Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

(Dollars in millions, except per share and per unit amounts)

INTRODUCTION

This section analyzes the financial condition and results of operations of Spire, Spire Missouri, and Spire Alabama. Refer to Item 1, Business, for descriptions of the businesses and the Company’s reportable segments. This Item 7 includes management’s discussion and analysis of financial results including changes in earnings and costs from the prior periods, as well as their financial condition and liquidity. Unless otherwise indicated, references to years herein are references to the fiscal years ending September 30 for the Company and its subsidiaries.

Reference is made to “Forward-Looking Statements” and Item 1A, Risk Factors, in Part I, which describe important factors that could cause actual results to differ from expectations and non-historical information contained herein. In addition, the following discussion should be read in conjunction with the audited financial statements and accompanying notes thereto of Spire, Spire Missouri and Spire Alabama included in Item 8, Financial Statements and Supplementary Data.

NON-GAAP MEASURES

Net income, earnings per share and operating income reported by Spire, Spire Missouri and Spire Alabama are determined in accordance with GAAP. Spire, Spire Missouri and Spire Alabama also provide the non-GAAP financial measures of adjusted earnings, adjusted earnings per share and contribution margin. Management and the Board of Directors use non-GAAP financial measures, in addition to GAAP financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting, to determine incentive compensation and to evaluate financial performance. These non-GAAP operating metrics should not be considered as alternatives to, or more meaningful than, the related GAAP measures. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are provided on the following pages.

Adjusted Earnings and Adjusted Earnings Per Share

Adjusted earnings and adjusted earnings per share are non-GAAP measures that exclude from net income, as applicable, the 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. In addition, adjusted earnings per share would exclude the impact, in the fiscal year of issuance, of any shares issued to finance acquisitions that have yet to be included in adjusted earnings.

The fair value and timing adjustments are made in instances where the accounting treatment differs from what management considers the economic substance of the underlying transaction, including the following:

•

Net unrealized gains and losses on energy-related derivatives that are required by GAAP fair value accounting associated with current changes in the fair value of financial and physical transactions prior to their completion and settlement. These unrealized gains and losses result primarily from two sources:

changes in the fair values of physical and/or financial derivatives prior to the period of settlement; and

ineffective portions of accounting hedges, required to be recorded in earnings prior to settlement, due to differences in commodity price changes between the locations of the forecasted physical purchase or sale transactions and the locations of the underlying hedge instruments;

•

Lower of cost or market adjustments to the carrying value of commodity inventories resulting when the net realizable value of the commodity falls below its original cost, to the extent that those commodities are economically hedged; and

•

Realized gains and losses resulting from the settlement of economic hedges prior to the sale of the physical commodity.

These adjustments eliminate the impact of timing differences and the impact of current changes in the fair value of financial and physical transactions prior to their completion and settlement. Unrealized gains or losses are recorded in each period until being replaced with the actual gains or losses realized when the associated physical transactions occur. Management believes that excluding the earnings volatility caused by recognizing changes in fair value prior to settlement and other timing differences associated with related purchase and sale transactions provides a useful representation of the economic effects of only the actual settled transactions and their effects on results of operations. While management uses these non-GAAP measures to evaluate all of its businesses, the net effect of these fair value and timing adjustments on the Utilities’ earnings is minimal because gains or losses on their natural gas derivative instruments are deferred pursuant to state regulation.

Table of Contents

Contribution Margin

In addition to operating revenues and operating expenses, management also uses the non-GAAP measure of contribution margin when evaluating results of operations. Contribution margin is defined as operating revenues less natural gas costs and gross receipts tax expense. The Utilities pass to their customers (subject to prudence review by, as applicable, the MoPSC, APSC or MSPSC) increases and decreases in the wholesale cost of natural gas in accordance with their PGA clauses or GSA riders. The volatility of the wholesale natural gas market results in fluctuations from period to period in the recorded levels of, among other items, revenues and natural gas cost expense. Nevertheless, increases and decreases in the cost of gas associated with system gas sales volumes and gross receipts tax expense (which are calculated as a percentage of revenues), with the same amount (excluding immaterial timing differences) included in revenues, have no direct effect on operating income. Therefore, management believes that contribution margin is a useful supplemental measure, along with the remaining operating expenses, for assessing the Company’s and the Utilities’ performance.

PENDING ACQUISITION

On July 27, 2025, Spire entered into an agreement with Piedmont Natural Gas, a wholly-owned Subsidiary of Duke Energy, to acquire its Tennessee natural gas business that serves more than 200,000 customers in the Nashville area (the “Transaction”). The strategic rationale for the Company is described below:

•

We expect the Transaction to allow Spire to significantly expand its regulated utility footprint in high-quality jurisdictions and significantly increase the scale of its regulated business while delivering on Spire’s commitment to growth and creating long-term shareholder value.

•

We expect the Transaction to provide robust growth driven by customer additions and system integrity and reliability investments, aligned with Spire’s investment strategy. These long-term investments are expected to be supported by Tennessee’s constructive regulatory environment support of natural gas.

•

We expect the Transaction to support Spire’s long-term adjusted earnings per share growth expectations and provide meaningful investment opportunities. The acquisition is expected to generate incremental cash flow to support investment in the business, shareholder returns and dividend growth.

The stated purchase price of the Transaction is $2.48 billion subject to adjustment, including adjustments based on net working capital, regulatory assets and liabilities and capital expenditures at closing. The Transaction is supported by a fully committed bridge facility with Bank of Montreal ("BMO") Capital Markets Corp. for the entire purchase price.

We expect permanent financing for the acquisition to be provided through a balanced mix of debt, equity, and hybrid securities. As part of the financing plan, Spire is considering the sale of its natural gas storage facilities, Spire Storage West LLC and Spire Storage Salt Plains LLC, to help fund the acquisition. The sale would be subject to board approval and customary closing conditions, including regulatory approval.

The transaction is expected to close in the first quarter of calendar 2026, subject to customary closing conditions, including approval by the Tennessee Public Utility Commission ("TPUC"). On October 31, 2025, FERC approved the transfer of gas supply contracts to Spire. The applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act expired without objection, satisfying one of the key regulatory requirements for the transaction.

EARNINGS

This section contains discussion and analysis of the results for the year ended September 30, 2025 compared to the results for the year ended September 30, 2024. The discussion and analysis of the results for the year ended September 30, 2024 compared to the results of the year ended September 30, 2023 can be found in Part II, Item 7 of Spire Inc.’s fiscal 2024 Annual Report on Form 10-K, filed with the SEC on November 20, 2024.

The following sections present and discuss the financial metrics in total and by registrant and segment.

Table of Contents

Spire

The following tables reconcile the Company’s adjusted earnings to net income.

Per

Gas Gas Consol- Diluted

Utility Marketing Midstream Other idated Share**

Adjustments, pre-tax:

Fair value and timing adjustments — (10.4 ) — — (10.4 ) (0.17 )

Income tax effect of adjustments* — 2.6 — (3.6 ) (1.0 ) (0.02 )

Adjustments, pre-tax:

Fair value and timing adjustments — (12.4 ) — — (12.4 ) (0.22 )

Acquisition and restructuring activities activities 5.0 — 2.3 0.3 7.6 0.14

Income tax effect of adjustments* (1.2 ) 3.1 (0.5 ) (0.1 ) 1.3 0.02

Adjustments, pre-tax:

Fair value and timing adjustments — 11.4 — — 11.4 0.21

Acquisition activities — — 2.5 — 2.5 0.05

Income tax effect of adjustments* — (2.9 ) (0.4 ) — (3.3 ) (0.06 )

*Income tax adjustments include amounts calculated by applying federal, state, and local income tax rates applicable to ordinary income to the amounts of the pre-tax reconciling items.

** Adjusted earnings per share is calculated by replacing consolidated net income with consolidated adjusted earnings in the diluted earnings per share calculation, which includes reductions for cumulative preferred dividends and participating shares.

Reconciliations of contribution margin to the most directly comparable GAAP measure are shown below.

