Spire Inc (SR) 2026 Q2 法說會逐字稿

Good day, and welcome to the Spire, Inc., second quarter 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Spire, Inc. 2026 年第二季財報電話會議。(操作員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Megan McPhail, Managing Director, Investor Relations. Please go ahead, ma'am.

現在我想將會議交給投資人關係董事總經理 Megan McPhail。女士，請開始。

Good morning and welcome to Spire's fiscal 2026 second-quarter earnings call. We issued an earnings news release this morning, and you may access it on our website at spireenergy.com under Newsroom. There is a slide presentation that accompanies our webcast, which can be downloaded from our website.

各位早安，歡迎參加 Spire 2026 會計年度第二季財報電話會議。我們今天早上已發布財報新聞稿，您可至 spireenergy.com 網站的 Newsroom（新聞中心）查閱。我們的網路直播亦搭配投影片簡報，可自本公司網站下載。

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 Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. These statements include, among others, statements regarding our expectations, plans, and objectives for future performance, future operating results, earnings guidance, capital investment plans, and the expected timing and benefits of and risks associated with acquisitions, dispositions, and related integration and transition activities, including the acquisition of the Piedmont Natural Gas Tennessee business, the sales of Spire Marketing, and the announced sales of Spire Storage, and Spire Mississippi.

在開始之前，先說明我們的「安全港」聲明以及非 GAAP 盈利衡量指標的使用。今天的電話會議（包含問答回覆）可能包含前瞻性陳述，其定義依據為《1933 年證券法》第 27A 條、《1934 年證券交易法》第 21E 條，以及《1995 年私人證券訴訟改革法》。這些陳述包括但不限於：我們對未來表現、未來營運結果、盈餘指引、資本投資計畫的預期、計畫與目標，以及與併購、處分及相關整合與過渡活動（包含收購 Piedmont Natural Gas Tennessee 業務、出售 Spire Marketing，以及已宣布出售 Spire Storage 與 Spire Mississippi）相關之預期時程、效益與風險。

Our forward-looking statements on today's call speak only as of today, and we assume no duty to update them unless required by law. Although our forward-looking statements are based on estimates and assumptions that we believe are reasonable, there are various uncertainties and risk factors that may cause future performance or results to be different than those anticipated. These risks and uncertainties are outlined in our quarterly and annual filings with SEC.

我們在今日電話會議中的前瞻性陳述僅截至今日為準，除非法律要求，否則我們不承擔更新之義務。儘管我們的前瞻性陳述係基於我們認為合理的估計與假設，但仍存在各種不確定性與風險因素，可能導致未來表現或結果與預期不同。這些風險與不確定性已載明於我們向美國證券交易委員會（SEC）提交的季度與年度申報文件中。

In our comments, we will be discussing non-GAAP measures used by management when evaluating our performance and results of operations. I want to highlight that our results and guidance discussed today are presented on a continuing operations basis. This reflects the classification of Spire Marketing and Spire Storage as discontinued operations and is intended to provide a view of the earnings profile of the business going forward.

在我們的評論中，將討論管理階層在評估公司績效與營運結果時所使用的非 GAAP 指標。我想強調，今天討論的業績與指引係以持續營運（continuing operations）為基礎呈列。此作法反映 Spire Marketing 與 Spire Storage 被分類為停業單位（discontinued operations），旨在提供公司未來業務盈餘輪廓的觀點。

As a part of this change, we are no longer presenting separate midstream or gas marketing segments in results or segment earnings guidance. The MoGas pipeline, which was previously reported in the Midstream segment is now included in corporate and other. Explanations and reconciliations of these measures to their GAAP counterparts are contained in both our news release and slide presentation.

作為此變更的一部分，我們不再於業績或分部盈餘指引中單獨呈列中游（midstream）或天然氣行銷（gas marketing）分部。先前於中游分部報導的 MoGas 管線，現已納入公司與其他（corporate and other）。上述指標與其 GAAP 對應項目的說明與調節，均載於我們的新聞稿與投影片簡報中。

On the call today is Scott Doyle, President and Chief Executive Officer; and Adam Woodard, Executive Vice President and Chief Financial Officer.

今天參與電話會議的有：總裁暨執行長 Scott Doyle，以及執行副總裁暨財務長 Adam Woodard。

With that, I'll turn this call over to Scott Doyle. Scott?

接下來，我把電話會議交給 Scott Doyle。Scott？

Good morning, and thank you for joining us. This has been an exciting and transformative period for our company. Since announcing the acquisition of Piedmont Tennessee on July 29, 2025, we have successfully closed that transaction and taken decisive steps to further strengthen our portfolio.

各位早安，感謝各位加入我們。這段期間對本公司而言既令人振奮，也具有轉型意義。自 2025 年 7 月 29 日宣布收購 Piedmont Tennessee 以來，我們已成功完成該交易，並採取果斷措施以進一步強化我們的投資組合。

The announced agreements to sell Spire Storage and Spire Mississippi, along with the sale of Spire Marketing, have enabled us to fund the Tennessee acquisition without the need for external equity while also sharpening our strategic focus on our regulated gas utility businesses.

