Christopher Jaffrey's questions to Spire Inc (SR) leadership • Q3 2025
Question
Christopher Jaffrey from Mizuho Securities asked for clarification on the Midstream segment's performance, potential pipeline opportunities from Missouri load growth, and the drivers of the strong Gas Marketing results.
Answer
EVP & CFO Adam Witter stated that approximately 90% of the year-over-year increase in Midstream earnings was attributable to the Spire Storage expansion. President & CEO Scott Doyle confirmed that load growth from Missouri electric utilities is creating low-CapEx opportunities for Spire's pipelines. Regarding marketing, Mr. Witter noted the business was well-positioned for the quarter and is on track to meet its annual targets.