Spire is a regulated natural gas distribution utility holding company. Its core business is buying natural gas in wholesale markets and distributing it through an owned pipeline network to residential, commercial, and industrial customers across Missouri, Alabama, and Mississippi. Spire is the largest natural gas distributor in Missouri (~1.2M customers) and Alabama (~430K customers). Customers use natural gas primarily for space heating, water heating, and cooking, making Spire's earnings heavily seasonal, concentrated in the November–April heating season. Spire earns regulated rates set by state public service commissions, and grows earnings primarily by investing in distribution infrastructure to expand its rate base. Gas costs are passed through to customers, so commodity price swings don't directly affect Spire's distribution margin. Beyond its core utility, Spire operates a Midstream segment with FERC-regulated pipelines and natural gas storage facilities, and a Gas Marketing segment that buys and sells physical natural gas in wholesale markets. Spire's growth strategy centers on a ten-year, $11.2B capital plan (~98% directed at Gas Utilities), constructive regulatory outcomes including a recent Missouri rate case settlement, and an acquisition of Piedmont Natural Gas' Tennessee operations from Duke Energy, expected to close in early 2026. To fund that acquisition, Spire is evaluating a sale of its Midstream storage assets alongside debt, equity, and hybrid securities.