已宣布出售 Spire Storage 與 Spire Mississippi 的協議，加上出售 Spire Marketing，使我們得以在不需要對外發行股權的情況下為 Tennessee 收購案提供資金，同時也讓我們更聚焦於受監管的天然氣公用事業核心業務。

Together, these actions enhance the quality and visibility of our earnings, improve our overall risk profile, and position the company for more consistent long-term value creation. I want to take a moment to thank our colleagues at Spire Marketing for their professionalism, dedication, and meaningful contribution over many years. Their work supported our customers, strengthened the organization, and helped to position the company for success in the future.

綜合而言，這些行動提升了我們盈餘的品質與可見度，改善整體風險概況，並使公司更有利於創造更一致的長期價值。我也想藉此機會感謝 Spire Marketing 的同仁多年來展現的專業、投入與重要貢獻。他們的工作支持了我們的客戶、強化了組織，並協助公司為未來的成功奠定基礎。

Turning now to performance for the quarter on slide 4. On a continuing basis, we delivered second quarter adjusted earnings per share of $3.76 compared to $3.17 in the prior year. Underpinning that result is what we focus on every day, safe, reliable natural gas delivery, along with continued disciplined cost management and customer affordability.

接著看投影片第 4 頁，說明本季表現。以持續營運基礎計算，我們第二季調整後每股盈餘為 3.76 美元，較去年同期的 3.17 美元成長。支撐此成果的，正是我們每日專注的重點：安全、可靠的天然氣輸送，以及持續嚴謹的成本管理與客戶可負擔性。

On the regulatory front, we received approval from the Missouri Public Service Commission for a $16.5 million increase in our infrastructure system replacement surcharge, or ISRIS request. Rates were effective in March and are supporting cash flow and recovery on infrastructure investment.

在監管方面，我們已獲密蘇里州公共服務委員會（Missouri Public Service Commission）核准，基礎設施系統汰換附加費（infrastructure system replacement surcharge，ISRIS）調升 1,650 萬美元（即 ISRIS 申請案）。費率已於 3 月生效，並正支持現金流以及基礎設施投資的回收。

In addition, in March, we filed an Accounting Authority Order, or AAO, with the Missouri PSC related to the impact of lower weather-driven usage we experienced during the winter months. Adam will touch on our proactive approach to addressing these extraordinary conditions in a moment.

此外，我們於 3 月向密蘇里州公共服務委員會提交會計授權命令（Accounting Authority Order，AAO），內容與冬季月份因天候較暖導致用量偏低的影響相關。Adam 稍後將說明我們針對這些異常狀況所採取的主動因應作法。

Looking ahead, we're providing a fiscal 2026 adjusted EPS guidance range on a continuing operations basis of $3.90 to $4.10 per share. At the same time, we are reaffirming fiscal 2027 adjusted EPS guidance, which includes results from Spire Tennessee, our 5% to 7% long-term growth target, and our $11.2 billion 10-year capital plan, which underscores the durability of our strategy and the strength of our regulated growth platform.

展望未來，我們提供 2026 會計年度（以持續營運為基礎）的調整後每股盈餘指引區間為每股 3.90 至 4.10 美元。同時，我們重申 2027 會計年度調整後每股盈餘指引（包含 Spire Tennessee 的業績）、5% 至 7% 的長期成長目標，以及 10 年 112 億美元的資本計畫；這些都凸顯我們策略的韌性與受監管成長平台的實力。

Slide 5 highlights our strategic approach, concentrating the company around our core regulated gas utility businesses. Today, our business profile is centered on regulated gas utilities in our FERC-regulated pipeline, with growth driven by disciplined capital investments.

投影片第 5 頁重點說明我們的策略作法：將公司聚焦於核心的受監管天然氣公用事業業務。目前，我們的業務輪廓以受監管天然氣公用事業為核心，並包含受 FERC 監管的管線業務；成長動能來自嚴謹的資本投資。

With the sales of our non-core activities, including marketing and storage, we have removed market-based earnings exposure from our growth profile. As a result, the company's earnings profile has become more straightforward and more predictable, with improved long-term earnings visibility. Looking ahead, long-term growth is anchored in our regulated utilities, supported by rate-based growth and constructive regulatory mechanisms.

隨著出售包含行銷與儲存等非核心活動，我們已將以市場為基礎的盈餘曝險自成長輪廓中移除。因此，公司盈餘輪廓變得更簡明且更可預測，長期盈餘可見度亦有所提升。展望未來，長期成長將以受監管公用事業為錨，並由費率基礎（rate base）成長與具建設性的監管機制所支撐。

Moving to slide 6. Building on our key messages and new business profile, I want to take a moment to walk through our 2026 business priorities, which reflect the recent actions we've taken and how we're managing the business going forward.

接著看投影片第 6 頁。延續我們的關鍵訊息與新的業務輪廓，我想花點時間說明 2026 年的業務優先事項，這些事項反映我們近期採取的行動，以及我們未來將如何經營管理公司。

First, operational excellence remains core to our strategy. We continue to focus on the safe and reliable delivery of natural gas, disciplined deployment and recovery of capital across our regulated utilities, and maintaining a strong emphasis on customer affordability through effective cost management.

