Spire Inc (SR) 2025 Q4 法說會逐字稿

Good morning, and welcome to Spire's Fiscal 2025 year-end earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Megan McPhail, Managing Director, Investor Relations. Please go ahead.

早安，歡迎參加 Spire 2025 財政年度年終收益電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給投資人關係總經理梅根·麥克菲爾。請繼續。

Good morning, and welcome to Spire's Fiscal 2025 year-end earnings call. On the call with me today is Scott Doyle, President and CEO; and Adam Woodard, Executive Vice President and CFO. We issued an earnings news release this morning, and you may access it on our website at spireenergy.com under Newsroom.

早安，歡迎參加 Spire 2025 財政年度年終收益電話會議。今天和我一起通話的是總裁兼執行長 Scott Doyle，以及執行副總裁兼財務長 Adam Woodard。我們今天早上發布了盈利新聞稿，您可以在我們網站 spireenergy.com 的“新聞中心”專欄下查看。

There is a slide presentation that accompanies our webcast, which can be downloaded from our website under Investors and then Events and Presentations.

我們的網路直播配有幻燈片簡報，您可以從我們網站的「投資者」和「活動與簡報」欄位下載。

Before we begin, let me cover our Safe Harbor statement and use of non-GAAP earnings measures. Today's call, including responses to questions, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although our forward-looking statements are based on reasonable assumptions, there are various uncertainties and risk factors that may cause future performance or results to be different than those anticipated.

在開始之前，讓我先介紹一下我們的安全港聲明以及非GAAP獲利指標的使用。今天的電話會議，包括對問題的回答，可能包含 1995 年《私人證券訴訟改革法案》所界定的前瞻性陳述。儘管我們的前瞻性陳述是基於合理的假設，但仍存在各種不確定性和風險因素，可能導致未來的績效或結果與預期不同。

These risks and uncertainties are outlined in our quarterly and annual filings with the SEC. In our comments, we will be discussing non-GAAP measures used by management when evaluating our performance and results of operations. Explanations and reconciliations of these measures to their GAAP counterparts are contained in both our news release and slide presentation.

這些風險和不確定性已在我們向美國證券交易委員會提交的季度和年度文件中進行了概述。在我們的評論中，我們將討論管理階層在評估我們的績效和營運成果時所使用的非GAAP指標。這些措施的解釋以及與 GAAP 對應措施的調整說明均包含在我們的新聞稿和幻燈片簡報中。

Now here is Scott, who will start on page 4 of the presentation.

現在輪到斯科特了，他將從簡報的第 4 頁開始。

Thanks, Megan, and good morning, everyone. Thank you for joining us for Spire's year-end fiscal 2025 update. We appreciate your continued interest and support as we review our financial results, discuss recent developments and share our outlook for 2026 and beyond. I'm incredibly proud of what we accomplished during the year to advance our strategic goals, both operationally and financially. We made significant progress towards setting Spire up for long-term success.

謝謝梅根，大家早安。感謝您參加 Spire 2025 財政年度年終更新會議。感謝您一直以來對我們的關注與支持，我們將回顧財務業績，探討近期發展，並分享我們對 2026 年及以後的展望。我為我們在過去一年中所取得的成就感到無比自豪，無論是在營運方面還是財務方面，我們都在推進我們的策略目標。我們在為Spire的長期成功奠定基礎方面取得了重大進展。

This includes the pending acquisition of the Piedmont Natural Gas Tennessee business from Duke, which I'll provide an update on in a moment. We had a great year, and none of this would be possible without our 3,500 dedicated employees. I want to thank them for everything they do to our -- for our customers and the communities we serve. The commitment and hard work of our employees are the heart of these strong results and the opportunities ahead.

這其中包括即將從杜克能源手中收購皮埃蒙特天然氣田納西州業務，我稍後會提供最新進展。我們度過了輝煌的一年，而這一切都離不開我們3500名敬業員工的辛勤付出。我要感謝他們為我們——為我們的客戶和我們服務的社區——所做的一切。員工的敬業精神和辛勤工作是取得這些優異成績和掌握未來機會的核心。

We're continuing to build a strong leadership team, and I'm delighted to welcome Steve Greenley as our new Executive Vice President and Chief Operating Officer. Steve has over 25 years of utility operations experience and will oversee our gas utilities in addition to our Midstream segment. We're excited about the expertise and collaborative leadership style Steve adds to our team. I'm confident that he will play a key role as we continue to advance our strategy.

我們正在繼續打造一支強大的領導團隊，我很高興地歡迎史蒂夫·格林利擔任我們新的執行副總裁兼營運長。史蒂夫擁有超過 25 年的公用事業營運經驗，除了負責中游業務外，他還將負責我們的天然氣公用事業業務。我們很高興史蒂夫的專業知識和協作型領導風格能夠加入我們的團隊。我相信，在我們繼續推進策略的過程中，他將發揮關鍵作用。

Turning now to our fiscal 2025 results. Adjusted EPS came in at $4.44, up 7.5% from $4.13 in fiscal 2024, reflecting growth across all segments, driven by infrastructure investments. In fiscal 2025, we invested $922 million with close to 90% being spent at the utilities, enhancing the reliability and safety of our systems for our customers.

現在來看看我們2025財年的業績。經調整後的每股收益為 4.44 美元，比 2024 財年的 4.13 美元增長 7.5%，反映出所有業務板塊的增長，這主要得益於基礎設施投資。在 2025 財年，我們投資了 9.22 億美元，其中近 90% 用於公用事業，提高了我們系統的可靠性和安全性，從而更好地服務我們的客戶。

On the regulatory front, we are pleased to reach a positive settlement and outcome in the Missouri rate case and new rates were effective in October. In Alabama, we are currently in the rate stabilization and equalization or RSE rate setting process and are working closely with the key stakeholders to update rates. We remain focused on achieving consistent and constructive regulatory outcomes in all of our jurisdictions, leading to a more sustainable financial performance trajectory.