Gas Gas

Utility Marketing Midstream Other Eliminations Consolidated

Less: Gross receipts tax expense (115.5 ) (0.2 ) — — — (115.7 )

Table of Contents

Gas Gas

Utility Marketing Midstream Other Eliminations Consolidated

Less: Gross receipts tax expense (128.0 ) (0.2 ) — — — (128.2 )

Gas Gas

Utility Marketing Midstream Other Eliminations Consolidated

Less: Gross receipts tax expense (131.5 ) (0.3 ) — — — (131.8 )

Select changes from the year ended September 30, 2024 to the year ended September 30, 2025 are summarized in the following table and discussed below.

Gas Gas Other, Net of

Changes FY25 from FY24 Utility Marketing Midstream Eliminations Consolidated

Other Income (Expense) (10.8 )

Interest Expense 3.0

Income Tax 1.0

Interest expense reflects the impact of $5.4 in costs associated with the bridge facility backing the Piedmont Tennessee acquisition. Excluding this amount, interest expense declined $2.4 year-over-year. The decrease in interest expense reflects lower effective interest rates partially offset by higher average levels of debt in the current year. Weighted-average short-term interest rates were 4.5% in the current-year period versus 5.7% in the prior-year period, while weighted average interest rate on long-term debt decreased slightly from the prior year.

Other income decreased $10.8 versus the prior-year period, $20.2 excluding the impact of the Postretirement Non-Service Costs Transfer (“NSC Transfer”), which has no impact on net income. The principal drivers of the decline was a one-time $8.2 pre-tax hedging gain recognized in the prior year period, and a decline of gas-carrying cost credits at Spire Missouri of $9.4.

The increase in income taxes primarily reflects the higher current-year pre-tax book income.

Table of Contents

Gas Utility

For the twelve months ended September 30, 2025, Gas Utility net income and adjusted earnings were higher than the corresponding prior-year period by $14.4 and $10.6, respectively. Adjusted earnings growth was lower than net income growth primarily due to excluding the $3.8 after-tax charge relating to the customer affordability initiative that was recorded in the prior year. The year-to-date change in net income was driven by growth at both Spire Missouri and Spire Alabama totaling $9.9 and $4.8, respectively.

The decrease in Gas Utility operating revenues for fiscal 2025 was attributable to the following factors:

Spire Missouri and Spire Alabama – Lower PGA/GSA gas cost recoveries $ (285.5 )

Spire Missouri and Spire Alabama – Lower gross receipt taxes (12.4 )

Spire Missouri – Infrastructure System Replacement Surcharge (ISRS) 33.5

Spire Missouri and Spire Alabama– Off-system sales and capacity release 28.4

Spire Alabama – RSE adjustments 5.2

All other factors (5.9 )

Total Variation $ (230.3 )

The primary driver of the current year decrease in revenue was the $285.5 impact of lower gas cost recoveries across all utilities, driven principally by lower PGA rates at Spire Missouri. This was only partly offset by higher current year ISRS billings and higher off-system sales, impacts of Spire Missouri's and Spire Alabama’s volumetric usage, and favorable Spire Alabama RSE adjustments.

The year-over-year increase in Gas Utility contribution margin was attributable to the following factors:

Spire Missouri – ISRS $ 33.5

Spire Alabama – RSE adjustments 5.0

Spire Missouri and Spire Alabama– Off-system sales and capacity release 4.1

Spire Alabama – Volumetric usage including weather mitigation impact (3.0 )

All other factors (2.1 )

Total Variation $ 37.5

Contribution margin increased $37.5 versus the comparable prior-year period. Contribution margin benefited from the $33.5 Spire Missouri ISRS growth, $5.0 of growth from Spire Alabama’s RSE adjustments, and higher off-system sales. These favorable impacts more than offset the $3.0 negative impact of Spire Alabama’s volume usage net of weather mitigation adjustments and lower net other factors.

Reported operation and maintenance (“O&M”) expenses for the twelve months ended September 30, 2025 were $14.3 higher than the twelve months ended September 30, 2024. Removing the impact of the NSC Transfer, O&M expenses were $4.7 higher than the prior-year period. After excluding the $5.0 prior year charge relating to the Company’s customer affordability initiative, O&M expenses were $9.7 higher than the corresponding prior-year period. Higher employee-related costs in the current year, combined with higher field operations costs, were only partly mitigated by lower bad debts expense, and lower support costs.

Taxes, other than income taxes, decreased $8.9, as the $12.5 lower gross receipt taxes resulting from lower revenues more than offset higher property taxes. Depreciation and amortization expenses for the year ended September 30, 2025 were $14.0 higher than the same period in the prior year primarily driven by continued infrastructure capital expenditures across all the Utilities.

Interest expense decreased $10.2, with both Spire Missouri and Spire Alabama benefiting from lower average short-term interest rates in the current year.

The benefit of carrying cost credits at Spire Missouri, included in other income, decreased $9.4 versus the corresponding prior-year period.

Gas Marketing

Including $1.5 (after-tax) unfavorable mark-to-market activity, net income increased $1.0. The $2.5 year-over-year increase in adjusted earnings reflects realized business portfolio optimization opportunities that more than offset lower regional basis differentials, and higher storage and transportation fees in the current year.

Table of Contents

Contribution margin increased $1.4 versus the prior-year period, reflecting the $2.0 (pre-tax) unfavorable mark-to-market activity. Excluding this impact, contribution margin increased $3.4, reflecting realized business portfolio optimization opportunities that more than offset lower regional basis differentials, and higher storage and transportation fees in the current year.

O&M expenses were $1.2 higher than prior-year levels, the result of higher spend on outside services and higher employee costs in the current year.

Midstream

Our Midstream segment includes storage and pipeline operations which currently consist of an approximate year-to-date net income mix of 73% and 27%, respectively. Net income and adjusted earnings for the Company’s Midstream segment for the twelve months ended September 30, 2025 versus the comparable prior-year period increased $24.6 and $22.8, respectively. Approximately 96% of the adjusted earnings increase was attributable to our storage operations. The increase was driven by higher storage earnings, reflecting increased asset optimization, additional storage capacity and contract renewals at higher rates, combined with the acquisition of MoGas in the second quarter of the prior year.

Revenues in the current year increased $54.8 versus the prior-year period, reflecting the higher rates and activity with storage. O&M expenses were up $10.6 year-over-year, due primarily to costs associated with the higher storage activity in the current year, combined with non-recurring Spire MoGas acquisition costs of $2.3 in the prior year.

Other

The Company’s other activities generated a $49.7 loss in the twelve months ended September 30, 2025, $19.2 higher than the prior year. The major contributor to this variance was the $14.9 pre-tax ($11.4 after-tax) increase in acquisition and restructuring activities due to our recently announced Piedmont Tennessee acquisition, combined with the $8.2 ($6.3 after-tax) interest rate swap gain in the prior year that did not repeat. The remaining variance was mostly a result of higher interest expense in the current year that was only partly offset by lower corporate expenses.

Spire Missouri

Year Ended September 30,

Operation and maintenance expenses 300.7 287.4

Depreciation and amortization 188.4 174.0

Taxes, other than income taxes 151.1 157.7

Less: Gross receipts tax expense (82.9 ) (93.1 )

Contribution Margin [Non-GAAP] 791.8 758.1

Gross receipts tax expense 82.9 93.1

Revenues for the twelve months ended September 30, 2025 were $193.3 lower than the comparable prior-year period. Lower PGA rates reduced gas cost recoveries by $239.8. This reduced revenue driver also resulted in reduced gross receipts taxes of $10.2. These negative impacts were only partly offset by $33.5 incremental ISRS revenues, $23.2 attributable to higher off-system sales in the current-year, and increased weather-mitigated customer usage versus the prior-year period.

Contribution margin for the twelve months ended September 30, 2025 increased $33.7 from the same period in the prior year, primarily due to the $33.5 incremental ISRS billings and favorable $1.2 off-system sales impact.