首先，營運卓越仍是我們策略的核心。我們持續聚焦於天然氣的安全與可靠輸送、在各受監管公用事業間嚴謹地投入與回收資本，並透過有效的成本管理，持續強調客戶可負擔性。

From a regulatory perspective, we remain focused on achieving constructive outcomes across our jurisdictions while continuing to advance the regulatory path forward in Missouri, including preparation for a future test year rate case filing later this year. Financially, our priority is to deliver adjusted earnings within our fiscal 2026 guidance range from continuing operations while maintaining balance sheet strength in a disciplined approach to financing.

在監管面，我們仍專注於在各司法管轄區取得具建設性的結果，同時持續推進密蘇里州的監管路徑，包括為今年稍晚可能提出的未來測試年度（test year）費率案件申報做準備。在財務面，我們的優先事項是在維持嚴謹融資方式與資產負債表強度的同時，於持續營運下達成 2026 會計年度指引區間內的調整後盈餘表現。

Finally, from a strategic transactions and integration standpoint, we are executing against our priorities, successfully integrating Spire Tennessee, divesting non-core assets, and maintaining our focus on regulated utility growth, reliability, customer affordability, and long-term shareholder value. Together, these priorities support a simpler, more concentrated business mix with improved earnings visibility and a strong foundation for long-term growth.

最後，從策略性交易與整合的角度來看，我們正依照既定優先事項推進，成功整合 Spire Tennessee、處分非核心資產，並持續聚焦於受監管公用事業的成長、可靠性、客戶可負擔性，以及長期股東價值。綜合而言，這些優先事項支持更簡化、更加聚焦的業務組合，提升獲利能見度，並為長期成長奠定堅實基礎。

Turning now to slide 7 for an update on the Tennessee acquisition. We completed the transaction on March 31, marking an important milestone for Spire. The approval process for the Tennessee Public Utility Commission took just six months from filing, highlighting the constructive and efficient regulatory environment with continuity of rates and a clear framework that supports disciplined investment and long-term planning. With this acquisition, we've added Spire Tennessee to our portfolio as a leading regulated natural gas utility in one of the fastest-growing markets in the country. Spire Tennessee is now serving more than 200,000 customers across the greater Nashville area and surrounding counties.

接著請看第 7 頁投影片，更新田納西州收購案的進展。我們已於 3 月 31 日完成交易，這是 Spire 的一項重要里程碑。田納西州公用事業委員會的核准流程自申請送件起僅耗時六個月，凸顯該監管環境具建設性且效率高，費率具延續性，並有清晰框架支持紀律性投資與長期規劃。透過此次收購，我們將 Spire Tennessee 納入投資組合，使其成為我們在全美成長最快市場之一的領先受監管天然氣公用事業。Spire Tennessee 目前為大納許維爾地區及周邊郡縣超過 200,000 名客戶提供服務。

From a financing standpoint, the transaction is now fully funded without the need to issue common equity. The balanced financing mix includes $900 million of junior subordinated notes, $825 million of Spire Tennessee senior notes, and proceeds from our recently announced asset sales.

就融資而言，該交易目前已全數到位，無需發行普通股權。均衡的融資組合包括 9 億美元的次順位從屬票據、8.25 億美元的 Spire Tennessee 優先票據，以及我們近期宣布的資產出售所得款項。

To bridge financing until the closing of the asset sales, we entered into an $800 million term loan to be paid as funds are received. Integration is also progressing smoothly. More than 200 employees transitioned to Spire at close, and we have an 18-month transition services agreement in place to support a seamless hand-off.

為在資產出售完成交割前提供過渡性融資，我們簽訂了一筆 8 億美元的定期貸款，並將在收到資金後償還。整合工作也在順利推進。交割時有超過 200 名員工轉任至 Spire，我們亦已簽署一份為期 18 個月的過渡服務協議，以支持無縫交接。

Our teams are already working closely together to align systems, processes, and safety practices. Overall, we're very pleased with the execution around this transaction from financing to close to early integration, and we believe it positions Spire well for long-term value creation.

我們的團隊已密切合作，以對齊系統、流程與安全作業實務。整體而言，從融資、交割到初期整合，我們對此次交易的執行成果非常滿意，並相信這將使 Spire 在長期價值創造方面具備良好定位。

Moving to slide 8. The sales of our Marketing, Storage, and Mississippi businesses are deliberate actions to better align the company with where we see the strongest long-term value and the most consistent earnings profile. We reached agreements with strong buyers for each of these businesses. The sale of Marketing to Boardwalk Pipelines was completed on April 30, just one month after announcement. And the transactions to sell Storage and Spire Mississippi are expected to close in the coming months.

接著看第 8 頁投影片。出售我們的行銷（Marketing）、儲存（Storage）以及密西西比（Mississippi）業務，是為了讓公司更貼近我們認為最具長期價值、且獲利型態最穩定一致的方向而採取的審慎行動。我們已就上述各項業務與具實力的買方達成協議。行銷業務出售予 Boardwalk Pipelines 的交易已於 4 月 30 日完成，距離公告僅一個月。而儲存業務與 Spire Mississippi 的出售交易預計將於未來數月內完成交割。

From a capital standpoint, these sales generate meaningful cash proceeds, providing flexibility to fund the Tennessee acquisition and continue investing in our regulated infrastructure. More importantly, from a strategic perspective, these actions further concentrate Spire to regulated natural gas utilities, where we have scale in each state. This improves our business risk profile and enhances earnings visibility while allowing management to stay focused on operating excellence, customer service, and disciplined growth.

