As explained in Note 1, Summary of Significant Accounting Policies, the Utilities account for regulated operations in accordance with FASB ASC Topic 980, Regulated Operations. The following regulatory assets and regulatory liabilities were reflected in the balance sheets of the Company, Spire Missouri and Spire Alabama as of March 31, 2026, September 30, 2025, and March 31, 2025.


	March 31,		September 30,		March 31,
Spire	2026		2025		2025
Regulatory Assets:
Current:
Pension and postretirement benefit costs	$	3.4	$	—	$	—
Unamortized purchased gas adjustments		11.8		16.5		0.3
Other		63.5		61.8		42.0
Total Current Regulatory Assets		78.7		78.3		42.3
Noncurrent:
Pension and postretirement benefit costs		211.2		217.8		241.3
Cost of removal		708.1		688.3		679.9
Future income taxes due from customers		155.1		154.2		153.7
Energy efficiency		66.9		65.0		63.6
Unamortized purchased gas adjustments		—		9.0		—
Other		252.8		189.2		148.7
Total Noncurrent Regulatory Assets		1,394.1		1,323.5		1,287.2
Total Regulatory Assets	$	1,472.8	$	1,401.8	$	1,329.5
Regulatory Liabilities:
Current:
Unamortized purchased gas adjustments	$	4.6	$	34.9	$	46.3
Other		8.0		4.5		5.3
Total Current Regulatory Liabilities		12.6		39.4		51.6
Noncurrent:
Deferred taxes due to customers		131.5		100.3		107.1
Pension and postretirement benefit costs		305.4		300.1		256.1
Accrued cost of removal		275.8		138.2		138.5
Unamortized purchased gas adjustments		61.6		6.5		100.2
Other		31.7		32.9		35.1
Total Noncurrent Regulatory Liabilities		806.0		578.0		637.0
Total Regulatory Liabilities	$	818.6	$	617.4	$	688.6


	March 31,		September 30,		March 31,
Spire Missouri	2026		2025		2025
Regulatory Assets:
Current:
Unamortized purchased gas adjustments	$	3.0	$	14.9	$	—
Other		9.6		34.0		15.5
Total Current Regulatory Assets		12.6		48.9		15.5
Noncurrent:
Future income taxes due from customers		147.6		146.6		145.9
Pension and postretirement benefit costs		150.2		157.0		175.0
Energy efficiency		66.9		65.0		63.6
Unamortized purchased gas adjustments		—		9.0		—
Cost of removal		101.3		98.8		93.5
Other		205.4		176.8		135.8
Total Noncurrent Regulatory Assets		671.4		653.2		613.8
Total Regulatory Assets	$	684.0	$	702.1	$	629.3
Regulatory Liabilities:
Current:
Unamortized purchased gas adjustments	$	4.6	$	13.9	$	12.0
Total Current Regulatory Liabilities		4.6		13.9		12.0
Noncurrent:
Deferred taxes due to customers		82.3		88.8		95.3
Pension and postretirement benefit costs		267.4		261.2		221.6
Accrued cost of removal		98.5		96.0		97.8
Unamortized purchased gas adjustments		61.6		6.5		100.2
Other		27.5		28.8		31.2
Total Noncurrent Regulatory Liabilities		537.3		481.3		546.1
Total Regulatory Liabilities	$	541.9	$	495.2	$	558.1


	March 31,		September 30,		March 31,
Spire Alabama	2026		2025		2025
Regulatory Assets:
Current:
Unamortized purchased gas adjustments	$	6.1	$	—	$	—
Other		12.2		16.1		13.8
Total Current Regulatory Assets		18.3		16.1		13.8
Noncurrent:
Future income taxes due from customers		1.4		1.6		1.7
Pension and postretirement benefit costs		57.1		59.1		63.9
Cost of removal		602.9		589.6		586.4
Other		0.5		0.3		0.5
Total Noncurrent Regulatory Assets		661.9		650.6		652.5
Total Regulatory Assets	$	680.2	$	666.7	$	666.3
Regulatory Liabilities:
Current:
Unamortized purchased gas adjustments	$	—	$	20.2	$	33.4
Other		2.2		0.1		0.5
Total Current Regulatory Liabilities		2.2		20.3		33.9
Noncurrent:
Pension and postretirement benefit costs		25.7		26.5		23.6
Other		2.7		2.7		2.8
Total Noncurrent Regulatory Liabilities		28.4		29.2		26.4
Total Regulatory Liabilities	$	30.6	$	49.5	$	60.3

