8		$	1.7

Supplemental disclosure of cash paid for:
Interest, net of amounts capitalized	$	(19.2	)	$	(23.7	)
Income taxes		—			—

See the accompanying Notes to Financial Statements.

Table of Contents

SPIRE INC., SPIRE MISSOURI INC. AND SPIRE ALABAMA INC.

NOTES TO FINANCIAL STATEMENTS

(UNAUDITED)

(Dollars in millions, except per share amounts)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NATURE OF OPERATIONS – Spire Inc. (“Spire” or the “Company”), headquartered in St. Louis, Missouri, is a regulated energy company primarily engaged in the distribution of natural gas. Spire’s regulated natural gas distribution operations include Spire Missouri Inc. (“Spire Missouri”), serving customers in Missouri; Spire Alabama Inc. (“Spire Alabama”), serving central and northern Alabama; the subsidiaries of Spire EnergySouth Inc. (“Spire EnergySouth”)(Spire Gulf and Spire Mississippi) serving customers in Southern Alabama and south-central Mississippi, and Spire Tennessee Inc. (“Spire Tennessee”), serving customers in the Nashville metropolitan area and surrounding communities in Tennessee. The following paragraphs summarize certain transactions and other developments that have occurred during fiscal 2026, which impact the Company’s operations and financial statement presentation.

On March 31, 2026, Spire completed the acquisition of the Tennessee assets of Piedmont Natural Gas Company, Inc. (“Piedmont”), a wholly-owned subsidiary of Duke Energy Corporation (“Piedmont Tennessee Transaction” or “Piedmont Tennessee”) for a total cash purchase price of $2.5 billion including customary working capital and adjustments. The Company expects the acquisition to increase Spire’s scale of regulated business in one of the fastest growing regions in the U.S. and expand regulatory diversity. Upon closing, Piedmont’s Tennessee business began doing business as Spire Tennessee. For additional information regarding the transaction, including purchase price allocation and acquisition financing, see Note 2 – Acquisitions.

As of March 12, 2026, Spire management and its board of directors approved plans to sell Spire Marketing Inc. (“Spire Marketing”), Spire Storage, and Spire Mississippi Inc. (“Spire Mississippi”). As a result, management determined the related assets and liabilities met the criteria to be presented as held for sale. In addition, management determined that the operations of Spire Marketing and Spire Storage met the criteria to be presented as discontinued operations. During the third quarter of fiscal 2026, the Company completed the sale of Spire Marketing on April 30, 2026 and completed the sale of Spire Storage on June 30, 2026. Spire Mississippi remained classified as held for sale as of June 30, 2026. See further discussion in Note 3 – Divestitures.

As a result of the foregoing, the Company revised its primary operating segments beginning in the second quarter of fiscal 2026, as discussed in Note 12 – Segment Information. The Company’s consolidated financial statements and accompanying notes have been recast to reflect the changes in presentation.

The Company’s earnings from continuing operations are derived primarily from its Gas Utility segment. Due to the seasonal nature of the Utilities’ business and the volumetric rate design, earnings are typically concentrated during the heating season of November through April each fiscal year. As a result, the interim statements of income for Spire, Spire Missouri and Spire Alabama are not necessarily indicative of annual results or representative of succeeding quarters of the fiscal year.

BASIS OF PRESENTATION – These notes are an integral part of the accompanying unaudited financial statements of Spire presented on a consolidated basis, Spire Missouri and Spire Alabama. Spire Missouri, Spire Alabama, Spire EnergySouth, and Spire Tennessee are wholly-owned subsidiaries of Spire. Spire Missouri, Spire Alabama, the subsidiaries of Spire EnergySouth (Spire Gulf and Spire Mississippi), and Spire Tennessee are collectively referred to as the “Utilities.”

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the disclosures required for complete financial statements. In the opinion of management, the accompanying unaudited financial statements include all adjustments necessary for the fair presentation of the results of operations for the periods presented. This Form 10-Q should be read in conjunction with the Notes to Financial Statements contained in Spire, Spire Missouri and Spire Alabama’s combined Annual Report on Form 10-K for the fiscal year ended September 30, 2025.

The consolidated financial position, results of operations, and cash flows of Spire include the accounts of the Company and all its subsidiaries. Transactions and balances between consolidated entities have been eliminated from the consolidated financial statements of Spire. In compliance with GAAP, transactions between Spire Missouri and Spire Alabama and their affiliates, as well as intercompany balances on their balance sheets, have not been eliminated from their separate financial statements.