就資本面而言，這些出售將帶來可觀的現金收入，使我們在為田納西州收購案提供資金以及持續投資受監管基礎設施方面更具彈性。更重要的是，從策略面來看，這些行動將進一步使 Spire 的業務集中於受監管天然氣公用事業，且我們在各州皆具規模優勢。這將改善我們的業務風險輪廓並提升獲利能見度，同時讓管理團隊能持續專注於營運卓越、客戶服務與紀律性成長。

When these transactions are complete, Spire's business portfolio will be fully regulated, positioning us well going forward and directly supporting our long-term strategy of investing in infrastructure, customer affordability, and delivering steady, predictable value for shareholders.

當這些交易完成後，Spire 的業務組合將全面受監管，為未來發展提供良好定位，並直接支持我們長期策略：投資基礎設施、提升客戶可負擔性，並為股東提供穩健、可預測的價值。

Overall, we delivered solid second-quarter results from our continuing operations, advanced our portfolio simplification strategy, and remained focused on executing in our regulated gas utilities. While lower weather-related usage in Missouri weighed on the results, our underlying performance and long-term growth outlook remain intact.

整體而言，我們的持續營運在第二季交出穩健成果，推進投資組合簡化策略，並持續聚焦於受監管天然氣公用事業的執行。儘管密蘇里州因天候因素導致用量較低而拖累結果，我們的基本面表現與長期成長展望仍維持不變。

With that, I'll turn the call over to Adam to walk through the financial results and our updated guidance in more detail.

接下來，我將把電話會議交給 Adam，請他更詳細說明財務結果以及我們更新後的財測指引。

Thanks, Scott, and good morning, everyone. I will begin with our quarterly results, which are presented on slide 9. With Marketing and Storage not classified as discontinued operations, the results we're presenting today providing more straightforward and transparent view of our overall operations and the key factors driving performance.

謝謝你，Scott，各位早安。我將先從第 9 頁投影片所呈現的季度業績開始。由於行銷與儲存業務未被分類為終止營運，我們今天呈現的結果能更直接且更透明地反映整體營運狀況，以及驅動績效的關鍵因素。

For the second quarter, we reported adjusted earnings of $224 million or $3.76 per share compared to $189 million or $3.17 per share a year ago. Gas utility earnings totaled $235 million, an increase of over 20% or $40 million compared to the prior year, driven primarily by the implementation of new rates in Missouri and Alabama.

第二季我們報告的調整後盈餘為 2.24 億美元（每股 3.76 美元），相較去年同期的 1.89 億美元（每股 3.17 美元）。天然氣公用事業盈餘合計 2.35 億美元，較去年增加逾 20%（約 4,000 萬美元），主要受惠於密蘇里州與阿拉巴馬州新費率的實施。

Importantly, this increase reflects recovery of earnings on approximately $1 billion of incremental Spire Missouri rate base placed in service since rates were last updated. Favorable run rate operations and maintenance expense performance also contributed to earnings growth. These benefits were partially offset by the impact of Spire Alabama customer refund provisions under the RSE framework, which include a reversal of a provision in 2025 and a refund provision in 2026.

重要的是，這項增幅反映了自上次更新費率以來，Spire Missouri 約 10 億美元新增費率基礎（rate base）投入使用後的獲利回收。有利的常態化營運與維護費用表現亦促進獲利成長。上述效益部分被 Spire Alabama 在 RSE 架構下的客戶退款條款影響所抵銷，其中包括 2025 年一項準備的回轉，以及 2026 年的退款準備。

Lower customer usage in Missouri net of weather mitigation further offset earnings relative to the prior year, with current year usage also coming in significantly below our expectations. Earnings were additionally impacted by higher depreciation expense and taxes other than income taxes, a portion of which is recovered through new Missouri rates as amortization schedules were updated.

密蘇里州客戶用量下降（扣除天候緩解機制後）亦進一步抵銷相較去年同期的獲利，且本年度用量也明顯低於我們的預期。獲利亦受到折舊費用上升及所得稅以外稅負增加的影響，其中一部分已透過密蘇里州新費率回收，因攤銷時程已更新。

Interest expense was modestly higher in the current year, primarily reflecting higher long-term debt balances. And finally, other activities reported an adjusted loss of $11 million, approximately $5 million higher than the prior year, reflecting higher corporate costs and higher interest expense in the current year.

本年度利息費用小幅上升，主要反映長期負債餘額較高。最後，其他活動錄得調整後虧損 1,100 萬美元，較去年增加約 500 萬美元，反映本年度較高的公司成本以及較高的利息費用。

Turning to slide 10. Let me walk you through the weather-driven usage impacts we've seen in Missouri so far in fiscal 2026 and how we're managing through them. Customer usage was materially below historical patterns and below the assumptions embedded in Missouri's weather normalization mechanism, driven by an unusually mild and uneven winter.

