Spire Q3 2026 Earnings Report

Spire EPS Results

• Actual EPS: -$0.26
• Consensus EPS: -$0.32
• Beat/Miss: Beat by +$0.06
• One Year Ago EPS: $0.01

Spire Revenue Results

• Actual Revenue: $420.20 million
• Expected Revenue: $394.62 million
• Beat/Miss: Beat by +$25.58 million
• YoY Revenue Growth: +19.20%

Spire Announcement Details

• Quarter: Q3 2026
• Date: 8/5/2026
• Time: Before Market Opens
• Conference Call Date: Wednesday, August 5, 2026
• Conference Call Time: 9:00AM ET

Spire (NYSE:SR) is an energy company headquartered in St. Louis, Missouri. Through its regulated utility operations, the company distributes natural gas to residential, commercial and industrial customers in Missouri and Alabama, serving communities through local natural gas infrastructure and related customer services.

Spire also operates businesses involved in natural gas marketing, storage and pipeline transportation. These operations support the company’s utility activities and provide natural gas supply, logistics and infrastructure services to utilities, commercial and industrial customers, and other market participants.

The company traces its history to 1857, when it was established as Laclede Gas Company. It adopted the name Spire in 2017 as part of a broader corporate rebranding. Spire continues to focus primarily on delivering natural gas safely and reliably while investing in infrastructure and energy-related services across its operating regions.

Spire Q3 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Fiscal 2026 and 2027 EPS guidance was reaffirmed at $3.90–$4.10 and $5.40–$5.60, respectively, alongside the long-term 5%–7% adjusted EPS growth target.
• Positive Sentiment: Spire completed the divestitures of its marketing and storage businesses, creating a more focused, fully regulated utility profile that management says should reduce earnings volatility and improve predictability.
• Positive Sentiment: The company is advancing an approximately $11.2 billion 10-year capital plan, supporting projected rate-base growth of roughly 7% and nearly $800 million of utility capital expenditures in fiscal 2026.
• Neutral Sentiment: Regulatory proceedings remain important catalysts, including Alabama RSE renewal hearings, Spire Tennessee’s requested $14 million revenue increase, and a planned Missouri future-test-year rate case in November 2026; management expects a potential Missouri-related EPS step-up in 2028.
• Negative Sentiment: Third-quarter adjusted results remained a loss of $0.26 per share, while higher bad debt, depreciation, taxes, interest expense, and corporate costs weighed on performance despite improvement in the gas utility segment.

Presentation

[Operator]

Good day, and welcome to the Spire Inc. third quarter fiscal year 2026 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Megan McPhail, Managing Director of Investor Relations. Please go ahead.

[Megan McPhail, Managing Director of Investor Relations at Spire Inc]

Good morning, and welcome to Spire's fiscal 2026 third quarter earnings call. On the call today are Scott Doyle, President and Chief Executive Officer, and Adam Woodard, Executive Vice President and CFO. We issued an earnings news release this morning that can be accessed on our website at spireenergy.com, along with a slide presentation that accompanies our webcast. Before we begin, let me cover our safe harbor statement and use of non-GAAP earnings measures. Today's call, including responses to questions, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.

[Megan McPhail, Managing Director of Investor Relations at Spire Inc]

These statements include, among others, statements regarding our expectations, plans, and objectives for future performance, future operating results, earnings guidance, capital investment plans, and the expected timing and benefits of, and risks associated with acquisitions, dispositions, and related integration and transition activities. Our forward-looking statements on today's call speak only as of today, and we assume no duty to update them unless required by law. Although our forward-looking statements are based on estimates and assumptions that we believe are reasonable, there are various uncertainties and risk factors that may cause future performance or results to be different than those anticipated. These risks and uncertainties are outlined in our quarterly and annual filings with the SEC. In our comments, we will be discussing non-GAAP measures used by management when evaluating our performance and results of operations.

[Megan McPhail, Managing Director of Investor Relations at Spire Inc]

Explanations and reconciliations of these measures to their GAAP counterparts are contained in both our news release and slide presentation. With that, I will now turn the call over to Scott.