在監管方面，我們很高興在密蘇裡州費率案中達成積極的和解和結果，新費率已於 10 月生效。目前，阿拉巴馬州正處於利率穩定和均衡（RSE）利率制定過程中，我們正與主要利害關係人密切合作，更新利率。我們將繼續致力於在所有司法管轄區內取得一致且具建設性的監管成果，從而實現更永續的財務績效發展軌跡。

Despite significant critical investments in our systems, customer rate increases, the past several years in both Missouri and Alabama, have been in line with the rate of inflation, reinforcing our commitment to affordability.

儘管我們在系統方面進行了大量關鍵投資，但過去幾年密蘇裡州和阿拉巴馬州的客戶費率上漲幅度與通貨膨脹率保持一致，這進一步鞏固了我們對價格可負擔性的承諾。

Natural gas remains the most affordable energy source for heating, water heating and cooking. Across our service territories, electricity is two to three times more expensive than natural gas. In Missouri, new legislation passed establishing a future test year is the rate setting model. This legislation is the result of collaboration among numerous stakeholders across the state.

天然氣仍然是暖氣、熱水供應和烹飪最經濟實惠的能源。在我們的服務區域內，電力價格是天然氣價格的兩到三倍。在密蘇裡州，一項新立法通過，確立了未來測試年作為費率制定模型。這項立法是全州眾多利害關係人共同合作的成果。

The new forward-looking approach will allow natural gas and water utilities to set rates based on projected costs rather than historical expenses, enabling prudent planning, attractive investments in energy infrastructure and fueling economic growth statewide. The bill's passage marks a major milestone and we're grateful for the partnership that helps strengthen Missouri's regulatory framework for both utilities and their customers.

這種新的前瞻性方法將使天然氣和水務公司能夠根據預測成本而不是歷史支出來設定費率，從而實現審慎的規劃、對能源基礎設施的有吸引力的投資，並促進全州的經濟成長。該法案的通過標誌著一個重要的里程碑，我們感謝各方的合作，這有助於加強密蘇裡州對公用事業公司及其客戶的監管框架。

This morning, we issued fiscal 2026 adjusted EPS guidance in the range of $5.25 to $5.45. This range excludes the results of the pending acquisition of the Piedmont Tennessee business and includes a full year of earnings related to our natural gas storage facilities. Today, we are also providing fiscal 2027 adjusted earnings per share guidance of $5.65 to $5.85, which reflects a full year of expected earnings contribution from the Piedmont Tennessee business and excludes earnings from Spire Storage due to the expected sale of the assets.

今天上午，我們發布了 2026 財年調整後每股收益預期，範圍為 5.25 美元至 5.45 美元。此預期範圍不包括待完成的對 Piedmont Tennessee 業務的收購所帶來的收益，但包括與我們的天然氣儲存設施相關的全年收益。今天，我們還提供了 2027 財年調整後每股收益預期為 5.65 美元至 5.85 美元，這反映了 Piedmont Tennessee 業務全年預期收益貢獻，但不包括 Spire Storage 的收益，因為預計該資產將被出售。

Our long-term adjusted EPS growth guidance is 5% to 7% using the fiscal 2027 guidance midpoint of $5.75 as a base. Our 10-year capital plan, including expected capital needs in Tennessee, totals $11.2 billion. Demonstrating confidence in the long-term fundamentals of our business, I am pleased to say that the Spire Board of Directors approved a dividend increase of 5.1%, bringing the annualized rate to $3.30 per share.

我們長期調整後每股盈餘成長預期為 5% 至 7%，以 2027 財年預期中位數 5.75 美元為基準。我們的 10 年資本計劃，包括田納西州的預期資本需求，總計 112 億美元。為了展現我們對公司長期基本面的信心，我很高興地宣布，Spire 董事會批准將股息提高 5.1%，使年化股息達到每股 3.30 美元。

Spire has continuously paid a cash dividend since 1946 and 2026 will mark the 23rd consecutive year that the dividend has increased. As you can see on slide 5, we checked all of the boxes on our fiscal 2025 key business priorities and more. It was a year of strong execution, and we are committed to delivering strong results in fiscal 2026 and beyond. With a solid foundation, we're confident in our ability to deliver sustainable value for our customers, communities and shareholders in the years ahead.

Spire 自 1946 年以來一直持續派發現金股息，2026 年將是股息連續第 23 年增長。如您在投影片 5 中看到的，我們不僅完成了 2025 財年所有關鍵業務優先事項，而且還做得更多。這是執行力強勁的一年，我們致力於在 2026 財年及以後取得優異的成績。憑藉著堅實的基礎，我們有信心在未來幾年為我們的客戶、社區和股東創造可持續的價值。

Let's turn now to slide 6 for an update on our pending acquisition of the Piedmont Tennessee business, which remains on track to close in the first quarter of calendar 2026. We completed the Hart-Scott-Rodino review in September, marking an important milestone in the approval process, and we recently received approval from FERC for the transfer of Piedmont Tennessee's gas supply contracts. Tennessee Public Utility Commission approval is pending, and we continue to work closely with the commission.

現在讓我們翻到第 6 張幻燈片，了解我們即將收購的 Piedmont Tennessee 業務的最新進展，該收購仍按計劃進行，預計將於 2026 年第一季完成。我們在 9 月完成了哈特-斯科特-羅迪諾審查，這標誌著審批過程中的一個重要里程碑，並且我們最近獲得了聯邦能源監管委員會 (FERC) 的批准，可以轉讓皮埃蒙特田納西州的天然氣供應合約。田納西州公共事業委員會的批准正在等待中，我們將繼續與該委員會密切合作。

Turning to our financing plan. We are pursuing a permanent capital structure that is consistent with Spire's current credit ratings. Our approach remains largely the same and includes a balanced mix of debt, equity and hybrid securities, ensuring we maintain financial flexibility and strength.