Table of Contents

Certain amounts in the Companies’ 2025 Consolidated Financial Statements and Notes have been reclassified to conform to the 2026 presentation of discontinued operations for comparative purposes.

REGULATED OPERATIONS – The Utilities account for their regulated operations in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 980, Regulated Operations. This topic sets forth the application of GAAP for those companies whose rates are established by or are subject to approval by an independent third-party regulator. The provisions of this accounting guidance require, among other things, that financial statements of a regulated enterprise reflect the actions of regulators, where appropriate. These actions may result in the recognition of revenues and expenses in time periods that are different than non-regulated enterprises. When this occurs, costs are deferred as assets in the balance sheet (regulatory assets) and recorded as expenses when those amounts are reflected in rates. In addition, regulators can impose liabilities upon a regulated company for amounts previously collected from customers and for recovery of costs that are expected to be incurred in the future (regulatory liabilities). Management believes that the current regulatory environment supports the continued use of these regulatory accounting principles and that all regulatory assets and regulatory liabilities are recoverable or refundable through the regulatory process.

As authorized by the Missouri Public Service Commission (“MoPSC”), the Mississippi Public Service Commission (“MSPSC”), the Alabama Public Service Commission (“APSC”), and the Tennessee Public Utility Commission (“TPUC”), the Purchased Gas Adjustment (“PGA”) clauses and Gas Supply Adjustment (“GSA”) riders allow the Utilities to pass through to customers the cost of purchased gas supplies. Regulatory assets and liabilities related to the PGA clauses and the GSA riders are both labeled Unamortized Purchased Gas Adjustments herein. See additional information about regulatory assets and liabilities in Note 7, Regulatory Matters.

Certain utilities operate under alternative rate mechanisms approved by their respective regulators that provide for periodic rate adjustments intended to allow recovery of authorized costs and the opportunity to earn an approved rate of return. Spire Tennessee is allowed to operate under an Annual Review Mechanism (“ARM”) on an interim basis as approved by the TPUC with certain limitations, under which rates are adjusted annually to reflect changes in its cost of service, with amounts subject to recovery from or refund to customers recorded as regulatory assets or regulatory liabilities, as appropriate, when recovery through future rates is probable. See additional information about regulatory assets and liabilities in Note 7, Regulatory Matters.

BUSINESS COMBINATIONS AND GOODWILL – Spire’s acquisitions are accounted for using the business combination method of accounting. Under this method, the purchase price paid by the acquirer is allocated to the assets acquired and liabilities assumed as of the acquisition date based on their estimated fair values. Goodwill is measured as the excess of the acquisition‑date fair value of the consideration transferred over the net amounts of the acquisition‑date identifiable assets acquired and liabilities assumed.

As of September 30, 2025, goodwill included in Spire’s Missouri reporting unit totaled $210.2, with the remaining balance of $961.4 related to the Southeast Utilities reporting unit (which consists of Spire Alabama, Spire Gulf, and Spire Mississippi). During fiscal 2026, Spire recorded $737.9 of goodwill related to the Spire Tennessee reporting unit in connection with the Piedmont Tennessee Transaction, representing the expected economic benefits of the transaction. During the quarter ended June 30, 2026, the Company recorded a $3.8 measurement period adjustment to the preliminary purchase accounting for the acquisition, resulting in total recorded goodwill of $741.7 as of June 30, 2026. In addition, during the second quarter of 2026, $18.1 of goodwill related to the Southeast Utilities reporting unit and attributable to the Spire Mississippi operations was reclassified to assets held for sale in connection with the Company’s plan to sell Spire Mississippi. Upon classification as held for sale, the Company recorded a $3.9 goodwill impairment charge. No other goodwill impairments were recorded.

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS — Assets and liabilities of a business that meet the accounting requirements to be classified as held for sale are separated in a disposal group. Disposal group net assets are recorded at the lower of their carrying amount or estimated fair value less expected costs to sell. After being classified as held for sale, assets are not depreciated or amortized.