[Scott Doyle, President and CEO at Spire Inc]

Good morning, and thank you for joining us. Over the past year, we've taken significant steps to position Spire into a stronger, more focused company. Through the acquisition of Spire Tennessee and the divestiture of our non-core businesses, we have completed our transformation to a fully regulated company, enhancing our earnings quality and improving visibility of our long-term growth. As we look ahead, we believe we are well-positioned to benefit from the growing importance of natural gas in the nation's energy future. The EIA recently forecasted that both U.S. natural gas production and demand will reach record levels in 2026, reinforcing the critical role natural gas plays in providing reliable, affordable energy to homes, businesses, and communities across the country and the world.

[Scott Doyle, President and CEO at Spire Inc]

Today, we'll discuss our third quarter results, the progress we've made advancing our strategy, and the opportunities we see to continue creating long-term value for our customers, communities, and shareholders. Turning now to our performance for the quarter on slide four. This quarter marked another important step forward in executing our strategy. From a financial perspective, adjusted earnings per share from continuing operations improved to a loss of $0.26 per share compared to a loss of $0.29 per share in the prior year quarter, representing an improvement of $0.03 per share. More importantly, we continued to safely and reliably serve our customers while maintaining our focus on affordability, operational excellence, and disciplined cost management. Strategically, this was a very significant quarter for Spire. We completed the divestitures of Spire Marketing and Spire Storage, further simplifying the company and sharpening our focus on our regulated utility operations.

[Scott Doyle, President and CEO at Spire Inc]

At the same time, integration of Spire Tennessee continues to progress well, and we remain on track to achieve key milestones to exit transition services in fiscal 2027. On the regulatory front, we continue to make progress across all of our jurisdictions. Spire Alabama and Spire Gulf have renewal hearings for the rate stabilization and equalization, or RSE, mechanism scheduled later this week on August sixth and seventh. In Missouri last week, we reached a settlement in the accounting authority order proceeding. As a reminder, Spire Tennessee filed its annual review mechanism with the Tennessee Public Utility Commission in May. Adam will provide more details on each activity during his remarks. Finally, I'm pleased to reaffirm our fiscal 2026 and 2027 adjusted EPS guidance ranges, as well as our long-term adjusted EPS growth target of 5%-7%. Moving to slide five.

[Scott Doyle, President and CEO at Spire Inc]

Our priorities remain unchanged and centered on operational excellence and customer affordability, constructive regulatory execution, financial discipline, and the successful integration of Spire Tennessee. These priorities continue to guide our actions and support our long-term growth strategy. With the completion of the marketing and storage divestitures, we're now operating as a fully regulated company. Moving to slide six. Spire is now positioned around a mix of gas utilities in a FERC-regulated pipeline, with the expected sale of Spire Mississippi still targeted to close in the first quarter of fiscal 2027. The exit of the storage and marketing businesses reduces earnings volatility and enhances predictability, representing an important shift. Our earnings outlook is now supported by rate-based growth, constructive regulatory mechanisms, and a more straightforward business model with a clearer path to deliver predictable earnings growth and long-term value creation. With that, I'll now turn the call over to Adam.

[Adam Woodard, EVP and CFO at Spire Inc]

Thanks, Scott, and good morning, everyone. I'll begin on slide seven with our third quarter results, which were in line with our expectations and support our outlook for the remainder of the year. For the quarter, we reported an adjusted loss of $15 million, or $0.26 per share, compared to an adjusted loss of $13 million or $0.29 per share in the prior year quarter. Fiscal 2025 results included $0.06 per share of preferred dividend expense that did not recur this year, following the redemption of our preferred shares. The Gas Utility segment reported an adjusted loss of $3 million in the quarter, improving from a $10 million loss in the prior year. The improvement was primarily driven by new rates in Missouri and Alabama, including ISRS rates implemented in Missouri this spring and the CCM mechanism in Alabama.

[Adam Woodard, EVP and CFO at Spire Inc]

Higher customer usage net of weather mitigation in Alabama was partially offset by lower usage net of weather mitigation in Missouri. O&M expense increased by approximately $4 million, primarily due to higher bad debt expense. Utility run rate O&M continues to track below the rate of inflation. Results were also affected by higher depreciation, taxes other than income taxes, and interest expense, reflecting updated amortization schedules, higher long-term debt balances, and other investments supporting our utility operations. Finally, other activities reported an adjusted loss of $12 million compared to a loss of $3 million in the prior year, reflecting higher corporate costs and higher interest expense in the current year. Spire's earnings from discontinued operations were $253.8 million during the third fiscal quarter, which includes an after-tax gain on sale of $254.6 million. Turning to slide eight.

