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Adjusted EPS: $4.44, up 7.5% from $4.13 in fiscal 2024.

Fiscal 2025 Investments: $922 million, with close to 90% spent on utilities.

Fiscal 2026 Adjusted EPS Guidance: $5.25 to $5.45.

Fiscal 2027 Adjusted EPS Guidance: $5.65 to $5.85.

Long-term Adjusted EPS Growth Guidance: 5% to 7% using fiscal 2027 guidance midpoint as a base.

Dividend Increase: 5.1%, bringing the annualized rate to $3.30 per share.

Fiscal 2025 Adjusted Earnings: $275.5 million, compared to $247.4 million in the prior year.

Gas Utilities Earnings: $231 million, up almost 5% from last year.

Midstream Earnings: $56 million, up almost $23 million from last year.

Gas Marketing Earnings: $26 million, an increase of $2.5 million.

10-Year Capital Plan: $11.2 billion, with 70% dedicated to safety and reliability projects.

Projected Rate Base Growth by Fiscal 2030: $10.7 billion from an estimated $8.2 billion at the end of fiscal 2026.

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Release Date: November 14, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Spire Inc (NYSE:SR) reported an adjusted EPS of $4.44 for fiscal 2025, marking a 7.5% increase from the previous year.

The company invested $922 million in fiscal 2025, with nearly 90% allocated to utilities, enhancing system reliability and safety.

Spire Inc (NYSE:SR) achieved a positive settlement in the Missouri rate case, with new rates effective in October.

The company issued fiscal 2026 adjusted EPS guidance of $5.25 to $5.45, indicating strong growth expectations.

Spire Inc (NYSE:SR) announced a 5.1% dividend increase, continuing its long history of dividend growth since 1946.

The fourth-quarter adjusted loss was $24 million, or $0.47 per share, due to higher utility O&M expenses.

Higher operating costs and increased interest and depreciation expenses impacted the Midstream segment.

The company faces challenges with slightly lower usage in Alabama and higher O&M and depreciation expenses.

Spire Inc (NYSE:SR) anticipates higher O&M expenses in fiscal 2026, although they aim to keep them below the rate of inflation.

The pending acquisition of the Piedmont Tennessee business introduces uncertainties, including regulatory approvals and integration challenges.

Q: Can you provide more details on the long-term growth rate and expectations for earned ROEs? A: Scott Doyle, President and CEO, explained that the company provided two years of guidance due to significant upcoming changes. They expect a step-up in earned returns in Missouri following the rate case, getting closer to allowed returns. Alabama's returns are close to allowed levels due to a forward-looking mechanism. Marketing and Midstream are included in next year's guidance, but Storage is excluded for FY27.

Q: How does the FFO to debt target of 15%-16% evolve over time? A: Adam Woodard, CFO, stated they are currently at the bottom of the threshold ranges but expect steady improvement into the middle of the threshold bands for both Moody's and S&P, driven by recoveries in Missouri and deliberate financing strategies for Tennessee.

Q: Has there been any shift in the financing mix and timing since the acquisition announcement? A: Adam Woodard confirmed there is no major update, and they remain confident in a balanced mix of debt and equity. They are evaluating the Storage business, which has attracted significant interest, and plan to make an announcement soon.

Q: Could the future test year rate adjustment in 2028 fall outside the 5%-7% growth range? A: Scott Doyle and Adam Woodard noted that while they don't want to get ahead of rate-making, the future test year could lead to more fully earned ROEs, potentially impacting growth positively.

Q: Is there confidence in selling the Storage assets given the interest levels? A: Adam Woodard mentioned they are still evaluating the sale of Storage assets, but there has been strong interest. They aim to make an announcement by the end of the calendar year.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.