Assets and liabilities of a disposal group that meet the accounting requirements to be classified as discontinued operations are presented separately for all current and prior periods in the consolidated balance sheets. The results of discontinued operations are reported in income from discontinued operations, net of taxes in the consolidated statements of income for the current and prior periods beginning in the period in which the business meets the held for sale criteria. Income from discontinued operations includes direct costs attributable to the business held for sale and an estimate of costs from corporate functions dedicated to the business, but excludes corporate expenses composed of general and administrative expenses not attributable to any of the operating segments. Additionally, the Company has elected to allocate interest expense to discontinued operations related to debt that was not directly attributed to the disposal group. Interest expense was allocated based on a ratio of net assets held for sale to the sum of consolidated net assets and debt. This ratio was

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adjusted to exclude interest and debt directly attributable to Utility and Pipeline operations. See additional information about assets held for sale and discontinued operations in Note 3 - Divestitures.

DERIVATIVES – In the course of their business, certain subsidiaries of Spire enter into commitments associated with the purchase or sale of natural gas. Certain of their derivative natural gas contracts are designated as normal purchases or normal sales and, as such, are excluded from the scope of FASB ASC Topic 815, Derivatives and Hedging. Those contracts are accounted for as executory contracts and recorded on an accrual basis. Revenues and expenses from such contracts are recorded within operating revenues on a gross basis in the Condensed Consolidated Statements of Income. Contracts not designated as normal purchases or normal sales are within the scope of FASB ASC Topic 815 and are recorded as derivatives with changes in fair value recognized in earnings in the periods prior to physical delivery. Certain of Spire Marketing’s wholesale purchase and sale transactions are classified as trading activities for financial reporting purposes, with income and expenses presented on a net basis in natural gas expenses in the Condensed Consolidated Statements of Income. Spire enters into cash flow and fair value hedges through the execution of interest rate swap contracts to manage exposure to adverse movements in interest rates, including variability in future interest payments and changes in the fair value of fixed-rate debt attributable to changes in benchmark interest rates.

TRANSACTIONS WITH AFFILIATES – Transactions between affiliates of the Company have been eliminated from the consolidated financial statements of Spire. As reflected in their separate financial statements, Spire Missouri and Spire Alabama borrowed funds from the Company and incurred related interest. Spire Missouri and Spire Alabama also participated in normal intercompany shared services transactions. Spire Missouri’s and Spire Alabama’s other transactions with affiliates are presented below:


	Three Months Ended June 30,				Nine Months Ended June 30,
	2026		2025		2026		2025
Spire Missouri
Purchases of natural gas from Spire Marketing	$	—	$	3.0	$	8.3	$	11.2
Transportation services received from Spire MoGas Pipeline*		9.7		9.6		29.6		29.2
Sales of natural gas to Spire Marketing		—		—		0.1		0.1
Spire Alabama
Purchases of natural gas from Spire Marketing	$	—	$	—	$	—	$	13.9

* Spire STL Pipeline LLC and Spire MoGas Pipeline LLC merged on December 31, 2025, with Spire MoGas Pipeline LLC being the surviving entity. All Spire STL Pipeline LLC transactions are included under Spire MoGas Pipeline for all periods presented.

RESTRICTED CASH AND OTHER INVESTMENTS – In Spire’s statement of cash flows, total Cash, Cash Equivalents, and Restricted Cash included $38.3, $35.5 and $35.0 of restricted cash reported in “Other Investments” on the Company’s balance sheet as of June 30, 2026, September 30, 2025, and June 30, 2025, respectively (in addition to amounts shown as “Cash and cash equivalents”). This restricted cash has been segregated and invested in debt securities in trust accounts based on collateral requirements for reinsurance at Spire’s risk management company.

ACCRUED CAPITAL EXPENDITURES – Accrued capital expenditures, shown in the following table, are excluded from capital expenditures in the statements of cash flows until paid.


	June 30,		September 30,		June 30,
	2026		2025		2025
Spire	$	81.2	$	82.5	$	71.8
Spire Missouri		46.3		61.8		52.9
Spire Alabama		4.7		9.5		9.2

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES – Trade accounts receivable are recorded at the amounts due from customers, including unbilled amounts. Accounts receivable are written off when they are deemed to be uncollectible. An allowance for expected credit losses is estimated and updated based on relevant data and trends such as accounts receivable aging, historical write-off experience, current write-off trends, economic conditions, and the impact of weather and availability of customer payment assistance on collection trends. For the Utilities, net write-offs as a percentage of revenue has historically been the best predictor of base net write-off experience over time. Management judgment is applied in the development of the allowance due to the complexity of variables and subjective nature of certain relevant factors. The accounts receivable of Spire’s non-utility businesses are evaluated separately from those of the Utilities. The allowance for credit losses for those other businesses is based on a continuous evaluation of the individual counterparty risk and is not significant for the periods presented. Activity in the allowance for credit losses is shown in the following table.