[Adam Woodard, EVP and CFO at Spire Inc]

We are reaffirming our 5%-7% long-term adjusted EPS growth target using the original fiscal 2027 guidance midpoint of $5.75 as the base. This growth outlook is supported by approximately 7% rate-based growth and our $11.2 billion 10-year capital plan. For fiscal 2026, we are reaffirming adjusted EPS guidance from continuing operations of $3.90-$4.10 per share. That guidance excludes a full year of Spire Storage, Spire Marketing, and Spire Tennessee, but includes Spire Mississippi Inc. For fiscal 2027, we are reaffirming adjusted EPS guidance of $5.40-$5.60 per share. Our gas utility and corporate and other expected earnings ranges remain unchanged from our call in May. Moving to slide nine. In the first nine months of the year, we invested nearly $600 million in capital expenditures driven by system upgrades, infrastructure modernization, and new business connections at the gas utilities.

[Adam Woodard, EVP and CFO at Spire Inc]

We continue to expect full year 2026 capital expenditures of approximately $800 million across our utilities, consistent with our 10-year $11.2 billion capital plan. These investments support rate-based growth of 7% in Missouri and 7.5% in Tennessee, with 6% regulated equity growth in Alabama and Spire Gulf Coast Inc., underpinning our confidence in delivering 5%-7% adjusted EPS growth over time. Turning to our financing plan on slide 10. We expect to substantially fund our capital expenditure program with operating company debt and cash from operations, thus requiring limited annual equity issuance. Importantly, to help alleviate pressure from rising interest rates, we have a $375 million interest rate hedge portfolio that helps mitigate exposure to higher borrowing costs. Following the reduction in business risk from our recent portfolio actions, our FFO to debt target is 14%-15%, which we expect to reach by the end of 2028.

[Adam Woodard, EVP and CFO at Spire Inc]

While admittedly, 2026 is a transition year for our credit metrics with businesses being both acquired and divested, our current FFO to debt stands at 13% after factoring in trailing 12 months funds from operations inclusive of Spire Tennessee. Our gain on sale of divested businesses pushes this metric even higher through this transition period. Turning now to an update on regulatory matters, starting with Alabama on slide 11. The RSC renewal process began earlier this year and is progressing as expected. As a reminder, the RSC is a formula-based rate-setting mechanism that allows rates to be adjusted annually within an approved ROE range, providing a more streamlined alternative to frequent general rate cases. Every three to four years, the mechanism is renewed, allowing key elements such as the authorized ROE range, capital structure, and other key provisions to be reviewed and approved by the Alabama Public Service Commission.

[Adam Woodard, EVP and CFO at Spire Inc]

Hearings for RSC renewals are scheduled for August 6th for Spire Alabama and August 7th for Spire Gulf. The proceedings are focused on a limited number of items, including the ROE range, term of the RSC, the cost control mechanism, and the customer charge. We've requested an adjusting point ROE of 10.5% for Spire Alabama and 10.75% for Spire Gulf. The Alabama regulatory environment remains constructive. The RSC framework supports predictable regulatory outcomes and timely recovery of investments for the benefit of customers. Turning to Missouri on slide 12, we continue to make progress on several important regulatory initiatives. First, we're pleased to have reached a settlement in the accounting of authority order proceeding last week.

[Adam Woodard, EVP and CFO at Spire Inc]

The settlement recognizes the need to enhance the existing weather normalization adjustment rider, or WNAR, and provides a path for collaboration to develop improvements or consider a potential alternative in our next rate case. This is an important step towards improving revenue recovery and reducing earnings volatility, while helping protect customers through more stable and predictable bills. In addition to this settlement, we filed a request in May to recover approximately $21 million of interest revenues associated with continued infrastructure investments across our Missouri service territory. We expect those new rates to become effective in November. Finally, we remain on track to file our first Missouri future test year rate case in early November 2026. This filing will represent an important milestone and is expected to further align rates with our ongoing investments while supporting the safe and reliable service our customers depend on. Turning now to slide 13.

[Adam Woodard, EVP and CFO at Spire Inc]

Less than two months after closing of the acquisition, Spire Tennessee filed its first annual review mechanism on May 20th, 2026, requesting a $14 million revenue increase. The filing reflects an authorized ROE of 9.8%, a capital structure of 49% equity and 51% debt, and a rate base of $1.5 billion as of December 31st, 2025. New rates are expected to be effective October 1st, 2026. To sum up our remarks today, Spire is operating from a position of greater focus with a fully regulated business profile, constructive regulatory frameworks, and a disciplined capital investment strategy. We remain confident in our ability to deliver 5% to 7% long-term EPS growth, supported by our $11.2 billion capital plan, while continuing to create long-term value for shareholders. Thank you for joining us today. We're ready to take your questions.