接著看第 10 頁投影片。我將說明截至 2026 會計年度目前為止，我們在密蘇里州所觀察到的天候驅動用量影響，以及我們如何因應。由於冬季異常溫和且不均勻，客戶用量明顯低於歷史型態，也低於密蘇里州天候正常化機制中所採用的假設。

Missouri heating degree days were 11.5% below normal through the first half of 2026, with residential usage per heating degree day during the winter heating season being 7% below 2024, which is the historical test year used to establish current billing determinants.

2026 年上半年截至目前，密蘇里州的暖房度日（heating degree days）較常態低 11.5%；而在冬季供暖季期間，每一暖房度日的住宅用量較 2024 年低 7%，2024 年為用以建立現行計費決定因子（billing determinants）的歷史測試年度。

The specific customer usage pattern we experienced was not fully mitigated by the weather normalization mechanism. And the lower-than-expected usage resulted in a margin shortfall versus our year-to-date expectations. In addition, Missouri rate design has shifted a greater portion of margin into the winter heating season, increasing sensitivity to weather and usage.

我們所經歷的特定客戶用量型態，未能完全被天候正常化機制所緩解。而低於預期的用量，導致相較我們年初至今預期出現毛利缺口。此外，密蘇里州的費率設計已將更大比例的毛利移至冬季供暖季，使其對天候與用量的敏感度提高。

We have been proactive on the regulatory fronts. In March, we filed an application for an accounting authority order with the Missouri Public Service Commission, seeking recovery of the volumetric margin shortfall caused by this extraordinary weather pattern. This dynamic is the primary driver of the reduction in our full-year gas utility guidance. The margin impact is mechanical and weather-driven, and it does not reflect any change in strategy or in the regulatory framework that continues to support our long-term growth plan.

在監管面向上，我們已採取積極作為。3 月，我們向密蘇里州公共服務委員會提出會計權限命令（accounting authority order）申請，尋求回收此一異常天候型態所造成的按量毛利缺口。此一因素是我們下調全年天然氣公用事業財測指引的主要原因。該毛利影響屬機械性且由天候驅動，並不反映策略或監管架構的任何改變；該監管架構仍持續支持我們的長期成長計畫。

We are confident that parties understand the significance of this shortfall and look forward to working with the commission and other key stakeholders on a constructive solution.

我們有信心各方理解此一缺口的重要性，並期待與委員會及其他關鍵利害關係人合作，尋求具建設性的解決方案。

Turning to slide 11. Today we are reaffirming our long-term 5% to 7% adjusted EPS growth target, anchoring to the original 2027 guidance midpoint of $5.75. This outlook continues to be supported by strong rate-based growth in Missouri and Tennessee, steady regulated equity growth in Alabama and Gulf, and execution of our 10-year $11.2 billion capital plan.

接著看第11頁投影片。今天我們重申長期調整後EPS年複合成長目標為5%至7%，並以原先2027年指引中點5.75美元為錨定。此展望持續受到密蘇里州與田納西州強勁的費率基礎成長、阿拉巴馬州與Gulf穩健的受監管股權成長，以及我們10年112億美元資本計畫的執行所支持。

Focusing on near-term guidance. Our 2026 adjusted EPS range from continuing operations is now $3.90 per share to $4.10 per share. This excludes earnings related to marketing and storage and consistent with our previous guidance, also excludes any results from Spire Tennessee for the year.

聚焦近期指引。我們目前對2026年持續營運的調整後EPS區間為每股3.90美元至4.10美元。此數字不包含行銷與儲存相關的獲利，且與先前指引一致，也不包含Spire Tennessee本年度的任何業績。

We are updating our adjusted earnings targets for the gas utility segment and other to reflect first half results and expectations for the rest of the year. We are lowering the gas utility range to $275 million to $295 million, primarily due to the impact of lower usage and weather-related margin headwinds. We do not expect the year-to-date impact to change materially through the balance of the year due to the volumetric nature of our earnings.

我們正在更新天然氣公用事業部門及其他項目的調整後獲利目標，以反映上半年結果與對今年剩餘期間的預期。我們將天然氣公用事業的區間下調至2.75億至2.95億美元，主要因用量下降以及天候相關的毛利逆風影響。由於我們獲利具有按量計算的特性，我們預期年初至今的影響在今年剩餘期間不會出現重大變化。

The corporate and other loss is expected to be in the range of $40 million to $46 million. That range includes earnings contributions for the MoGas pipeline and also reflects higher-than-anticipated interest expense due to the timing of financings as well as allocated costs that remain following the divestitures.

公司本部及其他項目的虧損預期介於4,000萬至4,600萬美元。該區間包含MoGas管線的獲利貢獻，並反映因融資時點所致、利息費用高於預期，以及出售資產後仍保留的分攤成本。

The rate design changes and updated amortization schedules implemented in the last Missouri rate case have shifted the intra-year earnings profile. While it's not our practice to provide quarterly guidance, we have outlined our expected earnings per share distribution for the remainder of the year on slide 11 to assist in quarterly modeling.

在上一輪密蘇里州費率案件中實施的費率設計變更與更新後的攤銷時程，已改變年度內獲利分布。雖然我們慣例上不提供季度指引，但為協助季度模型推估，我們已在第11頁投影片概述今年剩餘期間預期的每股盈餘分布。

Looking ahead to 2027, we are reaffirming our adjusted EPS range of $5.40 per share to $5.60 per share. This outlook reflects a full year of expected earnings from Spire Tennessee and excludes earnings from Storage, Marketing, and Mississippi. Overall, our earnings outlook remains firmly anchored by capital investment, constructive regulatory jurisdictions, and a regulated business profile.