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	Spire						Spire Missouri						Spire Alabama
Three Months Ended June 30,	2026			2025			2026			2025			2026			2025
Allowance at beginning of period	$	33.7		$	36.8		$	25.3		$	29.6		$	5.6		$	6.1
Provision for expected credit losses		6.6			3.6			6.3			2.6			0.3			0.7
Write-offs, net of recoveries		(9.9	)		(6.6	)		(8.7	)		(4.3	)		(1.0	)		(1.7	)
Allowance at end of period	$	30.4		$	33.8		$	22.9		$	27.9		$	4.9		$	5.1

Nine Months Ended June 30,	2026			2025			2026			2025			2026			2025
Allowance at beginning of period	$	28.8		$	31.4		$	23.0		$	24.9		$	4.9		$	5.7
Acquisition		1.7			—			—			—			—			—
Provision for expected credit losses		22.6			17.6			18.4			13.3			3.5			3.5
Write-offs, net of recoveries		(22.7	)		(15.2	)		(18.5	)		(10.3	)		(3.5	)		(4.1	)
Allowance at end of period	$	30.4		$	33.8		$	22.9		$	27.9		$	4.9		$	5.1

2. ACQUISITIONS

Acquisition of Tennessee Piedmont Natural Gas business

On March 31, 2026, Spire completed the acquisition of the Tennessee natural gas distribution business of Piedmont Natural Gas Company, Inc., a wholly-owned subsidiary of Duke Energy Corporation (the “Piedmont Tennessee Transaction” or “Acquisition”). The Company expects the acquisition to significantly increase Spire’s scale of regulated business in one of the fastest growing regions in the U.S., expand regulatory diversity, provide accretive earnings and support dividend growth. The consideration transferred at closing was approximately $2.5 billion in cash including working capital. The consideration transferred was allocated to the identifiable assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date.

The following table summarizes the preliminary purchase price allocation and the estimated fair values of the assets acquired and liabilities assumed:



(Dollars in millions)
Acquisition consideration:	$	2,500.8
Assets acquired:
Utility plant	$	1,829.4
Accounts receivable (net allowance of $1.7)		65.2
Inventories		7.1
Current regulatory assets		33.4
Other current assets		35.6
Non-current regulatory assets		42.1
Other non-current assets		0.4
Total assets acquired		2,013.2
Liabilities assumed:
Accounts payable		33.5
Other current liabilities		35.6
Non-current regulatory liabilities		173.5
Other non-current liabilities		11.5
Total liabilities assumed		254.1
Net assets acquired		1,759.1
Goodwill	$	741.7

The consideration transferred is subject to customary post‑closing adjustments, including adjustments for net working capital, regulatory assets and liabilities, and capital expenditures through the closing date. Transaction costs of $1.4 and $26.4 associated with the acquisition were expensed as incurred and reported in “Operation and Maintenance Expense” in the Company’s condensed consolidated statements of income for the three months and nine months ended June 30, 2026, respectively.

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Substantially all of the assets acquired and liabilities assumed are subject to the regulatory authority of the TPUC and are accounted for in accordance with ASC 980, Regulated Operations. Because the costs associated with these regulated assets and liabilities are recoverable through regulated rates, their carrying values approximate fair value. Utility plant is depreciated using composite depreciation rates approved by the TPUC over the estimated service lives of the underlying assets.

Due to the timing of the Acquisition, the fair values of the net assets acquired, including goodwill, remain preliminary and are subject to change as additional information regarding facts and circumstances that existed as of the acquisition date is obtained during the measurement period. The preliminary fair value estimates are based on management's best estimates and assumptions, including future cash flows and discount rates where applicable, and in accordance with ASC 980, Regulated Operations. During the quarter ended June 30, 2026, the Company recorded a $3.8 measurement period adjustment related to an assumed litigation obligation associated with the Piedmont Tennessee Transaction, resulting in total recorded goodwill of $741.7 as of June 30, 2026. This adjustment increased the estimated fair value of liabilities assumed and resulted in a corresponding increase to goodwill. Accordingly, the preliminary purchase price allocation was updated to reflect the revised estimate. The Company continues to evaluate information obtained during the measurement period and may record additional adjustments to the preliminary purchase price allocation as new information becomes available regarding facts and circumstances that existed as of the acquisition date.

