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Selman Akel

Managing Director and Senior Equity Research Analyst at STIFEL FINANCIAL CORP.

Selman Akel is a Managing Director and Senior Equity Research Analyst at Stifel Financial Corp., specializing in the coverage of regulated utilities and natural gas distribution companies. He is known for his detailed analysis of firms such as Spire Inc. and is regularly featured on quarterly earnings calls, providing actionable insights to institutional clients. Akel began his career in equity research in the early 2010s and joined Stifel after prior roles at other investment banking or research boutiques, though his exact previous employers are not widely disclosed. He holds FINRA registrations including the Series 7 and Series 63 licenses, and is recognized within the industry for his disciplined research and strategic investment calls.

Selman Akel's questions to SPIRE (SR) leadership

Question · Q4 2025

Selman Akel inquired about Spire's dividend policy, including target payout ratios and future growth expectations, especially given the company's position at the higher end of its growth range. He also asked for clarification on the anticipated long-term equity needs within the 10-year capital plan.

Answer

Executive Vice President and CFO Adam Woodard stated that Spire expects its dividend to grow in line with earnings, targeting a common payout ratio for utilities between 55%-65%. President and CEO Scott Doyle clarified that long-term equity needs are anticipated to be minimal, in the range of $0-$50 million annually, primarily supporting the utility CapEx program.

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