Degree days in Spire Missouri’s service areas during the twelve months ended September 30, 2025 were 8.7% warmer than normal (normal currently defined as past 30-year average), though 11.8% colder than the same period last year. Spire Missouri’s total system volume sold and transported were 1,570.0 million centum (Latin for “hundred”) cubic feet (CCF) for the current year, compared with 1,469.2 million CCF for the same period in the prior year. Total off-system volume sold and transported were 77.7 million CCF for the current-year, compared with 38.2 million CCF a year ago.

Reported O&M expenses for the twelve months ended September 30, 2025 increased $13.3 versus the corresponding prior-year period. Removing the NSC Transfer impact, O&M expense increased $1.5. After excluding the $3.6 prior-year charge relating to the Company’s customer affordability initiative, O&M expenses were $5.1 higher than the corresponding

Table of Contents

prior year period. Higher field operations and employee-related costs were only partly mitigated by lower bad debt expense costs and lower Administrative and General (“A&G”) and support function costs resulting from customer affordability initiatives implemented last year.

Depreciation and amortization expenses increased $14.4 versus the comparable prior-year period due to ongoing capital investments. Taxes, other than income taxes decreased $6.6, as $10.2 lower pass-through gross receipts taxes more than offset the increase in property tax.

Other income declined by $0.6 versus the prior-year period, $12.4 after excluding the impact of the NSC Transfer. The decrease was primarily driven by the decrease in carrying cost credits of $9.4 and unfavorable mark-to-market unrealized losses on non-qualified benefit trusts.

Interest expense decreased $6.2, primarily reflecting lower average short-term interest rates in the current year that offset the impact of higher average debt levels.

Resulting net income for the twelve months ended September 30, 2025 increased $9.9 versus the twelve months ended September 30, 2024.

Spire Alabama

Year Ended September 30,

Operation and maintenance expenses 137.1 135.6

Depreciation and amortization 71.0 72.8

Taxes, other than income taxes 40.2 42.7

Less: Gross receipts tax expense (27.9 ) (30.1 )

Contribution Margin [Non-GAAP] 362.9 359.3

Gross receipts tax expense 27.9 30.1

Operating revenues for the twelve months ended September 30, 2025 decreased $33.7 from the same period in the prior year. The decrease in operating revenue was principally due to a $45.7 decrease in gas cost recovery, combined with lower gross receipts taxes totaling $2.2. These negative impacts were only partly offset by volumetric usage totaling $5.2, and favorable RSE renewal of $5.2.

Contribution margin was $3.6 higher versus the prior-year period, driven primarily by a net favorable $5.0 RSE update and higher off-system sales, partially offset by net unfavorable volume usage and weather mitigation adjustments of $3.0 and $0.5 lower CCM benefit.

As measured in degree days, temperatures in Spire Alabama’s service area during the twelve months ended September 30, 2025, were 4.2% warmer than normal, but 2.9% colder than a year ago. Spire Alabama’s total system volume sold and transported were 1,080.8 million CCF for the twelve months ended September 30, 2025, compared with 1,036.7 million CCF for the same period in the prior year. Total off-system volume sold and transported were 83.7 million CCF for the current-year period, compared with 90.9 million CCF off-system volume sold and transported in the prior-year period.

Reported O&M expenses for the twelve months ended September 30, 2025 declined $1.5 versus the comparable prior-year period. After excluding the impact of the NSC Transfer and the prior-year restructuring charge of $1.0, O&M expenses in the current year were $4.5 higher than the corresponding prior-year period. Higher payroll costs and bad debt expense were only partially offset by A&G and support function costs resulting from customer affordability initiatives implemented over the last year.

Depreciation and amortization expenses decreased $1.8 versus the comparable prior-year period as changes in rates offset the impact of ongoing capital investments. Taxes, other than income taxes decreased $2.5, driven by lower pass-through gross receipts taxes.

Interest expense for the current-year decreased $3.5 versus the prior year, primarily the result of lower short-term borrowings combined with lower short-term interest rates.

Table of Contents

For the twelve months ended September 30, 2025, resulting net income increased $4.8 versus the twelve months ended September 30, 2024.

LIQUIDITY AND CAPITAL RESOURCES

Recent Cash Flows

Net cash provided by operating activities $ 578.0 $ 912.4 $ 440.2

Net cash used in investing activities (916.4 ) (1,027.2 ) (695.5 )

Net cash provided by operating activities decreased $334.4 from 2024 to 2025 after increasing $472.2 from 2023 to 2024. In addition to the changes in net income between the respective periods (discussed in the “Earnings” section above), the remaining changes were related to regulatory timing and fluctuations in working capital items, as discussed below in the Future Cash Requirements section.

In 2025, the Company’s net cash used in investing activities was $110.8 less than the same period in the prior year due to payments for business acquisitions (net of cash acquired) of $175.9 for MoGas in the prior year. However, total capital expenditures were $61.1 higher than last year, with a $125.7 spending increase in the Utilities driven by infrastructure upgrades, advanced meter installations, and new business offset by a $64.5 spending decrease for Midstream.

In 2024, the Company's net cash used in investing activities was $331.7 more than in 2023, primarily driven by a $198.8 increase in capital expenditures and a $138.9 increase in business acquisitions (MoGas in 2024 relative to Spire Storage Salt Plains in 2024). Capital expenditures increased $102.5 in the Gas Utility segment (primarily due to continued meter and other infrastructure upgrades) and $97.7 in the Midstream segment (primarily due to the ongoing Wyoming storage facility expansion).

In 2025, net cash provided by financing activities increased $220.8 versus the same period in the prior year. For the fiscal year ended fiscal 2025, there was a $478.0 increase of debt, while debt increased $29.9 for 2024. The relative cash inflow of those changes was partially offset by a $210.8 decrease in cash from issuance of common stock and a relative net increase in cash outflow from dividends paid on common stock of $15.1 this year.

Net cash provided by financing activities was down $136.7 in 2024 compared to 2023 as a result of lower net debt issuances and higher dividends, partially offset by higher common stock issuances.

Future Cash Requirements

The Company’s short-term borrowing requirements typically peak during colder months when the Utilities borrow money to cover the lag between when they purchase natural gas and when their customers pay for that gas. Changes in the wholesale cost of natural gas (including cash payments for margin deposits associated with Spire Missouri’s use of natural gas derivative instruments), variations in the timing of collections of gas cost under the Utilities’ PGA clauses and GSA riders, the seasonality of accounts receivable balances, and the utilization of stored gas inventories cause short-term cash requirements to vary during the year and from year to year, and may cause significant variations in the Company’s cash provided by or used in operating activities.

Spire’s material cash requirements as of September 30, 2025, are related to the proposed acquisition of the Tennessee natural gas business from Piedmont Natural Gas, capital expenditures, principal and interest payments on long-term debt, natural gas purchase obligations, and common and preferred stock dividends.

The pending acquisition will require financing of $2.48 billion, expected to be funded through a balanced mix of debt, equity and hybrid securities. In connection with the financing plan, Spire is considering selling its natural gas storage facilities, Spire Storage West LLC and Spire Storage Salt Plains LLC, to help fund the acquisition. The sale is subject to board approval.

Total Company capital expenditures are planned to be $809 for fiscal 2026, though Spire had purchase commitments for only a fraction of these as of September 30, 2025.

As detailed in Note 6, Long-Term Debt, of the Notes to Financial Statements in Item 8, $487.5 of the total $3,879.1 principal amount is due in fiscal 2026. Using each long-term debt instrument’s stated maturity and fixed rates or variable rates as of September 30, 2025, interest payments are projected to total $1,731.7, of which $161.6 is due in fiscal 2026.

Table of Contents

Spire’s natural gas purchase obligations totaled $1,762.8, including $526.0 for fiscal 2026, representing the minimum payments required under existing natural gas transportation and storage contracts and natural gas supply agreements. The amounts reflect fixed obligations as well as obligations to purchase natural gas at future market prices, calculated using forward market prices as of September 30, 2025. Each of the Utilities generally recovers costs related to its purchases, transportation and storage of natural gas through the operation of its PGA clause or GSA rider, subject to prudence review by the appropriate regional public service commission. Additional contractual commitments are generally entered into prior to or during the heating season.