Goodwill represents the excess of the consideration transferred over the estimated fair value of the identifiable net assets acquired and is attributable primarily to expected operational synergies, complementary geographic and operational footprints, scale efficiencies, and future growth opportunities. The total amount of Goodwill is expected to be deductible for tax purposes. For book purposes, Goodwill is not amortized and is subject to annual impairment testing. Goodwill resulting from the Acquisition was recorded at the parent company level and allocated to the Spire Tennessee reporting unit based on the expected benefit of the Acquisition.

The Acquisition was completed on March 31, 2026, the last day of the Company's interim reporting period; accordingly, the Acquisition is reflected in the Company's condensed consolidated balance sheet as of March 31, 2026, the related cash outflows are reflected in the Company's condensed consolidated statement of cash flows, and the acquired business's results of operations have been included in the Company's condensed consolidated statement of income since the acquisition date. As the Acquisition closed on the period‑end date, the results of operations of the acquired

business were not material and therefore are not included in the Company’s condensed consolidated statements of income or operating cash flows for the three months ended March 31, 2026. For the three months ended June 30, 2026, the acquired Tennessee natural gas distribution business contributed revenues of approximately $44.8, respectively, and net loss of approximately ($6.9), respectively, to the Company's consolidated results of operations. In connection with the Acquisition, Spire Tennessee and Duke Energy Business Services LLC (“Duke Energy Business Services”) have entered into a transition services agreement (the “Piedmont TSA”), pursuant to which Duke Energy Business Services has agreed to provide certain transition services to Spire to facilitate the transition of operations following the Acquisition, as agreed upon in the applicable purchase agreement. The Piedmont TSA is for an initial eighteen-month term and is subject to extension as necessary to complete the successful transition. The Piedmont TSA remains in effect and is expected to continue through its contractual term.

The following unaudited pro forma financial information reflects the consolidated results of operations of the Company from continuing operations, assuming the acquisition had taken place on October 1, 2024. The most significant pro forma adjustments relate to:


	Three Months Ended June 30,						Nine Months Ended June 30,
(In millions, except per share amounts)	2026			2025			2026		2025
Total Operating Revenues	$	420.2		$	399.4		$	2,400.9	$	2,242.1
Net (Loss) Income		(42.6	)		(31.3	)		331.7	284.8

Non-recurring pro forma adjustments include transaction costs and financing costs that are not expected to recur.

Additional information regarding financing activities related to the acquisition is provided in Note 8 – Financing.

3. DIVESTITURES

During fiscal year 2026, the Company committed to the divestiture of certain businesses as part of a strategic repositioning to focus on its regulated natural gas utility operations. These actions included the sale of Spire Marketing and Belle Butte LLC and its subsidiaries (collectively, “Spire Storage”). The Company also entered into an agreement to

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sell Spire Mississippi. Upon execution of the respective sale agreements, management determined that the disposal groups met the criteria to be classified as held for sale. The sales of Spire Storage and Spire Marketing closed during the quarter, and the Company used the proceeds from these divestitures to repay acquisition-related borrowings incurred in connection with the Piedmont Tennessee Transaction.

The divestitures of Spire Marketing and Spire Storage represent strategic shifts that have had a major effect on the Company’s operations and financial results. Accordingly, each has been classified as a discontinued operation beginning in the second quarter of fiscal 2026, and their results have been reclassified to discontinued operations for all periods presented. The related results of operations have been retrospectively recast in the accompanying condensed consolidated financial statements. In addition, the related assets and liabilities were classified as held for sale prior to their respective dispositions and were subsequently derecognized upon completion of the transactions.

The planned sale of Spire Mississippi does not represent a strategic shift that will have a major effect on the Company’s operations or financial results, as the Company’s remaining regulated utilities, Spire Missouri, Spire Alabama, Spire Tennessee and Spire Gulf, continue to represent the substantial majority of the Gas Utility segment’s operations. Accordingly, Spire Mississippi is classified as held for sale, with its results of operations continuing to be reported within continuing operations as part of the Gas Utility segment. The related assets and liabilities have been classified as held for sale for the current period but have not been retrospectively recast for prior periods presented on the condensed consolidated balance sheets.