接下來談談我們的融資計劃。我們正在尋求一種與 Spire 當前信用評級相符的永久性資本結構。我們的方法基本上保持不變，包括債務、股權和混合證券的均衡組合，以確保我們保持財務靈活性和實力。

We expect a minimal amount of Spire common shares to be issued as a percentage of total financing, and we have launched a process evaluating the sale of our gas storage facilities as potential sources of funds. We're targeting calendar year-end for the completion of this evaluation process.

我們預計 Spire 普通股的發行量在總融資額中所佔比例將非常小，並且我們已經啟動了一項流程，評估出售我們的天然氣儲存設施作為潛在資金來源的可能性。我們計劃在年底前完成這項評估工作。

Transition planning for the acquisition is well underway. A seamless transition for both customers and employees is our top priority. We're led by an experienced integration team and have an 18-month transition service agreement to provide continuity and support once closed. We are making solid progress on all fronts: regulatory, financial and operational. We are excited about the opportunities this acquisition brings and are committed to delivering value to our customers, employees and shareholders as we move forward.

收購過渡計畫正在順利進行中。確保客戶和員工的無縫過渡是我們的首要任務。我們擁有一支經驗豐富的整合團隊，並簽署了為期 18 個月的過渡服務協議，以確保交易完成後服務的連續性和支援。我們在監管、財務和營運等各個方面都取得了穩步進展。我們對此次收購帶來的機會感到興奮，並致力於在未來的發展中為我們的客戶、員工和股東創造價值。

Turning to slide 7. With the addition of Tennessee, Spire will operate across states with constructive regulatory frameworks and minimal regulatory lag. This strengthens our ability to deliver consistent and balanced growth across our utility businesses, improving diversification and stability of earnings. Importantly, each jurisdiction is supported by recovery mechanisms that encourage investment in critical infrastructure.

翻到第7張投影片。隨著田納西州的加入，Spire 將在監管框架完善、監管滯後最小的各州開展業務。這將增強我們在公用事業業務中實現持續均衡成長的能力，提高收益的多元化和穩定性。重要的是，每個司法管轄區都有復甦機制來鼓勵對關鍵基礎設施的投資。

Looking ahead, by fiscal year 2030, we expect our total rate base and capitalization to grow to $10.7 billion from an estimated $8.2 billion at the end of fiscal 2026 driven by our robust capital plan. Our long-term adjusted EPS growth target is supported by compound annual rate base growth in Missouri of about 7% and compound annual growth in Tennessee of approximately 7.5%. We also expect 6% regulated equity growth in Alabama and Gulf.

展望未來，到 2030 財年，我們預計在強勁的資本計畫推動下，我們的總費率基礎和資本金將從 2026 財年末的估計 82 億美元增長到 107 億美元。我們長期調整後每股盈餘成長目標的支撐因素是：密蘇裡州年複合利率基數成長率約為 7%，田納西州年複合利率基數成長率約為 7.5%。我們也預期阿拉巴馬州和墨西哥灣沿岸地區的受監管股權將成長 6%。

As a reminder, under the RSE mechanism in Alabama, we earn on regulated common equity rather than rate base, which is expected to outpace the total capitalization growth rate.

提醒一下，根據阿拉巴馬州的 RSE 機制，我們獲得的收益來自受監管的普通股，而不是利率基礎，預計這將超過總資本增長率。

I'll now turn the call over to Adam for a financial review and update on guidance and outlook. Adam?

現在我將把電話交給亞當，讓他對財務狀況進行回顧，並更新業績指引和展望。亞當？

Thanks, Scott, and good morning, everyone. Let's review our fiscal 2025 results and our guidance for 2026 and beyond. In fiscal 2025, we reported adjusted earnings of $275.5 million or $4.44 per share compared to $247.4 million or $4.13 per share in the prior year. These results include a fourth-quarter adjusted loss of $24 million or $0.47 per share, reflecting the seasonality of our businesses.

謝謝你，斯科特，大家早安。讓我們回顧一下我們 2025 財年的表現以及我們對 2026 年及以後的展望。2025 財年，我們公佈的調整後收益為 2.755 億美元，即每股 4.44 美元，而上一年為 2.474 億美元，即每股 4.13 美元。這些業績包括第四季度調整後虧損 2,400 萬美元，即每股虧損 0.47 美元，這反映了我們業務的季節性特徵。

In the quarter, adjusted earnings were $3.5 million or $0.07 per share above last year, but fell below our expectations due to higher utility O&M expense.

本季調整後收益為 350 萬美元，即每股收益比去年同期高出 0.07 美元，但由於公用事業營運和維護費用較高，低於我們的預期。

Looking at the full fiscal year for our business segments. Gas utilities earned $231 million, up almost 5% over $10 million -- up almost 5% or over $10 million from last year as ISRS recovery in Missouri and new rates in Alabama were partially offset by slightly lower usage in Alabama, higher O&M and depreciation expense. Usage net of weather mitigation in Missouri was comparable in fiscal 2025 to the prior year.

縱觀我們各業務部門的整個財政年度。天然氣公用事業公司獲利 2.31 億美元，比去年增長近 5%，超過 1000 萬美元——由於密蘇裡州 ISRS 的複蘇和阿拉巴馬州的新費率部分被阿拉巴馬州略低的用量、更高的運營維護和折舊費用所抵消，因此比去年增長近 5%，超過 1000 萬美元。2025 財政年度密蘇裡州扣除天氣緩解措施後的淨使用量與前一年相當。

Midstream delivered earnings of $56 million, up almost $23 million from last year, driven by additional capacity of asset optimization at Spire Storage, partially offset by higher operating costs from higher activity and scale. Gas marketing earned $26 million, an increase of $2.5 million, reflecting the business being well positioned to create value. This was partially offset by higher storage and transportation fees.

