Spire Inc. Files Q2 2025 10-Q

TL;DR

Spire Inc. 10-Q filed. Financials for Q2 2025 out.

AI Summary

Spire Inc. filed its 10-Q for the period ending December 31, 2024. The company, which operates in natural gas distribution, reported its financial performance and business activities. Spire Inc. is headquartered in St. Louis, MO, and its subsidiaries include Spire Alabama Inc. and Spire Missouri Inc.

Why It Matters

This filing provides investors and analysts with the latest financial and operational details for Spire Inc., crucial for understanding the company's performance in the natural gas distribution sector.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Players & Entities

• SPIRE INC (company) — Filer
• 20241231 (date) — Period of Report
• 20250205 (date) — Filed as of Date
• 700 MARKET STREET (address) — Business Address for Spire Inc.
• ST LOUIS (location) — City for Spire Inc.
• MO (location) — State for Spire Inc.
• 3143420500 (phone_number) — Business Phone for Spire Inc.
• SPIRE ALABAMA INC (company) — Subsidiary
• 2101 6TH AVENUE NORTH (address) — Business Address for Spire Alabama Inc.
• BIRMINGHAM (location) — City for Spire Alabama Inc.

FAQ

Key Financial Figures

• $1.00 — ange on which registered Common Stock $1.00 par value SR New York Stock Exchang
• $25.00 — le Perpetual Preferred Stock, par value $25.00 per share SR.PRA New York Stock Exc
• $0.01 — Alabama Inc. Common Stock, par value $0.01 per share (all owned by Spire Inc.) 1

Filing Documents

• sr-20241231.htm (10-Q) — 6375KB
• sr-ex10_1.htm (EX-10.1) — 19KB
• sr-ex31_1.htm (EX-31.1) — 36KB
• sr-ex31_2.htm (EX-31.2) — 36KB
• sr-ex31_3.htm (EX-31.3) — 36KB
• sr-ex32_1.htm (EX-32.1) — 19KB
• sr-ex32_2.htm (EX-32.2) — 20KB
• sr-ex32_3.htm (EX-32.3) — 21KB
• 0000950170-25-014213.txt ( ) — 21557KB
• sr-20241231.xsd (EX-101.SCH) — 1207KB
• sr-20241231_htm.xml (XML) — 5937KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1

Financial Statements (Unaudited)

Financial Statements (Unaudited) Spire Inc. Condensed Consolidated Statements of Income 4 Condensed Consolidated Statements of Comprehensive Income 5 Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Shareholders' Equity 8 Condensed Consolidated Statements of Cash Flows 10 Spire Missouri Inc. Condensed Statements of Comprehensive Income 11 Condensed Balance Sheets 12 Condensed Statements of Shareholder's Equity 14 Condensed Statements of Cash Flows 15 Spire Alabama Inc. Condensed Statements of Income 16 Condensed Balance Sheets 17 Condensed Statements of Shareholder's Equity 19 Condensed Statements of Cash Flows 20

Notes to Financial Statements

Notes to Financial Statements Note 1. Summary of Significant Accounting Policies 21 Note 2. Revenue 23 Note 3. Earnings Per Common Share 24 Note 4. Shareholders' Equity 25 Note 5. Regulatory Matters 25 Note 6. Financing 28 Note 7. Fair Value of Financial Instruments 30 Note 8. Fair Value Measurements 31 Note 9. Pension Plans and Other Postretirement Benefits 33 Note 10. Information by Operating Segment 36 Note 11. Commitments and Contingencies 37 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 40 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 50 Item 4

Controls and Procedures

Controls and Procedures 51

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 52 Item 1A

Risk Factors

Risk Factors 52 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 52 Item 3 Defaults upon Senior Securities 52 Item 4 Mine Safety Disclosures 52 Item 5 Other Information 52 Item 6 Exhibits 53