Upon classification as held for sale, the Company ceased recording depreciation and amortization on the long-lived assets of the Spire Marketing, Spire Storage and Spire Mississippi disposal groups. See Note 12 - Segment Information for information regarding the Company's change in reportable segments.

Discontinued Operations

Sale of Spire Marketing

In March 2026, Spire entered into a definitive agreement with Boardwalk Pipelines, LP (“Boardwalk”) for the sale of Spire Marketing. In connection with the transaction, Spire entered into a transition services agreement (the “Spire Marketing TSA”) with Boardwalk pursuant to which Spire will provide certain services for a limited period following the closing. The Spire Marketing TSA is structured to reimburse Spire for the cost of providing the services, are not expected to be material to Spire on a consolidated basis.

On April 30, 2026, Spire completed the sale of its gas marketing business, Spire Marketing Inc., and received cash proceeds of approximately $212, subject to customary post-closing adjustments as provided in the agreement. The Company recognized a pretax gain on sale of $118.6. Income tax expense associated with the transaction was $26.9, resulting in an after-tax gain of $91.7. The gain on sale is included in Income From Discontinued Operations, Net of Tax, in the Condensed Consolidated Statements of Income.

Upon classification as held for sale, the Company measured the Spire Marketing disposal group at the lower of its carrying amount or fair value less cost to sell and recognized no impairment loss. The operating results of the disposal group through the date of sale, together with the gain on sale, are included in Income From Discontinued Operations, Net of Tax, in the Condensed Consolidated Statements of Income.

Sale of Spire Storage

In April 2026, Spire entered into a definitive agreement for the sale of Spire Storage to Subterra Energy Holdings, LLC (“Subterra”), an affiliate of I Squared Capital. On June 30, 2026, Spire completed the sale of Spire Storage after receiving the required regulatory approvals and satisfying customary closing conditions. Total consideration was approximately $657, consisting of $607 payable in cash at closing, subject to customary purchase price adjustments set forth in the agreement, and $50.0 of deferred consideration payable on or before September 30, 2027. The deferred consideration is time-based and not contingent upon the future performance of Spire Storage. In connection with the transaction, Spire entered into a transition services agreement (the “Spire Storage TSA”) with Subterra pursuant to which Spire will provide certain services for a limited period following the closing. The Spire Storage TSA is structured to reimburse Spire for the cost of providing the services, are not expected to be material to Spire on a consolidated basis.

Upon classification as held for sale, the Company measured the Spire Storage disposal group at the lower of its carrying amount or fair value less cost to sell, resulting in no impairment. The Company recognized a pretax gain on sale of $210.8. Income tax expense associated with the transaction was $47.9, resulting in an after-tax gain of $162.9. The operating results of the disposal group through the date of sale, together with the gain on sale, are included in Income from Discontinued Operations, Net of Tax, in the Condensed Consolidated Statements of Income. The Company recorded a

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receivable related to the deferred consideration, which is included in Other non-current assets on the Condensed Consolidated Balance Sheets.

The following table presents the carrying values of the major classes of assets and liabilities of the Spire Marketing and Spire Storage disposal groups that were classified as held for sale in prior periods. During the three months ended June 30, 2026, the related assets and liabilities were derecognized and no longer reflected in the Condensed Consolidated Balance Sheet as of June 30, 2026.


(Dollars in millions)	Spire Marketing Disposal Group		Spire Storage Disposal Group		Total
Year Ended September 30, 2025
Non-utility property (net of $7.1 and $15.7 accumulated depreciation, respectively)	$	1.0	$	441.5	$	442.5
Other non-current assets		2.0		1.4		3.4
Non-current assets held for sale		3.0		442.9		445.9
Accounts receivable, net		93.3		12.0		105.3
Inventory		31.8		2.4		34.2
Prepayments		0.2		1.5		1.7
Derivative instrument assets		41.5		—		41.5
Current assets held for sale	$	166.8	$	15.9	$	182.7

Accounts payable		85.6		6.4		92.0
Wages and compensation accrued		4.0		0.9		4.9
Taxes accrued		0.5		1.0		1.5
Total Other		16.7		9.1		25.8
Current liabilities held for sale		106.8		17.4		124.2
Asset retirement obligations		—		5.6		5.6
Deferred Credits and Other Liabilities held for sale		1.6		0.2		1.8
Non-current liabilities held for sale	$	1.6	$	5.8	$	7.4