中游業務實現盈利 5,600 萬美元，比去年增長近 2,300 萬美元，主要得益於 Spire Storage 資產優化帶來的額外產能，但部分被業務量和規模增加導致的營運成本上升所抵消。天然氣行銷收入為 2,600 萬美元，比上年增長 250 萬美元，反映出該業務在創造價值方面處於有利地位。但這部分被更高的倉儲和運輸費用所抵銷。

And finally, other corporate costs were $38 million, nearly $8 million higher than the prior year. This reflects the absence of the prior year benefit of an interest rate hedge and higher interest expense in the current year.

最後，其他公司成本為 3,800 萬美元，比前一年高出近 800 萬美元。這反映出上一年利率避險帶來的收益缺失，以及本年度利息支出增加。

Turning to slide 10 and our updated capital plan, which includes anticipated Tennessee spend. Our latest five-year investment plan totals $4.8 billion from fiscal 2026 through fiscal 2030. And we project a 10-year capital plan of $11.2 billion. The majority of this investment, 70%, is dedicated to safety and reliability projects, highlighting our commitment to upgrading distribution infrastructure and ensuring the integrity of our systems. Another 19% supports customer expansion and new business connections helping us to safely deliver reliable and affordable natural gas to more homes and businesses.

請看第 10 張投影片，了解我們更新的資本計劃，其中包括預計在田納西州的支出。我們最新的五年投資計畫總額為 48 億美元，涵蓋 2026 財年至 2030 財年。我們預計未來十年將投入 112 億美元用於資本支出。這項投資的大部分（70%）都用於安全和可靠性項目，這凸顯了我們致力於升級配電基礎設施和確保系統完整性的決心。另有 19% 用於支援客戶拓展和新的業務聯繫，協助我們安全地向更多家庭和企業提供可靠且價格合理的天然氣。

As a reminder, almost all of our 10-year capital expenditure plan is targeted towards utility investments, and we expect to recover a significant portion through four test year rate making true-up mechanisms or other constructive regulatory tools, helping balance infrastructure investment with customer affordability.

再次提醒大家，我們 10 年資本支出計畫幾乎全部用於公用事業投資，我們預計透過為期四年的試行費率調整機製或其他建設性監管工具收回相當一部分資金，從而幫助平衡基礎設施投資與客戶承受能力。

Turning now to our growth outlook on slide 11. As Scott mentioned, we are reaffirming our long-term adjusted earnings per share growth target of 5% to 7%, anchored on the midpoint of our fiscal 2027 guidance range of $5.75 per share. This growth is supported by expected rate base growth of approximately 7% in Missouri, 7.5% in Tennessee, in addition to 6% equity growth at Alabama Utilities.

現在來看看第 11 頁的成長展望。正如 Scott 所提到的，我們重申長期調整後每股收益成長目標為 5% 至 7%，該目標以我們 2027 財年每股收益指引範圍的中點 5.75 美元為基準。這一增長得益於密蘇裡州預計約 7% 的費率基礎增長、田納西州預計約 7.5% 的費率基礎增長，以及阿拉巴馬州公用事業公司 6% 的股權增長。

This also reflects timely recovery of investments across all of our jurisdictions. For fiscal 2026, we've issued an adjusted EPS guidance range of $5.25 to $5.45 per share. At the midpoint, that represents over 20% growth from our 2025 results, driven by the rate case outcome in Missouri. This range excludes the pending acquisition of the Piedmont Tennessee business, but does include a full year of anticipated earnings from our Gas Storage facilities.

這也反映出我們在所有司法管轄區內的投資都得到了及時收回。對於 2026 財年，我們發布了調整後的每股收益預期範圍為 5.25 美元至 5.45 美元。中點數值顯示，這比我們 2025 年的預測結果增加超過 20%，主要原因是密蘇裡州的費率案件結果。該範圍不包括待完成的對皮埃蒙特田納西州業務的收購，但包括我們天然氣儲存設施一整年的預期收益。

We will revise our earnings expectations if the outcome of the storage asset sale evaluation materially affects our outlook. Looking ahead to fiscal 2027, our adjusted EPS guidance range is $5.65 to $5.85 which incorporates a full year of earnings from Piedmont Tennessee and excludes the Storage facilities due to the expected sale of the assets.

如果倉儲資產出售評估結果對我們的前景產生重大影響，我們將修改我們的獲利預期。展望 2027 財年，我們調整後的每股盈餘預期範圍為 5.65 美元至 5.85 美元，其中包括 Piedmont Tennessee 全年的收益，但不包括倉儲設施，因為預計這些資產將被出售。

At the midpoint, that 7.5% growth over the 2026 guidance midpoint and nearly 10% compounded annual growth from our prior long-term base of $4.35 in fiscal 2024. This strong growth is driven by execution on infrastructure investment, constructive regulatory outcomes and the strategic acquisition of Piedmont Tennessee to expand our Gas Utility business.

中點值比 2026 年預期中點值增長 7.5%，比我們 2024 財年之前的長期基數 4.35 美元增長近 10%。這一強勁增長得益於基礎設施投資的落實、建設性的監管成果以及對皮埃蒙特田納西州的戰略收購，從而擴大了我們的天然氣公用事業業務。

Turning to our business segment guidance on slide 12. We anticipate our gas utilities will generate between $285 million and $315 million next year due to the combined impact of new Missouri rates effective October 24, and anticipated ISRS revenues from our filing expected later this month. New rates in Alabama and Gulf under the RSE mechanism are also expected to benefit earnings beginning in December.

接下來請看第 12 頁的業務部門指引。我們預計，由於10月24日生效的密蘇裡州新費率以及本月稍後提交的ISRS申報預計帶來的收入的綜合影響，我們的天然氣公用事業公司明年將產生2.85億美元至3.15億美元的收入。根據 RSE 機制，阿拉巴馬州和墨西哥灣的新費率預計也將從 12 月開始惠及收益。

Partially offsetting these favorable items, we are targeting O&M expense to increase below the rate of inflation in addition to higher depreciation and interest expense. Turning to Gas Marketing. We anticipate adjusted earnings of $19 million to $23 million, reflecting expectations on our current market conditions. Midstream adjusted earnings are projected to range between $42 million and $48 million in fiscal 2026, including a full year of storage and pipeline operations.