SIGNATURES

SIGNATURES 54 1 Table of Contents GLOSSARY OF KEY TERMS AND ABBREVIATIONS APSC Alabama Public Service Commission PGA Purchased Gas Adjustment ASC Accounting Standards Codification RSE Rate Stabilization and Equalization Company Spire and its subsidiaries unless the context suggests otherwise SEC U.S. Securities and Exchange Commission Degree days The average of a day's high and low temperature below 65, subtracted from 65, multiplied by the number of days impacted Spire Spire Inc. FASB Financial Accounting Standards Board Spire Alabama Spire Alabama Inc. FERC Federal Energy Regulatory Commission Spire EnergySouth Spire EnergySouth Inc., the parent of Spire Gulf and Spire Mississippi GAAP Accounting principles generally accepted in the United States of America Spire Gulf Spire Gulf Inc. Gas Marketing Segment including Spire Marketing, which provides natural gas marketing services Spire Marketing Spire Marketing Inc. Gas Utility Segment including the operations of the Utilities Spire Mississippi Spire Mississippi Inc. GSA Gas Supply Adjustment Spire Missouri Spire Missouri Inc. ISRS Infrastructure System Replacement Surcharge Spire MoGas Pipeline or MoGas Spire MoGas Pipeline LLC, a 263-mile FERC-regulated natural gas pipeline, together with Omega Pipeline, a connected 75-mile gas distribution system in Missouri Midstream Segment including Spire Storage, Spire STL Pipeline and Spire MoGas Pipeline Spire STL Pipeline Spire STL Pipeline LLC, or the 65-mile FERC-regulated pipeline it constructed and operates to deliver natural gas into eastern Missouri MoPSC Missouri Public Service Commission Spire Storage The physical natural gas storage operations of Spire Storage West LLC and Spire Storage Salt Plains LLC MSPSC Mississippi Public Service Commission U.S. United States O&M Operation and maintenance Utilities Spire Missouri, Spire Alabama and th

FIN ANCIAL INFORMATION

PART I. FIN ANCIAL INFORMATION The interim financial statements included herein have been prepared by three separate registrants — Spire Inc. ("Spire" or the "Company"), Spire Missouri Inc. ("Spire Missouri") and Spire Alabama Inc. ("Spire Alabama") — without audit, pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC). These financial statements should be read in conjunction with the financial statements and the notes thereto included in the registrants' combined Form 10-K for the fiscal year ended September 30, 2024. The Financial Information in this Part I includes separate financial statements (i.e., statements of income and comprehensive income, balance sheets, statements of shareholders' equity and statements of cash flows) for Spire, Spire Missouri and Spire Alabama. The Notes to Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations are also included and presented herein on a combined basis for Spire, Spire Missouri and Spire Alabama. 3 Table of Contents

Fi nancial Statements

Item 1. Fi nancial Statements SPIRE INC. CONDENSED CONSOLIDAT ED STATEMENTS OF INCOME (UNAUDITED) Three Months Ended December 31, (In millions, except per share amounts) 2024 2023 Operating Revenues $ 669.1 $ 756.6 Operating Expenses: Natural gas 270.0 367.0 Operation and maintenance 129.3 130.7 Depreciation and amortization 72.3 67.0 Taxes, other than income taxes 48.7 52.7 Total Operating Expenses 520.3 617.4 Operating Income 148.8 139.2 Interest Expense, Net 48.0 50.6 Other Income, Net 0.6 17.5 Income Before Income Taxes 101.4 106.1 Income Tax Expense 20.1 21.0 Net Income 81.3 85.1 Provision for preferred dividends 3.7 3.7 Income allocated to participating securities 0.1 0.1 Net Income Available to Common Shareholders $ 77.5 $ 81.3 Weighted Average Number of Common Shares Outstanding: Basic 57.7 53.5 Diluted 57.9 53.6 Basic Earnings Per Common Share $ 1.34 $ 1.52 Diluted Earnings Per Common Share $ 1.34 $ 1.52 See the accompanying Notes to Financial Statements. 4 Table of Contents SPIRE INC. CONDENSED CONSOLIDATED S TATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended December 31, (In millions) 2024 2023 Net Income $ 81.3 $ 85.1 Other Comprehensive Income (Loss), Before Tax: Cash flow hedging derivative instruments: Net hedging gain (loss) arising during the period 17.6 ( 15.4 ) Amounts reclassified into net income ( 1.7 ) ( 9.0 ) Net gain (loss) on cash flow hedging derivative instruments 15.9 ( 24.4 ) Net gain on defined benefit pension and other postretirement plans 0.1 0.1 Net unrealized gain on available for sale securities — 0.1 Other Comprehensive Income (Loss), Before Tax 16.0 ( 24.2 ) Income Tax Expense (Benefit) Related to Items of Other Comprehensive Income (Loss) 3.7 ( 5.7 ) Other Comprehensive Income (Los

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