(Dollars in millions)	Spire Marketing Disposal Group		Spire Storage Disposal Group			Total
As of June 30, 2025
Non-utility property (net of $7.0 and $12.3 accumulated depreciation, respectively)	$	1.1	$	441.2		$	442.3
Other non-current assets		2.4		1.4			3.8
Non-current assets held for sale		3.5		442.6			446.1
Accounts receivable, net		109.6		8.0			117.6
Inventory		30.5		6.4			36.9
Prepayments		0.2		1.8			2.0
Derivative instrument assets		43.5		(0.1	)		43.4
Current assets held for sale	$	183.8	$	16.1		$	199.9

Accounts payable		92.0		8.0			100.0
Wages and compensation accrued		3.7		0.6			4.3
Taxes accrued		0.4		0.7			1.1
Total Other		15.8		11.2			27.0
Current liabilities held for sale		111.9		20.5			132.4
Asset retirement obligations		—		5.5			5.5
Deferred Credits and Other Liabilities held for sale		1.4		0.2			1.6
Non-current liabilities held for sale	$	1.4	$	5.7		$	7.1

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The following table presents the results of the Spire Marketing and Spire Storage Disposal Groups, which are included in Income from Discontinued Operations, net of tax, in Spire's Condensed Consolidated Statements of Operations.



	Three Months Ended June 30, 2026								Nine Months Ended June 30, 2026
(Dollars in millions)	Spire Marketing Disposal Group			Spire Storage Disposal Group		Total			Spire Marketing Disposal Group		Spire Storage Disposal Group		Total
Operating Revenues	$	8.9		$	26.1	$	35.0		$	118.0	$	76.2	$	194.2
Operating Expenses:
Natural gas		11.5			—		11.5			41.9		—		41.9
Operation and maintenance		2.4			18.9		21.3			11.5		31.5		43.0
Depreciation and amortization		—			—		—			0.2		6.7		6.9
Taxes, other than income taxes		0.1			0.5		0.6			0.6		1.4		2.0
Total Operating Expenses		14.0			19.4		33.4			54.2		39.6		93.8
Operating (Loss) Income		(5.1	)		6.7		1.6			63.8		36.6		100.4
Interest Expense, Net		—			2.6		2.6			—		6.6		6.6
(Loss) Income Before Income Taxes		(5.1	)		4.1		(1.0	)		63.8		30.0		93.8
Income Tax (Benefit) Expense		(1.3	)		1.1		(0.2	)		15.9		6.9		22.8
Net (Loss) Income	$	(3.8	)	$	3.0	$	(0.8	)	$	47.9	$	23.1	$	71.0
Gain on Sale of Discontinued Operations, Net of Tax		91.7			162.9		254.6			91.7		162.9		254.6
Net Income From Discontinued Operations	$	87.9		$	165.9	$	253.8		$	139.6	$	186.0	$	325.6

	Three Months Ended June 30, 2025								Nine Months Ended June 30, 2025
(Dollars in millions)	Spire Marketing Disposal Group			Spire Storage Disposal Group		Total			Spire Marketing Disposal Group		Spire Storage Disposal Group		Total
Operating Revenues	$	43.1		$	26.3	$	69.4		$	129.7	$	65.7	$	195.4
Operating Expenses:
Natural gas		7.7			—		7.7			64.6		—		64.6
Operation and maintenance		3.2			7.8		11.0			11.8		22.2		34.0
Depreciation and amortization		0.2			2.7		2.9			0.9		4.7		5.6
Taxes, other than income taxes		0.3			0.4		0.7			0.8		0.9		1.7
Total Operating Expenses		11.4			10.9		22.3			78.1		27.8		105.9
Operating Income		31.7			15.4		47.1			51.6		37.9		89.5
Interest Expense, Net		—			2.0		2.0			—		5.9		5.9
Income Before Income Taxes		31.7			13.4		45.1			51.6		32.0		83.6
Income Tax Expense		7.9			3.0		10.9			12.9		7.3		20.2
Net Income from discontinued operations attributable to Spire Inc.	$	23.8		$	10.4	$	34.2		$	38.7	$	24.7	$	63.4

Spire has elected not to separately disclose discontinued operations on Spire's Condensed Consolidated Statements of Cash Flows. The following table summarizes Spire's cash flows from discontinued operations related to the Spire Marketing and Spire Storage Disposal Groups through their respective dates of disposition. Cash proceeds from the sales of Spire Marketing and Spire Storage are reflected within investing activities during the nine months ended June 30, 2026.

