SPIRE (SR) Company Report

Spire Inc. is offering $825 million aggregate principal amount of Senior Notes through Spire Tennessee Inc., with the issuance conditioned upon the closing of the acquisition of Piedmont Natural Gas Tennessee operations.
The acquisition of 100% of the Piedmont Natural Gas Tennessee business from Duke Energy for a $2.48 billion enterprise value is on track to close in Q1 of calendar 2026.
This acquisition is projected to increase Spire's rate base by 24% to $8.2 billion and customers by 12% to 1,950,000.
The company provided adjusted EPS guidance of $5.25 to $5.45 for FY26 and $5.65 to $5.85 for FY27.
Spire increased its 2026 annualized dividend by 5.1% to $3.30 per share, marking 23 consecutive years of increases.

1 day ago

8-K

Spire Inc. Provides Update on $2.48 Billion Acquisition of Piedmont Natural Gas Business

M&A

Debt Issuance

New Projects/Investments

Spire Inc. entered into an Asset Purchase Agreement on July 27, 2025, to acquire Piedmont Natural Gas Company, Inc.'s Tennessee natural gas local distribution company business for $2.48 billion in cash.
The acquisition is expected to close by the end of the first calendar quarter of 2026, pending approval from the Tennessee Public Utility Commission (TPUC). The Hart-Scott-Rodino waiting period has been satisfied, and the Federal Energy Regulatory Commission (FERC) approved the transfer of gas supply contracts on October 31, 2025.
Spire plans to finance the acquisition through a balanced mix of debt, equity, and hybrid securities, with pro forma assumptions including $900 million from junior subordinated notes, $825 million from senior unsecured notes, and a $826.8 million draw from bridge facilities.
The unaudited pro forma condensed combined financial information as of September 30, 2025, shows total assets of $14,288.5 million. For the fiscal year ended September 30, 2025, pro forma net income available to common shareholders is $218.8 million, and diluted earnings per common share is $3.73.

Nov 17, 2025, 4:43 PM

8-K

SR Reports Q4 2025 Results, Provides FY26 and FY27 EPS Guidance, and Updates Capital Plan

Earnings

Guidance Update

M&A

SR achieved FY25 adjusted EPS of $4.44, marking 7.5% growth compared to $4.13 in FY24, and delivered within its original earnings guidance range of $4.40 to $4.60.
The company provided FY26 adjusted EPS guidance of $5.25 to $5.45 and FY27 adjusted EPS guidance of $5.65 to $5.85, maintaining a long-term adjusted EPS growth target of 5-7%.
SR announced a 10-year capital expenditure plan of $11.2 billion for FY26-FY35E and the acquisition of the Piedmont Natural Gas Tennessee business.
The 2026 annualized dividend increased by 5.1% to $3.30 per share, representing the 23rd consecutive year of increases.

Nov 14, 2025, 3:00 PM

Presentation

Spire Reports Fiscal 2025 Results, Issues 2026-2027 EPS Guidance, and Updates on Acquisition

Earnings

Guidance Update

M&A

Spire reported Fiscal 2025 adjusted EPS of $4.44, marking a 7.5% increase from $4.13 in Fiscal 2024, and invested $922 million during the year, with nearly 90% directed to utilities.
The company provided Fiscal 2026 adjusted EPS guidance of $5.25-$5.45 (excluding the Piedmont Tennessee acquisition but including gas storage facilities) and Fiscal 2027 adjusted EPS guidance of $5.65-$5.85 (including Piedmont Tennessee but excluding gas storage facilities due to expected sale). Spire also reaffirmed its long-term adjusted EPS growth guidance of 5%-7%.
Spire's Board of Directors approved a 5.1% dividend increase, bringing the annualized rate to $3.30 per share, marking the 23rd consecutive year of dividend increases.
The acquisition of the Piedmont Natural Gas Tennessee business is on track to close in Q1 2026 (calendar year), having completed the Hart-Scott-Rodino review and received FERC approval, with Tennessee Public Utility Commission approval pending.
Spire has launched an evaluation process for the sale of its gas storage facilities, targeting completion by calendar year-end.