[Operator]

We will now begin the question-and-answer session. To ask a question, you may press star then one on your touchtone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. The first question today comes from Julien Dumoulin-Smith with Jefferies. Please go ahead.

[Luke Fenker, Analyst at Jefferies]

Hey, guys. Luke Fenker on for Julien. I just wanted to ask on Alabama. You disclosed requests for higher allowed ROEs at both Alabama and Gulf. Can you talk about the key factors supporting that, and how you think about the upcoming renewal hearings? Can you maybe help frame which elements of the structure are more relevant, the term customer charge or control mechanisms? Thanks.

[Scott Doyle, President and CEO at Spire Inc]

Hey, Luke. Good morning. Adam and I will tag team this. Maybe just to kind of ground everybody, the process that's unfolding in Alabama, it's very similar to the process we've used to update attributes associated with that mechanism for many years, but now it has the addition of a more formalized or transparent public hearing. Historically, we've negotiated that renewal every three to four years with an agreement reached and then presented to the commission. Just from a process standpoint, we look forward to wrapping up the hearings that are scheduled later this week and then expect a decision from the commission later in September. Let me let Adam speak to kind of the underpinnings of the ROE request and then just maybe make sure we clarify the elements that are under consideration this week. Adam?

[Adam Woodard, EVP and CFO at Spire Inc]

Luke, we did reach an agreement on several issues, so it's only a limited number of issues that are going to hearing later this week. On the ROE, some of it's an observation that certainly the conditions underlying the request or recommendation are higher than they were when we reset it last time, and so that's baked into that as well. Besides the ROE and the range, we do think a little bit wider range would be in the benefit of both us and the customer. The cost control mechanism has been very valuable for customers as far as delivering O&M savings back to customers over the last several years, and certainly want to preserve that ability to do that. Luke, this is Scott again. I'd just comment again on ROE. Go back to the legislative session.

[Adam Woodard, EVP and CFO at Spire Inc]

One of the key points they made about ROEs, particularly in Alabama, is setting them close to the average for the region. We are solidly in that range and feel comfortable with both our request and where we sit today.

[Luke Fenker, Analyst at Jefferies]

Awesome. Thanks. Then maybe on Missouri, the AAO settlement recognizes the need to enhance weather normalization. Can you discuss how you anticipate addressing weather and usage variability in the upcoming future test year case, and what kind of changes could better align with recovery and customer usage patterns going forward?

[Scott Doyle, President and CEO at Spire Inc]

Good question. Primarily, I think, a lot of the best ways to address that is through decoupling mechanisms and rate design that helps remove some of the variability associated with recovery, particularly here in Missouri, where we have a pretty good wide range of weather patterns, not only just throughout the year, but even within the winter weather months. Our desire there is to put in place a mechanism that both protects the company but also protects the customer as well. I think that's where, as we've been talking with the commission, with staff, and other interveners, is a strong desire to collaborate on a solution that's durable and permanent. In that context, as you mentioned, the rate case is the place where we can get that ultimately finalized.

[Scott Doyle, President and CEO at Spire Inc]

This settlement that we've reached allows us to meet in advance of the rate case filing and work towards a solution, perhaps, that can be resolved in time for the actual future test year filing so that we can then turn everyone's attention and focus on the future test year implementation.

[Luke Fenker, Analyst at Jefferies]

Awesome. I'll leave it there. Thanks, guys, so much.

[Scott Doyle, President and CEO at Spire Inc]

Thanks, Luke.

[Operator]

The next question comes from Konstantin Lednev with Wells Fargo. Please go ahead.

[Konstantin Lednev, Analyst at Wells Fargo]

Hi. Good morning, team. Thanks for taking the questions here. Just in terms of maybe capital allocation on a forward basis with kind of the more streamlined business mix that you're highlighting and the improving regulatory constructs, in particular with Missouri, do you anticipate more incremental capital or pull forwards into jurisdictions with lower ROE lag? Kind of maybe just framing that as, would that be accretive within the five to seven growth target post 2027?

