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 June 30, 2026, September 30, 2025, and June 30, 2025.


	June 30,		September 30,		June 30,
Spire	2026		2025		2025
Regulatory Assets:
Current:
Pension and postretirement benefit costs	$	3.2	$	—	$	—
Unamortized purchased gas adjustments		15.7		16.5		1.2
Other		59.7		61.8		33.8
Total Current Regulatory Assets		78.6		78.3		35.0
Noncurrent:
Pension and postretirement benefit costs		203.4		217.8		236.4
Cost of removal		711.8		688.3		687.2
Future income taxes due from customers		155.7		154.2		155.0
Energy efficiency		67.2		65.0		63.7
Unamortized purchased gas adjustments		2.1		9.0		—
Other		254.8		189.2		151.1
Total Noncurrent Regulatory Assets		1,395.0		1,323.5		1,293.4
Total Regulatory Assets	$	1,473.6	$	1,401.8	$	1,328.4
Regulatory Liabilities:
Current:
Unamortized purchased gas adjustments	$	3.5	$	34.9	$	44.0
Other		7.8		4.5		4.6
Total Current Regulatory Liabilities		11.3		39.4		48.6
Noncurrent:
Deferred taxes due to customers		128.0		100.3		103.7
Pension and postretirement benefit costs		304.7		300.1		261.1
Accrued cost of removal		276.0		138.2		138.3
Unamortized purchased gas adjustments		37.0		6.5		44.8
Other		31.9		32.9		34.1
Total Noncurrent Regulatory Liabilities		777.6		578.0		582.0
Total Regulatory Liabilities	$	788.9	$	617.4	$	630.6


	June 30,		September 30,		June 30,
Spire Missouri	2026		2025		2025
Regulatory Assets:
Current:
Unamortized purchased gas adjustments	$	1.8	$	14.9	$	—
Other		5.9		34.0		8.7
Total Current Regulatory Assets		7.7		48.9		8.7
Noncurrent:
Future income taxes due from customers		148.3		146.6		147.2
Pension and postretirement benefit costs		144.1		157.0		172.5
Energy efficiency		67.2		65.0		63.7
Unamortized purchased gas adjustments		2.1		9.0		—
Cost of removal		98.3		98.8		91.4
Other		209.2		176.8		138.7
Total Noncurrent Regulatory Assets		669.2		653.2		613.5
Total Regulatory Assets	$	676.9	$	702.1	$	622.2
Regulatory Liabilities:
Current:
Unamortized purchased gas adjustments	$	3.5	$	13.9	$	14.0
Total Current Regulatory Liabilities		3.5		13.9		14.0
Noncurrent:
Deferred taxes due to customers		79.0		88.8		92.0
Pension and postretirement benefit costs		267.3		261.2		227.2
Accrued cost of removal		98.9		96.0		96.9
Unamortized purchased gas adjustments		37.0		6.5		44.8
Other		27.3		28.8		30.2
Total Noncurrent Regulatory Liabilities		509.5		481.3		491.1
Total Regulatory Liabilities	$	513.0	$	495.2	$	505.1


	June 30,		September 30,		June 30,
Spire Alabama	2026		2025		2025
Regulatory Assets:
Current:
Unamortized purchased gas adjustments	$	10.7	$	—	$	—
Other		15.1		16.1		13.2
Total Current Regulatory Assets		25.8		16.1		13.2
Noncurrent:
Future income taxes due from customers		1.4		1.6		1.6
Pension and postretirement benefit costs		56.1		59.1		61.8
Cost of removal		609.7		589.6		595.7
Other		0.4		0.3		0.5
Total Noncurrent Regulatory Assets		667.6		650.6		659.6
Total Regulatory Assets	$	693.4	$	666.7	$	672.8
Regulatory Liabilities:
Current:
Unamortized purchased gas adjustments	$	—	$	20.2	$	29.3
Other		1.9		0.1		—
Total Current Regulatory Liabilities		1.9		20.3		29.3
Noncurrent:
Pension and postretirement benefit costs		25.4		26.5		23.0
Other		2.6		2.7		2.8
Total Noncurrent Regulatory Liabilities		28.0		29.2		25.8
Total Regulatory Liabilities	$	29.9	$	49.5	$	55.1

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


	June 30,		September 30,		June 30,
	2026		2025		2025
Spire
Pension and postretirement benefit costs	$	118.7	$	119.1	$	127.2
Future income taxes due from customers		154.3		152.7		153.4
Unamortized purchased gas adjustments		3.8		23.9		—
Other		188.0		177.0		111.7
Total Regulatory Assets Not Earning a Return	$	464.8	$	472.7	$	392.3

Spire Missouri
Pension and postretirement benefit costs	$	118.7	$	119.1	$	127.2
Future income taxes due from customers		148.3		146.6		147.2
Unamortized purchased gas adjustments		3.8		23.9		—
Other		188.0		177.0		111.7
Total Regulatory Assets Not Earning a Return	$	458.8	$	466.6	$	386.1

Like all the Company’s regulatory assets, these regulatory assets as of June 30, 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 the 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. 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 May 19, 2026, Spire Missouri filed an ISRS case for eligible capital projects from January 2026 through June 2026 (including estimates for May and June). The initial filing requested a total incremental revenue increase of $21.3 annually. The case is subject to approval by the MoPSC, and the application remains pending.

On March 6, 2026, Spire Missouri filed an application with the Missouri Public Service Commission ("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. The application seeks authority for potential future recovery certain amounts associated with the revenue impacts of reduced customer usage. Subsequent to June 30, 2026, the parties filed a stipulation and agreement related to potential enhancements to existing weather normalization mechanisms for consideration in a future rate proceeding. No regulatory asset or recovery has been recognized related to this matter as of June 30, 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 above 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 reflected a return on average common equity of 9.94% which fell above the approved range. As a result, a $2.9 rate reduction became effective June 1, 2026, in line with RSE guidelines.

On June 18, 2026, the APSC entered a Procedural Ruling in dockets 18046 and 18328 regarding its Investigation of the Terms of Rate Stabilization and Equalization. The Order identifies five discrete issues requiring APSC resolution for reauthorization of the RSE for an additional term, as follows: return on equity (“ROE”), ROE range, term of the RSE renewal period, the Company’s tariffed Cost Control Mechanism, and the amount of the fixed customer charge. An evidentiary hearing on these issues is scheduled for August 6, 2026. Renewal of the RSE mechanism and its terms remains subject to APSC approval, with a decision expected subsequent to the hearing.

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) with final rates approved reflecting an increase in annual revenue of $2.9, effective December 1, 2025. Although the Spire Gulf RSE mechanism is being considered in separate APSC dockets, the APSC has identified the same issues for hearing and resolution as those identified with respect to Spire Alabama. The RSE hearing for Spire Gulf is scheduled for August 7, 2026. Renewal of the RSE mechanism and its terms remains subject to APSC approval, with a decision expected subsequent to the hearing.

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 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.

Spire Tennessee’s primary cost recovery mechanisms are the Annual Review Mechanism (“ARM”) and the 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’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.

On April 28, 2026, Spire Tennessee submitted a net PGA/ACA adjustment increase, with rates effective June 1, 2026, reflecting changes in natural gas commodity prices and the ACA component.

Spire Tennessee’s first ARM filing occurred on May 20, 2026, in Docket No. 26-00042. The initial filing requested a total incremental revenue increase of $14.0 annually, which was the maximum allowed ABRR due to the aforementioned 4% cap for any individual ARM filing. The case is subject to approval by the TPUC, and new rates are expected to be effective on October 1, 2026.