Spire dividends declared and payable as of September 30, 2025, totaled $51.1, while annualized dividends based on the shares outstanding and regular quarterly amounts declared on November 13, 2025 are estimated at $209.6.

Source of Funds

The Utilities rely on short-term credit and long-term capital markets, as well as cash flows from operations, to satisfy their seasonal cash requirements and fund their capital expenditures. The Utilities access the commercial paper market through a program administered by the holding company, which then loans borrowed funds to the Utilities. The Utilities directly access the long-term bond market. In addition to its own operating cash flows, Spire Marketing relies on Spire’s parental guaranties to secure its purchase and sales obligations of natural gas, and it also has access to Spire’s liquidity resources.

It is management’s view that the Company, Spire Missouri and Spire Alabama have adequate access to credit and capital markets and will have sufficient liquidity and capital resources, both internal and external, to meet anticipated requirements. Spire Missouri’s and Spire Alabama’s access to capital markets, including the commercial paper market, and their respective financing costs, may depend not only on current conditions in the credit and capital markets but also on the credit rating of the entity that is accessing the capital markets. Their debt is rated by two rating agencies: Standard & Poor’s Corporation (“S&P”) and Moody’s Investors Service (“Moody’s”). The debt ratings of the Company, Spire Missouri and Spire Alabama (shown in the following table) remain at investment grade with a stable outlook for Moody’s. S&P ratings also remain at investment grade with a negative outlook.

S&P Moody’s

Spire Inc. senior unsecured long-term debt BBB Baa2

Spire Inc. preferred stock BBB- Ba1

Spire Inc. short-term debt A-2 P-2

Spire Missouri senior secured long-term debt A A1

Spire Alabama senior unsecured long-term debt BBB+ A2

Management focuses on maintaining a strong balance sheet and believes the Company, Spire Missouri and Spire Alabama have adequate access to credit and capital markets and will have sufficient liquidity and capital resources, both internal and external, to meet anticipated requirements.

Cash and Cash Equivalents

Bank deposits were used to support working capital needs of the business. Spire had no temporary cash investments as of September 30, 2025 or 2024.

Short-term Debt

The Company’s short-term cash requirements can be met through the sale of up to $1,500.0 of commercial paper or through the use of Spire's $1,500.0 revolving credit facility. For information about these resources, see Note 7, Notes Payable and Credit Agreements, of the Notes to Financial Statements in Item 8 and “Interest Rate Risk” under “Market Risk” below.

In addition to the commercial paper program and revolving credit facility, the Company has access to a fully committed bridge financing facility in connection with the pending acquisition of Piedmont Natural Gas local distribution company business in Tennessee from Duke Energy. The facility provides up to $2.48 billion in short-term financing, including a $1.88 billion bridge term loan and a $600 million delayed draw term loan. For information about these resources, see Note 18, Business Combinations.

Long-term Debt and Equity

Factoring in the current portion of long-term debt, the Company’s long-term consolidated capitalization consisted of 47% equity at September 30, 2025 and 46% equity at September 30, 2024. At September 30, 2025, Spire had outstanding principal of long-term debt totaling $3,879.1, of which $1,968.0 was issued by Spire Missouri, $715.0 was issued by Spire Alabama, and $1,196.1 was issued by Spire and other subsidiaries.

Table of Contents

On October 23, 2025, Spire Missouri issued an aggregate principal amount of $200.0 of First Mortgage Bonds. The first tranche consisted of an aggregate principal amount of $150.0, bearing interest at 4.60% per annum and maturing on September 15, 2030. The second tranche consisted of an aggregate principal amount of $50.0, bears interest at 4.65% per annum and maturing on January 15, 2031. Interest is payable semi-annually on March 15 and September 15 of each year. The bonds are senior secured indebtedness of Spire Missouri and rank equally with all other existing and future senior secured indebtedness issued by Spire Missouri under its Mortgage and Deed of Trust. The bonds are secured by a first mortgage lien on substantially all the real properties of Spire Missouri, subject to limited exceptions. Spire Missouri used the proceeds for general corporate purposes.

Effective October 27, 2024, Spire Missouri was authorized by the MoPSC to issue conventional term loans, first mortgage bonds, unsecured debt, preferred stock and common stock in an aggregate amount not to exceed $850.0 any time from that date through December 31, 2027. Under this authorization, through October 23, 2025, Spire Missouri has issued $74.4 of common stock and $350 of first mortgage bonds. Approximately $426.0 remains available for issuance under this authorization. Spire Alabama has no standing authority to issue long-term debt and must petition the APSC for each planned issuance.

In February 2021, Spire issued 3.5 million equity units, initially in the form of Corporate Units. Each Corporate Unit was comprised of (i) a purchase contract for a certain number of shares of the Company's common stock and (ii) an interest in the Company's 2021 Series A 0.75% Remarketable Senior Notes due 2026 with an aggregate principal amount of $175.0. In February 2024, Spire successfully remarketed those notes on behalf of the selling securityholders. As a result, the interest rate on that original $175.0 obligation was reset to 5.300%. Also in February 2024, Spire sold an additional $175.0 aggregate principal amount of the 5.300% Senior Notes due March 1, 2026, with interest payable semiannually, and Spire received net proceeds of $173.5 from this offering. The Corporate Unit holders purchased an aggregate of 2,745,733 shares of common stock (net of fractional shares) for $175.0, settled on March 5, 2024.

Under Spire’s “at-the-market” (ATM) equity distribution agreement and as authorized by its board of directors, the Company may offer and sell, from time to time, shares of its common stock (including shares of common stock that may be sold pursuant to forward sale agreements entered into in connection with the ATM equity distribution agreement). Settled sales under this ATM program are included in “Common stock issued” in the Consolidated Statements of Shareholders’ Equity. In the second and third quarters of fiscal 2024, Spire executed forward sale agreements for a total of 542,515 shares of its common stock, which were settled in December 2024, generating $32.4 of net proceeds. In the fourth quarter of fiscal 2024, Spire executed forward sale agreements for 663,619 shares of its common stock, which were settled in March 2025, generating proceeds of $42.4. As of September 30, 2025, there were no outstanding forward sales agreements. As of September 30, 2025, under the ATM program, Spire may sell additional shares with an aggregate offering price of up to $123.6 through January 2027. The Company suspended activity under the ATM program beginning August 7, 2025, and such suspension will remain in effect until two business days after the Company files its Annual Report on Form 10-K for the fiscal year ended September 30, 2025.

For more information about equity, including the ATM program and the equity units, see Note 5 of the Notes to Financial Statements in Item 8. For more information about long-term debt, see Note 6 of the Notes to Financial Statements in Item 8 and “Interest Rate Risk” under “Market Risk” later in this Item 7.

ENVIRONMENTAL MATTERS

The Utilities and other Spire subsidiaries own and operate natural gas distribution, transmission and storage facilities, the operations of which are subject to various environmental laws, regulations and interpretations. While environmental issues resulting from such operations arise in the ordinary course of business, such issues have not materially affected the Company’s, Spire Missouri’s or Spire Alabama’s financial position and results of operations. As environmental laws, regulations and their interpretations change, however, the Company and the Utilities may be required to incur additional costs. For information relative to environmental matters, see Contingencies in Note 16 of the Notes to Financial Statements in Item 8.

REGULATORY MATTERS

For discussions of regulatory matters for Spire, Spire Missouri, and Spire Alabama, see Note 15, Regulatory Matters, of the Notes to Financial Statements in Item 8.

ACCOUNTING PRONOUNCEMENTS

The Company, Spire Missouri and Spire Alabama are evaluating the impact of recently issued accounting standards on their respective consolidated financial statements.