為了部分抵銷這些有利因素，我們計劃將營運和維護費用的成長速度控制在通貨膨脹率以下，同時增加折舊和利息支出。轉向天然氣行銷。我們預計調整後收益為 1900 萬美元至 2300 萬美元，這反映了我們對當前市場狀況的預期。預計 2026 財年中游業務調整後收益將在 4,200 萬美元至 4,800 萬美元之間，其中包括全年的倉儲和管道營運收入。

Within the Storage business, we expect to realize the full benefit of the Spire Storage West expansion. Offsetting this are higher operating costs, increased interest and depreciation expense in addition to a decline in year-over-year optimization-related earnings. We anticipate the Midstream business mix to be 65% storage and 35% pipeline during fiscal 2026. I would like to note that FERC approved our request to merge the STL and MoGas pipeline with the merger targeted for completion by January 1, 2026.

在倉儲業務方面，我們期望能夠充分發揮 Spire Storage West 擴建專案的優勢。但同時，營運成本上升、利息和折舊費用增加，以及與優化相關的收益年減，抵銷了上述成長。我們預計到 2026 財年，中游業務組合將為 65% 的倉儲和 35% 的管道運輸。我想指出，聯邦能源監管委員會已批准我們合併 STL 和 MoGas 管道的請求，合併目標是在 2026 年 1 月 1 日之前完成。

And finally, Corporate and Others are anticipated to be in the range of negative $31 million to negative $37 million, an improvement from last year's loss of $38 million, primarily driven by lower interest expense resulting from reduced long-term debt rates.

最後，預計公司及其他虧損將在負 3,100 萬美元至負 3,700 萬美元之間，較去年的虧損 3,800 萬美元有所改善，主要原因是長期債務利率下降導致利息支出減少。

We've updated our three-year financing plan for our base business, as outlined on slide 13. The plan does not include financing related to the pending acquisition of the Piedmont Tennessee business which we expect to update along with the conclusion of the Storage asset sale evaluation. Our equity needs through fiscal 2028 are minimal and are expected to be managed through our ATM program.

我們已更新了基礎業務的三年融資計劃，如第 13 頁幻燈片所示。該計劃不包括與即將收購的皮埃蒙特田納西州業務相關的融資，我們預計在儲存資產出售評估完成後會更新相關資訊。到 2028 財年，我們的股權需求極低，預計將透過我們的 ATM 計畫進行管理。

Turning to the long-term debt needs, for our current base business, our three-year financing plan assumes refinancing of maturities and incremental debt of approximately $625 million. This includes the $200 million of first mortgage bonds issued by Spire Missouri last month.

就長期債務需求而言，對於我們目前的基礎業務，我們的三年融資計劃假設對到期債務進行再融資，並新增約 6.25 億美元的債務。這其中包括 Spire Missouri 上個月發行的 2 億美元第一抵押債券。

We continue to target FFO to debt of 15% to 16%, providing 300 basis points of cushion above our S&P and Moody's published downgrade thresholds of 12% and 13%, respectively. With that, let me turn it back over to you, Scott.

我們繼續將 FFO 與負債比率目標設定在 15% 至 16%，比標普和穆迪分別公佈的 12% 和 13% 的降級門檻高出 300 個基點。那麼，現在就把麥克風交還給你，史考特。

Thanks, Adam. As we look ahead to fiscal 2026, our priorities are clear and aligned with Spire's commitment to operational excellence, regulatory engagement, financial discipline and strategic growth. First and foremost, we remain focused on safely delivering reliable natural gas services to our customers.

謝謝你，亞當。展望 2026 財年，我們的工作重點很明確，與 Spire 對卓越營運、監管參與、財務紀律和策略成長的承諾相一致。首先，我們始終專注於安全可靠地為客戶提供天然氣服務。

We are executing on our capital plan for the year, providing safety and long-term infrastructure resilience while maintaining customer affordability through disciplined cost management. On the regulatory front, we're working toward constructive outcomes across all of our jurisdictions.

我們正在執行今年的資本計劃，透過嚴格的成本管理，在確保安全性和長期基礎設施韌性的同時，維持客戶的承受能力。在監管方面，我們正努力在所有管轄範圍內取得建設性成果。

The key step will be preparing to file a future test year rate case in Missouri to ensure timely cost recovery and support ongoing investments. From a financial perspective, we are committed to delivering on our fiscal 2026 adjusted EPS guidance of $5.25 to $5.45 while maintaining a strong balance sheet that supports both our growth strategy and long-term shareholder value.

關鍵步驟是準備在密蘇裡州提交未來測試年度費率申請，以確保及時收回成本並支持持續投資。從財務角度來看，我們致力於實現 2026 財年調整後每股收益 5.25 美元至 5.45 美元的目標，同時保持強勁的資產負債表，以支持我們的成長策略和長期股東價值。

Finally, we are making significant progress with the acquisition of the Piedmont Tennessee business. Our focus is on financing and closing the transaction, which includes completing the evaluation of the sale of our natural gas storage assets. We remain laser-focused on ensuring a seamless integration for customers and employees.

最後，我們在收購皮埃蒙特田納西州業務方面取得了重大進展。我們的重點是融資和完成交易，其中包括完成對我們天然氣儲存資產出售的評估。我們始終專注於確保客戶和員工的無縫銜接。

Together, these priorities position Spire to deliver strong operational and financial performance and sustainable long-term growth. We are confident in our path forward and energized by the opportunities ahead.

這些優先事項共同使 Spire 能夠實現強勁的營運和財務業績以及可持續的長期成長。我們對自己前進的道路充滿信心，並對未來的機會充滿熱情。

Thank you for your continued support and interest in Spire. We will now take your questions.

感謝您一直以來對Spire的支持與關注。現在開始回答各位的問題。

(Operator Instructions) Julien Dumoulin-Smith, Jefferies.