[Scott Doyle, President and CEO at Spire Inc]

Hey, Konstantin, good question. We've been fairly direct and public about as we get ready to file this case and we think about the future test year, it's not about a pull forward of capital as far as an acceleration of capital, but it's managing affordability for our customers, the pacing of capital, and having it squarely within the earnings growth range that we've described for the market. I think that's what you're asking for when you talk about pulling forward capital. We're not looking to upsize capital, if that's the question.

[Konstantin Lednev, Analyst at Wells Fargo]

Okay. Understood. Maybe just a quick follow-up on the renewal process in Alabama. Are there any net positives that you would highlight from the proceeding, kind of like the wider ROE band opportunity, and maybe how that scales versus the assumptions that are embedded in the current 2027 guidance?

[Scott Doyle, President and CEO at Spire Inc]

Yeah, I think the primary way to look at this proceeding in Alabama is it's just a much more public process to what's been undertaken, as I was mentioning earlier, for many years. This mechanism's worked very well from a planning standpoint, both for the company and for a clarity to the commission as to how the company is spending its resources and how it's investing its capital across the plan year. As everyone knows on the call, this is a forward-looking mechanism, we set rates based on a budget. As a result, there's a lot of transparency, both in the spend and an understanding of how the money is spent throughout the year, as we have routine check-ins or points of test with the commission in which all those results are reviewed.

[Scott Doyle, President and CEO at Spire Inc]

When I think about upside associated with the outcomes, I don't look to that as being a material driver necessarily in how this is unfolding at the commission. It's primarily, as it's historically been, just getting all the factors correct that underpin the actual way that rates are set in Missouri. I'm sorry, in Alabama.

[Konstantin Lednev, Analyst at Wells Fargo]

Okay. Understood. Maybe one kind of housekeeping item, just on the annual review in Tennessee, just maybe your thoughts on kind of potential to settle and just the kind of deadlines that are set and just the general kind of engagement with stakeholders. Any kind of feedback that you'd be able to provide?

[Scott Doyle, President and CEO at Spire Inc]

Yeah, I think it's unfolding as expected. I would not look to an acceleration of the schedule at this time. This is our first time to file, as you can imagine, we filed using historical costs that were a part of the previous owner of that system. So as we walk through it, we don't expect a lot of controversy associated with that. Tennessee, our experience has been they follow the timelines, and that's what we would expect in this process as well.

[Konstantin Lednev, Analyst at Wells Fargo]

Excellent. Appreciate that.

[Operator]

The next question-

[Scott Doyle, President and CEO at Spire Inc]

Thanks, Konstantin

[Operator]

comes from Paul Fremont with Ladenburg. Please go ahead.

[Paul Fremont, Analyst at Ladenburg]

Hey. Thank you very much. I guess my first question would really relate to the Missouri settlement. Was it a unanimous settlement? If not, which parties signed onto the settlement?

[Adam Woodard, EVP and CFO at Spire Inc]

Hey, Paul, this is Adam. No, the settlement was between us and staff and the Office of Public Counsel. I believe there was one other party that was not a signatory, we feel like it was the conclusion of the discussions that we were having.

[Paul Fremont, Analyst at Ladenburg]

Great. Your original request, if I'm not mistaken, included sort of a request to establish a regulatory asset. Does the settlement deal with that aspect of your request or not?

[Scott Doyle, President and CEO at Spire Inc]

Hey, Paul, this is Scott. No, it does not. The primary outcome of the settlement is the collaborative work that we're going to do to develop a durable and permanent solution.

[Paul Fremont, Analyst at Ladenburg]

Okay, great. Last question from me. Can we expect guidance for 2028 at some point in the not-too-distant future?

[Adam Woodard, EVP and CFO at Spire Inc]

Yeah, Paul, this is Adam. We do expect to give guidance on the year-end call in November for 2028.

[Paul Fremont, Analyst at Ladenburg]

Great. That's it for me. Thank you very much.

[Scott Doyle, President and CEO at Spire Inc]

Great. Thank you. Thanks, Paul.

[Operator]

The next question comes from Eli Jossen with JPMorgan. Please go ahead.

[Eli Jossen, Analyst at JPMorgan]

Hey, good morning, everyone. Just one from me. Maybe circling back to Alabama. Wanted to touch on the recommendations of the 8%-9% ROEs we'd seen from some of the interveners and how we think about that versus the 9.9 allowed. Just broader context there would be great. Thanks.