Table of Contents

CRITICAL ACCOUNTING ESTIMATES

Our discussion and analysis of our financial condition, results of operations, liquidity and capital resources are based upon our financial statements, which have been prepared in accordance with GAAP, which requires that we make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We evaluate our estimates on an ongoing basis. We base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. We believe the following represent the more significant items requiring the use of judgment and estimates in preparing our financial statements:

Regulatory Accounting – The Utilities account for their regulated operations in accordance with FASB Accounting Standards Codification Topic 980, Regulated Operations. The provisions of this accounting guidance require, among other things, that financial statements of a rate-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-rate-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. Also, 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. For Spire Missouri and Spire Alabama, management believes the following represent the more significant items recorded through the application of this accounting guidance:

PGA Clause – Spire Missouri’s PGA clauses allows it to flow through to customers, subject to a prudence review by the MoPSC, the cost of purchased gas supplies, including the costs, cost reductions and related carrying costs associated with the use of natural gas derivative instruments to hedge the purchase price of natural gas. The difference between actual costs incurred and costs recovered through the application of the PGA clauses are recorded as regulatory assets and regulatory liabilities that are recovered or refunded in a subsequent period. The PGA clauses also permit the application of carrying costs to all over- or under-recoveries of gas costs, including costs and cost reductions associated with the use of derivative instruments, and also provide for a portion of income from off-system sales and capacity release revenues to be flowed through to customers.

GSA Rider –Spire Alabama’s rate schedules for natural gas distribution charges contain a GSA rider, established in 1993, which permits the pass-through to customers of changes in the cost of gas supply. Spire Alabama’s tariff provides a temperature adjustment mechanism, also included in the GSA, that is designed to moderate the impact of departures from normal temperatures on Spire Alabama’s earnings. The temperature adjustment applies primarily to residential, small commercial and small industrial customers. Other non-temperature weather related conditions that may affect customer usage are not included in the temperature adjustment. In prior years, Spire Alabama entered into cash flow derivative commodity instruments to hedge its exposure to price fluctuations on its gas supply. Spire Alabama recognizes all derivatives at fair value as either assets or liabilities on the balance sheet. Any realized gains or losses are passed through to customers using the mechanisms of the GSA rider in accordance with Spire Alabama’s APSC approved tariff and are recognized as a regulatory asset or regulatory liability. All derivative commodity instruments in a gain position are valued on a discounted basis incorporating an estimate of performance risk specific to each related counterparty. Derivative commodity instruments in a loss position are valued on a discounted basis incorporating an estimate of performance risk specific to Spire Alabama. Spire Alabama currently has no active gas supply derivative positions.

ISRS – The ISRS allows Spire Missouri expedited recovery for its investment to upgrade its infrastructure and enhance its safety and reliability without the necessity of a formal rate case. Spire Missouri records ISRS revenues as authorized by the MoPSC and estimates the probability and amount of any refunds based on commission precedent, current legal rulings, the opinion of legal counsel, and other considerations.

For more information, see Note 15, Regulatory Matters, of the Notes to Financial Statements in Item 8.

Employee Benefits and Postretirement Obligations – Pension and postretirement obligations are calculated by actuarial consultants that utilize several statistical factors and other assumptions provided by management related to future events, such as discount rates, returns on plan assets, compensation increases, medical cost trends, and mortality rates. For the Utilities, the amount of expense recognized and the amounts reflected in other comprehensive income are dependent upon the regulatory treatment provided for such costs, as discussed further below.

The amount of net periodic pension and other postretirement benefit costs recognized in the financial statements related to the Utilities’ qualified pension plans and other postretirement benefit plans is based upon allowances, as approved by the MoPSC (for Spire Missouri) and as approved by the APSC (for Spire Alabama). The allowances have been established

Table of Contents

in the rate-making process for the recovery of these costs from customers. The differences between these amounts and actual pension and other postretirement benefit costs incurred for financial reporting purposes are deferred as regulatory assets or regulatory liabilities. GAAP also requires that changes that affect the funded status of pension and other postretirement benefit plans, but that are not yet required to be recognized as components of pension and other postretirement benefit costs, be reflected in other comprehensive income. For the Utilities’ qualified pension plans and other postretirement benefit plans, amounts that would otherwise be reflected in other comprehensive income are deferred with entries to regulatory assets or regulatory liabilities.

For more information, see Note 13, Pension Plans and Other Postretirement Benefits, of the Notes to Financial Statements in Item 8.

The tables below reflect the sensitivity of Spire’s plans to potential changes in key assumptions:

Pension Plan Benefits: Estimated Increase/

(Decrease) to Estimated Increase/

Increase/ Projected (Decrease) to Annual

Actuarial Assumptions (Decrease) Benefit Obligation Net Pension Cost*

Expected Return on Plan Assets 0.25 % — (1.0 )

Rate of Future Compensation Increase 0.25 % 0.6 0.1

Postretirement Benefits: Estimated Increase/

(Decrease) to Estimated Increase/

Projected (Decrease) to Annual

Increase/ Postretirement Net Postretirement

Actuarial Assumptions (Decrease) Benefit Obligation Benefit Cost*

Expected Return on Plan Assets 0.25 % — (0.8 )

* Excludes the impact of regulatory deferral mechanism. See Note 13, Pension Plans and Other Postretirement Benefits, of the Notes to Financial Statements in Item 8 for information regarding the regulatory treatment of these costs.

Income Taxes – Income tax calculations require estimates due to book-tax differences, estimates with respect to regulatory treatment of certain items, and uncertainty in the interpretation of tax laws and regulations. Critical assumptions and judgments also include projections of future taxable income to determine the ability to utilize net operating losses and credit carryforwards prior to their expiration. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Management regularly assesses financial statement tax provisions to identify any change in regulatory treatment or tax related estimates and assumptions that could have a material impact on cash flows, financial position and/or results of operations. For more information, see Note 12, Income Taxes, of the Notes to Financial Statements in Item 8.

For further discussion of significant accounting policies, see Note 1, Summary of Significant Accounting Policies, of the Notes to Financial Statements in Item 8.

MARKET RISK

Commodity Price Risk

Gas Utility

Table of Contents

The Utilities’ commodity price risk, which arises from market fluctuations in the price of natural gas, is primarily managed through the operation of Spire Missouri’s PGA clauses and Spire Alabama’s GSA rider. The PGA clauses and GSA rider allows the Utilities to flow through to customers, subject to prudence review by the MoPSC and APSC, the cost of purchased gas supplies. Spire Missouri is allowed the flexibility to make up to three discretionary PGA changes during each year, in addition to its mandatory November PGA change, so long as such changes are separated by at least two months. Spire Missouri is able to mitigate, to some extent, changes in commodity prices through the use of physical storage supplies and regional supply diversity. Spire Alabama is allowed to make monthly changes to the GSA rate, but increases cannot exceed a 5% increase over the prior effective residential billing rate. The Utilities also have risk management policies that allow for the purchase of natural gas derivative instruments with the goal of managing its price risk associated with purchasing natural gas on behalf of its customers. These policies prohibit speculation. As of September 30, 2025, Spire Missouri had active natural gas derivative positions, but Spire Alabama did not. Costs and cost reduction, including carrying costs, associated with the use of natural gas derivative instruments are allowed to be passed on to customers through the operation of the PGA clauses or GSA rider. Accordingly, the Utilities do not expect any adverse earnings impact as a result of the use of these derivative instruments. However, the timing of recovery for cash payments related to margin requirements may cause short-term cash requirements to vary. For more information about the Utilities’ natural gas derivative instruments, see Note 10, Derivative Instruments and Hedging Activities, of the Notes to Financial Statements in Item 8.

Gas Marketing

In the course of its business, Spire’s non-regulated gas marketing subsidiary, Spire Marketing, enters into contracts to purchase and sell natural gas at fixed prices and natural gas index-based prices. Commodity price risk associated with these contracts has the potential to impact earnings and cash flows. To minimize this risk, Spire Marketing has a risk management policy that provides for daily monitoring of a number of business measures, including fixed price commitments. In accordance with the risk management policy, Spire Marketing manages the price risk associated with its fixed price commitments. This risk is currently managed either by closely matching the offsetting physical purchase or sale of natural gas at fixed-prices or through the use of natural gas futures, options and swap contracts traded on or cleared through the New York Mercantile Exchange (NYMEX) and Intercontinental Exchange ("ICE") to lock in margins. At September 30, 2025 and 2024, Spire Marketing’s unmatched fixed-price positions were not material to Spire’s financial position or results of operations.