（操作說明）朱利安·杜穆蘭-史密斯，傑富瑞集團。

It's Paul Zimbardo on for Julien. Now thank you for the update. The first question I had was just if you could give a little bit more details and color on the long-term growth rate. And just really, are you expecting continued improvement in earned ROEs within that path? And just any commentary you can share on like how to think about Gas Marketing, Midstream growth in that profile as well?

保羅·津巴多代替朱利安上場。謝謝你的更新。我的第一個問題是，您能否更詳細地介紹一下長期成長率？那麼，你真的期望在這種發展路徑下，淨值報酬率能夠持續提高嗎？您能否就天然氣行銷、中游業務成長等方面分享一些看法？

Yes. Sure. This is Scott. So clearly, we provided two years of guidance on this call. And the primary reason for that is, there's a lot of things happening within the business over the next 12 months in this fiscal year.

是的。當然。這是斯科特。顯然，我們在這次通話中提供了兩年的指導。主要原因是，在接下來的 12 個月（本財年）裡，公司內部將會發生很多事情。

And then using '27 is perhaps a cleaner year based on the assumptions that we've provided in the prepared remarks. So to the point, when we think about earned returns within the utility coming out of the Missouri rate case, there's a step-up associated with that as we've brought capital into base rates from an extended period over the last several years, capital that had not passed through our ISRS mechanism.

那麼，根據我們在準備好的發言稿中提出的假設，使用「27」可能是一個更清晰的年份。因此，當我們考慮密蘇裡州費率案後公用事業公司獲得的收益時，會發現有一個增長，因為過去幾年裡，我們將長期積累的資本納入了基本費率，而這些資本之前並沒有通過我們的ISRS機制。

And so when we think about earned returns in the utility, particularly in Missouri, we're getting closer to our allowed returns in Missouri. We'll file another case in Missouri in the fall of next year and we'll need to prosecute that case. That case will be based on a future test year, but that -- the outcome of that case is not going to be reflected in the FY27 time period.

因此，當我們考慮公用事業的已實現收益時，尤其是在密蘇裡州，我們越來越接近密蘇裡州允許的收益。明年秋天，我們將在密蘇裡州提起另一項訴訟，屆時我們將需要對此案進行起訴。該案件將基於未來的測試年份，但該案件的結果不會反映在 2027 財政年度。

So when you think about the guide that we're looking at for FY27, the earned returns in Missouri will be a little less than what they are in '26 when we think about that. When you think about Alabama, the earned returns are close to our allowed as we have a forward-looking mechanism there that works annually and we're currently in the process of having it reviewed right now.

所以，當我們考慮 2027 財年的指導方針時，密蘇裡州的收益將比 2026 年略低。以阿拉巴馬州為例，由於我們有一個前瞻性的機制，每年都會進行調整，因此該州的收益接近我們允許的水平，我們目前正在對其進行審查。

Marketing and Midstream, so as we think about the guide, clearly, all of Midstream is in the guide for next year. But as we said on the call, we pulled Storage out for FY27. And then Marketing, as you know, we rebase every year, and it's not part of our growth story when we think about how it supports the overall growth picture or at least the guide for 5% to 7%.

行銷和中游業務，因此，當我們考慮指南時，很明顯，明年的指南將涵蓋所有中游業務。但正如我們在電話會議上所說，我們在 2027 財年取消了儲存業務。至於行銷，如您所知，我們每年都會進行調整，當我們考慮它如何支持整體成長前景，或至少支援 5% 到 7% 的成長目標時，它並不屬於我們的成長故事的一部分。

Okay. Great. It does sound like you would expect using that '27 base and tailwinds on earned ROE based on that cadence you described, if that's fair.

好的。偉大的。聽起來，按照你描述的節奏，你似乎希望使用 '27 基準和順風來獲得 ROE，如果這公平的話。

Yes, yes. That's correct.

是的，是的。沒錯。

Okay. Okay. Great. And then any additional detail on the FFO to debt target, the 15%, 16%? Just how does that also evolve if we use a 2027 jumping off point, where in that range do you expect to be?

好的。好的。偉大的。那麼關於FFO與債務目標（15%、16%）還有其他細節嗎？如果我們以 2027 年為起點，那麼情況又會如何發展呢？你預計最終會處於這個範圍的哪個位置？

And how does that trend over time?

隨著時間的推移，這種趨勢如何變化？

Yes. And Paul, as we've talked, we're at the bottom of the threshold ranges now but that's -- a lot of that is premised on just getting back into the right recovery path for Missouri. And so we see a pretty steady movement up into that -- into the middle of the threshold bands for both Moody's and S&P going forward, really premised on the recoveries in Missouri, but we're also taking, I think, a very deliberate financing tack with Tennessee to make sure that, that is also credit positive as well.

是的。保羅，正如我們之前討論過的，我們現在已經處於閾值範圍的底部，但這很大程度上取決於密蘇裡州能否重回正確的復甦軌道。因此，我們看到，未來將穩步上升到穆迪和標普設定的門檻區間的中間位置，這主要基於密蘇裡州的復甦，但我認為，我們也對田納西州採取了非常審慎的融資策略，以確保這也對信用評級產生積極影響。

Gabe Moreen, Mizuho.

加布·莫林，瑞穗。

I just wanted to ask a question on the financing mix and timing. Adam, has anything shifted in your mind, I guess, since you announced the acquisition? Just kind of your latest thoughts, you mentioned the minimal common equity issuance. Just maybe latest thoughts on the financing mix and timing.

我只是想問融資組合和時間安排方面的問題。亞當，自從你宣布收購以來，你的想法有沒有改變？就你最近的想法而言，你提到了最低限度的普通股發行。或許可以分享一下關於融資組合和時機的最新想法。

Yes. No big update. We continue to see -- feel confident about taking a very balanced mix of debt and equity. Obviously, we're taking on these assets, debt free, so we need to recapitalize rate base at Tennessee. So you can expect that.