A portion of the Company’s and Spire Missouri’s regulatory assets are not earning a return, as shown in the table below:


	March 31,		September 30,		March 31,
	2026		2025		2025
Spire
Pension and postretirement benefit costs	$	118.9	$	119.1	$	129.9
Future income taxes due from customers		153.7		152.7		152.0
Unamortized purchased gas adjustments		3.0		23.9		—
Other		185.3		177.0		113.8
Total Regulatory Assets Not Earning a Return	$	460.9	$	472.7	$	395.7

Spire Missouri
Pension and postretirement benefit costs	$	118.9	$	119.1	$	129.9
Future income taxes due from customers		147.6		146.6		145.9
Unamortized purchased gas adjustments		3.0		23.9		—
Other		185.3		177.0		113.8
Total Regulatory Assets Not Earning a Return	$	454.8	$	466.6	$	389.6

Like all the Company’s regulatory assets, these regulatory assets as of March 31, 2026 are probable of recovery from customers in future rates. The recovery period for the future income taxes due from customers and pension and other postretirement benefit costs could be 20 years or longer, based on current Internal Revenue Service guidelines and average remaining service life of active participants, respectively. The recovery period for the PGA assets is about one year. The other items not earning a return are expected to be recovered over a period not to exceed 15 years, consistent with precedent set by the MoPSC, except for certain debt costs expected to be recovered over the related debt term (currently up to 2051). Spire Alabama does not have any regulatory assets that are not earning a return.

On November 12, 2025, Spire Missouri filed a PGA adjustment increase for both Missouri service territories, with rates effective November 26, 2025 reflecting changes in natural gas commodity prices.

In fiscal 2025, Spire Missouri filed a general rate case (Case No. GR-2025-0107) requesting a base rate increase. On September 3, 2025, the MoPSC approved a stipulation and agreement in Spire Missouri’s general rate case. The approved agreement provides for a base rate increase of $210.0, which became effective on October 24, 2025. The approved base rate incorporates the $72.6 already being collected from customers through Infrastructure System Replacement Surcharge (“ISRS”) for eligible capital projects through February 2025, resulting in a net base rate increase of $137.4. The terms of the agreement do not impact any amounts previously recorded. The approved rates are based on a total rate base plant in service of $4,379.6, reflecting significant infrastructure investments since Spire’s last general rate filing, and include a 7.05% post-tax total rate of return for future ISRS purposes.

The ISRS allows Spire Missouri to earn a return on its investments to replace qualifying components of its infrastructure through an expedited recovery mechanism outside of a formal rate case. All ISRS charges were reset to zero on October 24, 2025 when new base rates took effect under the general rate case described above. On November 21, 2025, Spire Missouri filed an ISRS case for eligible capital projects from June 2025 through December 2025 (including estimates for November and December). The initial filing requested a total incremental revenue increase of $30.3 annually. MoPSC Staff issued its recommendation on February 19, 2026, recommending a total incremental revenue increase of $16.5. The Company supported Staff’s recommendation, and the Commission approved the ISRS with an effective date of March 21, 2026.

On March 6, 2026, Spire Missouri filed an application with the MoPSC (Case No. GU‑2026‑0225) requesting an Accounting Authority Order (“AAO”) related to a significant decline in customer natural gas usage during the 2025–2026 heating season. This usage decline resulted in substantial under‑recovery of the Company’s authorized revenue requirement due to reduced volumetric revenues from residential and small general service customers. The application requests authorization to recover the difference between actual billed volumetric revenues and revenues based on billing determinants approved in Spire Missouri’s most recent general rate case (Case No. GR‑2025‑0107) for the period from November 1, 2025 through March 31, 2026. As of March 31, 2026, Spire Missouri experienced cumulative under‑recovered billed revenues of approximately $11.9 between the residential and small general service class customers. This amount only reflects billed revenues compared to rate case revenues and differs from the full year impact on a financial reporting basis. Spire Missouri also requested recovery of any approved deferred amounts through its annual Weather Normalization Adjustment Rider filing expected in summer 2026 or, alternatively, through a future rate case. The AAO is subject to approval by the MoPSC, and the application remains pending. As a result, no recovery has been assumed as of March 31, 2026.