Nov 14, 2025, 3:00 PM

Transcript

Spire Reports Fiscal 2025 Results, Provides 2026 and 2027 EPS Guidance, and Updates on Strategic Initiatives

Earnings

Guidance Update

M&A

Spire reported Fiscal 2025 adjusted EPS of $4.44, representing a 7.5% increase from Fiscal 2024, reflecting growth across all segments driven by infrastructure investments.
The company issued Fiscal 2026 adjusted EPS guidance of $5.25-$5.45 and Fiscal 2027 adjusted EPS guidance of $5.65-$5.85, with a long-term adjusted EPS growth target of 5%-7% using the Fiscal 2027 midpoint as a base.
The pending acquisition of the Piedmont Natural Gas Tennessee business is on track to close in Q1 calendar 2026, and Spire is evaluating the sale of its gas storage facilities, with an announcement targeted by calendar year-end.
Spire's Board of Directors approved a 5.1% dividend increase, bringing the annualized rate to $3.30 per share, which will mark the 23rd consecutive year of dividend increases in 2026.

Nov 14, 2025, 3:00 PM

Transcript

Spire Reports Fiscal 2025 Results, Issues 2026-2027 EPS Guidance, and Updates on Acquisition

Earnings

Guidance Update

M&A

Spire reported Fiscal 2025 adjusted EPS of $4.44, an increase of 7.5% from Fiscal 2024, and invested $922 million in infrastructure, with nearly 90% at utilities.
The company issued Fiscal 2026 adjusted EPS guidance of $5.25-$5.45 and Fiscal 2027 adjusted EPS guidance of $5.65-$5.85, maintaining a long-term adjusted EPS growth guidance of 5%-7%.
The acquisition of the Piedmont Natural Gas Tennessee business remains on track to close in the first quarter of calendar 2026, and Spire is evaluating the sale of its gas storage facilities with a target to complete this evaluation by calendar year-end.
Spire's Board of Directors approved a 5.1% dividend increase, bringing the annualized rate to $3.30 per share, marking the 23rd consecutive year of dividend increases.
Regulatory progress includes a positive settlement in the Missouri rate case, with new rates effective in October, and new legislation in Missouri establishing a future test year as the rate-setting model.

Nov 14, 2025, 3:00 PM

Transcript

Spire Inc. Reports Fiscal 2025 Results and Provides Future Guidance

Earnings

Guidance Update

Dividends

Spire Inc. reported fiscal year 2025 net income of $271.7 million ($4.37 per diluted share) and adjusted earnings of $275.5 million ($4.44 per share), reflecting a 7.5% growth in adjusted EPS compared to fiscal 2024.
The company established fiscal 2026 adjusted EPS guidance in the range of $5.25 to $5.45 and fiscal 2027 adjusted EPS guidance in the range of $5.65 to $5.85.
Spire reaffirmed its long-term adjusted EPS growth target of 5-7% and raised its 10-year capital investment target to $11.2 billion through fiscal 2035.
The board of directors increased the quarterly common stock dividend by 5.1% to $0.825 per share, marking the 23rd consecutive year of dividend growth.

Nov 14, 2025, 12:06 PM

8-K

Spire Inc. Reports Fiscal 2025 Results and Provides Future Guidance

Earnings

Guidance Update

Dividends

Spire Inc. reported fiscal year 2025 adjusted earnings per share of $4.44, an increase from $4.13 in fiscal 2024.
The company established fiscal 2026 adjusted EPS guidance in the range of $5.25 to $5.45 and fiscal 2027 adjusted EPS guidance in the range of $5.65 to $5.85.
Spire reaffirmed its long-term adjusted EPS growth target of 5–7% and raised its 10-year capital investment target to $11.2 billion through fiscal 2035.
The common stock dividend was raised by 5.1% to $0.825 per share, marking 23 consecutive years of dividend growth.

Nov 14, 2025, 12:00 PM

Press Release

Solera and PPG Announce Strategic Partnership

New Projects/Investments

Product Launch

Solera and PPG announced a strategic partnership on October 8, 2025, to integrate PPG's automotive refinish paints, including NEXA AUTOCOLOR® and MAXMEYER® products, into Solera's Sustainable-Estimatics platform.
This collaboration will enable PPG customers to calculate their CO2 emissions per repair using product- and process-specific data, moving beyond general industry averages.
The integration will leverage PPG's digital ecosystem, including tools like PPG VISUALIZID™ and PPG MOONWALK®, to optimize repair processes, reduce material waste, and enhance productivity for body shops.
The partnership provides a robust tool for monitoring and managing Scope 1, 2, and 3 CO2 emissions, helping companies meet evolving regulatory requirements such as the EU Corporate Sustainability Reporting Directive (CSRD), which mandates emissions reporting from 2025.