As mentioned above, Spire Marketing uses natural gas futures, options and swap contracts traded on or cleared through the NYMEX and ICE to manage the commodity price risk associated with its fixed-price natural gas purchase and sale commitments. These derivative instruments may be designated as cash flow hedges of forecasted purchases or sales. Such accounting treatment, if elected, generally permits a substantial portion of the gain or loss to be deferred from recognition in earnings until the period that the associated forecasted purchase or sale is recognized in earnings. To the extent a hedge is effective, gains or losses on the derivatives will be offset by changes in the value of the hedged forecasted transactions. At September 30, 2025 and 2024, Spire Marketing had no designated cash flow hedges. Information about the fair values of Spire Marketing’s exchange-traded/cleared natural gas derivative instruments is presented below:

Derivative Derivatives

Fair Cash and Cash

Values Margin Margin

Net balance of derivative assets at September 30, 2024 $ (10.8 ) $ 13.5 $ 2.7

Changes in fair value 3.1 — 3.1

Settlements/purchases - net (0.1 ) — (0.1 )

Changes in cash margin — (3.1 ) (3.1 )

Net balance of derivative assets at September 30, 2025 $ (7.8 ) $ 10.4 $ 2.6

Fair values of basis swaps - net (1.2 ) (0.6 ) (0.5 ) (0.1 )

Fair values of puts and calls - net (3.0 ) (1.0 ) (2.0 ) —

Position volumes [millions of MMBtu, long or (short)]:

Net futures/swap/option positions 10.9 5.0 5.2 0.7

Net puts and calls positions (9.1 ) (5.6 ) (3.5 ) —

Certain of Spire Marketing’s physical natural gas derivative contracts are designated as normal purchases or normal sales, as permitted by GAAP. This election permits the Company to account for the contract in the period the natural gas is

Table of Contents

delivered. Contracts not designated as normal purchases or normal sales, including those designated as trading activities, are accounted for as derivatives with changes in fair value recognized in earnings in the periods prior to settlement.

Below is a reconciliation of the beginning and ending balances for physical natural gas contracts accounted for as derivatives, none of which will settle beyond fiscal 2026:

Net balance of derivative liabilities at September 30, 2024 $ 21.5

Changes in fair value (15.8 )

Settlements 22.4

Net balance of derivative liabilities at September 30, 2025 $ 28.1

For further details related to Spire Marketing’s derivatives and hedging activities, see Note 10, Derivative Instruments and Hedging Activities, of the Notes to Financial Statements in Item 8.

Counterparty Credit Risk

Spire Marketing has concentrations of counterparty credit risk in that a significant portion of its transactions are with energy producers, utility companies and pipelines. These concentrations of counterparties have the potential to affect the Company’s overall exposure to credit risk, either positively or negatively, in that each of these three groups may be affected similarly by changes in economic, industry or other conditions. Spire Marketing also has concentrations of credit risk with certain individually significant counterparties. To the extent possible, Spire Marketing enters into netting arrangements with its counterparties to mitigate exposure to credit risk. It is also exposed to credit risk associated with its derivative contracts designated as normal purchases and normal sales. Spire Marketing closely monitors its credit exposure and, although uncollectible amounts have not been significant, increased counterparty defaults are possible and may result in financial losses and/or capital limitations. For more information on these and other concentrations of credit risk, including how Spire Marketing manages these risks, see Note 11, Concentrations of Credit Risk, of the Notes to Financial Statements in Item 8.

Interest Rate Risk

The Company is subject to interest rate risk associated with its short-term debt issuances. Based on average short-term borrowings during fiscal 2025, an increase of 100 basis points in the underlying average interest rate for short-term debt would have caused an increase in interest expense (and a decrease in pre-tax earnings and cash flows) of approximately $10.9 on an annual basis. Portions of such an increase may be offset through the Utilities’ application of PGA and GSA carrying costs. At September 30, 2025, Spire had outstanding principal of long-term debt totaling $3,879.1, of which $1,968.0 was issued by Spire Missouri, $715.0 was issued by Spire Alabama, and $1,196.1 was issued by Spire and other subsidiaries. While the long-term debt issues are fixed-rate, they are subject to changes in fair value as market interest rates change. However, increases or decreases in fair value would impact earnings and cash flows only if the Company were to reacquire any of these issues in the open market prior to maturity. Under GAAP applicable to the Utilities’ regulated operations, losses or gains on early redemptions of long-term debt would typically be deferred as regulatory assets or regulatory liabilities and amortized over a future period.

Refer to Note 10, Derivative Instruments and Hedging Activities, of the Notes to Financial Statements in Item 8 for details on the Company’s interest rate swap transactions.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

For this discussion, see “Market Risk” in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Table of Contents

Item 8. Financial Statements and Supplementary Data

Page

Reports of Independent Registered Public Accounting Firm (PCAOB ID 34) 41

Financial Statements (for years ended September 30, 2025, 2024, and 2023):

Spire Inc.

Consolidated Statements of Income 48

Consolidated Statements of Comprehensive Income 49

Consolidated Balance Sheets 50

Consolidated Statements of Shareholders’ Equity 52

Consolidated Statements of Cash Flows 53

Spire Missouri Inc.

Statements of Comprehensive Income 54

Balance Sheets 55

Statements of Shareholder’s Equity 57

Statements of Cash Flows 58

Spire Alabama Inc.

Statements of Income 59

Balance Sheets 60

Statements of Shareholder’s Equity 62

Statements of Cash Flows 63

Notes to Financial Statements

Note 1. Summary of Significant Accounting Policies 64

Note 2. Revenue 69

Note 3. Stock-Based Compensation 71

Note 4. Earnings Per Common Share 74

Note 5. Shareholders’ Equity 74

Note 6. Long-Term Debt 77

Note 7. Notes Payable and Credit Agreements 79

Note 8. Fair Value of Financial Instruments 80

Note 9. Fair Value Measurements 80

Note 10. Derivative Instruments and Hedging Activities 82

Note 11. Concentrations of Credit Risk 87

Note 12. Income Taxes 87

Note 13. Pension Plans and Other Postretirement Benefits 89

Note 14. Segment Information 97

Note 15. Regulatory Matters 100

Note 16. Commitments and Contingencies 103

Note 18. Business Combinations 107

Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of Spire Inc.

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of Spire Inc. and subsidiaries (the "Company") as of September 30, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of September 30, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended September 30, 2025, of the Company and our report dated November 14, 2025, expressed an unqualified opinion on those financial statements.

Basis for Opinion

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management Reports on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Deloitte & Touche LLP

St. Louis, Missouri

November 14, 2025

Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of Spire Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Spire Inc. and subsidiaries (the "Company") as of September 30, 2025 and 2024, the related consolidated statements of income, comprehensive income, shareholders' equity, and cash flows, for each of the three years in the period ended September 30, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended September 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of September 30, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated November 14, 2025, expressed an unqualified opinion on the Company's internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates.

Regulatory Matters – Impact of Rate Regulation on the Financial Statements – Refer to Note 15 to the financial statements

Critical Audit Matter Description

The Company accounts for their regulated operations in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 980, Regulated Operations. The provisions of this accounting guidance require, among other things, that financial statements of a rate-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-rate-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. Also, 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).

The Company is subject to rate regulation by the Missouri and Alabama Public Service Commissions (the “Commissions”), which have jurisdiction with respect to the rates of natural gas companies within their respective geographies. The

Table of Contents

Company has stated that all regulatory assets and regulatory liabilities are recoverable or refundable through the regulatory process.