The APSC has approved a Rate Stabilization and Equalization (“RSE”) mechanism. The Company continues to operate under the RSE framework beyond September 30, 2025, pending further Commission action. Under RSE, the APSC conducts reviews in March, June and September to determine whether Spire Alabama’s return on average common equity (RCE) at the end of the rate year is projected to be within the allowed range of return. Rates will be adjusted if the RCE is outside of the allowed range. Reductions in rates can be made in June, September, and December to bring the projected RCE within the allowed range; increases, however, are allowed only once each rate year, effective December 1, and cannot exceed 4% of prior-year revenues.

On October 24, 2025, Spire Alabama made its annual RSE rate filing (based on its budget for fiscal 2026), with final rates approved on November 24, 2025, resulting in an annual revenue increase of $12.9, effective December 1, 2025. The March point of test filing reflects a return on average common equity of 9.94% which falls above the approved range. As a result, a $2.9M rate reduction will be effective June 1, 2026, in line with RSE guidelines.

Spire Alabama’s rate schedules for natural gas distribution charges contain a GSA rider, which permits the pass-through to customers of changes in the cost of gas supply. In fiscal year 2025, the only GSA rate decrease occurred on October 1, 2024, and no adjustments have been implemented for fiscal year 2026. These adjustments primarily reflect changes in natural gas commodity prices.

In addition to those discussed above for Spire Missouri and Spire Alabama, Spire is affected by the following regulatory matters.

Spire Gulf has similar rate regulation to Spire Alabama. On October 23, 2025, Spire Gulf made its annual RSE filing (based on its budget for fiscal 2026) reflecting an increase in annual revenue of $2.9, effective December 1, 2025. This filing was approved by the APSC with minimal changes.

The MSPSC approved stipulation agreements between the Mississippi Public Utility Staff (MPUS) and Spire Mississippi that provided for increased annual revenues of $0.6 and $0.6 through rates effective on January 1, 2025 and 2026, respectively.

On March 16, 2026, in Docket No. 25‑00074, the Tennessee Public Utility Commission (“TPUC”) voted to approve a motion authorizing the transfer of control related to the application filed by Piedmont Natural Gas and Spire Tennessee to provide utility services in docket 25-00074. This approval allowed Spire Tennessee to adopt the presently approved tariffs, rates, and terms of condition of service of Piedmont. However, there were some limitations placed on the transfer of the Annual Review Mechanism (“ARM”).

Spire Tennessee’s primary cost recovery mechanisms are the ARM and the Purchased Gas Adjustment (“PGA”). Under the ARM, rates are adjusted annually to reflect changes in jurisdictional operating revenues, cost of service, and rate base. Jurisdictional revenues and expenses exclude gains or losses related to gas supply hedging activities, off‑system sales, and other gas supply and capacity secondary marketing activities, as determined by the TPUC. As contemplated in the TPUC’s approval motion, Piedmont Natural Gas Company’s ARM was allowed to transfer to Spire Tennessee with the following limitations. Spire Tennessee is only authorized to make ARM filings for the calendar years of 2025, 2026, and 2027, which shall be filed in 2026, 2027, and 2028, respectively. Any subsequent base rate increases must be heard in a general rate case proceeding. If any individual ARM filing calculates an earnings deficiency for the prior calendar year (the Historical Base Period, or “HBP”), Spire is not authorized to collect or defer any of the deficiency or any related carrying charges. Additionally, the average annual base rate increase (“ABRR”) is not allowed to exceed 4% for any individual ARM filing. Spire Tennessee’s first ARM filing will occur in May 2026.