是的。沒有重大更新。我們繼續認為——對採取非常平衡的債務和股權組合充滿信心。顯然，我們接管這些資產時沒有債務，所以我們需要對田納西州的利率基礎進行資本重組。所以你可以預料到這種情況。

And then we -- obviously, part of that is our evaluation of the Storage business and more to come there. We don't have an announcement there, but that's -- those are terrific assets, and we are seeing quite a bit of interest there, but we will be making an announcement at some point in the not-too-distant future.

然後，很顯然，其中一部分是我們對儲存業務的評估，未來還會有更多相關內容。我們目前還沒有相關公告，但這些都是非常棒的資產，我們也看到了很多人對此感興趣，但我們將在不久的將來發佈公告。

Got you. I appreciate that. And then maybe if I can ask just on your O&M assumptions kind of going forward. It seems like '26 year's below and aiming to stick below inflation, does that stick for the rest of the plan? And I guess just sort of an overarching basis with the interaction -- or sorry, the integration planning going on between the utilities, any best practices or major initiatives that you think you'd share between the two that would, I guess, keep a lid on O&M?

抓到你了。我很感激。然後，我可以問一下您未來在維運方面的假設嗎？看起來“26 年低於通膨率，並力爭保持在通膨率以下”，這一目標在計劃的其餘部分也能實現嗎？我想，關於公用事業公司之間正在進行的互動（或抱歉，是整合規劃）的整體基礎，您認為雙方可以分享哪些最佳實踐或重大舉措，以控制營運和維護成本？

Gabe, this is Scott. Great question. Yes, O&M, our guide for this year is below the rate of inflation. And historically, that's been our guide year-over-year and that will be actually our performance this year was below the rate of inflation. When you think about the integration activities, we're in the very early stages, but that is our theme as we step into the integration activities.

Gabe，這是Scott。問得好。是的，O&M，我們今年的指導價低於通貨膨脹率。從歷史數據來看，這一直是我們的年度衡量標準，而今年的實際業績實際上低於通貨膨脹率。談到整合活動，我們目前還處於非常早期的階段，但這正是我們進行整合活動的主題。

Anytime we go through these, we look to best practices across both organizations. And as those that know us or have followed our story for a long time, we have been through this before. And when we do that, we find things that others do well. We want to make sure we incorporate that into our go-forward business. So we'll have more to talk about that as we get a little further into the integration planning and start working more closely with the assets themselves once we close.

每當我們處理這些問題時，我們都會參考兩個組織中的最佳實踐。而那些了解我們或長期關注我們故事的人都知道，我們以前也經歷過這種情況。當我們這樣做的時候，我們會發現別人做得好的地方。我們希望確保將這一點融入我們未來的業務發展中。所以，隨著我們進一步推進整合計劃，並在交易完成後開始更緊密地與資產本身合作，我們將對此進行更多討論。

Paul Fremont, Ladenburg.

保羅‧弗里蒙特，拉登堡。

I guess my first question is with the future test year rate adjustment taking place in '28. Could '28 be a year that falls outside of that 5% to 7% range, given the fact that you'll be further potentially narrowing your under earning in Missouri?

我想問的第一個問題是關於 2028 年即將進行的未來考試年度費率調整。考慮到您在密蘇裡州的收入可能會進一步減少，那麼 2028 年的收入會不會超出 5% 到 7% 的範圍？

Yes. Paul, it's Scott. Maybe Adam and I will both tag team this. I think a couple of things to think about when we pivot to future test year, we're going to bring forward some capital into that process. And so we'll have to get through the process before we know what that will be as well.

是的。保羅，我是史考特。或許我和亞當會聯手完成這件事。我認為在展望未來測試年時，有幾件事需要考慮，我們將提前投入一些資金到過程中。所以，我們必須先經歷這個過程，才能知道結果會是什麼。

But within the range of what we're providing, we're basing that based on what we know right now and the best guess that we have.

但在我們所提供的範圍內，我們是根據我們目前所掌握的資訊和我們所能做出的最佳猜測來製定的。

Yes, we don't get too far ahead of rate making, given that that's another couple -- a couple of years out. But I think your implication, Paul, of more fully earned ROE is usually the implication around future test year. So we don't want to get ahead of that, but that's -- we would expect certainly some improvement there.

是的，鑑於利率制定還有幾年時間，我們無法提前太多了解利率制定。但我認為，保羅，你所說的更充分獲得的 ROE 通常是指未來測試年份的情況。所以我們不想操之過急，但我們肯定會期待這方面會有所改善。

And it sounds to me like you're more confident about your decision to sell Storage. I think on the last call, you had indicated that would depend on levels of interest. I assume the levels of interest are strong enough that you now feel that it will be sold?

聽起來你對出售倉庫的決定更有信心了。我認為在上次通話中，您曾表示這將取決於市場興趣的程度。我假設大家對這棟房子的興趣非常濃厚，您現在覺得它一定能賣出去？

We're -- Paul, we're still in the evaluation process. As I mentioned earlier, we do -- we have seen quite a bit of interest and -- strong interest in the assets, but more to come there. We'll make an announcement once we get to a conclusion of that process.

保羅，我們還在評估過程中。正如我之前提到的，我們已經看到人們對這些資產表現出相當濃厚的興趣，而且這種興趣非常強烈，但未來還會有更多人關注。一旦該流程完成，我們將發佈公告。

Great. And you're expecting to make an announcement one way or another between now and the end of the year, right?

偉大的。你預計在年底前會以某種方式發佈公告，對嗎？

Yes, we're targeting by the end of the calendar year.

是的，我們的目標是在今年年底前完成。

And then just going back to sort of your original comments, if you were to sell the Storage, the remaining sort of balance of equity and debt, has that changed since your last call?

回到您最初的評論，如果您要出售倉儲設施，剩餘的股權和債務平衡情況，自您上次通話以來是否有所變化？

Well, that is -- that certainly figures into the mix of financing. So we will -- I think once we get to the point of an announcement, we would shed some more light on that.