Accounting for the economics of rate regulation affects multiple financial statement line items, including property, plant, and equipment; regulatory assets and liabilities; operating revenues; and depreciation expense, and affects multiple disclosures in the Company’s financial statements. There is a risk that the Commissions will not approve full recovery of the costs of providing utility service or recovery of all amounts invested in the utility business and a reasonable return on that investment. As a result, we identified the impact of rate regulation as a critical audit matter due to the high degree of subjectivity involved in assessing the impact of current and future regulatory orders on events that have occurred as of September 30, 2025, and the judgments made by management to support its assertions about impacted account balances and disclosures. Management judgments included assessing the likelihood of (1) recovery in future rates of incurred costs or (2) refunds to customers or future reduction in rates. Given that management’s accounting judgments are based on assumptions about the outcome of future decisions by the Commissions, auditing these rate-impacted account balances and disclosures, and the related judgments, requires specialized knowledge of accounting for rate regulation due to the inherent complexities associated with the specialized rules related to accounting for the effects of cost-based regulation.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the impact of rate regulation include the following, among others:

• We tested the effectiveness of management’s controls over evaluating the likelihood of (1) the recovery in future rates of costs incurred as property, plant, and equipment or deferred as regulatory assets, and (2) a refund or a future reduction in rates that should be reported as regulatory liabilities. We tested the effectiveness of management’s controls over the initial recognition of amounts as property, plant, and equipment; regulatory assets or liabilities; and the monitoring and evaluation of regulatory developments that may affect the likelihood of recovering costs in future rates or of a future reduction in rates.

• We evaluated the Company’s disclosures related to the impacts of rate regulation, including the balances recorded and regulatory developments, in the financial statements.

• We read relevant regulatory orders issued by the Commissions for the Company in Missouri and Alabama; regulatory statutes, interpretations, procedural memorandums, and filings made by interveners; and other publicly available information to assess the likelihood of recovery in future rates or of a future reduction in rates based on precedents of the Commissions’ treatment of similar costs under similar circumstances.

• We obtained management’s analysis of the regulatory orders that support the probability of recovery, refund, and/or future reduction in rates for regulatory assets and liabilities and evaluated the basis of management’s assertion that amounts are probable of recovery, refund, or a future reduction in rates.

/s/ Deloitte & Touche LLP

St. Louis, Missouri

November 14, 2025

We have served as the Company’s auditor since 1953.

Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholder and the Board of Directors of Spire Missouri Inc.

Opinion on the Financial Statements

We have audited the accompanying balance sheets of Spire Missouri Inc. (a wholly owned subsidiary of Spire Inc.) (the "Company") as of September 30, 2025 and 2024, the related statements of comprehensive income, shareholders' equity, and cash flows, for each of the three years in the period ended September 30, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended September 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

Regulatory Matters – Impact of Rate Regulation on the Financial Statements – Refer to Note 15 to the financial statements

Critical Audit Matter Description

The Company is subject to rate regulation by the Missouri Public Service Commission (the “Commission”), which has jurisdiction with respect to the rates of natural gas companies within Missouri’s geography. The Company has stated that all regulatory assets and regulatory liabilities are recoverable or refundable through the regulatory process.

Table of Contents

Accounting for the economics of rate regulation affects multiple financial statement line items, including property, plant, and equipment; regulatory assets and liabilities; operating revenues; and depreciation expense, and affects multiple disclosures in the Company’s financial statements. There is a risk that the Commission will not approve full recovery of the costs of providing utility service or recovery of all amounts invested in the utility business and a reasonable return on that investment. As a result, we identified the impact of rate regulation as a critical audit matter due to the high degree of subjectivity involved in assessing the impact of current and future regulatory orders on events that have occurred as of September 30, 2025, and the judgments made by management to support their assertions about impacted account balances and disclosures. Management judgments included assessing the likelihood of (1) recovery in future rates of incurred costs or (2) refunds to customers or future reduction in rates. Given that management’s accounting judgments are based on assumptions about the outcome of future decisions by the Commission, auditing these rate-impacted account balances and disclosures, and the related judgments, requires specialized knowledge of accounting for rate regulation due to the inherent complexities associated with the specialized rules related to accounting for the effects of cost-based regulation.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the impact of rate regulation include the following, among others:

•

We tested the effectiveness of management’s controls over evaluating the likelihood of (1) the recovery in future rates of costs incurred as property, plant, and equipment or deferred as regulatory assets, and (2) a refund or a future reduction in rates that should be reported as regulatory liabilities. We tested the effectiveness of management’s controls over the initial recognition of amounts as property, plant, and equipment; regulatory assets or liabilities; and the monitoring and evaluation of regulatory developments that may affect the likelihood of recovering costs in future rates or of a future reduction in rates.

•

We evaluated the Company’s disclosures related to the impacts of rate regulation, including the balances recorded and regulatory developments, in the financial statements.

•

We read relevant regulatory orders issued by the Commission for the Company in Missouri; regulatory statutes, interpretations, procedural memorandums, and filings made by interveners; and other publicly available information to assess the likelihood of recovery in future rates or of a future reduction in rates based on precedents of the Commission’s treatment of similar costs under similar circumstances.

•

We obtained management’s analysis of the regulatory orders that support the probability of recovery, refund, and/or future reduction in rates for regulatory assets and liabilities and evaluated the basis of management’s assertion that amounts are probable of recovery, refund, or a future reduction in rates.

/s/ Deloitte & Touche LLP

St. Louis, Missouri

November 14, 2025

We have served as the Company’s auditor since 1953.

Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholder and the Board of Directors of Spire Alabama Inc.

Opinion on the Financial Statements

We have audited the accompanying balance sheets of Spire Alabama Inc. (a wholly owned subsidiary of Spire Inc.) (the "Company") as of September 30, 2025 and 2024, the related statements of comprehensive income, shareholders' equity, and cash flows, for each of the three years in the period ended September 30, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended September 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Critical Audit Matter

Regulatory Matters – Impact of Rate Regulation on the Financial Statements – Refer to Note 15 to the financial statements

Critical Audit Matter Description

The Company is subject to rate regulation by the Alabama Public Service Commission (the “Commission”), which has jurisdiction with respect to the rates of natural gas companies within Alabama’s geography. The Company has stated that all regulatory assets and regulatory liabilities are recoverable or refundable through the regulatory process.

Table of Contents

Accounting for the economics of rate regulation affects multiple financial statement line items, including property, plant, and equipment; regulatory assets and liabilities; operating revenues; and depreciation expense, and affects multiple disclosures in the Company’s financial statements. There is a risk that the Commission will not approve full recovery of the costs of providing utility service or recovery of all amounts invested in the utility business and a reasonable return on that investment. As a result, we identified the impact of rate regulation as a critical audit matter due to the high degree of subjectivity involved in assessing the impact of current and future regulatory orders on events that have occurred as of September 30, 2025, and the judgments made by management to support their assertions about impacted account balances and disclosures. Management judgments included assessing the likelihood of (1) recovery in future rates of incurred costs or (2) refunds to customers or future reduction in rates. Given that management’s accounting judgments are based on assumptions about the outcome of future decisions by the Commission, auditing these rate-impacted account balances and disclosures, and the related judgments, requires specialized knowledge of accounting for rate regulation due to the inherent complexities associated with the specialized rules related to accounting for the effects of cost-based regulation.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the impact of rate regulation include the following, among others:

•

We evaluated the Company’s disclosures related to the impacts of rate regulation, including the balances recorded and regulatory developments, in the financial statements.

•

We read relevant regulatory orders issued by the Commission for the Company in Alabama, regulatory statutes, interpretations, procedural memorandums, and filings made by interveners; and other publicly available information to assess the likelihood of recovery in future rates or of a future reduction in rates based on precedents of the Commission’s treatment of similar costs under similar circumstances.

•

/s/ Deloitte & Touche LLP

St. Louis, Missouri

November 14, 2025

We have served as the Company’s auditor since 2014.

Table of Contents

SPIRE INC.

CONSOLIDATED STATEMENTS OF INCOME

Years Ended September 30

Operating Expenses:

Provision for preferred dividends 14.8 14.8 14.8

Income allocated to participating securities 0.3 0.3 0.3

Net Income Available to Common Shareholders $ 256.6 $ 235.8 $ 202.4

Weighted Average Number of Common Shares Outstanding:

Basic Earnings Per Share of Common Stock $ 4.39 $ 4.20 $ 3.86

Diluted Earnings Per Share of Common Stock $ 4.37 $ 4.19 $ 3.85

See the accompanying Notes to Financial Statements.

