Spire (NYSE:SR) highlighted fiscal 2025 financial performance, leadership transitions, and progress on its planned expansion into Tennessee during its 2025 Annual Meeting of Stockholders, which was held virtually. Chair Rob Jones opened the meeting by thanking shareholders and noting that the company “delivered on value” in fiscal 2025, including basic adjusted earnings of $4.45 per share and an increase to the annual dividend for the 23rd consecutive year.
Leadership updates and board changes
Jones said fiscal 2025 was “a year of both change and opportunity,” pointing to the appointment of Scott Doyle as president and chief executive officer on April 24, 2025, following a succession planning process. He also noted that Steve Greenley joined the company on Oct. 13, 2025, as chief operating officer.
Acquisition of Piedmont Natural Gas Tennessee business
Management emphasized the pending acquisition of Duke Energy’s Piedmont Natural Gas Tennessee business, described as the Nashville Gas System. Jones said Spire announced the agreement on July 29, 2025, and described it as a strategic transaction expected to close in early 2026 that would expand Spire’s utility footprint and diversify its utility portfolio.
Doyle said the company remains on track to close in the first quarter of calendar 2026 and is making progress “on all fronts, regulatory, financial, and integration.” In response to a shareholder question, Doyle provided an update on the approval process and integration plans:
- He said the Hart-Scott-Rodino review is complete.
- Spire is awaiting approval from the Tennessee Public Utility Commission.
- The financing plan is intended to maintain current credit ratings and includes a “balanced mix of debt, equity, and hybrid securities.”
- Operational planning includes an 18-month transition service agreement designed to ensure continuity for customers and employees.
Doyle added that with the addition of Tennessee, Spire expects to operate across states with “constructive regulatory frameworks and minimal regulatory lag,” which he said should strengthen its ability to deliver balanced growth and improve earnings stability.
Regulatory developments in Missouri and Alabama
Jones and Doyle both pointed to regulatory progress during the year. Jones said the Missouri Legislature passed Senate Bill 4 in April 2025, describing it as legislation that modernized regulatory rate-setting mechanisms. Doyle said the measure established a future test year model, allowing rates to be set based on projected costs rather than historical expenses.
Jones also noted that the Missouri Public Service Commission approved a unanimous stipulation agreement in September 2025 concluding a rate case filed by Spire Missouri in November 2024. He said the outcome resulted in a $210 million revenue increase. Doyle said new rates were effective in October.
In Alabama, Jones said the company concluded its annual budget process in late 2025. Doyle said the company worked with stakeholders through the Rate Stabilization and Equalization (RSE) process, with rates effective in early December.
Capital investment, affordability, and dividend update
Doyle said fiscal 2025 reflected growth across all segments driven by infrastructure investments. He stated Spire invested $922 million during the fiscal year, with close to 90% spent at the utilities to enhance reliability and safety.
On affordability, Doyle said that even with significant investments, customer rate increases in Missouri and Alabama in recent years have been “in line with rate of inflation.” He also said natural gas remains the most affordable energy source for heating, water heating, and cooking in Spire’s territories, and that electricity is “2-3 times more expensive than natural gas.”
Regarding shareholder returns, Doyle said the board approved a 5.1% dividend increase, bringing the annualized rate to $3.30 per share. He added that Spire has continuously paid a cash dividend since 1946 and that 2026 will mark the 23rd consecutive year of dividend increases.
Looking ahead to fiscal 2026, Doyle said management’s priorities include safe and reliable service, efficient execution of the capital plan, disciplined cost management to support customer affordability, constructive regulatory outcomes, and successfully financing and closing the Tennessee acquisition while ensuring a seamless integration.
During the formal business portion of the meeting, shareholders elected Sheri S. Cook, Vinny J. Ferrari, and Rob L. Jones to three-year terms expiring at the 2029 annual meeting. Shareholders also approved, on an advisory basis, compensation for named executive officers and ratified the appointment of Deloitte & Touche as independent registered public accountant for fiscal 2026. The company said final voting results would be certified after the meeting and reported in a Form 8-K planned to be filed on or before Jan. 30, 2026.
About Spire (NYSE:SR)
Spire Inc (NYSE: SR), formerly known as The Laclede Group, is a regulated natural gas distribution company headquartered in St. Louis, Missouri. Through its three operating divisions—Spire Missouri, Spire Alabama and Spire Mississippi—the company delivers natural gas to more than 1.7 million residential, commercial and industrial customers. Spire’s service territory spans key markets in the central and southern United States, including metropolitan St. Louis, central Alabama and central Mississippi.
Founded in 1857 as the Laclede Gas Light Company, the business has grown through strategic acquisitions, notably Alabama Gas Corporation in 2013 and Mississippi Gas in 2016.