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	Nine Months Ended June 30, 2026					Nine Months Ended June 30, 2025
Cash Flow Summary	Spire Marketing Disposal Group		Spire Storage Disposal Group			Spire Marketing Disposal Group			Spire Storage Disposal Group
Net cash provided by operating activities	$	31.6	$	567.0		$	24.5		$	36.1
Net cash provided by (used in) investing activities		80.4		(13.3	)		(24.6	)		(91.5	)

Asset Held for Sale (Continuing Operations)

Sale of Spire Mississippi

On April 21, 2026, the Company entered into an agreement to sell Spire Mississippi, a wholly-owned subsidiary of Spire, to Delta Mississippi Gas Company, LLC (“Delta Utilities”). The transaction provides for a cash purchase price of $75.0, subject to customary purchase price adjustments, and is expected to close during the first fiscal quarter of 2027, subject to regulatory approval by the MSPSC and other customary closing conditions. This planned sale does not represent a strategic shift that will have a major effect on the Company's operations or financial results and, accordingly, will only be presented as held for sale for balance sheet reporting purposes. If the agreement is terminated upon certain qualifying terminations and subject to certain conditions set forth in the agreement, the purchaser will be required to pay a reverse termination fee of $7.5.

Spire Mississippi is classified as held for sale, and its results of operations continue to be reported within continuing operations as part of the Gas Utility segment. Upon classification as held for sale, the Company allocated $18.1 of goodwill to the Spire Mississippi disposal group. The Company measured the disposal group at the lower of its carrying amount or fair value less costs to sell and, as a result, recorded a goodwill impairment of $3.9 during the quarter ended March 31, 2026. As a result of subsequent adjustments to the disposal group's carrying value, the Company recorded an additional $1.5 impairment of property, plant and equipment during the quarter ended June 30, 2026. These charges are reflected in the condensed consolidated statements of income.

The following table summarizes the carrying values of the major classes of assets and liabilities of the Spire Mississippi disposal group classified as held for sale in Spire's Condensed Consolidated Balance Sheets:


(Dollars in millions)	Spire Mississippi Disposal Group
ASSETS
Utility Plant	$	95.1
Less – Accumulated depreciation and amortization		(32.5	)
Net Utility Plant		62.6
Accounts receivable (net of $0.1 allowance)		2.9
Materials and supplies		0.8
Regulatory Assets		0.9
Goodwill (net of $3.9 impairment)		14.2
Current assets held for sale	$	81.4

Accounts payable		1.0
Regulatory liabilities - Current		—
Asset retirement obligations		3.2
Regulatory liabilities		1.4
Other		2.3
Current liabilities held for sale	$	7.9

Sale of Non-Core Equity Interest

During the second quarter of fiscal 2026, the Company completed the sale of a non-core equity interest that was outside its reportable segments and recorded in Other. The investment had previously been accounted for under the equity method and was carried at an immaterial value. The Company received approximately $30.0 in cash proceeds and

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recognized a pre-tax gain of approximately $28.9, which is included in “Gain on Sale of Subsidiary” in the Condensed Consolidated Statements of Income.

4. REVENUE

The following tables show revenue disaggregated by source and customer type.


	Three Months Ended June 30,						Nine Months Ended June 30,
	2026			2025			2026			2025
Spire
Gas Utility:
Residential	$	233.2		$	212.0		$	1,398.8		$	1,302.9
Commercial and industrial		104.4			79.5			480.2			438.1
Transportation		36.3			30.9			113.6			102.9
Off-system and other incentive		19.7			17.0			70.1			51.2
Other customer revenue		7.5			5.6			15.8			19.3
Total revenue from contracts with customers		401.1			345.0			2,078.5			1,914.4
Changes in accrued revenue under alternative revenue programs		15.0			2.5			45.8			16.8
Total Gas Utility operating revenues		416.1			347.5			2,124.3			1,931.2
Other		23.4			24.3			63.4			63.7
Total before eliminations		439.5			371.8			2,187.7			1,994.9
Eliminations		(19.3	)		(19.3	)		(48.8	)		(48.0	)
Total Operating Revenues	$	420.2		$	352.5		$	2,138.9		$	1,946.9


Spire Missouri
Residential	$	159.0	$	155.8	$	1,048.3	$	967.6
Commercial and industrial		51.2		46.9		307.4		288.4
Transportation		9.4