Table of Contents

SPIRE INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Years Ended September 30

Other Comprehensive Income (Loss), Before Tax:

Cash flow hedging derivative instruments:

Net hedging gain (loss) arising during the period 12.8 (15.9 ) 20.1

Amounts reclassified into regulatory liabilities — (20.1 ) (17.5 )

Amounts reclassified into net income (5.1 ) (11.1 ) (2.4 )

Net gain (loss) on cash flow hedging derivative instruments 7.7 (47.1 ) 0.2

Net gain on defined benefit pension and other postretirement plans 1.3 0.6 0.2

Net unrealized gain on available-for-sale debt securities 0.1 0.2 0.1

Other Comprehensive Income (Loss), Before Tax 9.1 (46.3 ) 0.5

Other Comprehensive Income (Loss), Net of Tax 7.3 (35.5 ) 0.4

See the accompanying Notes to Financial Statements.

Table of Contents

SPIRE INC.

CONSOLIDATED BALANCE SHEETS

September 30

(Dollars in millions, except per share amounts) 2025 2024

ASSETS

Less: Accumulated depreciation and amortization 2,577.4 2,535.8

Total Other Property and Investments 1,135.2 1,070.6

Current Assets:

Cash and cash equivalents 5.7 4.5

Accounts receivable:

Allowance for credit losses (28.8 ) (31.4 )

Delayed customer billings 13.6 12.0

Inventories:

Materials and supplies 47.0 46.7

Deferred Charges and Other Assets:

Total Deferred Charges and Other Assets 2,875.9 2,775.5

Table of Contents

SPIRE INC.

CONSOLIDATED BALANCE SHEETS (Continued)

September 30

CAPITALIZATION AND LIABILITIES

Capitalization:

Accumulated other comprehensive income 19.4 12.1

Temporary equity 6.1 8.6

Long-term debt (less current portion) 3,369.4 3,704.4

Current Liabilities:

Current portion of long-term debt 487.5 42.0

Advance customer billings 58.1 48.4

Wages and compensation accrued 54.1 51.5

Regulatory liabilities 39.4 49.5

Deferred Credits and Other Liabilities:

Pension and postretirement benefit costs 74.7 146.7

Total Deferred Credits and Other Liabilities 2,261.8 2,211.1

Commitments and Contingencies (Note 16)

See the accompanying Notes to Financial Statements.

Table of Contents

SPIRE INC.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Dollars in millions, Common Stock Preferred Paid-in Retained

except per share amounts) Shares Par Stock Capital Earnings AOCI* Total

Dividend reinvestment plan 22,230 — — 1.5 — — 1.5

Stock-based compensation costs — — — 5.3 — — 5.3

Stock issued under stock-based compensation plans 60,007 0.1 — (0.1 ) — — —

Temporary equity adjustment to redemption value — — — — 2.3 — 2.3

Dividends declared:

Common stock ($2.88 per share) — — — — (152.5 ) — (152.5 )

Preferred stock ($1.475 per depositary share) — — — — (14.8 ) — (14.8 )

Other comprehensive income, net of tax — — — — — 0.4 0.4

Dividend reinvestment plan 26,041 — — 1.5 — — 1.5

Stock-based compensation costs — — — 4.8 — — 4.8

Stock issued under stock-based compensation plans 87,844 0.1 — (0.1 ) — — —

Temporary equity adjustment to redemption value — — — — (2.5 ) — (2.5 )

Dividends declared:

Common stock ($3.02 per share) — — — — (172.9 ) — (172.9 )

Preferred stock ($1.475 per depositary share) — — — — (14.8 ) — (14.8 )

Other comprehensive loss, net of tax — — — — — (35.5 ) (35.5 )

Dividend reinvestment plan 22,006 — — 1.5 — — 1.5

Stock-based compensation costs — — — 6.1 — — 6.1

Stock issued under stock-based compensation plans 73,471 0.1 — (0.1 ) — — —

Temporary equity adjustment to redemption value — — — — (2.8 ) — (2.8 )

Dividends declared:

Common stock ($3.14 per share) — — — — (185.2 ) — (185.2 )

Preferred stock ($1.475 per depositary share) — — — — (14.8 ) — (14.8 )

Other comprehensive income, net of tax — — — — — 7.3 7.3

* Accumulated other comprehensive income (loss)

See the accompanying Notes to Financial Statements.

Table of Contents

SPIRE INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Years Ended September 30

Operating Activities:

Deferred income taxes and investment tax credits 57.3 57.0 36.9

Changes in assets and liabilities:

Regulatory assets and liabilities 26.5 341.4 (68.7 )

Delayed/advance customer billings, net 8.1 37.5 1.5

Other assets and liabilities (93.4 ) (65.6 ) (117.6 )

Investing Activities:

Business acquisition, net of cash acquired — (175.9 ) (37.0 )

Net cash used in investing activities (916.4 ) (1,027.2 ) (695.5 )

Financing Activities:

Issuance (repayment) of short-term debt, net 370.0 (8.5 ) (82.0 )

Dividends paid on preferred stock (14.8 ) (14.8 ) (14.8 )

Net Increase in Cash, Cash Equivalents, and Restricted Cash 6.3 9.1 5.3

Cash, Cash Equivalents, and Restricted Cash at Beginning of Year 34.9 25.8 20.5

Cash, Cash Equivalents, and Restricted Cash at End of Year $ 41.2 $ 34.9 $ 25.8

Supplemental disclosure of cash paid for:

Interest, net of amounts capitalized $ (207.1 ) $ (205.6 ) $ (177.5 )

Income taxes (2.9 ) (0.9 ) (2.0 )

See the accompanying Notes to Financial Statements.

Table of Contents

SPIRE MISSOURI INC.

STATEMENTS OF COMPREHENSIVE INCOME

Years Ended September 30

Operating Expenses:

Other Comprehensive Income, Net of Tax 1.3 0.5 0.2

See the accompanying Notes to Financial Statements.

Table of Contents

SPIRE MISSOURI INC.

BALANCE SHEETS

September 30

(Dollars in millions, except per share amounts) 2025 2024

ASSETS

Less: Accumulated depreciation and amortization 1,104.6 1,086.0

Other Property and Investments 75.8 70.1

Current Assets:

Accounts receivable:

Associated companies 2.2 2.8

Allowance for credit losses (23.0 ) (24.9 )

Delayed customer billings 4.2 5.7

Inventories:

Materials and supplies 24.5 24.4

Deferred Charges and Other Assets:

Total Deferred Charges and Other Assets 1,087.6 991.8

Table of Contents

SPIRE MISSOURI INC.

BALANCE SHEETS (continued)

September 30

CAPITALIZATION AND LIABILITIES

Capitalization:

Accumulated other comprehensive loss (0.7 ) (2.0 )

Current Liabilities:

Notes payable – associated companies 566.3 495.3

Accounts payable – associated companies 21.4 7.6

Advance customer billings 43.2 35.5

Wages and compensation accrued 27.0 24.2

Customer deposits 7.2 6.1

Regulatory liabilities 13.9 10.2

Deferred Credits and Other Liabilities:

Pension and postretirement benefit costs 72.4 110.0

Asset retirement obligations 95.5 95.7

Total Deferred Credits and Other Liabilities 1,320.5 1,279.8

Commitments and Contingencies (Note 16)

Total Capitalization and Liabilities $ 6,349.8 $ 5,828.6

See the accompanying Notes to Financial Statements.

Table of Contents

SPIRE MISSOURI INC.

STATEMENTS OF SHAREHOLDER’S EQUITY

Common Stock Paid-in Retained

(Dollars in millions) Shares Par Capital Earnings AOCI* Total

SR US Equity

SR · 10-K · period ended 2025-09-30

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Item 8. Financial Statements and Supplementary Data

SR US Equity☆

SR · 10-K · period ended 2025-09-30

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Item 8. Financial Statements and Supplementary Data

SR US Equity