嗯，也就是說──這當然是融資方案中的一個因素。所以我們會——我想一旦到了發佈公告的時候，我們會對此做更詳細的說明。

Okay. And last question. Can you be more specific in terms -- in other words, if you not issuing straight equity, what else would sort of fall into the category of fulfilling your equity need?

好的。最後一個問題。您能否更具體地說，如果您不直接發行股票，還有哪些方式可以滿足您的股權需求？

I mean there's other -- there are certainly other securities that we would have access to markets to that would provide equity like coverage there, whether those are equity-linked securities or hybrids or what have you, but the -- I think there are some other options there.

我的意思是，當然還有其他證券——我們可以透過市場獲得其他證券，這些證券可以提供類似股票的保障，無論是股票掛鉤證券、混合證券還是其他什麼，但是——我認為還有其他一些選擇。

And junior subordinated debt, is that included as well?

更次級的次級債務也包括在內嗎？

Yes. I'm using that with -- along with -- that would use that terminology with a hybrid.

是的。我正在使用——以及——這將使用這種混合術語。

Alex Kania, BTIG.

Alex Kania，BTIG。

Just would you mind reminding me again, just on the -- within Midstream, just the rough split. I think it was 1/3, 2/3 on kind of pipelines versus storage? And would that be like earnings? Or would it be EBITDA as well that's there?

您能否再提醒我一下，關於 Midstream 內部，大致的分岔口。我認為管道運輸和儲存的比例是 1/3 或 2/3？那會是像收入那樣的嗎？或者說，EBITDA 也包含在內嗎？

Yes. It's 1/3 pipeline, 2/3 storage is kind of the split. And depending on which way you cut the data, it's about the same, so whether it's EBITDA or earnings.

是的。管道佔三分之一，儲存佔三分之二，這就是大致的比例。無論你用什麼方式分析數據，結果都差不多，無論是 EBITDA 還是收益。

Great. And then maybe just taking kind of a step too far down that -- down the path of an asset sale. But just if there was a decision to move forward with the sale, does that kind of -- is it -- would that be big enough to sort of change your kind of long-term balance sheet targets, thresholds and things like that as you look forward, given (technical difficulty) unregulated assets?

偉大的。然後，也許就走得太遠了——走上了資產出售的道路。但是，如果決定繼續推進出售，考慮到（技術難題）不受監管的資產，這是否足以改變您展望未來的長期資產負債表目標、門檻等等？

Yes. I mean it's too early to comment. That's part of the evaluation process. There'll be more as we announce the conclusion of the evaluation process.

是的。現在評論還為時過早。這是評估過程的一部分。評估過程結束後，我們會發布更多資訊。

Good. Great. And my last question just is on the transition to the forward test here in Missouri, do you anticipate -- I guess, do you think that all parties are on the same page just in terms of how the processes are going to look as they kind of think about the rate making kind of a slightly different paradigm as it been in the past? Is there any education that needs to be done or any twists that we should be kind of aware of leading up to the filing?

好的。偉大的。我的最後一個問題是關於密蘇裡州向遠期測試過渡的情況，您預計——我想，您認為各方在流程方面是否達成共識，因為他們認為定價模式與過去略有不同？在提交申請之前，是否需要進行一些必要的培訓，或需要注意一些可能出現的情況？

Yes. No. So I think you're spot on. It's a case of first impression. And so all the parties are going to need to work together in order to understand both what the filing requirements would be and how to prosecute inside that paradigm.

是的。不。所以我覺得你說得完全正確。這是第一印象的問題。因此，各方都需要共同努力，才能了解提交申請的要求以及如何在該框架內提起訴訟。

And so all parties will work together that's historically how it's worked here, and so we look forward to that process and going through it together.

因此，各方將共同努力，這在歷史上一直是這樣運作的，所以我們期待著這個過程，並共同經歷這個過程。

(Operator Instructions) Selman Akyol, Stifel.

（操作說明）Selman Akyol，Stifel。

Two quick ones for me. Maybe you're at the higher end of your growth range. And so could you remind us just in terms of how you think about the dividend in terms of payout ratios and sort of growth going forward?

我這裡只做兩道簡單的題目。或許你已經處於成長範圍的較高階段了。那麼，您能否簡要地談談您對股息的看法，包括派息率以及未來的成長前景？

Selman, it's Adam. We would continue to expect the dividend to grow basically at our earnings growth rate. And we do target the kind of the common payout ratio for utilities in that 55% to 65% range.

塞爾曼，我是亞當。我們預計股息將繼續基本按照我們的獲利成長率成長。我們的目標是使公用事業公司的常見支付率保持在 55% 到 65% 的範圍內。

Very good. And then also, as you think about your sort of long-term capital needs and you gave a 10-year sort of outlook. Can you just remind us in terms of how much equity you're thinking about that for you overall?

非常好。此外，在考慮長期資本需求時，您也給予了 10 年的展望。您能否簡要說明一下，您總體上打算在這方面投入多少股權？

Yes. So we did refresh our financing needs and this -- and you can find that at the back of, I think, the earnings deck. But we really continue to see a minimal amount of equity per year. That some -- think of that as some additional support for the Utility CapEx program. But when I say minimal, it's in that 0 to $50 million range, so not anything particularly significant.

是的。因此，我們更新了融資需求，您可以在收益報告的最後部分找到相關資訊。但我們每年看到的股權收益仍然非常少。這可以看作是對公用事業資本支出計劃的一些額外支持。但我說的「微不足道」是指 000 到 5000 萬美元之間，所以並沒有什麼特別重大的損失。

This concludes our question-and-answer session. I would like to turn the conference back over to Megan McPhail for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給梅根·麥克菲爾，請她作總結發言。

Thank you for joining us this morning. We look forward to speaking with many of you in the coming weeks ahead. Have a good day.

感謝您今天早上收看我們的節目。我們期待在接下來的幾週與你們中的許多人進行交流。祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。