[Scott Doyle, President and CEO at Spire Inc]

Sure. Hey, good morning, Eli. I would just go back to, as I mentioned earlier, we're taking a cue from the legislature as they looked at some of the work that they were doing this past session as they worked to change the structure of the commission. One of the key things they talked about was zeroing in on an ROE that is within the range of the average in the region. A recommendation that's in the eights is below average. We believe we've submitted and continue to operate within the range that's within the average in the region.

[Eli Jossen, Analyst at JPMorgan]

Great. Appreciate that. I'll turn it back. Thanks, guys.

[Scott Doyle, President and CEO at Spire Inc]

Yep. Thank you, Eli.

[Operator]

The next question comes from Gabe Moreen with Mizuho. Please go ahead.

[Dylan Lipner, Analyst at Mizuho]

Hey, everyone, this is Dylan Lipner on for Gabe. Just kind of wanted to get a little more clarity on the AAO. I know you guys, when you put it in the last slides, it was to recover lost margin resulting from the lower weather-related usage. Now, is that a quantifiable amount that you reached in the settlement or is that something we're going to kind of wait and hear for?

[Scott Doyle, President and CEO at Spire Inc]

Yeah, no. That again, the settlement does not contemplate either quantifying or recovery of the lost margin from this past year. The primary outcome of the settlement is a commitment to work towards a more durable and permanent solution.

[Dylan Lipner, Analyst at Mizuho]

Okay. Would you guys look to recover those margins in upcoming rate case compared to in the settlement at the end of the year?

[Scott Doyle, President and CEO at Spire Inc]

Yeah. No, I think our rate case we haven't finalized the parameters associated with that filing. Our focus right now is on developing a forward solution to this mechanism to ensure it's more durable and permanent.

[Dylan Lipner, Analyst at Mizuho]

Okay, great. No, I appreciate the color. Have a good day.

[Scott Doyle, President and CEO at Spire Inc]

Thanks, Dylan. Dylan.

[Operator]

The next question comes from David Paz with Wolfe Research. Please go ahead.

[Scott Doyle, President and CEO at Spire Inc]

David?

[David Paz, Analyst at Wolfe Research]

Good morning, everybody.

[Operator]

Okay, great. I was making sure your line was muted. Go ahead.

[David Paz, Analyst at Wolfe Research]

Thank you. As we look forward to your rebasing EPS growth off the 2028 guide in November, can you please just remind me what you have said about the linearity of the 5% to 7% off of the initial 2027? Did you expect that kind of be off of the initial 2027 to be about 6% each year? Was 2028 going to be on the high end of that 5% to 7% or more? Thank you.

[Scott Doyle, President and CEO at Spire Inc]

Thanks, David. We have talked about 2028 being a step-up year, and the fact that it's driven by the Missouri rate case where we'll be recovering lag, then also pulling forward some future recovery through the future test year mechanism. That was the discussion around rebasing on the 2028 guide, which was our intent. We feel like that's going to be a cleaner base there. On a go-forward position from 2028, we do expect pretty good linearity. It still remains to be seen as far as what the exact path of Missouri will be with the future test year filings. Tennessee and Alabama are relatively linear and Missouri will become more so in the future.

[David Paz, Analyst at Wolfe Research]

Okay. Just as we stand today, the expectation for 2028 would be on the higher end of the 5% to 7% off of $5.75 and 2027?

[Scott Doyle, President and CEO at Spire Inc]

Yes.

[David Paz, Analyst at Wolfe Research]

Okay. Thank you.

[Operator]

This concludes our question-and-answer session. I would like to turn the conference back over to Scott Doyle for any closing remarks.

[Scott Doyle, President and CEO at Spire Inc]

Thank you, Chloe, and thank you all on the call for your continued interest in Spire. We look forward to seeing many of you on the road in September at investor conferences and meetings. Everyone have a great day.

[Operator]

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Participants

Executives

• Megan McPhail, Managing Director of Investor Relations
• Scott Doyle, President and CEO
• Adam Woodard, EVP and CFO

Analysts

• Luke Fenker, Analyst at Jefferies
• Konstantin Lednev, Analyst at Wells Fargo
• Paul Fremont, Analyst at Ladenburg
• Eli Jossen, Analyst at JPMorgan
• Dylan Lipner, Analyst at Mizuho
• David Paz, Analyst at Wolfe Research