展望2027年，我們重申調整後EPS區間為每股5.40美元至5.60美元。此展望反映Spire Tennessee預期的全年獲利，並排除儲存、行銷與密西西比業務的獲利。整體而言，我們的獲利展望仍由資本投資、具建設性的監管轄區，以及受監管的業務組合所穩固支撐。

Moving to slide 12. In the first half of the year, we invested $386 million in capital expenditures driven by system upgrades, infrastructure modernization, and new business connections at the gas utilities. Year over year, CapEx spending declined primarily due to the completion of the advanced meter upgrade program in Eastern Missouri.

接著看第12頁投影片。今年上半年，我們資本支出投資3.86億美元，主要由系統升級、基礎設施現代化，以及天然氣公用事業的新用戶接管所帶動。與去年同期相比，資本支出下降主要因密蘇里州東部的先進電表升級計畫已完成。

We expect full year 2026 capital expenditures of $797 million across our utilities, consistent with our 10-year $11.2 billion capital plan. These investments support grade-based growth of 7% in Missouri and 7.5% in Tennessee with 6% regulated equity growth in Alabama and Gulf. This disciplined long-term investment strategy underpins our confidence in delivering 5% to 7% adjusted EPS growth overtime.

我們預期2026年全年在各公用事業的資本支出為7.97億美元，與我們10年112億美元資本計畫一致。這些投資支持密蘇里州7%與田納西州7.5%的費率基礎成長，以及阿拉巴馬州與Gulf 6%的受監管股權成長。這項嚴謹的長期投資策略，支撐我們對長期實現5%至7%調整後EPS成長的信心。

On slide 13, we provided an update to our financing plan, which is largely consistent with what we previously outlined. In February, we issued $400 million of Spire, Inc., senior notes with proceeds used to refinance notes that matured March 1 and to support our ongoing general corporate needs.

在第13頁投影片，我們更新了融資計畫，整體上與先前所概述的內容大致一致。2月，我們發行4億美元Spire, Inc.的優先票據，募集資金用於再融資3月1日到期的票據，並支應持續的一般公司用途。

Importantly, following the recently announced divestitures and the resulting reduction in business risk, we have lowered our FFO to debt target to 14% to 15%. This adjustment better aligns our targets with the company's more focused, regulated business profile, and we expect to achieve this over the next few years.

重要的是，隨著近期宣布的資產出售以及由此帶來的業務風險降低，我們已將FFO對債務比率目標下調至14%至15%。此調整使我們的目標更符合公司更聚焦、以受監管業務為主的組合特性，我們預期在未來幾年內達成。

That concludes our prepared remarks. We'll now take your questions.

以上為我們的預先準備發言。接下來我們將開始回答各位的提問。

(Operator Instructions) David Arcaro, Morgan Stanley.

(接線員指示) David Arcaro，Morgan Stanley。

Hi. This is Alex Zimmerman on for Dave. Starting with the weather normalization, what are your latest thoughts and your strategy to improve the weather normalization mechanism in Missouri? And is this something you'll consider addressing the next rate case?

嗨。我是Alex Zimmerman，代替Dave提問。先從天候正常化談起，請問你們對密蘇里州天候正常化機制的最新看法，以及改善該機制的策略是什麼？你們是否會考慮在下一次費率案件中處理這件事？

Yeah. Hey, this is Scott. Sure, a couple of things. As we -- comments that we made on the script indicated that we filed an accounting authority order with the commission. A procedural schedule has been put in place, with a hearing scheduled for September 9.

是的。嗨，我是Scott。當然，有幾點。正如我們在講稿中提到的，我們已向委員會提交會計授權命令（accounting authority order）的申請。目前已制定程序時程，聽證會排定在9月9日。

We do believe that the commission does see this as an important issue and one that is -- that we're spending time having dialogue and providing information to them as we've experienced the weather that we did.

我們確實相信委員會也認為這是一個重要議題；而且在我們經歷了這樣的天候之後，我們也正投入時間與他們對話並提供相關資訊。

In the next rate case, there's also an opportunity to address it as well. And so for us, we're taking a look at the timing of the rate case. Our initial plan is to file in the fall around November, but we'll look at that timing, depending on how we are able to work through this process with the commission.

在下一次費率案件中，也有機會一併處理。因此對我們而言，我們正在檢視費率案件的時點。我們原先計畫在秋季約11月提出申請，但會視我們與委員會推進此流程的進展情況，來調整該時點。

Got it. No, very clear. And then shifting to dividends, now that you have the funding of the Tennessee acquisition addressed and higher cash flow visibility from the regulated business, how are you thinking about the dividend trajectory going forward? And where do you see the optimal payout ratio for the company?

了解。不，非常清楚。接著談股利，現在你們已處理田納西州收購案的資金安排，且受監管業務帶來更高的現金流可視性，你們如何看待未來的股利走勢？你們認為公司最適的配息率大概在哪個區間？

Yeah. Hey, this is Adam. We would really remain unchanged there. Our payout ratio, as we've said in the past, in the kind of the typical 55% to 65% area, and we would expect the dividend to grow along with earnings.

是的。嗨，我是Adam。我們在這方面基本上維持不變。如同過去所說，我們的配息率大致落在55%到65%的區間，且我們預期股利將隨著獲利一同成長。

Alexis Kania, BTIG.

Alexis Kania，BTIG。

First question, maybe just as a kind of follow-up on the accounting request. So just want to make sure I kind of understand the mechanics a little bit of what you'd be looking for. I mean, obviously, given the procedural schedule, it looks like it obviously would be tough to kind of have it, have the sizable impact just on the earnings for this fiscal year. But I just want to think about, is it just the question of just recovering over time the -- effectively the cash that represented the lost margin? Or would it have a subsequent earnings impact in future years if the outcome does go as you request it?

第一個問題，可能算是對會計申請的延伸追問。我想確認我對你們所尋求內容的運作機制理解是否正確。我的意思是，考量程序時程，看起來要在本財年就對獲利產生顯著影響，顯然會比較困難。但我想釐清的是：這是否只是隨時間回收——也就是實質上回收代表流失毛利的那部分現金？或者如果結果如你們所請求，是否會在未來年度對獲利產生後續影響？

And the second question just might end up being just if you could talk a little bit about post divestitures of the Storage and Marketing business in particular, just how do you think about the underlying cadence of growth that's possible here? I know I believe that in the past, the Marketing and Storage were seen as kind of relatively low growth. Now shifting to the kind of fully regulated footprint, if you think that there's kind of an opportunity for enhanced growth.

第二個問題可能是，若你們能談談在出售儲存與行銷業務之後，特別是儲存與行銷這塊，對於此處可能的基本成長節奏你們如何看待？我記得過去行銷與儲存被視為相對低成長。現在轉向完全受監管的版圖，你們是否認為有機會帶來更高的成長？

Yeah, sure, Alex. Adam and I'll collectively answer the questions here. Maybe just the mechanics of the AAO. Traditionally, the AAO sets up a regulatory asset for future recovery is how they traditionally work. And so we'll want to work with the commission through this process and work towards a constructive outcome associated with it.

好的，當然可以，Alex。Adam 和我會一起回答這些問題。也許先談談 AAO 的運作機制。傳統上，AAO 的作法是設立一項監管資產，以便未來回收，這是它們一貫的運作方式。因此，我們希望在此過程中與委員會合作，並朝向與此相關的建設性結果努力。

With regard to the divestitures, maybe just kind of our growth profile going forward, a lot of -- maybe when you looked at how we invested in Storage in the past, those were step-up opportunities as we made capital investments, and then we're able to pull that into earnings over longer periods of time. With those divestitures and now the concentration of the portfolio into utilities, we have a more normal growth trajectory that's centered on that 5% to 7% earnings profile.

關於資產剝離，也許談談我們未來的成長概況。過去你看我們在儲存業務上的投資，很多是隨著我們投入資本支出而帶來的階梯式成長機會，之後能在較長期間逐步反映到獲利中。隨著這些剝離，以及投資組合現在更集中於公用事業，我們的成長軌跡會更正常化，並以 5% 到 7% 的獲利成長區間為核心。

And so I don't know if you want to comment any more clearly about that?

所以我不確定你是否想更清楚地補充說明？

No, it's really -- we'll be looking to make it very rate-based driven and recovery-driven from there. So as we've talked about, the relatively linear paths in each of our jurisdictions on a go-forward basis should create a pretty predictable growth trajectory.

不，基本上就是——我們會從這裡開始，致力於讓它更以費率基礎（rate base）驅動、以及以回收機制驅動。因此，如同我們談過的，在未來各個司法管轄區相對線性的路徑，應該會帶來相當可預測的成長軌跡。

(Operator Instructions) Paul Fremont, Landburg.

(接線員指示) Paul Fremont，Landburg。

I guess my first question really has to do with the fact that we thought weather normalization was dealt with in the last GRC. So what exactly -- in terms of the changes that you made, what didn't work?

我想我第一個問題主要是：我們原本以為天氣正常化已在上一個 GRC 中處理過了。那麼具體來說——就你們所做的變更而言，哪裡沒有奏效？

Yeah. Hey, good morning, Paul. Good question. No, we very directly worked on weather normalization in the last case. What we saw in this particular winter weather was really a decoupling of usage from the HDDs that underpin -- or the HDD assumptions that -- or the usage assumptions, I'm sorry, that underpin the weather normalization adjustment.

是的。嗨，早安，Paul。好問題。我們在上一個案子中確實非常直接地處理了天氣正常化。但我們在這次冬季天氣中看到的，是用量與 HDD（暖度日）之間出現脫鉤；而 HDD 的假設——或更正，用量假設——正是天氣正常化調整所依據的基礎。

And so as a result, because that was extraordinary, that's why we filed the AAO in particular. We saw the greatest breakage taking place in January, where our usage was actually 28% lower than what our base year that's used to set up the weather normalization adjustment. So those are the reasons why we've put this back in front of the commission is to both have a dialogue about it and quantify it and work towards a constructive solution.

因此，因為那是異常情況，這也是我們特別提出 AAO 的原因。我們看到最大的偏離發生在一月，當時我們的用量實際上比用來建立天氣正常化調整的基準年度低了 28%。所以我們把這件事再提交到委員會面前，原因是希望一方面就此進行對話，另一方面加以量化，並朝向建設性的解決方案努力。

So I mean, is it possible -- do you believe to get a weather normalization that is essentially just reflective of whatever change in usage actually occurs? And is that going to be sort of your goal on a go-forward basis?

所以我的意思是，有沒有可能——你們是否相信可以做出一個天氣正常化機制，基本上能反映實際發生的任何用量變化？而這會是你們未來的目標嗎？

Yeah. The simple answer is yes. I'll let Adam maybe comment a little more specifically.

是的。簡單的答案是：會。我讓 Adam 也許更具體地補充一下。

No, absolutely. That's the goal, Paul. And yeah, it's frustrating for us as well. As Scott mentioned, the usage set in the last GRC that went into effect in last October was based off of 2024. We saw a very high correlation in the usage per HDD averages going into '24 and off the '24 numbers and felt secure with that. And as Scott mentioned, usage per HDD came down quite a bit over those two years.

是的，完全同意。這就是目標，Paul。而且是的，這對我們來說也很挫折。如 Scott 提到的，上一次於去年 10 月生效的 GRC 所採用的用量，是以 2024 年為基礎。我們在進入 2024 年時，看到每 HDD 的平均用量具有非常高的相關性，基於 2024 的數據也覺得很有把握。但如 Scott 所說，每 HDD 的用量在那兩年期間下降了不少。

And then I guess what led to your decision to sell Mississippi? Clearly, it wasn't in any of your original plans that you shared with investors. So can you just give us an idea of why sort of last minute you announced the sale of the Mississippi subsidiary?

那接著，我想問是什麼促使你們決定出售密西西比？顯然，這並不在你們原先向投資人分享的任何計畫之中。所以你能否說明一下，為什麼你們會在最後一刻宣布出售密西西比子公司？

Yeah, sure, Paul. Now, this was something we've been in dialogue with Delta for quite some time leading up to the sale. As you know, the business that we have in Mississippi is subscale, 18,000 customers. There's quite a bit of capital investment that needs to take place in the capacity of those -- of that customer base to support that investment can be challenged from time to time.

好的，當然可以，Paul。其實在出售之前，我們已經與 Delta 就此進行了相當長一段時間的溝通。如你所知，我們在密西西比的業務規模偏小，只有 18,000 名客戶。那裡需要進行相當多的資本投資，而以那樣的客戶規模來支撐這些投資，有時會面臨挑戰。

By them folding into a larger utility within the state allows them to spread some of those costs over a broader base. And so as a result, Delta was a natural owner for them and worked to a very good outcome there. We still have to get approval. That's going to take a while this year as we go through the regulatory process, but believe this is a benefit both to our customers and to Delta Utilities as well. So look forward to bringing that to a conclusion later this year.

若把它們併入州內更大型的公用事業，就能把部分成本分攤到更廣的用戶基礎上。因此，Delta 是很自然的持有人，並促成了非常好的結果。我們仍需取得核准。在我們走完監管程序的過程中，今年這會需要一些時間，但我們相信這對我們的客戶以及 Delta Utilities 也都有好處。因此，我們期待在今年稍晚完成這件事。

Then last question for me, the timeline for getting a decision in your AAO filing. And if the decision is favorable, how would you treat -- would the earnings impact be for this year? Or would it be treated as non-operating?

那我最後一個問題是：你們 AAO 申請案取得決定的時間表。如果決定有利，你們會如何處理——對今年的獲利影響會如何？或者會被視為非營運項目？

Great question, Paul. It really depends on, one, the timing of an order. Obviously, we're getting -- as of 9/30 year-end, we're getting a little bit closer to the year-end. But also, the wording of that order would have an impact on that as well. So it's something that -- we'll look at both of those elements as we think about what we would recognize in earnings.

好問題，Paul。這真的取決於第一，命令（order）發布的時間點。顯然，以 9/30 為年結日，我們正逐步接近年末。但第二，該命令的措辭也會對此產生影響。所以這是我們在思考要在獲利中認列什麼時，會同時考量的兩個要素。

So I guess simple question, if they were to agree to setting up a regulatory asset before your year-end, should we assume that that could result in an adjustment in your guidance for '26?

那我想問個簡單的問題：如果他們在你們年結之前同意先設立一項監管資產，我們是否可以假設這可能會導致你們對 2026 年指引作出調整？

It really depends on what the wording of that AAO is, Paul. There's a lot of things that dictate what our decision tree would look like on that.

這真的要看 AAO 的措辭是什麼，Paul。有很多因素會決定我們在這方面的決策樹會長什麼樣子。

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

問答環節到此結束。我想把電話會議交回給 Scott Doyle，請他做結語。

Thank you again, everyone, for joining us this morning. We look forward to seeing many of you at the upcoming AGA Financial Conference late this month. Everyone, have a good day.

再次感謝各位今天早上加入我們。我們期待在本月稍晚即將舉行的 AGA 金融研討會上見到各位中的許多人。各位，祝大家有美好的一天。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。